Risk management is one of the most important components in empowering an organization to achieve its ultimate vision. With proper risk management culture and knowledge, team members will be “speaking” the same language, and they will leverage common analytical abilities to identify and mitigate potential risks as well as exploit opportunities in a timely fashion. In order to consolidate efforts, the existence of an integrated framework is crucial. This is why an ERM is necessary to the fulfillment of any organization’s goals and objectives. Your task is to write a 6 page paper discussing the following concepts:IntroductionWhy should an organization Implement an ERM application?What are some key challenges and solutions to Implementing an ERM?What is Important for an effective ERM?Discuss at least one real organization that has been effective with implementing an ERM framework or /application.Conclusion, final thoughts for future researchRecommendationadditional Scholarly source7 pages (not including cover and reference pages)Strict APA 7 formatinclude an introduction, a body with fully developed content, and a conclusion.4-5 peer reviewed scholarly articles

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