MGMT 311 Week 6 DQAfer reading this weeks material, answer the Following quesons in the orum (In 250 words or more): The arcle above presents 1 example oF a company using risk management. All successFul companies perForm similar tasks regularly. This week, I would like you to present another company and describe at least 1 way that they are managing their risks. You can choose to use the company that you presently work For, but please make sure that you have enough inFormaon to Fully explain their processes.My response:Risk is dened as a probability or threat oF damage, injury, liability or loss by Business Diconary (Risk, n.d). According to Horcher, the economic climate and markets can be aected by changes in exchange rates, interest rates, and commodity prices due to events that may originate thousands oF miles away and have nothing to do with domesc markets. These changes can cause nancial risk to an organizaon (Horcher, 2005). inancial risk management deals with assessing the nancial risks that an organizaon may be Facing and developing strategies that are consistent with their policies to address the risk. Enterprise risk management allows organizaons to idenFy and manage all risks in an integrated manner. Risk assessments are based on a thorough understanding oF the business, its customers, and the organizaons strategic objecves. The United Illuminang Company (UI), uses a connuous strategic planning process to achieve strategic objecves (United, 2007). UI has maintained a tradional organizaonal structure but transioned to a process based management style. This transion is part oF their enterprise risk management (ERM) strategy. By looking at risk From a process perspecve instead oF a Funconal view UI is able to take a holisc view and reduce potenal impact rather than possible negave impact. As part oF their ERM, UI runs simulated exercises to learn and prepare For possible risks. The idea is to make the organizaon beer prepared to handle the scenarios as well as possible problems they did not expect. I chose to examine the risk management strategy at Johnson and Johnson. I chose them because the company has been around For over 100 years and has a wide range oF product oerings that include consumer products, medical devices, and prescripon drugs, many oF which I use on a daily basis. At Johnson and Johnson (J&J) ERM is used to idenFy