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1.Scan the media over the next week (social media, print media, TV whatever) and

by | Jun 22, 2022 | Business and Management | 0 comments

 

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1.Scan the media over the next week (social media, print media, TV whatever) and come up with five different risk biases as reported in the media or in advertising. Find instances where five different risk biases that are discussed are used to exaggerate or minimize the risk of a situation. For instance, a medical company may use anchoring techniques to make it seem as if the risk of getting a disease or condition is higher and more serious than it actually is. Another example might be a politician or a lobbyist claiming the risk or opportunity of a situation is skewed in order to get a new law passed. Provide a link to each of your five abuses, and briefly explain how that abuse has been manipulated (either consciously or unconsciously).
2 Assume that you are the Risk Officer of Dalhousie University. Furthermore, assume that the President of Dalhousie has charged you with a COVID risk management plan for the return of Face to Face classes in September. Lay out the SPECIFIC ERM steps that you would take to develop such a plan. Note: I am not asking you for the specific implementation steps – just the set of questions you would need to ask, and the factors you would need to consider before choosing the specific risk management practices. NOTE: this assignment might take you some time to think through the issues. This is not a good assignment to leave to do the night before it is due.
3.Answer the following questions as related to the article: Aabo, T., Fraser, J.R.S., Simkins, B.J., “The Rise and Evolution of the Chief Risk Officer: Enterprise Risk Management at Hydro One”, Journal of Applied Corporate Finance, Vol. 17, No.3, pp 62-76, 2005 .
a.Were Hydro One successful in implementing ERM? Explain your answer.
b.Explain what specific actions that you believe were very well chosen or implemented.
c.Explain what specific actions that you believe were not very well chosen or implemented.
d.Do you believe the transformation of the CRO role was a good one? Explain.
4.Last year at this time, a journalist sent me the following email. (I have their permission to quote their email, and the email has been lightly edited.) Prepare a response for the Journalist.
My name is XXXXXX and I’m a reporter working on a story based around the most recent Loblaws 10-k filing. In particular — the company’s Enterprise Risk Management (ERM) system. And I would very much appreciate your expert comment on the following
According to the filing:
The Company is committed to maintaining a framework that ensures risk management is an integral part of its activities. To ensure the continued growth and success of the Company, risks are identified and managed through the Company’s Enterprise Risk Management (“ERM”) program. ERM Program The ERM program assists all areas of the business in managing risks within appropriate levels of tolerance by bringing a systematic approach and methodology for evaluating, measuring and monitoring key risks.
The results of the ERM program and other business planning processes are used to identify emerging risks to the Company, prioritize risk mitigation activities and develop a risk-based internal audit plan. Risks are not eliminated through the ERM program, but rather, are identified and managed in line with the Company’s risk appetite and within understood risk tolerances.
The ERM program is designed to:
• facilitate effective corporate governance by providing a consolidated view of risks across the Company;
• enable the Company to focus on key risks that could impact its strategic objectives in order to reduce harm to financial performance through responsible risk management;
• ensure that the Company’s risk appetite and tolerances are defined and understood; • promote a culture of awareness of risk management and compliance within the Company;
• assist in developing consistent risk management methodologies and tools across the Company including methodologies for the identification, assessment, measurement and monitoring of risks; and
• anticipate and provide early warnings of risks through key risk indicators
Regarding implementation, the filing reads:
Risk identification and assessments are important elements of the Company’s ERM process and framework.
An annual ERM assessment is completed to assist in the update and identification of internal and external risks. This assessment is carried out in parallel with strategic planning through interviews, surveys and facilitated workshops with management and the Board to align stakeholder views. This assessment is completed for each business unit and aggregated where appropriate. Risks are assessed and evaluated based on the Company’s vulnerability to the risk and the potential impact that the underlying risks would have on the Company’s ability to execute its strategies and achieve its objectives and on the Company’s financial performance.
1. How does an ERM system usually work? Does it usually cover HR areas?
2. Would ERM directives typically trickle down to managers at individual stores?
It appears the company may have recruited the service of at least one ERM company, XXXXXXX, previously. What do these companies usually do?
Any further thoughts would be very much appreciated.

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