Enterprise isk Management
The difference between enterprise risk management and traditional risk management

Traditional risk management focuses on pure risks. In this context, pure risks are defined as risks involving losses or no losses. The condition of a pure risk does not allow for a favorable outcome than the current situation. Owning a home is a typical example of a pure risk. The home might be hit by an earthquake, burn down or be infected by insects. If none of these happens, then the owner will not be in a position for losses (Damodaran, 2008).

Traditional risk management focuses on pure risks because of various reasons. People who worked in the insurance field developed and taught the concept of risk management. The focus tends to be on risks, which insurers could be willing write. The job duties of some risk managers are limited to purchasing insurance as many other options are easily available…...

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References

Damodaran, A. (2008). Strategic risk taking: A framework for risk management. Upper Saddle River, N.J: Wharton School Pub.

Tonello, M., & Conference Board. (2007). Emerging governance practices in enterprise risk management. New York, N.Y: Conference Board.

Enterprise isk Management Model
This model of risk management is predicated as a measure of increasing an organizations opportunity to attain its strategy with full appreciation of the risks involved. The model considers the potential of an organization's set objectives being met as well as the stakeholder value. In the model, a broader perspective of risks involved in the chosen strategies, the likely areas to be affected and the probable countermeasures are considered Abrahams C., Von Kanel J., Muller S., Pfitzmann B., & uschuka T.S., 2007.

The model is touted to be holistic in the approach of considering that current effect will have an impact in the future.

The model advanced by Beasley, Frigo and Litman is based on the need to consider risks involved in strategic planning and coming up with measures to resolve them. It is seen that the process of strategic planning bears an impact on attainment of objectives and…...

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References

Abrahams C., Von Kanel J., Muller S., Pfitzmann B., & Ruschuka T.S. (2007). Optimized Enterprise Management. IBM Systems Journal, 46, 219-234.

Beasley M.S., Frigo M.L., & Litman J. (2007). "strategic risk:" Creating and protecting value. Strategic Finance, 88(24), 31-53.

Butler, M., Kraft A., & Weiss I.S. (2007). The effect of reporting frequency on the timeliness of earnings: The cases of voluntary and mandatory interim reports. Journal of Accounting and Economics, 53, 181-217.

McCarthy M.P., & Flynn T.P. (2004). Risk from the CEO and Board perspective. New York: McGraw-Hill.

Enterprise isk Management
Alumina, Inc., henceforth being referred to as AI, is an aluminum-based company. AI is at the center of focus in the Business egulation Simulation that was studied for the purpose of this paper. This paper will identify a significant tort that was committed by AI in regard to the legal issues and their corresponding principles as drawn from the simulation (Harb, 2008).

Negligence is the greatest tort committed by AI in the legal issues realized from the simulation. The first and most delicate legal issue arising from negligence by AI is the threat of a destructive lawsuit being forwarded by a 38-year-old lady, Kelly Bates. The lawsuit accuses AI's continual role in polluting Lake Dira's water that ended up affecting her 10-year-old daughter by contracting leukemia. The other legal issues that AI faced were the threat of defamation regarding AI's responsible in safeguarding human welfare, which also form…...

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References

Lam, J. (2003). Enterprise Risk Management: From Incentives to Controls. New York: Wiley.

Harb, T. (2008, June 17). 7 Essential Elements of ERM and the Role of Internal Audit. Retreived  http://www.google.co.ke/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CCIQF 

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http%3A%2F%2Fwww.inconsult.com.au%2FArticles%2FE.pdf

risk management in a project from your experience or reading. What tools can be used to assist in risk management?
Enterprise risk management (ERM) essentially deals with recognizing possible risks within the operation of the enterprise, controlling these risks, preventing others, and safeguarding security of these risks.

it is the investigation of possible organizational risks that may occur, investigating possible magnitude of these possible risks, setting weights in place to control occurrence of these risk, a and evaluating to make sure that these risks, if they do occur, are dealt with in as efficacious a way as possible. Risks, too, are prioritized so that the organization can determine which risks to deal with first and which are most damaging to their organization.

Risks can be both internal and external. Examples of internal risks are the possibility of fraud or of data being hijacked. Examples of external risks, on the other hand, include…...

