Roles of Risk Management Functions - Free Essay Example

Sample details Pages: 5 Words: 1534 Downloads: 4 Date added: 2017/06/26 Category Management Essay Type Research paper Did you like this example? ROLES OF RISK MANAGEMENT FUNCTIONS IN BUSINESS ORGANISATION TABLE OF CONTENTS Title Page Introduction 4 1. Purpose of risk management 5 a. Types of risk 6 b. Certain steps to overcome risk 7 2. Benefits of risk management 8 3. Risk management components 9-10 Bibliography11 INTRODUCTION Risk management means certain set of rules and regulation and procedures which helps and organization to overcome the unexpected danger or risk to the organization and the rules will help the entity to respond the threat in an appropriate manner so that the risk will dissipate. THE TASK Don’t waste time! Our writers will create an original "Roles of Risk Management Functions" essay for you Create order Examine and discuss each step below which forms part of the risk management process followed within an enterprise. Explain the reasons behind each step, what each step achieves for the enterprise and give examples. Determine the objectives of the organisation à ¢Ã¢â€š ¬Ã¢â‚¬Å" throughout the world every entity has only one target or aim and that is PROFIT. So, to achieve and gain the profit every organization has developed and formed certain sets of goals and objectives. These kinds of goals and objectives will keep the business on the floating boat of success. We can use number of different methods and approaches to define corporate goals and objectives, using formal and informal procedures. Doing this can provide the organization with a definition of its goals and objectives that represent its current thinking. These goals and objectives can then be integrated into the decision-making process so that decisions made with the decision model are structured to impact all levels of the organization and are quantifiable and defensible. Following are the aspect which can help to pre-set of goals and objectives: Improve contract performance. Minimize operating costs. Improve customer management. Minimize production costs. Maximize customer service. Minimize shipping costs. Advanced information technology. Increase sales. Improve profitability. Identify exposures to loss à ¢Ã¢â€š ¬Ã¢â‚¬Å" this means that how to identify the reason of loss and what are ways of loss. So, in order to identify it there are several ways to from which the most common and widely used ways are as follows: Company should need to analyse the past losses that was occurred and should also know the reasons. Must analyse the reports and data to observe the minor damages that was not included in the loss claim reports, to improve the loss exposure in the future. Entity must conduct a survey of each and every department or operating units to observe where potential loss can occur and these surveys must be done professionally. Once the survey has been completed, each risk can be ranked Low, Medium or High and appropriate strategies can be used to address each one. Follow is the risk assessment chart: High Frequency Low Frequency High Severity High Risk High Medium Risk Low Severity Medium Risk Low Risk By the inspection of working site can also be used to measure the loss of exposure e.g. manufacturing departments, transportation facility, natural hazards, isolated/remote location, high crime area, etc. Furthermore, these inspection can be conduct professionally. Measure those same exposures While many loss exposures can be prevented with careful planning and quality production, some loss exposures cannot be avoided. The company must manage its risks in order to control the businessà ¢Ã¢â€š ¬Ã¢â€ž ¢ loss exposure. To manage the risk, the business can implement various strategies to provide protection, including monitoring the quality of its products, seeking professional advice from banking and investment professionals, as well as placing insurance on various areas of the business. Select alternatives à ¢Ã¢â€š ¬Ã¢â‚¬Å" There are several risk management alternative to manage the risk and helps to reduce the loss of exposures. Managing staff effectively in extension programmes is a skill that requires constant planning and development. It is the only manage of an entity who can lead to the variety of interpersonal relation and with the collection of vast data a manager can also develop strategies, make decisions and implement the action in proper way. Bond with and through others to achieve organizational goals and objectives are concerned with max. Furthermore the stakeholders can use the best techniques to overcome the loss of exposures. Implement a solution Implementation is the climax of all work in solving a problem and requires careful attention to detail. There are three basic stages involved: Planning and preparing to implement the solution. Implementing and monitoring the action. Reviewing and analysing the success of the action. Monitor and review the outcomes à ¢Ã¢â€š ¬Ã¢â‚¬Å" the monitor and review the outcomes is the on-going process in the organization which helps to identify several things which are as follow: Controls are implemented and they working fine. An injury or incident occurs. Data should be analysed to measure the problems. Review the components of the outcome (outputs and other activities) and ensure that outputs to be produced are sufficient to bring about the outcome and sustain the benefits. Ensure that the results plan for outcome indicators, targets, risks and assumptions are valid, adequate and managed. Examine and discuss a risk management frameworks standards model. Discuss the principles behind the model, the drivers and components involved in the process. Risk is an event or activity that may have an impact on the credit unionà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to effectively execute its strategies and achieve its objectives or which may cause a significant opportunity to be missed. The risk management framework introduced a disciplined and structured process that unite information security