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    Praharsh R - Submission+Template+-+ERM+ (2) +

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    Praharsh R
    This document provides instructions and questions for a risk management project on Stora Enso, a forest industry company. It includes: 1) Identifying 5 risks to Stora Enso through a risk heat map. 2) Calculating risk scores for each risk. 3) Prioritizing the risks and justifying the order. 4) Listing 4 aggravating factors impacting the forest products industry. 5) Providing 4 mitigation strategies to reduce risks from aggravating factors. 6) Identifying risks that should be accepted and justifying one risk to accept.

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    Praharsh R - Submission+Template+-+ERM+ (2) +

    Uploaded by

    Praharsh R
    166 views6 pages
    This document provides instructions and questions for a risk management project on Stora Enso, a forest industry company. It includes: 1) Identifying 5 risks to Stora Enso through a risk heat map. 2) Calculating risk scores for each risk. 3) Prioritizing the risks and justifying the order. 4) Listing 4 aggravating factors impacting the forest products industry. 5) Providing 4 mitigation strategies to reduce risks from aggravating factors. 6) Identifying risks that should be accepted and justifying one risk to accept.

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    Praharsh R_Submission+Template+-+ERM+(2)+(1) (1)

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    This document provides instructions and questions for a risk management project on Stora Enso, a forest industry company. It includes: 1) Identifying 5 risks to Stora Enso through a risk heat map. 2) Calculating risk scores for each risk. 3) Prioritizing the risks and justifying the order. 4) Listing 4 aggravating factors impacting the forest products industry. 5) Providing 4 mitigation strategies to reduce risks from aggravating factors. 6) Identifying risks that should be accepted and justifying one risk to accept.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    166 views6 pages

    Praharsh R - Submission+Template+-+ERM+ (2) +

    Uploaded by

    Praharsh R
    This document provides instructions and questions for a risk management project on Stora Enso, a forest industry company. It includes: 1) Identifying 5 risks to Stora Enso through a risk heat map. 2) Calculating risk scores for each risk. 3) Prioritizing the risks and justifying the order. 4) Listing 4 aggravating factors impacting the forest products industry. 5) Providing 4 mitigation strategies to reduce risks from aggravating factors. 6) Identifying risks that should be accepted and justifying one risk to accept.

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    of 6

    COURSE: ENTERPRISE RISK MANAGEMENT

    PROJECT: STORA ENSO


    PRAHARSH R

    Instructions for the submission:


    ● Please maintain the following: Font - Times New Roman, Font Size - 12, Line Spacing
    - 1.5

    Question 1. Plotting of risks in the heat map (in the template excel file)

    Please attach a screenshot of the "Likelihood - impact table" sheet of


    the template
    Ans - 1

    The four risks been identified are:


    1. Data hacking which could lead to a breach and loss of DataRisk.
    2. Use of old Technology says which leads to 15% raw materialwastage
    risk.
    3. Pandemic induced market depression which could lead toreduced
    sales.
    4. New regulations on working shifts that could lead to shuttingdown of
    night shift working in factories.
    5. End customers preferring biodegradable plastic packagingwhich
    may impact the current product line.
    Question 2. Calculation of risk scores

    Please attach a screenshot of the "Risk register" sheet of the template


    Ans - 2

    Risk Score CalculationData


    Hacking: 4
    Use of Old Technology: 16
    Declining Sales: 20
    New Regulations: 12
    Consumer Preferring Biodegradable Plastic Package: 3
    Question 3. Prioritisation of the risks and justification for the order

    PRIORITY RISK JUSTIFICATION


    LEVEL

    P1 4 Laying off workforce will affect the


    company all around, especially Operations

    P2 1 Protecting data is crucial to the survival of


    the company and its core components

    P3 3 Lack of sales and visibility could ruin


    market value

    P4 2 As the company holds high standards for its


    innovative and inventive mindset, upgrading
    and staying abreast with efficient equipment
    is necessary

    P5 5 Using plastic to protect all its products will


    lower brand value and trust in customers
    Question 4. Four aggravating factors for the forest produce industry creating an impacton
    their revenue generation

    Please attach a screenshot of the "Risk register" sheet of the template


    Ans - 4

    - Fluctuations in foreign exchange and interested rates.


    - Natural disasters or pandemic.
    - Changing market segments.
    - Restrictions on trade has increased on imports in Asian Countries.
    Question 5. Four mitigation strategies to reduce the risk posed by the aggravating
    factors

    Please attach a screenshot of the "Risk register" sheet of the template


    Ans - 5

    Mitigation Strategies:

    Data Hacking: Create an infrastructure security management. Form a


    committee especially for Cybersecurity management and Supervision.This
    would help the company to identify security threats, risk of hardware and
    software failure.
    Use of Old Technology: New technologies should be adopted, employees
    should be trained too. Regular maintenance of servers shouldbe carried out.
    The Downtime should be reduced.
    Declining Sales: Work on supply chain. Focus on tissue and packaging
    materials to increase sales and thus the revenue.
    New Regulations: Create/Use analytical frameworks, economic theoriesand
    methodologies which provide the background for regulatory actions, focus on
    direct and indirect regulations by government or other relatedbodies. Also,
    focus on the set of requirements, like price regulations, tariffs, etc.
    Consumer preferring biodegradable plastic packaging: The strategicand
    sustainability them should focus on the needs of the consumers and make
    innovations based on those which are eco-friendly, biodegradable, and
    sustainable for future needs. To create a value in the forest-product industry,
    low cost will be a critical factor for high performance.

    Question 6. Risks that should be accepted with their justification

    Ans - 6

    The company should accept the “New Regulations” risk,


    because

    o This risk cannot be avoided as it is not managed internally.


    o The cost to mitigate or avoid these risks are too great to justify giventhe
    small probabilities of a hazard.
    o The government bodies decide for the new regulations, and not
    following so would lead to loss of market share, tariffs and greater
    damage to the company's reputation.
    The company should reserve the money for the risk and then prioritizethe
    risk based on the likelihood and impact.

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