RM-6

Student 1:

The case study of mining company called Akawini Copper is totally based on the hypothesis. The fundamental approach of enterprise risk management has been approved and improved in the Akawani copper. Enterprise risk management is based on the ISO 31000 (IS 2009) which is developed and implemented by the united minerals. At the time of due diligence previous to the acquisition, the team of the risk management for united minerals have studied the present approach to enterprise risk management at Akawini Copper. Some of the points that are identified by members of the risk management team are as follows:in place of the business risks, the risk management team has applied the process of formal risk assessment. This risk assessment will be done for once a year; there are different many processes and those processes will be applied for safety risks where these risks are not actually considered as the risks but it will generate a risk rating with the help of the matrix system that too for hazards; the annual internal audit plan is not grounded on the consequences and results of the enterprise risk management and are not really concentrating on assurance of many of the critical controls; the risk manager of the Akawini has been concentrated on the problem of the insurance and requested the company who are providing the offer of the external audit for the annual risk review (Lechner & Gatzert, 2017)

There are certain policies and systematic process for the treating risks and assessing are been used to support the primary decisions. The form of explicit risk management process is not included in any project management of the Akawini Company. For both safety risks and business risks, the systems of risk criteria has been used to cover the damaging consequences and appeared to be based on the different levels of the consequences and consequences types which are not associated with any of the objects of the company. No coherent process are been expressed and confined learnings from failures and successes. No identification of critical controls and those critical controls are not assigned to the respective individuals for periodic review and ongoing monitoring (Barkhi & Borkovskaya, 2018)

References

Barkhi, R., & Borkovskaya, V. (2018). Organization and implementation of risk-management in building enterprise. Vestnik MGSU, 1(12), 1482-1490.

Lechner, P., & Gatzert, N. (2017). Determinants and value of enterprise risk management: empirical evidence from Germany. The European Journal Of Finance, 24(10), 867-887.

Student 2:

Akawani Copper is a mining company that was bought by United Minerals recently. Akawani Copper a mining plant that is constructed on one copper mine. It is a medium-sized company with 1500 employees working in different divisions.  It has a revenue of $774 million. Akawani Copper was based on the RIMS (Risk and Insurance Management Society) management model for its risk management. But after being acquired by United Minerals it has moved to a different risk management system called Enterprise Risk management (Abrams, et al., 2007). This ERM was based on the ISO 31000 framework. Enterprise Risk Management based on the ISO 31000 framework that is followed by the United Minerals is much more complicated in structure when compared to the RIMS Management system that Akawani used to follow. This is a major move that would transform the organization's risk management approach. 

If I were to manage the promotion and monitoring of this transformation of risk management structure in Akawani Copper I would look at various performance measures. Some of the measures that would help me monitor the performance of this transformation would directly come from the Akawani's employees. The employees individually would know various potential places where hazards can happen (Agarwal, et al., 2016). I would also conduct an annual performance review process that would help the employees to develop themselves and identify potential opportunities in their growth. I would concentrate on clear communication across several business spoke and hubs so that the information stays true. Implement several and recurrent auditing processes into different parts of the business that would ensure the quality of the job is being done (Regan, 2008). I would strongly suggest they develop several KPIs that would standardize the definitions and terms across the organization which would eliminate confusion and brings in more clarity in the information transfer process. 

References:

Abrams, C., Von Kanel, J., Muller, S., Pfitzmann, B., & Ruschka-Taylor, S. (2007). Optimized enterprise risk management. IBM Systems Journal, 46(2), 219-234.

Agarwal, R., & Ansell, J. (2016). Strategic change in enterprise risk management. Strategic Change, 25(4), 427-439.

Regan, L. (2008). A framework for integrating reputation risk into the enterprise risk management process. Journal of Financial Transformation, 22, 187-194.

Student 3:

Chapter 26 to chapter 29 will presents the ERM and Risks of mini case studies. Chapter 26 is based on the BIM Consultant Inc. which is a generally important acquisition decision that is based on the real event where the company was faced (Arnold & et al, 2014).

Chapter 27. Nerds galore based on the fictitious small services company which will appear to be on the major turndown verge. The contextual analysis of focal point and the activity lead a hazard appraisal which helps in setting the choice whether to continue all the HR techniques with net worth. For the real reason, this type of contextual investigation could be utilized. Hazard workshop re-enactment is pretending the different positions on the supervisory crew. For this contextual analysis, the Burglarize Quail is the creator, draws on his board experience as the ERM Director at Hydro One Networks Inc. and it will give a phenomenal that is smaller than the normal case of the enlighten ERM applications (Choi & et al, 2016).

Chapter 28. Reluctant General Counsel, this is smaller than the normal case which is about the ERM execution at the product organization and difficulties confronted with delineates when the organization general direction has the reservation and it is not happy to help the user. For more than the 20years the creator, CPA, CRMA, Norman Marks, has been the official boss review of the major worldwide companies and worldwide it was a much-respected calling of evaluating inside.

Chapter 29. At Akawini Copper the Transforming Risk Management. With the reasonable ideas of ISO 31000, it will draw to demonstrate the frail way to deal with the hazards the executives that can be progressively upgraded hearty and complete by following the intelligent structure and the change plan. For over the 35 years in hazard the executives the creator Grant Purdy has worked over the wide scope of all the businesses and in the excess of 25 nations (Leisser & et al, 2018).

References

Arnold, V., Benford, T. S., Hampton, C., & Sutton, S. G. (2014). Enterprise Risk Management: Re-Conceptualizing the Role of Risk and Trust on Information Sharing in Transnational Alliances. Journal of Information Systems, 28(2), 257–285. https://doi.org/10.2308/isys-50812

Choi, Y., Ye, X., Zhao, L., & Luo, A. (2016). Optimizing enterprise risk management: a literature review and critical analysis of the work of Wu and Olson. Annals of Operations Research, 237(1/2), 281–300. https://doi.org/10.1007/s10479-015-1789-5

Leisser, C., Hirnschall, N., Hackl, C., Döller, B., Varsits, R., Ullrich, M., Kefer, K., Karl, R., & Findl, O. (2018). Risk factors for postoperative intraretinal cystoid changes after peeling of idiopathic epiretinal membranes among patients randomized for balanced salt solution and air‐tamponade. Acta Ophthalmologica (1755375X), 96(4), e439–e444. https://doi.org/10.1111/aos.13635