role of boards of senior management and senior management

Topics: Management, Risk management, Enterprise risk management Pages: 8 (2091 words) Published: November 30, 2013


To be completed by Student:

Module code:
Name of module:
CP51035
MANAGEMENT IN ENERGY AND NATURAL RESOURCES INDUSTRIES
Title of paper
CRITICALLY ANALYZE THE ROLE OF BOARD OF DIRECTORS AND SENIOR MANAGEMENT IN MANAGING ENTERPRISE RISK IN AN ENERGY COMPANY Student no:
130021015
To be completed by Staff: - FEEDBACK for student

Highly
satisfactory

Satisfactory
Requires development
Comment
Structure


Analysis



Very good effort for critical approach, good focus, more elaboration on critical issues with focus on energy sector and deeper thinking towards what is asked Use of information/ sources



Creative use of information
Originality



good

Relevance



Very good but some more relevant information regarding the specific sector is recommended Presentation


Very good

Language/ style



good
Referencing


Very good formatting and good variety of sources

Points to consider for improvement: There is a good understanding and coverage of the subject. Very good application of the example that reveals key issues, however, in the theoretical part before some connection with the energy sector instead of generalizing would assist. There is evidence of good reading, of good information retrieval skills, creative synthesis of information, good flow of ideas, grasp of concepts, but more elaboration and focus on the sector would be helpful

CENTER FOR ENERGY, PETROLEUM AND MINERAL LAW AND POLICY
STATEMENT OF ORIGINALITY

PROGRAMME: MSC, OIL AND GAS MANAGEMENT

MODULE: code:CP51035

TITLE OF RESEARCH PAPER: CRITICALLY ANALYZE THE ROLE OF BOARD OF DIRECTORS AND SENIOR MANAGEMENT IN MANAGING ENTERPRISE RISK IN AN ENERGY COMPANY

WORD COUNT:1377

CONTRACT CONCERNING PLAGIARISM
I, the undersigned, have read the Code of Practice regarding plagiarism contained in the Students' Introductory Handbook. I realise that this Code governs the way in which the Centre for Energy, Petroleum and Mineral Law and Policy regards and treats the issue of plagiarism. I have understood the Code and in particular I am aware of the consequences, which may follow if I breach that code. I also authorise the centre to scan the e-copy of my research paper through the Plagiarism Detection Software to detect plagiarism

SIGNED:
Date: 11 – NOV– 2013
Table of Contents

I: Introduction

The drift towards the taking on of enterprise risk management (holistic) can be said to be a combination of internal and external factors. The major external influences that have driven firms to approach risk management in a more holistic manner are a broader scope of risks arising from factors such as globalization, industry consolidation, and deregulation, increased regulatory attention to corporate governance and technological progress that enables better risk quantification and analysis (Miller, 1992; Lam and Kwamoto, 1997; Miccolis and Shah, 2000). Internal factors are focused on emphasis relating to maximizing stakeholder profits. Looking at the recent economic crisis from the credit market meltdown, high-profile corporate scandals resulting to financial crisis e.g. (ENRON) which were seen as a result from lack of ethics and oversight can be blamed in a large part on the inadequate risk management by corporations and their boards of directors. (Lipton, et al). The adoption of enterprise risk management by organizations was as a result of all the major risk issues occurring which showed that boards haven’t been playing any active roles in the management of risk and it was time to change that attitude. The aim of this paper is to look at the major roles played by board of directors and senior management in managing enterprise risk in energy companies and critically analysing those roles. II: Enterprise Risk Management

‘‘Enterprise Risk Management is a process, effected by an entity’s board of directors, management and other personnel...

References: Beasley, M., Clune, R. and Hermanson, D. 2005. Enterprise risk management: An empirical analysis of factors associated with the extent of implementation. Journal of Accounting and Public Policy, 24 (6), pp. 521--531.
COSO, I. 2004. Enterprise risk management-integrated framework. Committee of Sponsoring Organizations of the Treadway Commission.
Deloitte.com. 2013. Deloitte | Featured Services | Governance, Risk, & Compliance. [Online] Available at: http://www.deloitte.com/risk [Accessed: 10 Nov 2013].
Drew, S., Kelley, P. and Kendrick, T. 2006. CLASS: Five elements of corporate governance to manage strategic risk. Business Horizons, 49 (2), pp. 127--138.
Gpo.gov. 2002. THE ROLE OF THE BOARD OF DIRECTORS IN ENRON 'S COLLAPSE. [Online] Available at: http://www.gpo.gov/fdsys/pkg/CPRT-107SPRT80393/html/CPRT-107SPRT80393.htm [Accessed: 08 Nov 2013].
Harner, M. 2013. Corporate Culture and ERM.
Moeller, R. 2011. COSO Enterprise Risk Management. Chichester: John Wiley & Sons.
Quinn, L. 2009. The Evolution Of Enterprise Risk Management. [Online] Available at: http://www.investopedia.com/articles/fundamental-analysis/08/enterprise-risk-management.asp
[Accessed: 08 Nov 2013].
Rosen, R. 2004. Risk Management and Corporate Governance: The Case of Enron. [Online] Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=468168 [Accessed: 09 Nov 2013].
Sadeghi, M. and Shavvalpour, S. 2006. Energy risk management and value at risk modeling. Energy policy, 34 (18), pp. 3367--3373.
Seabury, C. 2011. Enron: The Fall Of A Wall Street Darling. [Online] Available at: http://www.investopedia.com/articles/stocks/09/enron-collapse.asp [Accessed: 09 Nov 2013].
Simkins, B. and Ramirez, S. 2008. Enterprise-Wide Risk Management and Corporate Governance. Loyola University Chicago Law Journal, 39.
Sjsu.edu. 2013. The Rise and Fall of Enron. [Online] Available at: http://www.sjsu.edu/faculty/watkins/enron.htm [Accessed: 06 Nov 2013].
www.coso.org. 2009. Effective Enterprise Risk Management Oversight: The Role of the Board of Directors. [Online] Available at: http://www.coso.org/documents/COSOBoardsERM4pager-FINALRELEASEVERSION82409_001.pdf [Accessed: 04 Nov 2013].
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