Question

explain how ERM adoption and implementation in higher education (HE) environment differs from the for-profit environment. Cite specific examples

Answer 1

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Enterprise Risk Management refers to a formal tool which an organization employs to evaluate and manages its risk such that it can be able to achieve its desired goals. This tool can be applied both in the not-for-profit organization and for-profit organization. although for-profit and not-for-profit organization share many qualities, both of the organization have some diverse differences. For-profit is a term that illustrates a company that is seeking to make money as much as possible while not-for-profit features a company which does not make money. The key goal of the not-for-profit organization is to generate revenue that can be used to serve a specific mission of an organization. The money obtained from these organizations are transferred to define community effort.

Among the differences is the purpose of the adoption of Enterprise Risk Management tool where for-profit organization its adoption is primarily profit-driven. On the other hands, the adoption of ERM by not-for-profit organization driven by stakes which are much more diverse in nature. Education as a concept is not always an organization which is profit driven but is driven
by entities which include the educational board compliance, the safety of the facility and ensuring that education is imparted in a contemporary manner which is sync with real-world realities. Unlike for-profit organization, an institution has not only opportunities but also tools for advance technology and those that can be utilized for analytical purposes. Additionally, institutions can access more information that can be used in making an informed decision. They
are as well have an opportunity to exploit new technologies and promote potential transformative initiatives. Since not-for-profit organization comprises of diverse coverage, the tool used to manage risk is reach upon agreement among partners.

References
https://ebrary.net/9823/management/lego_group
https://ebrary.net/9859/management/adopting_implementing_erm_colleges_universities

Dees, J. G. (2017). 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.

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