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Operational Risk Management in Banking

Operational risk management (ORM) is a discipline that enables financial institutions to proactively monitor, manage, and control the operational and financial risks that they face. ORM includes an evaluation of​ the institution’s risk profile, risk mitigation strategies, and risk-adjusted capital requirements. It also provides tools to improve the control and monitoring of risks across the enterprise and to help the institution identify its most significant risks, including itself, before it is too late.

ORM consists of a framework of risk management disciplines, processes, and procedures that focuses on​ the financial and reputational risk associated with the institution’s operations and exposures. This framework consists of major elements that includes: risk assessment, risk management policies and procedures, risk monitoring, risk communication, risk governance, and risk elimination. Each firm has its own distinct risk hierarchy, risk assessment framework, and risk control framework, which are used to assess, understand, and manage risk in its operations.

In this article, we provide an executive summary on the operational risk management in banking. We begin with an overview of operational risk categories and the measures taken by banking regulators to address them.

One of the most important elements of risk management is the ability to act swiftly when an unexpected event occurs. This can be achieved by building a risk culture, which is a broad set of risk and security controls, in which all employees are aware of potential threats and how to respond to them.

Operational risk management in banking focuses on the prevention of losses, as well as the reduction of the likelihood of such losses, by using various risk mitigation and management controls. This risk mitigation and management controls focus on the following: preventing fraud and/or theft, preventing financial loss due to theft, protecting assets from loss due to fraud, maintaining the sound financial health of the firm, and complying with regulations and laws.

The first step in the operational risk management process is to identify the risks that exist. This is typically done through a risk assessment, a process that analyzes potential risks to determine which ones pose the greatest risk to the firm, and which ones can be mitigated. The risk assessment process also determines which risk categories, such as operational and financial, are the most significant to the firm. Once the risks have been identified, the next step is to determine how the firm will respond to the risks. This is typically done through the creation of a risk management plan, which defines the steps the firm will take to mitigate the risks, and a risk monitoring plan, which defines the steps the firm will take to detect and respond to the risks. This process also reveals the frequency of the risks, their seriousness, their origins, their likelihood and their impact. This risk assessment process is typically performed by a team consisting of internal and external stakeholders. The internal stakeholders include the chief risk officer and the chief compliance officer, while the external stakeholders include regulators, auditors, and the board of directors.

The second step in the operational risk management process is to determine the measures that are necessary to reduce the risks that have been identified. This is typically done through the use of risk mitigation and management controls, which are defined as measures that reduce the likelihood or the impact of a risk. Examples of risk mitigation and management controls include processes to screen applicants for fraud, secure assets from theft, and implement policies to prevent fraud. Often, risk mitigation and management controls are grouped into categories, such as internal controls and external controls. Internal controls are measures that are taken by an organization to prevent or detect fraud within the organization. External controls are measures that are taken by an organization to prevent fraud related to its activities outside of the organization.

The third step in the operational risk management process is to implement the measures that were determined to be necessary to reduce the risks that were identified. This is typically done through the use of controls, which are defined as measures that reduce the likelihood or the impact of a risk.

The fourth step in the operational risk management process is to measure the effectiveness of the risk mitigation and management controls that have been implemented. This is typically done through the use of control measurements, which are defined as measures that determine the effectiveness of a control. Control measurements are broadly categorized as process measurements and outcome measurements. Process measurements are used to determine the effectiveness of internal controls. Outcome measurements are used to determine the effectiveness of external controls. Control measurements help organizations prioritize which controls to focus on next, and which controls to remove, based on the risks that are being managed. They also provide objective input into the risk management process, which is often used to make decisions about the allocation of capital and the selection of personnel.

The fifth and final step in the operational risk management process is to communicate the results of the risk assessment and risk management controls to senior management. This enables senior management to quickly identify which controls will have the greatest positive impact on reducing risk and to prioritize the development of new controls. This part of the process also enables management to make decisions about the allocation of capital and the selection of personnel, which is often used to make decisions about the operation of the firm. This part of the process also enables the firm to comply with regulations and laws.

Conclusions

The operational risk management process is intended to help management identify and control those risks that are important to the firm, and to help the firm continue to manage those risks in a world that changes quickly. As such, the operational risk management process is a continuous one. Management will continue to conduct risk assessments, to monitor the effectiveness of its risk mitigation and management controls, to evaluate its policies and procedures, and to make improvements when appropriate. Therefore, the operational risk management process is not intended to provide an exhaustive review of the firm’s risk profile, nor is it intended to be a static process. The process will be adapted with changing conditions and revised as needed with the goal of continuously improving risk management.

Sexual Harassment in the Workplace

Abstract

Sexual harassment is a critical issue affecting organizations worldwide. Sexual harassment in the workplace refers to unwelcome sexual advances through either physical conduct or verbal conduct and directed to another employee within the organization. Although incidences of sexual harassment mostly involve women as victim, men may also be victims of sexual harassment. On most occasion, issues of sexual harassment are kept private due to fear of retaliatory action. When sexual harassment involves a member of senior management and junior employees, the matter may go unreported due to fear of losing the job on the side of the victim. Many victims of sexual violence suffer in silence due to fear of victimization. This paper examines the different forms of sexual violence in the organization, the role of Human Resource Department in developing appropriate policies, and makes recommendations for further analysis of the issue.

