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Question 1
The success of the Enterprise Risk Management Program Includes the efforts of the company along with external factors that can create impact on the outcome of the program. The factor includes regulators, competitors, suppliers and customers. Regulators are important for shaping the risk for defining the environment of the company. The regulatory landscape requires evolving, and companies should be up-to-date with regulatory changes that can help in managing risks effectively (Barabba, 2019). In the case of GM, the government bailout was accompanied and this is caused because of increased regulatory oversight. It includes adding an additional layer along with the complexity to the company risk management efforts. The company was required to ensure that the ERM program was aligned with regulatory requirements for maintaining compliance and it is important for avoiding penalties.
Customers are required for determining the success of an ERM program. The behavior of customer and preferences can create risks for a company. This includes risks like product recalls and reputational damage. Suppliers has the ability to affect the outcome of the ERM program. The supply chain of the company is the critical component for determining risk environment, and disruptions to the supply chain that can have a significant consequence. The key supplier experiences financial difficulties can impact the ability of the company to deliver products to customers. It is important that company should identify and manage supply chain risks for mitigating potential disruptions. Competitors determine the outcome of an ERM program. This includes ways competitors can create risks for the company. It includes introducing new products, business models and services that can disrupt the market. The competitor introduces the use of new technology that can create existing products obsolete This can have major impact on the revenue and profitability of the company. It is important for GM to monitor competitive activity for identifying and managing risks in an effective way.
It is important for the company to have a comprehensive understanding for determining the external risk environment. It is incorporated with risk management strategy and this can help in effectively managing risks and creating a resilient organization. It is important to identify company's risk environment that is dynamic and constantly evolving. It includes external factors that can have a significant impact on the outcome of the ERM program (Hudin et al. 2019). It is crucial for company to have a comprehensive understanding for understanding the external risk environment and it is incorporated with the risk management strategy. It ensures staying up-to-date with regulatory changes and this requires understanding customer behavior and preferences. It includes identifying and managing supply chain risks that is required for monitoring competitive activity. It ensures managing risks in that will help the company in managing risk in the organization and it can help in navigating for unexpected events and crises.
Question 2
General Motors should include steps for building an effective Enterprise Risk Management program. This includes step for appointing a Chief Risk Officer that can help in establishing the Risk Management Committee. It is important for creating a risk identification and assessment...