Practical Connection Assign

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Additional Praise for
Implementing Enterprise Risk Management

“Educators the world over seeking to make the management of risk an integral part
of management degrees have had great difficulties in providing their students with
a definitive ERM text for their course. The Standards and associated Handbooks
helped, but until the arrival of Implementing Enterprise Risk Management: Case Stud-
ies and Best Practices, there has been no text to enlighten students on the application
of an effective program to manage risk across an enterprise so that objectives are
maximized and threats minimized. Fraser, Simkins, and Narvaez have combined
with a group of contributors that represent the cream of risk practitioners, to pro-
vide the reader with a clear and concise journey through the management of risk
within a wide range of organizations and industries. The knowledge, skills, and
experience in the management of risk contained within the covers of this book are
second to none. It will provide a much needed resource to students and practition-
ers for many years to come and should become a well-used reference on the desk
of every manager of risk.”

—Kevin W. Knight AM, chairman, ISO/TC 262—Risk Management

“The authors—Fraser, Simkins, and Narvaez—have done an invaluable service to
advance the science of enterprise risk management by collecting an extensive num-
ber of wonderful case studies that describe innovative risk management practices
in a diverse set of companies around the world. This book should be an extremely
valuable source of knowledge for anyone interested in the emerging and evolving
field of risk management.”

—Robert S. Kaplan, senior fellow, Marvin Bower Professor of Leadership
Development, emeritus, Harvard University

“Lessons learned from case studies and best practices represent an efficient way
to gain practical insights on the implementation of ERM. Implementing Enterprise
Risk Management provides such insights from a robust collection of ERM pro-
grams across public companies and private organizations. I commend the editors
and contributors for making a significant contribution to ERM by sharing their
experiences.”

—James Lam, president, James Lam & Associates; director and Risk Oversight
Committee chairman, E∗TRADE Financial Corporation;

author, Enterprise Risk Management—From Incentives to Controls

“For those who still think that enterprise risk management is just a fad, the varied
examples of practical value-generating uses contained in this book should dispel
any doubt that the discipline is here to stay! The broad collection of practices is
insightful for students, academics, and executives, as well as seasoned risk man-
agement professionals.”

—Carol Fox, ARM, director of Strategic and Enterprise Risk Practice, RIMS

“Managing risk across the enterprise is the new frontier of business management.
Doing so effectively, in my view, will be the single most important differentiating
factor for many enterprises in the twenty-first century. Implementing Enterprise Risk
Management: Case Studies and Best Practices is an innovative and important addition
to the literature and contains a wealth of insight in this critical area. This book’s
integration of theory with hands-on, real-world lessons in managing enterprise
risk provides an opportunity for its readers to gain insight and understanding that
could otherwise be acquired only through many years of hard-earned experience.

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I highly recommend this book for use by executives, line managers, risk managers,
and business students alike.”

—Douglas F. Prawitt, professor of Accounting at Brigham Young University,
and Committee of Sponsoring Organizations (COSO)

Executive Board member

“The real beauty of and value in this book is its case study focus and the wide
variety of firms profiled and writers’ perspectives shared. This will provide readers
with a wealth of details and views that will help them chart an ERM journey of their
own that is more likely to fit the specific and typically customized ERM needs of
the firms for whom they toil.”

—Chris Mandel, senior vice president, Strategic Solutions for Sedgwick;
former president of the Risk Management Society

and the 2004 Risk Manager of the Year

“Implementing Enterprise Risk Management looks at many industries through excel-
lent case studies, providing a real-world base for its recommendations and an
important reminder that ERM is valuable in many industries. I highly recommend
this text.”

—Russell Walker, Clinical associate professor, Kellogg School of Management;
author of Winning with Risk Management

“The body of knowledge in Implementing Enterprise Risk Management continues to
develop as business educators and leaders confront a complex and rapidly chang-
ing environment. This book provides a valuable resource for academics and prac-
titioners in this dynamic area.”

