Chapter 22 explained ERM and JAA Inc. Do you agree with the approach to implement an ERM and why? If you could change anything about the reasons to implement ERM in this case study what would that be and why? Would you implement the same ERM approach in your current organization (or future organization)?To complete this assignment, you must do the following:A) Create a new thread by Thursday. As indicated above, reflect on the ERM implementation in JAA Inc, make recommendations and determine if it can be implemented in your current or future organizations.B) Select AT LEAST 3 other students’ threads and post substantive comments on those threads, evaluating the pros and cons of that student’s recommendations. Your comments should extend the conversation started with the thread. Replies should be completed by Sunday.ALL original posts (4 in total) and comments must be substantive. (I’m looking for about a paragraph – not just “I agree.”)NOTE: These discussions should be informal discussions, NOT research papers. If you MUST directly quote a resource, then cite it properly. However, I would much rather simply read your words.Need the orgininal discussion with 330 words and comments with 100 words.Need the discussion with zero plagarism.
chapter_22_slides.pptx
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ITS 835 ENTERPRISE RISK MANAGEMENT
CHAPTER 22
ERM – JAA INC. –A CASE STUDY IN CREATING VALUE FROM UNCERTAINTY
UNIVERSITY OF CUMBERLANDS
1
INTRODUCTION
Business background
Initial steps
Evolution of Risk Management
Introduction of ISO 31000 and HB 436 to JAA
Bringing everything together
UNIVERSITY OF CUMBERLANDS
2
BUSINESS BACKGROUND
JAA is a clothing wholesaler and retailer
Founded in 1972
Went public in 1998
Three operating segments
U.S. wholesale
U.S. retail
International (wholesale and retail)
57 retail stores in 10 countries
UNIVERSITY OF CUMBERLANDS
3
INITIAL STEPS
Strategic objectives
Maintain market leadership
Sustain technology leadership
Strengthen global presence
Deliver quality service
A leader in compliance with all laws and regulation
UNIVERSITY OF CUMBERLANDS
Establish a governance system
Multiple committees, each with specific responsibilities
4
GOVERNANCE
FRAMEWORK
UNIVERSITY OF CUMBERLANDS
5
EVOLUTION OF RISK MANAGEMENT
Lack of strategic risk management led to many problems
Communication
Missed/lost opportunities
Lack of commitment to objectives
Declining quality
Identified gaps in risk management
Engaged in aggressive internal training
Soft skills
Team building
Management planning
UNIVERSITY OF CUMBERLANDS
6
INTRODUCTIONS OF ISO 31000 AND HB 436
JAA adopted ISO 31000
HB 436 provided extensive implementation guidance
ISO 31000 was basically an upgrade of the framework JAA was already using
ISO 31000 framework formalized JAA’s ERM
Defined organization and process
UNIVERSITY OF CUMBERLANDS
7
USING
CONTEXT FOR
RISK CRITERIA
UNIVERSITY OF CUMBERLANDS
8
BRINGING
EVERYONE
TOGETHER
UNIVERSITY OF CUMBERLANDS
9
RISK MAP
UNIVERSITY OF CUMBERLANDS
10
RISK ATTITUDE
UNIVERSITY OF CUMBERLANDS
11
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