ISO3000
The threats that affect organizations may have consequences for economic, credibility, social outcomes, and security. Risk management, therefore, helps companies to be effective in an uncertain environment. Being an ERM consultant for intuit company, I would decide to use the ERM structure ISO 3000 to put together a new ERM for the company. Some of the reasons for my choice of ISO 3000 include.
In all cases, the ISO 3000 is more straightforward and less stubborn to use in comparison with the PM2 structure. ERM processes can, without doubt, be confounded and perplexing in any association. According to intuit, both the structure of a process and the structure of an economic hazard of the board capability should be the objective of the current ERM framework (Wilkin & Chenhall, 2010). ISO can reduce risks and the auditing process, which is centred around several separate worksheets designed for the individual risks, to separate process and save association time. The ERM procedure, therefore, rearranges the Intuit time, hence saving on time.
With the help of ISO 31000, organizations’ chances of achieving their objectives can be increased, opportunities and threats better identified, and risk resources effectively allotted and used. Though it cannot be used for the purpose of certification, ISO 31000 guides audit programs internally or externally (Simona & Cristian, 2018). This allows companies to equate risk management practices to an internationally recognized benchmark that incorporates sound management and corporate governance concepts.
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ISO 3000 is a strong international standard in the ERM system that includes all major procedural parts of ERM. The system consists of the ERM protocol for detection, assessment, evaluation and treatment. It ensures all the relevant remediation procedures for each risk identified (Simona & Cristian, 2018). The structure of PM2 ERM is considered a primary part of a larger procedure and could be limited to a few of the key procedures hence the choice of ISO3000.
References
Simona, D. A., & Cristian, D. (2018). Enterprise Risk Management–Benefits of ISO 31000: 2018. Revista OEconomica, (03-4).
Wilkin, C. L., & Chenhall, R. H. (2010). A review of IT governance: A taxonomy to inform accounting information systems. Journal of Information Systems.
