British American Tobacco Risk Management - Coursework Example

Risk Management of British American Tobacco Contents 1.0 Introduction 3 2.0 Risk identification 3 3.0 Risk matrix 6 4.0 Strategies for potential threats 9 5.0 Risk management and corporate governance 13 6.0 Conclusion 16 Introduction Modern business world is full of challenges and complexities. In order to become a global player, a company must go through thick and thin and look for the best ways of risk prevention and mitigation. On the example of British American Tobacco plc risk management is considered. First, it should be mentioned that the UK companies face many challenges when implementing risk management practices. It can be explained by a conservative nature of the country and potential international partners may be worried about a lack of dynamic and innovative decision making within the British companies. British American Tobacco plc is focused on risk management and corporate governance as two basic pillars of their policy (Economies Splutter, but Tobacco Is in Rude Health," 2011). Thus, growing profits of the Company and an increasing number of shareholders and investors refers to appropriate techniques of risk management both locally and internationally. Risk identification To invest in the tobacco industry is to invest in people’s death. This claim is rather controversial, but, fortunately, in accordance with recent researches and studies there is an evident growth of stakeholders’ interest in this type of investment (Weissmann, 1998; Woo, 2002; Zegart, 1996; Jones, 1997). Since 1999 this company has failed only several times. Tobacco makers are focused on their reputation and they have been worked hard to deal with external influences and position this industry as a profitable and the second to mining (Anger as Councils Invest in Tobacco; boroughs buy cigarette shares while fighting to Curb smoking exclusive” Tobacco Investments Help Fill Pension Deficits'," 2010). Industries directed on recovery are appropriate for investors and stakeholders in 2012. A number of tobacco smokers are growing, but there are many of markets, which are virgin for tobacco industry (Steinmaus, Balmes, 2000; Tannenbaum, 1998; Traylor, 2010). Volume growth or delivery growth is rarely experienced by the main players of tobacco market. There is a challenging question about potential actions of British American Tobacco plc: “acquisition targets are scarce, interest rates deter hoarding and shareholder returns already look relatively generous. By continuing their current share buy-back policies, both British American Tobacco plc and Imperial would repatriate their entire share capital within 25 years, JPMorgan calculates” (Elder, 2012).The modern investors are mainly focused in the secure returns. Nevertheless, it is possible to prognosticate risks in foreseeable future for BAT Company. Health issues are the most relevant for tobacco producers, because many people smoke, but are afraid of harm caused for their health. BAT is looking forward to the world’s growth of tobacco consumers and potential monetary gains. At this point a challenge of second-hand smoke occurs and the number of proponents of tobacco is growing. It is possible for the governments to solve a problem of a reasonable regulation and introduce control measures to prevent illicit trade. Otherwise there is a lack of support of the Company’s tobacco products currently. The Company is also involved in environmental issues solutions, because there are a lot of challenges, which may occur in this field. For example, in 2011 BAT initiated assessment of the water footprint of tobacco growing locations (British American Tobacco plc Annual Report, 2010). In case the risk of low-quality of water emerges, the Company works out a strategy of water supply chain. Stakeholders are focused on dealing with water challenges and want to be assured of the Company’s ability to deal with such environmentally hazardous events as flooding (Myers, 2006; Bardsley and Olekalns, 1999). Moreover, there is a question of carbon pricing and availability. Business needs decrease of carbon emissions. BAT is focused on reduction of carbon emissions and meeting future energy needs. To deal with the issues of energy, BAT installs solar and photovoltaic equipment in order to meet CO2 targets. Basically, there are seven risk factors for British American Tobacco plc, such illicit trade, taxes, financial aspect, challenges in the market, regulations in industry, litigation and information technology ("Changes to CGT Regime Go Ahead despite Criticism; Beating the Taxman: Ex-Chancellor Ken Clarke Sold His Entire Stake in British American Tobacco," 2008). These are not all potential threats and risks for British American Tobacco plc, some risks can be unidentified or irrelevant nowadays, but may occur in the future (Research for International Tobacco Control, 2003). These seven key risks may be reasonable, but external influences exerted on them are not excluded. In order to focus more on potential risks of British American Tobacco plc, it is relevant to consider the background of the company’s development and concentrate on both external and internal factors of British American Tobacco plc policy development. From the perspective of Daniel Wong, who deals with the global issues of the Company, post-crisis period and a period of recession are the most complex factors for the Company’s development. Current shareholders are challenged by an option of potential future currency risks