ENTERPRISE RISK MANAGEMENT IN PHARMACEUTICAL COMPANY (A CASE STUDY OF FIDSON HEALTHCARE LIMITED.)


ENTERPRISE RISK MANAGEMENT IN PHARMACEUTICAL COMPANY (A CASE STUDY OF FIDSON HEALTHCARE LIMITED.)

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ABSTRACT

Risk is at the center of life itself. How pharmaceutical companies successfully implements an Enterprise Risk Management (ERM) programme, to identify and manage potential risks, can mean the difference between financial freedom and financial despair. As a practical option for managing risk, it is associated with a number of factors that hamper its smooth flow. These difficulties manifest when companies lack knowledge of ERM Frameworks; still using the traditional ways of risk management. The problems become more compounded when the adopted ERM frameworks would not fully be utilized; as in the case with pharmaceutical companies in Nigeria. The researcher then quickening to use this piece of study,  to evaluate the use of ERM in pharmaceutical companies, with its associated prospects, challenges and problems. The researcher sourced data from the primary and secondary sources of data for this work, using works by other authors and information from the oral interview carried out on the respondent. Despite the new accreditation guidelines and a provincial strategy for managing risk, adherence to effective risk management remains suboptimal in our pharmaceutical companies and in many industries. It was discovered that although ERM is being implemented in Nigerian pharmaceutical industry, the level of implementation is either very low or cannot be easily ascertained. Also, it was further discovered, that there exist an insignificant but positive relationship between ERM and total assets and liabilities as proxies for firm size and leverage. The researcher made recommendation from the findings of this works that there is need to encourage and adopt the full use of ERM frameworks in industries and there is need for more explicit measures in identifying firms that engage in ERM and those that do not.  

CHAPTER ONE

INTRODUCTION

1.1             BACKGROUND OF THE STUDY

In the business world, every individual and businesses are exposed to risk. For any business to exist and survive, the business has to go through some challenges of risk. Risks are in existence simply because entities, companies and organizations have ‘assets’ of a material or immaterial nature that could be subject to physical harm that has consequences on the known entity (Andy Osborne 2012- Risk Management made easy).

In Risk management, there is no formal definition of. Risk has been defined by different scholars based on their level of understanding. One of such definition of risk is “Risk implies exposure to uncertainty or threat (Kannan and Thangavard, 2008) and “a decision to do nothing to explicitly avoid the opportunities that exists and leaving threats unmanaged.”(Webster, 2007). Also, Risk can be defined as the combination of the probability of an event and its consequences (ISO/IEC Guide 73).

Risk management therefore, is a proactive approach to reduce threats, increase opportunities, and optimize achievements of objectives (Pearce and Robinson, 2000, Webster, 2004,’ Gray and Larson, 2006.’Rejda, 2001).  Also, Andy Osborne 2012 says risk management is a structured and coherent approach to identify, analyze and manage risks that affects the strategy, process, people and technologies.

“Prior the emergence of ERM, organizations used to handle their risk individually and independently, using the traditional ways of risk managements of”:

·        Identification

·        Evaluation

·        Control

As time goes on, companies now realized that it would favour them more to treat their risks as a whole (portfolio), as would surely reduce its costs and expenditure incurred in managing risk. And that was how ERM came into existence in 2004 Olaf Passenheim, 2011).

ERM is a holistic way of treating risk in an organization, Olaf Passenheim-2011). ERM is a risk cover that takes into considerations, all types of risks faced by an organization, such as – Strategic, Financial, Operation and Hazard risks. These frameworks are the ways ERM can be effected by an organization (Olaf Passenheim- 2011).

ERM is usually decided and effected by senior managers of an organization, and after the decision is taken, it passes on to other personnel of the organization, until it gets to the lowest rank of the organization. This is because; everyone has to have knowledge of the way risk is being managed in their organization.

In the corporate environment, COSO (2004) also says Enterprise risk management is the best tool to be used in combating all risk available and causing damages to the industry; using its frameworks guide of:

§  Strategic Risk

§  Operational Risk

§  Financial/Reporting Risk

§  Hazard/Compliance Risk

§  Enterprise risk management is a procedure to minimize the adverse effects of a possible financial loss by:

§  Identifying potential sources of loss

§  Measuring the financial consequences of a loss occurring.

§  Using controls to minimize actual losses or their financial consequences (Olaf Passenheim-2011).

A closer look on Enterprise risk management in pharmaceutical company reveals that in Fidson Healthcare limited, that there are lots of risks that need proper management. Some of the risks are IT risk, financial reporting risks, environmental or legal risks, production risk and administrative risk. With the situation of all risk exposures in the industry, the industry needs to set goals of risk management which are to protect the industry against downside risks, to manage volatility around business and financial results of the industry and to optimize risk and returns of Fidson Healthcare Limited.

1.1    STATEMENT OF THE PROBLEMS

§   It’s been discovered that some pharmaceutical companies, considers and handles their risk individually and independently( Traditional ways of risk management); like fire risk, theft risk and so on, thereby neglecting some main risk they encounter during operations.

§  Also pharmaceutical companies spend much time and resources in handling those risk traditionally, and when not properly handled, lead to huge losses on their part.

  

ENTERPRISE RISK MANAGEMENT IN PHARMACEUTICAL COMPANY (A CASE STUDY OF FIDSON HEALTHCARE LIMITED.)

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  • CATEGORY : ACCOUNTING
  • TYPE : PROJECT MATERIAL
  • FORMAT : MICROSOFT WORD
  • ATTRIBUTE : Documentation Only
  • PAGES : 81 Pages
  • CHAPTERS : 1 - 5
  • PRICE : ₦ 3,000.00

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Risk is at the center of life itself. How pharmaceutical companies successfully implements an Enterprise Risk Management (ERM) programme, to identify and manage potential risks, can mean the difference between financial freedom and financial despair. As a practical option for managing risk, it is associated with a number of factors that hamper its smooth flow. These difficulties manifest when companies lack knowledge of ERM Frameworks; still using the traditional ways of risk management. The problems become more compounded when the adopted ERM frameworks would not fully be utilized; as in the case with pharmaceutical companies in Nigeria. The researcher then quickening to use this piece of study, to evaluate the use of ERM in pharmaceutical companies, with its associated prospects, challenges and problems. The researcher sourced data from the primary and secondary sources of data for this work, using works by other authors and information from the oral interview carried out on the respondent... accounting project topics

ENTERPRISE RISK MANAGEMENT IN PHARMACEUTICAL COMPANY (A CASE STUDY OF FIDSON HEALTHCARE LIMITED.)