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The objective of this study is to discuss the role and nature of organizational risk management in justice and security organizations and why it is so important. The following will be addressed in the assessment; (1) risk planning and resource identification; (2) management of risk in justice and security organizations; (3) costs associated in managing risk; (4) consequences of failing to manage risk; and benefits; and (5) benefits a properly performed risk analysis has for management and key stakeholders.
Risk management planning involves the consideration of a strategy for managing risk and responsibilities related to assessing, responding, and mitigating risk as well as contingency planning, tracking and reporting. Risk is reported to be defined as an event that is very likely to occur and that would either positively or negatively impact a project if and when that risk did occur. (National Disaster Medical System, nd, paraphrased)…… [Read More]
The action levels will include all the levels of risk determination and mitigation involved. First, the process would have to be initiated by means of defining potential problems. A risk management team would be brought into being in order to determine the specific risks involved. The quality inspector will lead the team, and be responsible for obtaining data of aircraft using our part.
In terms of the teams working on the manufacturing floor, I will appoint a personnel manager to ensure communication between employees and management. This communication process is to ensure that personnel have a way of communicate their problems regarding work load or other problems. Furthermore, personnel are also to report problems with manufacturing to the personnel manager. These are to be logged and communicated to the risk management team. The personnel manager and risk management team should then coordinate in the other steps of risk mitigation,…… [Read More]
The most effective security reporting procedure is to use the OCTAVE-based methodology. The reason why is because, they are utilizing solutions that will address the total nature of the threat in comparison with the others. For any kind of organization, this helps them to understand what kinds of issues that they could be facing and the impact that it will have on the entity itself. At the same time, it provides a workable formula that can be continually utilized through the various checklists and procedures that they have established. When you put these different elements together, they are illustrating how this kind of approach will help an organization to be able to effectively deal with a variety of threats. While allowing them to: effectively train personnel to understand the overall nature of what is taking place and how to quickly adjust to changes that are occurring. This is the point…… [Read More]
Integrated Emergency Planning
An Emergency Risk Management Plan for a Large Supermarket in the UK
Emergency Planning in the UK
Risk Identification and Qualification
Risk Identification Table
Risk Qualification Matrix
Disaster Management Plan
Situation Mapping of Hazards, Vulnerabilities and Impact
Communication Management Plan
This emergency management plan has been created for a large independent supermarket chain in the UK. The supermarket is comprised of six locations in total and all of the facilities have petrol facilities at each of the locations as well. Besides the locations themselves, the retail operation is entirely dependent on a well-developed supply chain in order to provide consumers with fresh food, supplies, and petrol. Therefore to maintain any level of operations, the entire supply chain and emergency supplier alternatives must be considered as well in this emergency management plan.
1.1 Emergency…… [Read More]
What is Risk?" Please respond to the following:
Risk concerns both positive and negative aspects of an event. Analyze why it is important to consider both perspectives when addressing risk for an organization. Include an example to support your response.
It is important to consider the positive AND negative sides of any given possible outcome because one cannot properly plan for what is and what is not necessary given a certain event for which there is a risk. For example, a snowstorm might make the roads dangerous and thus make it hard for a brick and mortar store to function but the likelihood of customers driving in that same weather is also pretty low, so the overall loss is not as high as it could be if business was lost. However, Amazon (an online store) would not get that benefit…so that point of analysis is important to determine…… [Read More]
Project management is a practical and academic field of growing importance as deadlines in the business world grow ever more rushed and profit margins grow ever slimmer. The need to maintain tight efficiency and cost control over all elements of a project is quite strong and growing stronger as competition in most industries grows more fierce, and this is exactly why project management is so increasingly useful. It is by establishing certain parameters and ensuring that they are adhered to throughout the different phases of a given project that effective project management enables controls over costs and timelines in a manner that increases profitability and minimizes risk exposure to the project's stakeholders.
