Question

Describe what organization similar to Apple Inc. uses Enterprise Risk Management and how do they implement it?

Answer 1

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No company can avoid risks and that is the hard truth. It is, therefore, necessary for the company to be able to utilize processes such as EMR, in order to mitigate their risks better. The company that makes use of ERM is Panasonic.

Panasonic has adopted ERM techniques in order to allow when to be able to identify the risk factors and eliminate them. They formed the G&G EMR committee in response to the problems they a were facing and allowed its implementation in all of its 39 operations. They handed out questionnaires for their processes which contained 40 questions based on the most common problems and the different departments were made to rate it. A high rating meant a higher risk and a low rating meant a lower risk for the people. Panasonic has 3 different levels of operation. Which is basically slow, medium and fast and all its implementation. This allowed Panasonic to successfully root out all the unnecessary risks, improve the process and create efficiency all at the same time.