Applied Learning Practicum Survey Report: Global Economy and ERM

This report presents a student's analysis of an applied learning practicum, focusing on the integration of information technology (IT) in the global economy and its implications for enterprise risk management (ERM). The report delves into the importance of IT in organizational culture and productivity, referencing international policies and the eGovPoliNet community. It explores agent-based modeling and traditional leadership research. The report also examines ERM, including risk mitigation steps, Monte Carlo simulations, and the PAPA model. The assignment also includes summaries of various case studies on ERM and risk management from a professor's lectures, covering topics such as strategic risk management frameworks, modern portfolio theory, risk measurement for insurance, and ERM implementation in different settings, including the University of California Health System and the LEGO Group. The report concludes with lessons from the academy, focusing on ERM implementation in a university setting.

Running head: APPLIED LEARNING PRACTICUM SURVEY
Applied Learning Practicum Survey
Name of the student
Name of the university
Author note

2APPLIED LEARNING PRACTICUM SURVEY
Table of Contents
Information Technology in Global Economy:.................................................................................3
Enterprise Risk Management:..........................................................................................................4
References:......................................................................................................................................5

3APPLIED LEARNING PRACTICUM SURVEY
Information Technology in Global Economy:
In the era of globalization, information technology plays a major role in keeping an
organization informed. With the assistance of advanced information technology, the
organizational culture can be improved which is very much needed in order to satisfy
organizational productivity (Cohen et al. 2015). In this course, I have learned about the
international policies on the information technology. In this course, I have learned about the
several models of the policy. Successful completion of the course has helped me to gain
comprehensive knowledge on eGovPoliNet. This is one of the major international policy making
community which aligns the researchers from different background to share their own
knowledge and perception in order to support the policy analysis and governance (Policy-
community.eu. 2019). I have also learned about the agent based modeling. The agent based
modeling comprises of the healthy collaboration in between the networked agents which can
play a critical role in modifying the behavior of the agents.
From the course on Information Technology in Global Economy, I have also acquired
knowledge on the Traditional leadership research which plays a critical role in developing the
instructional and regulatory mechanism. However, that the approach of traditional leadership is
extremely rigid and doesn’t address the notion of dynamic leadership. From the course, I have
also learned about the VirSim model, which plays a critical role in inputting relevant data. I have
also learned that in the contemporary times, ICT is playing a significant role in modernizing the
process of policy making.

4APPLIED LEARNING PRACTICUM SURVEY
Enterprise Risk Management:
Martin (2017) stated that the inclusion of high degree of uncertainty in the business
environment is posing a major threat for the companies. There lies the significance of enterprise
risk management which supports the firms to control risk and thus prevent any kind of
obstruction in the way of normal business functionality. From the course of Enterprise Risk
Management (ERM), I have learned about the steps, which the companies take in order to
mitigate the risk. Following all the steps of managing risk such as enterprise risk management,
Monte Carlo simulations, active risk & opportunity planning and preparation for uncertainty
serves the firms with the capability to mitigate the risk in a timely and cost effective manner. I
have learned that, Monte Carlo simulation is one of the most significant ways of managing the
risk.
Olson and Wu (2015) said that Monte Carlo simulation is considered as the method of
perceiving how the input variables affect the outcome. This is the way, through which the risk
tolerance can be defined which is very much needed in terms of taking proactive action in order
to control risk. I have also gained major knowledge the formal approaches of defining the risk
which comprises of different steps such as identification, assessment, and handling,
reassessment, follow-up and reporting. I have also learned about the PAPA model of risk
management. By the completion of the course, I have learned about the fact strong and consistent
support from the management is very much needed in terms of implementing risk management
mechanism.

5APPLIED LEARNING PRACTICUM SURVEY
References:
Cohen, J.E., Loren, L.P., Okediji, R.L. and O'Rourke, M.A., 2015. Copyright in a global
information economy. Wolters Kluwer Law & Business.
Martin, W. J. 2017. The global information society. Routledge.
Olson, D.L. and Wu, D.D., 2015. Enterprise risk management(Vol. 3). World Scientific
Publishing Company.
Policy-community.eu. 2019. Egovpolinet. [online] Available at: <http://www.policy-
community.eu/> [Accessed 11 August 2019].