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Lego Group1

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Computer Science
School
Colorado Northwestern Community College
Type
Homework
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Running head: WIKI ON STRATEGIC RISK MANAGEMENT 1
Strategic Risk Management at the LEGO Group
Institution Affiliation
Students’ Name:
Date:

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WIKI ON STRATEGIC RISK MANAGEMENT
2
Strategic Risk management at the LECO Group
Introduction
Strategic risk management is essential in an organization since it facilitates the healthy
development of the organization. Besides that, the organization can keep a check on possible
future and current risks. To achieve this, it is therefore vital to have a sound system and program
that helps in doing this. In this regard, the Enterprise risk management program (ERM) is
essential since it prevents the organization from being exposed to different risks. Besides that, it
makes it easier for the management to plan and set goals of development.
Advantages of making integrating strategy and strategy Execution with (ERM) as per the
description of case of LECO
LEGO organization initiated and strategized four significant processes in its strategic
approach to risk management. Further to that there, LEGO benefited from the advantages which
accrued from the integration process. As a result, the owners were kept aware of the possible
risks, which kept them to be on the outlook and devise prevention measures. Further to that the
simulation of Monte Carlo, was able to evaluate the possible outcome of the risks and to which
extent it can affect the organization (Baron et al. 2018)
Further, it helped in making spreadsheets that simplified the work and ensured that there is future
continuity through referencing the laid-down strategies. Also, it helped in focusing and laying
down the mechanism in preparation for any eventualities.

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Running head: WIKI ON STRATEGIC RISK MANAGEMENT Strategic Risk Management at the LEGO Group Institution Affiliation Students’ Name: Date: 1 WIKI ON STRATEGIC RISK MANAGEMENT 2 Strategic Risk management at the LECO Group Introduction Strategic risk management is essential in an organization since it facilitates the healthy development of the organization. Besides that, the organization can keep a check on possible future and current risks. To achieve this, it is therefore vital to have a sound system and program that helps in doing this. In this regard, the Enterprise risk management program (ERM) is essential since it prevents the organization from being exposed to different risks. Besides that, it makes it easier for the management to plan and set goals of development. Advantages of making integrating strategy and strategy Execution with (ERM) as per the description of case of LECO LEGO organization initiated and strategized four significant processes in its strategic approach to risk management. Further to that there, LEGO benefited from the advantages which accrued from the integration process. As a result, the owners were kept aware of the possible risks, which kept them ...
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