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Internal entities therefore bear the burden of the company's interest, making the risk identification process subjective, and compromising it to the eventual disadvantage of the company. Here also it is advisable that entities from the outside be involved in the process.
The risk quantification process refers to assessing the scale of severity in the risks identified. When a risk is identified, resources need to be allocated in order to mitigate it. Severe risks will therefore require a greater amount of resources, while lower severity also means lower priority. Quantification therefore results in prioritizing. This is a process that can then mitigate the financial resources necessary for preventing the risk factors involved.
In the quantification process, however, ambiguity and subjectivity are also detrimental factors. Ambiguity for example means that there is uncertainty regarding which priority to assign to which levels of risk. Once again, subjectivity works in concomitance. Internal risk teams…
All personnel need to be fully informed regarding risk management, particularly in terms of disaster, terrorism, or other unknown factors. Employees and employers therefore need to maintain an open communication system, through which risk management occurs as a dynamic rather than static system. Management should for example provide workers with the opportunity to offer suggestions relating to the current risk management manual. These can be communicated via spoken or written communication. Such a measure provides the opportunity to establish mutual trust within the company, which is vital if risks are to be handled effectively once they occur.
Inherent and environmental risks can also be handled via communicating in this way. By trusting employees to provide accurate information regarding ongoing risk factors, the management of an organization also provides such employees with a sense of trust and perceived importance. Such employees can then be inspired to provide the company with their…
Advisers for example survey the market and make recommendations to their customers on the strength of such estimations. Such investments carry a high level unknown risks, depending upon the type of investment a customer prefers to make. Some customers prefer higher risks for higher returns, while others are more careful with their investments. In such a company, risk quantification and creation play a more important role than risk prevention.
Diversifying risks in the financial business is a strategy that mitigates the risk of investment. The strategy entails diversifying the number and types of investment made in order to minimize the risk of financial loss for the client. Such a strategy is useful in high-risk and high-return types of investments.
Concentrating risk is the opposite strategy of diversifying risk in the investment business. This strategy carries a high risk of loss, but also a high possibility of return if successful. It…
When the risk is significant, this should be quantified against the risk of not entering the specific country in terms of expansion. When the risk is acceptable, stringent measures, including organizational arrangements, engineering control, and research and development, need to be taken. Research and development are particularly important, as mitigation measures can then be implemented that are particularly targeted towards the measure of possible terrorist attack for the country involved. Reducing the likelihood of terrorist attack can in certain cases be a better response to terrorist threat than avoidance, as it mitigates many of the additional risks involved in the latter.
Thirdly, reducing the consequences of terrorist attacks is a retrospective approach. This is done by measures such as contingency planning, recovery plans, design features, surveillance, and the like. uch measures are best implemented by learning from the past experiences of terrorist attacks on the company involved, or indeed from…
Campion, Kevin. 2002, Nov. 15. Integrating Terrorism Risk Management with the Federal Terrorism Program. Benfield Blanch, Inc. http://www.benfieldgroup.com/NR/rdonlyres/2319B84C-7C18-4280-B057-839E6F0243D5/0/11_02BB.pdf
Gould, Nathan C. 2004, July. Managing Terrorism Risk. ABS Consulting. http://www.irmi.com/Expert/Articles/2004/Gould07.aspx
Parachini, John. 2000, Jul. 26. Combating Terrorism: Assessing Threats, Risk Management, and Establishing Priorities. Center for Nonproliferation Studies. http://cns.miis.edu/pubs/reports/paraterr.htm
While it may be seen as quite simple to put preventative measures in place to limit discrimination within a company, large companies especially may have difficulty in monitoring every case of discrimination in the company. There are however risk factors that can be taken into account when assessing discrimination issues.
The amount of diversity in a company and its various divisions should for example be taken into account. It should be ensured that there is a reasonably fair distribution in terms of various diversity factors such as religion, race, and gender. Furthermore, training programs and informal events can go a long way towards introducing employees to each other from a basis other than their personal preferences or heritage. Such issues should be handled with extreme care, while the specific personalities should be taken into account. A secretary may for example see a comment that was meant as a joke, as…
Business Link. 2007. Insure your business - people, life and health. http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1074301420
Business Link. 2007. Prevent discrimination and value diversity. http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1074003268
Environmental Agency. 2007. Pollution Prevention Guidelines: Above Ground Oil Storage Tanks. Environmental Alliance. http://publications.environment-agency.gov.uk/pdf/PMHO0204BHTN-e-e.pdf?lang=_e
When new employees are appointed, for example, they should be observed thoroughly during the first months of work in order to assess their stability and stress levels. A reporting system could also be implemented, by which workers are encouraged to consult management regarding their own or a co-worker's stress levels and concomitant work performance. It is important to ensure that none of these measures be perceived as unfair.
In terms of mechanics and electronics, it is highly likely that any machine, computer, or other device is likely to fail some time during its lifetime. It is also highly likely that this will occur during the operation of such a machine. Depending upon the nature and importance of the machine in question, injury may result for the employee operating the machine, or the company may collectively suffer loss or damages in terms of elements such as lost data.
One important way…
This was further detrimental to the morale of existing workers, as they began to resent the striking section of the workforce for their situation. The managing team then determined that a management of change assessment was necessary.
The first step in this assessment was an assessment of the existing situations. Workers were beginning to suffer from extreme fatigue, resulting in outbursts of anger and potential fights. This created physical hazards in the underground workplace. Worker resentment and anxiety were also rising as a result. Because these elements were detrimental for concentration and awareness, the physical hazard of spending long hours in the underground environment also rose exponentially for each worker.
It was also determined that input from workers themselves and their division supervisors was needed. For this purpose, several meetings were held between employees and their supervisors, and then with supervisors and management. These helped determined the precise areas of…
Another alternative for companies with uninsurable risks is mutualization. However, this category of insurance carries further risks that may not be suitable for all companies. The main problem is that mutual insurers require participants to be from a homogenous population, making this alternative unviable for a variety of clients. Some companies are however working on overcoming such problems to make mutualization less problematic for their investors.
Some insurance companies now recognize the main concern of organizations for cash flow in the event of a major loss. These insurers then offer such organizations solutions that guarantee cash flow in the form of a possible loan alternative, which is then to be repaid at a later time, when the company has mitigated its loss. Cash flow insurance can then be based upon income factors such as future royalties or rental income, that are generally not shown on current income statements.
The greatest risk to the research and development department is therefore a loss of creativity, innovation, and accurate estimation of market trends. Internal factors that could influence these functions include stress. Employees who are required to be innovative and creative on a constant basis may suffer from burn out and stress, severely affecting their work. Internally, the demands of the department may therefore affect employees adversely. The rest of the organization is then affected in terms of product quality. When research and development are not carried out effectively, new products and services may not meet market demands in a sufficiently targeted manner. The result is then financial losses to the company, as the market interest diminishes. Furthermore, threats from competitive companies are increased when the research and development department does not function on an optimal level. The rest of the organization is then at risk of financial hardship, which may…
When combining the two, future market trends can be more accurately predicted by basic it upon existing trends. In this way, the risk factors associated with both areas of R&D are significantly reduced.
The most prominent risks associated with R&D, as identified above, include market research and competition. In addition to risks associated with market trends, risks posed by competitors can also be mitigated with a combination of strategies. The three remaining categories of R&D include long-term, short-term, and intermediate-term R&D.
Long-term R&D can be associated with the offensive R&D strategy, as it entails a projection of market needs in the long-term. This means that products and services are developed on the basis of prediction rather than fact. The most important reason for this is to rise above the competition. The risk associated with this is the fact that competitors may develop long-term products that exceed the company's projects, thus…
A lack of foresight and initial risk assessment therefore resulted in the losses suffered by the company.
In the area of maintenance and risk assessment, a lack of regular spillage inspection resulted in financial, legal and environmental risks for an oil company. The oil rig was not inspected on a regular basis, which resulted in a lack of regular maintenance. Hence the damage to one of the oil containers was overlooked, and a substantial amount of spillage occurred as a result. The environment suffered considerable damage as a result, and the company lost financial resources because of the need to clean up the spillage and mitigate the environmental damage. Furthermore, the company's reputation was damaged in terms of public perception.
