MSc Enterprise Risk Management: Analysis of Toyota's Business Risks

This report provides a detailed analysis of Toyota's enterprise risk management (ERM). It begins by outlining Toyota's organizational objectives, focusing on innovation, sustainability, and customer satisfaction. The report then presents a risk threshold matrix to evaluate the impact and likelihood of various risks. Subsequently, it delves into the core of ERM, identifying and assessing key risks across business and industry, economic and financial markets, and legal, political, and regulatory domains. Each risk is described, along with existing controls, likelihood and impact assessments, and proposed mitigation actions. For instance, the report addresses competitive market pressures, financial vulnerabilities due to currency fluctuations and raw material costs, and the impact of government regulations and legal proceedings. The mitigation strategies encompass improving market responsiveness, focusing on quality and innovation, leveraging digital platforms for marketing, implementing robust data security, finding alternative suppliers, and developing effective legal and regulatory compliance strategies. The report concludes by emphasizing the importance of proactive risk management for Toyota's long-term success.

Running head: ENTERPRISE RISK MANAGEMENT OF TOYOTA
ENTERPRISE RISK MANAGEMENT OF TOYOTA
Name of the Student
Name of the University
Author Note:

1ENTERPRISE RISK MANAGEMENT OF TOYOTA
Table of Contents
Aim of the Organization:.................................................................................................................1
Risk Threshold:................................................................................................................................2
Enterprise Risk Management:..........................................................................................................2
Conclusion:....................................................................................................................................10
Reference:......................................................................................................................................12

2ENTERPRISE RISK MANAGEMENT OF TOYOTA
Aim of the Organization:
Toyota is one of the largest automotive brands across the world which is popularly
known for its best-offered services. The company is primarily is a Japan-based company that is
now ruling the world with its functionalities. After analyzing the operational activities of Toyota
is it noticed that the primary objective of this organization is to offer the best product with high
sustainability, high reliability as well as high-quality products to make sure that they are
improving the economic growth (Hatani 2017). Followed by this identification while analyzing
the mission and vision of this organization it is observed that the organization is very much
interested in improving traditional technologies with the purpose to offer an eco-friendly product
to its customers. Along with this while analyzing the mission statement of Toyota it is noticed
that its mission is to satisfy its customers (Zhou 2019).
Considering the above identifications it is determined that to address the mission and
vision statement of this organization, the company has always focused on the development of an
innovative product that is competitively better than other products and services. The primary
objective of this company is to accomplish long term, stable development synchronization with
the environment, community as well as with the global economy. Apart from the objective of the
organization, it is identified that the objectives of Toyota’s management team are to subsidize
advance development by inventing the best quality product and services (Roberts and Kuofie
2020).
Considering these aspects it can be stated that innovation and sustainability is the primary
objective of this organization.

3ENTERPRISE RISK MANAGEMENT OF TOYOTA
Risk Threshold:
Impact
Probability
Trivia(1) Minor(2) Moderate(3) Major(4) Extreme(5)
Rare
(1)
Unlikely
(2) 3
Moderate
(3) 4,5
Likely
(4) 2 1
Very
Likely (5)
Low Medium High
Enterprise Risk Management:
After analyzing the operational activities of Toyota it identified that apart from the
offered benefits by the organization, Toyota has several operational limitations too which
influences the work effectiveness of the organization. Making allowance to this concern in the
below section the significant risk present in the organization is described with effective
mitigation approaches that will help to eliminate the impact of those identified risk.

