Enterprise risk management analysis of GlaxoSmithKline Bangladesh Limited

Abstract

GlaxoSmithKline Plc. Limited has a purpose to “Improve the quality of human life by enabling people to do more, feel better and live longer.” The company adapts a centralized Risk Management Framework and Corporate Governance practice that are followed by all its subsidiaries. This research paper focuses on how GSK monitors, maintains and mitigates its risks based on the prescribed guidelines. Further, it also states the effectiveness of the company’s Enterprise Risk Management practices. The company focuses heavily on its product quality, financial control and reporting, Anti-bribery & corruption and Third party oversight. GlaxoSmithKline Bangladesh Limited maintains a moderate level of risk by maintain the same standards and procedures that are followed by GlaxoSmithKline Limited internationally. Taking all factors into consideration this paper evaluates GSK should take a more local approach to thrive in Bangladesh’s market and the issues that are related to the closure of the pharmaceutical business unit.