Risk Management An Effective Tool For Organisations Success - Free Essay Example

Sample details Pages: 9 Words: 2632 Downloads: 3 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? Introduction With the current scene in the business world it is very challenging to explore the risks involved in the business economy. The topic of Risk Management interests with the varied challenges as it has become the foundation for many organisations to effectively manage their investments or projects. The risks involved in any type of organisations are constantly increasing with the rise in competition across the globe. Don’t waste time! Our writers will create an original "Risk Management An Effective Tool For Organisations Success" essay for you Create order The recent credit crunch was also an alarming sign to manage the risk efficiently. Development of technology also has had great impact on the performance of any technological projects. Thus the topic of risk management is gaining lot of scope across various sectors in diversified businesses in todays world. So being the case, Indian economy is no exception to the above mentioned threats for the organisations to successfully achieve their goals and objectives. Conceptual Underpinnings My research is based on whether the Risk Management is used as a tool for checking quality, accessing security level, as a measuring unit as controlling tool. To check whether theories on Risk Management, really help in understanding and analysing the risks involved in todays business scenario. Also to check the practical and technical difficulties in introducing risk management as a control tool in all possible arrays of business and development. While risk management offers accountable benefits it also involves costs, the cost of implementation of Risk Measures into the organisation structure, the process and also to make it a part of the organisational planning process in order to achieve objectives at minimal risk levels. Hence it is necessary and vital to have a comprehensive Risk Management Strategy for every organisation. In order to accomplish each and every organisation needs to have a dedicated team depending on the nature of their business, organisational structure, and also possible risks to be involved. 2.1) Literature Review The Indian Economy has been impacted with the downturn of the recession. As the effect of recession there is tremendous amount of change in the outlook of the business world. Today Management of Risk is a critical issue for organisations to minimise the level of risk they would be witnessing while involving in the business practices. Risk is always associated with uncertainty, even in our everyday activities. But we over comes these risk with our knowledge and experience by taking effectives measures to protect ourselves from these find of risks. Similarly, organisations have to consider the risks and uncertainty more strategically as they will be involving in huge business associations which might have an impact on large number of organisations and individuals. At most importance should be given to in order to avoid the disturbances from these risks or effects of these risks. Determination of these risks is critical and essential to implement Risk Management in any organisation. S mith (1995) states that risk management is an essential part of any project or business and constitutes to be an indispensable part of organisational planning. 2.2) Risk Management as an effective tool for organisations success During the early 70s risk management had very little scope and its effects on projects and business were ignored because they were not recognised as serious threats for organisations (Merna and Al-Thani, 2008). Organisations were ignorant about the risk involved in any business process or project and hence risk management had less scope to be implemented. Later on with the development of Project risk management, in early 80s risk management was acknowledged as a specific topic in the project management literature (Artto, 1997 cited by Merna and Al-Thani, 2008). The awareness towards risks gave room for risk management to emerge as an effective tool for organisations success. Since then Risk management continues to evolve in many ways in many fields. It has emerged as a crucial aspect for business today. It has been developing steadily and obtaining great importance in the business world. Today the use of risk management concepts by the corporate managers have increased to a grea t extent and most of the organisations will have some kind of risk control measures and risk management policies this clearly shows that risk management is undoubtedly beneficial to the organisations. (Tufano, 1998) Successful organisations All over the world would have well coordinated risk management programme, they also recognise and identify the risks and admit that risks occur and it must be addressed. (Hiles 2007) 2.3) Risk and Uncertainty Risk is always associated with uncertainty. As identified by Bussey (1978), any decision which has a variety of outcomes is said to be subjected to risk and when probabilities can be linked to the outcome. In other words risk is the possibility of something undesirable happening. Many people think risk in terms of three main components; bad happening, the chances of it happening and the consequences if it does happen. (Merna and Al-Thani, 2008). According to Merrett and Sykes (1983) uncertainties come into picture when the there are more than one options for any course of action. However some authors feel that risk and uncertainty can be used