—Mark L. Frigo, director, Strategic Risk Management Lab,
Kellstadt Graduate School of Business, DePaul University

“The management of enterprise risk is one of the most vexatious problems con-
fronting boards and executives worldwide. This is why this latest book by Fraser,
Simkins, and Narvaez is a much needed and highly refreshing approach to the sub-
ject. The editors have managed to assemble an impressive list of contributors who,
through a series of fascinating real-life case studies, adroitly help educate readers
to better understand and deal with the myriad of risks that can assault, seriously
maim, and/or kill an organization. This is a ‘how to’ book written with the ‘risk
management problem solver’ in mind. It provides the link that has been missing
for effectively teaching ERM at the university and executive education levels and
it is an exceptional achievement by true risk management advocates.”

—Dr. Chris Bart, FCPA, founder and lead faculty,
The Directors College of Canada

“The Institute of Risk Management welcomes the publication of this highly practi-
cal text which should be of great interest to our students and members around the
world. Implementing Enterprise Risk Management brings together a fine collection of
detailed case studies from organizations of varying sizes and working in differ-
ent sectors, all seeking to enhance their business performance by managing their
risks more effectively, from the boardroom to the shop floor. This book makes a
valuable contribution to the body of knowledge of what works that will benefit the
development of the risk profession.”

—Carolyn Williams, technical director, Institute of Risk Management

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IMPLEMENTING
ENTERPRISE RISK
MANAGEMENT

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The Robert W. Kolb Series in Finance provides a comprehensive view of the field
of finance in all of its variety and complexity. The series is projected to include
approximately 65 volumes covering all major topics and specializations in finance,
ranging from investments, to corporate finance, to financial institutions. Each vol-
ume in the Kolb Series in Finance consists of new articles especially written for
the volume.

Each volume is edited by a specialist in a particular area of finance, who develops
the volume outline and commissions articles by the world’s experts in that partic-
ular field of finance. Each volume includes an editor’s introduction and approx-
imately thirty articles to fully describe the current state of financial research and
practice in a particular area of finance.

The essays in each volume are intended for practicing finance professionals, grad-
uate students, and advanced undergraduate students. The goal of each volume is
to encapsulate the current state of knowledge in a particular area of finance so that
the reader can quickly achieve a mastery of that special area of finance.

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IMPLEMENTING
ENTERPRISE RISK
MANAGEMENT

Case Studies and Best Practices

Editors

John R.S. Fraser
Betty J. Simkins
Kristina Narvaez

The Robert W. Kolb Series in Finance

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Cover Design: Wiley
Cover Image: © iStock.com/clauiad

Copyright © 2015 by John R.S. Fraser, Betty J. Simkins, Kristina Narvaev. All rights
reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted
in any form or by any means, electronic, mechanical, photocopying, recording, scanning,
or otherwise, except as permitted under Section 107 or 108 of the 1976 United States
Copyright Act, without either the prior written permission of the Publisher, or
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should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River
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Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their
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respect to the accuracy or completeness of the contents of this book and specifically
disclaim any implied warranties of merchantability or fitness for a particular purpose. No
warranty may be created or extended by sales representatives or written sales materials.
The advice and strategies contained herein may not be suitable for your situation. You
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For general information on our other products and services or for technical support, please
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Library of Congress Cataloging-in-Publication Data:

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To Wendy, my wonderful wife and my inspiration, and to my
parents who instilled in me a lifelong thirst for learning.

—John Fraser

To my husband (Russell) and our family: sons and daughters-
in-law (Luke & Stephanie and Walt & Lauren), daughter and
son-in-law (Susan & Jason), and our youngest daughter (April).
Thank you for your love, support, and encouragement!

—Betty Simkins

I would like to thank my husband and four children for support-
ing me on my journey of writing two chapters and co-editing this
book. I would also like to thank the Risk and Insurance Manage-
ment Society for supporting me during my educational years
and providing great workshops and conferences on enterprise
risk management.

