Concentrating in the MAC Program
The Jenkins MAC offers three concentrations: Tax Strategy, Information Technology (IT) and Enterprise Risk Management (ERM). The program is known for these unique options. I am concentrating in ERM and would like to give you some insight on what ERM is.
What is ERM?
Enterprise Risk Management is the process an organization uses to identify and manage potential risks it faces in order to take more opportunities and achieve the goals of the organization. Studies have shown that successful ERM does mitigate the impact of crises and allow the company to continue to flourish even if unexpected events occur.
What is the value of learning about ERM in the classroom?
NC State Poole College is known around the world for its ERM initiative which led to the development of the ERM concentration. This gives students great added value. I have only been in my ERM class for a little over two months and have learned so much about the risk management process. My professor has an interactive teaching style, and brings in outside speakers from companies working through their own ERM process. This allows us to see the different methods of implementation and their effectiveness within the company. On November 15, our class attended an ERM Roundtable Summit where we heard numerous companies discuss their ERM practice and oversight of risk.
In addition to taking the initial ERM class, the Jenkins MAC Program offers an ERM practicum each spring. In this course students are assigned to a company or organization in the Raleigh area where we will apply what we learned in the fall semester as we assess the risks the company faces and make suggestions to mitigate those risks. We will start with interviewing the executives to learn more about the drivers of the business and their strategic objectives, and finish with a presentation of our findings to those same executives. Not only is this a great opportunity to gain practical, real world knowledge and experience, but it also good practice for a first presentation to a management team!
How can ERM benefit you?
I recently signed up for the practicum, so look for an article in the spring with an update about my experiences! Here is the link to NC State’s ERM homepage if you would like to know more and please do not hesitate to ask if you have any questions about it!