I need a discussion post with atleast 300 words in APA format

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Qrrcnx1992

Business Finance

ITS 835

University of the Cumberlands

ITS

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Chapters 26 through 29 presented four mini-case studies on ERM and risk. Each one presented a slightly different risk scenario. Starting with chapter 29, assume that you have been asked to advise the Akawini management team on how they should promote and monitor the transformation of risk management in their business. What performance measures would you recommend that use so that they can monitor progress and performance? Choose one other of the chapters from this week and recommend ERM measures that organization should implement as well to monitor risks outlined in that chapter.


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ITS 835 Chapters 26, 27, 28, 29 Mini-Cases on ERM and RIsk Enterprise Risk Management Professor Michael Solomon Overview • Collection of four mini-cases • Leaves open ended questions • Presents real life situations • And needs for ERM • Mini-Cases • • • • Bim Consultants Inc. Nerds Galore The Reluctant General Counsel Transforming Risk Management at Akawini Copper Bim Consultants Inc. • Consulting firm • • • 10 offices in Canada 3,000 staff 30 partners • “Customers are number one” • But revenue is stagnant • Opportunity to buy out competitor • • Purchase would double size and sales Negotiations must be kept confidential Nerds Galore • Canadian IT service company • • • 12 offices 1,000 employees Grew from founder’s garage • Shift from small start-ups to medium size customers • High turnover of 20% is causing concern • Decreasing customer satisfaction • Steady revenue (for now) Nerds Galore, cont’d. • • Strategy from new HR VP • • • • • Attract the best talent Retain good people Manage talent Optimize the use of people Rely on outsourcers Executive team workshop to explore HR risks • • • • • Inability to recruit people with needed skills Loss of staff with key internal knowledge Uncompetitive labor production Increased departures of skilled technical staff Loss of key business know-how The Reluctant General Counsel • • • Business Software Corporation (BSC) • • Silicon Valley, CA Annual revenue over $1 billion Board wants ERM • Upper management supports establishing ERM EVP of development and general counsel • • • • Doesn’t want to be involved in ERM Risk discussions could be discoverable in lawsuits U.S. Securities and Exchange Commission (SEC) • Requires disclosure of risks Recommendation is to not formally pursue ERM Transforming Risk Management at Akawini Copper • Akawini Copper • • • • Mining company acquired by larger United Minerals Single mine and plant $774 million in revenue 1,500 employees • United Minerals implemented ISO 31000 framework • • Substantially more sophisticated than Akawini’s RM Launched project to transform Akawini RM to ERM
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Transformation of risk management
There various ways in which approach to managing risk can be monitored and promoted
to enhance and transform risk management in a business. The risk management of a business
involves identification, assessment, and implementation of risk management techniques and
therefore will allow you to account for risk factors that are correlated to an economic recession
and cope with them. Akawini Co...


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