—Kristina Narvaez

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Contents

Foreword xiii

1 Enterprise Risk Management Case Studies:
An Introduction and Overview 1
John R.S. Fraser, Betty J. Simkins, and Kristina Narvaez

PART I Overview and Insights for Teaching ERM 17

2 An Innovative Method to Teaching Enterprise Risk
Management: A Learner-Centered Teaching Approach 19
David R. Lange and Betty J. Simkins

PART II ERM Implementation at Leading Organizations 37

3 ERM at Mars, Incorporated: ERM for Strategy
and Operations 39
Larry Warner

4 Value and Risk: Enterprise Risk Management at Statoil 59
Alf Alviniussen and Håkan Jankensgård

5 ERM in Practice at the University of California
Health System 75
Grace Crickette

6 Strategic Risk Management at the LEGO Group:
Integrating Strategy and Risk Management 93
Mark L. Frigo and Hans Læssøe

7 Turning the Organizational Pyramid Upside Down:
Ten Years of Evolution in Enterprise Risk Management
at United Grain Growers 107
John Bugalla

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x Contents

8 Housing Association Case Study of ERM in a
Changing Marketplace 119
John Hargreaves

9 Lessons from the Academy: ERM Implementation in
the University Setting 143
Anne E. Lundquist

10 Developing Accountability in Risk Management: The
British Columbia Lottery Corporation Case Study 179
Jacquetta C. M. Goy

11 Starting from Scratch: The Evolution of ERM at the
Workers’ Compensation Fund 207
Dan M. Hair

12 Measuring Performance at Intuit: A Value-Added
Component in ERM Programs 227
Janet Nasburg

13 TD Bank’s Approach to an Enterprise Risk
Management Program 241
Paul Cunha and Kristina Narvaez

PART III Linking ERM to Strategy and Strategic
Risk Management 251

14 A Strategic Approach to Enterprise Risk Management
at Zurich Insurance Group 253
Linda Conrad and Kristina Narvaez

15 Embedding ERM into Strategic Planning at the City
of Edmonton 281
Ken Baker

16 Leveraging ERM to Practice Strategic Risk Management 305
John Bugalla and James Kallman

PART IV Specialized Aspects of Risk Management 319

17 Developing a Strategic Risk Plan for the Hope City
Police Service 321
Andrew Graham

18 Blue Wood Chocolates 335
Stephen McPhie and Rick Nason

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CONTENTS xi

19 Kilgore Custom Milling 363
Rick Nason and Stephen McPhie

20 Implementing Risk Management within Middle
Eastern Oil and Gas Companies 377
Alexander Larsen

21 The Role of Root Cause Analysis in Public Safety
ERM Programs 397
Andrew Bent

22 JAA Inc.—A Case Study in Creating Value from
Uncertainty: Best Practices in Managing Risk 427
Julian du Plessis, Arnold Schanfield, and Alpaslan Menevse

23 Control Complacency: Rogue Trading
at Société Générale 461
Steve Lindo

24 The Role of VaR in Enterprise Risk Management:
Calculating Value at Risk for Portfolios Held by the
Vane Mallory Investment Bank 489
Allissa A. Lee and Betty J. Simkins

25 Uses of Efficient Frontier Analysis in Strategic Risk
Management: A Technical Examination 501
Ward Ching and Loren Nickel

PART V Mini-Cases on ERM and Risk 523

26 Bim Consultants Inc. 525
John R.S. Fraser

27 Nerds Galore 529
Rob Quail

28 The Reluctant General Counsel 535
Norman D. Marks

29 Transforming Risk Management at Akawini Copper 539
Grant Purdy

30 Alleged Corruption at Chessfield: Corporate
Governance and the Risk Oversight Role of the Board
of Directors 547
Richard Leblanc

