Understand, Identify and Manage Risk

Understand, Identify and Manage Risk

The JM Smuckers Company (www.smuckers.com) is a multi-brand, multi-national company located in Orrville, Ohio. Among its many product lines are Fruit Spreads, Peanut Butter, Ice Cream Toppings and Syrups. You have been contracted to conduct a risk evaluation for the Fruit Spreads product line in compliance with the COSO ERM Integrated Framework. Current sales of the product line are $100 million. Risk is defined as any event that can keep the keep the company from achieving its objectives (sales, profit, production, collections, etc.) .

The risk objective as set forth by senior management is as follows:

“Cost effectively manage risk across the Fruit Spreads product line for any liability above $1 million and implement controls that need to be put in place for each risk.”


*Identify 10 risk events that could prevent the Fruit Spread product line from achieving its objectives.
*Conduct a risk assessment for each risk event.
*Recommend a risk response for each event identifying which of the 4 Ts of risk response you are using.
*Recommend an internal control that could be put in place.

Use the example below as a template:

Risk Event (Example):
United Parcel Service (UPS), the main shipping company, raises shipping rates by 10%

Risk Assessment: (You must roughly estimate the cost)
I estimate that shipping costs are about 3% of the selling price therefore, a 10% increase on the shipping of $100 million worth of products would result in an increase liability of $3 million ($100,000,000 X 3%).

Risk Responses: (You must make a recommendation)
Increase prices to customer would be one response that would fall into the category of Transfer. Another option is to seek out another shipper but an analysis of costs to do so would need to be conducted along with an investigation of any contractual obligations to Smuckers has to UPS. This response would fall into the category of Terminate. I recommend doing nothing and seeking to find out ways to save $3 million which falls in to the category of Tolerate.

Possible Internal Control:
Sign a long term contract with UPS to fix shipping rates and enable company to plan for possible rate increases at the end of the contract.

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