MGMT 311 Week 6 DQAfer reading this week’s material, answer the Following ques±ons in the ²orum (In 250 words or more): The ar±cle above presents 1 example oF a company using risk management. All successFul companies perForm similar tasks regularly. This week, I would like you to present another company and describe at least 1 way that they are managing their risks. You can choose to use the company that you presently work For, but please make sure that you have enough inForma±on to Fully explain their processes.Model Answer My response:Risk is de³ned as a probability or threat oF damage, injury, liability or loss by Business Dic±onary (Risk, n.d). According to Horcher, the economic climate and markets can be a´ected by changes in exchange rates, interest rates, and commodity prices due to events that may originate thousands oF miles away and have nothing to do with domes±c markets. These changes can cause ³nancial risk to an organiza±on (Horcher, 2005). ²inancial risk management deals with assessing the ³nancial risks that an organiza±on may be Facing and developing strategies that are consistent with their policies to address the risk. Enterprise risk management allows organiza±ons to iden±Fy and manage all risks in an integrated manner. Risk assessments are based on a thorough understanding oF the business, its customers, and the organiza±ons strategic objec±ves. The United Illumina±ng Company (UI), uses a con±nuous strategic planning process to achieve strategic objec±ves (United, 2007). UI has maintained a tradi±onal organiza±onal structure but transi±oned to a process based management style. This transi±on is part oF their enterprise risk management (ERM) strategy. By looking at risk From a process perspec±ve instead oF a Func±onal view UI is able to take a holis±c view and reduce poten±al impact rather than possible nega±ve impact. As part oF their ERM, UI runs simulated exercises to learn and prepare For possible risks. The idea is to make the organiza±on beµer prepared to handle the scenarios as well as possible problems they did not expect. I chose to examine the risk management strategy at Johnson and Johnson. I chose them because the company has been around For over 100 years and has a wide range oF product o´erings that include consumer products, medical devices, and prescrip±on drugs, many oF which I use on a daily basis. At Johnson and Johnson (J&J) ERM is used to iden±Fy
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