interchangeably. Risks and uncertainties are common for all organisations irrespective of the organisations structure and their area of expertise; however, these risks are product or service specific. The nature of risk and the extent of damage or success and the result may change over time but risk itself cannot change. (Gordan 1992) In ot her words the effect of such risks and uncertainties differ from industry to industry and from organisation to organisation. Even with in a corporate organisation we may observe various sources of risks in different levels of the organisation. Some of such identified sources are à ¢Ã¢â€š ¬Ã¢â‚¬Å" political, financial and legal risks at the corporate level, Economic and market risk at strategic business level and risks at project level may be precise to that particular project like Technical risks of a project. (Merna and smith 1996, cited by Merna and Al-Thani, 2008) Different organisations employ different approaches for identification of these risks and uncertainties. In order to identify these risks different methods of risk management are implemented to minimise these risks. After analysing the threat to the organisations from such risks they identify Organisations are extensively implementing the concept of Risk Management into their organisational culture. Though this p rocess is time consuming it is onetime investment. It also involves considerable amount of capital investment. Investment banking is an industry which is known to have the maximum risks involved. Banking by itself is risk oriented business. The nature of investment banking business is volatile and they have to implement a comprehensive risk management strategy as it deals in the instruments which are highly volatile in the market. These risks have to be effectively managed for the smooth running of the organisation. So is the case with the Information or software industry. Software industry is no exception to risks though the nature of the business is not volatile they also involve lot of risks. These risks also have to be managed and addressed efficiently, to make sure it does not hamper the organisational growth. There will be a lot of system related risks and risk of manipulation, duplication and theft of the software, copyright and patents risks, technological risks and fe w others. The risks involved in these two industries are important, and have to managed to minimise their risks and maximise the opportunities for the organisations growth. My research is to know whether the risks involved in the above two industries are indifferent or similar. And also to identify whether risk management is being implemented in these industries as an effective tool. If it has been implemented what is the role of risk management in these industries. Aims and Objectives The research intends to concentrate on these two industries i.e. Investment banking and software industry to find if the amount of risks involved in these two industries. The research would also look on the risk control measures taken by these industries, their perspective of looking on to the risks their risk assessment and management methods and techniques. The researcher will be targeting two specific companies from both the industries and identify their risk management tools in their business. Whether it has helped them overcome these risks and to what extent they were successful in their attempts. What would be the scope for improvement for risk management in these industries? And Conduct research on these organisations to analyse if risk management has to be made mandatory for such organisations. The companies that would consider in the research are Australia and New Zealand Banking Group Limited (ANZ) which is one of the top players in investment banking sector, and Sonata Software Limited for software industry. 3.1) Research Topics Implementation of risk management as a control tool Is Risk management Organisation or industry specific? Comparative analysis of Risk and risk management in these sectors, Impact of risk and its management on business 3.2) Scope of Study This research will be investigative in nature which will be carried out on two companies Australian and New Zealand Banking Group Limited ANZ and Sonata software Ltd in a case study format, the information collected will be specific to these two companies and of sample size. A minimum of four managers in risk management will be contacted and they will be a part of this research. This research would be restricted to only two industries (Investment banking and Software industries) as the objective of the research is to compare the risk involved in these two industries. Research Strategy Research can be defined as a process undertaken to find out things collect data and interpret it systematically thereby increasing their knowledge. The research has to be based on logical findings and logical relationships and not just assumptions, and the methods used to collect such date should be meaningful (Saunders et al 2009). In layman terms research means searching for desired information from a reliable source and analyse that information to draw a conclusion for a research question. For this research techniques like qualitative data collection, desk study and interviews would be conducted. 