Why WP Should Apply ERM for Stakeholders

opinion Essay

923 words

What is ERM? According to the definition of ERM from COSO, ERM is: • A process, ongoing and flowing through a company; • Every people at every level of an organization will affect ERM; • ERM is applied in strategy setting; • ERM is applied every level and unit across the company and consider the risk at entity level; • Identify the potential risks which affect the company and manage these risks within its risk appetite; • Has the ability to provide suitable assurance to the management and boards. Why WP should implement an ERM process and what are the benefits to WP’s stakeholder? Imply ERM in WP will provide the following benefits: 1. Unacceptable performance variability reduction: the profit provided by WP over last few years varies significantly from $0 to $1,000,000. ERM will provide assessing the possibility and consequence of events happened. Furthermore, ERM will prepare the solution to avoid these events happen or control the impact when they happen. Therefore, ERM can help WP to earn a more stable profit which will be a great benefit to Peace Family, other employees and related stakeholders 2. Align and integrating different views of risk management: ERM can provide a common framework to manage different kinds of risk. It can provide WP management and board a clear view of risks management. The clearer the management understand risks, the more stable WP can be. 3. Make the stakeholders and investment parties’ confidence: If WP implements ERM process, it will increase risk management capabilities. Investors, distributor, business partner and creators will feel confidence if WP has a well-managed risks framework. 4. Corporate governance enhancement: ERM can define the roles of risk management and responsibilities, impro... ... middle of paper ... ...hese events happen or minimize the negative impact when they happened. This will stabilize the distributable profit. 2. ERM framework can enhance the Board oversight by providing more accurate and up-to-date risk related information. This will allow the Board has enough information and time to make a correct business decision to smooth the distributable profit. 3. When the business environment changes which may affect the distributable profit, ERM will help the management team to make a quick and successful respond by a serious of analysis. Therefore, it can provide a good buffer for the distributable profit when business environment changes. 4. The ERM frame helps every people in WP to have a good sense of risk management from every level. A positive risk management environment will be established in WP. This business culture can help the Board to control the risk.

In this essay, the author

Explains that erm is applied at every level and unit across the company and considers the risk at entity level.
Explains the importance of identifying the potential risks which affect the company and managing these risks within its risk appetite.
Opines that wp should implement an erm process and what are the benefits to its stakeholder.

Explains that erm is applied at every level and unit across the company and considers the risk at entity level.
Explains the importance of identifying the potential risks which affect the company and managing these risks within its risk appetite.
Opines that wp should implement an erm process and what are the benefits to its stakeholder.
Opines that erm can help wp earn a more stable profit which will be of great benefit to peace family, other employees and related stakeholders.
Opines that erm can provide a common framework to manage different kinds of risk.
Opines that wp's erm process will increase its risk management capabilities and make investors, distributors, business partners, and creators feel confident if it has a well-managed risks framework.
Explains that erm can define the roles of risk management and responsibilities, improve oversight of the board, identify the management-level oversight structures, and make the risk response more effective.
Opines that erm can help the management team to estimate the effectiveness of the existing strategies and the information and data available for decision making.
Opines that the wp management team will create better risk awareness by using erm and a positive and open culture with respect to risk and risk management.
Explains that ceo is ultimately responsible for erm priorities, strategies, and polices. he also needs to ensure that implementation is strategy-setting.
Opines that the board of directors should discuss enterprise risk management with management and oversight the implementation. they should ensure that most of significant risks have been apprised.
Opines that all executive management should provide support to erm implementation and coordinate to decision-making.
Explains that erm is to apply risk management into company's decision-making processes. wp may face the information for decision making risk if information used by business decision is inaccurate, out of date or not related to the decisionmaking process.
Describes the risks wp faces grouping by different categories, such as departments, products, locations, etc.
Explains the value-at-risk (var) report to evaluate portfolio positions sensitivity in terms of market rate changes.
Opines that the board needs a risk management framework because the distributable profit varies dramatically from $0 to $1,000,000.
Recommends evaluating the likelihood and impact of the event which affects the distributable profit and designing solutions to avoid them.
Opines that the erm framework can enhance the board oversight by providing more accurate and up-to-date risk related information.
Explains that erm can provide a good buffer for the distributable profit when business environment changes.
Explains that the erm frame helps everyone in wp to have a good sense of risk management from every level. this business culture can help the board to control the risk.
Summarizes the failure mode and effects analysis (fmea) to demonstrate what the impact is if the core assumption exceeds management’s control. all the above information will help wp make a more accurate business decision.

Click here to unlock this and over one million essays

Continue Reading Check Writing Quality

Harness the Power of AI to Boost Your Grades!

Haven't found what you were looking for? Talk to me, I can help!

