Edward's EcoCraft is a small business located in George, South Africa. They specialise in bespoke, handcrafted, sustainable furniture made from locally sourced materials. Edward's EcoCraft has built a reputation for quality and environmental responsibility. The owner, Edward, employs a team of five skilled artisans. He is considering expansion opportunities and diversifying the product line. Edward's EcoCraft has received attention for its unique and environmentally friendly designs, prompting inquiries from larger retailers and international distributors. The owner is now contemplating scaling up production and entering into partnerships to expand his reach without compromising their commitment to sustainability. The report should follow the following format: 1. 2. Introduction Enterprise Risk Management 2.1 Fundamental concepts 2.2 Technology and Intangible assets as key drivers to changes that require an integrated approach to the management of risks. 3. Risk 3.1 Elements of risk 3.2 Risks identified 3.2.1 Competitor risk 3.2.2 Supplier risk 3.2.3 Economic risk Corporate Governance 4. 4.1 Example of poor corporate governance in the South African manufacturing industry 5. Risk Control 5.1 Mitigation of economic risk 5.2 Criteria to apply when considering a proposal aimed at reducing risk
Edward's EcoCraft is a small business located in George, South Africa. They specialise in bespoke, handcrafted, sustainable furniture made from locally sourced materials. Edward's EcoCraft has built a reputation for quality and environmental responsibility. The owner, Edward, employs a team of five skilled artisans. He is considering expansion opportunities and diversifying the product line. Edward's EcoCraft has received attention for its unique and environmentally friendly designs, prompting inquiries from larger retailers and international distributors. The owner is now contemplating scaling up production and entering into partnerships to expand his reach without compromising their commitment to sustainability. The report should follow the following format: 1. 2. Introduction Enterprise Risk Management 2.1 Fundamental concepts 2.2 Technology and Intangible assets as key drivers to changes that require an integrated approach to the management of risks. 3. Risk 3.1 Elements of risk 3.2 Risks identified 3.2.1 Competitor risk 3.2.2 Supplier risk 3.2.3 Economic risk Corporate Governance 4. 4.1 Example of poor corporate governance in the South African manufacturing industry 5. Risk Control 5.1 Mitigation of economic risk 5.2 Criteria to apply when considering a proposal aimed at reducing risk
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Question
Transcribed Image Text:Edward's EcoCraft is a small business located in George, South Africa. They specialise in bespoke,
handcrafted, sustainable furniture made from locally sourced materials. Edward's EcoCraft has built
a reputation for quality and environmental responsibility.
The owner, Edward, employs a team of five skilled artisans. He is considering expansion
opportunities and diversifying the product line.
Edward's EcoCraft has received attention for its unique and environmentally friendly designs,
prompting inquiries from larger retailers and international distributors. The owner is now
contemplating scaling up production and entering into partnerships to expand his reach without
compromising their commitment to sustainability.
The report should follow the following format:
1.
2.
Introduction
Enterprise Risk Management
2.1
Fundamental concepts
2.2
Technology and Intangible assets as key drivers to changes that require an integrated
approach to the management of risks.
3.
Risk
3.1
Elements of risk
3.2
Risks identified
3.2.1 Competitor risk
3.2.2 Supplier risk
3.2.3 Economic risk
Corporate Governance
4.
4.1
Example of poor corporate governance in the South African manufacturing industry
5.
Risk Control
5.1
Mitigation of economic risk
5.2
Criteria to apply when considering a proposal aimed at reducing risk
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