The For Any Corporate Risk Management Program Essay

For any corporate risk management program, there are a number of factors whose absence signals an increased likelihood of failure for the risk management program and whose presence greatly increases the chance for success of the program (Hillson and Simon, 2012). These factors, called Critical Success Factors (CSF), include the following: †¢ An organization supportive of the process; †¢ A skilled and competent staff; †¢ The presence of the necessary support infrastructure; and †¢ A simple, scalable, and documented procedure (Hillson and Simon, 2012). In the Environmental Quality International (EQI) in Siwa case study, some important details are missing, but with the information that is available, it is possible to draw conclusions about EQI’s risk management system and how the company reached the CSFs. EQI’s Critical Success Factors in Siwa CSF Examples Supportive Organization †¢ Company President’s personal project †¢ Fit company mandate to promote sustainable development †¢ Secured loans and other financing for project Skilled Competent Staff †¢ Neamatalla and his sister Laila were instrumental in success of phases of the project †¢ Use of local staff for reduces costs Necessary Support Infrastructure †¢ Loan money for project finance †¢ Evidence of willingness to address problems as they developed (mites in lumber, wages for women workers) Simple, Scalable, Documented Procedure †¢ No documented evidence of this CSF (Hillson and Simon, 2012) There were many benefits andShow MoreRelatedImplementation of Corporate Social Responsibility Programs by Foreign Subsidiaries716 Words   |  3 Pageswith a well-planned and defined strategic plan if they are to succeed with their Corporate Social Responsibility (CSR) programs, taking into account value creation, risk management and corporate philanthropy as part of their strategic vision for the programs. 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