Also I the area of maintenance and risk assessment, a lack of adequate safety clothing resulted in injury for several workers of a construction company. Disregarding safety regulations, several workers…
Eduneering. 2007, Feb. "Understanding the Financial Risks of Regulatory Non-Conformance." www.eduneering.com/downloads/whitepapers/fr_WP_020907.pdf
HM Treasury. 2004, Oct. "The Orange Book: Management of Risk - Principles and Concepts." www.hm-treasury.gov.uk/media/FE6/60/FE66035B-BCDC-D4B3-11057A7707D2521F.pdf
Proctor, Ken. 2007. "Manage Risk, Improve Performance: Brintech's Enterprise Risk Management Guidelines. www.brintech.com/Knowledge_Center/PDF/Brintech%20White%20Paper%20Manage%20Risk%20Improve%20Performance.pdf
Statutory Instrument 1999 No. 3242. 1999. "The Management of Health and Safety at Work Regulations. http://www.opsi.gov.uk/SI/si1999/19993242.htm
Furthermore, weather and navigational equipment should be state of the art and also checked regularly for possible malfunctions. These risks are unknown, but can become known on a daily basis by means of monitoring and careful investigation and planning.
Risks that are not known are the most challenging of a company's risk management program. Such risks might occur by means of unforeseen accidents or oversight as a result of noncompliance with existing risk regulations. In addition to unforeseen natural occurrences such as earthquakes, for example, the human factor also plays a significant role in unknown risk factors.
The employer of a company may for example be unaware of an employee's increasing mental instability. The looming breakdown may be the result of a number of personal factors that the employers has not been informed about. Such instability may also be difficult to monitor, particularly in a company with a large number…
These plans must also be communicated in as simple a way as possible. People are more likely to remember the steps they need to take when these are presented in a clear, easy to remember style. A summary of the contingency handbook should therefore be displayed prominently around the workplace at all times. In this way, a combination of written and oral communication during pre-crisis training underscores oral communication during the crisis itself.
During the recovery period after the crisis, communication helps to mitigate future crisis events. Once again, trust is the key to success for such communication. This trust is most effectively established prior to a crisis situation. If the crisis was handled effectively and calmly via communication, post-crisis communication and trust should not present any problems.
Post-crisis communication should then entail an examination and assessment of the crisis that occurred. This assessment is measured against the existing contingency…
This will minimize the risk of legal liability if an employee is injured or incapacitated by not following the risk regulations put in place.
After a thorough risk assessment, an investigation of statutory risk issues, and informing the employee base, a manager is then ready to put in place specific measures to integrate statutory with corporate risk management. These should be thoroughly delineated and explained, so that each employee is fully aware of the risks of not following the requisite procedures. In some cases injury or even death could result. If the necessary measures are in place, such injury or death can be ascribed to neglect by the employee rather than by management, and the employee and his or her family runs the risk of substantial financial and personal loss as a result.
Statutory and corporate risk are not simple issues, particularly in companies where the risk of injury is…
isk Management in Family Owned Businesses
A family business can be simply described as "any business in which a majority of the ownership or control lies within a family, and in which two or more family members are directly involved" (Bowman-Upton, 1991). In other words, it is a multifaceted, twofold structure consisting of the family and the business meaning that the involved members are both the part of a job system and of a family system (Bowman-Upton, 1991).
Most families seek stability, intimacy, a sense of community, and belonging through the family business (Hess, 2006). On the other hand, whenever family and business are mentioned together, a majority of people think of continuous conflict, competition and contention (Crenshaw, 2005). However, "successful family businesses do not let the family destroy the business or the business destroy the family" (Hess, 2006).
The family-owned businesses are the backbone of the world financial system.…
Barrese, J., & Scordis, N. (2003). Corporate Risk Management. Review of Business, 24 (3), Retrieved August 17, 2012 from http://www.questia.com/read/1G1-111508707/corporate-risk-management
Bodine, S.W., Anthony, P., & Walker, P.L. (2001). A Road Map to Risk Management: CPAs Can Help Companies Manage Risk to Create Value. (Consulting). Journal of Accountancy, 192 (6), Retrieved August 17, 2012 from http://www.questia.com/read/1G1-80750205/a-road-map-to-risk-management-cpas-can-help-companies
Bowman-Upton, N. (1991). Transferring Management in the Family-Owned Business. Retrieved August 14, 2012 from http://archive.sba.gov/idc/groups/public/documents/sba_homepage/serv_sbp_exit.pdf
Caspar, C., Dias, A.K., & Elstrodt, H. (2010, January).The Five Attributes of Enduring Family Businesses. Retrieved August 15, 2012 from http://www.businessfamily.ca/cert_register_files/Web Downloads/McKinsey Quarterly - Jan 2010.pdf
Corporate Governance and Risk Management
The charity and commercial sectors offer different notions concerning risk management in the corporate arena. Currently, the charity sector is facing various difficulties including a reduction in the funding amount and the need to adopt the use of the ever-changing technology. esides, the communication means is dynamic hence creating emptiness in service provision. However, it embraces new ideas and innovation that prepare the corporate field for the future. Risk management is the process of ensuring that the occurrence of various risks or activities does not cause any financial loss to the entity (Merna, and Al-Thani, 2011). This differs to corporate governance, which refers to the identification and clarification of activities and responsibilities undertaken by various individuals in an organization (rikend, 2014). The commercial sector offers direct and proportional risk management proposals where the corporate management pays some money for it to be covered against the…
Brikend A. 2014. Corporate Governance: A Literature Review. Management Research and Practice, 09/2014, Volume 6, Issue 3, p. 53
Brown, I., Steen, A., and Foreman, J. 2009. Risk Management In Corporate Governance: A Review And Proposal. Corporate Governance, ISSN 0964-8410, 2009, Volume 17, Issue 5, pp. 546 -- 558
Dellaportas, S., Langton, J., West, B. 2012. Governance And Accountability In Australian Charitable Organizations. International Journal of Accounting & Information Management, Volume 20, Issue 3, pp. 238 -- 254
Jizi, M.I., et al., 2014. Corporate Governance And Corporate Social Responsibility Disclosure: Evidence From The U.S. Banking Sector. Journal of business ethics, Volume 125, Issue 4, pp. 601 -- 615
The connection with such tactics is that the company's own product are not good enough to sell themselves, and that underhanded means are resorted to. In terms of rivalry, I would emphasize that good neighborliness entails an adherence to the principles of humanity as found in society today. In society, a friendly attitude is often more effective in achieving one's goals than an openly hostile disposition. Hence, even in terms of one's rivals, neighborliness means that more can be gained from a rival by means of a friendly and open attitude.
In this way, neighborliness correlates strongly with business ethics. It is for example unethical to investigate a rival company without their consent, with the purpose of finding undesirable information for use in negative advertising. Instead, neighborly negotiations can result in good relations, which in turn may bring about a mutual learning experience from which both companies can benefit.
Risk Management Events
In reflection of the Exxon Valdez spill, the National Transportation Safety Board and the Coast Guard would both take a direct interest in improvement regulatory considerations relating to the alertness and suitability of an oil tanker's crew. This would be in 1989 following the massive oil spill off the coast of Alaska. According to the text, "Since 1989, much effort has been made by the Coast Guard and by companies like Exxon to ensure better business process and better risk management. Both the public and private sectors added new procedures and new controls in the transporting of oil around Alaska, reducing the likelihood of a repeat incident in that region." (p. 20)
American's Express's Authorizer's Assistant would be implemented in the 1980s to create an automated way of fielding purchase authorization requests with a credit card. This would help to reduce the necessary labor to provide…
Dickstein, D.I., & Flast, R.H. (2009). No excuses: A business approach to managing operational risk. Hoboken, NJ: Wiley.
Other specific risks to patrol officers, including those operating in pairs, include standard procedures suggested by past studies of the circumstances in which attacks on officers have occurred. For example, interviews with prisoners who assaulted officers during their arrests disclosed that many such attacks were initiated by the subject upon realization that their arrest was imminent. In many cases, it was the radio transmission alerting the officers of the subject's wanted status that was overheard by the subject.
Effective risk management in this regard led to the use of police codes, both for the officer to alert dispatch that the subject was in hearing range, and also for police dispatchers to advise officers as to the subject's status without alerting the offender simultaneously (Sweeney, 2005).
Likewise, other specific risks associated with the policing and correctional environment are effectively reduced by the application of risk management principles, including the prohibition of…
Buerger, M., Levin, B. (2005) the Future of Officer Safety in an Age of Terrorism. The FBI Law Enforcement Bulletin; Vol. 74 No. 9, (pp. 2-8).
Larsen, R. (2007) Our Own Worst Enemy: Asking the Right Questions About Security to Protect You, Your Family, and America. New York: Grand Central Publishing.
Sweeney, E. (2005) the Patrol Officer. FBI Law Enforcement Bulletin; Vol. 74 No. 9, (pp. 14-21).