Simkins Case Study
explanatory essay
Enterprise Risk Management (ERM) requires a great deal of hard work and senior-level commitment. For businesses that practice ERM effectively, the rewards can be staggering: market leadership, robust growth, stock price premiums, and investor confidence. However, in a traditional risk management service structure, the effort is departmentalized and focused primarily on hazard risks. Using this approach, an organization rarely makes relative comparisons among its risks to determine how they interact with one another or to evaluate their cumulative effect on the organization (Chitakornkijsil, 2010; Lam, 2014; Louisot & Ketcham, 2014). Conversely, in an ERM environment, there is a senior executive or CRO (Chief Risk Officer) who equates and assesses all of the risks the
In this essay, the author
- Explains that the simkins vs. cone decision marked the first time that federal courts applied the equal protection clause of the fourteenth amendment to forbid racial discrimination by a private unit.
- Explains that for each of the risks identified, a response is determined by business leaders in consultation with the applicable risk management functions.
- Explains that the fourth circuit overturned the district ruling, looking at whether the hospitals and the government were so disheveled by funding and law.
- Explains that the simkins vs. cone decision marked the first time that federal courts applied the equal protection clause of the fourteenth amendment to forbid racial discrimination by a private unit.
- Explains that for each of the risks identified, a response is determined by business leaders in consultation with the applicable risk management functions.
- Explains that the fourth circuit overturned the district ruling, looking at whether the hospitals and the government were so disheveled by funding and law.
- Explains that the u.s. constitution defines ities, restrictions, and purposes of the federal government. the simkins vs. cone case was limited in its reach.
1389 words
Read More
Corporate Compliance Report
explanatory essay
Enterprise risk management (ERM) is the process of identifying and analyzing risk from an integrated, companywide perspective. The ERM framework will focus on the
In this essay, the author
- Explains that bone marrow and cord blood transplants are a life-changing treatment for people with leukemia, lymphoma and many other diseases.
- Explains that the national marrow donor program (nmdp) matches patients in need of a marrow, stem cell or cord blood transplant with matching donors willing to donate.
- Explains that the national marrow donor program is headquartered out of minneapolis, minnesota, with nmdp owned donor centers in every state of the u.s.
- Explains that bone marrow and cord blood transplants are a life-changing treatment for people with leukemia, lymphoma and many other diseases.
- Explains that the national marrow donor program (nmdp) matches patients in need of a marrow, stem cell or cord blood transplant with matching donors willing to donate.
- Explains that the national marrow donor program is headquartered out of minneapolis, minnesota, with nmdp owned donor centers in every state of the u.s.
- Explains that the national marrow donor program has a quality control department operating out of minneapolis that handles risk management issues for the entire organization. coso recommendations for internal controls should be very important.
- Explains that applying coso to practice is not as simple as adopting it in theory. no defined approach exists for auditing "soft" controls like the integrity and ethical values of staff, the philosophy and operating style of management, and the effectiveness of communication.
- States that the sarbanes-oxley act of 2002 requires management of public companies to annually assess and report on the effectiveness of internal control over financial reporting.
- Explains that the "internal control – integrated framework" was issued in 1992 by the committee of sponsoring organizations of the treadway commission.
- Explains that coso is an internal controls framework focusing on fiscal responsibility, and the erm framework will focus on the necessity of a consistent "risk and control consciousness."
- Explains that erm enhances the organization's ability to: 1.align risk appetite and strategy; 2.link growth, risk, and return; 3.enhance risk response decisions; 4.identify and manage cross-enterprise risks; 5.seize opportunities;
- Recommends 26 fundamental principles associated with the five key components of internal control: control environment, risk assessment, control activities, information and communication, and monitoring.
- Explains that the control environment represents an organization's first line of defense to mitigate the risks of financial reporting errors. a strong tone at the top plays a pivotal role.
- Explains the importance of financial reporting objectives, identification and analysis, and the assessment of fraud risk, according to coso.
- Explains that it is necessary to determine the nature of a reportable condition and identify the most important control issues for executive and line management.
- Opines that if reportable conditions have occurred, further assessment is necessary. if they have been identified, corrected, and not allowed to become persistent or pervasive, all five components of control are present and effective.
- Explains that the nmdp will provide controls to mitigate risks through a combination of methods, including oversight controls applied by management, segregation of duties, and independent reconciliations.
- Explains that the nmdp will identify, capture, and communicate pertinent information in a form and timeframe that enables people to carry out their responsibilities. information technology can help standardize controls.
- Explains that effective monitoring includes ongoing monitoring, separate evaluations, and report deficiencies. monitoring confirms that all five components are in place, properly designed and functioning effectively.
- Explains that the most efficient and effective way to identify such actions is through auditor-directed focus groups, since those involved in the process are generally better informed and better positioned to develop workable solutions.
- Explains the advantages and disadvantages of the coso based approach and the national marrow donor program.
1224 words
Read More
Risk Management in Construction Projects
explanatory essay
Risk management is a process used in all industries to reduce the risk. The Risk management tool usage changes from sector to sector and hence each sector has developed their own risk management tools and methodologies to mitigate the risk. But the concept remains the same behind all the tools (Ropel, 2011). The main steps for risk management irrespective of the sector are:
In this essay, the author
- Explains that risk management is a process used in all industries to reduce the risk. risk management tool usage changes from sector to sector.
