Now that you have identified the potential events that represent risks in Asiana Airlines and other organizations, an opportunity exists to improve our organization by implementing Enterprise Risk Management (ERM) practices. The ERM framework's structure applies to any organization regardless of its size or how it categorizes risk. And, risk management is a critical element of the strategic management of an organization and must be included in its regular activities.

Two common frameworks include the Committee of Sponsoring Organizations of the Treadway Commission (COSO) ERM (known as an Integrated Framework) and the guidelines developed by Airmic and the Institute of Risk Management (IRM) (known as a structured approach to ERM). As you consider your organization and its ability to manage risk, please consider the COSO and IRM frameworks, and develop an ERM plan for your organization.

Before you begin your plan, please read Nine Crucial Tips For Developing A Viable Workplace Risk Management Plan (Forbes).(Links to an external site.)(https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/04/29/nine-crucial-tips-for-developing-a-viable-workplace-risk-management-plan/?sh=6460f6877d77)

Submission

After reading the article, please:

1. Consider the implications of both ERM approaches.
2. Develop an ERM plan for a made up organization. Include rationale for each component of your plan.