4.1) Qualitative Research The research would be based on qualitative method of collecting data, qualitative research is an approach to study a social observable fact and it is realistic interpretive and grounded in the lived experiences of people their individual opinions and feelings. (Marshall and Rossman 2006) the data collected with this approach is non numeric data and is expressed through words. The data collected through qualitative research cannot be used directly, it has to be analysed before using it in the research. An effective qualitative research must be interactive and interpretive. It should use various methods to get the information and should be related to the context. 4.2) Case study Case study is a descriptive research which refers to gathering of thorough information of a corporate it refers to collecting all the detailed information of a particular firm and focus on the characteristics and factors of that corporate leading to its success or failure. The research intends to look at a case study of one corporate in both Investment Banking sector and software industry. The research concentrates on Australia and New Zealand Banking Group Limited (ANZ) and Sonata Software Limited and analyse the various risk involved in both the companies and how they are effectively managed. 4.3) Sampling Top managers, senior risk managers and people involved in the risk management process of the above mentioned companies will be targeted for this research and interviews would be conducted as a part of sampling technique to get the desired data. In the process of research a minimum of two persons responsible and working in risk management process of both the companies would be done. The interviews would be conducted based on the persons availability and accessibility. Data collection 5.1) Primary Data Various semi-structured interviews would be conducted to collect primary data, the interviews would be recorded. These interviews would be conducted with risk managers and employees responsible for the assessment and management of risk. Permissions and authorisations will be taken from the people interviewed and from the management before conducting the interviews. The interviews will be done personally or through internet also telephonic interviews if necessary. The questions asked in the interview will be clear and spontaneous to get clear answers to questions. 5.2) Secondary Data The data which is already available and published which can be used as useful information to our research is called as secondary data these are the data which is already researched by other researchers and is easily accessible. Risk involved in business and risk management has a vast literature and evolution of risk and its management is was there from many decades and hence a lot of information is readily available in various sources, this information will also be taken in to consideration in this research and there is no need to start the research on risk management from the scratch. The secondary data will be collected from various books, journals on risk management other online data base like EBSCO, JSTOR and other trusted sources, also the company websites would be used to get company specific information. This information would be extensively used in discussing the literature on the topic chosen. 5.3) Data Analysis The data collected from the interviews will be transcribed and assessed, analysed and interpreted in order to use it in the research, pie charts and graphs would be used if necessary to understand the risks involved and the methods and techniques used to manage the risks. The data collected through secondary data sources would be thoroughly examined and only relevant and reliable date will be included in the research. Data analysis would be done in an effective way to draw proper information and to arrive at a effective conclusion. 5.4) Reliability and Validity Reliability and validity is one of the important aspect of any research study, the data obtained must be valid and reliable. In this research there are a certain issues relating to reliability and validity like the information obtained may not be in detail as the risk management procedures of an organisation is very confidential and may not be disclosed to everyone, to overcome this the researcher may promise the organisation that the information obtained will not be disclosed to any one and will only be used to this research only. The data collected through interviews will be subjective. The reliability and validity of data will also be influenced by factors like time and place, and the conclusions drawn from the research would be the interpretations made by the researcher. 5.5) Access To start any research one important factor to be remembered by the researcher is getting access to the information required. As there is already a lot of literature on risk in business and risk management there will not be much hindrance in getting the secondary data however the researcher has to get access to obtain the primary data. The research concentrates on two organisations and the researcher has gained access in Sonata software limited and Australia and New Zealand Banking Group Limited (ANZ) to do case study on their organisation and to interview people responsible for identifying and managing the risks. However there is a risk involved in this as they may deny providing the required information as it may be confidential and to overcome this risk, as a back up the researcher can also try and get access to do a case study on Deutsche Bank as well. Possible chapters: Introduction Review of the Literature: Risk involved in todays business world And the steps and techniques used to manage those risks Introduction to companies chosen for the case study and their risks and management Comparison of risk involved in both the companies Assessment of the research Conclusion Gantt chart TARGET DATE TASKS TO BE ACHEIVED March Submission of Proposal April Collecting Data and conduct research June Conduct Interviews and Collect Data + Write up of Literature Review July Analysis of Data + Submission of First Draft August Submission of Dissertation