Sexual Harassment in the Workplace

Sexual harassment in the workplace has arisen to be one of the most challenging issues in the human resource sector. An unethical and illegal act, sexual harassment at the workplace has been found to hinder maximum productivity from the affected individuals, an issue that has led to the falling levels of performance of most corporations. Individuals from both genders can be victims of sexual harassment in the workplace, which then calls for an inclusive set of strategies aimed at addressing the effects of such a form of violence. The current paper analyzes the forms of violence of sexual violence at the workplace, the steps that human resource policymakers have taken to deal with the situation, and the recommendations that should be considered to ensure that the issues are resolved conclusively with the aim of enhancing the growth and development of the involved corporations.

Forms of Sexual Harassment at the Workplace

The modern workplace has emerged to be significantly different from what it looked like a few years back. Unlike in the past years, the modern workplace brings together both men and women, given the affirmative actions that have been undertaken to ensure that there is a balance of the two genders in the modern workplace (Hershcovis & Barling, 2010). In this context, the number of female employees in the modern workplace has increased significantly when comparing the outlook from the past years. Such an increase in the number of female workers in the modern workplace has been linked to a surge in the cases being reported regarding sexual harassment. In this context, the current paper has taken the effort to ensure that it classifies the different forms of sexual harassment.

The first form of sexual harassment involved inappropriate actions and gestures that could suggest that one may be making sexual advances towards another worker. Inappropriate body contact and communication can also be classified under this first form of sexual harassment. It has been established that most workers have to contend with this form sexual harassment almost on a daily basis. While women have been shown to suffer the worst from this form of sexual violence, research has also shown that men are at a significant risk to suffer from this form of sexual violence (Hershcovis & Barling, 2010). As such, given the privacy issues that are involved in the modern workplace setting, it is quite difficult to monitor or confirm reports indicating such a form of sexual violence.

The second form of sexual violence involves when the employees at a senior level, or those that have a significant influence in the corporation involved in such a case, threaten junior employees unless they give sexual favors. Apparently, demands for sexual favors from senior employees to junior employees are another form of sexual harassment that has been common in the modern workplace setting (Lach & Gwartney-Gibbs, 1993). Both men and women have had to deal with the challenges that emerge with this form of violence, which in most cases have been more profound than with the other forms of sexual violence. In fact, the workers involved in such a form of sexual violence have had to contend with serious personal and family problems that have affected their productivity in a significant way.

The third form of sexual harassment has taken the shape of the gender disparities in the compensation terms for work done. Apparently, many corporations have been implementing a policy that has perpetuated the payment difference between men and women despite the fact that they complete the same amount of work (Cortina, 2008). In recent years, it has emerged that most companies pay women a significantly low amount of work upon their completion of a similar type and amount of work that their male counterparts accomplish. The persistent calls have led to some companies to identifying the sexual harassment issue involved in such a practice, and it is evident that efforts are being undertaken to address the trend.

Role of the Human Resource Management in Addressing the Issue

The human resource management has significant role to play in the sexual harassment debacle within organizations. The Human Resource (HR) Department is entitled with developing relevant policies that will shield employees from any forms of sexual harassment. Failure of the HR department to deter incidences of sexual harassment can lead to an environment of fear especially for female employees. In order for the HR department to be effective in curbing incidences of sexual violence, the organization should establish a zero tolerance towards reported incidences of sexual harassment. This involves taking the necessary action to investigate reported incidences and to punish those who are found guilty in accordance with the organizational policy.

The human resource management has come together with the aim of encouraging the employers to ensure that all forms of sexual harassment are addressed as urgently as possible. Human resource experts have had most governments to initiate laws calling for harsh punishment and penalties for all the perpetrators of all the different forms of sexual harassment in the modern workplace. In the same context, the human resource fraternity has been taking proactive measures to roll out education and training ventures in which workers are trained on the best practices for dealing with the issue of sexual harassment in the modern workplace (Cortina, 2008). Additionally, the training has been focusing on ensuring that all employees in the various corporations know and understand their rights and opportunities when it comes to dealing with job-related issues.

The entire organization has an important role to play in taming incidences of sexual harassment. According to Abbott, Elkins, Phillips, and Madera (2014), the organizational stand towards incidences of sexual harassment is the most important factor in determining whether victims make sexual harassment claims. The employees’ perceptions of the organization’s willingness to take action against perpetrators of sexual harassment influence their intent to press sexual harassment claims. If a particular organization lacks a sexual harassment policy, it would be very difficult for employees to come out and report incidences of sexual violence. The management is legally liable for any incidences of sexual harassment reported in the organization, whether they were aware or not.

