One of the components of the ERM—Integrated Framework is “Event (or Risk) Identification,” where incidents (i.e., events or risks) could occur in the business organization and significantly affect its goals, objectives, and/or strategy. These incidents can be identified through responding to the following four management questions: a. What could go wrong? b. How can it go wrong? c. What is the potential harm? d. What can be done about it? The chapter described an example of a common business scenario: An office desk manufacturer that relies on sourcing the required wood to build the desks from specific regions in the Caribbean. Task: Identify two additional potential and common scenarios that may take place in a business environment. Then, provide responses to the above four questions to look for incidents that can significantly impact operations and company revenues.
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