and risk management activities into the system development life cycle. Below is the illustrated figure of Risk management framework: Categorise à ¢Ã¢â€š ¬Ã¢â‚¬Å" the information system and the information processed, stored, and transmitted by that system based on an impact analysis. Select an initial set of baseline security controls for the information system based on an organizational assessment of risk and local conditions. Implement à ¢Ã¢â€š ¬Ã¢â‚¬Å" after selecting the appropriate techniques for controlling the risk must be implementing. Assess à ¢Ã¢â€š ¬Ã¢â‚¬Å" assess the security control system by using appropriate procedures to determine that implement objectives are working fine and producing the desire outcome. Authorize à ¢Ã¢â€š ¬Ã¢â‚¬Å" the risk to organization must be determined by the authorize information system. Monitor à ¢Ã¢â€š ¬Ã¢â‚¬Å" most important part of the risk management framework is to monitor, means to monitor all the department, function and equipment are working fine in the operational system. Examine and discuss each step below which forms part of the risk assessment process followed within an enterprise. Explain the reasons behind each step, what each step achieves for the enterprise and give examples. Identification of relevant business objectives Identification of objectives is the first step for any organisation as each business has some objectives and goals to accomplish and have some strategies to achieve those goals. Relevant business objectives can be in financial terms. That means the objective is expressed in terms of financial outcome that is to be achieved which include the following: Desired sales and profit levels. Rates of growth. Amount of cash generated. Value of the business or dividends paid to shareholders. Moreover, a popular way to look at objectives is to see them as part of hierarchy of forwardà ¢Ã¢â€š ¬Ã¢â‚¬Å"looking terms which help set and shape the strategy of a business. That hierarchy can be summarised as follows: Mission: Mission is the overall purpose of the business. Vision: The overall aspiration of the business. Aims or goals: General statements of what business intend to achieve. Objective: More precise and detailed statements of the aims/goals. Identifying events that could affect the achievement of objectives à ¢Ã¢â€š ¬Ã¢â‚¬Å" every organization has developed certain set of goals and objectives to overcome the events which can put the business in danger. Identification, analysis and evaluation of these threats and vulnerabilities are the only way to understand and measure the impact of the risk involved and hence to decide on the appropriate measures and controls to manage them. The events can be identify in different departments of the organization which are as follows: Economic events Financial market Unemployment Competition Natural environment Financial Viability Quality of execution Service level agreement Political Government / policy changes Laws and regulations Process Capacity Design Execution Suppliers Assessing the inherent likelihood and impact of risks A lot of our customers ask for advice on whether they should assess risks by Inherent Risk, Residual Risk or both. While our software supports the ranking and assessment of both, the value of assessing Inherent Risk is limited. Inherent Impact The impact that the event would have on the organization if it occurred and there were no controls in place. Inherent Likelihood The likelihood of the event occurring if there were no controls in place. Assessing residual likelihood and impact of risks à ¢Ã¢â€š ¬Ã¢â‚¬Å" Residual Impact The impact that the event would have on the organization if it occurred with the current control environment. (This includes Insurance, preventive and detective controls and other risk treatments) Residual Likelihood The likelihood of the event occurring in the current control environment. (This includes Insurance, preventive and detective controls and other risk treatments) BIBLIOGRAPHY Wikipedia. Enterprise Risks Management: Retrieved April 18, 2014 from https://en.wikipedia.org/wiki/Enterprise_risk_management Wikipedia. Risk Management: Retrieved April 18, 2014 from https://en.wikipedia.org/wiki/Risk_management Slideshare. Purpose and goals of Risk management: Retrieved April 19, 2014 from https://www.slideshare.net/Msfent1/the-purpose-and-goals-of-risk-management-4159859 CliftonLasonAllen. Benefits of risk management: Retrieved April 18, 2014 from https://www.cliftonlarsonallen.com/Risk-Management/Five-Benefits-Enterprise-Risk-Management-ERM.aspx

Movie Review Wit ( 2001 ) - 1074 Words

Espejo, Roussel Anne A. 3NUR3 Movie Review: Wit (2001) The film Wit is about an English professor named Vivian Bearing who was diagnosed of stage IV ovarian cancer. Having been diagnosed with these type of terminal cancer, she felt fearful and as she battles with it, she discovered the difficulties facing her impending death. As nurses, we will encounter such situations wherein we come across those patients who have been terminally ill and as nurses we need to guarantee that we can promote life and protect our patient’s interest. There will come a time when we might face some ethical dilemmas regarding our care for our patients that makes it difficult for us to morally decide on which action to take. But as nurses, we follow professional guidelines which help us in deciding which action is morally right and to ensure that the patients are given the treatment and treated the way that they morally and ethically deserve. In the film, after being diagnosed with terminal cancer, Vivian became a part of an aggressive experimental chemotherapy with eight months of full dose treatment. As the story goes there are ethical dilemmas that arises in her situation which is relevant to the ethical principles of the health care profession with regards to the experimental medical research and nurses serves as a patients advocate in ensuring appropriate treatment measures are being considered that will minimize the suffering and protect the health and well-being of the patient. The filmShow MoreRelatedEssay On Screwball Comedy1034 Words   |  5 Pagesthose of future generations. Through the book, Milberg uses primary sources, utilizing examples from a multitude of 1930s and 1940s screwball comedy films. She also takes the analyses of secondary sources, including other film history books, film reviews, and peer reviewed articles on the topic. 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Chilis History free essay sample