Recommendations

The current paper recommends that the employers initiate a working environment that discourages all forms of sexual harassment among all their employees. It is important that employers set up a department that deals with employee complaints, and the employees ought to be assured that they will not be victimized if they report various cases relating to sexual violence. Additionally, the current paper recommends more research on the topic to ensure that sexual harassment trends in the workplace are understood effectively.

Conclusion

The current paper posits that sexual harassment remains an issue of significant concern in the modern work environment. Although significant positive steps have been taken, it is clear that more work needs to be done to ensure that sexual harassment is entirely wiped out from the modern workplace. As such, human resource insight ought to be the sort to ensure that resolutions that are more effective are developed in the efforts to eradicate sexual harassment in the modern workplace. Finally, it is important to train all the stakeholders involved in the workforces of various corporation to ensure that they understand the different issues about sexual harassment.

References

Abbott, J. L., Elkins, T. J., Phillips, J. S., & Madera, J. M. (2014). Attributing corporate    responsibility for sexual harassment: The supervisory connection. Cornell Hospitality           Quarterly, 55(4), 376-387. doi:10.1177/1938965513511145

Cortina, L. M. (2008). Unseen injustice: Incivility as modern discrimination in organizations. Academy of management review33(1), 55-75.

Hershcovis, M. S., & Barling, J. (2010). Comparing victim attributions and outcomes for workplace aggression and sexual harassment.  Journal of Applied Psychology, 95(5):874-88.

Lach, D. H., & Gwartney-Gibbs, P. A. (1993). Sociological perspectives on sexual harassment and workplace dispute resolution. Journal of Vocational Behavior42(1), 102-115.

Response to question-The Norton Reader: “An American Childhood,”

Question

The Norton Reader: “An American Childhood,” Annie Dillard, pp. 47; Respond to question #1

The Norton Reader: “Shooting an Elephant,” George Orwell, pp. 4367; Respond to question 1

 The Norton Reader: “In the Kitchen,” Henry Louis Gates, pp. 135; Respond to question 3

 The Norton Reader: “Get a Knife, Get a Dog, but Get Rid of Guns,” Molly Ivins, pp 214; Respond to question 3

Sample paper

Response to question

Question 1

Annie Dillard, the author of the essay an American childhood has used a variety of examples in his essay to show the reader the character behavior of her mother and how she used to amuse herself at the expense of others. Her mother was a freethinker and spirited as shown in the story that would create a joke out of nothing and did everything within her power to make sure that she is not bored. However, it is worth noting that at times she would put other people in trouble unknowingly through her jokes while she sat watching the results. For example in that occasion when she approached a young couple at the park and pretended to be an earlier lover of the young man, she eventually put him into trouble with his girlfriend (Dillard, Recorded Books, & LLC, 2014). On other occasions, she used her jokes to correct people especially her children when they made mistakes and to show them that they do not know everything. These examples show that she is a jovial person who likes to create a friendly environment.

Question 2

George Orwell had various reasons for shooting the elephant. To begin with, it was legally acceptable for him to shoot him since he was violent and the owner had failed to control him.  Moreover, the other person who would have taken control of the situation would have been 12 hours late considering that he had gone the wrong way in search of the animal. Finally, he had to shoot him to show the native and Indians has the total control of the country and everything else as well as showing them that the whites were not afraid of anything and to protect their reputation and dignity (Peterson & Brereton, 2008,). The above reasons can be easily grouped into political, social, personal and circumstantial given the circumstances surrounding the incident.

  1. Political – he wanted to show that the whites are always in power and control everything
  2. Social – wanted to show the natives and the Indians that the whites are above all other races and are not afraid of anything
  • Personal – he wanted to protect his reputation as it would have been heartbreaking to see all those people laugh at him apart from wanting to win over the town.
  1. Circumstantial – he was the only person who would have taken care of the problem given that hunters were 12 hours away.

Question 3

Assimilation this context refers to the acceptance of changes and shifting from initial mentality and attitude to another point of view. According to the writer, Africans can adapt to new ways and changes, but their brain and perspective are likely to remain the same. The phrase means that Africans will always remain Africans in their mind despite the changes in their lives.  They treasure their culture and believe so much to let them go. The essay shows that Africans hold to their culture forever.

Question 4

In the essay, the author tries to compare guns and automobiles especially on their use and licensing.  According to him, up to date, most individuals have not learned how to use their cars properly which is the same case for the guns. Just like an automobile, the gun cannot kill on its own and needs human assistance for it to perform the act (Peterson & Brereton, 2008,). As a result, security agencies should license the guns and their owners, restrict their use to sober adults and keep tabs on who sells them and to who just like what is done to automobiles. However, the author feels that guns kill people and everything around them, unlike automobiles.

References

Dillard, A., Recorded Books, & LLC. (2014). American childhood. Place of publication not identified: HarperCollins e-Books.

Peterson, L. H., & Brereton, J. C. (2008). The Norton reader: An anthology of nonfiction. Princeton, NJ: Recording for the Blind & Dyslexic.

The road

Question

  1. The man is trying to remain optimistic even though his health is constantly declining. Give me two examples from pages 196-230 on how he is still trying to keep up the spirits of the boy.
  2. Also, the boy is showing himself more and more to be a product of this post-apocalyptic wasteland. Give me two examples from pages 196-230 that show it’s clear this is the world he grew up in. Explain exactly HOW you can tell.