isk Management in Project Management
In the context of project management, risk management refers to determining the potentials and uncertainties of all possible courses of action, quantifying these risks and their effects in some manner, monitoring…… [Read More]
Financial derivatives are an innovation in the field of finance that enable us to understand, measure and manage our financial risks. The definition of financial derivative according to the textbooks is of a financial instrument, and the value of any financial derivative is based on the value or values of the underlying securities or groups of securities that constitute the derivative. It can be said that there have been three main reasons for the continuously increasing use of derivatives now. These are the volatility of the markets, deregulation and development of technologies. There are also many shapes of financial derivatives, and options are just one form. As is clear from the name 'derivative', the items are just contracts based on or derived from some underlying asset, reference rate or index. The common types of financial derivatives are any one, or a combination of four separate types of dealings…… [Read More]
(Smith, 2003) Checking twice, or more than twice may be less important than securing a diversity of views in such an arena. (Smith, 2003)
The ability adequately communicate risk levels amongst providers can become difficult. Also, hasty words can create a misperception in the minds of patients, if a doctor speaks too casually. "Science cannot prove a negative, but, where their children are concerned, parents want to be assured that risk is zero," and it is tempting for doctors to ignore communicating data, for fear of communication the issue. Some suggest, regarding all procedures, establishing a comprehensive 'Richter scale' of risks to communicate data to remove the potential for misunderstanding -- for example, identifying the riskiest scenarios, and flagging them for hospital staff, or using the 'pain scale' amongst all hospital staff and on paperwork of 1-10 to communicate how much pain a patient is in, on a feeling level,…… [Read More]
A Vital Component in the Governance of Health Care Institutions
isk exists in any endeavor. Many people drive every day risking a traffic collision, others live in areas where the risk of spring tornados is extreme, and still other people work around high power electric lines. The question to ask is how can a person moderate the risks that they face each day? Make sure that the vehicle is performing to its optimal capabilities and that driving is undistracted and intentional. Make sure that a safe place exists nearby to go in the event of dangerous weather. Follow all of the safety regulations that go with the job of an electric company lineman. Basically people need to be alert and responsive to the situations that present themselves. Individuals must also understand that they have taken care of all but the most unforeseen eventualities (such as making sure the…… [Read More]
isk Management and Insurance
What is isk Management and why is it important in Business Today? One must first define for oneself the meaning of risk, not only relative to his own life but to his business and financial future. In defining the types of risk, pure or speculative, one will then need to determine the level of risk and uncertainty one is willing to endure to achieve ones ultimate goal. After having answered these primary concerns and depending upon the type of business and style of management being practiced, the risk-taker might decide to create a risk management plan that best suites the business and personal limitations discovered. "The management of risk is a process distinct from its measurement. It involves a set of institutional rules that are largely dependent on (set of) goals." (Focardi & Jonas, pg. 95, 1998).
In the management of risk one may also decide…… [Read More]
The reason why it is important to understand the role of the financial markets is: because of globalization. As, this has caused shifts in: the economy and the way people are interacting with each other. One way to effectively comprehend what is taking place is with, the indices reflecting how these transformations are impacting the world economy. This means that ordinary people need to have an: understanding of the markets and the way they are reacting to various events. This will help them to determine, what will occur in the economy over the next nine months to one year. As, prudent individuals can begin to plan on: profiting from these changes or they could protect their assets. In either case, understanding the markets in this aspect will help everyone to more effectively prepare for uncertainties. This is how you can be able to increase your net worth…… [Read More]
The SMAT-a solution is characterized by the following:
The formal assessment of the risks through the employment of the ISO 27005 standards and the OCTAVE techniques
The systematic assessment of the risk through the PDCA model (plan, do, check, act)
The automated risk assessment through the Fast a feature, which "provides fully automated risk assessment with a built in database of standard assets, threats, vulnerabilities and controls" (Website of SMAT-A)
The creation of detailed reports such as multi-criterion filtering or exports to other formats
The monitoring of risks through the monitoring of risk mitigation controls and the identification of the new risks after mitigation (Website of SMAT-A).
Last, the third potential solution to automating the IT risk assessment is represented by the Symantec isk Automation Suite (SAS), which is also a privately developed solution, characterized by more flexibility and ease of usage.
"SAS automates and orchestrates enterprise IT security and…… [Read More]
The six major processes involved in risk management are planning risk management, identifying risks, performing qualitative risk analysis, performing quantitative risk analysis, planning risk responses and actually controlling risk. One might argue that the two most important of these processes are the first and the last ones -- the planning of risk management and the controlling of risk once it actually occurs and becomes a threat to a particular enterprise. Nonetheless, planning risk management has a preeminence associated with it for the simple fact that in this initial step, the vast majority of the other steps are considered. During the planning stage, organizations are essentially determining what sorts of risks they are susceptible to and how, how great a risk these things are to the organization, and how they will respond and ultimately mitigate or control the risk. The best example of this step is an organization that…… [Read More]
Numerous products are available, including currency or exchange rate swaps, forward contracts, futures and options. Another option, which covers some of the translation risk as well, is to index costs and revenues to the exchange rate. Translation risk is more difficult to address, but there are methods. DI can build an operational hedge, whereby inflows from a particular country are matched by outflows. Other tactics, such as using an average exchange rate for the entire income statement or balance sheet, can mitigate the risk but not eliminate it.