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Sources

Alexander, Carol and Sheedy, Elizabeth (2005). The Professional Risk Managers' Handbook: A Comprehensive Guide to Current Theory and Best Practices. PRMIA Publications

Mind Tools Risk Analysis

 http://www.mindtools.com/pages/article/newTMC_07.htm

isk Management Plan for Exxon Mobil
A risk management process is a systematic application of management policies for the purpose of identifying, analyzing, evaluating and mitigating any possible risks within an organization. The following paper focuses on formulation of risk management plan for Exxon Mobil, one of the world's most renowned oil and gas companies. The risks would be identified and selected applicable to this firm and after their evaluation, a risk treatment plan would be advised.

Establish the isk Context

Identifying the Context for isk Assessment

eviewing current organizational processes

Being in the gas and power marketing department of the company, there are certain risks applicable within my area of operation. In order to clearly determine those risks, first, a comprehensive look at Exxon Mobil's organizational processes along with a SWOT analysis is presented. The firm is dedicated to create and maintain an environmental policy that would protect the environment on long-term basis. It…...

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References

Bastian, B.L. & Tucci, C. (2010). An empirical investigation on the effects of political risk on technology strategies of firms, presented at Summer Conference 2010, London, 2010. London: Imperial College London Business School. Retrieved from http://www2.druid.dk/conferences/viewpaper.php?id=501908&cf=43

Exxon Mobil. (n.d.). About us: How we operate. Retrieved from  http://lubes.ExxonMobil.com/Lubes/about_how.aspx 

Green Peace. (2011). Risks and potential impacts of oil exploration in the Arctic. Retrieved from   / FinalArcticBriefing2011.pdfhttp://www.greenpeace.org/international/Global/international/publications/climate/2011 

Hirsch, A. (2011, June 17). Exxon Mobil accused of 'fraud' in Jacksonville gas spill trail. The Baltimore Sun. Retrieved from   county/bs-md-co-exxon-trial-closing-20110617-story.htmlhttp://www.baltimoresun.com/news/maryland/baltimore -

isk Management Plan
A&D High Tech

Introduction to the Plan

Company Background

isk Planning

Charter, Scope, Plan, and WBS

Scope of the isk Management Plan

102.2 isk Management Plan Components

112.3 esponsibility

112.4 Expected Monetary Value Analysis

isk Management Identification

123.1 Determine the isks

133.2 Evaluate and Access the isks

133.3 Qualitative and Quantitative Processes

143.4 Compare and Contrast Techniques

isk Matrix

144.1 Major and Minor isks for the isk Matrix

144.2 isk Matrix Template

144.3 eviews

Corrective Action and Monitoring

155.1 Type of Corrective isk Management

155.2 Corrective Plan

155.3 Corrective Action for isks

Evaluation

Section 6 -- esults, Conclusion, and Follow-Up

156.1 esults

166.2 Conclusion

166.3 Follow-Up

Section 7 - eferences

Section 1 -- Introduction

Introduction to the Plan

This project involves a company named A&D High Tech which operates within the computer products industry and sells computer products, accessories, and services to consumers and small businesses. The organizations found themselves at a bit of a crossroads due to the fact that they had yet to enter the ecommerce segment of their industry. After identifying this issue with the…...

Risk Management Events
In reflection of the Exxon Valdez spill, the National Transportation Safety Board and the Coast Guard would both take a direct interest in improvement regulatory considerations relating to the alertness and suitability of an oil tanker's crew. This would be in 1989 following the massive oil spill off the coast of Alaska. According to the text, "Since 1989, much effort has been made by the Coast Guard and by companies like Exxon to ensure better business process and better risk management. Both the public and private sectors added new procedures and new controls in the transporting of oil around Alaska, reducing the likelihood of a repeat incident in that region." (p. 20)

2.

American's Express's Authorizer's Assistant would be implemented in the 1980s to create an automated way of fielding purchase authorization requests with a credit card. This would help to reduce the necessary labor to provide personal authorization approval…...

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Works Cited:

Dickstein, D.I., & Flast, R.H. (2009). No excuses: A business approach to managing operational risk. Hoboken, NJ: Wiley.

Most developed economies, however, allow the market to set exchange rates, only influencing currency values through indirect means such as the increased or reduced sale of bonds to foreign entities and individuals, or through other means of international wealth exchange. Essentially, all manipulations of exchange rates and actions based on predictions of exchange rates are focused on the forward exchange rate, or the predicted rate of exchange between two currencies at a future point in time.
The spot exchange rate, on the other hand, is the rate of exchange at the current moment in time. It is through a comparison of the spot rate and the forward rate of exchange -- inasmuch as it can be predicted with any accuracy -- that companies and businesses make decisions that affect either the exchange rate itself (in the case of some governments, notably China in the modern period), or more often make…...

