+ 44 20 8144 3706Introduction:
The world has never witnessed such demand of chocolate and chocolate made products which it witnesses today. Globalisation has made it possible for companies to deliver the world class products and services to the doorstep of every desiring individual across the world. A great example of the organisation is Hershey’s. Hershey’s is one of the largest manufacturers of chocolate in the world. Started in 1894, the company serves as one of the leading brands of chocolates and is one of the most reputed organisations’ as well. The company’s headquarters are situated in Pennsylvania, United States and by 2020; the company acquires 17 different plants across the world.
The present report discusses the Enterprise Risk Management strategy of Hershey’s. ERM is one of the leading plan-based strategies used by the organisations across the world in order identify, assess or prepare themselves for interfering risks which they are facing. The strategy does not only help an organisation to identify the occurring or present risks but it also develops a plan of action to ensure proper management within the organisation and helps it to achieve set growth and development (Olson and Wu, 2017). The report starts with identifying the aims of Hershey’s and on what objectives it stands upon.
The report later sheds light on its risk thresholds and develops a risk register table undermining all of these potential risks which the organisation is facing. After this the report identifies the threats or opportunities which these risks can cause and the existing controls put by the organisation on them. At last, the calculation of risk and risk threshold is done and the mitigation actions are developed as per the present risks, along with the concluding remarks.
Aims of the Organisation:
Hershey’s is one of the oldest chocolates producing brand in the world. This makes it important for the organisation to ensure that it is providing its customers with best in class quality products and services. In order to do this the organisation follows different aims and ensures that it is providing its customers with world-class services and best quality products. Below listed are the organisational aims of Hershey’s:
• Bringing happiness to the world from its products: The organisation aims to offer its customers with best quality products. It believes that people across the world, when they buy chocolates or related products, they have an immense desire to enjoy them and gain happiness from their taste. The organisation aims to provide its customers with required happiness and satisfaction by keeping them fulfilled with its served products and services.
• Promoting consumer well-being: Hershey’s keeps its consumers’ well-being its top priority (Yang, Ishtiaq and Anwar, 2018). The company makes sure that all of its products are maintaining the set consumer safety standards and they are not interfering with the health and well-being of its consumers. Hershey’s promote its consumer’s well-being through its products.
• Integrity of supply, wellness and safety at work: The Company aims to maintain a positive work atmosphere to ensure the safety and security of its employees and helping them grow while they work. Along with it, maintaining integrity in supply of its products is what Hershey’s stands upon. It’s the one of the main core values of the organisation to remain honest with its products and services and its employees as well, by maintaining wellness and appropriate supplying standards.
Conclusion:
It is important for any organisation to ensure that the risks are being mitigated and avoided and they are not affecting its processes by any means. Hershey’s is one of the leading companies around the world, and it is important for the organisation to ensure that the present risks are being avoided. The present risks are making it difficult for the organisation to continue its operations, but the taken actions are effective and can change the course of keeping everything under control and managed for the company. It is essential that the company develops and creates such systems where it can achieve set growth and development and can ensure that effective risk management is taking place. Along with it, the set thresholds needs to be thought upon and managed effectively as well to keep everything justified and well-maintained under the present circumstances within the organisation.
Reference:
Books and Journals:
Aven, T. and Thekdi, S., 2019. Enterprise Risk Management: Advances on Its Foundation and Practice. Routledge.
Braumann, E.C., 2018. Analyzing the role of risk awareness in enterprise risk management. Journal of Management Accounting Research. 30(2). pp.241-268.
Brown, J., Duane, M. and Schuermann, T., 2019. What is enterprise risk management? Journal of Risk Management in Financial Institutions. 12(4). pp.311-319.
Carroll, R., 2016. Identifying risks in the realm of enterprise risk management. Journal of healthcare risk management. 35(3). pp.24-30.
Choi, B., Lee, D. and Seamer, M., 2018. Australian enterprise risk management practices and corporate governance.
Fehrenbacher, D., Sutton, S.G. and Weisner, M., 2020. Risk Category and Spatial Distance Effects in Enterprise Risk Management Practice. Available at SSRN 3582288.
Glowka, G., Kallmünzer, A. and Zehrer, A., 2020. Enterprise risk management in small and medium family enterprises: the role of family involvement and CEO tenure. International Entrepreneurship and Management Journal. pp.1-19.
Hansen, M., 2018. Investigating the impact of stakeholder collaboration on industry-wide enterprise risk management: a case study of the US aerial adventure industry (Doctoral dissertation, Manchester Metropolitan University).
Helbekkmo, H., Levy, C. and White, O., 2019. Creating the bank enterprise risk management function of the future. Journal of Risk Management in Financial Institutions. 12(4). pp.297-310.
Jankensgård, H., 2019. A theory of enterprise risk management. Corporate Governance: The International Journal of Business in Society.
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