Review of Enterprise Risk Management Mini-Case Studies
Explore four mini-cases on Enterprise Risk Management (ERM) covering scenarios such as stagnant revenue in consulting firms, HR risks in IT service companies, resistance to ERM implementation in corporations, and the transformation of risk management in a mining company. Dive into real-life situations and ERM needs presented in these case studies from the University of Cumberlands.
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Presentation Transcript
ITS 835 ENTERPRISE RISK MANAGEMENT CHAPTER 26-29 REVIEW OF 4 MINI CASE STUDIES ON ERM AND RISK UNIVERSITY OF CUMBERLANDS 1
OVERVIEW Collection of four mini-cases Leaves open ended questions Presents real life situations And needs for ERM Mini-Cases BimConsultants Inc. Nerds Galore The Reluctant General Counsel Transforming Risk Management at Akawini Copper UNIVERSITY OF CUMBERLANDS 2
BIM CONSULTANTS INC. Consulting firm 10 offices in Canada 3,000 staff 30 partners Customers are number one But revenue is stagnant Opportunity to buy out competitor Purchase would double size and sales Negotiations must be kept confidential UNIVERSITY OF CUMBERLANDS 3
NERDS GALORE Canadian IT service company Retain good people 12 offices Manage talent 1,000 employees Optimize the use of people Grew from founder s garage Rely on outsourcers Shift from small start-ups to medium size customers Executive team workshop to explore HR risks High turnover of 20% is causing concern Inability to recruit people with needed skills Decreasing customer satisfaction Loss of staff with key internal knowledge Steady revenue (for now) Uncompetitive labor production Strategy from new HR VP Increased departures of skilled technical staff Attract the best talent Loss of key business know-how UNIVERSITY OF CUMBERLANDS 4
THE RELUCTANT GENERAL COUNSEL Business Software Corporation (BSC) Silicon Valley, CA Annual revenue over $1 billion Board wants ERM Upper management supports establishing ERM EVP of development and general counsel Doesn t want to be involved in ERM Risk discussions could be discoverable in lawsuits U.S. Securities and Exchange Commission (SEC) Requires disclosure of risks Recommendation is to not formally pursue ERM UNIVERSITY OF CUMBERLANDS 5
TRANSFORMING RISK MANAGEMENT AT AKAWINI COPPER Akawini Copper Mining company acquired by larger United Minerals Single mine and plant $774 million in revenue 1,500 employees United Minerals implemented ISO 31000 framework Substantially more sophisticated than Akawini s RM Launched project to transform Akawini RM to ERM UNIVERSITY OF CUMBERLANDS 6
