You have viewed a video about the different approaches to risk management and heard from LEGO’s CRO on LEGOs approach to ERM. You have also read about Hydro One’s approach and learned how HRO in the aviation industry is yet another approach that emerges from the unique risk profiles of aviation, healthcare, power generation, and the military. Several significant issues come into play throughout the consideration of these elements of approach. Some risks should be relatively easy to recognize; others are more difficult to assess. Some are easily quantifiable, and others are not.
With the knowledge you have gained, address the following assignment.
Identify two risks in an organization with which you have been or are currently affiliated.
Address the three challenges identified by Lam in Chapter 7.
Write two to three pages per risk.
Explain how your organization has addressed these challenges.
Explain another way they could address the challenges for the risk involved.
Explain how the risks in question are being managed by applying the elements of ERM frameworks.
Explain how they could be managed, applying the noted ERM elements, if they need to be managed.
Sample solution
Dante Alighieri played a critical role in the literature world through his poem Divine Comedy that was written in the 14th century. The poem contains Inferno, Purgatorio, and Paradiso. The Inferno is a description of the nine circles of torment that are found on the earth. It depicts the realms of the people that have gone against the spiritual values and who, instead, have chosen bestial appetite, violence, or fraud and malice. The nine circles of hell are limbo, lust, gluttony, greed and wrath. Others are heresy, violence, fraud, and treachery. The purpose of this paper is to examine the Dante’s Inferno in the perspective of its portrayal of God’s image and the justification of hell.
In this epic poem, God is portrayed as a super being guilty of multiple weaknesses including being egotistic, unjust, and hypocritical. Dante, in this poem, depicts God as being more human than divine by challenging God’s omnipotence. Additionally, the manner in which Dante describes Hell is in full contradiction to the morals of God as written in the Bible. When god arranges Hell to flatter Himself, He commits egotism, a sin that is common among human beings (Cheney, 2016). The weakness is depicted in Limbo and on the Gate of Hell where, for instance, God sends those who do not worship Him to Hell. This implies that failure to worship Him is a sin.
God is also depicted as lacking justice in His actions thus removing the godly image. The injustice is portrayed by the manner in which the sodomites and opportunists are treated. The opportunists are subjected to banner chasing in their lives after death followed by being stung by insects and maggots. They are known to having done neither good nor bad during their lifetimes and, therefore, justice could have demanded that they be granted a neutral punishment having lived a neutral life. The sodomites are also punished unfairly by God when Brunetto Lattini is condemned to hell despite being a good leader (Babor, T. F., McGovern, T., & Robaina, K. (2017). While he commited sodomy, God chooses to ignore all the other good deeds that Brunetto did.
Finally, God is also portrayed as being hypocritical in His actions, a sin that further diminishes His godliness and makes Him more human. A case in point is when God condemns the sin of egotism and goes ahead to commit it repeatedly. Proverbs 29:23 states that “arrogance will bring your downfall, but if you are humble, you will be respected.” When Slattery condemns Dante’s human state as being weak, doubtful, and limited, he is proving God’s hypocrisy because He is also human (Verdicchio, 2015). The actions of God in Hell as portrayed by Dante are inconsistent with the Biblical literature. Both Dante and God are prone to making mistakes, something common among human beings thus making God more human.
To wrap it up, Dante portrays God is more human since He commits the same sins that humans commit: egotism, hypocrisy, and injustice. Hell is justified as being a destination for victims of the mistakes committed by God. The Hell is presented as being a totally different place as compared to what is written about it in the Bible. As a result, reading through the text gives an image of God who is prone to the very mistakes common to humans thus ripping Him off His lofty status of divine and, instead, making Him a mere human. Whether or not Dante did it intentionally is subject to debate but one thing is clear in the poem: the misconstrued notion of God is revealed to future generations.
References
Babor, T. F., McGovern, T., & Robaina, K. (2017). Dante’s inferno: Seven deadly sins in scientific publishing and how to avoid them. Addiction Science: A Guide for the Perplexed, 267.
