The COSO ERM cube is designed as a three-dimensional box or matrix. The cube consists of 8 elements as can be seen in the above figure, specifically: Continue reading
#89 – WHAT IS COSO ERM FRAMEWORK? – GREG HUTCHINS
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#89 – WHAT IS WORSE? – UMBERTO TUNESI
Let’s face it: cobwebs are not nice to see; in the worst case they remind us horror films, vampires’ habitat.
They kind of inspire a dirty feeling.
But … Continue reading
#89 – STRATEGIC MANAGEMENT: HOW TO TURN A STRATEGIC PLAN INTO RESULTS – GREG CARROLL
Corporate objectives are not the “bulls eye” of strategic planning they’re just the dartboard. Boards are assessed by the quality of their Results not the quality of their Objectives. Continue reading
#89 – WHAT’S ALL THIS FRACAS ABOUT: ANALYZING FAILURE SYSTEMATICALLY – FRED SCHENKELBERG
The Failure Reporting and Corrective Action System (FRACAS) is a closed-loop process whose purpose is to provide a systematic way to report, organize, and analyze failure data. Implementation of a FRACAS has increasingly become commonplace within industry. Today, multiple software solutions exist that provide all the functionality required of a FRACAS. Continue reading
#89 – SUPPLY CHAIN AND SINGLE SOURCE SUPPLIERS – STUART ROSENBERG
Supply chain management fosters strategic alliances along with operational efficiencies to differentiate itself from other companies. Raw material sourcing is one of these opportunities to minimize risks, reduce operating expenses and ensure continued operations in the face of a supply chain disruption. Single suppliers present companies a chance to reduce procurement expenses through material cost reductions and volume discounts. However, procurement with a single provider has attached to it significant risks such as higher costs and lower profits due to supplier disruptions. Continue reading