Chilis first location, a converted postal station on Greenville Avenue in Dallas, Texas, opened in 1975. Lavines concept was to create an informal, full-service dining restaurant with a menu featuring different types of hamburgers offered at an affordable price. The brand proved successful, and by the early 1980s there were 28 Chilis locations in the region, all featuring similar Southwest decor. In 1983, Lavine sold the company to restaurant executive Norman E. Brinker, formerly of the Pillsbury restaurant group. Chilis now has locations in all 50 U. S. states, 30 international locations and two territories. It’s easy to see why Chili’s has become such a firm favourite among Dubai’s families. First, there’s the wall-to-wall decor of exposed brick, vintage Americana (think mid-’80s posters promoting provincial chilli ‘cook-offs’) and fake greenery. The result is too thick, too clumsy, to persuade the wayward Texan that he has found his way home, but does make for a riot of colour and interest to help keep little ones amused. We will write a custom essay sample on Chilis History or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Secondly, the veritable army of Chili’s serving staff will happily create an astonishing spectacle of noise and cheer when you opt to hold a birthday here. And finally, there’s the indulgent menu of massive portions. Even the starters are almost impossible to finish: nachos are smeared liberally with hot and cheesy chilli; the signature Old Timer burger boasts enough dollops of relish on the thick meaty patty that the bun is likely to disintegrate; and sizzling platters of fajitas produce thick clouds of salty smoke guaranteed to get hungry mouths slavering, provided you don’t choke on the heady vapours first. Assuming you don’t try to finish each portion, you might even have room to tackle the oozing mass of molten chocolate cake and vanilla ice cream. Of course, there are two sides to every story, and for many diners the blatant Americana will prove claustrophobic, the menu (aside from a few surprisingly tasty Guiltless Grill options) just too calorific, and the average of five greetings per visit unnecessary, bordering on the intrusive. Nonetheless, Chili’s is consistently heaving, and dotted among those families are many workers who have come direct from a long day at the office. It’s not just little kids in Dubai who appreciate piles of greasy comfort food – Chili’s lacks refinement, but serves this up in great quantities.

The Future of Customer Experience free essay sample

Frowareness, discovery, attraction, interaction, purchase, use, cultivation and advocacy. It can also be used to mean an individual experience over one transaction; the distinction is usually clear in context. Analysts and commentators who write about customer experience (CX) and  customer relationship management  have increasingly recognized the importance of managing the customers experience. Customers receive some kind of experience, ranging from positive to negative, during the course of buying  goods  and  services. BlackBerry takes a look into the future of customer experience. This video depicts what the future of retailing could look like in the near future. A young woman uses mobile technology to identify, search and buy an outfit for a wedding and to interact with retailers in the online and physical worlds. This video also details how retailers can use mobile technology in the future to collaborate, and respond faster to trends and customer demand. This video shows how businesses could use integrated social networking to better serve customers and to improve employee collaboration and engagement. A fictional utilities company uses social networking to track, respond and improve their customer experience and service levels whilst increasing staff productivity. In this video, existing technologies have been  re-imagined  with smarter devices and better experiences. It showcases device integration, sharing and social networking, e-commerce, retail management systems, GPS tracking, mobile payment systems and augmented reality. BlackBerry takes a look at the impact mobile technology could have in the future of customer service. Analysis of the case The Future of Customer Experience? Its Getting Personal No matter what business, a growing percentage of customers are nearly always connected, with instant access to more advanced tools and detailed information than many enterprises had just a few years ago. These smart, digitally empowered consumers and businesses have the power to behave in a far smarter and better-informed manner than ever before. This power has also radically changed customer expectations, driving demand for better, more innovative, and personalized products, services, and experiences. This should come as no surprise to any executive. Given a choice, each of us (as well as our customers) prefers experiences tailored to our unique wants and needs. Firms that are best able to do so have significant competitive advantage over those that cannot. Though the promise–and power–of personalization has been at the forefront of marketing theory for some time, its widespread application to customer experience is only just beginning. Today, disruptive digital innovation is changing the ways companies serve their customers, as well as the ways these customers expect to be treated. Personalization is the Foundation Of Innovative Customer Experience. In the age of smart customers, personalization is the future of experience. Mass production and consumption of news, entertainment, products, and services