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xii Contents

31 Operational Risk Management Case Study:
Bon Boulangerie 555
Diana Del Bel Belluz

PART VI Other Case Studies 559

32 Constructive Dialogue and ERM: Lessons from the
Financial Crisis 561
Thomas H. Stanton

33 Challenges and Obstacles of ERM Implementation
in Poland 577
Zbigniew Krysiak and Sl̄awomir Pijanowski

34 Turning Crisis into Opportunity: Building an ERM
Program at General Motors 607
Marc S. Robinson, Lisa M. Smith, and Brian D. Thelen

35 ERM at Malaysia’s Media Company Astro: Quickly
Implementing ERM and Using It to Assess the
Risk-Adjusted Performance of a Portfolio of Acquired
Foreign Companies 623
Patrick Adam K. Abdullah and Ghislain Giroux Dufort

About the Editors 649

Index 651

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Foreword

E
nterprise Risk Management is an evolving discipline focused on a com-
plex and still imperfectly-understood subject. In such a situation, science is
advanced best by collecting data from multiple, independent sites. A rich

set of observations educates the field’s scholars and practitioners and provides the
foundation for them to develop descriptive and normative theories as well as cod-
ified best practices about the subject.

The authors—Fraser, Simkins, and Narvaez—have done an invaluable service
to advance the science of enterprise risk management by collecting an extensive
number of wonderful case studies that describe innovative risk management prac-
tices in a diverse set of companies around the world. This book should be an
extremely valuable source of knowledge for anyone interested in the emerging
and evolving field of risk management. We should be grateful to the editors and
to each chapter author for expanding the body of knowledge for risk management
professionals and academics.

Robert S. Kaplan
Senior Fellow, Marvin Bower Professor
of Leadership Development, Emeritus

Harvard University

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CHAPTER 1

Enterprise Risk Management
Case Studies
An Introduction and Overview

JOHN R.S. FRASER
Senior Vice President, Internal Audit, and former Chief Risk Officer, Hydro One
Networks Inc.

BETTY J. SIMKINS
Williams Companies Chair of Business and Professor of Finance, Oklahoma State
University

KRISTINA NARVAEZ
President and Owner of ERM Strategies, LLC

Businesses, business schools, regulators, and the public are now scrambling to
catch up with the emerging field of enterprise risk management.

—Robert Kaplan (quote from Foreword in Fraser and Simkins, 2010)

Most executives with MBA degrees were not taught ERM. In fact, there are only
a few universities that teach ERM. So some business school graduates are strong
in finance, marketing, and management theory, but they are limited in terms of
critical thinking, business acumen, and risk analysis skills.

—Paul Walker1

THE EVOLUTION OF ENTERPRISE
RISK MANAGEMENT
Over the past two decades enterprise risk management (ERM) has evolved
from concepts and visions of how risks should be addressed to a method-
ology that is becoming entrenched in modern management and is now
increasingly expected by those in oversight roles (e.g., governing bodies and
regulators). As Felix Kloman describes in his chapter “A Brief History of Risk Man-
agement,” published in Fraser and Simkins (2010), many of the concepts go back
a very long time and many of the so-called newly discovered techniques can be

1

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2 Implementing Enterprise Risk Management

referenced to the earlier writings and practices described by Kloman. However,
it is only from around the mid-1990s that the concept of giving a name to manag-
ing risks in a holistic way across the many operating silos of an enterprise started
to take hold. In the 1990s, terms such as integrated risk management and enterprise-
wide risk management were also used. Many thought leaders, for example, those
who created ISO 31000,2 believe that the term risk management is all that is needed
to describe good risk management; however, many others believe that the latter
term is often used to describe risk management at the lower levels of the organiza-
tion and does not necessarily capture the concepts of enterprise-level approaches
to risk. As a result, the term ERM is used throughout this book.