Sample paper

The road

Question 1

As days are passing by, it is quite clear that the man is becoming weaker and weaker each single day and it becomes extremely difficult for him to keep up with his son. Some of the examples in the novel to justify this statement include:

  1. On page 201, the author states that after the two of them had set out again, the man was too weak and faint to walk and talk like a few years back. He had become fainter of heart, filthy with diarrhea and constantly leaned on the handle of the shopping cart.
  2. The man’s health is at stake here as his coughing is increasing becoming regular and constant to the extent that he is unable to hide it from the boy despite his best efforts of ensuring him that he is okay. On page204, the narrator says that the man coughed every step on the way as they walked along the edge of the road and the boy just looked at him (Kerouac, 2016).

 

Question 2

The boy by now is showing himself to be a product of this post-apocalyptic world.  To justify this accusation, the author gives perfect examples such as:

  1. On page 203 when the boy and the man came upon the dead, the man tried to cover the boy’s eyes so that he cannot see the dead bodies. , however, the boy assures his father that he is okay because the pictures of dead people are already in his head.
  2. The boy is perfectly adapting to his environment as the narrator shows on page 207 where the boy tries to offer some suggestions to his father on where to hide the cart so that the people following them cannot see it (Kerouac, 2016). At the beginning of the story, the boy was too scared and clueless of his surroundings to give any suggestions.

References

Kerouac, J. (2016). On the road.

Is Google making us stupid?

Question

  1. Nicholas Carr poses a question with the title of this essay. How would you answer it? What main examples does he offer to illustrate how Google is making us stupid? What counterexamples doe he offer? What examples, on either side, would you add?
  2. Talk to and interview a couple people, including some who grew up using the internet and some who remember doing research mainly using books. Write your own analysis of the impact of the internet on our ability to think, reason, and research, building on Carr’s essay and the anecdotes you collect.

Sample paper

Is Google making us stupid?

Question 1

Nicholas Carr, the author of the easy “is Google making us stupid?” feels that in a significant way, Google is making scholars and students lazy to conduct researchers and read like there before. To justify his claims, Nicholas gives an example of Bruce Friedman who frequently blogs about the use of computers. According to Bruce, he has lost the capability to read and internalize long articles on the internet or printed (Carr, 2008,). Through the internet, scholars can efficiently and quickly search for relevant information. It worth admitting that despite the internet making people lazy when it comes to reading, it saves scholars a lot of time which is then used to further their research and studies through the internet. The internet helps to narrow the research area while at the same time giving multiple answers on the same subject.

Question 2

Based on the results obtained from the interview and discussion with those who have always used the internet to conduct a research as well as those who have used books for a long time, it is correct to state that the internet can bring both negative and positive outcome based on how it is used.  On one side, the internet is making people lazy and significantly reduces their thinking, reasoning as well as research since they are unwilling to go that extra step to obtain the information (In Aspray & In Ceruzzi, 2008). However, on the other side, the internet has positively affected thinking and reason by availing large chunks of data on a single database as well as providing a wide range of information and data. Therefore, it is correct to state that the internet is important when it comes to improving and enhancing thinking, reasoning and decision making.

References

Carr, N. (2008). Is Google Making Us Stupid? Yearbook of the National Society for the Study of Education, 107(2), 89-94. doi:10.1111/j.1744-7984.2008.00172.x

In Aspray, W., & In Ceruzzi, P. E. (2008). The Internet and American business. Cambridge, MA: MIT Press.

What are the Advantages of Using Paraphrasers for Writers?

What are the Advantages of Using Paraphrasers for Writers?

What are the Advantages of Using Paraphrasers for Writers?Online tools are designed to provide advantages to their users and to increase the quality of work being done. Every such tool available online improves the efficiency of work and offers plenty of benefits.

Paraphraser is an online tool that is developed to automatically rewrite the text in an entirely new structure to rule out plagiarism. In a similar way, the paraphrasing tools provide several advantages to their users for writing purposes.

The major advantage users can have while using the paraphraser is the elimination of plagiarism. Plagiarism which is the main setback for writers is completely removed via paraphrasing tools.

Along with the removal of plagiarism from the text, online paraphrasing tools have several other advantages as well. That’s why they are used by everyone from every profession of life, whether students, teachers, writers, bloggers, content marketers, journalists or website owners.

However, the writers are the principal users that benefit from paraphrasing tools. During their day-long writing tasks, paraphrasers liberate them free time by writing texts rapidly while also saving their energy.

This article sheds light on the major advantages the paraphraser offers specifically to writers.

Before learning its key advantages let’s dive into what a paraphrasing tool is and how it works.

What is a Paraphrasing Tool or a Paraphraser?

A tool or software that rephrases the texts automatically to convert them into a unique and plagiarism-free copy is known as the paraphrasing tool. A paraphraser could be an online available tool or an app to download on writers’ devices for their ease.

