Enterprise Risk Management - Report Writing Management Assignment Help

Assignment Task:

Assessment on Risk Management Case Study

• You are the newly hired safety professional for a successful and growing organisation. As a safety professional, we are taught to first identify the hazards and then develop methods to control them, implement the controls, and monitor the results. Under a traditional approach, our concern might be limited to preventing workplace injuries and illness claims. Under an Enterprise Risk Management model, we would still be concerned with claims but would analyze the hazards considering the additional types of risk listed above. From a reputational risk standpoint, an illness claim in which a person dies would most likely result in negative national media attention which would most likely adversely affect sales. While insurance may cover the actual claim costs, the negative press could impact the organization’s ability to fulfil its vision, thwart expansion into new markets, or even jeopardize its ability to stay in business. The development of a robust safety program will not only help prevent this type of claim from occurring but if a claim was to occur, it will help mitigate the impact on the organization’s reputation. The above example illustrates that while some may see safety regulations as “just another regulatory compliance program,” an organization has a strong incentive to allocate resources to it that go beyond minimum compliance efforts when the program is viewed from an ERM perspective. The challenge safety professionals face lies in demonstrating how their activities support the overall mission and strategic objectives of the organization.
• For the above scenario, you are asked to choose an organisation (real and existing) which fits the description and develop an ‘Enterprise Risk Management report’ (by answering the questions given below) to highlight Risk-based safety programs and all relevant aspects of risk management. This is done in an effort to make your safety team fully understand their roles in Enterprise Risk Management and traditional risk management.  

You must follow the Project Report format, which should contain the following sections:

1. Executive Summary: You should summarize your Enterprise Risk Management report briefly (no more than one page of A4 paper).

2. Introduction: You should provide a brief introduction on the role of safety in mitigating operational, strategic and reputational risks and explain why risk and safety managers need to collaborate in identifying and controlling risk exposures.

3. Literature Review: You should conduct a review of relevant academic literature using at least 6-8 articles taken from reputed research journals/ article publications, as well as in addition consider any other secondary literature reports, company data/ any other relevant data, to critically analyze the available literature. The literature review should be based on: 

   1. An analysis of the current issues involved in Risk Management in the industry based on which your chosen organisation operates. 

   2. A critique of the traditional barriers to risk-based safety programs.

4. Application of theory to practice: You need to compare actual practices in the case study organisation with the key academic thinking established in the review of the literature. It may point out similarities and differences, agreements and contradictions, arguments and counter-arguments, and suggest explanations for these relationships. The focus of this section needs to be: - 

   1. Evaluate the factors and trends that define your chosen organisation’s imperative to change and explain their relevance in implementing risk based safety programs in your chosen organisation.

   2. Apply the RMA’s Enterprise Risk Management framework to your chosen organisation and examine the relationship between corporate governance, internal control and the various ERM competencies as applied to your chosen organisation. 

5. Conclusions and Recommendations: You should summarize the main findings, including their implications, and provide recommendations that directly relate to your analysis.

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