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Jollibee

The document discusses COSO enterprise risk management and provides an example of how Jollibee Foods Corporation implements risk management. It outlines the 8 components of COSO ERM, including internal environment, objective setting, risk assessment, and monitoring. For Jollibee, monitoring procedures focus on inspecting inventories, facilities, employees, and equipment on a daily to weekly basis to ensure food safety and quality standards are upheld during the pandemic. The effectiveness of Jollibee's risk management system is regularly evaluated by management.

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CHARLES DANIEL VELASCO
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1K views3 pages

Jollibee

The document discusses COSO enterprise risk management and provides an example of how Jollibee Foods Corporation implements risk management. It outlines the 8 components of COSO ERM, including internal environment, objective setting, risk assessment, and monitoring. For Jollibee, monitoring procedures focus on inspecting inventories, facilities, employees, and equipment on a daily to weekly basis to ensure food safety and quality standards are upheld during the pandemic. The effectiveness of Jollibee's risk management system is regularly evaluated by management.

Uploaded by

CHARLES DANIEL VELASCO
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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COSO - ENTERPRISE RISK MANAGEMENT

1. Internal Environment – Atmosphere, corporate culture


2. Objective setting – must be aligned with company’s risk appetite
3. Event Identification – events that have an impact to the company specifically achievement of
objectives. (Must able to distinguish risk and opportunities may occur)
4. Risk assessment – assessing risk. (may cost more to lessen risk but it’s better to avoid)
5. Risk response – (align with entity’s risk tolerance)
a. Avoiding (simply mitigation)
b. accepting (low risk or impact to the entity)
c. reducing (lessen the effect of the risk)
d. sharing risk (insurance)
6. Control Activities
a. Preventative Control (prevent the risk event)
b. Detective Control (risk already happen, detecting the risk)
7. Information & Communication – relevant information is identified, captured, and communicated
in a form and timeframe to all levels of an entity
8. Monitoring – a company reviewing what is actually performed compared to what policy
documents suggest.

Assessing RISK

Likelihood – event occurring to the entity

Impact – effect of event to entity

Low/Low – Accept

High/High – Avoid // Mitigate // share

Give an example of monitoring procedures of a certain company as part of risk management


COMPANY: JOLLIBEE

Enterprise Risk Management

The Company and its subsidiaries need a comprehensive strategy to corporate risk management to
support their global growth and expansion. This approach must also fundamentally integrate and uphold
the highest ethical standards in line with the Company's core values and principles. (which is to serve
good quality food at affordable price, but we all know it’s not affordable anymore since of price hikes
which have been a risk being manage by Jollibee, but since with it’s popularity, the risk response to this
was acceptance, since most customer still avail their products)

The ability to better understand and manage risks will be given to the organization via risk management,
which will give it improved capabilities for risk identification, assessment, and management.

MAINLY Jollibee focuses on monitoring inventories and facilities during pandemic

The Company and all of its affiliates operate quick-service restaurants. In terms of food, service, and
cleanliness (FSC), quick-service restaurants like those run by the Company are expected to maintain a
high standard ("FSC").

In response, the company adheres to strict rules, policies, and procedures in its FSC and conducts
routine and arbitrary audits to make sure that FSC standards are upheld not just in stores but also in
commissaries. The Company has also put in place a system of incentives to recognize outstanding FSC
performance by retailers. The effectiveness of the company's risk management system is routinely
evaluated by the board and management of the company. (they forecast sales as well)

Normally stores or branches of Jollibee deliberately inspect facilities, and utilities if all are at standard
with health protocols in order to avoid any risk of contamination or defects in operation for the safety of
the employee, and the customer so as well as the entity. In terms of inventories, it is also considered as
a risk for spoilage that must be communicated to its suppliers or top management in order to have
replenishment of ingredients or inventories needed for operations.

Jollibee Normally do a daily, to weekly basis of inspection per branch in aspects of;

employees (health standards, like being vaccinated, equipment cleanliness like hairnet and uniforms)

facilities (cleanliness, accordance with health protocols)

machineries (fryers, ventilators, cash registers, kitchen utilities and such)

inventories (proper stockage of supplies for operation)

REFERENCE:

https://www.jollibee.com.ph/investors/corporate-info/risk-managements/?fbclid=IwAR1v-
7wKtoLU3qFNJekWcJwCXyjLuOjAFY72Ty8doFw40NRmlsfmyEVbrs0

Mishandled food is punishable under the Food Safety Act. A fine of at least P100,000 and a one-
month suspension can be slapped for the first offense.
RISK RESPONE: AVOID (in order to inspect the high standard and compliance of JOLLIBEE to
maintain the trust and loyalty of its customer, so that is why they decided to close down the
branch in BGC for 3 days)

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