You are a risk manager in a private family-owned clothing manufacturer and retailer that has a strong brand image and excellent reputation for selling expensive and high quality mens and womens clothing. The companys management decision-making is dominated by the ageing founder and CEO who inherited the business from his father. Your company relies on purchasing woolen and cotton materials from local suppliers and using its own employees to manufacture the material into its products. The use of local manufacture, and long history of family ownership, has been a significant feature of the brands marketing. The company is renowned for being a significant employer in the region of its head office and manufacturing plant. Over several years the companys profits have been falling due to the rising cost of Australian labour and declining sales due to changing consumer preference towards more modern synthetic materials. If left unaddressed, the company will be forced to close due lack of profit. The CEO proposes to outsource manufacturing to other companies located in Southeast Asia and source synthetic fibres from overseas suppliers. Answer ALL of the following parts to this question in your own words. Identify and discuss the objectives of the key stakeholders that may be affected by the CEOs decision. Describe the cognitive biases that may influence the strategic risk of this company. Describe the elements of the COSO strategic risk framework. Using the COSO strategic risk framework, evaluate the CEOs decision and suggest what actions the company could take to ensure its selection and implementation is successful.