Module Title: Strategic Risk Management
Module Learning Outcomes Assessed: 1, 2, 3, 4
Coursework Title: Strategic Risk Management
You are a risk management specialist and acting within your role as an external consultant, you have been invited to advise the Aberdeen based company Windsome (fictional company) how they can strengthen and foster a culture of risk management within their company across all areas and involving all staff.
Background
Windsome rents and supplies a range of high-quality equipment for power generation, lifesaving, lifting and tooling in a range of markets from Offshore to Subsea, Onshore operations and renewables. Note: In terms of operations/business activities, what is your understanding of this information? By understanding these activities, you should be able to anticipate possible risk(s), such as operational, supply chain and financial risks, that Windsome may likely encounter.
Their clients view them as a key part of the supply chain as they rely on them to provide access to the right tools, plant and equipment, as they require them. Note: Based on this information, there are many questions you should ask yourself. For instance, is it plausible for Windsome to focus only on its supply chain risks or should it extend its approach to the clients’ supply chain risks? The decision will inform you about the extent of analysis you can perform, including the response approaches you can recommend.
If this does not happen, it becomes impossible for them to complete their projects on time and within budget. Note: If Windsome only manages its supply chain risks, what are the likely implications on the clients’ projects? What are the project risks that may consequently affect Windsome’s operations & reputations?
So Windsome has prided itself on making sure its business units focus on delivering cost effective equipment, tooling and lifting solutions to companies. Note: Can you identify and explain Windsome USP using this information? Is the USP in danger if there is no formal risk management approach or culture? This is reflected in its Mission Statement which is “Right First Time, On Time, Every Time”.
The company employs 240 people full time and has access to a further 30 specialists of various disciplines who can be called upon to come in on short term contracts when needed. Note: Can you make sense of this information in terms of risk governance and HSE issues at Windsome? Remember that you’re expected to make valid and justified assumptions.
Windsome was set up by the Founder/Owner in 1977 and his son now has a key role as Operations Director. It has a traditional hierarchal structure Note; What do you think about this structure? Is there any association to the governance of risk at Windsome and how does it influence risk communication? and low rates of staff turnover.
Most of its staff work in Aberdeen, about 120 in total split between a new Head Office building in a new business park outside Aberdeen and in a storage and maintenance facility based about ten miles west of Aberdeen where they have expanded to acquire other space within the base which is owned by another company. It has a small fleet of vehicles but has an arrangement with a local haulage company for larger pieces of equipment.
The rest of the staff are based in Bergen, Norway and Baku, Azerbaijan.Note: What is your understanding of this information, especially when you think about “culture” and “security risks (i.e. cyber risk)”? Can you identify and describe any risks if the company is using a single repository (or software package, such as ERP) across its offices?
This global presence has been client-led and Windsome are keen to make sure they can be wherever their clients need them.
Context
The last few years have been difficult.Note : Based on the background information, can you suggest why the last few years are difficult, especially with respect to the investments over the last 10 years? Operating in a challenging economic environment, the Owner/Managing Director is concerned about the future prospects of the company.
He has invested heavily in the business over the last ten years increasing stock and storage, moving to a new Head office, and setting up in Baku took much longer than anticipated which caused problems with the clients they had promised to support. The impact on their reputation could be damaging. A few contracts with long term clients have been curtailed because they have curtailed activities, decided not to proceed with new projects etc. and this has hit their profitability. Note : Is there any relationship between this information and paragraph 2 in the “background” section? How can use the knowledge to enhance your analysis as well as the quality of your report?
Staff morale is not good, people are worried about their jobs and instead of pulling together, he feels that productivity has fallen and some key processes are not being followed. For example, ‘near miss’ incident reporting was found to be inaccurate for two months out of the last six. There has also been some theft and criminal damage in the Aberdeen storage facility which caused delays in sending equipment out to Bergen and the local office were left in the firing line with the client. Note: This paragraph is packed with many and useful information which may increase your understanding of present and future situations (including risks) at Windsome. Also, you can ask many questions based on this information to explore and explain the current risk management approach with the intention of proposing effective risk management strategies for the company. Tap into this information and be creative in your analysis!!!
A competitor has recently gone into liquidation which is good because it should increase Windsome’s market share, but with the overall reduction in new business, this might not bring the benefits it might have in the past. Note : Does this information indicate anything, especially in terms of risk? The starting point is to understand the meaning of risk. You may want to explore its contributions to the Windsome’s competitive advantage
The Managing Director has been approached by a major client who wants to start drilling offshore in Western Australia and has asked Windsome to bid for the contract to supply the rig. Note : Can you spot any link between this sentence and the previous paragraph? How can you explore the relationship to enhance the quality of your report.
This means establishing another overseas base in Perth. It’s an exciting prospect and the Managing Director feels this would give the business a real ‘lift’ and sense of forward momentum.
However, it will add more risk to the business and because he knows only too well that risk and reward go hand-in-hand, he wants to make sure they are strong enough to deal with the impact this will have. Note : What can you learn about the company’s risk culture and appetite through this information?