As ERM continues to evolve there is still much discussion and confusion over
exactly what it is and how it should be achieved. It is important to realize that
it is still evolving and may take many more years before it is fully codified and
practiced in a consistent way. In fact, there is a grave danger now of believing
that there is only one way of doing ERM. This is probably a mistake by regula-
tors who have too eagerly seized some of these concepts and are trying to impose
them when the methods are not fully understood, and in some cases the require-
ments are unlikely to produce the desired results. As Fraser and Simkins (2010)
noted in their first book on ERM: “While regulatory interest can force ERM into
companies, if not done well, it can become another box-ticking exercise that adds
little value.”3

The leading and most commonly agreed4 guideline to holistic risk manage-
ment is ISO 31000. However, it should be mentioned that in the United States
the COSO 2004 Enterprise Risk Management–Integrated Framework has been the
dominant framework used to date. Many organizations are currently adopting
one or the other of these frameworks and then customizing them to their own
context.

WHY THE NEED FOR A BOOK WITH ERM
CASE STUDIES?
Following the success of the earlier Enterprise Risk Management: Today’s Leading
Research and Best Practices for Tomorrow’s Executives by Fraser and Simkins (2010),
we found through our own teaching experiences, and by talking to others, that
there was an urgent need for a university-level textbook of ERM case studies to
help educate executives, risk practitioners, academics, and students alike about
the evolving methodology. As a result, Fraser and Simkins, together with Kristina
Narvaez, approached many of the leading ERM specialists to write case studies for
this book.

Surveys have also shown that there is a dire need for more case studies on ERM
(see Fraser, Schoening-Thiessen, and Simkins 2008). Additionally, surveys of risk
executives report that business risk is increasing due to new technologies, faster
rate of change, increases in regulatory risk, and more (PWC 2014). As Paul Walker
of St. John’s University points out in the opening quote of the 2014 American Pro-
ductivity & Quality Center (APQC) report on ERM, “Most executives with MBA
degrees were not taught ERM. In fact, there are only a few universities that teach
ERM. So some business school graduates are strong in finance, marketing, and

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ENTERPRISE RISK MANAGEMENT CASE STUDIES 3

management theory, but they are limited in terms of critical thinking, business acu-
men, and risk analysis skills.” Learning Centered Teaching (LCT), as discussed in
Chapter 2, is an ideal way to achieve this. Using LCT and the case study approach,
students actively participate in the learning process through constructive reflective
reasoning, critical thinking and analysis, and discussion of key issues. This is the
first book to provide such a broad coverage of case studies on ERM.

The case studies that follow are from some of the leading academics and prac-
titioners of enterprise risk management. While many of the cases are about real-life
situations, there are also those that, while based on real-life experiences, have had
names changed to maintain confidentiality or are composites of several situations.
We are deeply indebted to the authors and to the organizations that agreed so
kindly to share their stories to help benefit future generations of ERM practition-
ers. In addition, we have added several chapters where we feel the fundamentals
of these specialized techniques (e.g., VaR) deserve to be understood by ERM stu-
dents and practitioners. Each case study provides opportunities for executives, risk
practitioners, and students to explore what went well, what could have been done
differently, and what lessons are to be learned.

Teachers of ERM will find a wealth of material to use in demonstrating ERM
principles to students. These can be used for term papers or class discussions, and
the approaches can be contrasted to emphasize different contexts that may require
customized approaches. This book introduces the reader to a wide range of con-
cepts and techniques for managing risks in a holistic way, by correctly identifying
risks and prioritizing the appropriate responses. It offers a broad overview of the
various types of ERM techniques, the role of the board of directors, risk tolerances,
profiles, workshops, and allocation of resources, while focusing on the principles
that determine business success.

Practitioners interested in implementing ERM, enhancing their knowledge on
the subject, or wishing to mature their ERM program, will find this book an abso-
lute must resource to have. Case studies are one of the best ways to learn more on
this topic.

