ERM and Mini Case Studies

Srilekha Dasari 

week 11

COLLAPSE

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The Akawini copper company is a mining company with an international concern for the minerals. The company uses Enterprise Risk Management to ensure the effectiveness of its operations. The risk management system for the Akawini Company when shipping the concentrate to the port by the use of the trucks. The ERM is also important for the managing of the 1500 employees working in the suite and the port. The implemented framework for the management of the risks in the company is not effective because it is not likely to yield more profits ("Implementing Enterprise Risk Management: Case Studies and Best Practices", 2019).

The risk assessment should be done monthly or quarterly and not on an annual basis. It is important to track the progress of the system to ensure whether it is yielding positive results or whether it has failed. This will help in improving the strategies that are not much effective. It is also putting the risk registers on personal computers because they can be easily hacked. This could lead to the use of the company’s data to carry out the cybercrimes affecting the reputation and performance of the company.

It is therefore important to have Enterprise Risk Management to control losses that could affect the operation of the company. I could recommend the use of the SWOT analysis in monitoring the progress and performance of the company. The SWOT analysis will help in identifying the strengths, weaknesses, opportunities, and threats of the company. When the SWOT analysis is carried out effectively the company will be able to identify the risk on time and be able to address it before its operations are highly affected (Li, 2018).

The Business Software Corporation need to use Enterprise Risk Management in its operations. The ERMS measure to be used by the company is a qualitative and quantitative risk analysis by the management. This will help in identifying the risks that may affect the company. The analysis will also outline an integrative system for the risk assessment where all the leaders in the organization are involved in the risk analysis.

References:

Implementing Enterprise Risk Management: Case Studies and Best Practices. (2019). Retrieved 3 November 2019, from https://www.oreilly.com/library/view/implementing-enterprise-risk/9781118746189/c29.xhtml

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