have already lost the battle, giving way to personalization and customization. Apps such as  Zite  and  Flipboard  allow each of us to totally personalize the ways we consume news. Amazon has personalized the ways we shop, and Netflix and Hulu how we watch movies, TV, and other media programming. Pandora serves up increasingly personalized musical streams based on a listener’s taste (â€Å"thumbs up; thumbs down†), continuously learning about users’ musical preferences based on real-time customer feedback. There are hundreds of examples, with more coming every day. The point is these increasing levels of digitally driven personalization allow customers to choose what they consume, from whom, and how they interact with and consume it. These digital experiences are training smart customers to expect everything, from every company–product, services, experiences, and more–to be customized in a similar manner. When it comes to innovative customer experience, this all leads to one word: personalization. ‘One Size Fits All’ Simply Doesn’t Fly Anymore. And It Doesn’t Have To. No company can afford to or needs to deliver a fully customized â€Å"ideal experience† to each individual customer across the range of digital, human, and static touchpoints and interactions. The fact is, some customers are simply worth more than others, and it takes a great deal of intelligence for companies to figure out what the â€Å"right† experiences are for any given group of customers, much less how to personalize them. The good news is, â€Å"smart touchpoints† and the data they can produce, combined with the ability to analyze the digital breadcrumbs and data that surrounds almost every customer, means that any firm of any size has the tools for intelligent personalization at hand. Starting with what can be the biggest step, a firm needs to be willing to adjust its offerings to the needs of individual customers based on an understanding of what those individual customers (or the smallest possible groups they represent) want, and how that’s different from others. The more effectively a company uses customer information to understand and acknowledge both the differences and similarities, the easier it will be to provide benefits uniquely suited to those customers. In ways never before possible, you can approach them with truly personalized, highly customized offers, through relevant channels, in ways that drive stronger, more profitable relationships, better serving your customers by giving them exactly what they want, when they want it. Result: Customer experiences that are not only highly differentiated, but that cannot be easily duplicated by others. It is infact the hardest thing for competitors to copy. For many companies, it isn’t obvious to executives how or why they should provide meaningful personalization. Their customers have been satisfied with the existing product lineup. Their products may be commodities, or perhaps their firms are in a regulated utility. While the desire to create a â€Å"differentiated customer experience† is high on the list of objectives when it comes to customer experience strategy, they do not yet grasp that the most effective customer experiences are those tailored in a significant manner to meet the needs of that particular customer. They simply dont realize how fast customer expectations are changing, and what this means to the design of forward-looking customer experience strategies today. Companies that do realize this–and take action as a result–will create truly differentiated, category-leading experiences that make interacting with them so relevant, so much more convenient, and so perfectly suited to customers’ wants and needs that they won’t even  consider switching to a competitor. Points to consider while designing a customer experience The world has changed and the balance of power has shifted to the customers. The speed with which consumers have shifted to all things  digital/social/mobile  has taken many companies by surprise. â€Å"It’s like skating to a ping-pong ball 1. PERSONALIZATION AND CONTEXT With consumers adopting evermore numerous channels and devices to access information and interact with brands, businesses are scrambling to figure out how to deliver a more unified customer experience. In the wake of this, two new mantras are on the lips of every marketer: personalization and context. As a larger number of users become more familiar with social/mobile technologies, they’ll likely use them in more complex ways: sophistication breeds heightened expectation. Consumers will favor brands that provide context and relevance to their daily lives. Businesses can accomplish this by  producing quality content  that is not only relevant to their brand’s target audience, but promoted (and optimized) over multiple channels such as web, mobile and social, and accessible to them on demand. For many, this presents a daunting challenge that will likely put a strain on existing resources. If this is the case for a brand, they may want to consider outsourcing to an  inbound marketing services agency  that specializes on all aspects of digital marketing. Key Inferences * An explosion of customer touchpoints is at hand. Digital customer experience today is defined primarily by websites, with mobile applications on smartphones not far behind, and the future will include as many as 10 additional customer touchpoints. Deciding which channels to incorporate into your strategy is crucial to defining your organization’s future in digital customer experience. A unified experience requires the right people, process, and technology foundations. Customers love their devices but also want consistency across the devices and apps they use. Unified experiences that cross touchpoints demand improved yet common designs, common content assets and application code, and delivery processes tuned for speed and harmonized skills and roles. * Investments in unified experience founda tions will pay off now. Investments in foundations for unified customer experiences will pay dividends in the short term.