The video game industry forms a significant part of the leading companies worldwide currently. The huge diffusion of the internet and associated information technologies over the recent years has raised the need of increased security. Advancement in technology consequently leads to the advancement of video games as well as associated security risks. Some of the common threats and vulnerabilities involving this industry include: misuse by human, hacking, fraud, virus attacks, among others. Such factors can facilitate adversities such as information loss and alteration, and unauthorized access. This paper identifies and assesses potential threats, malicious attacks, and vulnerabilities expected by the organization. It also gives the control procedures to mitigate the mentioned risks and vulnerabilities.
The Threats and Vulnerabilities
There are a number of dominant security threats involving technology and information that affect the organization. Such threats poise a serious disruption to the business continuity planning (BCP) cycle of…
Syed, R and Morh, S. (2011). IT Security Issues within the Video Game Industry. The International Journal of Computer Science and Information Technology. Vol. 3, No. 5.
Audit Management DQ
Consider the governance of the company owning ana Plaza and describe the regional expectations as well as best practice in this area and the benefits that adoption brings. Evaluate the governance of ana Plaza during and after the collapse of the building against these and explain how this helped or hindered ana Plaza.
The management of ana Plaza failed to ensure employee safety. In such a case, workers and suppliers equate the weakest points in relation to conditions of order and input dependency, footloose sourcing practices, and hand-to-mouth contracting. One of the incidents that happened in 2013 at Sadia Garments Ltd. saw new unionized workers facing aggressive campaigns on factory management (Ayres, 2014). Workers faced threats of violence while lead organizers were sent death threats. Later, one factory supervisor attacked the Union General Secretary for Sadia Garments with a pair of scissors while demanding for the resignation…
Ahmed S. & Lakhani, L. (2013). Bangladesh Building Collapse: An End to Recovery Efforts, a Promise of a New Start. CNN. Retrieved November 10, 2014 from http://www.cnn.com/2013/05/14/world/asia/bangladesh-building-collapse-aftermath/index.html?iref=allsearch
Ayres, A. (2014). A Guide to the Rana Plaza Tragedy, And Its Implications, In Bangladesh. Forbes. Retrieved November 10, 2014 from http://www.forbes.com/sites/alyssaayres/2014/04/24/a-guide-to-the-rana-plaza-tragedy-and-its-implications-in-bangladesh/
BBC Bengali Service (2013). Bangladesh factory collapse toll passes 1,000. BBC Bengali Service. Retrieved November 10, 2014 from http://www.bbc.com/news/world-asia-22476774
Benettongroup.com (2014). Benetton Group Backs an Initiative In Support Of the Victims of Rana Plaza and Their Families. Benettongroup.com. Retrieved November 10, 2014 from http://www.benettongroup.com/archive/press-release/benetton-group-backs-initiative-support-victims-rana-plaza-and-their-families
Innovation & isk Management of an iPod Touch
Idea Screening for iPod Touch
SWOT Analysis of Apple's iPod
Business Analysis of Apple
Commercialization of iPod Touch
New Product Pricing of Apple's iPod Touch
It is clear that today's business setting is quickly changing, in order to be able to survive and keep up with other businesses. Being competitive is key in this type of environment; an organization would definitely benefit from recognizing that innovation of the product is one of the significant to the concepts when it comes to surviving and staying competitive (Kalchschmidt, 2012)made the point in their article in regards to British and American companies that beyond 50% of the sales in fruitful organizations were coming from products that were new and that the percentage was somewhere around 60% in the most prosperous overall business. The achievement of business project is dependent upon various factors…
Anon., 2014. The Future of Marketing Technology. [Online]
Available at: http://www.ipodtopctransfer.com / [Accessed 14 July 2015].
Astrand K. And Neij, . L., 2011. An assessment of governmental wind power programmes in Sweden-using a systems approach. Energy Policy, 34(3), p. 277-296.
Bryman, A. & B.E., 2010. Foretagsekonomiska forskningsmetoder. Studentlitteratur: Lund.
isk Management on a Satellite Development Project
Enrolling a project requires risk assessment and management at various levels of implanting a project. This is based on the knowledge that quality of risk management determines the performance and outcome of the project. In any case, the Project Management Office (PMO) is mandated to spearhead a risk assessment and management plan. isk management blueprints will later be implanted to each department. This analysis attempts to vindicate the role risk management in explaining the quality of output of this project. The commencing document is structured in two main parts. Firstly, a critical assessment on the fundamentality of risk. Secondly, the document will analyze the role of the team in responding to risk management stipulated by the PMO office (Charrel & Galarreta, 2007).
Issues arising from the lack of a risk plan.
Absence of a risk management plan would have affected this project negatively.…
Charrel, P., & Galarreta, D. (2007). Project management and risk management in complex projects studies in organizational semiotics. Dordrecht: Springer.
Dar, M. (2013). Operational Risk Management, Risk Management Approaches, and Risk Mitigation Techniques: Challenges Faced By Islamic Financial Services. IOSR Journal of Business and Management, 11(2), 72-79
Kerzner, H. (2013). Project management a systems approach to planning, scheduling, and controlling (Eleventh ed.). Hoboken, N.J.: Wiley.
Kloppenborg, T.J. (2012). Contemporary project management: organize, plan, perform (2nd ed.). Mason, Ohio: South-Western Cengage Learning.
The advantages of a qualitative analysis approach are that it overcomes the challenge of accurate calculations of figures for asset value, cost of control etc. In a way less demanding procedure on the staff. Qualitative risk management projects can normally start to display noteworthy results in a matter of weeks, on the other hand those institutions or businesses that choose to employ a quantitative approach may experience limited benefit over months, or even a number of years of effort. The disadvantage of a qualitative analysis is that the consequential data is hazy and quite a number of strict decision makers, particularly the ones who have accounting backing or finance knowledge, may be hesitant to use the relative figures during a qualitative risk assessment.
The use quantitative approaches however also have got a number of drawbacks which include the following;
Dependence upon the scope and accuracy of specific measurement scales.
Artur Rot, (2008). It Risk Assessment: Quantitative and Qualitative Approach it Risk
Assessment: Quantitative and Qualitative Approach Proceedings of the World Congress on Engineering and Computer Science WCECS 2008, October 22-24, 2008, San Francisco, USA.
Vocus PRW Holdings, LLC. (2010). Significant Risks Identified in Information Technology
(it) Project Management. Retrieved April 20, 2011 from http://www.prweb.com/releases/Vonya_Global/IT_Project_Management/prweb4328924.htm
CEMEX:Strategic isk Management
CEMEX: Strategic isk Management
CEMEX is a leading producer of cement products. Headquartered in Monterrey, Mexico, CEMEX serves customers around the globe. Before the 1970s, CEMEX was a sleepy company, limited in scope to the domestic market, engaged in cement, mining, tourism and petrochemicals. ising through the ranks of the company his grandfather founded in 1906, CEO Lorenzo Zambrano focused the company on the world market for cement after divesting the non-core businesses. (Spieth, 2005)
isk Management as an Operational Competence
The single biggest risk to a company with a cement-only strategy is the requirement to commit substantial capital to factory-level plant and equipment, in the face of uncertain and fluctuating demand. This risk is heightened by the commoditization of the products and services which results in prices falling to the level of marginal cost during times when supply exceeds demand. Long-term, the natural ebb and flow…
Millman, Joel, December 11, 2008, Hard Times for Cement Man. Retrieved March 7, 2011 from http://online.wsj.com/article/SB122894691555195919.html
Lessard, Donald R. & Lucea, Rafel, May 2008, Embracing Risk as a Core Competence: The Case of CEMEX, MIT Sloan School and George Washington University.
Spieth, Scott, December 12, 2005, Cementing the Future: Hedging Foreign Currency Risk at CEMEX. Retrieved March 7, 2011 from http://people.hbs.edu/mdesai/IFM05/Spieth
Derivatives in Risk Management
One of the uses for derivative products is in risk management. Organizations have recognized that derivatives can be used to manage risk by offering guaranteed outcomes for a set up-front cost. For firms that face risk due to fluctuations in asset prices -- typically commodities or currencies -- beyond their control, derivatives represent a means of achieving cash flow certainty, if not profit certainty. This paper will explore the different forms that derivatives take, and the different ways in which they are used as a risk management tool. Some recommendation will be given with respect to the use of derivatives in risk management in order to optimize results.