 

Paraphrasing Tool

The paraphrasing tool automates the paraphrasing process for the writers and provides them with entirely new content. While creating a unique content paraphrasers stick to the original context of the content.

The integration of artificial intelligence in such tools has increased their productivity and provided results as human-generated. The paraphrased text is completely new having different sentence structure and synonyms while retaining the same meaning as the original content.

How do Paraphrasers Work?

Well, the paraphrasers are the simplest tools that operate on NLP and machine learning technology. Using the sophisticated AI technology only 2 steps are required to paraphrase your text automatically.

Writers can successfully have a paraphrased copy of their content effortlessly in no time. In a paraphraser online tool, there are two text fields available, one for the original text and the other for the paraphrased.

How do Paraphrasers Work?

Source: teachingutopians.com

To paraphrase text, online writers just have to enter the text into the input field. As a result, they would be provided with a unique and plagiarism-free copy of the text. During rewriting the paraphrasing tool utilizes the advanced algorithms to create accurate content both grammar and spelling-wise.

Advantages of Using Paraphrasers for Writers

Now we shall discuss what benefits writers could reap using the advantageous paraphrasers.

·        Plagiarism Free Content

Plagiarism is the writing on the wall for writers and it can have negative impacts not only on the content but also on the credibility of the writer. Plagiarized content is degraded not only by the search but also by the audience.

The audience doesn’t prefer reading the same content on different websites and quickly leaves such sites, increasing the bounce rate. The search engine also accounts for such activities and de-ranks websites publishing plagiarized content.

The responsibility of creating plagiarism-free content totally depends on writers who are always short of time. While being short on time the paraphrasing tool helps authors and bloggers to create plagiarism-free content in no time.

The paraphraser completely changes the sentence structure forming a unique text having entirely new synonyms. In this way, the plagiarism is completely ruled out from the content and writers don’t have to worry anymore.

·        Time Saving

As mentioned, the authors and bloggers are always short of time as they have to provide ample content having good quantity within due time. That’s why they always look for time-saving options that don’t compromise on content quality.

Creating an article all alone manually requires quality time and energy. First of all, they have to research thoroughly, write compellingly and then have to proofread to find mistakes and plagiarism.

While paraphrasing tools’ algorithms run on AI that is super-fast with high accuracy, in less than a minute writers can generate good quality content through paraphrasers. By time-saving, it doesn’t mean authors have to proofread it later to find minor errors.

·        Improved Writing

Variations and discrepancies are required in writing styles, readers often get bored experiencing the same style and tone of voice. That’s why writers have to bring variance time and again to keep the interest of readers alive.

However, the innate writing style of writers can’t be omitted by them unconsciously. However, by using the paraphraser unique and novel content is generated even from the same text.

Paraphrasing tools have several writing styles and sentence structuring method algorithms due to the natural language program (NLP). This AI component makes sure the generated content is read and understood the same as human language.

·        Increase Vocabulary

No writer in this world can triumph the whole thesaurus. It’s completely impossible for them to learn each and every synonym by themselves. However, the paraphrasers have integrated giant thesauruses containing synonyms of almost every word in the dictionary.

When authors use paraphrasing tools not only they can achieve words’ synonyms automatically but they also have a chance to learn new synonyms. In this way, they can enhance their vocabulary.

·        Orthographically and Grammatically Correct

The manual writings by bloggers are always susceptible to miswritten and misspelled words. And sometimes even during proofreading, some mistakes are overlooked which is absolutely not good for writers.

Instead, paraphrasers have accurate grammar and orthographic rules integrated. The advanced AI algorithms didn’t let such mistakes occur, every sentence generated is accurate both grammatically and orthographically.

What are the Value and Assumptions of Business Strategy?

Question

Philip Roscoe argues that economic thinking has become very influential within modern society, and this is certainly true in the area of management and corporate strategy. What underlying assumptions stemming from economic theory can you identify in the article by Peter Cohan?  Describe why they are underlying and whether they are reality or value assumptions?  Finally, discuss whether you agree with the assumptions you identified.  Why or why not?

Dyer, L. (2006). Critical Thinking for Business Students. Captus Press. (Chapter 4: Underlying assumptions)

Roscoe, P. (2014). I Spend Therefore I Am: How Economics Has Changed the Way We Think and Feel. Random House Canada. (Chapter 2: From Truck and Barter to the Meaning of Life)

Sample paper

What are the Value and Assumptions of Business Strategy?

Economic thinking according to Roscoe (2014) has turned to be greatly influential in modern society, and this is undoubtedly true in the area of corporate strategy and management. Organization leaders are focusing on employing the best management and corporate strategies after weighing costs and benefits, with the intention of minimizing the cost and maximizing benefits. Evaluation of opportunity cost of business activity is being offered much attention in modern society than before, with the majority of enterprises focusing on enhancing their competitive advantage, which goes hand-in-hand with revenue growth and high profitability.

