Fluent Essays

provide replies each in 150 words.refer the attached doc.you will get to know the concept.sai:ERM implementation at Peterson HealthcareAnother company in the United States which have implemented ERM program as Mars Incorporated and the University of California Health system is Peterson health care, this is one of the famous health centers in the United States (Peterson, 2004). Americans should be provided with healthcare systems which offer high-quality care at the prices which can be afforded by every individual. The recent system used in Peterson healthcare had been failing several individuals specifically those individuals with the greatest health requirements but they possess little resources to pay for it (Peterson, 2004). To overcome this challenge, the organization was forced to implement ERM just as the University of California health center. Leadership was also a challenge at Peterson Healthcare, this promoted several risks for instance the misuse of resources, the cost targets were also not met and thus the healthcare never met its objective.ERM was also implemented to solve poor leadership program just as in Mars Incorporated (Fraser, 2015). The employees were not paid as expected; therefore the general work in the corporation was not perfected. With the implementation of ERM in the three organizations a lot of improvements have been observed, for instance, quality health services are offered in the California health system as well as in Peterson healthcare. Risks as a result of a poor leadership program in Mars incorporated have been mitigated and thus the organizations can easily meet their objectivespra:ERM approach at Johnson and JohnsonWhen we studied the ERM at Mars, Incorporated, we learned that having the right approach to mitigate the risks before they have a severe impact on the working abilities of the companies, is one of the best ways to fight the unfavorable conditions. Similarly, the University of California Health Systems ERM was also very much like the one at Mars, Incorporated. Due to this approach, these two companies were able to spread their businesses and bring growth to their programs.I looked and found that another world-recognized name Johnson and Johnson company also worked in the same approach as ERM. They valued their workers and customers and focused on the growth and customers opinions to better their products and bring effective productivity to their business. Following the ERM approach, they focused to mitigate the risks through compliance with the law and practicing the safety of their products. Through their ERM approach, which is very much similar to the ERM at Mars, Incorporated and University of California Health System, J&J focused on monitoring, audits, risk analysis and report delivering to perfection, excellence, and prioritized decision-making abilities. They aimed to inspire their employees and partnerships, so the future working situations are well-balanced.Slight difference that I found between these three organizations and their ERM approach is the manner they implemented it. These three companies were focusing on the single goal and that was to mitigate the risks to keep the business unit progressive and continue with the impressive growth of the business. But, they had their ways to implement it. Mars, Incorporated ERM approach can be applied in all fields other than business while the University of California Health Systems approach was very practical and strictly business-related. J&J ERM approach is also business-related but they do everything in compliance with the Law, so they can reduce the risks that can arise due to it.By implementing ERM approaches, these companies brought benefits for themselves and increase their productivity. They valued their long-term goals and stayed out of such problems that would harm them internally or externally and took aid from ERM approaches. It is safe to say here that due to these approaches, these companies have stayed on top of the market for so long.Nithi:By definition ERM is the process of planning, organizing, leading and controlling the activities of an organization so as to minimize the effects of any risks on the organizations capital, revenue and earnings.Chapter 3 pretty much explained how Mars, incorporated used to implement ERM. They held lot of workshops out od which Knowns and Unknowns are the key for successful workshops. The other major discovery in the workshop is to buy the commodities at spot and not with the future dates.University of California Health System ERM provides governance and management structure provides relevant and timely risk information. It provides a robust reporting which is accessible to all the users.Other company that is using ERM and similar to Mars, incorporated and university of California Health System ERM is Airport ERM. This industry have high risks hazards and always have to find and eliminate the risks. It is more important to eliminate the risks in this industry as it fluctuate more often and is very sensitive like financial constraints, regulatory requirements and ever-changing aviation industry. In such cases a ERM plays a vital role in decision making and allocating resources on a risk basis. The most common thing between these three companies are risk identification and assessment, risk mitigation strategies, monitoring and reporting, risk viewing, risk categories, specified goals are almost the same. This would also predicts the business uncertainity equally in all the three systems and address financial uncertainity.The COSO ERM is an integrated framework that is similar to the other two ERM systems having governance and infrastructure, identification and prioritization, controls and risk response.