Economic risk is a significant form of risk because many of DI's industries are cyclical. This risk is less critical for DI because the company is well-diversified across many industries and countries. This is an operational hedge against the impacts of a faltering economy against any one of our businesses. However, some economic risk still remains. It can be hedged by establishing…… [Read More]
isk Management Programs Comparison
There are so many potential risks in hospital and HMO settings because of the nature of healthcare. Hospitals have a ton of regulatory laws to follow that are passed by federal, state, and local legal agencies. HMOs are health management organizations, which are smaller groups that aim to provide healthcare and insurance options for individuals who subscribe to their services and thus have similar risk factors to general hospitals. Federal agencies like the Centers for Medicare and Medicaid Services (CMS), the FDA, the Office of Inspector General (OIG) and the Department of Justice are all involved with constantly updating hospitals and other healthcare organizations, like HMO facilities, of the need to stay on top of various risks. Agencies like the FDA establish laws, while the Department of Justice provide a list of healthcare professionals who have committed crimes, "announces penalties, fines, and Corporate Integrity Agreements imposed…… [Read More]
Sentinel events need to be reported directly by hospitals so that all may learn and change, rather than waiting for them to appear as scandals in the press" (Sherman, p. 99). The JCAHO emphasizes that, "In support of its mission to improve the quality of health care provided to the public, the Joint Commission includes the review of organizations' activities in response to sentinel events in its accreditation process, including all full accreditation surveys and random unannounced surveys" (Sentinel event, 2008, p. 2). The JCAHO also points out that many healthcare providers may be reluctant to report sentinel events for fear of being labeled a "whistleblower" or the potential for retribution by management (Sentinel event, 2008). Notwithstanding this pragmatic rationale, a more important reason to report adverse events in a healthcare setting is the fact that they represent opportunities for improvement and these issues are discussed further below.
3. Discuss…… [Read More]
Based on your research, identify the risks for a hospital that receives Medicare funding and fails to accept a patient who enters through its emergency department needing emergency care.
Pursuant to the Consolidated Omnibus Budget econciliation Act of 1985 (COBA) (Public Law No. 99-272) section entitled Emergency Medical Treatment and Active Labor Act (EMTALA), hospitals receiving Medicare (and other federal funds) that fail to accept a patient in its emergency department are liable for civil penalties as well as civil liability in legal actions filed by the patient who was refused medical services (eid, 2009).
Briefly discuss a risk management strategy that would protect the health of the patient.
One particular risk-management strategy that has been a focus of considerable attention recently relates to the adherence to aseptic protocols, especially in connection with specific procedures that have been identified as causing an unacceptably high incidence of nosocomial infections (Hoffman, 2005;…… [Read More]
With Elon Musk of Tesla advancing the field of automation at a rapid pace and envisioning a million “robotaxis” on the roads by 2020, the question of risk management is one that has to be considered with respect to the field of automation. Numerous companies are turning more and more to robotics. Amazon uses robotics in its shipping and supply warehouses to streamline processes and keep shipping moving at an acceptable rate. One of the risks created by this advancement in technology, however, is the risk of automation displacing human employees. This risk has substantial social and economic downside plus potential political risk, as political backlash tends to follow social and economic developments. When America began offshoring jobs in the 20th century, it resulted in the rise of the working poor and the widening of the income gap between the upper and lower classes. If more workers are displaced…… [Read More]
Vision and Mission, Risk Management, and Torts
The dedication of the Los Angeles Police Department lies in discharging her duties to the Los Angeles community and at the same time ensuring that the rights of every citizen are safe-guarded. In line with achieving this aim, the Los Angeles Police Department’s ideologies are reflected in the department’s Mission, vision and core values which are in synchrony with the Law Enforcement Code of Ethics and the Department’s Management principles. The Los Angeles Police Department aims to achieve the objective of working cohesively in order to ensure that anarchy and crime are eradicated as much as possible in the city of Los Angeles (Los Angeles Police Department, 2017).
