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Enterprise Risk Management at Hydro One (A) – Case Solution

Energy giant Hydro One is looking into the possibility of new threats and opportunities which is common in its line of business which faces issues on climate change and carbon legislation, and many more. Hydro One's CEO, Laura Formusa, is faced with the question of whether the company's strategy was tenable considering that it seems like Hydro One's risk profile had shifted.

​Anette Mikes Harvard Business Review ( 109001-PDF-ENG ) July 03, 2008

Case questions answered:

Case study questions answered in the first solution:

• Why did Hydro One decide to implement ERM, and what approach did they follow?
• How did Hydro One benefit from using Enterprise Risk Management?
• What is the effect of using ERM on the company’s business strategy and continuity?
• How would you describe Hydro One’s strategy? What type of risks and uncertainties does Hydro One face?
• Consider the three stages of Hydro One’s enterprise risk management (ERM) process: What are the strengths and weaknesses of this process?
• What recommendations would you make to CEO Laura Formusa about the process?

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Enterprise Risk Management at Hydro One (A) Case Answers

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Evaluation of Enterprise Risk Management at Hydro One

Hydro One Inc. is considered the most prominent electricity distribution organization in Ontario, Canada, and is among the biggest organizations in North America. The company and its affiliates implemented the use of a business-extensive portfolio program for the management of significant business risks in the organization.

The Enterprise Risk Management approach implemented by Hydro Ones supports the needs of business management and the due attentive roles of senior management. At the same time, they aimed to strengthen their management approaches in a way clear to the key external stakeholders.

The company’s workers functioned in dangerous situations and were always affected by the vagaries of the extreme weather existing in North America. The company predicted the possible occurrence of new threats and opportunities in the industry that is faced with carbon legislation and climate change, increased adoption of emergent technologies, and the deregulation of the electricity markets.

The CEO of Hydro One, Laura Formusa, felt that the risk profile of the company had shifted (Aabo, Fraser & Simkins, 2015). Therefore, she decided to lead the formation of the enterprise risk management approach.

The company presented a three-phase enterprise risk management plan. In the first phase, the employees were given an opportunity in various workshops to acquire a collective understanding of the key strategic goals of the company and the risks that may derail the achievement of the objectives.

The second phase of the ERM program is conducted during the yearly planning process. Resources were allocated to investment project proposals of priority with regard to the identified risks. In the third phase, the principal risk officer performed a chain of interviews twice a year with leading management officials to assess the firm’s corporate risk report.

Based on the ERM approach created, it is noted that the company treats risk management as a collective obligation from the Board of Directors to the respective workers. Everyone is expected to have a clear understanding of the risk that falls within the confines of their responsibilities and is required to manage such risks within the allowed risk acceptance.

The company tends to manage the substantial risks through a portfolio program, which enhances the trade-offs amid risks and returns in all the business operations (Fraser & Simkins, 2016). The optimization process ensures that the company consents to relative risk levels to help achieve the objectives of the business.

Hydro One’s Enterprise Risk Management approach would be very effective because it expects every division or line of business to perform a risk assessment every year for the whole business and locally determined for elements that are below the subsidiary level.

The company’s ERM is integrated into many of the critical business processes like business planning, strategic planning, investment decisions, and operational management to ensure that there are consistent risk considerations in all processes of decision-making.

It can also be noted that Hydro One’s enterprise risk management is a well-organized, continuous, and comprehensive process where risks are recognized, assessed, and intentionally accepted or lessened within the accepted levels of risk tolerance (Fraser & Simkins, 2016).

From a financial perspective, ERM has benefited Hydro One through the positive change in credit ratings and the resultant decrease in the debts of the company.

Additionally, the ERM program led to the improvement of the company’s capital expenditure process through the use of the mitigation prioritization index. It should be noted that the benefit considers the positive impacts of risk reduction in all risk categories by proper allocation of capital expenditures in accordance with the highest overall risk decrease for every amount the company spends.

On top of the lower cost of capital and improved capital allocation, there have been…

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• Harvard Business School →
• Faculty & Research →
• July 2008 (Revised January 2012)
• HBS Case Collection

Enterprise Risk Management at Hydro One (A)

• Format: Print
• | Pages: 22

More from the Author

• Winter 2015
• Journal of Applied Corporate Finance

When One Size Doesn't Fit All: Evolving Directions in the Research and Practice of Enterprise Risk Management

• August 2014
• Faculty Research

Enterprise Risk Management at Hydro One (B): How Risky are Smart Meters?