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References

Christofferson, Peter F. Elements of Financial Risk Management. San Diego: Elsevier Sciences, 2003.

Comptroller of the Currency Administrator of National Banks. Interest Rate Risks. 1997. Accessed 19 March 2010.  http://www.occ.treas.gov/handbook/irr.pdf 

Cusatis, Patrick and Martin R. Thomas. Hedging Instruments and Risk Management. New York: McGraw Hill, 2005.

Dun & Bradstreet. Financial Risk Management. New Delhi: McGraw Hill, 2008.

isk Management in Family Owned Businesses
A family business can be simply described as "any business in which a majority of the ownership or control lies within a family, and in which two or more family members are directly involved" (Bowman-Upton, 1991). In other words, it is a multifaceted, twofold structure consisting of the family and the business meaning that the involved members are both the part of a job system and of a family system (Bowman-Upton, 1991).

Most families seek stability, intimacy, a sense of community, and belonging through the family business (Hess, 2006). On the other hand, whenever family and business are mentioned together, a majority of people think of continuous conflict, competition and contention (Crenshaw, 2005). However, "successful family businesses do not let the family destroy the business or the business destroy the family" (Hess, 2006).

The family-owned businesses are the backbone of the world financial system. According to a…...

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References

Barrese, J., & Scordis, N. (2003). Corporate Risk Management. Review of Business, 24 (3), Retrieved August 17, 2012 from  http://www.questia.com/read/1G1-111508707/corporate-risk-management 

Bodine, S.W., Anthony, P., & Walker, P.L. (2001). A Road Map to Risk Management: CPAs Can Help Companies Manage Risk to Create Value. (Consulting). Journal of Accountancy, 192 (6), Retrieved August 17, 2012 from  http://www.questia.com/read/1G1-80750205/a-road-map-to-risk-management-cpas-can-help-companies 

Bowman-Upton, N. (1991). Transferring Management in the Family-Owned Business. Retrieved August 14, 2012 from http://archive.sba.gov/idc/groups/public/documents/sba_homepage/serv_sbp_exit.pdf

Caspar, C., Dias, A.K., & Elstrodt, H. (2010, January).The Five Attributes of Enduring Family Businesses. Retrieved August 15, 2012 from Downloads/McKinsey Quarterly - Jan 2010.pdfhttp://www.businessfamily.ca/cert_register_files/Web

A lack of foresight and initial risk assessment therefore resulted in the losses suffered by the company.
In the area of maintenance and risk assessment, a lack of regular spillage inspection resulted in financial, legal and environmental risks for an oil company. The oil rig was not inspected on a regular basis, which resulted in a lack of regular maintenance. Hence the damage to one of the oil containers was overlooked, and a substantial amount of spillage occurred as a result. The environment suffered considerable damage as a result, and the company lost financial resources because of the need to clean up the spillage and mitigate the environmental damage. Furthermore, the company's reputation was damaged in terms of public perception.

Also I the area of maintenance and risk assessment, a lack of adequate safety clothing resulted in injury for several workers of a construction company. Disregarding safety regulations, several workers failed…...

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Sources

Eduneering. 2007, Feb. "Understanding the Financial Risks of Regulatory Non-Conformance." www.eduneering.com/downloads/whitepapers/fr_WP_020907.pdf

HM Treasury. 2004, Oct. "The Orange Book: Management of Risk - Principles and Concepts." www.hm-treasury.gov.uk/media/FE6/60/FE66035B-BCDC-D4B3-11057A7707D2521F.pdf

Proctor, Ken. 2007. "Manage Risk, Improve Performance: Brintech's Enterprise Risk Management Guidelines. www.brintech.com/Knowledge_Center/PDF/Brintech%20White%20Paper%20Manage%20Risk%20Improve%20Performance.pdf

Statutory Instrument 1999 No. 3242. 1999. "The Management of Health and Safety at Work Regulations.  http://www.opsi.gov.uk/SI/si1999/19993242.htm

iordan
A Corporate Compliance and Enterprise isk Management Plan for iordan Manufacturing

iordan Manufacturing is a wholly owned subsidiary of the Fortune 1000 company iordan Industries, and is engaged in the manufacturing of a variety of finished plastic goods and parts for use in other finished products that the company as been contracted to provide. The company has been highly successful utilizing a global network of manufacturing and distribution to maximize profitability by reducing labor costs and diversifying its product offerings, but this international exposure also places certain legal constraints and responsibilities on the company that must be accounted for in iordan Manufacturing's corporate compliance plan, which is the primary focus of the following paper.