4ENTERPRISE RISK MANAGEMENT OF TOYOTA
Risk Number Risk Description Existing Controls
Likelihood
Impact
Risk Rating Mitigation actions
1. Business and industry risk
consists of the followings:-
The competitive automotive
market is one of the major
threats as across the world
several automotive
organizations are trying to
capture the market of
Toyota. While analyzing
this aspect it is identified
that product quality,
features of the product,
reliability, fuel
consumption, pricing as
well as customer services
are the key aspects that are
very essential to be
competitive in the market
(Nunes, Bennett and Shaw
2016).
Considering the mission
statement of Toyota it is
noticed that customer
satisfaction is the key
objective of Toyota
however, always meeting
the customer demand is
becoming very much
challenging for the
company as over time the
demand of the customers
are increasing and being
an automotive
manufacturing company it
is very critical to always
come up with an
innovative product
(Fujimoto et al., 2019).
Along with this for a
company like Toyota, it is
While analyzing the
impact of the
identified threats it
is noticed that the
organization has
primarily focused on
the development of
innovative products
which will consist of
several effective
features to assist the
user. Along with this
aspect, it is noticed
that since the
organization has
primarily focused on
its customer
satisfaction by
developing
advanced
technology
incorporated
products, the
organization does
not focus on the
prices and other
essential aspects due
to which the
competitor’s threats
are increasing
(Monden 2019).
Apart from this,
Toyota does not
consist of any
effective regulations
to protect their
customer data.
4 5 3 Followed by a thorough analysis
of the identified threats it is
noticed that it is very essential for
Toyota to mitigate these
limitations with the purpose to
gain competitive advantages over
other automotive industries
across the world.
 To mitigate the identified the
business threat caused by
competitors it will be very
effective for the organization
to improve their ability to
capture the rapidly changing
automotive market by using
analytical skills as this will
result success for their business
(Madakam, Holmukhe and
Tripathi 2018).
 To meet the customer demand
it is very essential for Toyota
to always come up with
advance products however, it
is very difficult to always meet
the customer expectation thus,
rather than focusing on aspect
to meet the customer
expectation the organization
should focus on their quality
and innovation.
 To mitigate the business issues
caused by less effective
marketing strategies it is very
essential to use the information
technology network and digital
platform of Toyota which will
provide detailed information
about its services to the
customers. This will help to
spread the brand awareness

5ENTERPRISE RISK MANAGEMENT OF TOYOTA
very essential to maintain
its brand image to be
competitive in this
automotive market. While
analyzing this concern it is
observed that the
strategies of Toyota are
not effective in
maintaining their brand
image which is impacting
the business revenue
(Betancourt, Mooney and
Ross 2018).
Since the organization
exports its raw materials
from external supplier
thus, it is identified that
the organization faces
several limitations like the
delay in receiving raw
materials which may
significantly impact the
productivity of the
organization (Liu and
Meng 2017).
While analyzing the product
design of Toyota it is noticed
that their product consists of
several digital technologies
that are managed by any third
party which is one of the
major limitations of Toyota as
this may harm the privacy of
their customers.
among the customers. Due to
the adoption of this it can be
assumed that Toyota will
achieve the competitive
advantages over other
automotive industries.
It is recommended to Toyota that
they should implement effective
data security techniques as the
user data to Toyota is always
handled by a third party for which
data security threat can be
developed. Along with this to
collect the user data the
organization should seek
permission from their customers
2. Economic and financial
market risks present in the
organizational infrastructure
of Toyota is very much
harmful for their business
growth as well as for their
financial status. Considering
this aspects followings are the
identified financial threats of
Toyota:
 After looking at Toyota's
company operations, it was
After analysing the
financial markets
and economic status
of this organization,
it was found that this
organization has not
yet implemented any
effective strategy for
this organization that
could enhance the
current situation.
But it has been
4 4 4 After considering the risks of this
organization and analysing the
current strategies of this
organization, it was found that
there is a huge necessity to
implement effective strategies
that will help Toyota to improve
their financial and economic
market.
 Since it is known that one of the
major problems with the
organization is the currency

