Enterprise Risk Management (ERM) Framework - Boohoo

Faith K.

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Enterprise Risk Management (ERM) Framework - Boohoo

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Framework, Boohoo, ERM Enterprise Risk Management, Boohoo Group PLC, efficiency, firm, data, analysis, opportunities, business, ethics, environment, audit, ISO 31000:2018, ISO 31000

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Abstract

Boohoo Group's ERM framework demonstrates alignment with the principles and processes outlined in ISO 31000: Year-2018. The company has formalized a structured procedure to detect, measure, treat, and supervise risks across the business, which symbolizes a remarkable risk management high standard (Banks, 2004). With unending engagement in risk management strategies and by adapting quickly to the business's dynamic environment, Boohoo Group is definitely in a position to overcome uncertainties and achieve its long-term objectives. In order to deal with these risks confidently, Boohoo uses the Enterprise Risk Management (ERM) model.

Understanding ISO 31000:2018
Comparing ISO 31000 to ERM Framework Expectations
Analysis of Boohoo's Risk Management in Terms of the (ISO) 31000:2018 Risk Management Standard Process
The Mis-Labelling, From the Point of View of Boohoo, of the BBC, And of Potential Boohoo Customers, Suppliers and Other Stakeholders
Does Boohoo Group Plc's Enterprise Has The ‘Right' Balance of Risks Across the Company?
How Risk Appetite and Risk Culture Impact Boohoo Group Plc's Enterprise

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[...] International Journal of Disaster Risk Science, pp.713-721. Grabowski, M. & Roberts, K Risk Mitigation in Large-Scale Systems: Lessons from High Reliability Organizations, California Management Review, Vol. pp.152-162. Harrington, S.E. and Niehaus, G. (2004) Risk Management and Insurance. 2nd ed., International ed. Boston, Mass.; London: McGraw-Hill Herbane, B The Evolution of Business Continuity Management: A Historical Review of Practices and Drivers. Business History, pp.978-1002. Hubbard, D.W. (2020) The Failure of Risk Management. [...]

[...] CIMA. World Economic Forum. (2023) Global Risks Report 2023. Available at: https://www.weforum.org/publications/global-risks-report-2023/ (Accessed: 22 January 2024). [...]

[...] Does Boohoo Group Plc's Enterprise Has The 'Right' Balance of Risks Across the Company? The question of whether Boohoo Group plc has the "correct" risk balance across the enterprise depends on evaluating a set of elements: risk appetite, risk behaviour, and risk management. Risk appetite is the degree of risk the firm is ready to take, which is the requirement to achieve the objectives. In terms of risk appetite, Boohoo's appetite for risk should correspond to the organization's strategy and stakeholders' expectations. [...]

[...] Conclusion I will put forward some recommendations that can help upgrade Boohoo's ERM policy. Firstly, I suggest that the company develop and apply a more stringent supply chain risk assessment framework because it mainly depends on foreign firms. This requires an audit to be performed, diversification of suppliers, and a plan as a backup in case of any disruption, which can help avoid labour violations or environmental issues (Galaitsi et al., 2023). Of course, putting into place a full-fledged cybersecurity protocol is very important as cybersecurity is becoming a major problem. [...]

[...] Boohoo Group's ERM framework must be erected to be congruent with the corporate strategy. Boohoo Group must possess mechanisms to recognize and evaluate risks throughout its operations, which pertain to the supply chain, as well as operational and reputational risks. The company should undertake a thorough risk evaluation considering how likely loss potential could affect its objectives; factors such as financial loss, image damage, and regulatory compliance need to be considered (Dali & Lajtha, 2012). Consequently, Boohoo Group's risk assessment should be systematic, using discretionary and quantitative approaches for more objective risk analysis. [...]

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