It’s been a long time since anyone took a step back and looked at how effective the risk management was in Windsome and crucially whether or not the business has the culture of risk it should have. Note : Also, can you make further assumptions about the company’s current risk governance and approach to risk management based on this information?
This is what he now wants to achieve.
You have been appointed as a risk management consultant Note : Do you understand your role in the company, including your tasks? and have spent the last few weeks in the Company reviewing the way risk is managed across all parts of the business to come up with proposals about how a ‘culture of risk management’ Note : How will you interpret this phrase in terms of key tasks and the report’s deliverable?
can be achieved in Windsome that will support the strategic growth of the business. Note: What is your understanding of this point and how can you use it?
Using evidence from industry and academic secondary sources, your assignment is to prepare an academic report which addresses the elements listed below. Note: While you’re required to make assumptions, your assumptions, analysis, and explanation should be well-supported? And you should ensure that your report is critically synthesised (critical = using contrasting views in the literature to arrive at and/or support your perspectives).
As you address each of these elements you should consider the present situation, select, justify and apply relevant theories and models. These will enable you to make feasible and justified recommendations to the Board about where, why and how improvements can be made:
• A description of risk governance and relevance of leadership, including the importance of having a clear definition of roles and accountabilities, in risk management;
Note : I am not looking for the textbook definition/description of risk governance, but you should be able to demonstrate your understanding by using that knowledge to describe risk governance at Windsome and relate your description to the leadership approach in the company. Do you find a clue in this brief? The information presented in the “background” and “context” sections should provide you the indication of how to address this aspect in your report.
• An identification and critical evaluation of the contributing factors to the organisation’s emergence risks, and how they can be addressed;
Note : The assignment brief summarises what you found out in the time you have spent at Windsome, and from this, you can deduce/work out what the emerging risks are. You should then undertake a critical evaluation to provide a set of recommendations for the MD that would address the risks. There are about four tasks to undertake here, but the starting point is to understand the likely risks that may affect Windsome. Identify some factors that may influence those risks; Critically (see above for my definition of “critical”) evaluate the influencing factors; Propose how those risks can be addressed (a good approach will explain how to control the contributing factors) based on the evaluation.
• Critical evaluation of the utilities of enterprise risk management using appropriate theories and models, and how the organisation can implement an enterprise risk management approach within its risk appetite;
Note : There are about three important takeaway from this bullet point, but you should understand ERM and how it works: Establish the company’s current risk appetite; Assess ERM using theories/models in relation to Windsome and then use the knowledge to propose how the company can implement the identified ERM. A good analysis will establish associations to the 1st & 2nd bullet points.
• Critical evaluation of the organisation’s approach to HSE and employees’ wellbeing, and discuss how the organisation can adapt and build a resilient culture in achieving the strategic growth of the organisation;
NOTE: If you check the information presented about the company’s background and context, can you see examples of HSE issues that may allow you to address the task(s) here? Your approach may adopt a narrow view or a broader approach. There is no wrong or right answer to the direction you follow, but you must adequately justify your decisions.
• A summary plan of how the organisation can develop and embed the culture of risk in managing its day-to-day activities.
NOTE : A summary Plan should set out a series of actions, particularly about how and when your recommendations can be implemented to achieve what the Board seeks over a reasonable time period. These actions will flow from the above points, so, for example, what might you do to improve the risk culture/CSR/business continuity? To address this task, all other bullet points must be sufficiently addressed. Also, you should establish the current risk culture at Windsome and propose how that culture can be influenced.
Coursework Aim
To demonstrate an understanding of the process and principles of risk management, in particular enterprise risk management. Further, to critically analyse the role of HSE, and resilience with regards to corporate strategy.
Coursework Learning Outcomes:
1. Critically evaluate the integration of risk management systems in a strategic context.
2. Critically analyse the challenges of risk management.
3. Critically analyse the role of HSE and employees’ wellbeing in risk management systems.
4. Critically appraise the development, implementation and importance of Business Continuity Planning with regard to corporate strategy.
Presentation Format/Instructions: (word count/report/essay/etc)
All work should be academically underpinned and referenced appropriately.
NOTE : As mentioned, we are not expecting you to structure the report according to the above bullet points. Those bullets are the main scope of your report. They are the ingredients that demonstrate your understanding of the module, including its assessment. We expect you to be creative and logical about how you structure or present your report. Also, the list below is an indication of how you can structure the report, but you can have headings and sub-headings for clarity and to increase the quality of your report.
• An Executive Summary
• Table of Contents
• Introduction with aim and objectives of the report
• Critical discussion using the academic literature
• Conclusions
• Recommendations
• References
• Bibliography
• Appendices
Note
A cover page is required with the word count displayed. 10% over or under this limit is acceptable. Failure to keep within 10% of the designated word count will result in a penalty of a reduction of one grade. Any appendices you may attach are not included in the word count. You must include a statement on the front cover of your work that gives the word count. You must comply with staff requests to submit to Turnitin and provide a receipt where asked to do so.
