ERM Revolution Case
In the section of the evolution of the Enterprise Risk Management at compensation fund for the worker, section, discuss various problems and solutions that are related to organizational failure.
Some of the problems that have discovered in the evolution of Enterprise Risk Management include the process of financing the subjects who were affected in the occurrence of the risks. Bearing in consideration that the fundamental purpose of the social insurance program was to fund and insure the life of the individual against risk, it did not stand in the position to provide the service at the right moment (Tupa et al., 2018). For example, in the United States, the modern worker compensation system takes long gestation time. The other problem that was related to the evolution of enterprise risk management in the adoption and implementation of the social insurance program is poor management of the sectors that involve in controlling risk among the employees. In the real situation, the management team did not comply will all protocols of the organization on insuring the workers. For instance, there was not an approximate price for compensation over the injuries that occur.
Some of the risks that were handled by the management group in partnership with the board with the aim of re-establishing the insurance program were performing toward attainability solution involved in the assessment of risk envisioning potential outcome scenarios and analysis of the options. Ultimately, there were changes in management teams that play a critical role in working legislature to the formation of the affiliated organization and getting limited statutory transformation amicably (Altuntas et al., 2011).
In conclusion, the leading causes of coming up with the idea of reestablishing the management because this department was problematic for the growth and development of the social insurance program.
Tupa, J., Simota, J., & Steiner, F. (2017). Aspects of risk management implementation for Industry 4.0. Procedia Manufacturing, 11, 1223-1230.
Altuntas, M., Berry-Stölzle, T. R., & Hoyt, R. E. (2011). Implementation of enterprise risk management: Evidence from the German property-liability insurance industry. The Geneva papers on risk and insurance-issues and practice, 36(3), 414-439.
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