and the first and foremost step to be taken is development of hedging strategies for British American Tobacco plc (Schapiro, 2002; O'Rourke, 2004; Research for International Tobacco Control, 2003). Statistics highlights the following data: “As the world's second-largest quoted tobacco firm by market share, with more than 200 brands in its portfolio, British American Tobacco plc is listed in the top 100 companies on the London Stock Exchange and reported an operating profit of £2.7 billion for the first half of 2011, an 18% increase on the previous year” (Siers, 2012). Nevertheless, the Company came across numerous challenges in the result of economic crisis. In order to deal with currency challenges internationally, Wong, as treasury manager had to focus much on the environmental risks, discussed above. Wong claims that British American Tobacco plc should be focused much on potential threats and different markets. There is a need to make different on-time solutions in order to solve the problem of cash management or other funding structures management et cetera. A dynamic approach is a remedy for British American Tobacco plc in the face of new coming risks ("A New World of Thinking on Wealth Management," 2011; Jones, 1997; Mcdaniel, Solomon, and Malone, 2005; Holmstrom, Bengt, and Tirole, 2000). British American Tobacco plc should operate effectively and in accordance with corporate agenda (Pelucchi, Gallus, Garavello, Bosetti and La Vecchia, 2006). The Company is focused more on long-term risks rather than on short-coming changes in currency, for example. It is hard to believe the way British American Tobacco plc manages to trace different currencies throughout the world and when it is about the Mauritian rupee or the Romanian leu, the interest rates are quite different. A strategy of hedging may be ineffective with respect to currencies of small countries. The company is mainly focused on economic and social factors, which should be taken into account in the process of risks identification, analysis and mitigation (Anderson and Anderson, 2009; "Britain Could Follow Aussie Lead on Cigarette Packages," 2011; Hill, 2000; Fenelle, 1997). Therefore, risk management of the Company is complex and rather challenging. Figure 1 British American Tobacco plc risk management. Risk matrix On the stage of risk identification, potential threats and hazards are taken into account by the Company. A special Risk Management Team is responsible for risk prevention and mitigation strategies development. There are five main points at the stage of risk identification: business objective, risk, reason for risk, risk outcome, risk time frame. The following matrix determines the impact of risk on the business strategy of British American Tobacco plc. There are three basic factors of risk occurrence: likelihood of risk, impact of risk outcome, degree of risk management measures taken. There are two chosen scales ranging from 1 to 3, in combination risk rating is from 1 to 9. Figure 2 Components of a Risk Register Currently, risk register is a relevant “living document”, recording identified and modified risks the day they occurred. For British American Tobacco plc it is appropriate to select those dates, when the most severe impact was made on the Company (O'Rourke, 2004; Research for International Tobacco Control, 2003). It is also necessary to define potential outcomes of risk. A risk register identifies risk and evaluates the process of potential business risks management, as well as risk levels. Risk prevention plans and strategies should be developed by the Company in order to take relevant functional measures. Current risk monitoring in the company is implemented to consider the effectiveness of risk mitigation measures and corrective actions taking. Thus, at the stage of risk acceptance, risk is accepted and current policy of risk control is reviewed. The second stage “Retain” can have the following subcategories: loss prevention and loss reduction. For example, it is possible to take risk preventive measures at the first stage (to assure quality; to focus on the issues of health, environment and safety; to train and educate personnel, to focus on research and development in the Company) (Traylor, 2010). At the stage of loss reduction, the Company is able to implement proactive measure to reduce negative outcome of risk (for example, to implement business planning; duplication/separation of exposures; portfolio planning). The stage of “Transfer” comprises two sub-categories of insurance and contract (e.g. to buy insurance in case of fire, theft et cetera; or provide protection clauses in the contracts). British American Tobacco plc developed basic business continuity plans focused on potential risk management: development of contingency sourcing plan; product recall; emergency evacuation plan, bomb threat; mass outbreak of infection disease; leaf or material supply plan et cetera (Tannenbaum, 1998). Annually these plans are updated and reviewed with respect to the owner’s plans, shareholders’ interests and the customers’ needs. Moreover, it is relevant to consider potential risks in British American Tobacco plc because this company produces products, which are risky and hazardous for health. It is of crucial importance to correlate specific needs of public with current trends of tobacco industry. For example, shareholders of the company will be focused on different regulations issued internationally dealing with public health protection and avoidance of risky products in