Derivatives and Risk Management
In finance, a derivative instrument is one that has a price that is based on the price of a real underlying asset -- agricultural commodities, metals, sources of energy, currencies, stocks and bonds (Chance…
Bodnar, G., Marston, R. & Hayt, G. (1998). 1998 Survey of financial risk management by U.S. non-financial firms. Wharton School of Business/CIBC World Markets. Retrieved March 12, 2013 from http://finance.wharton.upenn.edu/~bodnarg/courses/readings/survey98.pdf
Bouchard, J. & Potters, M. (2003). Theory of financial risk and derivative pricing. Cambridge University Press. Retrieved March 12, 2013 from http://catdir.loc.gov/catdir/samples/cam041/2003044037.pdf
Chance, D. & Brooks, R. (2008). An Introduction to Derivatives and Risk Management. Thompson South-Western.
Rivers, M. (2012). Should airlines hedge their bets on fuel? Flight Global Retrieved March 12, 2013 from http://www.flightglobal.com/news/articles/analysis-should-airlines-hedge-their-bets-on-fuel-374733/
Formulating a disaster and risk management is necessary for this jurisdiction. This is based on the knowledge that risk management is a demanding initiative that requires an appropriate and responsive. Satellite units are professionally trained to meet global demands. The Lynchburg, Virginia security system has met federal requirements of quality, and as a result, the system has proved suitable to respond to various hazards experienced in this jurisdiction. This report will attempt to present the Homeland Security apparatus of this jurisdiction. The report will assess the current situation of possible hazards and actual preparedness whilst presenting the elements of disaster management at Lynchburg. This section is a critical analysis of how disaster is managed within this jurisdiction compared to the critical disaster management measures in the United Kingdom.
Homeland Security stakeholders
The Lynchburg Homeland Security system is comprised of stakeholders like administrators, first responders, and the local law…
Agostino, D.M., & Jenkins, W.O. (2011). Catastrophic planning: states participating in FEMA's pilot program made progress, but better guidance could enhance future pilot programs. Washington, D.C.: U.S. Govt. Accountability Office.
Brownstein, C. (2007). Report of the DHS national small vessel security summit managing the risk. Arlington, VA: Homeland Security Institute.
Davis, B.J. (2011, November 1). Interagency Logistics Education and Training: Building Homeland Defense and Civil Support Liaisons: Disasters within the United States
Edkins, J. (2011). Missing: Persons and Politics. Cornell University Press.
In addition, a series of joint ventures in which West German steel firms joined with East German firms and Krupp, Klockner, and Thyssen of Germany was pursuing other developmental initiatives in eastern Europe as well. Likewise, Arbed of Luxemburg was involved in steelmaking facilities in the former East Germany. According to Mangum et al., "The rising market for improved galvanizing for automobiles, appliances, canning, and other uses is producing a rash of joint ventures throughout the world. Some of these are internal to various countries and others involve international partners" (p. 74).
As a result, nearly 30% of the world's steel supply is now produced by plants belonging to companies that did not exist just 3 decades ago (Ahlberg, Pitkanen & Storsch 1999). As these authors point out, "Such upstarts have entered a global market that since 1980 has grown by less than 1% a year -- an average combining…
Ahlberg, J., A. Pitkanen and L.L. Schorsch. 1999. "Forging a New Era for Steel." The McKinsey
Altunisik, M.B. And O. Tur. 2004. Turkey: Challenges of Continuity and Change. New York:
Risk identification is an underdeveloped art" Discuss and include an overview of risk identification aids and techniques in your answer.
Risk identification is an underdeveloped art that can be better served by incorporating into risk management the various aids, techniques and helps that can be generated from working with and integrating various entities within the overall risk management solution. The reason risk identification lacks full development is entities fall into the trap of failing to adequately hedge against loss, focusing solely on pure loss exposure -- even though there is no upside to such a practice and the best that can occur in such a case is that the investment does not break down. Risk identification can, however, actually boost one's upside potential even as it mitigates risk. To this end, the risk identification aids, techniques and helps can be incorporated into the overall strategy of the risk manager.
Businesses are always exposed to risks of several kinds, for which risk management becomes mandatory. To keep the corporation safe, an appropriate risk management program is obligatory even in times of uncertainty. Risk management helps in strengthening communication between the higher authorities and low line workers. The reports and analysis would be shared vertically and horizontally so that risk mitigation becomes easier through a smooth communication flow. It is conducive to a healthy organizational culture where trust is boosted and positivity is encouraged. In the absence of this program, the business would be unable to define its objectives or even meet its goals. This paper aims at designing a risk management program in which traditional and financial enterprise risk management would be covered. Further sections of the paper would discuss how those identified risks affect the organizational goals to get a clear picture of the business's existence and prosperity in…
Akhtar, S., Xicang, Z. & Iqbal, S. (2017). Impact of brand image on the profitability of the firm, analysis of Nestle Company Pakistan. Review of Public Administration and Management, 5(3). DOI: 10.4172/2315-7844.1000230
Barillon, T. & Robles, A. (2020, July 1). How growing businesses should tackle cybersecurity challenges. Security Intelligence. Retrieved from https://securityintelligence.com/posts/growing-business-tackle-cybersecurity-challenges/
Chen, J. (2020, September 4). Financial risk. Investopedia. Retrieved from https://www.investopedia.com/terms/f/financialrisk.asp
Cook, K.D. (2017). Effective cybersecurity strategies for small businesses [Doctoral dissertation, Walden University]. Walden Dissertations and Doctoral Studies Collection.
Drzik, J.P. (2016, January 14). How can businesses survive in a world of unrest? World Economic Forum. Retrieved from https://www.weforum.org/agenda/2016/01/a-world-of-simmering-unrest/
Eccles, R.G., Newquist, S.C. & Schatz, R. (2007, February). Reputation and its risks. Harvard Business Review. Retrieved from https://hbr.org/2007/02/reputation-and-its-risks
Eceiza, J., Kristensen, I., Krivin, D., Samandari, H. & White, O. (2020, April 13). The future of operational risk management in financial services. McKinsey. Retrieved from https://www.mckinsey.com/business-functions/risk/our-insights/the-future-of-operational-risk-management-in-financial-services
Effiong, D.A. & Enya, E.F. (2020). Liquidity risk management and financial performance: Are consumer goods companies involved? International Journal of Recent Technology and Engineering, 9(1), 580-589. DOI:10.35940/ijrte.A1692.059120
Commercial & Current Trends
Commercial Risk Management
Commercial interest in risk management is on the rise. Employers wish to hire healthy employees to cut absenteeism and productivity issues. Lenders want borrowers with long, productive lives. Advertisers, marketers, and drug companies seek to tailor material to target healthcare providers and patient populations. Health insurers want to avoid high risk consumers. Educational institutions seek students with the greatest potential. lackmailers attempt to extort payments from ones with the greatest potential harm from disclosures. People dating want to obtain information on a lover to evaluate health and longevity (Hoffman, 2007).
There is a significant up trend in client losses linked to security breaches that release personal identifiable information (Kelly, 2007). With the economy in a recession, more and more consumers are unable to pay bills. These issues are causing huge losses for companies and consumers that have to pay the bills and absorb…
Faucheux, M. (2009, Nov 8). Emerging Trends in Risk Management. Retrieved from Bright Hub PM: http://www.brighthubpm.com/risk-management/55050-emerging-trends-in-risk-management/
Heineman, R. & . (n.d.). The Future of Risk Management: A Proactive Approach. Retrieved from NC State University: http://www.poole.ncsu.edu/erm/index/php/articles/entry/proactive-risk-management
Hoffman, S. & . (2007). SECURING THE HIPAA SECURITY RULE. Journal of Internet Law, 10(8), 1-16.
Kelly. (2007). Computer Crime Losses Double. Business Insurance, 4(40), 41.
The performance of each team member depends on the performance of all others, this being a team project. Constraints include time and financial resources; as such improvement requires permanent improvement effort.
isk Management. No risk has been identified related to the project's completion.
Monitoring and Controlling Mechanisms. The data analysts will develop a metric system to measure each member's performance on a weekly basis. This weekly performance will be submitted to the project manager for potential adjustments.
V. Operations management plan
Operations Strategy. An easy way to understand the meaning of operations strategy is to break the word into the two separate words: operations and strategy - these words being the opposite of each other (Slack & Lewis, 2002). 'Operations' is about the functions and procedures regarding the day-to-day processes, while 'strategy' is about the direction and scope of an organisation over a long period of time. The operations strategy…
Aberdeen Group. 2008. Operational KPIs and Performance Management -- Are Your Daily Decisions Based on Fact?, http://www.aberdeen.com/
Cooper, M. & Lambert D. 2000. Issues in Supply Chain Management. Industrial Marketing Management, vol. 29: pp. 65-83.
