You have been recently hired as the chief risk officer (CRO) for a medium-sized manufacturing company in the Midwest. The company is a Tier 1 automotive supplier that manufactures axles for multiple major automobile manufacturers (GM and Ford) in the Detroit area.

Upon your initial assessment of the corporation, you realize that there is no formal risk assessment being conducted within the business, which would imply that the potential for unidentified risks is rather high. As a result, you have decided to develop and implement a new business management process, utilizing the BPM Life Cycle as the structural backdrop for the process.

For your assignment this week, you should complete the following:

Develop an introduction to business process management and establish the base case for the importance of this process in the corporate environment.

Cover the BPM Life Cycle including providing details into each of the five steps.

Establish a high-level assessment, similar to table on page 4.16 of the textbook, of the company which includes at least 4 key processes, the risks, and the risk indicators.