RMF
The Risk Management Framework (RMF) is a structured process designed to help organizations identify, assess, and manage risks in a most systematic manner. This approach was originally developed for information systems, like those found in government or military organizations. However, since then, RMF has evolved into a being used as a tool with wider applicability across different organizational domains. Its main objective is to integrate risk management into all aspects of an organization's operations, so that decisions are supported and made based on the clearest possible understanding of risks and their potential impacts.
RMF's approach is fundamentally structured and proactive, as it looks on understanding the context of risks within an organization (Bohmer et al., 2009). Its focus is the importance of grasping the organization's risk tolerance and the specific nature of threats (HBR, 2020). This understanding helps one to identify, assess, and respond to risks. It is also the main reason the RMF's iterative nature allows for continuous adjustments in response to the evolving risk landscape. This adaptability is at the core of the RMF approach. It is what supports risk management strategies and keeps them relevant and effective over time.
Bohmer et al. (2009) show that RMF's approach to risk management can be seen in the strategy of managing claims and legal defense for the Controlled Risk Insurance Company (CRICO), a professional liability insurer owned by and serving the Harvard Medical Institutions (HMIs)....
…is essential to examine the major sources of risk to the model and how the model will handle them" (Girotra & Netessine, 2011, p. 102). Indeed, it is one of RMF's core principles that integrating risk management into organizational processes should be a must-have.Ultimately, RMF is a flexible framework adaptable to various situations. It can be used in anything from securing information systems to innovating business models. RMF's strength is in its structured and adaptable methodology, which emphasizes understanding the specific risk context, integrating risk management into organizational processes, and maintaining a dynamic stance towards risk management. It is an approach that helps to make sure organizations are both protected against potential threats and are also positioned to…
References
Bohmer, R., Bradley, S. P., & Kindred, N. (2009). The Risk Management Foundation of theHarvard Medical Institutions, Inc. HBS Case, (610-014).
HBR. (2020). On managing risks. Harvard Business.
Girotra, K., & Netessine, S. (2011). How to Build Risk into Your Business Model. HarvardBusiness Review, 102-105.
Strategic Advantage Goold and Campbell's comprehensive study sheds a new light on the ways a company uses to improve its financial results, whether from a quantitative point-of-view (i.e. through acquisitions) or a qualitative one (i.e. through the improvement of ratios) It would seem, according to the two researchers, that multi-business company management proves to be a difficult problem, considering that, according to their study, most "parent" companies tend to destroy value
Strategic Advantage Competitive advantage within the global retail sector The resource based theory Conceptual framework- Resource-Based Theory The e-retail strategy In this paper, we explore the concept of resource-based view in gaining of strategic advantage within the global retail industry. Our focus will be in the use of information technology as a resource in drawing an e-strategy for the purpose of gaining a strategic advantage with a focus on the global retail sector. The
Strategic Management Porter's Five Forces Model and Strategic Management as Applied to Bowne & Company Porter's Five Forces Model and Strategic Management as Applied to Bowne & Company Bowne & Co., Inc. is a financial services company which has been in business for 235 years. During this time the company has grown to become the world financial services leader in communication services, investor/shareholder relations and communications, and capital markets communication guidance. The communications side of
Strategic Management of Amazon and Yahoo.com The recent advancements in technology, computing, and Internet technologies have seen a rapid rise in the number of online businesses. Cases in point are the Amazon.com and Yahoo.com that took the globe by storm at the end of the 20th the century. Broadly speaking, e-commerce has become one of the most lucrative platforms to conduct businesses (Nabi, & Luthria, 2002). In this paper, two relating
Then they can transfer them to all the business units and follow through. A best practice of an organization provides it with unique and distinctive competence and cost/benefit impact. Therefore the transfer and sharing of the best practice organization wide becomes necessary for attaining a competitive edge. Benchmarking attempts to improve business processes by analyzing the top-notch approaches of others and adapting it to one's own organization to achieve a
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now