Jacob is the owner of Jacob’s Jam. What started as a hobby, quickly turned into a successful business. Jacob initially started selling his jams at local markets. The demand for his products grew quickly. He could no longer use his own kitchen and moved into a rental space in the industrial area. This allowed him to increase production and accommodate his new employees. He now supplies local stores and he also started selling online. He is also considering an offer from a venture capitalist. This would allow Jacob’s Jam to expand internationally. He knows that as his business is growing rapidly, he is exposed to more risks. Recently his business was a near victim of cyber-crime. He wants to know more about risk management. He came to you with a few questions relating to risk management, corporate governance and operational risk. You decided that you will compile a report that answers all his questions. The report should follow the following format: Q.1. Provide some background information and a summary of what is to follow in the report. The introduction should entice the reader to continue reading. Q.2 Provide a definition of what enterprise risk management is. Identify the fundamental concepts that this definition reflects. Relate the definition to Jacob’s Jam.
Jacob is the owner of Jacob’s Jam. What started as a hobby, quickly turned into a successful business. Jacob initially started selling his jams at local markets. The demand for his products grew quickly. He could no longer use his own kitchen and moved into a rental space in the industrial area. This allowed him to increase production and accommodate his new employees. He now supplies local stores and he also started selling online. He is also considering an offer from a venture capitalist. This would allow Jacob’s Jam to expand internationally.
He knows that as his business is growing rapidly, he is exposed to more risks. Recently his business was a near victim of cyber-crime. He wants to know more about risk management. He came to you with a few questions relating to risk management, corporate governance and operational risk. You decided that you will compile a report that answers all his questions. The report should follow the following format:
Q.1. Provide some background information and a summary of what is to follow in the report. The introduction should entice the reader to continue reading.
Q.2 Provide a definition of what enterprise risk management is. Identify the fundamental concepts that this definition reflects. Relate the definition to Jacob’s Jam.
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