explain how ERM adoption and implementation in higher education (HE) environment differs from the for-profit environment. Cite specific examples
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Enterprise Risk Management refers to a formal tool which an organization employs to evaluate and manages its risk such that it can be able to achieve its desired goals. This tool can be applied both in the not-for-profit organization and for-profit organization. although for-profit and not-for-profit organization share many qualities, both of the organization have some diverse differences. For-profit is a term that illustrates a company that is seeking to make money as much as possible while not-for-profit features a company which does not make money. The key goal of the not-for-profit organization is to generate revenue that can be used to serve a specific mission of an organization. The money obtained from these organizations are transferred to define community effort.
Among the differences is the purpose of the adoption of
Enterprise Risk Management tool where for-profit organization its
adoption is primarily profit-driven. On the other hands, the
adoption of ERM by not-for-profit organization driven by stakes
which are much more diverse in nature. Education as a concept is
not always an organization which is profit driven but is
driven
by entities which include the educational board compliance, the
safety of the facility and ensuring that education is imparted in a
contemporary manner which is sync with real-world realities. Unlike
for-profit organization, an institution has not only opportunities
but also tools for advance technology and those that can be
utilized for analytical purposes. Additionally, institutions can
access more information that can be used in making an informed
decision. They
are as well have an opportunity to exploit new technologies and
promote potential transformative initiatives. Since not-for-profit
organization comprises of diverse coverage, the tool used to manage
risk is reach upon agreement among partners.
References
https://ebrary.net/9823/management/lego_group
https://ebrary.net/9859/management/adopting_implementing_erm_colleges_universities
Dees, J. G. (2017). 1 The Meaning of Social Entrepreneurship. In
Case Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
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