The police generally have a fundamental purpose of averting chaos, crime and criminality, in order to render military intervention and severe judicial punitive measures unnecessary. In the event that crime is not totally avoided however,…… [Read More]
Effective risk management is crucial for ensuring project success. This is true for not only large, complex projects, but also small and less complex projects such as renovating the kitchen at one’s residence. Kitchen renovation is a project that may involve substantive expenditure, hence the need for proper identification, analysis, and mitigation of the associated risks. Generally, the major risks that may arise during the renovation of the kitchen relate to the following aspects: financial loss, damage, security, the contractor, and supply of inputs. For instance, there could be budget overrun, theft of supplies, accidents and injuries, delivery delays, and unfavorable weather. These risks must be carefully identified, assessed, mitigated, monitored, and controlled to ensure the kitchen renovation project succeeds. This paper provides a comprehensive risk management plan for the project. First, the top 20 risks associated with the project are identified, along with their likelihood of occurrence and impact…… [Read More]
Enterprise Risk Management in Wells Fargo during the Pandemic
As Beasley (2020) points out, enterprise risk management (ERM) is especially needed during the COVID 19 pandemic because of the “number of different, but interrelated risks spread all across most organization” (p. 2). COVID 19 is not just a factor that has impacted one business or industry. It has impacted all businesses and all industries in different ways. Grocery chains like Kroger, for instance, have seen increased demand. Restaurants on the other hand have seen business dry up due to mandated quarantine orders. Small business owners and large corporations have filed for bankruptcy. All of this impacts the banking sector and Wells Fargo specifically because of its role in managing loan products, using interest rates to attract savers, and offering investment advice. “No single risk associated with the COVID-19 pandemic crisis can be managed in isolation,” as Beasley (2020) points…… [Read More]
Anticipated Implementation Issues and Opportunities
Effective risk management is crucial for ensuring project success. This is true for not only large, complex projects, but also small and less complex projects such as renovating the kitchen at one’s residence. Kitchen renovation is a project that may involve substantive expenditure, hence the need for proper identification and mitigation of the associated risks. To this end, it is acknowledged that the major risks associated with kitchen renovation revolve around aspects such as contractor and project manager incompetence, budget overrun, delivery delays, theft of supplies, accidents and injuries, unfavorable weather, insurance inadequacy, and poor communication between stakeholders. With low to moderate likelihood of occurrence, these risks can be mitigated using strategies such as thorough evaluation of the contractor and project manager before selection, selection of a sufficient home insurance package, employment of a security guard, and ensuring effective communication. Nonetheless, implementing the formulated risk…… [Read More]
The American Military University Arena is located in Charles Town, West Virginia. This is a multipurpose facility that hosts events in college and professional football, basketball, and hockey. This is a newly structured arena and it has a sitting capacity of 65,000 people. The arena also includes a gymnasium, a modern gym with the best bodybuilding facilities, and a swimming pool. Some of the facilities that exist include parking garages, sports grounds, spectator sitting areas, cafeterias, and sporting facilities. The main focus of the risk analysis will be the sports arena. Due to the number of spectators that the facility can hold at any one given time it is vital that there be enough consideration placed for the safety of the participants and the spectators. The main stakeholders of the sports arena are the university management and administrators because they are directly involved and the sports arena was built…… [Read More]
Global Business and Politics: Risk Management
When it comes to managing international risk, there are three main areas that must be addressed: political risk, economic risk and social risk—i.e., the limits to expansion. This presentation will address each of these three risks and show how expansion of the scope of the organization should proceed.
As DiDraga (2013) notes, the scope of risk management is based on three points: 1) analysis—i.e., posing the question of what happens if…, 2) response—i.e., formulating an answer to the question posed in point 1; and 3) control—i.e., monitoring the situation and making adjustments when necessary (DiDgraga, 2013). These three points should be considered whenever risk is to be managed.
Political risks can be seen everywhere today. The recent case of “Brexit,” with the UK voting to leave the EU, has created an international environment in which nationalism and new trade deals are a constant issue.…… [Read More]
isk Management Plan
A&D High Tech
Introduction to the Plan
Charter, Scope, Plan, and WBS
Scope of the isk Management Plan
102.2 isk Management Plan Components
112.4 Expected Monetary Value Analysis
isk Management Identification
123.1 Determine the isks
133.2 Evaluate and Access the isks
133.3 Qualitative and Quantitative Processes
143.4 Compare and Contrast Techniques
144.1 Major and Minor isks for the isk Matrix
144.2 isk Matrix Template
Corrective Action and Monitoring
155.1 Type of Corrective isk Management
155.2 Corrective Plan
155.3 Corrective Action for isks
Section 6 -- esults, Conclusion, and Follow-Up
Section 7 - eferences
Section 1 -- Introduction
Introduction to the Plan
This project involves a company named A&D High Tech which operates within the computer products industry and sells computer products, accessories, and services to consumers and small businesses. The…… [Read More]
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…… [Read More]
isk Management Consultant Proposal
Event: The Global Event for Biotechnology in Chicago, Illinois
In brief, this event will bring together professionals from not only the academia but also from government and the industry. The convention will in this case provide participants with a unique opportunity to explore, describe, and probe the various global challenges we are faced with today, and the most appropriate measures that can be adopted to rein in the said challenges.
isk assessment in the words of Dampsey (2007) "is the process of identifying potential areas of security and loss, and the development and implementation of effective measures or countermeasures to deal with these problems." This particular risk assessment for the aforementioned event will take into consideration not only the hazards but also the nature of risks, and the measures that should be taken to control them. In this particular case, a hazard…… [Read More]
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.
