Enterprise Risk Management - 3381 Words

Enterprise Risk Management In the 21st Century, the news of corporate scandals involving corruption enormously spread across not only the country but across the globe also. Accounting firms, investors, lenders, corporate managers and innocent bystanders were all embroiled in the chaos with the extent of corporate malfeasance being indeterminable. Collateral damage inflicted by scandals involving corporations such as Enron, Arthur Andersen LLP, WorldCom, Adelphia Communications, etc, was shocking. The occurrence of such business and audit failures led individuals in a state of contemplation. How did such situations occur; what could have been done to prevent them? This is where Enterprise Risk Management (ERM) comes in effect. As†¦show more content†¦Once this is underway, the first step is to assess the risks faced by the company. The goal of ERM is to manage and mitigate as much risk as possible. With this in mind, the ERM function of a corporation should attempt to accurat ely locate these risks. This can be accomplished through a top-down evaluation followed by a bottom-up evaluation. Top-down evaluation of risk involves speaking with upper-management and moving through the chain of command to determine how integral each unit of the company is to the company’s successful operation. Not all business units are made equal as far as their possible impact on a company; therefore, this exercise will determine which departments are essential to the operation of the company. Bottom-up evaluation is at the heart of a company’s ERM risk valuation. In this process, managers at all levels of the company should be interviewed, beginning with the lowest level and progressing upward. At each level, the management for a business unit will work with the ERM staff to brainstorm all risks that the unit faces. It is important that there be no punishment for the unveiling of a risk. Instead, bonus compensation should be tied in, so that no undeclared, fores eeable risks occur within a unit. Through the determination of risks at this atomic level, each risk needs to measured closely so that work can later be done to install mitigating controls, which will bring residual risk to an acceptable level. MeasuringShow MoreRelatedEnterprise Risk Management1609 Words   |  7 PagesAbstract This paper discusses how a company can successfully implement the Enterprise Risk Management based on COSO guidelines. This paper discusses a step by step process of the implementation plan at Dell Inc, the responsibilities of the workforce and management, the risk mitigation approach and how to monitor the activities successfully. Enterprise Risk Management In the wake of all the financial scandals, a variety of laws and regulations have been passed which makes the board of directorsRead MoreRiordan Enterprise Risk Management Plan1294 Words   |  6 PagesGeorgia, Michigan, and China. Their products include beverage containers, plastic fan parts, and custom plastic parts. Riordan prides themselves on their industry leading research and development (University of Phoenix, 2009). The following Enterprise Risk Management (ERM) plan was developed for Riordan Industries, Inc. and its subsidiaries. The goal of this plan is to help mitigate any legal liability on the part of Riordan by implementing the Committee of Sponsoring Organizations of the Treadway CommissionRead MoreA Research On Enterprise Risk Management Essay1909 Words   |  8 Pagespresident, Theodore Roosevelt, said, â€Å"Risk is like fire: If controlled it will help you; if uncontrolled it will rise up and destroy you.† This comparison of fire and risk remains true for political means but also the everyday operations of any company. A company is confronted with decisions demanding the assessment of risk every day. Enterprise risk management is a framework for handling the assessment of risk that companies may encounter. The enterprise risk management process is a formula for employeesRead MoreEnterprise Risk Management1504 Words   |  7 PagesEnterprise Risk Management The Non-Linear Pro salesman told the manager of Quick Takes Video that the editing system leased would allow the employees to edit material twice as fast after only a day and a half of set up and training. After all employees received the one-day training course, completed the video tutorial, and read the manual, problems with the equipment stopped production of a Quick Takes Video project. During an attempt to insert a CD, an employee cut her finger on a sharp edgeRead MoreEnterprise Risk Management4038 Words   |  17 PagesEnterprise / Operational Risk Management IT Audit Manager City National Bank California State Polytechnic University, Pomona Enterprise risk management (ERM) is a relatively new discipline that focuses on identifying, analyzing, monitoring, and controlling all major risk classes (e.g., credit, market, liquidity, operational risk classes). Operational risk management (ORM) is a subset of ERM that focuses on identifying, analyzing, monitoring, and controlling operational risk. The purpose ofRead MoreAnalyzing Risk With Enterprise Risk Management1114 Words   |  5 Pages Analyzing Risk with Enterprise Risk Management Paper Flora Azinge University of Phoenix Risk Management DHA/712 Dr. Mary Jo Brinkman June 29, 2015 MEDICATION ERROR INCIDENT REPORT DESCRIPTION OF THE INCIDENT: Nurse was passing medication at a particular room in a given hospital in the state of California. There were about four patients in the room as was approved by the regulation. Nurse mistakenlyRead MoreEnterprise Risk Management ( Erm )1531 Words   |  7 Pagesabout the Enterprise Risk Management (ERM). How much risk can be taken so that gain can be increase as risk is directly associated with gain Answer 1: Enterprise Risk Management (ERM) has great potential to provide organizations with new competitive advantages. Enterprise Risk Management (ERM) is designed and disciplined approach to deal with strategy, processes, people, technology and knowledge by the motive of evaluation of management of uncertainties which are faced by the enterprises and generatesRead MoreEnterprise Risk Management ( Erm )1741 Words   |  7 Pages Introduction âž ¢ What is Enterprise Risk Management (ERM)? Enterprise Risk Management (ERM) is process of planning, organizing, leading, and controlling the activities of an organization in order to minimize the effect of risk on an organizations capital and earnings. ERM expands the process to include not just risks associated with accidental losses, but also financial, strategic, operational, and other risks. âž ¢ Benefits of Enterprise Risk Management In Finance †¢ Financial IncentivesRead MoreEnterprise Risk Management ( Erm )1166 Words   |  5 PagesLiterature Review Enterprise Risk Management (ERM) In light of the fraud scandals that took place in 2001 and 2002 companies all over the world have been introduced to a new system to help incorporate corporate governance, risk management, and the requirements made by the SOX. That new system is known as Enterprise Risk Management (ERM). The ERM system has been suggested to be the new system to help companies predict risk and help achieve their overall objectives (Arena, Arnaboldi, Azzone, 2011)Read MoreThe Ethics Of Enterprise Risk Management818 Words   |  4 Pages â€Å"Enterprise risk management views all risks to the firm as subject to management and control† (Fraser Simkins, 2010, p. 351). As we have learned, Enterprise Risk Management has three primary principles, which are: ensure organizational survival, provide social responsibility, and increase the organization’s value, while engaging employees in performance and maintaining their well-being (Bethel, 2016). In its simplest terms, legal risk equates to financial loss (Smith, 2008). In researching