the international market. At the same time, British American Tobacco positions itself as a “responsible tobacco” (Corporate Governance). The Company is open for cooperation with other governments. It is appropriate to cooperate with different governments and develop a favorable basis for a lower risk product research. It is appropriate to establish clear criteria and objectives for the company’s risk management strategy development and implementation. Innovative products are very important for British American Tobacco plc. The Company is able to create favorable conditions for working in compliance with interests of the shareholders. It is on behalf of the Board of the Directors to assure shareholders of the Company of the intention and ability to reduce potential risks, to develop innovative products, to work internationally and work out special informative strategies claiming about health safety issues. Therefore, British American Tobacco plc has to follow numerous rules in order to meet the needs of the customers and shareholders. In spite of the abovementioned challenges and potential risks, shareholders think about British American Tobacco plc the following: “British American Tobacco led Britain's blue chips today, rising $:1.285, or 38 percent, to $:4.66, while the benchmark British stock index closed slightly lower, in contrast to gains around 3 percent in Paris and Frankfurt and around 5 percent on Wall Street” ("Clouds Envelop Tobacco Stocks; Market rePort," 2011). There is an essential step forward in the company’s asset sale. Consequently, it is hard for the investors to make their decision about potential investing in the Company and, at the same time, they are very much attracted by British American Tobacco plc ability to withstand post-crisis period and sales growth. Strategies for potential threats Illicit trade of products in different countries may be illegal and turn into a serious hazard for British American Tobacco plc legal trade. Smugglers would gain huge benefits in case of illegal trade and avoid paying taxes, thus making price for their product lower than that of British American Tobacco plc. Disproportional excise occurrence in different markets may result in ineffectively regulated environment in tobacco market. Brand of the Company can be violated; investment and distribution can be undermined. There is a challenging occurrence of lower volumes and reduced profits. Consequently, under these conditions, British American Tobacco plc provides the following solutions: to develop Anti-Illicit Trade (AIT) teams, protecting illicit trade both locally and internationally (Garrett, Wipfli and Winch, 2005); to actively cooperate with key stakeholders; research program initiation focused on global AIT strategy development; to create Brand Enforcement Group in cooperation with law agencies, providing pursuit of priority targets and capacity establishment; improvements of business conduct and focus on customers’ needs (Bardsley and Olekalns, 1999). Excise shock risk may occur in case governments of different countries will make an attempt to raise revenues on this increase occurs in terms of national health policies. In this case, British American Tobacco plc comes across a serious problem, when the customers are interested in purchasing cheaper illegal product from illicit sources. Thus, pricing and excise strategies are of the main interest for the stakeholders. In case the world’s financial system experiences crisis, both global and individual markets are in hindsight. British American Tobacco plc comes across a problem of limited liquidity and fluctuations of interest rates occur. British American Tobacco plc is focused on conservative financing principles, with a minimum level of liquidity and maturity for the total debt portfolio and a proportion of total debt proportion. Stakeholders should be informed about FX rate for British American Tobacco plc earnings. Fluctuations of prices in tobacco market are caused by different macroeconomic conditions. Therefore, the main objectives of the industry can be missed and ineffective organizational changes may take place. To develop pricing risk policy, it is necessary for British American Tobacco plc to look for different options of commodity purchase in low-cost countries; specify appropriate changes and reduce variable costs. It is aimed to save £800 million by 2012 in terms of this policy and consider potential fluctuations of this policy (British American Tobacco plc Annual Report, 2010). There is a risk of volume or market share loss and profit, or a serious infliction can be made on reputation of the corporation. Risk of trade environment is another important concern for British American Tobacco plc. This Company operates in more than 180 countries and it may result in different external influences exerted on the Company’s policy. Potential reasons for this type of risks can be found in the decrease of consumers’ disposable incomes in the macroeconomic climate. In this case the Company comes across the following challenges: profit growth is lower than shareholders’ expectations and investment funds are reduced in the long run. Thus, pricing scenarios of the country are reviewed in order to find out potential risks and changes, which are influential for the country. Another serious risk is the Company’s inability to change patterns of consumers’ purchasing. In case of climate change or national disaster, there is a need to take appropriate measures. Nature can be another challenge for