Enterprise Risk Management For Fishing Tournaments

Abstract

The fishing tournament industry is confronted with many of the same risks as other industries (such as financial statement misstatements), share some risks specific with others (such as cheating in casinos), and face some unique risks (such as the risk of competitors adding weight to fish).This teaching case explores some of the risks inherent in the fishing tournament industry. Students are given background information about a how a tournament operates and then asked to perform an overall risk assessment using the COSO enterprise risk management framework. Elements of the assignment include assessing the internal environment, setting of objectives, and then identifying, prioritizing, and responding to risks. Students are also asked to make recommendations for improving the information and communications process and for improving monitoring activities.The case contains the following elements:Case Narrative Instructors ManualCase ObjectivesBasic Pedagogy (course, level, position in the course, prerequisite knowledge)Teaching MethodsCase SummaryKey IssuesDiscussion questions and suggested responsesTeaching TipsInstructor TablesHandoutsEpilogueThe case is suited for use in several business courses at the undergraduate or graduate level. It can be used in part or in its entirety, and can be adjusted for difficulty levels. It is also adaptable to any of the major risk management models.