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Read Chapter 6, Strategic Risk Management at the LEGO Group, starting on page 93. Review the corporate culture and solutions and history of LEGO Group again. Then answer the questions below and submit...

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Read Chapter 6, Strategic Risk Management at the LEGO Group, starting on page 93. Review the corporate culture and solutions and history of LEGO Group again. Then answer the questions below and submit your answered document to this dropbox.

  1. What are the advantages of integrating ERM with strategy and strategy execution as described in this case?
  2. How does scenario analysis as described in this case help an organization to prepare for uncertainties?
  3. What are the advantages of using the PAPA model to categorize risks?
  4. How would you describe the “Strategic Risk Management Return on Investment” at LEGO?

Details - Individual assignment only. Do not confer with other students.

  • Apply critical thinking and the learning from the major objectives of this week’s material.
  • Formal writing and all APA formats are required. (In 3 -5 pages not including title page, in-text citations and reference page. Please use an introduction, conclusion and headings) (See: Purdue OWL APA writing guidelines)
  • You MUST include a minimum of one quality SPC online library source to support your ideas as well as your textbook. Also, be sure tociteyour textbook within your work and in the reference page.
  • Submit a MS Word document (*.docx).
Answered 3 days AfterMar 14, 2022

Solution

Deblina answered on Mar 18 2022
68 Votes
Strategic Risk Management at the LEGO Group         2
STRATEGIC RISK MANAGEMENT AT THE LEGO GROUP
Table of Contents
Respond to the Questions    3
Question 1    3
Question 2    3
Question 3    4
Question 4    5
References    6
Respond to the Questions
Question 1
Enterprise risk management has been a subjective and qualitative context that deals with the risks which occur because of dynamic and short-term aspects. Therefore, for successful means, it is significant to integrate the strategic aspects with these elements in the way in which business is managed. The area that should be focused on includes improvising the identification of opportunities and the sets that are represented by the risk which are identified in the enterprise risk management process. Moreover, integration of the enterprise risk management and strategy allows the organization to develop new strategic directions and initiatives that can effectively add value to the company.
Question 2
The key benefit of analysing the scenario is that it gives the companies an advantageous position to manage the discs more proactively by analysing the impact of potential events and situations that can take place in the organization because of the present scenario. Given the uncertainty, it is obvious that the long-term path is enabled for the organization. And so, it is effective to recognize and identify a range of potential outcomes that is possible and are subject to unforeseen events and random occu
ences. In the dynamic business environment, it is because of the external environment that drives organizational change to manage the uncertainty by effective scenario analysis (Vike et al., 2022). The forecasting practices depending upon the scenario...
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