British American Tobacco plc in case government starts up different initiatives, such as farmers’ involvement of tobacco growing or lands availability . Moreover, lands of tobacco growing may be exposed to a potential contamination. Supply chain of the country can be also influenced by different disruption, thus presenting another intimidating issue for British American Tobacco plc. It is necessary for every factory and organization within the Company to develop its own disaster recovery plan and purchase insurance. Moreover, variable costs reduction and alternative sourcing are perfect options for British American Tobacco plc. Performance of British American Tobacco plc in key markets can be at risk, in case managers of the Company are unable to find out the interests of potential customers. In case there is a lack of internal resources, a process of innovative products’ production is on hold. Moreover, it should be noted that individual markets have lower benefits from strong brand portfolios. These conditions may result in decrease of market share and volume. At the same time, stakeholders may be worried about the company’s inability to increase profits during a short period of time. In case of the Company’s reputation erosion, there is a potential decrease of investing in the British American Tobacco plc development. Further on, the Company is at risk of consumers’ trust loss and weakening brand portfolio. At this stage British American Tobacco plc should be focused on appropriate strategies development and methodologies application, which may deal with the problems. Key markets elements, as well as investment levels in tobacco industry, should be taken into account, constantly revised and reviewed. The Group’s businesses operate under increasingly stringent regulatory regimes around the world. Further regulation is expected, particularly as a result of the World Health Organization’s Framework Convention on Tobacco Control (FCTC) and increasingly active tobacco control activities outside the FCTC (British American Tobacco plc Annual Report, 2010). The Company is at risk, when an innovative product is launched in the market. In that case the managers of the Company should be focused not only on technological aspects of market, but also on the interests of potential clients. Regulatory regimes can save the company from the downfall (). In this case, British American Tobacco plc adopts different communication strategies, as well as innovative approaches; this will be different from the product of rivalries. In order to meet regulations of other countries to the fullest extent, it is appropriate to work out interesting packaging. Otherwise, plain packaging will lead to fostering of illicit trade and the customers will be dissatisfied with the new coming products (). Therefore, regulatory strategies implemented by the Company are appropriate at different levels. Both, internationally and locally British American Tobacco plc should be much concerned about potential environment of products’ trade and be consistent with international and local laws, respectively (Mintz, 1991). Another fact is that global involvement of stakeholders and monitoring of the company’s activities internationally, provide the Company with an opportunity to analyze and determine potential impacts of improperly developed strategy or policy of the company. Litigation risk is not a rare case for tobacco industry. People smoke and do not pay attention for potential hazards to health and their potential death. Therefore, British American Tobacco plc has developed the Strategic Litigation Team (SLT) which is focused on global threats of litigation for the Company, which may occur in the world. In this case, the Company loses trust of potential customers and is unable to perform internationally in a favorable environment. Risk management and corporate governance Power (2004) claims that, “risk management and the ‘Turnbullization’ of UK organisational life is primarily a defensive response to a more activist and demanding organisational environment (p. 24)” and that, “risk management based internal control threatens to imprison organizational thinking (p. 25).” There is no doubt that in the modern dynamic business world, it is more appropriate to act in a proactive manner. An executive of British American Tobacco plc said that corporate governance regulation is like ‘taking a sledgehammer to crack a nut’. Shareholders require a higher degree of involvement in the decision making process of the company. Moreover, UK companies are not much concerned about risk management planning. Myers (2006) claims: “Business Continuity can be seen as a bridge between Risk management and Emergency Planning; it utilizes the risk identification and management processes of formal risk management and the crisis management capabilities of emergency planning” (Myers, 2006). Therefore, for British American Tobacco plc risk management should be considered in terms of this definition and be positioned as a strategy of decision making in both daily and emergent situations. There is a need to integrate risk management in the corporate culture of the Company. This is rather hard to do, but British American Tobacco plc is on the way of corporate culture and risk management integration. We understand risk management as “the making of decisions concerning risks and their subsequent implementation, and lows from risk estimation and risk evaluation” (Royal Society Study Group 1983, p. 3). The majority of UK organizations have