This book is a companion to Enterprise Risk Management: Today’s Leading
Research and Best Practices for Tomorrow’s Executives (Fraser and Simkins 2010).
Together, these two books can create a curriculum of study for business students
and risk practitioners who desire to have a better understanding of the world of
enterprise risk management and where it is heading in the future. Boards and
senior leadership teams in progressive organizations are now engaging in building
ERM into their scenario-planning and decision-making processes. These forward-
looking organizations are also integrating ERM into the business-planning pro-
cess with resource allocation and investment decisions. At the business unit
level, ERM is being used to measure the performance of risk-taking activities of
employees.

As these case studies demonstrate, ERM is a continuous improvement process
and takes time to evolve. As can be gleaned from these case studies, most firms that
have taken the ERM journey started with a basic ERM language, risk identification,
and risk-assessment process and then moved down the road to broaden their pro-
grams to include risk treatments, monitoring, and reporting processes. The ulti-
mate goal of ERM is to have it embedded into the risk culture of the organization
and drive the decision-making process to make more sound business decisions.

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4 Implementing Enterprise Risk Management

SUMMARY OF THE BOOK CHAPTERS
As mentioned earlier, the purpose of this book is to provide case studies on ERM
in order to educate executives, risk practitioners, academics, and students alike
about this evolving methodology. To achieve this goal, the book is organized into
the following sections:

Part I: Overview and Insights for Teaching ERM
Part II: ERM Implementation at Leading Organizations
Part III: Linking ERM to Strategy and Strategic Risk Management
Part IV: Specialized Aspects of Risk Management
Part V: Mini-Cases on ERM and Risk
Part VI: Other Case Studies

Brief descriptions of the contributors and the chapters are provided next.

PART I: OVERVIEW AND INSIGHTS FOR
TEACHING ERM
The first two chapters provide an overview of ERM and guidance on ERM educa-
tion. As we have pointed out, education on ERM is crucial and more universities
need to offer courses in this area. Our conversations with many ERM educators
and consultants highlight how extremely challenging it is to achieve excellence in
ERM education.

Chapter 2, “An Innovative Method to Teaching Enterprise Risk Manage-
ment: A Learner-Centered Teaching Approach,” offers insights and suggestions
on teaching ERM. This chapter covers the concept of flipping the classroom with
learner-centered teaching (LCT), distinguishes it from traditional lectures, and
describes how it can be used in teaching ERM. The LCT approach emphasizes
active student participation and collaboration on in-class activities such as case
studies versus the traditional lecture approach. This chapter provides several
examples as to how LCT can be applied in teaching ERM, utilizing Fraser and
Simkins’ (2010) book. David R. Lange and Betty J. Simkins, both experienced ERM
educators, team together to write this chapter. David Lange, DBA, is an Auburn
University Montgomery (AUM) Distinguished Research and Teaching Professor of
Finance. He has received many prestigious awards for both research and teaching
from the University and from several academic associations. He has taught many
courses in the area of risk management and has consulted in a significant num-
ber of individual and class insurance–related cases in both state and federal court.
Betty Simkins, PhD, the Williams Companies Chair of Business and Professor of
Finance at Oklahoma State University, is coeditor of this book.

PART II: ERM IMPLEMENTATION AT
LEADING ORGANIZATIONS
Part II is a collection of ERM case studies that give examples of how ERM was
developed and applied in major organizations around the world. Note that there
is no perfect ERM case study and the objective is for readers to assess what they
believe was successful or not so successful about these ERM programs.

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ENTERPRISE RISK MANAGEMENT CASE STUDIES 5

The first case study in this book describes ERM at Mars, Inc. Larry Warner, who
is the former corporate risk manager at Mars, Inc. and now is president of Warner
Risk Group, describes the ERM program at the company in Chapter 3. Mars is
a global food company and one of the largest privately held corporations in the
United States. It has more than 72,000 associates and annual net sales in excess
of $33 billion across six business segments—Petcare, Chocolate, Wrigley, …

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