I…… [Read More]
Most developed economies, however, allow the market to set exchange rates, only influencing currency values through indirect means such as the increased or reduced sale of bonds to foreign entities and individuals, or through other means of international wealth exchange. Essentially, all manipulations of exchange rates and actions based on predictions of exchange rates are focused on the forward exchange rate, or the predicted rate of exchange between two currencies at a future point in time.
The spot exchange rate, on the other hand, is the rate of exchange at the current moment in time. It is through a comparison of the spot rate and the forward rate of exchange -- inasmuch as it can be predicted with any accuracy -- that companies and businesses make decisions that affect either the exchange rate itself (in the case of some governments, notably China in the modern period), or more often make…… [Read More]
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.…… [Read More]
isk-Taking Behavior and isk Management
isk Management Article eview
Dominic Cooper (2003) reviews the various factors that influence risk outcomes, with a focus on how personality can have a significant effect on risk-taking behavior. The first half of the article dives into the admittedly murky waters of the associations between personality types, group dynamics, and risk-taking behavior, while the second half discusses risk management and control strategies. Importantly, Cooper states explicitly that individual and group factors are hard to control or change. Despite this attitude, he puts considerable effort into describing the different personality types, their propensity for risk-taking behavior, and the likelihood of harm. In the final analysis, personality, task experience, promise of a reward, and group dynamics seem to have the greatest influence on risk-taking behavior. If the first half of the article were to have a summary, it would be that the sources of risk amenable to…… [Read More]
isk management is the greatest benefit offered by a strategic, forward-thinking approach to management. In an uncertain economic environment, companies must constantly 'hedge their bets' as to what is the superior choice between mutually exclusive alternatives. Strategic management promotes the efficient use of resources by forcing companies to constantly anticipate the future, plan ahead, and make the best economic choices possible, given the company's current framework of knowledge. No company can predict everything that may happen but the consistent data-gathering that is required in a strategic management approach and trend-monitoring allows the company to be more flexible and responsive.
As well as avoiding bad decisions, effective strategic management also means knowing when to take advantage of possible opportunities and invest in good decisions. isk management entails knowing when to take calculated risks, even if this means a major allocation of organizational resources, such as for a new form of technology…… [Read More]
Risk Management 
If you believe a stock will appreciate and want to risk little to speculate that the stock will rise what are your option?
Holding a call option is fairly low risk because it would allow me to buy future stocks at a current price. An increase in stock value would limit my losses and allow me to profit by means of leveraged speculation. As a holder exercising a call option, I would be able to benefit from the same profit in underlying stock by paying only a minimal amount of money. By risking only a small percentage of my capital towards an insurance premium, I am potentially able to benefit from trends and hedge away risks within the call-option deadline.
Potential losses can be offset against either long-or-short stock portfolios by means of trading call strategies. A Fiduciary call would allow for a reduced capital outlay by…… [Read More]
This is one of the destructive sources of stress. Employees often consider background noise as a distractive element experienced in various working environments. However, it is difficult to control most of the noise in organizations, for instance, telephone ringing in an open office and loud conversations. When the intensity of noise is very high in the office, some employees lack concentration and eventually produce low quality work (Ozcelik, Langton & Aldrich, 2008).
Loud noise may also reduce their motivation level. In controlling the intensity of noise generated from within the organization, the organization should encourage employees to close their office doors and focus in their tasks. A closed door reduces the distractions coming from the outside environment. Lack of concentration caused by loud noise increases the intensity of stress. This may alter the concentration and attitude of works towards their work. The employee in this case is unable to execute…… [Read More]
In addition to potential lawsuits, albeit, risk managers need to effectively counter potential and actual risks related to financial losses. These may accompany acts of vandalism, poorly written contacts, as well as damaged and/or stolen equipment. Accidents in the facility's parking lot that occur due to poor lighting constitute more reasons for effective risk management. An additional concern relating to the strength of the facility's bleachers is reflected in the newspaper headline "Overloaded Bleacher ollapse Killing One and Injuring Over 200."
As noted as this research segment's start, identifying risks proves vital. Nevertheless, once potential and existing risks are identified, no matter how valuable the plan for risk management may appear on paper, unless employees know how to effectively implement that plan to manage risks, it may prove to be virtually worthless and potentially dangerous.
otton, D. & Wolohan, J.T. (2003). Law for Recreation and Sport Managers. Kendall Hunt.…… [Read More]
ISK Management - CAPM and APT
Capital Asset Pricing Model and Arbitrage Pricing Theory
The contemporaneous business community is extremely competitive, meaning as such that the organizational leaders strive harder than ever to overcome the competitive forces. Virtually, they have to hire and retain the best skilled staff members; they have to develop and offer the best quality products and services and they must be able to raise the interest of a vast and large customer base. All these constitute competitive advantages.
