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Abstract
This paper provides an in-analysis of the application of two different models on the applicable
risk in the business proceedings of United Grain Growers (UGG). The different risks within the
business operations of the company are analyzed in detail and evaluated based on their impact
factors. A further extensive risk analysis (LI, FAN, QING & LIU, 2009) is performed on the
risks and their scales are defined to establish risks on the basis of their operational applicability.
Furthermore, the evaluation is done using the PAPA model (Nilsson, Martinez & Hjelm, 2004)
which lays down a detailed breakdown of the workings of UGG. The model offers a module by
module look at the different avenues of Privacy, Accessibility, Property, and Accuracy. These
allow the drawing of a comprehensive case for the evaluation and applicability of all the risks in
play pertaining to the scenario of the case study. Further evaluation is also conducted on the
basis of the different scenarios applicable in the context of the case. The feasibility of application
ENTERPRISE RISK MANAGEMENT ANALYSIS
of Monte Carlo Simulation is also evaluated to be thoroughly aware of the different possibilities
in the context of the case and conclusive distinction is established for clarity.
Strategic Objectives
The major objective through the course of the risk analysis is the identification of
applicable risks and their intensity. This allows the drawing down of the major objectives in the
Strategic Risks
The major applicable risks in the scenario are recognized and categorized as listed below.
Business Interruptions
1) Accuracy of Data
2) Preference of Consumers
Employee Liabilities
1) Industrial Espionage
3) Performance of Employees.
PAPA Model
The breakdown of the applicable PAPA model in the context of the risks applicable in the
Privacy
2) Security of Information.
3) Theft of identity.
Accuracy
2) Liability of Litigation.
Property
3) Permanent Accessibility
Accessibility
3) Network Availability.
Risk Matrix
The different risks applicable in the scenario will be broken down and understand as per the
following analysis.
ENTERPRISE RISK MANAGEMENT ANALYSIS
Conclusion
Hence it can be concluded that on the basis of the separate analysis performed by both
models, there are some major risks currently being faced by UGG. The extent of the level of risk
is plotted down in the form of both PAPA model and Risk Analysis Matrix which allows the
drawing down of strong references of the risks and their scalability in the context of this paper.
The Monte Carlo simulation (Kwak & Ingall, 2009) is not applicable in this scenario due to the
clarity of probability of risks and their factors, this removes any requirement of the use of the
References
Abkowitz, M., & Camp, J. (2017). Structuring an Enterprise Risk Assessment Protocol:
Traditional Practice and New Methods. Risk Management And Insurance Review, 20(1), 79-97.
doi: 10.1111/rmir.12068
Kwak, Y., & Ingall, L. (2009). Exploring Monte Carlo simulation applications for project
10.1109/emr.2009.5235458
LI, T., FAN, C., QING, Z., & LIU, X. (2009). Risk assessment model for an information
system based on classification of risk events. Journal Of Computer Applications, 29(10), 2806-
Nilsson, H., Martinez, A., & Hjelm, M. (2004). Full band Monte Carlo simulation - beyond the
10.1515/mcma.2004.10.3-4.481