First I Like For Thank The Cvh Er Story Book Report

First I like to thank the CVH ER story book team for having an excellent idea to share our stories at ER-story book. I had joined Jan 2015 as an ER-Tech at CVH emergency department to a completely new area in my career avenue with dedication, enthusiasm and ambition to work with CVH-ER working groups from my entirely different background as a preclinical research scientist. My desire to directly in health care organization, changed my work direction from preclinical research scientist. After joining here I was and am enjoying my duties as well as friendly and cooperative working environment. One day when it was about 5 months of my working period, surprisingly I was checked for my performance level as there was some complain regarding working efficiency. I am thankful to ER manager/s she/they have evaluated my working proficiency and inspired me after monitoring me. To be very honest I was surprised and shocked at that point but this incident motivated me to accept and perform more challenging duties. Following approximate 3 month, I was working in Care Center (early Aug, 2015). The lead came to me and requested me to initiate and IV saline lock and blood work for an extremely difficult poke in room #35. Patient was already poked by 3 different persons as well as by the lab technician couple of times, but the job was not successful. Lead also told me that doctor needed to start IV bolus along with medicine as soon as possible for his treatment. Lead also came with me if I

Social Influences on Person Perception free essay sample

Social InfluencesIn Harper Lee’s novel To Kill a Mockingbird, Jean Louise Finch (the main character), better known as â€Å"Scout†, is a five-year-old girl growing up in a small town of Maycomb County, Alabama. Scout’s family consists of a father (Atticus Finch), an older brother (Jeremy Finch), better known as â€Å"Jem†. Scouts mother had died when she was 2 years old and never got to get to know her mother. Scout is positively influenced by her family, friends, and the society of Maycomb County and they play a huge roll in Scout’s life as a young girl.Atticus is a smart man, a lawyer, who teaches Scout valuable life lessons to develop her into the child she becomes at the end of the novel. One of the most important lessons is that it is a sin to kill a Mockingbird, both literally and metaphorically. On Christmas, Scout and Jem get air rifles. We will write a custom essay sample on Social Influences on Person Perception or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Atticus is advising the kids not to go out and shoot a Mockingbird, but they can go after all the blue jay’s they want. Scout doesn’t understand the metaphorical part from Atticus’ lesson but she does understand the literal part of it when Atticus says â€Å"Shoot all the bluejays you want if you can hit ‘em, but remember it’s a sin to kill a mockingbird† (Lee 119). Near the end of the novel, the trial teaches Scout about the metaphorical part of killing a Mockingbird, as well as that some people are not there to harm anything. She finally understands fully when she asks, â€Å"Well, it’d be sort of like shootin’ a Mockingbird, wouldn’t it?† (Lee 370). The family has a very positive impact in Scout’s life especially Atticus, his lessons will stick with her throughout her entire life.One way that friends impact Scout is when Calpurnia (Finch housekeeper) helps Scout to be more ladylike and to use proper manne rs. Calpurnia teaches Scout cooking and cleaning skills when Jem was focussing on distancing himself from her, â€Å"just come right on in the kitchen when you feel lonesome. We’ll find lots of things to do in here.† (Lee 154) Calpurnia also teaches Scout to use proper manners when she corrects Scout for thinking she is better than Walter Cunningham, â€Å"Yo’ folks might be better’n the Cunningham’s but it doesn’t count for nothin’ the way you’re disgracin’ ‘em.†(Lee 33) When Calpurnia scolds Scout for thinking she is better than Walter, she explains to her how she was being extremely rude. She tells her it is unacceptable to treat company that way. Calpurnia helps Scout become the girl she is at the end of the novel by teaching her appropriate ladylike actions.

Outsourcing In Logistics Sector Essays - Outsourcing, Offshoring

