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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. In your final research project for the course, your task is to write a 7-10 page paper discussing the following concepts:Introduction – What is an ERM?Why 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/application.Conclusion – Final thoughts/future research/recommendationThe paper needs to be approximately 7-10 pages long, including both a title page and a references page (for a total of 9-12 pages). Be sure to use proper APA formatting and citations to avoid plagiarism.Your paper should meet the following requirements:Be approximately seven to ten pages in length, not including the required cover page and reference page.Follow APA7 guidelines. Your paper should include an introduction, a body with fully developed content, and a conclusion.Support your answers with the readings from the course, the course textbook, and at least FIVE scholarly journal articles to support your positions, claims, and observations, in addition to your textbook.