2 pages 24 hrs due attach report What represents the key success factors of the ERM program at Mars Incorporated? What improvements would you make? To complete this assignment, you must do the following: A) Create a new thread. As indicated above, describe in what ways the two organization’s approaches to ERM are similar. Also, explain how they differ. Choose one aspect of each ERM implementation from which the other organization would benefit and explain why. B) Select AT LEAST 3 other students’ threads and post substantive comments on those threads, evaluating the pros and cons of that student’s recommendations. Your comments should extend the conversation started with the thread. ALL original posts and comments must be substantive. (I’m looking for about a paragraph – not just “I agree.”) NOTE: These discussions should be informal discussions, NOT research papers. If you MUST directly quote a resource, then cite it properly. However, I would much rather simply read your words.

The key success factors of the Enterprise Risk Management (ERM) program at Mars Incorporated can be attributed to several factors. Firstly, Mars Incorporated has a strong commitment to risk management at all levels of the organization. This commitment is reflected in the company’s risk management culture, which emphasizes the importance of identifying and managing risks across all business functions. This culture is further supported by a comprehensive risk governance framework, which provides clear roles, responsibilities, and accountability for managing risk.

Secondly, Mars Incorporated has implemented a robust risk assessment process as part of its ERM program. This process involves identifying and assessing risks at both the strategic and operational levels of the organization. The risk assessment process is supported by a range of tools and methodologies, including scenario analysis and risk modeling. These tools enable the company to identify and prioritize risks based on their potential impact and likelihood.

Another key success factor of Mars Incorporated’s ERM program is the integration of risk management into the company’s decision-making processes. Risk analysis is conducted as part of the company’s strategic planning process, helping to ensure that risks are considered in the development of business strategies and plans. Additionally, risk management is integrated into the company’s project management processes, enabling risks to be identified and managed throughout the project lifecycle.

Furthermore, the ERM program at Mars Incorporated benefits from strong senior leadership support. The company’s senior executives are actively involved in the risk management process, including setting risk appetites and tolerances, and providing oversight of the ERM program. This support helps to create a risk-aware culture and ensures that risk management is given the necessary resources and attention.

Moreover, the ERM program at Mars Incorporated is supported by a comprehensive risk monitoring and reporting system. This system enables the company to track and report on key risk indicators, allowing management to proactively identify emerging risks and take appropriate action. The risk monitoring and reporting system also provides regular updates to the company’s board of directors and other stakeholders, promoting transparency and accountability.

In terms of improvements, one area that Mars Incorporated could consider is enhancing the integration of risk management into its performance management processes. While the company has integrated risk analysis into its strategic and project management processes, there could be further opportunities to link risk management to individual performance objectives and compensation. This would help to reinforce the importance of risk management at all levels of the organization and provide a clearer alignment between risk management and business performance.

Overall, the key success factors of the ERM program at Mars Incorporated include a strong commitment to risk management, a robust risk assessment process, integration of risk management into decision-making processes, senior leadership support, and a comprehensive risk monitoring and reporting system. By further enhancing the integration of risk management into its performance management processes, Mars Incorporated can continue to strengthen its ERM program and drive even greater value from effective risk management.

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