Assignment: Risk Mitigation Strategies

Want create site? With you can do it easy.

Assignment: Risk Mitigation Strategies

Assignment: Risk Mitigation Strategies

Don't use plagiarized sources. Get Your Custom Essay on
Assignment: Risk Mitigation Strategies
Just from $13/Page
Order Essay

Question Description
Risk Mitigation StrategiesAccording to the article presented by EY (“Turning risk into results,” 2013), “Our point of view is that companies with more mature risk management practices out perform their peers”. Our client experience, research and study results strengthen that perspective.” (“Turning risk into results,” 2013, p. 1). This suggests that companies that development an ERM (Enterprise Risk Management) plan -have a much better chance of managing and mitigating their business risks. So what should DRD do to mitigate these risks? EY suggests a three-prong approach which includes (1) focus on ERM (2) reducing the cost of controls (3) create value (“Turning risk into results,” 2013). Additionally, EY’s research recommends that business risks should be communicated internally and externally ensuring employees and stakeholders are made aware of the risks, risks and their acceptance levels are identified and tracked and controls are in place to capture and communicate metrics regarding the risks, and that technology is leveraged to monitor and report risks (“Turning risk into results,” 2013). Examples of Risk Mitigation StrategiesSpecifically, for DRD, this means that they may need to establish new processes to track, monitor, manage, report and communicate their risks (1) competition (2) income (3) products (4) sales distribution channels. Each risk should be owned by someone in the company responsible for monitoring and tracking specified metrics which they will measure against acceptable risk tolerances (“Turning risk into results”, 2013). Examples of metrics that DRD may need to track is the increase in the number of new competitors. This metric may help them determine at what point they believe competition could eroding their market share. In addition to developing the risks, and devising risk tolerance metrics, they need to develop a risk mitigation strategy for each risk so that they are prepared with an action plan and know when to execute it.. Conclusions In order to turn “risks” into “results”, EY has identified a multifaceted approach including; Enhanced Risk Strategy, Embedded Risk Management, Optimized Management Functions, Improve Control Processes, Enable Risk Management Communication ((“Turning risk into results,” 2013). Setting up and ERM program for many companies is very complex, due to the size and distribution of employees. However, in this case, I believe DRD actually has an advantage – as they are a small family run business with limited staff. I believe the key for DRD is to assign clear ownership of the risks, devise metrics to track, monitor and report on them, and to ensure risks are effectively communicated to employees and stakeholders.ReferencesBeamish, P (2016). Deep Roots Distillery. Richard Ivey School of Business Foundation (2016-03-09 ).Pride, W. M., Hughes, R. J., & Kapoor, J. R. (2017). Foundations of business (5th ed.). Boston, MA: Cengage Learning.Turning risk into results – How leading companies use risk management to fuel better performance (2013). Retrieved from www.EY.COM Please complete on the study attached

Summarize the risks the company is exposed to.

What strategies can the company use to mitigate these risks or turn them into opportunities?

http://www.ey.com/Publication/vwLUAssets/Turning_r…

ATTACHMENTS Case study

Assignment: Risk Mitigation Strategies

You must proofread your paper. But do not strictly rely on your computer’s spell-checker and grammar-checker; failure to do so indicates a lack of effort on your part and you can expect your grade to suffer accordingly. Papers with numerous misspelled words and grammatical mistakes will be penalized. Read over your paper – in silence and then aloud – before handing it in and make corrections as necessary. Often it is advantageous to have a friend proofread your paper for obvious errors. Handwritten corrections are preferable to uncorrected mistakes.

Use a standard 10 to 12 point (10 to 12 characters per inch) typeface. Smaller or compressed type and papers with small margins or single-spacing are hard to read. It is better to let your essay run over the recommended number of pages than to try to compress it into fewer pages.

Likewise, large type, large margins, large indentations, triple-spacing, increased leading (space between lines), increased kerning (space between letters), and any other such attempts at “padding” to increase the length of a paper are unacceptable, wasteful of trees, and will not fool your professor.

The paper must be neatly formatted, double-spaced with a one-inch margin on the top, bottom, and sides of each page. When submitting hard copy, be sure to use white paper and print out using dark ink. If it is hard to read your essay, it will also be hard to follow your argument.

 

 

Did you find apk for android? You can find new and apps.

Essaywriters4me

Calculate The Price Of Your Paper

Pages
{{total || ""}}

Why Choose Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

Customer Support 24/7

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Freebies
Our FREE services
Every order comes with these awesome features.
Order Now
Money Back Guarantee
FREE Best essay writer across your subject
FREE Cover page and bibliography
FREE APA/MLA/Chicago formatting
FREE Free Revisions
FREE 24/7 customer support hotline and chat

Essays

Essay Writing Services

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission and Business Papers

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Editing

Editing and Proofreading

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Coursework

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.