Strategic Risk Management at the LEGO Group
Read Chapter 6, Strategic Risk Management at the LEGO Group, starting on page 93 (WHICH I HAVE ATTACHED). Review the corporate culture and solutions and history of LEGO Group again. Then answer the questions below and submit your answered document to this dropbox.
- What are the advantages of integrating ERM with strategy and strategy execution as described in this case?
- How does scenario analysis as described in this case help an organization to prepare for uncertainties?
- What are the advantages of using the PAPA model to categorize risks?
- How would you describe the “Strategic Risk Management Return on Investment” at LEGO?
Details – Individual assignment only. Do not confer with other students.
- Apply critical thinking and the learning from the major objectives of this week’s material.
- Formal writing and all APA formats are required. (In 3 -5 pages not including title page, in-text citations and reference page. Please use an introduction, conclusion and headings) (See: Purdue OWL APA writing guidelines)
- You MUST include a minimum of one quality SPC online library source to support your ideas as well as your textbook. Also, be sure to cite your textbook within your work and in the reference page.
- Submit a MS Word document (*.docx).
Answer preview
According to Mark & Hans (2012), strategic risk management refers to identifying, assessing and managing risks which affect the company’s strategic goals, objectives and strategy implementation. Just like any other business, LEGO is exposed to many risks especially in the process of developing and executing business strategy. According to Mark, & Hans, (February 2012), LEGO Group has devoted its energy to formulating leading practices in the process risk management integration. To understand the LEGO strategic group strategic risk management, it’s essential to fathom the company strategy.” The company mission y is to “inspire and develop builders of tomorrow,” and its vision is “investing in the future if play.” To accomplish its mission and vision, the company uses the growth strategy and innovation strategy (Mark, & Hans, February 2012). The…
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