- Explains that risk can be mitigated based on risk priority number (rpn). rpn is the combination of severity, occurrence and detection of an event.
- Defines risk as any potential uncertain event or condition that can have any positive or negative effect on the objectives of the project. the key stakeholders are the persons who will be responsible for mitigating the risk or the ones who comes out with the possible alternative.
- Explains that risk management is a process used in all industries to reduce the risk. risk management tool usage changes from sector to sector.
- Explains that risk can be mitigated based on risk priority number (rpn). rpn is the combination of severity, occurrence and detection of an event.
- Defines risk as any potential uncertain event or condition that can have any positive or negative effect on the objectives of the project. the key stakeholders are the persons who will be responsible for mitigating the risk or the ones who comes out with the possible alternative.
- Explains internal factors are the elements which contribute from inside the organization which directly or indirectly impact execution of the project.
- Explains external factors are the elements which contribute from outside the organization which directly or indirectly impact execution of the project.
- Explains that key success factors are taken as the base for arriving at the risks associated with it in achieving those objectives.
- Explains that the below table is the risk matrix where the risks are categorized based on risk criticality levels.
- Explains the risks are rated as follows based on the likelihood and consequences of the risk event.
- Explains that risk identification can be done by various techniques, which vary across industries.
- Explains quantitative methods require more analysis to assess the consequence of the risk in a complex project. fault tree analysis and monte carlo simulation techniques are widely used.
- Explains the simple and easy method of analyzing risk rather than quantity analysis methods. each risk has its own likelihood and consequence levels.
- Explains the risk management program, where the actions for each risk are recommended to reduce the level of risk.
- Explains that if the risk is expected to hamper the execution of a construction project, it is better to avoid that risk by bringing out some control plan for preventing that from occurring.
- Explains that brainstorming and other risk identification techniques can help in identifying the risks on a project.
- Explains that if some party or element couldn't manage a risk, it can be transferred to another party which has the capability to control it from happening.
- Explains that risk management is a major event in the project lifecycle and that it is very much essential and an effective program for construction projects.
- Explains the importance of risk management in construction projects.
- Describes elwelina gajewska and mikaela ropel's case study on risk management practices in construction projects.
- Explains mark gabel's guide for wsdot projects - project risk management.
- Explains anna klemetti's "risk management in construction project networks – a case study", helsinki university of technology.
- Cites scott jardine's article, "managing risk in construction projects – how to achieve a successful outcome".
- Cites berkeley, d., humphreys, p.c. and thomas, r.d.
- Cites chapman, r.j., "the controlling influences on effective risk identification and assessment for construction design management".
- Cites shen, l.y., wu, g.w.c. and ng, c.s.k, 2001, "risk assessment for construction joint ventures in china".
- Explains wang, j.y. and liu, c.l., 2004 "risk management for construction projects".
- Explains that project risk management is one of the most critical phases for successful completion of a construction project. negative and positive risks are considered threats and opportunities.
- Explains that risk management is one of the most difficult parts of project management especially in construction projects.
- Describes issues that can be resolved through normal business activities and will not impact quality of deliverables.
- Explains that technical errors that are identified by client or may result in rip and repair work/ failure errors or gaps in deliverables that may have catastrophic impact on quality of project
- Explains the risk management program's task of identifying risk and assessing its likelihood and consequence. risks in the top right corner are negative risks on the project performance, while the residual risks are moderate.
- Opines that it is better to retain the risk and control them by the risk management team in a construction project.
2365 words
Read More
Verizon Communication Case Study
explanatory essay
When done correctly, Enterprise Risk Management, can be a transformative tool to help any organization improve their business performance. Managers and front line employees need to develop the ability to identify opportunities, roadblocks, or hazards that can destroy the organizations strategic goals.
In this essay, the author
- Explains that companies must be prepared to manage their portfolio risk in today's volatile environment. to avoid or limit risk, a company has to have an effective enterprise risk management (erm) team or plan in effect.
- Explains that verizon communications operates under two business segments, the wireless sector and the wireline sector. they believe identifying and prioritizing risk is an imperative practice that all enterprise organizations should have.
- Explains that verizon is exposed to various market risk, including interest rate changes, foreign currency, exchange rate fluctuations, changes in investment, equity and commodity prices, and corporate tax rates.
- Explains that companies must be prepared to manage their portfolio risk in today's volatile environment. to avoid or limit risk, a company has to have an effective enterprise risk management (erm) team or plan in effect.
- Explains that verizon communications operates under two business segments, the wireless sector and the wireline sector. they believe identifying and prioritizing risk is an imperative practice that all enterprise organizations should have.
- Explains that verizon is exposed to various market risk, including interest rate changes, foreign currency, exchange rate fluctuations, changes in investment, equity and commodity prices, and corporate tax rates.
- Explains that verizon's limited liquidity position affects its short-term funding plans. the company experienced a $5,721m deficit compared to working capital of 178m in 2012.
- Explains that verizon is a non-financial institution and faces credit risk from its counter-parties who may default on their payment obligations.