failed to implement relevant risk management strategies. Therefore, business activities of different can be threatened in case there i no proper risk management strategy. British American Tobacco plc agrees together with other 77% of British organization that risk management is a necessary measure taken in the modern business world. Reputation of the Company is growing in case it is able to deal with potential risks, prevent and analyze them. Implementation of risk management practices is not enough for successful operation in the business world. It is better to implement relevant techniques in certain contexts. Corporate governance of British American Tobacco plc is often criticized. For example, Mokhiber and Weissman (2002) claim: “tobacco and responsibility' just don't go together - that a business can't be responsible if its products can harm people" (p. 9). On the one hand, the Company denies these accusations and underlines that it makes many attempts to reduce tobacco consumption impact on human health. Responsibility of the Company, producing tobacco, is rather weird statement (. It cannot be responsible because of its essence: it produces products, which spoil health of the customers. They are second world’s greatest producers of addictive tobacco. On the other hand, the Company made many attempts in the past to claim that their products were not harmful for public health. Fortunately, now their strategies are more open and sincere and they underline that the products, which are produced by the Company, are hazardous for human health. Their cutting-edge activities remain unhampered in spite of numerous intentions of the WHO and other social and political organizations to stop these harmful activities. In accordance with the Social Report, Action on Smoking and Health UK (ASH UK): “The problem with British American Tobacco plc is not only that it makes a deadly and addictive product. We judge British American Tobacco plc by how it behaves, its business practices, the directions it takes and its truthfulness. We find British American Tobacco plc to be irresponsible because of the way it conducts its business, not simply because of what it makes" (Report on Compliance with the Combined Code on Corporate Governance). It seems that this type of a serious accusation undermines corporate governance of the Company. In this report British American Tobacco plc is accused of corporate crime. Under conditions of this crime, till 1998 British American Tobacco plc provided public with controversial data about potential hazards for human health. This “corporate mendacity” is corrected in the modern context. Moreover, British American Tobacco plc is accused of promotion of smoking among young people rather than prevention of it. Still, British American Tobacco plc does not confess that second-hand smoking is as much harmful for people around a smoker. British American Tobacco plc is accused on preventive practices against the World Health Organization’s adoption of Framework Convention on Tobacco Control. The Company is afraid of advertising banning and decrease of potential smokers’ number (Feldman and Bayer, 2004). Concerning litigation against the Company, it is possible to remember about a case filed against British American Tobacco plc, when a dying smoker named Rolah Ann McCabe wanted to accuse British American Tobacco plc in malpractice. In that case Judge Geoffrey Eames accused the Company of inappropriate number of reports and other documents, underlining a potential harm and hazard of nicotine harm. Finally, British American Tobacco plc was said to be accused of the following issues: “The predominant purpose of the document destruction was the denial to plaintiffs of information which was likely to be of importance in proving their case, in particular, proving the state of knowledge of the defendant of the health risks of smoking, the addictive qualities of cigarettes and the response of the defendant to such knowledge" ("Class-Action Status OK'd in Tobacco Case; 'Light' Cigarette Smokers File Largest Suit to Date," 2006). Nowadays the Company pays much attention to information about a potential harm of nicotine and other health hazards, which may occur in the result of smoking. Conclusion Therefore, the Company’s responsibility is on the way of dynamic development. It takes care not only about its own interests, but also about the interests of the customers. There is an evident cooperation between the Board of Directors and Shareholders. Moreover, it is evident that the Company’s managers are spread across the world and identify, analyze, deal with potential risks. In spite of the fact that the interest of investors cannot be denied, it is of great importance to develop corporate governance regulation. There are many challenges in corporate governance of the company as well, because there is an evident interplay between politics and international trade. The Corporate Governance Statement in the Company’s 2011 Annual Report clarifies the main points the Corporate Governance Principles developed for all companies in the UK. In accordance with annual data of 2011, the Board act effectively and there is an evident spread of interests and different innovative practices among the members of the Board. In order to assure shareholders of safety cooperation with the Company, British American Tobacco plc is focused on risk management strategies development to protect their interests. References Barron, A. 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