Fundamental Assumptions Caused By Economic Theory Identified in the Article by Peter Cohan

In his article, Cohan (2017) reflects on two companies; GE and Amazon, experiencing growth in opposite directions, at the same time and in the same region of operation. GE has been shrinking, experiencing a decline in profitability and share value in the market. On the contrary, Amazon is experiencing a high level of growth in its revenue, an increase in market value and expansion through acquisition. The fundamental assumption stemmed from the economic theory identified in Cohan’s article is that the adopted business strategy can break or build a company. The adopted business portfolio determines the company’s direction of growth. When the company employs modern unique portfolio, it experiences unimaginable growth and when it keeps on relying on an outdated portfolio, it ends up flopping and experiencing losses. A well-researched and calculated move in business can result in positive results, while moves that are not well evaluated can result in huge losses.

The Reason the Assumptions are important and whether they are Reality or Value Assumptions

The identified assumptions are important because they highly determine the future of a business. Poor decisions on the strategy to employ results to loss of company value and profitability, which right decisions result in a high level of growth and profitability. Moreover, world technology and ways of doing business are currently changing at a very high rate. Embracing new business perspectives create a better chance to win than clinging on old business portfolio and strategies. Normally, changes are made in business with anticipation for positive results. However, no one can be certain of the results. Business changes take a long period of time and their effect can sway the situation on any side of the balance. Therefore, the assumptions cannot be a reality as so many factors can influence the outcomes, but they are of high value as they are well evaluated and found to have a great impact on the possible direction of the company in terms of loss and profit in the future.

Whether I Agree with Identified Assumptions

I highly agree with the identified assumptions. This is because one can only expect different results by doing things differently. Moreover, the world in 21st century is highly dynamic and businesses can only manage improved its outcome if the dynamic nature of customers, the market, technology, and its competitors are well understood and considered in making changes. Being able to address loopholes in the above factors is likely to yield positive changes. However, making poorly researched or informed business decisions can be very costly. In addition, no single situation is permanent in business; new decisions need to be made frequently, to address changes taking place in the market. The inability to keep up with coming changes can make it hard for a business to stand the test of time.

References

Cohan, P. (2017, June 26). Wall & Main: GE, Amazon, and the future of corporations. Retrieved February 15, 2020. https://www.telegram.com/news/20170626/wall-amp-main-ge-amazon-and-future-of-corporations

Roscoe, P. (2014). I spend therefore I am: how economics has changed the way we think and feel. Random House Canada. (Chapter 2: From Truck and Barter to the Meaning of Life)

Describe the challenges and benefits of implementing a cyber security risk mitigation strategy for a real or fictional company.

Question

Identify cyber security risk components that may exist within your real or fictional company.

Develop and describe a cyber security risk mitigation strategy for a real or fictional company.

Describe the challenges and benefits of implementing a cyber security risk mitigation strategy for a real or fictional

company.

Sample paper

Risk Management

With the rampant use of technology in recent years to conduct most business operations, it has become easier for a cyber criminal to launch attacks from time to time. Through cyber attacks and crime, criminals and unauthorized personnel can get access to confidential and sensitive information and data regarding a business or an individual. Therefore, it is the duty of every organization, institution or an individual to make sure that all sensitive and confidential information is protected and out of reach of any unauthorized people. Computer security emphasizes on the protection of organizational and individual computer systems from the damage to their data, information software as well as hardware (Loiseau & Lemay, 2013).  Some of the notable, cyber security measures that are at the disposal of organizations and individuals include controlling physical access to the company information hardware and protecting them harm that may come through network access or even code injection.  This assignment will focus on identifying cyber security components that may exist within most organizations as well as describing the challenges and benefits of implementing a cyber security risk.

Cyber security risk components

Companies and organizations with leaders who pay little or no attention to cyber security experience data breaches.  Effective cyber security risk components include some or all of the following components.

  1. An effective framework – all cyber attacks are conducted independently and under different situation and circumstances. Thus, there is the need for an organization to design, implement and adjust cyber security risk management to match an organization’s particular circumstance and the type of data and information being protected.  For any cyber crime mitigation strategy to successfully work there is the need for collaboration from all parties and stakeholders in an organization (IT Governance Publishing, 2013).
  2. End-to end scope – any cyber security strategy adopted by an organization must be inclusive to include all stakeholders in the organization as well as all the units and departments in the company. Therefore, all data and information in an organization should be protected irrespective of the ever growing number of devices connected to the network considering that leaving one device unprotected can give access to criminals to access an organization’s document.
  3. Proactive incident response planning – acknowledging that any organization system can be breached gives a company the much-needed platform to design an appropriate cyber security strategy. It is the duty of the organizational leadership to make sure that these strategies and plans are updated, and employees are fully prepared to handle and mitigate any cyber attack that might be launched at the company systems.

Cyber security risk mitigation strategy

Cyber security measures are too sensitive to be left in the hands of few people in the organization.  Below is an example of one of the most viable cyber security risk mitigation strategy that can be applied in any organization.