Learning from the kursk submarine rescue failure: the case for pluralistic risk management.

• When One Size Doesn't Fit All: Evolving Directions in the Research and Practice of Enterprise Risk Management  By: Anette Mikes and Robert S. Kaplan
• Enterprise Risk Management at Hydro One (B): How Risky are Smart Meters?  By: Anette Mikes and Amram Migdal
• Learning from the Kursk Submarine Rescue Failure: the Case for Pluralistic Risk Management  By: Anette Mikes and Amram Migdal

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Question: Case Study: You are asked to read the main Hydro One Enterprise Risk Management • Enterprise Risk Management at Hydro one (A) Main Case: Enterprise Risk Management at Hydro One (A) Anette Mikes Pub Date: Jul 3, 2008 (Revised: Jan 18, 2012) Product #: 109001-PDF-ENG - https://online.flippingbook.com/view/40947021/2/ analyze this case using the following

Case Study: You are asked to read the main Hydro One Enterprise Risk Management • Enterprise Risk Management at Hydro one (A) Main Case: Enterprise Risk Management at Hydro One (A) Anette Mikes Pub Date: Jul 3, 2008 (Revised: Jan 18, 2012) Product #: 109001-PDF-ENG - https://online.flippingbook.com/view/40947021/2/

analyze this case using the following frameworks guidelines include -

Global tectonics (environment

4+2 formula for sustained business for success (strategy framework)

Environment-

Deregulated

Strategic Resources- Physical, Financial, Human and Organization

The Hydro One Enterprise Risk Management case study can be analyzed using the following fr...

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ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A Case Study solution

Introduction.

The current case solution is published by 247caseanalysis and focuses on ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A. The case presents an overview of the strategic and managerial issues that the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A faces in the growth and development of the business. The case solution focuses on understanding the central issue(s) in the case. The case study solution then uses strategic tools and models to solve the case and makes strategic recommendations for the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A (Abratt & Bendixen, 2018; Iacobucci, 2021).

The case study and the case solution for the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A are intended to give a comprehensive and holistic perspective regarding real-world business situations and challenges to the reader. Like all HBS case studies, it is important for the reader to first read the case for the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A. The proposed case study solution for the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has encompassed the needs of all stakeholders while addressing the central challenge effectively (Deepak & Jeyakumar, 2019).

External environment analysis

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A cannot directly influence the external environment. The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A must ensure to assess and continually review the external environment to identify potential challenges and opportunities (Abratt & Bendixen, 2018). This is needed because:

The external environment is dynamic and keeps changing.

External environment factors and dynamics, directly and indirectly, influence ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A operations (Anthony, 2021).

PESTEL Analysis

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A needs political stability to maintain business development and growth globally.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A must also pay heed to local and global taxation implications for operations carried on site, as well as in other countries.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is directly impacted by the policies and regulations devised by the governments in its host as well as home countries (Chernev, 2018).

Lower interest rates facilitate the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A as it leads to increased instances of borrowing.

Lower interest rates also lead to increased consumer power, and increased demand for products of ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A (Deepak & Jeyakumar, 2019).

The operations and demand for ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A are directly influenced by the GDP and economic growth in the countries where it operates and exports (Buchanan & Huczynski, 2019).

Increased focus on education and higher literacy rates have allowed the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A to benefit from a more skilled and talented labor pool.

The higher portion of the youth has also benefitted the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A in creating a high demand for its products and services (Iacobucci, 2021).

Assessment of the population and consumer trends have allowed the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A to refine its segmentation and targeting strategies – leading to improved positioning of its portfolio offering (De Mooij, 2019).

Technological

ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has high internal innovation capabilities.

ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A invests in research and development for improved creativity and technological progress.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A makes use of innovative and advanced technology to make its internal processes more efficient and work towards achieving economies of scale.

ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A also benefits from knowledge sharing through global operations and transfers technology internally (Baines, Fill, & Rosengren, 2017).

Environmental

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A follows and abides by environmental regulations imposed in various countries.

Consumers for ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A have rapidly adopted green lifestyles and green consumption.

Incorporating environmentalism into its strategic goals and direction has enabled the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A to become more efficient in this resource allocation (Stead & Stead, 2014).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A ensures to follow the equal employment and equal opportunity law.