In order to develop this corporate compliance plan, however, some background information on the company is necessary to determine organizational structure and culture, and also to develop a corporate compliance plan that is in keeping both with ethical…...

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Reference

COSO. (2004). Enterprise risk management. Committee of Sponsoring Organizations of the Treadway Commission. Accessed 30 November 2010. http://www.idkk.gov.tr/html/themes/bumko/dosyalar/yayin-dokuman/COSOERM.pdf

EPA. (2010). Cleaning up our land, water, and air. Accessed 30 November 2010.  http://www.epa.gov/oswer/cleanup/ 

HG. (2010). Alternative dispute resolution. HG Legal Directory. Accessed 30 November 2010.  http://www.hg.org/adr.html 

Lee, J. & Mansfield, E. (1996). Intellectual Property Protection and U.S. Foreign Direct Investment. The review of economics and statistics 78(2), 181-6.

Businesses are always exposed to risks of several kinds, for which risk management becomes mandatory. To keep the corporation safe, an appropriate risk management program is obligatory even in times of uncertainty. Risk management helps in strengthening communication between the higher authorities and low line workers. The reports and analysis would be shared vertically and horizontally so that risk mitigation becomes easier through a smooth communication flow. It is conducive to a healthy organizational culture where trust is boosted and positivity is encouraged. In the absence of this program, the business would be unable to define its objectives or even meet its goals. This paper aims at designing a risk management program in which traditional and financial enterprise risk management would be covered. Further sections of the paper would discuss how those identified risks affect the organizational goals to get a clear picture of the business's existence and prosperity in…...

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References

Akhtar, S., Xicang, Z. & Iqbal, S. (2017). Impact of brand image on the profitability of the firm, analysis of Nestle Company Pakistan. Review of Public Administration and Management, 5(3). DOI: 10.4172/2315-7844.1000230

Barillon, T. & Robles, A. (2020, July 1). How growing businesses should tackle cybersecurity challenges. Security Intelligence. Retrieved from  

Chen, J. (2020, September 4). Financial risk. Investopedia. Retrieved from  https://www.investopedia.com/terms/f/financialrisk.asp 

Cook, K.D. (2017). Effective cybersecurity strategies for small businesses [Doctoral dissertation, Walden University]. Walden Dissertations and Doctoral Studies Collection.

Drzik, J.P. (2016, January 14). How can businesses survive in a world of unrest? World Economic Forum. Retrieved from  https://www.weforum.org/agenda/2016/01/a-world-of-simmering-unrest/ 

Eccles, R.G., Newquist, S.C. & Schatz, R. (2007, February). Reputation and its risks. Harvard Business Review. Retrieved from  https://hbr.org/2007/02/reputation-and-its-risks 

Eceiza, J., Kristensen, I., Krivin, D., Samandari, H. & White, O. (2020, April 13). The future of operational risk management in financial services. McKinsey. Retrieved from  https://www.mckinsey.com/business-functions/risk/our-insights/the-future-of-operational-risk-management-in-financial-services 

Effiong, D.A. & Enya, E.F. (2020). Liquidity risk management and financial performance: Are consumer goods companies involved? International Journal of Recent Technology and Engineering, 9(1), 580-589. DOI:10.35940/ijrte.A1692.059120https://securityintelligence.com/posts/growing-business-tackle-cybersecurity-challenges/ 

Commercial & Current Trends
Commercial Risk Management

Commercial interest in risk management is on the rise. Employers wish to hire healthy employees to cut absenteeism and productivity issues. Lenders want borrowers with long, productive lives. Advertisers, marketers, and drug companies seek to tailor material to target healthcare providers and patient populations. Health insurers want to avoid high risk consumers. Educational institutions seek students with the greatest potential. lackmailers attempt to extort payments from ones with the greatest potential harm from disclosures. People dating want to obtain information on a lover to evaluate health and longevity (Hoffman, 2007).

