Answer the Below Question. APA format. 300 words. Textbook: Information Governance: Concepts, Strategies, and Best Practices; John R.S. Fraser, Betty J. Simkins, Kristina Narvaez; Copyright © 2015 by John R.S. Fraser, Betty J. Simkins, Kristina Narvaez (ISBN 978-1-118-69196-0) Beasley, M. S. (2016). What is Enterprise Risk Management? Retrieved from https://erm.ncsu.edu/az/erm/i/chan/library/What_is_Enterprise_Risk_Management.pdf Question: Assume you are the Enterprise Risk manager in an electric company that provides electric power to residential customers in multiple states. You are requested to prepare an executive proposal to convince the company’s Executive Leadership Team (ETL) to adopt and implement ERM in the company. Write Response to below two Discussions separately.APA format. 100 words each. DISCUSSION 1: Proposal for implementing ERM system Implementation of a conceptual and effective enterprise risk management framework provides a number of benefits to the company because of its good practices. As the current prevailing situation in which the electric company operating in multiple states is still reluctant in taking a forward step and a better view in the overall risk management of the company, the proposed framework as given below has the major objective of assisting the company in upscaling their risk management approaches to the latest and state of the art techniques by using and implementing ERM (Ching & Colombo, 2014). This proposed model for the implementation of ERM consists of four blocks: First and the most important block consist of the enterprise risk management. The block is built upon the integration of the internal environment having organizational goals, policies strategies and other procedures related to the organizational importance and the existing risk assessment techniques moving forward to the evolution to ERM implementation. In the second phase of the implementation, the potential outcomes of applying the ERM inn the business structure are visible which provide a basis of various benefits in the terms of tangible as well as non-tangible profits. The company can obtain competitive advantage using the Enterprise Risk Management System for required purposes. For the efficient implementation of the ERM and keeping the loop evolved, the third phase of benchmarking is introduced. In this phase the company focuses on improvement tools. This phenomenon helps companies and organizations to define and refine their strategic goals, encourages the creativity and innovation and offer a structured and organized method of change management. This arrangement of existing and new practices which are obtained in implementation of the ERM cycle are added to close the loop. With this loop rehashing constantly, it will empower the market great practices to earn the profit by managing various types of internal and external risks Successful ERM can give the essential data to settle on an educated choice about future risks which has vital effect for the organization (Raschke & Mann, 2017). References Ching, H. Y., & Colombo, T. M. (2014). Enterprise Risk Management Good Practices and Proposal of Conceptual Framework. Journal of Management Research, 6(3), 69. https://doi.org/10.5296/jmr.v6i3.5404 Raschke, R. L., & Mann, A. (2017). Enterprise Content Risk Management: A Conceptual Framework for Digital Asset Risk Management. Journal of Emerging Technologies in Accounting, 14(1), 57–62. https://doi.org/10.2308/jeta-51735 DISCUSSION 2: Executive proposal We are doing good in the market. But our department is getting complaints from customers for some areas, not falling under any of our department reaches. Our departments have restricted themselves to the boundaries defined for them. We are still following the traditional policy of strictness with the boundaries defined. But, as we are supplying electricity to multiple states, we must reach those small areas. No area should lack in electricity. Solution For this problem, I am proposing and supporting the change of traditional risk management system to a new model. The model is the Enterprise Risk Management system which involves systematic identification, evaluation, assignment, implementation, and ownership of the risks/complaints (Hopkin, 2017, p. 99). We must stop thinking about the separation between the departments. Through this model, we can think out of the box and reach the areas which are not falling under any of the department. We will develop the portfolios of these areas and redesign the boundaries. So, that a department closest to any of the area will take care of it. The rural areas, especially, needs support from the big cities, and electricity should be supplied. Proper reports will be prepared to monitor the work and highlight the gaps in the progress. These gaps will be filled in the next cycle. In this way, we can develop a better risk management system with this model. Bibliography Hopkin, P. (2017). Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management. Kogan Page Publishers.