The Great Depression American Samoa Community College

The Great Depression Anne-Marie Seui American Samoa Community College Abstract The Great Depression was a time of major distress for economies all over the world. The duration of this tragic time in history was from 1929-1939. It is known as the worst and longest depression in America’s economic history. It brought poverty and devastation to so many hardworking individuals. It lasted for about ten years as America and places all over the world tried to boost economic growth in civilization and wealth. Much of businesses, farming, and means of income began to fall short. America had dug a big ditch she could not get herself out of. Who would help restore America and put herself back to where she once was? America was at†¦show more content†¦Money does not buy everything neither does it last forever. One day America had the world at her feet the next she was serving the world. America came from riches to rags. What we choose to blind ourselves with in fame and fortune, we also choose to blind ourselves from poverty and destruction. Even after havi ng built ladders to success and being at the height of that level, it is evident that there will be times of difficulty and major falls. America built herself on the throne but failed to rule her country with order and extra plans to defend her crown. The Great Depression stepped up to the throne and watched America collapse within a short few years of having risen. America At Her Lowest On October 24, 1929, America lost almost everything she owned. Business owners and breadwinners of the â€Å"Roaring Twenties† had their businesses fall and received little or nothing at all from consumers. People had no longer gotten money when the stock market crashed. It was either the business people had over stocked their stores and people could not keep up with them raising prices or they just had no source of income at all. Production slowed down because people could not meet the needs of storeowners. Millions of people were laid off of their jobs because the government could not keep up with paying their employees. Those who were already poor and lived in

Explain How You Could Promote Inclusion Free Essays

To answer this question one would have to first define the terms ‘inclusion, equality and diversity. According to Ann Gravells inclusivity is â€Å"involving all learners in relevant activities rather than excluding them for any reason either directly of indirectly† Gravells defines equality as â€Å" the rights of learners to attend and participate, regardless of their gender, race, ethnic origin, religion, disability, sexual orientation and age. And finally Gravells definition of diversity is â€Å"valuing the differences in people, whether that relates to gender, race, age, disability or any other individual characteristics they may have†. We will write a custom essay sample on Explain How You Could Promote Inclusion or any similar topic only for you Order Now ( Gravells, A. , 2008, pg. 18). The Government defined inclusion in 2001 as â€Å"†¦ a process by which schools, local education authorities and others develop their cultures, policies and practices to include pupils†(http://www. csie. org. uk/). The essence of the definitions of all three terms is acceptance it implies that the objective of teaching is to impart the knowledge and to assist the entire group in achieving their educational goals regardless of their background. As a teacher I must ensure that I do not allow anyone to feel marginalised or show favouritism and know that everyone is an individual with various abilities, needs, background and experiences and that all learners have the right to be treated with respect and dignity. Any barriers or boundaries to learning must be identified at the outset thereafter continuously monitored throughout the course for students to successfully and effectively participate in learning. The individuality and characteristics of each learner should also be identified and respected and if there is a cultural diversity in the group then the teacher should be culturally sensitive when delivering sessions. Adoption of such method can promote a sense of inclusion, equality and diversity at an individual level, which can translate to a more beneficial collective learning practice throughout the course. Cultural and language differences; disabilities/age/medical issues, family commitments; lack of support, peer pressure, previous learning experience, travel issues, lack of confidence, emotional or psychological problems and learning difficulties, all these issues can potentially act as barriers to learning. (Gravells, 2008, pg. 16) As my subject will be Third World Development I could expect ‘some’ learners with extreme passion to issues of developing countries which can at times affect students’ morale and potentially result in dropping out or being very pessimistic – this could be a potential barrier. As a teacher I will have to deal with such cases by motivating those students and include them in all activities and discussion by telling them that they need to learn about causes and solutions to developing world’s problem so that they can become part of the solutions. Promotion of inclusion, equality and diversity can be achieved by the teacher first having the knowledge of the existence of potential barriers then identifying