Harvard referencing should be used throughout (note).
Criteria for Assessment: Please also see attached grading grid
(To include how marks can be lost, e.g. word counts, timings etc
Marks can be lost for the following:
• Inadequate or descriptive treatment of organisation’s approach to strategic risk management.
• Failure to sufficiently discuss pure and speculative risks appropriate to the organisation.
• Providing a descriptive, rather than critical, discussion.
• Failure to adequately consider corporate social responsibility, ethics, and business continuity in sufficient detail and critical depth.
• Insufficient academic justification for the argument made.
• Failure to provide appropriate and justified recommendations.
Word limit/presentation time limit Word count for the report is 3,500 + or – 10%.
Academic Honesty:
Plagiarism
You may lose marks if you do not cite sources accurately. If you fail to reference sources properly, the effect is to misrepresent the amount of work done. Passing someone else’s work off as your own is plagiarism.
Plagiarism (i.e. presenting the thoughts or writings of others as your original work, without properly identifying and referencing the source), is unacceptable behaviour and will be regarded as a serious breach of Regulations by the School and the University. This includes copying part or all of a dissertation, copying from another student’s work, or the un-attributed quotation of even a single sentence written by another author. Remember you are required to sign a declaration that you have acknowledged all quotations and all sources of information.
Weighting Grade A (Distinction)
70% + Grade B (Very Good)
60 – 69% Grade C (Good)
50 – 59% Grade D (Pass)
40 – 49% Grade E (Marginal Fail)
35 – 39% Grade F (Clear Fail)
34% or less
Knowledge understanding and application of relevant theories, models and concepts 30% Confidently demonstrates knowledge and understanding of an extensive range of principles, theories and models, and applies them effectively and comprehensively in a practical/professional context Demonstrates knowledge and understanding of a good range of principles, theories and models and applies them effectively in a practical/professional context Demonstrates knowledge and understanding of a reasonable range of principles, theories and models and applies them reasonably well in a practical/professional context Demonstrates knowledge and understanding of a limited range of principles, theories and models and makes some attempt to apply them in a practical/professional context Little evidence of appropriate knowledge of principles, theories and models. Little evidence of practical/professional application Lack of knowledge of principles, theories and models, with no evidence of their practical/professional application
Analysis / evaluation 40% Critical thought, evaluation and/or analysis are rigorous, coherent, appropriate and in depth. Clear evidence of critical thought, evaluation and/or analysis but could be in more depth Reasonable evidence of critical thought, evaluation and /or analysis but could be in much more depth Limited attempt at critical thought, evaluation and/or analysis and very limited depth Little attempt at critical thought, evaluation and/or analysis. Superficial answer No attempt at critical thought, evaluation and/or analysis
Conclusions and Recommendations 20% Clear and sound conclusions and recommendations are derived from analysis, are relevant to aims and objectives and reflect exceptional understanding and insight Appropriate and relevant conclusions and recommendations are derived from the analysis and are relevant to the aims and objectives Relevant conclusions and recommendations but links to aims/objectives and/or analysis could be clearer Conclusions and recommendations of limited relevance. Links to aims/objectives and/or analysis are poor Inappropriate conclusions with limited recommendations. Poor or non-existent links to aims/objectives and/or analysis Conclusions and recommendations are irrelevant, incorrect or non-existent. Aims and objectives are not achieved
Structure and Presentation 10% Structure is logical and appropriate. Presentation is to a highly professional standard with excellent clarity of expression and accurate and consistent style of referencing Structure is logical and appropriate. Presentation is to a professional standard with very good clarity of expression and generally accurate and consistent style of referencing Structure is in the main logical and appropriate. Presentation is to a professional standard with reasonable clarity of expression. May have a few inconsistencies or inaccuracies in referencing Structure and presentation are acceptable but may have some weaknesses. May have problems with clarity of expression in places Several inconsistencies or inaccuracies in referencing Structure, presentation and layout of work are weak and there may be problems with clarity of expression. Little attempt at referencing or a number of referencing errors Poor structure, presentation and layout of work with poor clarity of expression. Little or no attempt at referencing
WEEK SESSION TOPICS and Lectures
Week 1
w/c – 27/01/20 Introduction to the Module
Week 2
w/c – 03/02/2020 Strategic Risk Management
Week 3
w/c – 10/02/2020 Risk Architecture
Week 4
w/c – 17/02/2020 Risk Governance
Week 5
w/c – 26/02/2020 Operational Risk Management
Week 6
w/c – 04/03/2020 Financial Risk Management
Week 7
w/c – 11/03/2020 Project Risk Management
Week 8
w/c – 18/03/2019 Supply Chain Risk Management
Week 9
w/c – 25/03/2020 Security Risk Management
Week 10
w/c – 08/04/2020 Corporate Social Responsibility
Week 11
w/c – 15/04/2020 Health, Safety and Environment
Week 12
w/c – 22/04/2020 Business Continuity Management
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