- Explains that verizon's legal and regulatory risk must be monitored to ensure legal compliance by all employees, and partners is being executed for the sake of shareholders and consumers.
- Explains how verizon settled several patent litigation matters, including a case with active video networks inc. and tivo, whereby verizon agreed to pay $250m to tivo for infringement of the "time warp" patent.
- Explains that operational risk is a direct or indirect loss, resulting from incompetent people, systems, internal and external processes. verizon has experienced continual line losses in the wireline sector.
- Explains that verizon's network technology helps its customers meet the day-to-day challenges that their customers face. verizon understands that systems can overload and shut down.
- Explains the financial risk of verizon's organizational framework, consisting of net cash generated from our operations to fund network expansion and modernization, repay external financing, pay dividends, repurchase verizon common sock from time to time, and invest it to maintain principal and liquidity.
- Explains that operational risk is at the top of the list due to the varied components involved to operate the business.
- Explains that enterprise risk management can be a transformative tool to help any organization improve their business performance. managers and front line employees need to identify opportunities, roadblocks, or hazards that can destroy the organizations strategic goals.
1432 words
Read More
Risk Management In Project Management
explanatory essay
Risk management is the procedure wherein a project manager and project team identify project risks, analyze and rank the risk, and establish what actions, if any, need to be taken to ward off these threats. Associated with this process are the costs, time, and quality concerns of the project brought about by the answers to those risks.
In this essay, the author
- Explains that risk is something that might take place in the future and may impact a project's triple constraint (budget, schedule and scope).
- Explains that a project manager's responsibilities are to manage these risks and inhibit them from ruining the project.
- Explains that external events are mostly beyond the control of a project manager and, in most cases, the organization. most of these risks are challenging to control but can be identified and managed.
- Explains that risk is something that might take place in the future and may impact a project's triple constraint (budget, schedule and scope).
- Explains that a project manager's responsibilities are to manage these risks and inhibit them from ruining the project.
- Explains that external events are mostly beyond the control of a project manager and, in most cases, the organization. most of these risks are challenging to control but can be identified and managed.
- Explains that cost risks are directly or indirectly under the project manager's control or contained in his or her area of influence.
- Explains that schedule risks can lead to project failure by omitting or delaying market prospects for a product or service.
- Explains that technology risks arise from the software or hardware technologies that are being used as part of the system being established. making use of new, developing or complex technology heightens overall risk.
- Explains that operational risks are defined by incompetence to execute large-scale change efficiently. poor operational risk management can hurt an organization's repute and cause economic loss.
- Explains that the oil and gas industry has always been the personification of undertaking lofty risk in a quest of high returns.
- Explains that the cost of oil and gas is the primary factor in determining the economic feasibility of a reserve.
- Opines that supply and demand shocks are bona fide risk for oil and gas companies. economic factors coupled with financial crisis and macroeconomic factors can desiccate capital or influence the industry autonomously
- Explains that regulation and expensive drilling process make a project expensive, coupled with uncertain prices due to worldwide production beyond any one company's control.
- Explains that for hospitals and other institutions caring for people at their most defenseless state, risk to the enterprise is always a matter of utmost priority.
- Explains that risk management involves identifying, quantifying, and managing risks in projects. highly complex projects deal with the problem of being able to accurately estimate time and costs.
- Explains that politics can influence oil through regulation, but it's not necessarily the only way. countries with a steady political system and long-term leases are preferable.
- Explains that exploration has moved on to areas that entail drilling in not so friendly environment. exploration has helped in the extraction of resources in areas where it would have proved impossible.
- Explains that mitigation is an attempt to lessen the likelihood and/or impact of a recognized risk in the project.
1361 words
Read More
Why Erp Systems Fail?
analytical essay
ERP is a huge resource managing tool used by companies today. Some systems preform general ledger, accounting and order management for the company. ERP systems are a great asset and greatly improve a company, so a company should defiantly look into implementing ERP systems! However, Gartner estimates that 75% of all ERP projects fail. Why is there so much of a high failure rate? This paper will take an in depth look at reasons to why ERP systems fail.
In this essay, the author
- Explains that erp is a huge resource management tool used by companies today. however, gartner estimates that 75% of all erp projects fail.
- Analyzes ziff davis' document on the top 5 reasons erp systems fail and how to fix those reasons.
- Analyzes how deloitte's document examines the best measures to ensure a successful erp campaign.
- Explains that erp is a huge resource management tool used by companies today. however, gartner estimates that 75% of all erp projects fail.
- Analyzes ziff davis' document on the top 5 reasons erp systems fail and how to fix those reasons.
- Analyzes how deloitte's document examines the best measures to ensure a successful erp campaign.
- Analyzes richard g. ligus' article titled "the 12 cardinal sins of erp implementation." he points out the lack of resources and poor cost cutting choices.
- Explains that sap implementation unleashed: a business and technical roadmap to deploying sap claims to minimize customization. companies want the erp system to be like their old system, but they are complicating the system even more.
