Enterprise Risk Management : Assignment

Added on - 21 Jul 2020

  • 16

    pages

  • 4765

    words

  • 9

    views

  • 0

    downloads

Showing pages 1 to 4 of 16 pages
ENTERPRISE RISK MANAGEMENT
Table of ContentsINTRODUCTION....................................................................................................................3Introduction to the organization...............................................................................................................................................................................3Aim of the organization............................................................................................................................................................................................4Risk management practices that can be adopted by Marks and Spencer.................................................................................................................4Threats and opportunities available to organization.................................................................................................................................................6Risk thresholds and register.....................................................................................................................................................................................7Opportunity............................................................................................................................................................................................................14CONCLUSION.......................................................................................................................14REFERENCES.......................................................................................................................16
INTRODUCTIONMeasurement of risk is an important aspect that is to be judged by each and every company so that mitigation strategy can be decided bythe management accordingly. In order to measure the risk, the most important step involved in it is assessment of risk that can be faced by theorganization during its functioning. Marks and Spencer, being one of the prominent retailing brand in UK can also face various challenges thatare required to be mitigated with the help of mitigation strategies to be adopted by the organization in order to combat the assessed risk. Thereport makes rigorous discussion regarding risk register and various ranking that is to be used in order to reach to the matrix.Introduction to the organizationMarks and Spencer is one of the major British multinational retailer which is headquartered in City of Westminster, London. Thecompany have been able to list itself on London Stock Exchange and is a core constituent of FTSE index. The entity specialises in selling homeproducts, clothes and other luxury food products to its customers. Marks and Spencer have been able to set up around 979 stores across UKinclusive of around 615 stores exclusively meant for selling food products. The organization has been able to make its reputation in the early 20thcentury (Brindley, 2017). It has been able to build its policy where it is only selling British produced goods. To fulfil the requirements, it hasalso entered into long term relationship with British manufacturers and has been able to sell these clothes under the brand name “St Michael”,which was introduced by M&S in 1928.Marks and Spencer have also been able to expand itself worldwide by introducing its stores in various countries, inclusive of Canada,India, America etc. The company is committed to make every movement special for their customers by extended quality products to itscustomers. The food business of the organization is responsible to generate 60% of the total revenue which the organization is able to generatethrough all the departments (Franks and et.al., 2014). It has always been able to present uniquely and creatively on all occasions which takesplace round the year.
The company sells its clothing specific range all around the stores in the world through 343 full line stores. The stores are across Europe,Asia and Middle east countries. It is also putting its footsteps through its online presence as well (Aven, 2012). It has also been able to launchenvironmental friendly products as to grab the eye balls of customers at a large extent.Aim of the organizationThe main aim of Marks and Spencer is to provide unique, special and quality products to its customers. Moreover, another aim is toexpand its customers to the countries where the company does not hold its presence currently. It is involved in strategic review of itsinternational presence the based on the positive and negative review received, it decides whether to indulge in joint venture or franchise. M&Splans its agenda every year and try to achieve the same at the end of the year.The main aim of the organization to ladder towards financial success and stability in the market to which it belongs. In that case themanagers are appointed to perform this function so the expected budget matched with the actual one. The company have been able to launch itsonline platform in February 2014 which acts as 24 / 7 window for its customers by offering products and clothing range. Since, the customer’shabit for shopping has been evolving with time. Hence, in this case, the strategies are changed and renewed to fulfil the requirements of thecustomers.By following its strategies and strong mission and vision to present something new, it has been able to generate £ 10622 millionin 2017which was £10555.4 in 2016. The aim of the company is to give special moments to its customers through high quality of products and servicesthrough its 1433 stores worldwide and online. It has helped the organization to become biggest clothing retailer by value in UK (Covello andMerkhoher, 2013). It mainly focuses upon contemporary styles and wardrobe essentials which has made the organization a market leader forwomen’s wear and men’s wear. Marks and Spencer work solely on the mission statement, which is:“Aspirational quality accessible to all”Risk management practices that can be adopted by Marks and SpencerRisk management practices is one of the important aspect that is to be adopted by the organization It helps in ascertaining the risk beforehand and help in deciding and ascertaining mitigation strategies that can be adopted by the organization. In other words, risk management
desklib-logo
You’re reading a preview
card-image

To View Complete Document

Become a Desklib Library Member.
Subscribe to our plans

Download This Document