ERM at Mars-Incorporated-ERM for Strategy and Operations

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Reference no: EM133194573 , Length: 10 Slides

Assignment - ERM at Mars, Incorporated: ERM for Strategy and Operations

ABC Organization is considering implementing an Enterprise Risk Management program. Someone on the board became aware of Mars, Incorporated's Enterprise Risk Management (ERM) program case study.

As with any ERM program, Mars' program has continued to evolve since 2012.

Mars' ERM program began with the company's inception by Forrest Mars. Historically, the leadership at Mars had a serious commitment to risk management. ERM represented one natural evolution from these practices. In conjunction with the transition to nonfamily management in the early 2000s, the corporation established challenging growth, earnings, and cost targets. In order to achieve these objectives, the company undertook several key initiatives to ensure the achievement of these objectives. ERM became one of these. Most of the major improvements in the evolution of this program resulted from working with these individuals to address the needs of their business units. By identifying these players' involvement in the early stages of the program and their subsequent roles, the case study reader should gain an understanding of the importance of and the need to cultivate relationships with these early adopters.

As risk manager you are responsible for ensuring your organization minimizes its risks. Your board became aware of this case study and has asked you to create a presentation for the next board meeting where you will present information about this case study and the effects of implementing an ERM program at Mars.

In the presentation, address the following:

1. What represents the key success factors of the ERM program?

2. What improvements would you make?

3. Does this represent an effective risk management program? If not, what is missing? (Support your response with details from the case study and properly cited references.)

4. Would this program work for a publicly traded corporation of similar size?

5. How important do you view alignment and accountability among a management team?

Reference no: EM133194573

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