Yet, another element which has to be granted the adequate attention is that of the management of assets. The specialized literature offers a multitude of definitions of the concept of asset, yet the underlying idea is basically the same. Stickey, Weil and Schipper (2009) for instance argue that an asset is "a probable future economic benefit that a firm controls because of a past event or transaction" (p.108).…… [Read More]
Fuel prices are a major contributor to the profitability of an airline, as they tend to be more volatile than ticket prices. In response to this variability, airlines typically engaging in fuel price hedging strategies. On the operational level, many airlines rely on a focus on shorter average flight distances. This keeps the fuel cost down relative to passenger revenue. However, the most common method of dealing with fuel price volatility is to utilize a financial hedge, typically a series of either futures or forwards to lock in the price of fuel.
The first thing to realize is that the company cannot perfectly hedge the top end of the fuel price range. At some point, the price paid is going to have to be lower than the top price or the airline will lose a lot of money when the price drops again. During a major run-up, like…… [Read More]
isk management is aimed at determining possible problems beforehand in order to plan and invoke risk-handling activities, as required, across the project's or product's life, for mitigating negative effects on attaining objectives. The process of risk management constitutes a key part of technical and business management systems; it is constant and forward-thinking. isk management must deal with problems that threaten the attainment of key aims. A constant risk management strategy is adopted for successfully predicting and reducing risk elements, which critically affect a venture. A sound risk management plan entails timely and forceful risk identification by way of participation and collaboration of concerned stakeholders. Effective leadership is required across all concerned stakeholders for cultivating an environment conducive to honest and uninhibited discovery and analysis of risk. While technical problems constitute a major concern in the early stages as well as all through the course of the project, risk management has…… [Read More]
Often an entire structural reassessment may be need to reach optimal temperature control for the workplace, To improve temperature control, insulation may be required to keep hot and cold air in and keep the outside temperature and humidity from affecting the workers inside. Air-conditioning is the solution of most workplaces to long, hot summers, but having windows that open can cut down on air-conditioning costs and enable workers to still work even when the temperature control system has been shut down. Having blinds to shield the light from hot windows, minimizing exposure to direct sunlight in general and providing ample water and cooling beverages can also help. If no internal cooling systems are available, allowing employees to take breaks or even to work different shifts (such as avoiding the hotter times of the day) can be valuable (Thermal comfort for office work, 2014, CCOHS). This may be necessary in outdoor…… [Read More]
isk Management of Terrorism in the UK
The issue of designing a risk management strategy for terrorism in the UK is dependent upon understanding and identifying the commensurate risks attendant with the various extremists groups that are perceived as threats to the UK's safety and infrastructural stability. Challenges include adopting an intelligence and surveillance system, educating the public regarding attendant trouble spots (such as retaliatory violence and discrimination as well as purpose of surveillance) and adopting a position in the global network that facilitates the overall mitigation of threats. The benefits are evident in control and prevention results and good practice recommendations are provided in the conclusion. This study gives a contextual assessment of the risks facing the UK, analyzes the components of risk management that can be utilized to alleviate these risks, defines the term "terror," examines the historical challenges that coincide with these components, and discusses the benefits…… [Read More]
project team disaster/failure is unfortunate overall preparation. When impracticable goalmouths are set, generating a disordered working environment there is nothing but absolute disappointment in the immediate future. Generally one may experience two causes for team project botches; outstanding/neglected time standards, and going over budget concerning set financial strategies. With the understanding of day-to-day foundation risk valuations into team advanced developments, there is a more representative set of procedures put in place. The definition of a risk assessment states, it is the documentation, assessment, and approximation of the levels of hazards involved in any circumstances, their evaluation against standards or criterions, as well as determination of a reasonable level of risk. Through set risk valuation practices, one can further eliminate all conceivable liabilities or future happenings within the project team.
An indispensable part of having a fruitful project management team, is employment of tactical risk management methods. Development within a project…… [Read More]
risk management in a project from your experience or reading. What tools can be used to assist in risk management?
Enterprise risk management (ERM) essentially deals with recognizing possible risks within the operation of the enterprise, controlling these risks, preventing others, and safeguarding security of these risks.
it is the investigation of possible organizational risks that may occur, investigating possible magnitude of these possible risks, setting weights in place to control occurrence of these risk, a and evaluating to make sure that these risks, if they do occur, are dealt with in as efficacious a way as possible. Risks, too, are prioritized so that the organization can determine which risks to deal with first and which are most damaging to their organization.
Risks can be both internal and external. Examples of internal risks are the possibility of fraud or of data being hijacked. Examples of external risks, on the other…… [Read More]
isk Management Plan Due Week 4 worth 240 points Note: The assignments a series papers-based case, located Student Center shell. The assignments dependent . In assignment, create a risk management plan.
