expectation that by 2018 the population would have reached 900, 000 people. Therefore, I not considering the start up results for the implementation in 2003, I agree with the later process that was used by Edmonton city on ERM implementation. By re-evaluating their strategic plan, they were able to follow up on all that was needed for a successful implementation and thus nothing should change. It would be recommended that firms should redefine their strategic plans to incorporate the risk frameworks they want to implement. However, I would not hesitate to implement Edmonton’s ERM framework into my future organization since there was realization of fast pace improvements in the city’s growth rate. QUESTION 2 The rea use case is in Kilgore Custom Milling which is a private company that manufacturespower window assemblies on automobile and it is based on Southern Ontario, Canada. The company is seen to engage in various projects which at last end up failing or bringing losses to the company. The first instance was to supply plants in the U.S which was a huge task for the company but later resulted to bankruptcy since it was a huge investment.
The company was not able to fair well in the competitive environment. In the early 1990’s companies such as Kilgore Custom Milling relied on the weak dollar of Canada to win on contracts. Market financial crisis as well as the manufacturing strategies changes affected Kilgore Custom Milling operations attracting losses. It has been realized that Kilgore Custom Milling had no risk management strategy in place and that’s the reason why almost all of its contracts and manufacturing operations end up failing. The benefit of an ERM can therefore be seen through this case since even the least factor has been affecting operations for the company. Hence, this real use case is very much different from that of E dmonton’s city since the city’s p la ns all always in control against any shortcoming or risk incidence. I would therefore, recommend that companies such as Kilgore Custom Milling should embrace the strategies ta ken by Edmonton to implement their risk strategies so that efficiency in performance can be enhance d.
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- Management, Enterprise risk management