Integrated Enterprise Risk Management: The path To Commercial Excellence In The Chemical Industry
This paper discusses what capabilities chemical companies need to develop to manage market instability to help deliver consistent and reliable earnings growth. The last two years have been particularly difficult for the chemical industry. The volatility in the energy and raw material markets, combined with the demand shock of the global recession, has had a significant impact to the financial bottom line. Many chemical businesses, as a result, have suffered severe financial pain. What is evident from the volatility-induced chaos in the financial markets and the global economy is that the cycle time for decision making has markedly decreased. Volatility rewards the quick and punishes the slow.