6ENTERPRISE RISK MANAGEMENT OF TOYOTA
revealed that the risk of the
transaction was one of the
major risks of the
organization which halted
the growth of the
organization. When the
issue was taken into
account, it was found that
all the products of the
Toyota Company were
traded in foreign currency,
which greatly changed the
price of these products. So
it can be said that if Toyota
does not select a standard
currency then their
business could face huge
financial fall (Majid 2017).
 Since it has been said
earlier that Toyota brings
all its material from the
outside, it is identified that
the price of Toyota’s raw
materials is high and it is
impacting the productivity
of this organization very
badly, which could harm
Toyota's future income as
well (Alshehri 2016).
 After analyzing the above
weaknesses, it can be said
that if Toyota's financial
market goes down, then
this company's capital will
suffer a major blow that
will ruin the company's
business. Because it has
been observed that since
Toyota brings their
material from outside, it is
recognized that Toyota gets
those materials from them
but with a higher price
because the suppliers
knows that Toyota cannot
go somewhere else. So the
found that Toyota
has used derivative
financial instruments
to reduce its interest
rate and to improve
production.
However, this
organization is still
facing problems like
an increasing rate of
interest and
instability in its
currency exchange
procedure. Apart
from these, when
considering the
process of
purchasing raw
material, it was
understood that this
company is buying a
lot of material at a
much higher price
from an outside
supplier, despite
knowing that they
are buying these
materials at very
high prices (Olson
and Wu 2017).
exchange schedule and high-
interest rate of this organization,
thus it can be said that it is very
important to reduce the risk of
this organization by setting a
standard currency for the
transactional operations of this
company.
 Apart from this problem, it has
been found that since this
company buys things from
external supplier at a higher
price, their financial status gets
impacted. Thus, it is
recommended to Toyota that
they should find another
supplier who will supply them
at much lower prices. And in
addition to the external
suppliers, Toyota should find
local suppliers as well because
many times it may be that the
delay in delivery of the external
supplier could reduce the
productivity of the organization
(Prasetyo et al., 2019).
 When the capital importance of
this company was considered
after the above considerations,
it was understood that if this
company reduces its material
and productivity cost then its
capital may increase.
Thus, it is recommended that
Toyota must opt for local
suppliers. Along with this
Toyota should partner with
many suppliers as it will help
them buy materials at lower
prices (Lam 2017).

7ENTERPRISE RISK MANAGEMENT OF TOYOTA
company has to buy a lot of
these materials with high
price for which their
business capital is falling
(Majid et al., 2019).
3. After a strategic analysis of
the Toyota Organization's
operations, it was found that
legal, political as well as
regulatory risk holds a major
impact on the business growth
of Toyota.
 Along with the above
considerations it has been
noticed that for the
automotive industry, there
are many government
regulations which impacts
the business of this
organization by restricting
its growth. When
considering this matter, it is
understood that the
government has many
regulations on such a large
automotive industry by
demanding the safety of
their users and privacy of its
user data. Moreover, as the
Government Regulations are
changing day by day due to
which Toyota might face
significant limitations to
modify their existing
products (Choi et al., 2016).
 In addition to the
Government Regulations,
there is a significant threat
of legal proceedings present
which impacts the business
growth of the nominated
organization. While
analysing this aspect it is
noticed that due various
issues the company may
face legal proceedings.
Followed by these
considerations it is
identified that
Toyota has already
incorporated several
strategies that is
helping the
organization to
protect its business
growth from
political, legal and
regulatory threats,
however those
policies are not
effective. Since it is
noticed that
automotive industry
like Toyota has
several limitations
related to customers
safety thus, it can
stated that this
organization needs
to incorporate such
policies that will
protect the user and
the information of
those users however
this organization
does not includes
such policies
(Ahmed and Manab
2016). Along with
this consideration it
is identified that
Toyota does not
consist any legal
proceeding handling
team into its
organizational
infrastructure due to
2 3 2 Considering the fact that the
nominated organization has
several limitations related to
government regulations, legal
proceedings and political aspect it
is very essential to mitigate this
threats with effective strategies.
Thus, in the recommended
strategy to mitigate these threats
are mentioned in the section
below:
 As it is mentioned that the
organization does not follow
government regulations, it is
thus recommended to the
organization to develop an
effective team which make
sure the organizational
operations are being performed
by following the government
regulation. Followed by these
recommendations it is also
recommended to the
organization to improve the
adaptability of their products
which will help them to
effectively modify their
products as per government
legislations (Idris 2017).
 Along with this it is also very
essential for Toyota to improve
the legal proceeding
department of the organization
as this will help to effectively
handle the legal proceedings.