these barriers within the learning group thereafter finding ways towards overcoming them. Francis and Gould assert â€Å"It is important to recognise the differences in the learners we teach as these may influence how we interact with them. To act professionally as teachers we will want to ensure that we behave in ways acceptable to all our learners, taking into account factors such as race, gender, age, previous experience or background. † (Francis M and Gould J. , 2009, pg. 70) During the course enrolment forms, discussions, assessments and individual learning plans can ensure that no learner is disadvantaged or subjected to unfair discrimination on any grounds in relation to accessing appropriate learning methods and resources. Collecting this data also helps identify areas that may require referral to counselling, creche facilities, health advice or a basic skills tutor in order to overcome obstacles. Promoting inclusion by identifying variation in needs ensures that learners have equality throughout their learning experience. Data collection through assessment is valuable when analysed, acted upon and continuously monitored to ensure consistency in inclusion through equality. Advocating equality through more effective provision of resources according to individual need is essential to the learning experience. Planning and implementing various strategies throughout the course to support learners with various learning requirements such as VAK style or learners with dyslexia may benefit from having different colour and bigger fonts on the teacher’s projector screen can help tackle exclusion and inequality. If there is wheelchair users on the course the appropriate venue for teaching should be considered. For students that have a disability (such as being blind or deaf, etc. ) it may be useful for the student to have learning support whilst attending the classes. Carefully prepared resources can also help with inclusive learning e. g. handouts should be in a font size which is big enough for partially impaired vision learners. Any resources need to be in simple English (i. e. avoid unnecessary jargon). A good layout combining colours and pictures for easy reading. Using non-discriminating language, resources that echo the diversity of the group and that are adaptable to meet the needs of the learners can be a conscious, active and constant way of tackling exclusion. Use constant assessment methods to give equal opportunity to all the learners and at the end of the course give the learners the option to evaluate the course. In conclusion, processes of inclusion are wide-ranging, dynamic and varied. They consist of: ? forging relationships ? building community ? increasing participation Inclusion in education is concerned with breaking down barriers to learning and increasing participation for all students, treating all learners on the basis of equality and non-discrimination. In educational and social settings of all kinds, working towards inclusion entails celebrating differences of: ? ulture ? ethnicity ? gender ? needs and abilities (http://www. csie. org. uk). Bibliography Gravells A. , Preparing to Teach in the Lifelong Learning Sector, 3rd Edition, 2008, Learning Matters Ltd. Francis M and Gould J. , Achieving Your PTTLS Award,: A Practical Guide to Learning in the Lifelong Learning Sector, 2009, Sage Publications Ltd. Reece R. Walker S. , Teaching Training and Learning: A Practical Guide, 3rd edition, 1997, Tyne and Wear Business Education Publisher Ltd. http://www. csie. org. uk/ Centre for Studies on Inclusive Education How to cite Explain How You Could Promote Inclusion, Papers

Introduction To The English Law Of Contract - Myassignmenthelp.Com

Question: Discuss about the Introduction To The English Law Of Contract. Answer: Issues: The present issue is concerned with the determination of the rights and obligations of the parties to the contract that are determined in respect of the terms of that contract. Rule: According to the Australian contract law, a contract is defined as the lawful enforcement of the promises which was made as the portion of bargain which is liberally entered into by the parties and forming a legal relationship among them (McKendrick 2014). For a contract to be valid there are six necessary elements that helps in lawful binding of contract formation; Agreement: Agreement among the parties since Considerations: This consist of supply of goods or service or the promise undertake or not undertaken for a specific act in exchange of value Capacity: Capacity of entering into the lawful relations Intentions: The intentions of the parties to form legal relations Certainty: The contract must be certain, clear and binding Form: The contract must be in whatever form required by the law Application: As evident from the case study there was the clear acceptance of the offer by Will made by Tim. Both the parties entered into the agreement and held the capacity of entering into the legal associations. Citing the reference of BP Refinery (Westernport) Pty Ltd v Hastings Shire Council [1977] HCA 40 the contract between Will and Tim will be considered legal irrespective of whatsoever form required by law (Cartwright 2016). Conclusion: Conclusively even though the offer is not made in writing but it remains legally binding between Will and Tim. Will cannot accept the offer made by Lucy. Reference List: Cartwright, J., 2016.Contract law: An introduction to the English law of contract for the civil lawyer. Bloomsbury Publishing. McKendrick, E., 2014.Contract law: text, cases, and materials. Oxford University Press (UK).