Part 1:

I am working as a Marketing Manager in one of the leading retail companies in the UK, Shoppers Stop. The company gives due recognition to the management of risk and I am entrusted with the responsibility to report the higher management about risk analysis. Recently, I had reported the management regarding the latest risks identified from the business environment.

I have used MS-Word, MS-Excel and MS-PowerPoint software for this purpose. Historic trends of the company in respect of customer demand, sales revenue and direct costs have been considered for this purpose. I had studied the trend of change in the historical performance of the company and based on specific assumptions have identified the risks. I have prepared a risk dashboard for this purpose with probable risks, potential impacts and suitable strategies to mitigate such risks. I have used tabular format for this purpose along with a PowerPoint software to make the views clear to the management.

However, I think that the reporting could have been made better by focusing on Decision oriented questions rather than on What-if questions. In addition, to this I believe that the accuracy of the reported information could have been improved if I had conducted search for relevant information on Google. Identification of key factors affecting the business performance of the company in coming years could have helped in better analyses of the risks. The focus of my risk analysis was mainly on internal operations however external environmental analyses might have improved the quality of risks analysis process.

Part 2:

The key components of an ERM dashboard are as follows:

Risk number:                                                                                                                       

This indicates the serial number of identification assigned to a particular risk. This helps in easy risk identification and communication of the same for future purpose.

Risk name:

Post identification of the risks, the next step is to give a suitable name to each risk based on its key aspects. Name of the risks are entered in the ERM dashboard.

Risk source:

The key causes that are contributing to the risks are mentioned in this register. The factors contributing to the identification of risks are briefed over here.

Risk probability:

This is a quantitative expression of the chances relating to the occurrence of a risk expressed between a range of 1 – 5.

Risk impact:

This is a quantitative expression of the chances relating to the occurrence of a risk and is expressed between a range of 1 – 5.

Risk strength:

Risk strength is expressed as the product of the impact & probability of each risk. Higher risk score indicates greater risk strength and vice-versa.

Assessor name:

The name of the person responsible for identifying, assessing and managing risks are mentioned in this section.

Assessment period:

The time period during which risk analyses was conducted is mentioned over here. This is essential to track recency of the risks.

Action plan:

The risk mitigation strategies as proposed by the assessor are presented in the ERM dashboard.

Person responsible:

The person responsible for managing the risks is presented in the ERM dashboard to create a clear leadership for the same.

Risk score after implementation of an action plan:

The ERM dashboard also needs to disclose the expected reduction in risk score by presenting the score of each risk after implementing the action plans.

List of 10 website links on ERM dashboard:

  • https://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=14&cad=rja&uact=8&ved=0ahUKEwj7ivP-pJnOAhUMtY8KHW_mCD8QFghYMA0&url=http%3A%2F%2Fwww.coso.org%2Fdocuments%2Fcoso_erm.ppt&usg=AFQjCNF1re4CmPAmxO2c9J3gFmnxziaV_A&sig2=I5jytTOmoBT5rJZZiRgd2w&bvm=bv.128617741,d.c2I
  • http://www.ermsymposium.org/2007/pdf/handouts/ci/ci5_combo.pdf
  • https://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwj7ivP-pJnOAhUMtY8KHW_mCD8QFggbMAA&url=https%3A%2F%2Fwww.iif.com%2Ffile%2F4466%2Fdownload%3Ftoken%3DjQiSHDkY&usg=AFQjCNEMCLVaRwLNS6jDYmSWxpYcZv71HA&sig2=bLuK3V1ILtVULXpu_Bz8cg&bvm=bv.128617741,d.c2I
  • http://www.ucop.edu/enterprise-risk-management/_files/protiviti_faqguide.pdf
  • http://www.logicmanager.com/erm-software/product/dashboard-reports/
  • https://www.capgemini.com/enterprise-risk-dashboard
  • http://onlinelibrary.wiley.com/doi/10.1002/9781118836477.ch25/summary
  • https://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=8&cad=rja&uact=8&ved=0ahUKEwjh_fy6r5nOAhUMq48KHXASCCIQFghBMAc&url=https%3A%2F%2Fwww.soa.org%2Flibrary%2Fmonographs%2Fother-monographs%2F2009%2Fapril%2Fmono-2009-m-as09-1-riebeek.pdf&usg=AFQjCNHU2uAlWl_Z-pgIuC5KnZ-8x0c7ew&sig2=uj7K6tNxqwzMR2Vkv5oFxg&bvm=bv.128617741,d.c2I
  • http://blog.willis.com/2015/01/guide-to-erm-risk-measurement-reporting/
  • http://www.ermsymposium.org/2007/pdf/handouts/ci/ci5_combo.pdf

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