Johnson, J. C. And Wood, D.F. 1996. Contemporary Logistics, N.J.: Prentice Hall Upper Saddle Creek.
Keah C.R.K. And Handfield, R.B. 1998 .Supply Chain Management: Supplier Performance and Firm Performance. International Journal of Purchasing and Materials Management: pp.2-9.
PENALTIES - CIVIL & CIMINAL
There are statutes that impose penalties both civil and criminal for government contractors who commit fraud, waste or abuse. Some of those statutes are as follows:
False Claims Act;
False Statements Act;
Bribery and Gratuities statutes;
Mail and Wire Fraud statutes; and the Public Integrity Act and recent legislative initiatives to strengthen criminal penalties for violations of conflict of interest laws. (Peckar & Abramson, 2007)
The government has the right to audit the records of the contractor for up to three years following a contract for the government being completed. Companies with contracts exceeding $5 million are required to: (1) post a fraud hotline poster; (2) establish a written code of ethics; (3) establish an employee ethics and compliance training program; and (4) establish an internal control system. (New ule for Government Contractors, nd)
SUMMAY & CONCLUSION
The Corporate Compliance Plan…
Managing Professionals in Virtual Environment
As technology has evolved, the reality of virtual organizations has begun to take hold in a variety of industries. It is now commonplace for employees to work, at least in part, from offsite. Telecommuting is a reality that has allowed companies to reduce costs, become more competitive, and facilitate happier more productive employees. Virtual employees, or "telework is one of the most radical departures from standard working conditions in the suite of flexible work practices now gaining widespread acceptance." (Daniels, Lamond, & Standen, 2001)
Managing Professionals in Virtual Environment
As technology has evolved, the reality of virtual organizations has begun to take hold in a variety of industries. It is now commonplace for employees to work, at least in part, from offsite. Telecommuting is a reality that has allowed companies to reduce costs, become more competitive, and facilitate happier more productive employees. Virtual employees, or…
Allert, J.L. (2001, Mar.). You're hired, now go home. Training & Development, 55(3). Retrieved May 30, 2004, from Academic Search Premier database.
Broadfoot, K.J. (2001, Aug.). When the cat's away, do the mice play? Management Communication Quarterly, 15(1). Retrieved May 30, 2004, from ProQuest database.
Cascio, W.F. (2000, Aug.). Managing a virtual workplace. Academy of Management Executive, 14(3). Retrieved May 30, 2004, from Business Source Premier database.
Conner, D.S. (2003, Mar.) Social comparison in virtual work environments: An examination of contemporary referent selection. Journal of Occupational & Organizational Psychology, 76(1). Retrieved May 30, 2004, from Academic Search Premier database.
They were just so intense, so focused, so transaction-driven, there literally wasn't time for people to put ideas out and discuss and debate them."
These constraints to effective management oversight and innovation were further exacerbated when the company went private in 2001. According to Stopper, "ARAMARK went from a leveraged buyout situation in 1984, with only some 50 people having equity in the company, to an initial public offering (IPO) in 2001 with 97% ownership by employees. It was a huge cultural shift. Many employees incurred debt in order to have ownership in the company. In his view, HR's power and influence came from performance and creating value, not from advancing or acceding to personal agendas."
To their credit, though, Hayes reports that the company finally took action to remedy this situation by creating an action project team to assess the potential threats involved in retaining the status quo and…
About ARAMARK." (2007). ARAMARK Corporation. [Online]. Available: http://www.aramark.com/MainLanding.aspx?PostingID=336&ChannelID=187 .
Alleyne, Sonia (2007, July). "40 Best Companies for Diversity: In Our Third Annual Survey, We Focus on Supplier Diversity and Senior Management Representation-How Much Companies Spend with Black Suppliers and Who They Let into the Corporate Suite." Black Enterprise 37(12): 106
Caddell, Cathy L. (2004, October). "Taste of Chicago." Corrections Today 66(6): 46
Goldberg, Karen (1996, July 18). "How to Feed 10,800 Athletes." The Washington Times 13.
It should not be treated as a separate exercise undertaken to meet regulatory requirements." (ICA, 29) Here is expressed a philosophical impetus that drives the focus of this research, that such compliance which will generally concern matters such as corporate accounting, the practice of internal oversight and the practice of financial transaction must be considered inextricable from other aspects of practical, procedural and legal operation in terms of its relevance and necessity.
The practice of corporate governance may perhaps best be understand from the perspective that deregulation has largely defined the processes and direction of the global economy across the two decades following the Cold ar and its inevitable opening of economic channels. This is because in practice, corporate governance is a concept which has suffered much neglect. To the point, the statistics availed by organizations such as the orld Bank and the International Monetary Fund illustrate that…
Aguilera, R.V. & Yip, G.S. (2004). Corporate Governance and Globalization:
Toward an Actor Centred Institutional Analysis. University of Illinois: College
of Business. Online at .
ASB. (1999). Reporting Financial Performance. Financial Reporting Council. Online at
Corporate Social esponsibility
I attaching assignment paper write essay CS.
Given the heightened level of international operations and globalization, pressure is mounting for corporations to behave ethically. Corporations are forced to developing standards, policies and behaviors as a demonstration of their sensitivity to concerns of stakeholder. The policies behaviors and standards are what a European commission called corporate social responsibilities. The Commission defined corporate social responsibility (CS) as "a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis" Commission, 2001.
Complementing this definition, McWilliams and Siegel. (2001)
, said CS include all actions that are intended to forge, beyond the firm's interest, a social good, and is a requirement in law.
Composition Corporate Social esponsibility
Corporate social responsibility entails coming up with solutions specific to a society. The corporation is however, not forcefully charged with an…
Balmer, John M.T., & Dinnie, K. (1999). "Corporate identity and corporate communications: the antidote to merger madness," Corporate Communications: . An International Journal,, 4, 68-86.
Balmer, J.M.T. (2001). Corporate Identity, Corporate Branding and corporate marketing European Journal of Marketing 34(4), 248-291.
Buckley, P.J., & Ghauri, P.N. (2004). Globalisation, Economic Geography and the Strategy of Multinational Enterprises. Journal of International Business Studies, 35(2), 81-98.
Commission, E. (2001). Promoting a European Framework for Corporate Social Responsibility.' Green Paper, 264.
Managing Operating Exposure and FX isk at Nissan:
Global businesses are usually exposed to financial risks like currency volatility. The foreign exchange risks, which are commonly known as FX risks, have significant effects on all aspects of a global company. Notably, the foreign exchange risks affect firms across various industries including the automobile industry. In this industry, the operations and manufacturing processes of auto makers are usually affected by currency fluctuations. An example of a global firm in the automobile industry that has been involved in managing the foreign exchange risks and operating exposure is Nissan.
In 1999, Nissan was in a death spiral as the firm was experiencing heavy losses, carrying massive debts, and has a bad reputation. During this period, Carlos Ghosn was appointed as the Chief Executive Officer in order to help save the company that was sinking into further challenges and complexities. In attempts to rescue…
Book Review. (2005, January 17). The Gaijin Who Saved Nissan. Retrieved December 7, 2012,
Kim, Y. & McElreath, R. (2001). Managing Operating Exposure: A Case Study of the Automobile Industry. Multinational Business Review, 9(1), 21.
Nguyen, C. (2011, October 25). How Nissan Bucked the Auto-bailout Trend. Retrieved December 7, 2012, from http://bizcovering.com/management/how-nissan-bucked-the-auto-bailout-trend/
There have been controversies on the subject of the governance and accountability of big corporations, but it is only recently that these issues have gained prominence. The compensation for the top management is one of the major issues of corporate governance today. The primary reason for offering stocks to executives was for raising the share prices and thereby increasing its value for both investors as well as shareholders. Though this proved to be a major success, there were a few executives who would not disclose their stock options or would not make full use of the stock options offered to them. This caused inefficiency in the financial market. Stakeholders have the freedom to check their shares and to question the management if there were any discrepancies. Despite these constant checks with financial analysts, the board of directors, the panel of regulators, auditors and managers, there has been instances…
Charkham, Jonathan. 1994. 'Keeping Good Company: A Study of Corporate Governance in Five Countries' New York: Oxford University Press.
Davies, Adrian. 1999. 'A Strategic Approach to Corporate Governance' Gower.
De George, Richard T. 1995. 'Business Ethics' New Jersey: Prentice-Hall, Inc.
