Implementing Enterprise Risk Management: Case Studies And Best Practices

Text book:  Fraser, J., Simkins, B., & Narvaez, K. (2014). Implementing enterprise risk management: Case studies and best practices. John Wiley & Sons
Chapter 22,  JAA Inc.—A Case Study in Creating Value from Uncertainty: Best Practices in Managing Risk
This case has several important learning objectives:

• To study the importance of the communication process to the overall success of a company’s business objectives
• To understand the relationship of strategic objectives, context, stakeholders, and risk criteria and how these play a critical role in the overall effectiveness of risk management
• To understand the changing role for internal and external audit and the demands that are being placed on both groups to step up to the plate
• To understand the role of the board and its various committees in a company’s overall effectiveness of risk management
• To understand the key organizations and materials from around the globe that are playing a profound thought leadership role in risk management to further enhance education/thinking in this field

Please create a  discussion with the following:

1. What is your opinion of the risk (event) identification techniques in place at JAA? How do you think that the company evolved to using such techniques?
2. Why is it important that risk criteria be created as per JAA? Do you think it is possible for any reasonable risk treatment plan to be in place without the creation of such criteria?
   Minimun 450 words