Enterprise Risk Management Assignment - DuPont
Added on 2020-01-28
16 Pages4824 Words70 Views
Economics
|
|
|
ENTERPRISE RISK MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1a) Aims and objectives of DuPont .............................................................................................1b) Problems encountered by the organisation in past..................................................................2c) Problems faced by other organizations in the same sector encountered in the past...............3d) Regulations applicable to the organisation and sector............................................................4e) Potential opportunities that enhance the company performance............................................5f) Identifying, assessing and scoring each risk of threats and opportunities ..............................5g) Defining the acceptable risk threshold..................................................................................11h) Identifying mitigation actions for risk which are stated ......................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONEnterprise risk management can be defined as a process which involve different methodsand processes used by venture in order to manage their risks and seize different opportunities forachieving their different aims and objectives. Further, it also provides framework for riskmanagement which involves identification of events which are relevant to organizationobjectives, assessing them in terms of their likelihood, determining response strategy for sameand monitoring process effectively (Lam, 2014). The organization undertaken for the presentstudy is DuPont which is world's fourth largest chemical company based on marketcapitalization. Cited firm mainly deal in gun powder along with different other products likeCorian, Kapton, Mylar, Nylon, etc.Further, this present document will discuss various difficulties which organization haveencountered in past and also the problems which venture is facing in current time period. Thispresent report will also showcase opportunities and threats which organization is facing anddifferent mitigation taken in order to solve them.a) Aims and objectives of DuPont DuPont is America's conglomerate company which was established in 1802 forproducing gunpowder (McNeil, 2013). Cited firm is considered in top 5 chemical companies andis at eighth position in terms of revenue. DuPont in the 19th century has become the largestsupplier of gunpowder to United States Military, Union Army and American Civil War. Aimsand objectives of cited enterprise has been discussed down under:Vision- Organization vision is to lead with examples within the sector in which they areoperating. Cited firm also focusing in contributing to economic growth throughpracticing best of the business activities so that do not influence the environment. Citedfirm vision is to improve their operational footprint and give their best of the efforts inorder to enhance the global food security. Apart from it, food Security is also in the heartof company's priorities. Lastly, with continuous focus on improving carbon footprint,organization has set new goals and objectives in emissions, water use and also for wasteproducts.Mission: DuPont mission is to satisfy their customer’s needs in better way so that theyproduce the best quality of products/services so that they become potential and loyalcustomers of firm (Hoyt and Liebenberg, 2011). Moreover, cited firm develops1
exceptional values for their clients as well as for investors so that they contribute more ofthe wealth in expansion of firm. Apart from it, employees are the base of their successand mentioned organization focuses on implementing best of the practice in order retainthem and give maximum satisfaction. Further, mentioned company is also giving theirbest in different CSR activities like helping farmers, promoting food security anddifferent other health and other activities (Wu and Olson, 2015). Further, their mission isto get ahead of their major competitors who are working within the same industry.b) Problems encountered by the organisation in pastDespite being the fourth largest chemical company in the world, Dupont faces manychanges in different aspects such as competition policy, environmental issues, occupationalhealth and safety, labour matters and human rights and discrimination issues.Competition policy: With respect to the sale of various explosives and related products companyhas many challenges and problems due of charges of antitrust violations made. Further, it wastargeted with the charges of making illegal connections with controlling interests in organisationssuch as general motors.Climate issues: There are many issues faced by the company in the environmental context.Extreme fatality of some product produced by DuPont such as gunpowder has increased thefrequency of explosions many times in the past (Chapman, 2011). In that respect, conveyancewas ban at some towns. Further, the production of products such as freon was curtailed due totheir significant harmful impact on atmosphere as it contributes in ozone depletion.Health and safety at work place: The given organisation has faced slew of problems in regard tooccupational health and safety. Fir instance, the death of few workers occurred at the time ofproduction of tetra-ethyl lead. Further, the manufacturing of certain products has endangered theheath of workers causing them life threatening diseases.Employees issues: Labour issues have been the major concern for the organisation as it wasmany times driven by anti union forces and labour movements (Driver and Bernard, 2012).Many unions join hands to strike against the working of the organisation.Human rights and discrimination issues: The company Du Pont has faced the strong oppositionfrom the activist working for the safety of human rights and against the discrimination on anygrounds.2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Regaining Lost Goodwill through New Policies and Infrastructurelg...
|20
|5893
|171
Business Strategy [pic] INTRODUCTIONlg...
|22
|6200
|420
Strategies for Effective Risk Management in an International Banklg...
|19
|3794
|72
Importance of Strategic Human Resource Management - Deskliblg...
|11
|960
|317
Business Strategy TABLE OF CONTENTSlg...
|13
|4270
|143
Entrepreneurship and Business Development: A Case Study of Beauty Organic Hub in Londonlg...
|14
|3910
|225