Fort, Timothy L. 2001. 'Ethics and Governance: Business as Mediating Institution' New York, N.Y: Oxford University Press.
Corporate Social and Environmental eporting
Companies have presented investigations about their motivation towards voluntarily social and environmental as insolvent. This paper argues in agreement with Adam's view that the goal of CS reporting is to promote credibility and corporate image of stakeholders operating in a particular industry. Whereas companies must focus their efforts on enhancing their profitability, they should also ensure that the welfare of other stakeholders is protected.
Previous literature offers a revelation on various competing theories based on why companies make voluntarily report and engagements in corporate social responsibility. The major perspectives considered are within the scope of application include accountability and image promotion. Many studies hold consequential evidence towards accountability to shareholders making it difficult for organizations to distinguish relevance from accountability based on continued practice. The absence of actual legitimacy crises makes it hard to identify voluntarily reporting as a proactive measure in preventing future crises…
Adams, C. (2002). "Internal organizational factors influencing corporate social and ethical reporting beyond theorizing." Accounting, Auditing, and Accountability Journal, Vol. 15 No. 2, pp. 223-250
Bebbington, J., Larringa-Gonzalez, C., and Moneva, J. (2008). "Corporate social responsibility reporting and reputation risk management." Accounting, Auditing, and Accountability Journal, Vol. 21 No. 3, pp. 337-361.
Brennan, N.M. And Merkl-Davies, D.M. (2013). "Accounting Narratives and Impression management," In Jackson, L., Davison, J., and Craig, R. (Eds.). Routledge Companion to Communication in Accounting. Routledge, pp. 109-132. (on blackboard)
Daft, R.L. (2011). The leadership experience (5th ed.). Mason, OH: Thomson, Southwestern
In these cases, others working in those fields are the only ones who have the ability to conduct quality check to verify instances of possible fraud. Qualified doctors can analyze the work of other doctors to attest their medical malpractice. An honest lawyer who deals with related issues can understand how a fellow lawyer could have used deceitful methods to cheat a client off his money. Proficient lecturers can set good examples for students to bring out the incompetency of others. In the managerial level, well qualified professionals are the only ones who are smart enough to figure out the plots hatched by higher executives in order to use the shareholder money for personal needs. Scams in the political sector can only be challenged by opposing political parties or powerful entities like the court. The media is highly potent in this regard as they present malpractices in front…
Description of Corporate Governance [online] Available at: [Accessed 11 August 2010]
Corporate Social Responsibility (CSR) [online] Available at: [Accessed 11 August 2010]
Blundell M., Explain what is meant by the principal agent problem [online] Available at:
< tutor2u.net/blog/files/Principal_Agent_Problem.pdf > [Accessed 11 August 2010]
Managing Organizational Change
It is reasonable to suggest that companies of all types and sizes have integrated information technology systems of some sort to help them manage their businesses and achieve a competitive advantage in recent years. Because computer systems tend to become obsolete rapidly as Moore's Law continues to hold true, many companies have accumulated a mish-mash of various computer types and capabilities that may not operate efficiently in a networked environment. When these legacy systems are replaced by a standardized array of compatible computers, the transition may introduce a number of challenges and obstacles that can adversely affect the company's ability to remain agile and responsive to internal and external customer needs. To determine how the transition from an older legacy system to an improved set of computers can be achieved in an efficient fashion, the key stakeholders who are involved in the process, and the potential lessons…
Johnson, J. & Andrews, M. (2003, July). New markets, old technology: a strategic mismatch.
Risk Management, 50(7), 48.
McGinn, D., Kudyba, S. & Diwan, R. (2002). Information technology, corporate productivity and the new economy. Westport, CT: Quorum Books.
Nakata, C., Zhu, Z. & Kraimer, M.L. (2008). The complex contribution of information technology capability to business performance. Journal of Managerial Issues, 20(4), 485-
This was because they were seeing one of their primary competitors (Travelers) merging with Citicorp (which created a juggernaut of: insurance, banking and brokerage activities). At which point, executives at AIG felt that in order to: maintain their dominance in the industry and offer new products they should become involved in similar activities. The difference was that they would grow the company by expanding into areas that were considered to be speculative to include: commodities, stocks, options and credit default swaps. The way that this was accomplished is by purchasing a host of businesses that were involved in these activities. This is significant, because it meant that a shift would take place in: how managers were accounting for risks and the kinds of activities that they were becoming involved in. With the newly acquired companies; bringing over executives that did not practice the same kind of strategies for dealing with…
Travelers, Citigroup Unite. (1998). CNN. Retrieved from: http://money.cnn.com/1998/04/06/deals/travelers/
US saw 13 Bank Failures Every Month in 2010. (2011). Economic Times. Retrieved from: http://articles.economictimes.indiatimes.com/2011-01-02/news/28424370_1_medium-banks-bank-failures-problem-banks
Baum, C. (2009). The Impact of Macro Economic Uncertainty. Boston College, Boston, MA.
Byoun, S. (2007). Financial Flexibility. Baylor University, Waco, TX.
In summary, we recommend that the IESBA reconsiders the proposals in the Exposure Draft and provides more guidance on safeguards applicable to sole practitioners and small accounting firms to ensure that the benefits of the changes outweigh the costs to SMEs. Under a principle-based approach, there should be safeguards and practical relief for all practitioners rather than rules-based outright prohibitions. The rewrite of this Independence component of the Code is substantially rules-based rather than principles-based. In this regard, we also encourage the IESBA to prioritize the redrafting of the entire Code using a similar drafting convention to that used by the International Auditing and Assurance Standards Board in its Clarity project" (IESBA Exposure Draft of Sections 290 and 291 of the Code of Ethics on Independence - Proposed Additional equirements in relation to Internal Audit Services, elative Size of Fees and Contingent Fees 2007).
There will also be an all-time…
Kreitner, R., and Kinicki, a. (2004). "Organizational behavior," 6e; [Chap. 17]; [Chap. 18]. Accessed December 19, 2007, from MBA520, eResource, week 5, eBook Collection database.
McShane, and Von Glinow. (2005). "Organizational behavior" (3rd ed.). New York: McGraw-Hill.
); Muret, Don. (1999). "Former Disney VP stresses teamwork at cafe." Amusement Business, 111(49), 22. Accessed August 17, 2007, from EBSCOhost database.
Frazee, Bonnie. (2004). "Organizational Behavior and the Learning Process" Accessed December 19, 2007, at http://www.clomedia.com/content/templates/clo_feature.asp?articleid=698&zoneid=29
Phishing Spea Phishing and Phaming
The following is intended to povide a vey bief oveview of examples of some the most dangeous and pevasive secuity isks in the online and netwoked wold. One of the most insidious of identity theft is known as phishing. The tem 'phishing' efes to the pactice of "fishing fo infomation." This tem was oiginally used to descibe "phishing" fo cedit cad numbes and othe sensitive infomation that can be used by the ciminal. Phishing attacks use "…spoofed emails and faudulent websites to deceive ecipients into divulging pesonal financial data, such as cedit cad numbes, account usenames and passwods, social secuity numbes etc." (All about Phishing) . Thompson ( 2006) clealy outlines the basics of a phishing attack.
A typical phishing sends out millions of faudulent e-mail messages that appea to come fom popula Web sites that most uses tust, such as eBay, Citibank, AOL, Micosoft…
references the CISA Review Manual, 2006.
Thompson, S.C. (2006). Phight Phraud: Steps to Protect against Phishing. Journal of Accountancy, 201(2).
This study by Thompson provides some significant aspects that the business owner and customers in online commerce should pay attention to. These include basic but important aspect that should include in e-training; for example, never e-mail personal or financial information or never to respond to requests for personal information in e-mails. This provides useful background to the issue of risk identification and is also related management of this threat.
Wetzel R. ( 2005) Tackling Phishing: It's a Never-Ending Struggle, but the Anti-Fraud Arsenal Continues to Grow. Business Communications Review, 35, 46+.
This study A sheds light on the implications in term of the costs of identity fraud to financial institutions. The study underscores the severity of the vulnerabilities faced by today's organizations in the online world. The author refers to the obvious cost to intuitions like banks and also discusses hidden costs that relate to the erosion of customer confidence as a result of ID theft.
