Article Critique Enterprise Risk Management - 960 Words

Article Critique: â€Å"Enterprise Risk Management in SMEs: Towards a Structural Model† Enterprise Risk Management (ERM), which addresses strategic, operations, reporting and compliance objectives, is a process designed to identify potential events that may affect the entity, and manage risk to be within the risk an organization is willing to take in order to achieve its strategic objectives (Gelinas, Dull, Wheeler, 2015). â€Å"Enterprise Risk Management in SMEs: Towards a Structural Model† by Brustbauer (2016), analyses ERM in small and medium-sized enterprises (SMESs) by developing a structural model based on a postal survey questionnaire. Ultimately, the article evaluates ERM in terms of approach which affects the strategic orientation, preconditions for ERM implementation, the effect of ERM on business success, and a structural model of ERM in SMEs. Summary Risk The article provides the definition of risk as the probable uncertainty of outcomes stemming from a choice, and a reflecting variation in the distribution of potential outcomes probabilities and subjective values (March Shapira, 1987). Enterprise Risk Management (ERM) ERM evaluates risk from an all risks-encompassing perspective, which identifies, assesses and monitors all threats and opportunities facing a firm. Thus, promoting increased risk management awareness to support the firm-wide approach, and translate the approach into operational and strategic management decisions (Brustbauer, 2016). 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