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Enterprise Risk Management

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Computer Science

School

Harrisburg Area Community College - Harrisburg

Type

Homework

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07Nagbal

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Chapter 30: Alleged Corruption at Chessfield

1. What is your assessment of the situation at Chessfield?

From the authors report, it is evident that the situation at Chessfield is serious. Just like it was

mentioned by the regulator, there are a lot of corruption instances at the company. Also, the

composition and hiring of the board of directors shows evidences of discrimination against

women. There is not even one woman as a board of director at Chessfield, this is besides the

fact that the board of directors are serving long as 28 years.

Chessfield requires serious adjustment to all its systems. The authors report showed that there

was no explicit set goals and objectives to guide the CEO’s activities. The hiring and

compensating of the CEO procedure was unclear and the salary for the CEO was extremely

high. In my view, there are serious instances of corruption at Chessfield since no one is

responsible or accountable for the failures in risk management and management of the

business.

2. What recommendations would you provide to the regulator?

The first step the regulator should take is to get rid of the entire board of directors and hire a

new group of people ready to work for the betterment of the company; the new team should

have equal number of males and females.

The second recommendation should be to set a specific salary for the CEO based on his/her

skills, expertise and the level of work at the company. The CEO’s should also serve the

company for a specific period of time.

Lastly, the regulator should ensure that Chessfield hires a qualified risk manager to handle

issues related to the potential risks of the company. Every department in the company should

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Course title Student name Institution affiliation 1 Chapter 30: Alleged Corruption at Chessfield 1. What is your assessment of the situation at Chessfield? From the authors report, it is evident that the situation at Chessfield is serious. Just like it was mentioned by the regulator, there are a lot of corruption instances at the company. Also, the composition and hiring of the board of directors shows evidences of discrimination against women. There is not even one woman as a board of director at Chessfield, this is besides the fact that the board of directors are serving long as 28 years. Chessfield requires serious adjustment to all its systems. The authors report showed that there was no explicit set goals and objectives to guide the CEO’s activities. The hiring and compensating of the CEO procedure was unclear and the salary for the CEO was extremely high. In my view, there are serious instances of corruption at Chessfield since no one is responsible or accountable for the failures in risk management and management of the business. 2. What recommendations would you provide to the regulator? The first step the regulator should take is to get rid of the entire board of directors and hire a new group of people ready to work for the betterment of the company; the new team should have equal number of males and females. The second recommendation should be to set a specific salary for the CEO based on his/her skills, expertise and the level of work at the company. The CEO? ...
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