But the shareholders themselves need to be more aware and more involved in their company's business in order for any meaningful change to sustain itself:
Shareholders, the intended beneficiaries of the corporate vehicle, are the ultimate capitalists: avaricious accumulators with little fiscal risk and no legal responsibility for the way in which they pursue their imperative to accumulate. Shareholders, not corporations, show indifference to the needs and values of society. It is their behaviour that is most appropriately characterized as amoral indifference to the plight of others and their environment. Shareholders, not corporations, behave in a pathological manner. And shareholders should be the targets for the cure that we need for our ills. (Glasbeek 2005: 24)
There is also the problem of victimisation of other cultures in a global market. As Strike, Gao and Bansal (2006) point out in their article, 'Being Good While Being Bad: Social esponsibility and the…
Berkhout, Tom. 2005. 'Corporate Gains: Corporate Social Responsibility Can Be the Strategic Engine for Long-Term Corporate Profits and Responsible Social Development.' Alternatives Journal, January/February, pp. 15-22.
Carroll, B.A. 2004 'Managing ethically with global stakeholders: Annual Editions' Business Ethics 06-07: Contemporary Learning Series 30, pp. 114-120.
Dean, Dwane Hal. 2004. 'Consumer Reaction to Negative Publicity: Effects of Corporate Reputation, Response, and Responsibility for a Crisis Event.' The Journal of Business Communication 41:192-201.
Dickens, Charles. 1912. A Christmas Carol. Chicago: Rand McNally.
Actions that warrant for boundary should be on a written document and be available to employees at all time. This system should also take care of verbal and nonverbal agreement of contract expenditure, and no cost approval beyond the budget unless being approved by senior management and financing unit
These boundaries must be revised on an annual basis and edited if necessary. When employees understand the core beliefs and boundary system, then they do not just worry about delivering the bottom line results. Instead, they will strive to deliver corporate objectives without crossing boundaries.
Diagnostic control system should also be employed into the company whereby, new processes and performance measurements must be developed for the following:
Unit occupancy rate: this strives to achieve economy of scale.
Internal auditing: There should be a team of internal auditor reporting to the accounting VP. This team must constantly review the transactions and ensuring…
hen creating a risk management plan for a government program a number of important (even crucial) steps must be taken. In this paper a review of those steps is presented. Also, interventions which are important for improving healthcare are presented. Hence, this paper should serve as a five page report to the city council.
The simple, straightforward definition of needs assessment is as follows: project leaders and developers must know in advance what resources are necessary -- are vital -- for the completion and success of the program. In other words, needs assessment relates to that time, what financial commitment, what staff and what other tools and resources will be necessary in order to have a program that is functional and purposeful.
Because needs assessment and project management go hand in hand, the project managers working on a new program have a practical goal of making…
Agency for Healthcare Research and Quality. (2010). Designing and Implementing Medicaid
Disease and Care Management Programs: A User's Guide. Retrieved June 23, 2015, from http://www.ahrq.gov .
Ajami, S., and Bagheri-Tadi, T. (2013). Barriers for Adopting Electronic Health Records
(EHRS) by Physicians. Journal of Academy of Medical Sciences of Bosnia and Herzegovina. 21(2), 129-134.
. Research Design Rationale
1. Question format: In order to allow the research study to become embedded in the field of economics, the research question will use an applied question format. The purpose of the study is to develop a predictive method regarding player choices in the Prisoner's dilemma. It will explore the association of risk and cooperation or defection in the Prisoner's
2. Research design: The research will use a deductive approach where the theory will be presented and tested through the methodology. The research will use quantitative research methods, which are suited for research where the information can be reduced to a numerical format. This is the case in the proposed study as both risk tolerance and the decisions made in the Prisoner's Dilemma can be reduced to numerical data and standard statistical methods applied.
III. Data/Information from Previous research
A. Literature Review
The literature review for…
Agarwal, J. & Feils, D. (2007). Political Risk and the Internationalization of Firms: an Empirical
Study of Canadian-based Export and Fdi Firms. Canadian Journal of Administrative
Sciences. 24 (3): 165+. Questia Database.
Ansell, C. & Gash, a. (2008). Collaborative Governance in Theory and Practice. Journal of Public Administration Research and Theory. 18 (4): 543+. Questia Database.
Perils, Hazards, And isks
In common non-insurance settings, the terms "peril," "hazard," and "risk" are more often than not used synonymously. It is however important to note that in insurance, most particularly risk management, "hazards" and "perils" are not referred to as "risk" as is the case in common English conversations. In this text, I concern myself with the distinction between these key terms. Further, I classify the possible risks I am facing not only as a normal student but also as Vice President of student council.
Perils, Hazards, and isk
In seeking to distinguish these key terms, it would be prudent to first take into consideration how various authors have defined the said terms in the past. To begin with, a peril in the words of Chew (2008, p.35) is "a natural, man-made, or economic situation that may cause a personal or property loss." On the other hand, the…
Chew, DH (Ed.). (2008). Corporate Risk Management. New York: Colombia University Press.
Dorfman, M.S. (2002). Introduction to Risk Management and Insurance. Upper Saddle River, NJ: Prentice Hall.
Managing exchange rate risk can be a daunting task for many international firms attempting to expand overseas, acquire new companies, or simply manage its cash flows. Globalization has created a dynamic environment in which competition can arise to disrupt entire industries. Aspects such as technology, pharmaceuticals, banking, and automobiles have all experienced rapid change as a result of globalization and the competitive forces that underline it. As a result, companies, particularly smaller firms, have a higher propensity to experience volatile earnings overtime. Aspects that impact one sector of the globe can have a residual impact on other areas of the individual firm or industry. Managing exchange rates is therefore a viable option for firms to reduce volatility in earnings while subsequently managing its cash flows from operations. Below, is a 5 step program which could be implemented by a firm attempting to manage its exchange rate risk after an…
1. Jorion, Philippe (2009). Financial Risk Manager Handbook (5 ed.). John Wiley and Sons. p. 287. ISBN 978-0-470-47961-2.
2. Bartram, Sohnke M. (2006). "The Use of Options in Corporate Risk Management." Managerial Finance 32 (2): 160 -- 181
hedging provides to non-financial firms to manage financial risks. Also to analyze how does hedging add to the corporate value if it does.
Hedge can be describes as an investment which is intended to offset the potential losses which the company might have to face in future for the investment made. A hedge can be created by many forms of financial instruments which include insurance, swaps, forward contracts, stocks and many other financial instruments.
In simple words hedging is reducing/controlling the risk of the financial investment. This is done by taking a position (future market) which is opposite to the position taken in the physical market which aims to reduce or limit the risks of the financial investments. This is a two step process. Any loss or gain in a position in the cash because of changes in the price levels are dealt by changes in the value through a…
Jorion, Philippe (2009). Financial Risk Manager Handbook (5 Ed.). John Wiley and Sons. p. 287.
"A survey of financial centers: Capitals of capital." The Economist.
Baily Nicholas, David Browne and Eve Hicks (2003), "UK Corporate use of Derivates," The European Journal of Finance, pg. 169-193
Ali Fatemi & Carl Luft (2002), "Corporate Risk Management Costs and Benefits," Global Finance Journal, pg. 29-38
isk management in healthcare organizations includes activities that integrating the recognition of risks, assessments of risks, coming up with strategies to be used and mitigation of these risks that have been identified. The focus on this paper is how to proactively prevent risks in healthcare organizations. The area of focus in financial risk management is risks that are managed using trade financial instruments such financial management systems, appropriate EM, coding, billing, collections, general accounting, budgeting, expense management, managed care contract strategy and vendor relations processes. isks are unavoidable and are present in every human situation .T he most common concept that appears in all definitions of risks is the uncertainty of the outcomes involved in the risks. Due to the uncertainty of the nature of risks the healthcare systems should have proactive measures in place to ensure that these risks are prevented and do not take place at…
University of California (2008). Ways to Reduce Risk. Retrieved March 24, 2014 from http://map.ais.ucla.edu/go/1000570
ECRI Institute ( 2010). Sample Risk Management Plan for a Community Health Center Patient Safety and Risk Management Program. Retrieved March 24, 2014 from http://bphc.hrsa.gov/ftca/riskmanagement/riskmgmtplan.pdf
Berg H., (2010). Risk Management: Procedures, Methods and Experiences. Retrieved March 24, 2014 from http://gnedenko-forum.org/Journal/2010/022010/RTA_2_2010-09.pdf
The World Bank Group, (2014).Better Risk Management Can Unlock Opportunities, Prevent Crises, and Protect Poor amidst Disasters and Shocks, Says World Bank . Retrieved March 24, 2014 from http://www.worldbank.org/en/news/press-release/2013/10/06/better-risk-management-unlock-opportunities-prevent-crises-protect-poor-amidst-disasters-shocks
Integrating Total Quality Environmental Management Systems - a Critical Study of TQEM
Relevance of TQM to Environmental Management
Scope of Dissertation
Moving from Reactive to Proactive Management
Understanding TQM in Relation to TQEM
History of TQM
Operation of TQM
Quality and Environmental Management Standards
Environmental Management Systems
Weaknesses of EMS Standards
Total Quality Environmental Management
Comparing ISO 9000 and ISO 14000
Integrating the ISO 14000 Environmental Management System
Impact of certification on economic and ecological performances
Research Design and Nature
Integrating a Sustainable EMS with TQM
Steps to Implementing an Effective TQEM Strategy
INTEGRATING QUALITY AND ENVIRONMENTAL ManagementS SYSTEMS - A CRITICAL STUDY
ackground and Overview of Study
For decades economic growth has been considered the main indicator of a healthy society (Oliver, 1996). However, only recently has society begun to recognize the environmental cost of this growth. As a result, there is now an…
Bibliography working paper. Winnipeg, MB: International Institute for Sustainable Development, 1996. 58
Bisang, O. (2000), Green Banking - The Value of ISO 14001 Certification
Chattopadhyay, S.P. (2001), "Improving the Speed of ISO 14000 Implementation: A Framework for Increasing Productivity," Managerial Auditing Journal, 16/1, pp. 36-39.