- Analyzes the case study of hershey's erp failure, stating that it is a cardinal sin to cut back on the department to solely implement the erp system.
1272 words
Read More
Enterprise Resource Planning (ERP)
explanatory essay
ERP systems are meant to make companies and businesses operate more efficiently when they are not. The main goal for a company is to choose a vender that will give them the safest and easiest way to operate efficiently and achieve their business goals.
In this essay, the author
- Explains that erp systems are meant to make companies and businesses operate more efficiently when they are not. companies should choose a vender that will give them the safest and easiest way to operate efficiently and achieve their business goals.
- Explains that erp was developed as multifaceted software that little by little stretched its limits into further areas like human resource, finance, marketing and so on.
- Explains that erp came into effect in 1990 though many people believe that it existed from the year 1960 in the form of mrp1. sap technologies were established in 1972 by five engineers, followed by the invention of larson software.
- Explains that erp systems are meant to make companies and businesses operate more efficiently when they are not. companies should choose a vender that will give them the safest and easiest way to operate efficiently and achieve their business goals.
- Explains that erp was developed as multifaceted software that little by little stretched its limits into further areas like human resource, finance, marketing and so on.
- Explains that erp came into effect in 1990 though many people believe that it existed from the year 1960 in the form of mrp1. sap technologies were established in 1972 by five engineers, followed by the invention of larson software.
- Explains oracle consulting is an ideal partner in a company's expedition to oracle fusion because of its knowledge in helping thousands of customers achieve its business goals through oracle applications and technology.
- Describes haag, cummings, phillips and m. a. mangement information systems.
- Describes jones' roadmap to fusion: engaging oracle consulting on the path to your next business platform.
- Explains that enterprise resource planning (erp) systems are software systems for business management, supporting areas such as planning, manufacturing, sales, marketing, distribution, accounting, finance, human resource management and project management.
- Explains the importance of implementing an erp system in a company when the company isn't operating efficiently.
- Explains how larry ellison and his co-founders, bob miner and ed oates, realized there was incredible business potential in the relational database model, but they may not have realized that they would transform the face of business computing forever.
- Explains oracle remains the gold standard for database technology and applications in enterprises throughout the world. oracle is the first software company to develop and install 100% internet enabled enterprise software across its entire product line.
1394 words
Read More
The Importance of Enterprise Risk Management
opinion essay
With a changing economy external factors have placed an undeniable importance for businesses to implement an Enterprise Risk Management (ERM) program within their organization. The need for ERM is present in almost any business sector, including higher education. An effective ERM program successfully identifies risk that are present internally and externally in regards to the organization. Identification of key risk, prioritizing the risk and implementing strategies will aid in avoiding and mitigating the risk that could have catastrophic implications. Ultimately, a strong ERM program will allow the organization to manage risk successfully by instilling an ongoing process.
In this essay, the author
- Explains the importance of implementing an enterprise risk management (erm) program within an organization. an effective erm program identifies key risk, prioritizes the risk and implements strategies.
- Explains the importance of enterprise risk management to ensure that the program is not managed in individual departments, but utilizing a holistic approach.
- Explains the role of the board in setting policies, approving budgets, and strategic planning in higher education. strong backgrounds in multiple functional areas will allow the organization to be confident that their board has the knowledge to successfully oversee the risk management program.
- Explains the importance of implementing an enterprise risk management (erm) program within an organization. an effective erm program identifies key risk, prioritizes the risk and implements strategies.
- Explains the importance of enterprise risk management to ensure that the program is not managed in individual departments, but utilizing a holistic approach.
- Explains the role of the board in setting policies, approving budgets, and strategic planning in higher education. strong backgrounds in multiple functional areas will allow the organization to be confident that their board has the knowledge to successfully oversee the risk management program.
- Explains the audit committee's primary responsibility is to ensure that the erm program policies are in place and are being implemented throughout the organization.
- Recommends reporting to the committees and the board through open channels, along with regular set meetings to report findings, strategies, and outcomes.
- Opines that training for both the administration and the board is imperative for risk management to further their knowledge and reduce risk. in-depth knowledge of the organization's fundamental operations is required for understanding the implications of key risks.
- Opines that culture plays a large role in enterprise risk management, and that all employees should be involved in the process.
- Opines that the success of an enterprise risk management should be tailored to fit the organization.
1112 words
Read More
The Five Steps Of Risk Management In Coca-Cola
explanatory essay
e risk management process typically includes five steps. These steps are 1) identifying all significant risks, 2) evaluating the potential frequency and severity of losses, 3)developing and selecting methods chosen, 5) monitoring the performance and suitability of the risk management methods and strategies on an ongoing basis.
In this essay, the author
- Explains that a risk management process typically includes five steps: identifying all significant risks, evaluating the potential frequency and severity of losses, developing and selecting methods, monitoring the performance and suitability of the methods and strategies on an ongoing basis.
- Explains that identifying potential risks plays a crucial role in the risk management process.
- Explains that coca-cola launched dasani to beat its main rival, pepsi, which released aquarium into the no-carbonated drinks and bottled water market in europe.
