Discussion
Over the course of the week, you have explored several factors which influence the approaches to managing risk a firm will take. With these insights in mind, read the following article: Big business bosses are warning that supply chain issues and inflation are here to stay. After reading the article, consult the Deloitte Guide to Integrating Strategy (included in your Instructional Resources for this week) and discuss the following questions:
- What ERM strategy would you propose for a company facing the issues in this article?
- How and why is this ERM strategy a potential solution?
- What risks does this strategy address or not address?
Read your peers’ responses as if you were an executive for a company impacted by the challenges covered in the article. Discuss and challenge your peers’ recommendations with direct questions using specific insights and examples from your readings.
To earn full credit, post an initial response of 500 words that includes at least one APA citation and the associated reference
Assignment Instructions
Last week you laid the foundation for your company’s strategic Enterprise Risk Management (ERM) approach by detailing current and ongoing industry-specific challenges and risks your company faces. This week you will identify which of the two common frameworks (COSO or ISO) you will use to create your company’s ERM strategy. Think about what you have learned this week and use the following questions to guide your decision process:
· Use some of the risks and challenges mentioned last week, as well as any company-specific risks you thought of while reading this week’s chapters to explain 3 distinct risks with 3-4 corresponding Key Risk Indicators (KRIs).
· Consider the original reason(s) that made you want to create a new or improved ERM strategy for your company. Describe any elements of the risk culture you think can be improved by a new ERM approach and how. What is your company’s new risk culture vision?
Using your insights from these questions, introduce the ERM framework you have chosen for your company. Explain why you chose this framework. Your analysis should address the strengths and limitations of your choice for your specific company and industry. Incorporate insights from your exploration of KPIs and risk culture into your analysis.
Submit this assignment as a Word document with a minimum of 1500 words, using APA formatting, citations, and a reference page.