Chinn, R. (March 21, 2001). Roadmap to Realization -- "Getting Started with Your QMS/EMS Integration Process. Alamo Learning Systems.
Clark, D. (1999), What Drives Companies to Seek ISO 14000 Certification, Pollution Engineering, Summer, pp. 14.
My Utopia Job: CFO
Being a Chief Financial Officer (CFO) for a major Fortune 500 company would be my dream job. Capitalizing on a core base of competencies in accounting, cash flow management, and risk management, the CFO sits in the C-suite with a greater sense of purpose and a role that is instrumental in guiding the organization’s strategies (“Chief financial officer (CFO) job description,” 2017). An understanding of management concepts, theories, and principles will help me achieve this goal to help me manifest a utopic career. For example, systems theory shows how the CFO fits into the overall organization and its interdependent, multilateral nature. Likewise, the CFO must have mastered the main management concepts like those we have studied in this class including control and coordination. The CFO is role that balances strategy, tactics, vision, ethics, and communication. To be a successful CFO, one must also master essential conceptual,…
Risk Plan Outline Anheuser-Busch. Your Course Project assignment prepare a Risk Plan Outline give direction paper.
Survival in a constantly expanding business environment
Investing more finances in the first years of the enterprise
Liquor liability insurance
Having the market interested in the product
The right marketing company
The right retailer
The right attitude
Dealing with financial obligations correctly
Direct finances effectively and on time
Promote products depending on the amounts available
Concentrate on communicating with the market
Legal aspects of the business
Devising selling strategies depending on the states the company is selling its products in
Playing an active role in campaigns meant to promote moderation in drinking
c. Cooperating with the authorities
a. Making sure all workers are well-acquainted with regulations they need to follow
b. Having all machineries inspected on a frequent basis
c. Promoting a clean working environment
X. Devising strict risk tolerance…
Esslinger's book is a thorough account regarding the complete beer-making process and the numerous economic, marketing, and social elements that are involved in it.
Whaley, R.E. "Derivatives: Markets, Valuation, and Risk Management," (John Wiley & Sons, 26 Feb 2007)
This book relates to the relationship between market research and being in charge of a brewery. Risk management is essential in making it work properly and marketing is thus one of the most significant aspects of the whole brewing process.
components and regulations concerning the design of a physical security system for a privately owned company. This essay will create a system that reflects the needs of the customer. The customer is an office, and paper and computer storage facility that is private in nature and requires certain security requirements that can meet this customers specific and unique needs.
The essay will first describe the necessary standards and credentials that this security design plan will use to base its construction. This design will correspond to the ASIS private company standards and will consist of three main components; Exterior, Functional Areas and Building Standards. Through the explanation of each component, the customer will have a thorough understanding of how and why the specifications will be met according to accepted practiced and professional standards
ASIS is an international organization that organizes security professionals. ASIS is one of many these types of…
Atlas, R.I. (2013). 21st century security and CPTED: Designing for critical infrastructure protection and crime prevention. CRC Press.
Baker, P.R., & Benny, D.J. (2012). The complete guide to physical security. CRC Press.
Gibson, V., & Johnson, D. (2013). CPTED, but not as we know it: Investigating the conflict of frameworks and terminology in crime prevention through environmental design. Security Journal.
Mlakar, P.F. (1999). Structural design for physical security: state of the practice. ASCE.
Amazon is the largest internet-based company in America with headquarters located in Washington and Seattle in the United States. The company was founded in 1995 by Jeffrey Bezos and it started as online bookstores then diversified to selling videos, CDs, MP3 and DVDs. Today, Amazon offers about 4.7 million books, computer games, DVD and a wide variety of items of all kids. Ever since Bezos opened the doors of Amazon, online retailing has been defined and redefined for the rest of the Internet retail worldwide, and today it offers the customers a superior shopping experience through the provision of a high level of customer service. This research paper will discuss the impact of the Amazon's mission, vision and primary stakeholders' overall success, while analyzing different forces of competition and how they impact the business of the company. SWOT analysis will also be performed to determine the strengths, weaknesses, opportunities and…
Amazon.com. (2014). Digication e-Portfolio. Retrieved October 21, 2014, from https://stonybrook.digication.com/gilbert_
Bensoussan, B.E., & Fleisher, C.S. (2008). Analysis without paralysis: 10 tools to make better strategic decisions. London: FT Press.
Bruce, M. (2008). SWOT analysis: a tool for making better business decisions.. London: U.S. Dept. Of Agriculture, Risk Management Agency.
Jurevicius, O. (2013). SWOT analysis of Amazon. Amazon SWOT analysis 2013. Retrieved October 19, 2014, from http://www.strategicmanagementinsight.com/SWOT-analyses/amazon-SWOT-analysis.html
isk Communication and Its Importance for the Security Manager
Identify what risk communication is and explain its importance for the security manager
Communication is a significant factor in all aspects and sectors of life. The social, political or economic features of are transmitted exclusively through communication. Communication is the act of conveying information and messages from an individual to another or a group. It serves to, teach, educate, learn, entertain and to warn among other purposes. Thus, in any organization or area of a corporate or personal life, it is imperative to have effective and efficient communication. The safety of a person, corporate organization or a nation can always be assured. Communication is, therefore, needed in ensuring this safety.
What is risk communication?
If you are told that, in the path, you are about to take, there is a gargantuan poisonous snake lying by the side of the path; you…
Roeser, S., Hillerbrand, R., Sandin, P., & Peterson, M. (2012). Handbook of Risk Theory:
Epistemology, Decision Theory, Ethics, and Social Implications of Risk. Dordrecht:
Hayes, R. (2007). Retail security and loss prevention. Basingstoke [u.a.: Palgrave Macmillan
risk that Apple Inc. faces with respect to its international economic exposure. Apple designs its products in the United States, manufactures them in China and then sells them all over the world. In order to analyze this exposure, a number of steps will be undertaken. The first step will be to provide an overview of the business, what its foreign exchange exposure is, and how the company manages that foreign exchange rate risk. The subsequent sections will discuss the degree of exposure that the company has to other forms of international risk -- economic risk in particular. There will be an industry and company analysis to provide a framework for this discussion of risk. There is also going to be a discussion of how the company manages the different risks to which it is exposed, and what the analysts' views of this exposure are as well. The final component of…
Adams, S. (2012). Apple's new Foxconn problem. Forbes. Retrieved November 28, 2012 from http://www.forbes.com/sites/susanadams/2012/09/12/apples-new-foxconn-embarrassment/
Apple Inc. Form 10-K for the year ended September 29, 2012. Retrieved November 28, 2012 from http://files.shareholder.com/downloads/AAPL/1748317980x0x610219/112dd7d2-e33a-44 AD-b4ea-8870c5dd9281/AAPL_10K_FY12_10.31.12.pdf
CBO. (2012). An update to the budget and economic outlook: Fiscal years 2012 to 2022. Congressional Budget Office. Retrieved November 28, 2012 from http://www.cbo.gov/sites/default/files/cbofiles/attachments/08-22-2012-Update_to_Outlook.pdf
Conerly, B. (2012). Real estate forecast 2013: The housing market. Forbes. Retrieved November 28, 2012 from http://www.forbes.com/sites/billconerly/2012/10/08/real-estate-forecast-2013-the-housing-market/