Through the equal opportunity act and regulations, the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A ensures that it does not discriminate against different groups in its HUMAN RESOURCE MANAGEMENT practices.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A also ensures to abide by the health and safety regulations.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A makes sure to follow regulations regarding employment contracts and employer responsibilities to ensure fair policy-making and high performance (Lasserre, 2017).

Porter Five Forces

Industry rivalry.

There is high competitiveness and rivalry in the industry.

The market is highly fragmented, which leads to increased competition for ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A faces industry rivals of various sizes and operations.

The competition for ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is local as well as global in nature.

The increased rivalry in the industry ensures that all players, including ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A, offer high-quality products and services to consumers at competitive prices (Varadarajan, 2015).

The threat of new entrants

The threat of new entrants is moderate.

There are entry barriers such as government regulations and financial capital needed for setting up operations.

This ensures that only powerful players with high financial muscle enter the market where ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is operating.

New entrants ensure that the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A maintains its focus on competitiveness and high quality (Wunder, 2019; Abratt & Bendixen, 2018).

Threat of substitutes

The threat of substitutes is moderate to high.

There is direct well as indirect substitutes available for ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A offerings.

The high number of players and market fragmentation has led to the increased availability of substitutes for ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A products.

There are low switching costs for consumers between substitutes (Sahaf, 2019; Kotabe & Helsen, 2020).

Bargaining power of buyers

ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A operational a highly fragmented industry.

The bargaining power of the buyers is high.

Players, including ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A, do not have a retail setup (Phillips & Moutinho, 2018; Chernev, 2018).

Bargaining power of sellers

The bargaining power of suppliers is high in the industry where ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A operates.

There're numerous players in the industry, and suppliers have contracted with most of them.

The raw materials provided by suppliers are restricted, and limited owing to quality needs and benchmarks (Kotabe & Helsen, 2020; Joyce, 2022).

Internal environment analysis

The internal analysis allows an insight into the factors that ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can directly influence. These factors and capabilities are used by the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A to ensure that:

It is able to capitalize on the opportunities from the external environment.

It is able to mitigate risks and manage challenges and threats appropriately.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is able to set the right strategic direction and use internal capacities towards its attainment (Stead & Stead, 2014; Deepak & Jeyakumar, 2019).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has a strong brand image and a positive consumer perception in the market.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A invests in research and development, which helps the company focus its new product development as well as marketing capabilities (Phillips & Moutinho, 2018).

The company has a strong financial revenue earning ability and enjoys high profits.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has a global distribution network, which is strong and has allowed it to enjoy high business growth.

International expansion has allowed the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A to understand diverse cultures and their knees – and engage in the localization of its product portfolio (DuBrin, 2013).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is criticized for high prices for its product portfolio.

The company has suffered negative PR owing to the recall of some of its products which were faulty.

Despite engagement with advanced technology, ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A continues to use manual systems internally, which leads to time ineffectiveness (Abratt & Bendixen, 2018).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has an organizational culture that is resistant to change and, as a result, exhibits slow adaptation to new trends.

The product design for the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A’s offerings is imitative.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has undifferentiated products in its portfolio with respect to the competition (Phillips & Moutinho, 2018; Baines, Fill, & Rosengren, 2017).

Opportunities

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has the opportunity to expand to developing and emerging economies.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can develop outsourcing partnerships to further maintain cost-effectiveness.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can also engage in green production and work towards environmental sustainability (Stead & Stead, 2014; Lasserre, 2017).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can also develop strategic partnerships and alliances to facilitate business growth and development.

Target niche markets, and develop new products.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can benefit from the evolving media trends for marketing purposes – including using social media content creation to target new consumer groups (Varadarajan, 2015; Wilson, 2018).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is facing high competition.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is also experiencing high imitation of its products.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A faces threats from the increased price volatility of raw materials as well.

The unstable government and government policies are also a threat to the operations of the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A- especially internationally.

Slow change adaptation may lead the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A to become an industry laggard (Anthony, 2021; Abratt & Bendixen, 2018).

Marketing mix

The product offerings by the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A maintain consistently high quality.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A engages in brand-building activities to ensure that its product and service offerings are well received by the target audience (Chernev, 2018).

Brand-building activities build positive associations for ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A and lead to repeat purchases as well as high consumer loyalty.

ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A ensures that its products are available in different SKU sizes to cater to the needs of different groups within its target audience.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A also offers a warranty for its products (Khan, 2014).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A ensures competitive pricing in the industry among the high number of market players.

For new products, the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A maintains an introductory pricing strategy to encourage trials and purchases (Kareh, 2018).

For its star products, the company maintains penetrative pricing strategies to allow maximum trial.

For mature products, the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A engages in aggressive and competitive pricing.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A offers regular discounts to appeal to consumers, clear stocks, as well as for increasing footfall (Išoraitė, 2016).

ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A ensures that all its product offerings are highly accessible.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A places products in physical retail setups like supermarkets and hypermarkets.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A also places products with e-tailers such as amazon so consumers can easily access the products (Iacobucci, 2021).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A also has an online system on its website for managing orders placed directly with the company.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has a strong distribution network, as well as competent and quick consumer service. (Kareh, 2018; Abratt & Bendixen, 2018).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A uses traditional promotional platforms of television to reach the masses with its product portfolio.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A also engages in radio and print promotional activities and advertisements (Deepak & Jeyakumar, 2019).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A also uses social media to reach out to its audiences and influence them.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has developed expertise in interesting and relevant content creation, which attracts its primary as well as secondary target consumer groups (De Mooij, 2019).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A frequently uses influencers to create a positive buzz and hype regarding its products, as well as to ensure high reach.

All promotional content is integrated and uses emotional appeals to create a lasting relationship with the consumers (Chernev, 2018).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has a strong global presence and strong business development capabilities.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A focuses on research and development internally to identify market gaps and demands.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A makes use of AI in its production operations and marketing functions to increase cost efficiency as well as affectivity (Dimitrieska, Stankovska, & Efremova, 2018).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A engages and invests in acquiring advanced and progressive technology for operational efficiency. (Joyce, 2022).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has a strong retail setup and a strong distribution network across the globe (Gillespie & Swan, 2021; Chernev, 2018).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has access to unique raw materials, which helps it maintain high quality as well as differentiation in its product offerings.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A holds special patents and licenses for manufacturing processes, as well as for being able to manufacture off-site in other countries (Grewal & Levy, 2021).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A undertakes and participates in sustainable and eco-friendly manufacturing processes.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has also developed a green packaging solution for its product offerings and portfolio (Gillespie & Swan, 2021).

The leadership within the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is visionary and charismatic.

The organizational culture within ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is robust, innovative and creative.

The organizational culture is based on the unique values, and implementation of the same – including transparency, honesty, and commitment (Groucutt & Hopkins, 2015).

The human resource management policies within the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A support employee development and engagement – leading to high employee satisfaction and high employee morale (Machado, 2019; Anthony, 2021).

The compensation framework within the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is advanced and focuses on extrinsic as well as intrinsic drivers for employee performance.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A enjoys high brand equity based on consistently high deliverance of product quality (Hitt, Miller, Colella, & Triana, 2017; Grewal & Levy, 2021).

The technical infrastructure within the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A comprises new and advanced technology as well as network development to support its operations (Griffin, 2021)

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has access to advanced physical infrastructure as well which helps support its technical advancements, as well as its manufacturing and related operations (Valeri, 2021)

The international exposure that the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has received owing to its expansions has allowed it to develop and apply innovation as well as new knowledge for improving existing processes and schedules within the company (Hitt, Miller, Colella, & Triana, 2017; Abratt & Bendixen, 2018; Valeri, 2021).

Value chain

The core capabilities and strengths of the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A have enabled it to overcome obstacles and challenges and achieve its strategic goals and targets.

The core strengths and competencies of ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A form an important part of the company’s value chain (Chernev, 2018; Anthony, 2021).

Primary activities

ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A works directly and owns part of its operations in the value chain.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A also works through different third parties as well as contracts with other parties for managing operations in other countries (Anthony, 2021).

For inbound logistics, the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A ensures that all raw materials are transferred to warehouses and manufacturing sites in a timely fashion using company-owned transportation.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A manages its operations directly as well as through third parties.

The operations of the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A are spanned in its hometown as well as conducted overseas at other locations (Deepak & Jeyakumar, 2019).

In offshore countries, the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A manages operations through partners and agents – who look after distribution and marketing activities for the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A engages in invested marketing activities – based on consumer and market research (Dimitrieska, Stankovska, & Efremova, 2018; Chernev, 2018).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A also makes use of AI for its marketing and promotional activities.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A regularly trains its employees to develop skills regarding consumer service.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has maintained strict policies regarding consumer service as well as ensuring high quality and increased customer satisfaction (Joyce, 2022).