There is a significant up trend in client losses linked to security breaches that release personal identifiable information (Kelly, 2007). With the economy in a recession, more and more consumers are unable to pay bills. These issues are causing huge losses for companies and consumers that have to pay the bills and absorb losses. Computer crime…...

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Bibliography

Faucheux, M. (2009, Nov 8). Emerging Trends in Risk Management. Retrieved from Bright Hub PM:  http://www.brighthubpm.com/risk-management/55050-emerging-trends-in-risk-management/ 

Heineman, R. & . (n.d.). The Future of Risk Management: A Proactive Approach. Retrieved from NC State University:  http://www.poole.ncsu.edu/erm/index/php/articles/entry/proactive-risk-management 

Hoffman, S. & . (2007). SECURING THE HIPAA SECURITY RULE. Journal of Internet Law, 10(8), 1-16.

Kelly. (2007). Computer Crime Losses Double. Business Insurance, 4(40), 41.

Enterprise DBMS
Implementing an Enterprise Database Management System

Enterprise Database Management Systems (DBMS) are the catalyst and foundation of many of the enterprise software applications, platforms and enterprise systems in place today. Having progressed from being a relational database in the past to often being used as the foundation for complex process workflow and transaction systems (Casati, Castano, Fugini, 2001) the DBMS architecture has taken on a central role in enterprise computing. The intent of this paper is to analyze the DBMS implementation critical success factors in enterprises, in addition to analyzing the advantages and disadvantages of enterprise DBMS systems and platforms.

Analysis of DBMS Implementation in the Enterprise

In many respects the critical success factors of Enterprise esource Planning (EP) systems reflect or mirror those for DBMS systems, as the latter systems are often platforms for EP applications (Lungu, Velicanu, Botha, 2009). When DBMS systems are implemented, it requires the entire culture…...

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References

Fabio Casati, Silvana Castano, MariaGrazia Fugini. (2001). Managing Workflow Authorization Constraints through Active Database Technology. Information Systems Frontiers: Special Issue: Information Systems Frontiers on Workflow, 3(3), 319.

Tim Gouldson. (2001, January). CRM drives need for bigger, better data warehouse. Computing Canada, 27(1), 15.

Lungu, I., Velicanu, M., & Botha, I.. (2009). Database Systems - Present and Future. Informatica Economica, 13(1), 84-99.

Mercioiu, N., & Vladucu, V.. (2010). Improving SQL Server Performance. Informatica Economica, 14(2), 55-60.

In terms of the management of the risk, this can be completed through either one or more of the following techniques: (1) mitigation of the risks; (2) transfer of the risk from one unit to the other, one project to the other and so on; (3) the acceptance of the risk; (4) the avoidance of the risks; (5) the communication of the risks and the search for risk management strategies, and last, (6) the implementation of the risk management strategies (Elky, 2006).
Once the company has decided to accept and mitigate the risk, it has several solutions to managing the risk. Steve Elky at the SANS Institute points out that there are at least five methods for risk management, namely the NIST methodology (National Institute of Standards and Technology), the OCTAVE methodology, the FAP methodology, the COBA methodology and the isk Watch methodology. The challenge at this level is for…...

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References:

Collier, P.M., Agyei-Ampomah, S., 2009, CIMA official learning system performance strategy, 6th edition, Elsevier

DuBrin, A.J., 2011, Essentials of management, Cengage Learning

Elky, S., 2006, An introduction to information system risk management, SANS Institute,   last accessed on July 10, 2012http://www.sans.org/reading_room/whitepapers/auditing/introduction-information-system-risk-management_1204 

Cobit 5: a business framework for the governance and management of enterprise IT, ISACA   last accessed on July 10, 2012http://www.isaca.org/COBIT/Pages/default.aspx 

Key Insights from Literature on Risk Management Strategies

Risk management is a crucial aspect of any organization's strategic planning and decision-making process. It involves identifying, assessing, and mitigating potential risks that could impact an organization's objectives. To effectively manage risks, organizations can draw upon a wealth of insights from the literature on risk management strategies.

Proactive and Reactive Strategies

One key distinction in risk management is between proactive and reactive strategies. Literature suggests that proactive strategies focus on preventing risks from occurring, while reactive strategies focus on mitigating the consequences of risks that have already materialized. Proactive strategies include risk identification, risk assessment,....