- Explains that a risk management process typically includes five steps: identifying all significant risks, evaluating the potential frequency and severity of losses, developing and selecting methods, monitoring the performance and suitability of the methods and strategies on an ongoing basis.
- Explains that identifying potential risks plays a crucial role in the risk management process.
- Explains that coca-cola launched dasani to beat its main rival, pepsi, which released aquarium into the no-carbonated drinks and bottled water market in europe.
- Explains the importance of hazard and operatability (hazop) studies in the chemical industry after the flixborough disaster.
- Explains that risk identification is an underdeveloped art. there are no two identical leaves in the world.
965 words
Read More
Fitter Snacker Case Study Solution
explanatory essay
... need for this one human interaction with the system is what makes it vulnerable to errors and redundancy and the need to get it right is paramount. So the production plan is created bases on the sales order and this is shared with purchasing so that any unavailable material can be ordered. This shows how the MRP links the production with purchasing as well as accounting. Using this information links and sharing properly in the ERP can result in significant cost savings because companies are beginning to see its SCM as part of a larger process than just customers and suppliers.
In this essay, the author
- Explains that fitter snacker will have to find new supplier of soy protein and splenda, make changes in the sap system to include the new product and the activities involved in production and sale.
- Explains the creation of a new master data system to support the production and sale of nrg-c bars.
- Opines that we need to create material master data for the different materials that are needed. the new product requires additional material that is not already in the system.
- Explains that fitter snacker will have to find new supplier of soy protein and splenda, make changes in the sap system to include the new product and the activities involved in production and sale.
- Explains the creation of a new master data system to support the production and sale of nrg-c bars.
- Opines that we need to create material master data for the different materials that are needed. the new product requires additional material that is not already in the system.
- Explains that soy protein and splenda are used in the manufacturing of the dough for nrg-c.
- Opines that semi-finished products like dough for nrg-c need to be created because we cannot make the finished product without it.
- Opines that nrg-c needs to be created as it's our target and also let the system know what is being produced and the quantity.
- Explains that they need to create adrian additives into their supplier base (vendor) and include all its information such as address, purchasing and accounting information.
- Explains that purchasing and finance are related information and so are important in the production of nrg-c bars.
- Explains that fitter snacker manufactures and sells energy snack bars to other companies. recently, the company was hit with a growing demand for low-carb snacks.
- Explains that to make the nrg-c bar, the dough needs to be created and the materials needed for production. they define the bom, scheduling and routing of production equipment, process and time.
- Describes the process of creating a sales order for 10 quantity of nrg-c bars for the customer who is houghton health club.
- Opines that an erp system increases a company's efficiency. data sharing is the key to overall success.
1157 words
Read More
Risk Management: COSO and SHAMPU frameworks
argumentative essay
Over the past decade, risk and uncertainty have increasingly become major issues which impact business activities. Many organizations are raising awareness to minimize the adverse consequences by implementing the process of Risk Management Framework which plays a significant role in mitigating almost all categories of risks. According to Ward (2005), the objective of risk management is to enhance a company’s performance. In particular, the importance of the framework is to assist top management in developing a sensible risk management strategy and program.
In this essay, the author
- Explains that risk and uncertainty have become major issues which impact business activities over the past decade. many organizations are raising awareness to minimize the adverse consequences by implementing the risk management framework.
- Opines that it is important to differentiate between risk and uncertainty in the risk management process frameworks. the coso framework and shampu framework are more appropriate to deal with uncertainty and risk.
- Explains that the essay will define risk and uncertainty, introduce the coso and shampu frameworks, and evaluate the performance of the two different alternative risk management framework.
- Explains that risk and uncertainty have become major issues which impact business activities over the past decade. many organizations are raising awareness to minimize the adverse consequences by implementing the risk management framework.
- Opines that it is important to differentiate between risk and uncertainty in the risk management process frameworks. the coso framework and shampu framework are more appropriate to deal with uncertainty and risk.
- Explains that the essay will define risk and uncertainty, introduce the coso and shampu frameworks, and evaluate the performance of the two different alternative risk management framework.
- Explains that ward (2005) points out that different people have different viewpoints about risks and uncertainties.
- Explains that some people claim that risk consists of uncertainty and damage. ward (2005) discovered that effective frameworks are able to identify and resolve uncertainty sources.
- Explains chapman and ward's study of the shampu framework, which enumerates nine phases, including defining the project, coping with inconsistencies, and focusing on the process.
- Explains that the third stage is to identify the problems. it can distinguish uncertainty and risk by considering the source of problems, and effective identification of bias minimizes risk inefficiency.
- Explains that the next step is to structure the issues at the early stage and the option structure will be implemented when appropriate.
- Recommends harnessing the plans by combining all action plans, which include the contingency plans to get an official strategic plan approved. monitoring can distinguish between risks and uncertainties.
- Explains that despite the positive effects outlined above, there are also negative issues to be considered. chapman and ward (1997) claim that the performance and effectiveness of the design project’s scheme may be affected by the negative effects.