  1. Establishing a team or a committee – it is prudent for any organization to assign the task of cyber design security to a well experienced and skilled committee consisting of representative stakeholders from across the organization who, as a whole understand the operations of the company as well as the value of the company’s data (Samuels & Rohsenow, 2015).
  2. Ensuring the group is informed – apart from finding a skilled and experienced team, it is advisable to train and educate the team members on any legal, regulatory, security and operational requirements of the organization.
  • Identifying any business or security challenges and assumptions – just like any organization team, the cyber security team can face several challenges such as limited budget, urgent deadlines, the organization’s views on success and legal mandates. Therefore, it is the duty of the members of the team to identify these constraints in advance and develop a plan and a strategy on how to mitigate their effects objectives.
  1. Communicating cyber risk decision in clear, unambiguous terms – communication involves the transferring of messages and information from one party to another. It is the duty of the team leaders with the help of the organizational leaders to communicate to the entire organization on the potential cyber attacks and how to handle them. Additionally, these leaders have a duty to prioritize these risks (European Commission & TNS Opinion & Social, 2015).
  2. Integrating cyber risk mitigation strategy with the enterprise risk management to make sure every member of the organization is aware of the need and importance of protecting the information technology infrastructures of the company.

The challenges and benefits of implementing a cyber security risk mitigation strategy

One of the major challenges that have been facing most organizations when it comes to designing and implementing cyber security risk mitigation strategy has been the lack of enough funds to support the training and education of cyber security mitigation teams. Cyber attacks often use complex software and codes to hack and attack organization, and this means that organizations have to heavily invest in their employees and machinery to prevent these attacks.  On the other hand, a major benefit of such strategies is increasing collaboration in the company while at the same time decreasing the likelihood of any cyber attack in the company (Stevens, n.d.). By designing complex and appropriate password and firewalls as well as a complex strategy to access an organizations information and data the company stands a better chance to keep of cyber attacks.

References

European Commission, & TNS Opinion & Social. (2015). Cyber security. Brussels: European Commission.

IT Governance Publishing. (2013). Cyber Security. Ely, Cambridgeshire: It Governance Publishing.

Loiseau, H., & Lemay, L. (2013). Canada’s Cyber Security Policy: A Tortuous Path Toward a Cyber Security Strategy. Cyber Conflict, 1-44. doi:10.1002/9781118562666.ch1

Samuels, D., & Rohsenow, T. (2015). Cyber security. New York: Arcler Press.

Stevens, T. (n.d.). Cyber security, community, time. Cyber Security and the Politics of Time, 20-41. doi:10.1017/cbo9781316271636.002

Describe the purposes and benefits of each one, the challenges involved in creating each one, and how each one fits into a risk management strategy.

Question

You have been asked to present information to your company’s board of directors regarding each of the following items: business continuity plan (BCP),disaster recovery plan (DRP),business impact analysis (BIA), andoperational risk management strategy (ORM).

Create a written report consisting of at least three pages in which you describe the purposes and benefits of each one, the challenges involved in creating each one, and how each one fits into a risk management strategy. Also, assemble and present a policy for planning and performing each of the processes above.

Sample paper

Risk Management

Risk management is increasingly becoming one of the important issues in business management considering that each business decision has a level of risk associated with it.  All businesses and organizations need to take risks for them to grow and develop.  Risk management largely focuses on understanding, analyzing, and handling risks to ensure that companies and entities attain their organizational objectives and goals. Therefore, risk management processes must be proportionate to the complexity and the nature of the enterprise involved (Bowman, 2008). The risk management teams have the duty and responsibility of identifying, evaluating, prioritizing and treating risks. Some of the widely used terminology in organizational risk management process includes Business Continuity Plan (BCP), Disaster Recovery Plan (DRP), and Business Impact Analysis (BIA) and Operational Risk Management Strategy (ORM). This assignment will focus on identifying and describing the purposes and challenges of these terms used in risk management.

Business Continuity Plan (BCP)

It is the dream of every investor to make sure that they remain in the business for as long as possible.  However, for this dream to come true, investors and companies must create a strategy and plans by recognizing threats and risks that might face the company to make sure that the company employees and assets are fully protected against these risks. A carefully planned business continuity plan (BCP) helps investors to cope with crises and risks, thus minimizing disruption to the business and its customers. Such a strategy proves to business stakeholders such as customers, insurers, and investors that organization is firm and strong enough to withstand crisis and risks, thus giving it a competitive edge over their customers (Bowman, 2008). Apart from minimizing disruptions, business continuity plan (BCP) helps to minimize financial losses by retaining company brand image and give employees, customers and suppliers’ confidence in the company’s services and products. Additionally, the plan enables the recovery of critical systems within an agreed timeframe as well as meeting legal and statutory obligations of the company. Some of the common challenges associated with business continuity plan (BCP) include program drivers and scoping. Most of the business continuity plans (BCP) do not define the reasons why most organizations actively engage in preparation for disruptive events and risks.

