Enterprise Risk Management Framework
Table of Contents
Reasons for company failure. 3
Team roles and responsibilities. 3
Independent Non-executive board member 4
After a rigorous analysis of operations just before the company went down, numerous faults in the operations of the company could be identified. In our opinion, the company could have been saved by a comprehensive enterprise risk management framework. The main causes for the failure seemed to all stem from the absence of a fallback plan and strategy. The specific reasons that could be identified are:
- Unclear risk reporting procedures
- Absence of a financial risk management plan
- Lack of independent monitoring and evaluation of operations
Team roles and responsibilities
Chief Executive Officer
As the chief executive officer of Blockbuster LLC, I am responsible for the overall direction of the company. I coordinate and organise my team in the development of the Enterprise Risk Management Framework. As the CEO, the rest of the team looks up to me for guidance and inspiration which important for purposes of smooth coordination of communications. But despite that, I must ensure that every team member understands the importance of the ERM framework and has the capacity to execute any part of the framework, should they be called upon, without hesitation.
(I.C. JPS 1489)