Question: Using information from your manuals, class discussions, handouts, case studies, current events, and your own research, you are to develop and implement an ERM framework
Using information from your manuals, class discussions, handouts, case studies, current events, and your own research, you are to develop and implement an ERM framework using the following scenario and information. You have been recently hired as the Minister of Enterprise Risk, in the office of the Prime Minister, for your island/territory (based on your domicile) The country's revenue stream is derived from the following: o Energy/Energy industries 40% of its revenue (projected) o 20% from manufacturing/exports o 40% of tourism There are 6 ministries that constitute the government they are: Finance Ministry Health and Safety Ministry Tourism Ministry Energy ministry Environment and Sustainability ministry Social services ministry The IMF has predicted low or negative growth for the next 12 months, crime has increased, geopolitical risks have increased, the population is restless and they have an immigration problem with an influx of citizens from neighboring islands. The hurricane season is predicted to be heavy (but less heavy than last year). The war in Europe is now more than 1 year old and counting, food prices are rising and further supply chain disruptions are expected. You have been asked to develop and submit to Cabinet for approval: A plan to implement an ERM framework that will be used by all ministries and extended to the private sector. Please note: General elections are due in November 2024. The framework must include, (along with other issues you deem important) the following: An outline of a risk-informed strategic plan identifying the government's strategic objectives (based on the above risks/issues identified) An outline of a program to implement a Resilience framework for the government. A methodology to conduct risk identification and assessment based on the information provided above and your identified objectives. A sample risk assessment of a ministry of your choosing An outline of a risk management policy document. An outline disaster risk management plan An outline of a business continuity program (must include disaster risk) Identify the current risk culture stage of the ministry and recommend approaches for Enhancing the risk culture of the ministrys employees A financial risk management plan, to increase revenues and manage debt. A description of the role of technology, as a denominator in treating all of the above.
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