- Explains that the iterative approach in the shampu framework is a form of looping back from the assessment stage to the estimation stage.
- Explains that bowling and rieger (2005) have drawn attention to the fact that the process of well-known business scandals and breakdowns led to coso enterprise risk management framework.
- Explains ward's study that the main purpose of coso framework is to offer the direction for organizations to use the risk assessment.
- Explains the objectives of operations, reporting, and compliance. organizations are advised to meet pricing strategy requirements to maintain their reputation.
- Explains that the difference between risk and uncertainty can be determined by the objective setting that uncertainty may either worsen or improve the outcome such as the development of new product.
- Explains the fourth component, 'event identification', is related to the examination of probable circumstances that may impact the company's objectives. control activities is a critical action in differentiation between risk and uncertainty.
- Explains that monitoring is a stand-alone function for every organization. there are two ways of monitoring the risk for organizations: continuous monitoring and periodic monitoring.
- Explains that the seventh component of coso framework is 'information and communication', which involves effective communication that messages can be distributed among all levels of staff in an organization.
- Explains that one of the main arguments against the effective use of shampu framework to differentiate between risk and uncertainty is the overlooking of a key element for risk identification process.
- Argues that coso enterprise risk management framework provides an effective instrument to offer a scenario analysis method for assessing the risk profiles.
- Concludes that shampu framework and coso enterprise risk management framework can facilitate an organization's capability to provide a wider scope of risk management context.
- Concludes that a likelihood risk management framework should be designed to reflect current hazards and unexpected future uncertainties.
- Explains that it can be difficult to clearly separate risk from uncertainty because uncertainty is one part of the scope of risk. effective use of coso and shampu frameworks seems unlikely to rely on the ability to differentiate between risk and uncertainty.
2000 words
Read More
Enterprise Resources Planning (ERP) Implementation
explanatory essay
This essay will discuss Enterprise Resources Planning (ERP) implementation, specifically in the factors which can leads that ERP implementation to successful and unsuccessful ERP implementation.
In this essay, the author
- Explains that effective communication is critical to erp implementation. management of communication, education, and expectations are critical throughout the organization.
- Opines that project management should be formally defined in terms of milestones and human resources. the scope must be clearly defined and be limited.
- Explains that erp implementations fail due to unrealistic expectations of benefits and return on investment. the erp software only calculates the benefits overstating.
- Explains that effective communication is critical to erp implementation. management of communication, education, and expectations are critical throughout the organization.
- Opines that project management should be formally defined in terms of milestones and human resources. the scope must be clearly defined and be limited.
- Explains that erp implementations fail due to unrealistic expectations of benefits and return on investment. the erp software only calculates the benefits overstating.
- Explains that the essay will discuss enterprise resources planning (erp) implementation, specifically in the factors which can lead to successful and unsuccessful erp implementation.
- Explains that erp is an integrated software package composed of standard functional modules that can be adapted to the specific needs of each customer.
- Explains that implementation of an erp system is an extensive challenge, the firm's performance will get worse before it gets better and firms are expected to encounter resistance throughout the stages of erp implementation.
- Opines that the erp team should consist of the best people in the organisation. the erp project should be their top priority and their workload must be manageable.
- Opines that management change is important, including people, organisation, and cultures. a good management is the management which accepts the changes. bradley corporation implemented an erp system.
- Explains that the major mistake in the failure of the erp implementation is to short-cut the critical events to cut down the time.
- Explains that erp has become more popular in the software which used to help the business actives including order tracking, customer service, finance, inventory control, and human resources.
- Cites falkowski, g., pedigo, p, smith, b. & swanson, d. (1998), °a recipe for erp success, beyond computing. nah, f.
- Cites gary h., light, b. and gibson, n. (1999), °a critical success factors model for enterprise resource planning implementation.
- Cites sam d. (2000), °erp system flushes bottleneck at bradley corp., midrange systems, vol.
1634 words
Read More
Risk Management Strategies
explanatory essay
The purpose of risk management is to protect an organization’s valuable assets information, hardware, and software. The purpose of risk management process is to identify and manage risks in such a way that a company is able to meet its strategic and financial targets. Risk management is a continuous process, by which the major risks are identified, listed and assessed, the key persons in charge of risk management are appointed and risks are prioritized according to an assessment scale in order to compare the effects and mutual significance of risks. It is very important that the organizations and business to be very well prepared to see what kind of risk we are facing, or the business can suffer in case of a major disaster.
In this essay, the author
- Explains that the purpose of risk management is to protect an organization's valuable assets information, hardware, and software.
- Explains that the report aims to explain how is achieved risk control through strategies and through security management of information.
- Explains how information assets are identified as exposed to risk, and how risk is identified and evaluated. defining control objectives is the first step in deriving the corresponding control requirements.
- Explains that the purpose of risk management is to protect an organization's valuable assets information, hardware, and software.
- Explains that the report aims to explain how is achieved risk control through strategies and through security management of information.