8ENTERPRISE RISK MANAGEMENT OF TOYOTA
Thus, it is very essential to
minimize this risk with
effective control (Kim, Baek
and Lim 2017).
which the
organization may
not be able to
effectively handle
the legal issues.
Followed by the
above analysis it can
be stated that it is
very essential for
Toyota to implement
effective strategies
that will help to
mitigate these
threats which is
impacting the
operations of the
nominated
organization (Ito
2019).
4. Information Security Risk-
is one of the major security
threat present in the operation
of Toyota since, in order to
sale their vehicles in finances
Toyota gathers several
information of their
customers worldwide. Those
information consists of the
age of the customer, address
of the customer, social
security of the customer,
financial data of the customer
as well as other confidential
data of their customers (Klets
et al., 2018). Hence, it is very
essential for the company to
protect their customer data by
using effective Technologies.
However while analysing the
information security
processes of the nominated
Organization it is recognized
that the website of the
organization is very
Followed by the
previous discussion
while analysing the
current information
systems of Toyota it
is identified that
Toyota gathers large
set of data from their
customers and
manages those data
with the
conventional
information
management system.
Due to which
Toyota faces several
limitations while
analysing those
information as well
as the management
of those data
becomes very
difficult. The
organizational
infrastructure of
3 4 3 While analysing these concern it
is recommended to the
organization that in order to
mitigate the identified limitations
the application of Informatica's
Power Mart will be very
effective in managing the
organizational infrastructure.
Followed by this analysis it is
noticed that the effectiveness of
the identified platform will help
the organization to reduce their
IT investment cost as well as by
increasing the business values of
Toyota by managing their
information assets. The
recommended software consists
of two major parts which include
data mining and data
warehousing:
Data mining- is one of the most
effective solutions for recognized
problems as it is identify that the
primary objective of this
organization is to satisfy their

9ENTERPRISE RISK MANAGEMENT OF TOYOTA
vulnerable which may attack
several incident of data
breach (Zheng et al., 2016).
Along with the above
consideration it is identified
that the technologies
incorporated into the Toyota
products gathers several
customer data which needs to
be protected with advance
security technologies as these
data may consist numerous
confidential data of its users.
While analysing this aspect it
is observed that digital
devices incorporated into the
Toyota products does not
have effective security
controls that can protect the
user data as the gathered
information is handled by
third parties.
Apart from the above identify
the risks it is noticed that in
the operational infrastructure
of Toyota there are several
other information security
threats which includes the
privacy concern of employ
data. While analysing this
aspect it is identified that the
database server of Toyota
consists of their employee’s
information too (ZHANG
2019). However, due to the
vulnerable nature of
organizational database there
is significant threat of data
breaches.
Toyota consists of
various systems
which includes
Toyota production
system, ERP system
as well as customer
information
management system
(Moore et al., 2018).
While analysing the
services of these
information systems
is identified that due
to the poor quality of
information the
effectiveness of
these information
systems gets
impacted.
Hence after
analysing these
concerns it can be
stated that there is a
huge necessity to
mitigate the
identified limitations
with effective
strategies (Garbelli
2016).
customers thus, it can be stated
that the application of data
mining will be very effective
since, it will convert the
organizational infrastructure into
a customer centric enterprise.
This will surely help Toyota to
manage their organizational data
assets.
Data warehousing- is also one of
the most effective solutions as
this will help the organization to
securely store their data assets.
By using the application of data
warehousing Toyota will be able
to centralize their database due to
which they will make sure that
there is no repetition of same
data.
After completion of the earth
discussion it can be stated that the
application of the new
information system will definitely
help to maintain their data quality
with maximum effectiveness.