Cheney, L. D. G. (2016). Illustrations for Dante’s Inferno: A Comparative Study of Sandro Botticelli, Giovanni Stradano, and Federico Zuccaro. Cultural and Religious Studies, 4(8), 487.
Verdicchio, M. (2015). Irony and Desire in Dante’s” Inferno” 27. Italica, 285-297.
Sample Answer
Sample Answer
Approaches to Risk Management in Organizations
Introduction
Risk management is a critical component of organizational strategy and decision-making. Effective risk management can not only protect an organization from potential threats but also create opportunities for growth and innovation. In this essay, I will discuss two specific risks faced by an organization I am affiliated with and delve into the challenges associated with these risks, as identified by Lam in Chapter 7 of his work on Enterprise Risk Management (ERM). I will also explore how my organization has addressed these challenges and propose alternative strategies, while applying the elements of ERM frameworks to ensure comprehensive risk management.
Risk Identification
Risk 1: Cybersecurity Threats
In today’s digital age, organizations face an increasing threat from cyberattacks. Cybersecurity threats encompass various forms of attacks such as phishing, ransomware, and data breaches, which can lead to significant financial losses, reputational damage, and legal repercussions.
Risk 2: Supply Chain Disruptions
Another significant risk faced by my organization is supply chain disruptions. Factors such as natural disasters, political instability, and global pandemics can severely impact the flow of goods and services, leading to delays, increased costs, and customer dissatisfaction.
Challenges Identified by Lam
According to Lam, three primary challenges in risk management include:
1. Risk Identification: The ability to recognize and categorize risks effectively.
2. Risk Quantification: The process of measuring and assessing the likelihood and impact of risks.
3. Risk Response: The strategies and actions taken to mitigate or eliminate risks.
Addressing Cybersecurity Threats
Current Approach
My organization has implemented a multi-layered cybersecurity strategy that includes firewalls, intrusion detection systems, and regular security audits. The IT department conducts training sessions for employees to increase awareness about phishing scams and safe online practices.
Alternative Strategies
To further enhance our approach to cybersecurity threats, we could adopt a zero-trust security model. This model assumes that threats could be internal or external, requiring continuous verification of user identity and device security before granting access to sensitive information.
Application of ERM Framework Elements
1. Risk Identification: The organization conducts regular assessments and vulnerability scans to identify potential threats.
2. Risk Quantification: Utilizing threat intelligence tools helps quantify the potential impact of various cybersecurity threats.
3. Risk Response: The organization has established incident response protocols that outline steps to take in the event of a data breach.
Recommendations for Enhanced ERM Application
To strengthen our ERM framework for managing cybersecurity risks, we could incorporate predictive analytics tools that leverage machine learning algorithms to anticipate potential threats based on historical data.
Addressing Supply Chain Disruptions
Current Approach
In response to supply chain disruptions, my organization has diversified its supplier base and implemented inventory management systems that provide real-time tracking of goods. This approach helps mitigate the impact of potential disruptions by ensuring alternative sources are available.
Alternative Strategies
Another effective strategy would be to invest in local suppliers or nearshoring initiatives. By reducing dependence on international suppliers, the organization can enhance supply chain resilience against global disruptions.
Application of ERM Framework Elements
1. Risk Identification: The organization regularly assesses the reliability of suppliers and identifies potential risks in the supply chain.
2. Risk Quantification: Supply chain risk assessments are conducted to evaluate the potential financial impact of disruptions.
3. Risk Response: Contingency plans are developed to address potential disruptions and ensure continuity of operations.
Recommendations for Enhanced ERM Application
To further improve our supply chain risk management, we could implement scenario planning exercises that simulate potential disruption scenarios and outline appropriate responses.
Conclusion
Effective risk management is essential for organizations to navigate the complexities of today’s business environment. By addressing the challenges identified by Lam in relation to cybersecurity threats and supply chain disruptions, my organization has made significant strides in developing a robust risk management strategy. However, there is always room for improvement. By adopting alternative strategies and enhancing our application of ERM framework elements, we can better prepare for future risks and ensure organizational resilience.
