Read Chapter 28 mini-case study. The case is about BSC and …

Read Chapter 28 mini-case study. The case is about BSC and its efforts to implement an ERM function. From reading the case study what are the quick wins that you see? And what are the issues that will pose a challenge in creating BSC ERM program? How would you tackle the challenges? Read Chapter 29 mini-case study. This case is about Akawini Copper and United Minerals and it brings up many important concepts with ERM, such as due diligence and its role in an acquisition of an organization. How would you approach the acquisition? What changes would you implement first in the transformation process? Requirements: Initial posting by Wednesday Reply to at least 2 other classmates by Sunday (Post a response on different days throughout the week) Provide a minimum of 3 references on the initial post and on any response posts. Proper APA Format (References & Citations)/No plagiarism

Chapter 28 of the assigned readings discusses a mini-case study on BSC (name not provided) and its efforts to implement an Enterprise Risk Management (ERM) function. Upon analyzing the case, several quick wins can be identified, as well as challenges that BSC may encounter in creating its ERM program.

One of the quick wins in the case study is the strong commitment from the top management of BSC to implement ERM. This commitment is evident in the allocation of resources, establishment of a dedicated risk management committee, and the hiring of a Chief Risk Officer (CRO) to lead the ERM function. Such commitment is crucial for the success of any ERM initiative as it sets the tone and provides the necessary support and guidance.

Another quick win is the proactive approach demonstrated by BSC with regard to risk identification and assessment. The case study highlights the development of a risk register, which systematically captures and ranks risks based on their potential impact and likelihood. By systematically identifying and assessing risks, BSC is positioning itself to make informed decisions and take necessary actions to mitigate or exploit these risks.

Furthermore, the case study reveals BSC’s efforts in integrating risk management into its strategic planning process. This alignment between risk management and strategic objectives enables the organization to make risk-informed decisions and ensure that risk appetite and tolerance levels are embedded into the decision-making framework.

Despite these quick wins, several challenges may pose obstacles to the successful implementation of BSC’s ERM program. One challenge is the resistance to change from employees who may perceive risk management as an additional burden or a threat to their autonomy. Overcoming this resistance entails effective communication and training to increase organizational awareness and understanding of the benefits of ERM.

Additionally, the complexity and size of BSC’s operations may present challenges in coordinating risk management efforts across the organization. With multiple business units and diverse risk profiles, ensuring consistent implementation and reporting of risk management activities becomes crucial. Establishing clear roles, responsibilities, and communication channels can help address this challenge.

To tackle these challenges, BSC can adopt several strategies. Firstly, it is important to create a positive risk culture within the organization by promoting risk awareness and highlighting the benefits of ERM. This can be achieved through extensive training and communication campaigns targeted at employees at all levels.

Secondly, BSC should establish a strong governance structure for its ERM program. This includes defining clear roles and responsibilities, assigning accountability, and providing the necessary resources for the program’s success. Regular monitoring and reporting of ERM activities should be implemented to ensure that risks are effectively managed and that the program remains aligned with the organization’s goals.

Finally, BSC can use technology to streamline its ERM processes and enhance the efficiency and effectiveness of risk management activities. Investing in an integrated risk management system can facilitate the capture, analysis, and reporting of risks, as well as provide real-time visibility into the organization’s risk profile.

In conclusion, the case study on BSC highlights several quick wins in its efforts to implement an ERM function, including top management commitment, proactive risk identification, and integration of risk management into strategic planning. However, challenges such as resistance to change and coordinating risk management across a complex organization may pose obstacles. By promoting a positive risk culture, establishing a strong governance structure, and leveraging technology, BSC can effectively tackle these challenges and ensure the success of its ERM program.