Scope and objectives of risk process
The project consists of fixing of the firm's data security weakness and brand restoration. Brand restoration would ensure that the company is able to demonstrate to its customers that it is able to move past the data breach event. Brand restoration would also allow the company to continue competing without losing its customers. Fixing the weaknesses in its data security gives the company the opportunity to improve on its security measures. The company would also use this aim in strengthening its systems and implementing strict guidelines in regards to data security. The scope of the project would require the company to communicate to its customers about the data breach osenbaum & Culshaw, 2003.…… [Read More]
Risk Management Issue
Over the last several years, the issue of patient safety has been increasingly brought to the forefront. Part of the reason for this, is because a number of high profile accidents have taken place. This has increase the chances that patient will develop complications. Evidence of this can be seen by looking no further than the most commonly reported cases involving malpractices lawsuits to include: incidents involving misdiagnosis, prescription medication errors, Obstetrics and surgery. As, these different events account for a total of: 62% of all medical malpractice cases. ("CRICO Coverage," 2011) This is significant, because it shows how the underlying risks facing many health care organizations have risen exponentially. In the case of the health organization we are studying, they have taken different steps to address these kinds of issues that they are facing. To fully understand the overall scope of their strategy requires: looking at…… [Read More]
Each risk should be assigned to the appropriate level of implementation and approval. As an example, a decision to build that second data center we talked about would be a decision for the company management team. A decision to serialize, catalog, and appraise all of the engineering equipment would be decided and approved by the head of the engineering department. (Risk Management)
The plan created by the appropriate level should assess each risk assigned to him or her and propose the appropriate steps to take to alleviate or minimize the negative impact of a risk occurring. The overall company plan as well as the departmental plan should assign the responsible individual and the schedule for completion. (Risk Management)
Implementation of the plan is simply activating the well-thought-out plan that has been created and, most likely, approved by management.
Review and Update the Plan
This is one of the keys to…… [Read More]
In terms of the management of the risk, this can be completed through either one or more of the following techniques: (1) mitigation of the risks; (2) transfer of the risk from one unit to the other, one project to the other and so on; (3) the acceptance of the risk; (4) the avoidance of the risks; (5) the communication of the risks and the search for risk management strategies, and last, (6) the implementation of the risk management strategies (Elky, 2006).
Once the company has decided to accept and mitigate the risk, it has several solutions to managing the risk. Steve Elky at the SANS Institute points out that there are at least five methods for risk management, namely the NIST methodology (National Institute of Standards and Technology), the OCTAVE methodology, the FAP methodology, the COBA methodology and the isk Watch methodology. The challenge at this level is for…… [Read More]
80% of the vulnerabilities been discovered nowadays are from websites.
SQL injection occurs when an attacker uses SQL scripts to send information to the server by using the website forms and UL's. If, the website form data is not sanitized before been sent to the database it can lead to this attack. Without sanitization, an attacker can post any data they want directly to the database thus been able to access the information stored and alter the information if so desired. It is easy to make an SQL query, insert it into a form field with whichever parameters one desires and this would compromise the security of the website and its data. Using SQL injection, an attacker can capture sensitive information stored in the database like passwords or credit card details. To prevent this attack, the website developer will need to ensure that the website form fields do not accept…… [Read More]
Health Care -- Risk Management -- Session Plan
The simple, general definition of "insurance" undergoes numerous variations according to the natures of insureds and of possible claimants. A healthcare organization, by virtue of its complexity, may be faced with a multitude of factors that must be considered for adequate coverage. A review of various insurances shows that types of claims, types of insured individuals/organizations, and types of claimants interact to determine the types of insurance needed.
The Basic Concept Of Insurance
Generally, insurance is a contract in which one party indemnifies or guarantees another party against loss that might be caused by a specific event or danger (Merriam-ebster, Inc., 2013).
The Key Factors To Be Considered In Choosing An Insurance Company And Policies For A Healthcare Organization
A healthcare organization seeking the optimal insurance company and policies must examine a number of factors to obtain required coverage with reasonable rates…… [Read More]
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…… [Read More]
risk management tools: interest rate futures, interest rate options, forward rate agreement and interest rate swaps.
Interest Rate Futures
An interest rate futures contract is a financial derivative. It allows the buyer of the contract to lock in a future investment rate. Like all derivatives, interest rate futures are based on an underlying security, which is a debt obligation that moves in value as interest rates change (Ord, 2011).
The interest rate future is a contract between the buyer and the seller in which they agree to the future delivery of any interest-bearing asset. The interest rate future allows the buyer and seller to lock in the price of the interest-bearing asset for a future date.
