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Choose a company requiring an enterprise risk management plan (ERM). The company must contain a violation of one or more of the aforementioned risk functions. Complete a 10-page, APA-style, written pa
Choose a company requiring an enterprise risk management plan (ERM). The company must contain a violation of one or more of the aforementioned risk functions. Complete a 10-page, APA-style, written paper containing your group's breakdown (Analysis, Synthesis, Evaluation) of the following for the company you choose. Create a PPT with 25
slides.The criteria are as follows:TASK 11.1 Role of risk management function in business organizationManagement of risk is a primary part that the business organization considered before framing any strategies related to survival and growth of the enterprise. The purpose of risk management is to identify the future uncertainty and its assessment to what extent it can affect the organization activities. On the basis of this assessment, business enterprise prioritizes the identified risk. Prioritization of risk will be done on the basis of its impact on the organization activities (Davis and Jarvis, 2007). A High risk aspect will be considered first and then the attempts will be made to overcome from lower risk facet. The basic idea behind the management of risk is to identify and reduce the impact of unforeseen events which can have a negative impact on the organization activities.Risk can be arising from uncertainty of financial markets, threats from society or trade union, threat from failure of the project, legal liabilities, loan repayment, and other natural causes. Efficient management of risk is only possible when the organization accurately assessed its internal environment and external environment of the business which include employees, managers, workers, trade unions, competitor's strategy, organization policies, law and order, technological change, global economic conditions, societal issues, and natural environment activities (Conrow, 2003). After identification and assessment of these factors, well manner objectives of the organization should be set which is in line with the above mentioned factors. With the help of these set objectives, a firm can monitor and control its actual outcome (Frenkel and et.al., 2005).The primary risk functions in large corporations that may participate in an ERM program typically include:
- Strategic planning - identifies external threats and competitive opportunities, along with strategic initiatives to address them
- Marketing - understands the target customer to ensure product/service alignment with customer requirements
- Compliance & Ethics - monitors compliance with code of conduct and directs fraud investigations
- Accounting / Financial compliance - directs the Sarbanes-Oxley Section 302 and 404 assessment, which identifies financial reporting risks
- Law Department - manages litigation and analyzes emerging legal trends that may impact the organization
- Insurance - ensures the proper insurance coverage for the organization
- Treasury - ensures cash is sufficient to meet business needs, while managing risk related to commodity pricing or foreign exchange
- Operational Quality Assurance - verifies operational output is within tolerances
- Operations management - ensures the business runs day-to-day and that related barriers are surfaced for resolution
- Credit - ensures any credit provided to customers is appropriate to their ability to pay
- Customer service - ensures customer complaints are handled promptly and root causes are reported to operations for resolution
- Internal audit - evaluates the effectiveness of each of the above risk functions and recommends improvements
Choose a company requiring an enterprise risk management plan (ERM). The company must contain a violation of one or more of the aforementioned risk functions. Complete a 10-page, APA-style, written paper containing your group's breakdown (Analysis, Synthesis, Evaluation) of the following for the company you choose. The criteria are as follows:
- Identify the major elements in managing the risk function (Brainstorm and document your group's methods to identifying the risk. Use one or more of the following methods to identify the risk: SWOT Analysis, Flow Diagram, Ishikawa Diagram).
- Describe the processes for identifying risk function (Complete the Risk Register Tool template).
- Describe the processes for evaluating risk function (Complete either the Probability and Impact Matrix (Qualitative Analysis) or a Decision Tree (Quantitative Analysis). The Decision Tree template could be downloaded using Lucid Chart (https://www.lucidchart.com/documents/edit/67555aae-98c4-4307-bae5-76f540bd2bcd/0). This is a free tool which requires a quick registration.
- Describe the processes for mitigating risk function.
- Create a long-term prevention or recurrence plan.