10ENTERPRISE RISK MANAGEMENT OF TOYOTA
5. Environment Risk- is also
one of the most harmful
enterprise risks that impact
the services of the
organization.
 While analyzing the
environmental risk it is
identified that being a
Japan-based organization
there are several
environmental risks present
in the infrastructure of the
Toyota manufacturing
industry which includes
natural disasters like
floods, earthquakes as well
as the rapid change of
climates. While analyzing
these concern it is
identified that due to the
occurrence of these threats
the business infrastructure
of Toyota will get
significantly harmed.
Along with this
identification after a
thorough analysis of threats
it is recognized that due to
Rapid change of climate,
biodiversity and water
resources the government
regulations are also
changing that is increasing
the regulatory cost of
Toyota (Du Plessis 2017).
 Followed by this
identification it is noticed
that due to lack of safety
equipment and disaster
recovery plan the business
of Toyota faces several
limitations of which
significant impact is
business growth of the
Being an
environment-
friendly organization
Toyota has always
opted for developing
vehicles that will
have a lesser impact
on the environment.
Followed by this
consideration it is
identified that the
last innovation of
Toyota was to
reduce the diesel
emission of their
vehicles in order to
reduce their
environmental
impact
(Ramachandran et
al., 2017).
However, currently,
the organization has
effectively shown
their interest in
developing such
Technologies or
vehicles that will
have the capabilities
to emit less carbon.
Hence from the
identification, it can
be stated that if the
organization is able
to develop such
Technology it will
be very innovative
for the world as well
as for the business
growth of Toyota.
3 4 3 After analyzing the
environmental impact as well as
the opportunities of Toyota in the
below section several
recommendations are mentioned
which will help to address the
business goals of Toyota:
 As it is identified add into the
company infrastructure of
Toyota there is a threat of
natural disasters it can be
stated that the adoption of an
effective disaster recovery plan
will help Toyota to eliminate
the impact of those natural
disasters and to continue their
business process (Toyota
2020).
 Along with the above-
recommended strategies it is
also suggested to the
organization to use renewable
power resources to generate
power for their vehicles which
will help to reduce the carbon
emission rate of those
vehicles.
 In order to develop a vehicle
with low water consumption, it
will be very effective for the
organization Toyota to develop
rainwater collection
technology as well as water
purification technology.
These recommendations will help
Toyota to address the identified
business goals.

11ENTERPRISE RISK MANAGEMENT OF TOYOTA
company (Toyota 2020).
 Apart from these
identifications, it is noticed
that Toyota has an
approach to develop such a
vehicle whose carbon
emission rate will be zero.
 Since Toyota is an
environmentally friendly
organization, the
organization has taken the
challenge to reduce water
usage with the purpose to
reduce the wastage of
water (Toyota 2020).
Hence it can be stated that to
reduce the environmental risk
of Toyota organization is very
essential to address the above-
mentioned aspects with
effective strategies.
Conclusion:
After completion of this study, it can be stated that this paper has effectively analysed the
operational activities of Toyota organization from which the objectives, mission, and vision of
the organization have been identified. While analysing the mission and vision of Toyota
organization it is identified that the primary objective of this organization is to satisfy their
customer with the best quality of services. Followed by these identifications a thorough
investigation has been conducted on the organizational infrastructure of Toyota, with the purpose
to determine threats that are impacting the business growth of the nominated organization. After
completion of this investigation, it is identified that there are several limitations present in the
working infrastructure of Toyota, which includes the automotive business and industry risk,
financial and economic market risk, political, legal as well as regulatory compliance risk. Along

12ENTERPRISE RISK MANAGEMENT OF TOYOTA
with these identified risk, there are several other risks too which includes information security
risk and environmental risks.
Followed by the above identification this study has also discuss the existing controls
which are present in the infrastructure of Toyota organization. During the investigation, it is
identified that the organization has several policies that have effectively supported the business
growth however those policies have several vulnerabilities too. Considering these aspects an
enterprise risk management framework has been developed in the study which consists of
detailed elaboration of the risk as well as the mitigation approaches. The enterprise risk
management framework also consists of a detailed overview of the impact and likelihood of the
identified risk as well which will help to understand the influence of those risks on the business
infrastructure of Toyota. Thus, after completion of this paper it can be stated that a detailed
analysis of the study will help to get depth information about the operations, limitations as well
as the mitigation strategies of Toyota.

13ENTERPRISE RISK MANAGEMENT OF TOYOTA
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