Instruction Assignment Background: My team is playing the role of Enterprise risk management consultants for Coty Inc

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Assignment Background: My team is playing the role of Enterprise risk management consultants for Coty Inc. to help the company address and solve risks issues. Our team is going to meet with Coty's top executives and interview them. Before the interview, we need to let Coty understand our Qualitative risk assessment (QRA), and let the senior management understand the specific steps of the QRA model and how QRA can help Coty solve the risk problem.

 

Requirement: The Qualitative risk assessment (QRA) steps have been given below , please carefully understand and combine the specific conditions of Coty, Explain steps of the QRA process. 800 words as total

 

Important Noticed !!!!!

· Please do not just list QRA, it must be combined with the current situation of Coty Inc. and try to explain each step of QRA one by one.

· This is a role-playing assignment, as a consultant to provide advice and help to Coty Inc. Please write in the narrative tone of the consultant

 

Qualitative risk assessment (QRA) steps overview

1. Identify participants

2. Send advance communication

3. Conduct qualitative risk assessment survey

4. Conduct consensus meeting

 

Details Introduction of QRA Steps

1. Identify Participants

· Members of C-suite (e.g., CEO, CFO, etc.)

· Heads of major business segments and one of their direct reports

· Executive risk owners (e.g., head of I/T, head of HR, head of legal, etc.)

· A couple of independent directors

· A couple of valued employees with long service

 

2. Send advance communication

0. Inputs needed from survey participants

–Type of key risks (e.g., large impact to company value)

–Number of key risks to provide (e.g., three to five)

–Credible worst-case scenario for each key risk

–Likelihood/severity scores for each key risk they identify and for those identified by

 other participants

b. ERM background

–Describe framework; define risk by source and as deviation from baseline

 strategic plan projection; etc.

c. Risks to consider (e.g., those in Risk Categorization and Definition (RCD) tool)

d. Definition of metrics

–Typical Frequency-Severity Scoring Guide for Qualitative Risk Assessment

–Clearly defining frequency and severity avoids sub- par results due to inconsistent scoring

 

3. Conduct qualitative risk assessment survey

a. Reiterate key points in advance communication

b. For each potential key risk, gather:

–Description of risk

–Credible worst-case scenario

–Frequency score

–Severity score

c. Keep participant on track regarding identifying:

–Only key risks, and

–Risks defined by source

d. Return to prior participants to gather their scores on risks identified subsequent to

their interview

 

4. Conduct consensus meeting

· Discuss any widely divergent views and arrive at a consensus

· Select key risks from among the potential key risk data set produced