Outsourcing In Logistics Sector Introduction : Nowadays, many organisation are outsourcing their non- core activities to an external agents. Distribution is one of these activities as distribution consider as a non-core activity for many firms. Although, there are many advantage for outsourcing, there are also risks and disadvantage in this process. In this essay I would explain the term outsourcing and explain why organisations are preferring to outsource some of its functions in today's environment. Also, in this essay it has been tried to analysis the advantage and disadvantage of the outsourcing process and its risks towards the organisation. The word outsourcing could be described as the contractual relationship with a specialised outside service provider for work traditionally done in-house. Outsourcing could also be defined as the use of external agents to perform one or more organisational activities. In the last decade or so there has been a trend, particular among large scale companies, to hand over the whole or part of the distribution function to the external agents. One should emphasis that outsourcing is an issue that is not specific to distribution. Many other organisational functions, such as information system, building maintenance, etc?, have been outsource for many years in organisations. There are different reasons for organisations outsourcing their distribution function. More and more organisations today face a dynamic and changing environment. This, in turn, is requiring these organisations to adapt. Competition is also changing. The global economy means that competitors are likely to come from across the ocean as from across town. Successful organisations will be the ones that can change in response to the competition and changing environment. In other words, they will be flexible. Therefore, today's organisation stand in sharp contrast to the typical bureaucratic organisations that have many vertical levels of management and where control is sought through ownership. In such organisations, Research and Development are done in-house, production occurs in company-owned plants, and sales and distribution are performed by the company's own employees. To support all this, management has to employ extra personal including accountants, human resources specialist and supply chain management specialists. However, nowadays successful organisations outsource many of these functions and concentrate on what it do best. Outsourcing can help organisations to reduce the impact of change in the environment by outsourcing some functions to specialist companies on that function who have more expertise and focus to concentrate on managing change. So, outsourcing could consider as a strategy to manage change in the external environment. Globalisation is another aspect which has impact upon increasing outsourcing. Nowadays, many companies are turning their attention to foreign markets, the number of global companies are accelerating. But these companies do not have in-house expertise to negotiate or operate the supply chain process in international markets. So, they need to outsource their supply chain to logistic companies which have international expertise in the distribution function. The another reason for increasing outsourcing is the increasing complexity of distribution networks. Storing and moving goods have become more complex as the technology is advancing too fast. A manufacturing organisation normally do not want to waste its management resources to this functions. Therefore, they prefer to outsource this function to logistics companies which possess all the necessary skills and technology in this service. For example, Marks and Spencer, one of the world's leading retailers has outsource its distribution function to Exel , one of the leading companies in supplying logistic service. M&S has approached Exel to take control of its complex distribution service. Now, Exel provides a distribution service for 23 M&S stores in South England, and also deals with M&S in France, Spain and Hong Kong. Exel has bought a revolutionary technology to M&S export operation by enabling 10 suits to be shipped in the space normally occupied by four garments. In addition, M&S customers start to get a high level of service because stores could be replenished quickly. All these and other benefits M&S has gained through outsourcing its complex distribution service. There are many advantages which a company could get from outsourcing its distribution functions. It could reduce the operating cost of the firms. A study which has been conducted in 1993 reported that a company could reduce 9% of its operating