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Running Head: ENTERPIRSE RISK MANAGEMENT
Enterprise Risk Management
ENTERPRISE RISK MANAGEMENT
1. Give three examples of how starting a new venture might have risk events that could
lead to repercussions that would negatively impact the organization’s reputation
and three examples where it might be enhanced, creating opportunity.
The issue of drug misuse from the pharmacy may create a negative reputation to the business as
the society may feel that we are not doing enough to control drug abuse. Drugs such as the
opioids can easily be acquired, and when people start to abuse them, our business may be blamed
for not being responsible, thus making people continue suffering from drug abuse. Such
happenings may affect the reputation of our new firm has no one would like to relate with a new
pharmacy which does not care about the wellbeing of the community (Alston, & Boone, 2017).
Medical error is the other thing which might affect the reputation of the new business. Indicating
a dosage is an important thing when providing, drugs, and when an error occurs, the medicine
may not be helpful. Once the patient finds out the business may experience a decline in its
customers due to lack of trust. Also, if the employees do not communicate with customers in the
right manner, it may create a negative reputation as no one would wish to be served by a rude or
a people who are not passionate about their job (Alston, & Boone, 2017).
On the other hand, having effective communication can ensure that people feel connected with
the pharmacy. They can also feel free to state what they are suffering, from thus ensuring that the
prescription drugs they get are the right ones (Baker, 2018). Making some follow-ups’ to find out
how a patient is doing may also improve the reputation of the pharmacy, which may also
increase the number of clients. Creating a perfect image on social media may also enhance the
reputation of the pharmacy as clients may feel connected to it. Any sick person would like to get
ENTERPRISE RISK MANAGEMENT
help from a trustworthy facility, and this can be achieved by having a positive image even
through social media (Baker, 2018).
2. Explain how improvement is measured with KPIs and give one example related to
human capital and how this KPI might help you improve your organization
The use of a Key Performance Indicator is used in an individual and organizational level. In the
corporate level, KPI is a quantifiable performance measurement method, and they make it easy
to monitor if performance is improving or not. These measurable metrics reflect how an
organization is achieving its goals and objectives. For example, if a healthcare facility aims at
ensuring that fifty people feel satisfied with the services offered, it may rely on this KIP at the
end of the week to determine if this objective was achieved (Michelle, 2019). To ensure that this
is realized, the facility can decide to award employees who help a certain amount of clients
probably at the end of the month. Through that, workers may perform their t...
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