Secondary activities

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A has a strong human resource management department, regulated by modern policies and practices.

The human resource management department at the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A supports the organizational culture and the leadership through its various functions – such as hiring, training and compensation management (DuBrin, 2013).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A makes use of advanced technology to support its operations and achieve strategic goals and targets (DuBrin, 2013; Joyce, 2022).

The advanced technology is acquired internationally (Iacobucci, 2021).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A engages in regulated procurement with selected suppliers.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A ensures its contracted suppliers provide consistently high-quality raw materials to maintain high quality for end consumers (Gillespie & Swan, 2021).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is used to resolve its managerial and strategic challenges using one of the following strategies.

The strategies recommended will allow the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A to expand and develop, as well as manage its risks and challenges effectively.

Using these strategies, the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A will also be able to remain competitive in the market.

Market development strategies

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can engage in informative and emotional marketing to appeal to the target audience in the market and increase brand awareness.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can devise and run educational campaigns to help understand the importance of the product, and its need (Išoraitė, 2016).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can work with influencers and celebrities to help spread the message through social media as well as conventional media.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can use a team on the ground to interact with the target audience, brief them about the product and its benefits, and influence them positively towards purchase decisions. (Baines, Fill, & Rosengren, 2017).

Market penetration strategies

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can increase its marketing spending and use emotional appeals to influence the target audience.

The marketing strategies should be focused on maximizing the reach of the brand's message and promise (Iacobucci, 2021).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is recommended to make its products accessible through an increased number of supermarkets and hypermarkets.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can also open its own retail setups to increase footfall and reach across different regions (Sahaf, 2019).

Product development strategies

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A is recommended to and can engage in market and consumer research for product development.

Encouraging innovation and discussion of new ideas within the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can also lead to rapid new product development (Varadarajan, 2015).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can also optimize the development of new products by making its manufacturing and testing processes more effective.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can also create innovation labs and labs for new product development and testing (Sahaf, 2019; Abratt & Bendixen, 2018).

Diversification strategies

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can expand horizontally and add new product lines.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A can also expand vertically and add new products to the existing product line

The diversification will allow the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A to attract new consumer groups (De Mooij, 2019).

The diversification will also allow the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A to increase its penetration and reach amongst existing consumers.

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A will be able to increase brand awareness through diversification as well (Iacobucci, 2021; Abratt & Bendixen, 2018).

The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A needs to strategically align its resources for optimization and to achieve its strategic goals and targets. The ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A should continue to use its internal capabilities to realize new opportunities and for mitigating risks and weaknesses. In addition, the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A should also make use of other strategic models to understand the managerial challenges that the organization faces and devise suitable strategies and actions for overcoming them. The leadership of the ENTERPRISE RISK MANAGEMENT AT HYDRO ONE A will play a critical role in ensuring that the organization overcomes the challenges by focusing on the organizational culture and values, which will then impact the operations and performance at large.

Abratt, R., & Bendixen, M. (2018). Strategic marketing: Concepts and cases. New York, United States: Routledge.

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Enterprise Risk Management at Hydro One (A) Harvard Case Solution & Analysis

Home >> Finance Case Studies Analysis >> Enterprise Risk Management at Hydro One (A)

Early adopter enterprise risk management, energy giant Hydro One expected new threats and opportunities in the industry, who are faced with climate change and carbon legislation, deregulation of electricity markets, and greater adoption of renewable technologies. General Director Laura felt Formusa Hydro One in risk has shifted to the extent that she had to ask myself - was a logical strategy? Case provides a rich description of Enterprise Risk Management in action, and shows how Hydro One leaders to come to a common understanding of the company's risks. In the narrative of the various managers (director, finance director, head of public relations and chief regulatory officer) to express their views on the risks, which collectively several prospective stakeholders to risk. The case challenges students to define the problems and risks that the company faces, given the strategic objectives of its emerging risks , and environmental change. The case also offers a discussion of the basis for determining the role of the principal risks and the relationship between risk management, strategic planning and capital budgeting. "Hide by Anette Mikes Source: Harvard Business School 22 pages. Publication Date: July 3, 2008. Prod. #: 109001-PDF-ENG

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