Some examples of underlying instruments of interest rate futures include:
Treasury bills in the case of Treasury bill futures traded on the Chicago Mercantile Exchange (CME)
Treasury bonds in the case of Treasury bond…… [Read More]
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…… [Read More]
The other criteria to be used in the selection of the institutions of higher learning are their length of existence and size.
Data collection plans
Data is to be collected using questionnaires and triangulation is to be used in the process. This means that both qualitative and quantitative techniques of data collection are to be used in order to increase the chances of getting valid results (Jick, 1979).
The following sources of information will be consulted;
Academic journals such as Library Review, Update, Library Trend and Program
Online databases and gateways such as BIDS, OCLC, BUBL, OMNI, ProQuests, Academic Complete and EBSCOHOST
Books that are relevant to the research and trends in the sector of higher education
Quantitative data collection
Quantitative data is to be collected using questionnaires that are to be administered to the respondents in a six-month period. The questionnaires are appropriate instruments for…… [Read More]
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…… [Read More]
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…… [Read More]
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.…… [Read More]
isk Management: Disaster ecovery
In essence, disaster recovery has got to do with protecting an organization against events of a negative nature and their effects/impact. Such events include, but they are not limited to, failure of equipment, serious cyber attacks, and natural disasters such as hurricanes and earthquakes. All these put the operations of the organization at risk. This text concerns itself with practical risk management. In so doing, it will, amongst other things, address the need for disaster recovery and highlight the key components of a disaster recovery plan.
The Need for Disaster isk Management
The relevance of disaster risk management cannot be overstated. This is particularly the case given that disasters put the continued operations of an enterprise at risk. It is important to note that in the past, many businesses have had to contend with huge losses when disasters strike. This is more so the case when…… [Read More]
isk Management Plan for Exxon Mobil
A risk management process is a systematic application of management policies for the purpose of identifying, analyzing, evaluating and mitigating any possible risks within an organization. The following paper focuses on formulation of risk management plan for Exxon Mobil, one of the world's most renowned oil and gas companies. The risks would be identified and selected applicable to this firm and after their evaluation, a risk treatment plan would be advised.
Establish the isk Context
Identifying the Context for isk Assessment
eviewing current organizational processes
Being in the gas and power marketing department of the company, there are certain risks applicable within my area of operation. In order to clearly determine those risks, first, a comprehensive look at Exxon Mobil's organizational processes along with a SWOT analysis is presented. The firm is dedicated to create and maintain an environmental policy that would protect the…… [Read More]
isk, isk Management Strategies, and Benefits in Cloud Computing
SEVICE AND DEPLOYMENT MODELS
BENEFITS OF CLOUD COMPUTING
CLOUD COMPUTING ISKS
ISK Management STATEGIES
Centralized Information Governance
Other Organization-Level Measures
Individual-Level Security Measures
Cloud computing model
Cloud computing service and deployment models
ISO/IEC broad categories
The emergence of cloud computing has tremendously transformed the world of computing. Today, individuals, organizations, and government agencies can access computing resources provided by a vendor on an on-demand basis. This provides convenience, flexibility, and substantial cost savings. It also provides a more efficient way of planning disaster recovery and overcoming fluctuations in the demand for computing resources. In spite of the benefits it offers, cloud computing presents significant security concerns, which users must clearly understand and put strong measures in place to address them. Users are particularly…… [Read More]
Sidpers Program isk Management Plan
Project description and Objectives
Project Manager (PM)
The identified Sources of isk in the SIDPES Project
Summary isk eport
isk Breakdown Structure
Double P-I matrix
Hillson, D and Simon, P (2007).Practical Project isk Management: The Atom Methodology. Management Concepts.
This document contains details of the isk Management Plan for the SIDPES Project and defines the risk management process to be used in the risk management process that is to be used through the duration of this project. The Project Manager is to be the one who is responsible for the review as well as maintaining of this Management Plan throughout the project. This is to ensure that the risk process sis maintained at an appropriate level necessary for dealing with the level of risk that is faced by this specific project (Simon &…… [Read More]
Kitchen emodel Project isk Management
You acquire knowledge risk management analysis a project. The project remodeling family kitchen. To prepare project, research kitchen remodeling work considerations project success. Hypothesize effect risk management project.
Project isk Management
Overall goal of risk management is to guarantee an increase of opportunities and decrease of risk. isks are uncertain events that occur in the process of project planning and implementation and can have both negative and positive effects (Metzger, 2006). isk management entails definition of procedures involved in implementation of a project and the likely risks to be encountered in the project activities. The purpose of coming up with a risk management plan is to come up with the ideal framework for use by the project team. The team will use the risk management plan to identify risks and developing strategies that mitigate, enhance or change the negative risks. This paper presents a risk…… [Read More]