- Explains how information assets are identified as exposed to risk, and how risk is identified and evaluated. defining control objectives is the first step in deriving the corresponding control requirements.
- Explains that value is the potential loss you can experience, nuisance value, and competitor value.
- Explains that confidentiality is the protection of information in the system so that unauthorized persons cannot access it.
- Explains availability as the assurance that a computer system is accessible by authorized users whenever needed.
- Explains that technical vulnerabilities are problems specifically built into technology, physical vulnerabilities assume physical access to an asset of value, and operational vulnerabilities result from how an organization or person does business or otherwise fails to protect their assets.
- Explains that a threat is an undesirable event that could occur. there are various methods that can be used to list threats.
- Explains that once a list of threats exists, it is necessary to determine how likely is to occur.
- Explains that knowing the probability that a threat might occur, it is necessary to determine the impact that the threat will have if occur. once the risk level is established, then is possible to identify appropriate actions.
- Describes metrics-based measures such as no successful attacks, staff-hours spent, spent on protection, no of security personnel, and loss associated with successfully attacks.
- Explains that there are three categories of control: policies, programs, and technical control.
- Explains that risk management is the part of analysis phase that identifies vulnerabilities in an organization's information system and takes carefully reasoned steps to assure confidentiality, integrity, and availability.
- Explains that authentication is the process by which access is established and the system verifies that the end user requesting access to the information is who they claim to be. accountability involves assigning a resoable control for access and identification to users.
- Explains that information security is about managing the risk of using information. risk management involves first risk identification, second risk assessment, and at end risk control.
- Explains that strategic assessment look at enterprise business processes that span multiple domains. tactical, operational, and technical vulnerability assessments are examples of a specific type of operational risk assessment.
- Explains that risk is a function of the probability that an identified threat will occur, and then the impact that it will have on the business process or mission.
- Explains that technical countermeasures are synonymous with computer and network security controls. they include utilities like anti-virus software and hardware tokens.
- Explains that in information security, two categories of benchmarks are used: standards of due care and due diligence, and best practices.
- Explains that avoidance means to eliminate or reduce the remaining uncontrolled risks for the vulnerability, and transference mean to attempts to shift the risk to other assets, other processes, or other organizations. mitigation aim to reduce, by means of planning and preparation, the damage caused by exploitation of vulnerability.
1713 words
Read More
Risk Management Framework Essay
explanatory essay
The risk management process needs to be flexible. Given that, we operate in the challenging environment, the companies require the meaning for managing risk as well as continuous improvement in identifying new risks that will evolve and make allowances for those risks that are no longer existing.
In this essay, the author
- Opines that the risk management process needs to be flexible, and companies need continuous improvement in identifying new risks that will evolve.
- Explains that it is an effective practice to ensure continuous improvement for companies with mature risk management environment who have invested resources over time.
- Explains that risk management structure/framework is a series of elements and components which provide the platform, organisational arrangement for implementing, developing, monitoring, analysing, reviewing and continouly improving the company's risks.
- Opines that the risk management process needs to be flexible, and companies need continuous improvement in identifying new risks that will evolve.
- Explains that it is an effective practice to ensure continuous improvement for companies with mature risk management environment who have invested resources over time.
- Explains that risk management structure/framework is a series of elements and components which provide the platform, organisational arrangement for implementing, developing, monitoring, analysing, reviewing and continouly improving the company's risks.
- Explains that the principle of the context aligns mutually with the organisation’s governance framework, enabling risk thick information to better acknowledge decision-making.
- Explains that risk assurance is a component of context as it provides reception to authority that action processes and controls are in dwelling and effective.
- Explains that the organisation aims to construct a culture where insight, managing and accepting risks are seen as object of everyone's decision making processes.
- Explains that risk in organizations strongly relates to corporate services and primary business processes and procedures that corroborate the organisation’s engagement in the delivery of service objectives.
- Explains that operational risks are the everyday risks associated with the organisation's business area movements. these risks will have material effect on the organization’s ability to sustain its business and operational goals.
- Explains the specific risks involved to a particular project or program, which should be managed with consistency with the legal obligations to be kept in mind.
- Opines that fraud and corruption risk management is an important element of an organisation's structure and framework. the organisation needs to conduct fraud risk assessment on a continuous basis.
- Opines that when an organisation hasn't implemented all options in terms of a sound operational plan, it's difficult to implement them.
- Outlines the organisational policies, procedures and processes that an organisation needs to have in place in order to effectively manage risk.
- Explains that strategic risk management is not meant to identify each and every risk facing the organisation but identify the ones which are most evident to achieve its goals and objectives.
- Explains that inter-company risk is a risk that relates to many companies and may oblige treatment by multiple organisations to be effective.
- Outlines the legislative and regulatory contexts that may apply to an organisation with regard to risk management. governance principals and the occupational health and safety urge that the organisations take reasonable measures to hinder loss, charge or rage.
- Explains iso 31000:2009 recommends that organisations should have a context that integrates the fashion for managing risk into the organisations during management, practice and strategies.
1318 words
Read More