ERM Implementation

Running head: ERM IMPLEMENTATION 1
ERM Implementation
Name
Institutional Affiliation

ERM IMPLEMENTATION 2
ERM IMPLEMENTATION
Even though PM2 Risk Scorecard remains complex or challenging to implement, it is
regarded as a powerful tool which can enable unrestricted organizational expansion. This tool is
characterized by a part of a vast process which has not only programs but also novel initiatives
within an organization (Neves et al., 2015). Each organization would prefer changing a tool for
ERM or Enterprise Risk Management due to specific reasons. One of the shared reasons for such
a change is to introduce a novel initiative which shall assist in solving its current problem. I
suggest that the Company should implement PM2 Risk Scorecard because it will provide the
desired opportunity for innovative initiatives’ introduction (Fraser, Simkins & Narvaez, 2014).
Though ISO 31000 is easy to implement, this tool never allows for the introduction of
novel initiatives. Moreover, ISO 31000 lacks programs, thus can never be utilized when
employees and people have diverse talents. ISO 31000 will be useful in a private organization
that is run by a few individuals and do not need either initiatives or programs. ISO 31000 cannot,
therefore, support significant processes (Ibáñez et al., 2016). Moreover, the ISO 31000 never
supports a systematic process because no tie exists between one process and the other. The
comparison between the two methods can be illustrated below:
The PM2 model is recommended because it has various simple undertaken in sequence,
thus producing a powerful outcome. Such results include risk comparison, current program