While colleges and universities are making progress in terms of establishing ERM policies and practices, there is still a gap in the preparedness of institutions and the probability of reputational risk events occurring. Even more concerning is the devastating impact that reputational risk events have on institutions.Review the case study from the reading assignment this week Chapter 9 entitled, Lessons from the Academy: ERM Implementation in the University Setting.In your initial post, please explain how academic institutions can improve their preparedness for such events and promote long-term success.Respond substantively to at least two other students posts. Comment onthe impact that organizational culture has on managing reputational risk. What is one major hurdle these organizations face when adopting and/or implementing an ERM program?*please remember to include at least one credible scholarly reference with your initial post!