Component of Enterprise Risk Management

Part 1 Question/Prompt: Identify which core component of Enterprise Risk Management (p. 30 of the Woods text) is the most critical and state your case as to why you chose it. Support your case with a minimum of 2 scholarly citations. You must select internal environment as the most critical one. (minimum 200 words) Woods (2011) outlines eight (8) components of enterprise risk management with an effort to explain the makeup of control framework. The eight components are: (a) internal environment; (b) objective setting; (c) event identification; (d) risk management; (e) risk assessment; (f) risk response; (g) activities; (h) information and communication; and (i) monitoring. Part 2 Reply Prompt: Choose the core component you think best complements the choice made by your classmate and explain how they interact. Support your case with a minimum of 2 scholarly references. For the first reply, choose “risk management” (minimum 200 words) For the second reply, choose “monitoring” (minimum 150 words) References Woods, M. (2011). Risk management in organizations: An integral case study approach. New York, NY: Routledge.