Strategic Risk Management Essay June 28, 2019 – Posted in: Buy Cheap Essay Online

Robert Gordon University
Aberdeen Business School
Academic Year:             2018-2019
Module Title:   Strategic Risk Management  
Module Number:            BSM741
Coursework No:   
Weighting:     
Submission Deadline:  13.00hrs (GMT/BST)
Module Learning Outcomes Assessed:
Module Co-ordinator:
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) 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.  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.  If this does not happen, it becomes impossible for them to complete their projects on time and within budget.  So Windsome has prided itself on making sure its business units focus on delivering cost effective equipment, tooling and lifting solutions to companies.  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. 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 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.  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. 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. 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. 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. 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.  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.  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.  This is what he now wants to achieve.     You have been appointed as a risk management consultant 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’ can be achieved in Windsome that will support the strategic growth of the business.  Using evidence from industry and academic secondary sources, your assignment is to prepare an academic report which addresses the elements listed below.  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 what a risk culture is.An identification of current and future risks to the company with an explanation of why you have chosen these.  A critical evaluation of the current risk architecture used by the organisation to identify and manage those risks. A critical evaluation of the organisation’s approach to corporate social responsibility and ethics.A critical evaluation of the organisation’s approach to business continuity in the context of their strategy. A summary Plan of how your recommendations can be implemented to achieve what the Board seeks over a reasonable time period.  
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 corporate social responsibility, ethics and business continuity 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 Corporate Social Responsibility and ethics in risk management systems. 4. Critically appraise the development, implementation and role 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.   Academic report – for the purposes of this assessment, the report should include the following and be written in the 3rd person:   An Executive SummaryTable of ContentsIntroduction with aim and objectives of the reportCritical discussion using the academic literatureConclusionsRecommendationsReferencesBibliographyAppendices  
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.
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.
Instructions for submission:
(hard copy/online/turnitin/number of copies where appropriate) Please upload your work into the Turnitin Dropbox provided on Moodle.   We encourage you to use Turnitin for formative feedback, to this end the Turnitin dropbox is set to allow multiple submissions.   Feedback on your assessment will be available 4 working weeks after the submission deadline.
Word limit/presentation time limit  
Academic Honesty:  
It is your responsibility to ensure that your work conforms to the requirements for academic honesty.  The details below are a brief reminder of what constitutes academic dishonesty/cheating. 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.   Falsification or fabrication of data   This is another form of cheating. If there are doubts about the authenticity of your work, for example the results of a questionnaire, you may be required to provide documentary evidence as proof. Any materials which have been used in the production of your work such as completed questionnaires, letters, computer files, etc., should be retained by you (the student) as evidence until you have received your final award. Staff may wish to review and consider your data set in the light of the work submitted.   Collusion   If two or more students work together, without prior approval, to produce the same piece of work, and then attempt to present this as entirely their own work, or if one student permits another to copy his/her work, it will be considered that an offence has been committed by all concerned.   Please visit the University Website for more details on Academic Regulations http://libguides.rgu.ac.uk/c.php?g=260908&p=1742961   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.
Fit to sit policy:    
Please note the University operates a fit-to-sit policy.  Full details of this can be found in the Fit-to-sit learning experience tab at the top of the module page, or on the following link: https://www.rgu.ac.uk/file/fit-to-sit-policy-2016-17-pdf-445kb Please make sure you are familiar with this policy and if, for any reason, you are unable to submit your assessment on time, you should refer to this policy and seek guidance from the Course Leader.
  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

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