A healthcare equipment company has recently begun developing an enterprise-wide risk management system. It has administered...

A healthcare equipment company has recently begun developing an enterprise-wide risk management system. It has administered a focused questionnaire on a sample of its top risk owners which has produced information on identification and assessment of its risk categories shown in the table below. The information provided includes measures of probability, impact on net income, and exiting control (low, medium, and high) for each risk categories. You are hired to use a methodology to prioritize the identified risks, develop a risk map, and offer risk mitigation strategies only for the top three risks identified (i.e., not the entire list of risks).

Risk Category	Probability	Impact	Control

Geopolitical: government stability/regulation changes	46.25%	-46.24%	L
Legal: product recall/lawsuits	27.50%	-38.760%	L
Financial: low credit ratings/profitability	38.75%	-36.33%	L-M
Cyber Security: data breaches/system failure	33.13%	-64.98%	M
Innovation: competitive mkt position/R&D	33.13%	-48.23%	M
Credit: customer attrition/discount strategy	25.63%	-49.16%	L-M
Operational: supply chain/equipment failure	36.88%	-52.14%	M
Market: interest and exchange rate volatility	57.50%	-38.74%	L
Regulatory: compliance to healthcare regulation	39.38%	-51.44%	L
Climate: carbon tax/consumer expectation	41.89%	-38.58%	L

Expert Solution

ekkarill92 answered 1 year ago

Summarize how implementing Enterprise-Wide Risk Management (ERM) can relate to accountability and profitability.

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