Disaster Recovery Plan (DRP)

Business is faced with the risk of loss from every corner as it strives to meet the needs and wants of the customer. One of the notable risks associated with the business is the loss of information technology infrastructure such as a data warehouse.   However, to minimize the adverse impacts of such losses, companies design and implement a Disaster Recovery Plan (DRP). DRP is a procedure to protect a business IT structures in the event of an accident. It can also be described as an inclusive statement of persistent activities to be taken before, during and after a tragedy. A disaster recovery plan (DRP) can bring significant advantages to business.  Some of the notable advantages of the plan include asset and inventory management through the documentation which includes understanding equipment inventory (CTC & Associates & California, 2009). DRP is important in identifying which equipment the company has, which are in excess but may come in accessible and which are entirely worthless. Another important advantage of this plan is network management by helping employees and staff members of a company to understand the way a network function thus allowing quick recovery. One of the major challenges of implementing this plan is designing an inadequate or wrong plan. Most risk managers believe that a disaster recovery plan can be wrong, especially in instances when it is too simple to cover and protect the business or too complicated for the employees to understand.

Business Impact Analysis (BIA)

Despite the designing and implementation of risk management plans, businesses and organizations have to prepare to treat and neutralize the adverse effects of business risks through business impact analysis. BIA is a systematic process through which the potential effects of an interruption to core business operations are determined and evaluated as a result of an accident. BIA is part and parcel of a business continuance plan. BIA helps to discover a method and technique to keep the going concern of business even after enduring high volatile crises.  Therefore, the analysis is meant to ensure that the operations of the business do not cease. Notably, depending on the type and the severity of the accident that occurs, the operations of the business may not even need to be interrupted (Lincke, 2015). One of the major challenges in designing a BIA is the fact that it emphasizes on the effects of interrupted operations rather than the business functions.  Therefore, it becomes easy for employees to ignore the normal operations of the business to concentrate on the interrupted operations.

Operational Risk Management Strategy (ORM)

Operational risks result from inadequate or failed systems or internal processes of an organization. Operational risk management is a process of identifying, assessing, measuring, mitigating, monitoring and reporting risks. One of the major advantages of ORM includes identifying the potential operational risks facing the company as well as treating the already identified risks (Bhattacharjee, Angevine, Majhi, & Smith, 2015). On the other hand, lack of enough knowledge and understanding of risk management substantially limits the ability of the company employees to design and implement risk management strategies.

References

Bhattacharjee, S., Angevine, D., Majhi, S., & Smith, D. (2015). Permanent Mooring Reliability & Mooring Risk Management Plan (MRMP): A Practical Strategy to Manage Operational Risk. Offshore Technology Conference. doi:10.4043/25841-ms

Bowman, R. H. (2008). Business continuity planning for data centers and systems: A strategic implementation guide. Hoboken, NJ: John Wiley & Sons.

CTC & Associates, & California. (2009). Disaster recovery plan. Sacramento, Calif.: California Department of Transportation.

Lincke, S. (2015). Addressing Business Impact Analysis and Business Continuity. Security Planning, 85-102. doi:10.1007/978-3-319-16027-6_5

Discuss how cultures, structures, and process impact the risk management process.

Question

Measuring Risk

Organizations must be able to manage risk, but in order to do so, companies must be able to measure it. The terminology used to measure risks include risk, tolerance, and sensitivity as well as assessment, measure, and perceptions.prepare an essay of at least two pages outlining how risk measures have developed and evolved over time. Your essay should also outline qualitative and quantitative measures of risk and discuss how cultures, structures, and process impact the risk management process.

Sample paper

Discuss how cultures, structures, and process impact the risk management process.

Whenever an organization undertakes a project, a risk is unavoidable, since projects empower change and whenever an organization has a change, there is an introduction of uncertainty and hence threat. Risks can be described as uncertain events which, when they occur in an organization, they adversely affect the predetermined objectives of a project. As a result, most organizations have adopted the art of designing and implementing risk management programs aimed at identifying, evaluating and treating the established risks. Risk management is designed to reduce the probability and the likelihood as well as the impact of threats and to increase the likelihood of opportunities rather than adverse effects (Bessis, 2015). However, before a risk program can be implemented in an organization the risk management team under the stewardship of a risk manager must measure the risk to determine the best alternative solution to the hazard identified. Risk measures can be defined as statistical measures that are historical projections of projects risk and volatility.  This assignment will attempt to identify and describe how risk measures have evolved.

The evolution of risk measures

Risk measurement and quantitative tools are important for any risk management team. Qualitative risk measurement is a technique used in project management to establish the probability of a threat occurring, and the effect of the risk will have on the business if at all it occurs. A qualitative risk measurement prioritizes the established project threat using pre-determined  rating scales.  Using this method, threats is measured based on the likelihood of their occurrence and the effect they have on the project goals (Biagini, Richter, & Schlesinger, 2013).  The likelihood of the risk occurring is often graded on a scale from zero to one. On the other hand, a quantitative risk measurement is a further evaluation of the superior priority threats during which numeric grading is assigned to create a likelihood analysis of the project. Unlike the qualitative risk measurement, quantitative risk measurement quantifies the possible results of a project, provides a numeric approach to taking business activities where there is suspense and develops realistic and achievable expenses, plan or scope targets. Besides, qualitative risk measurement does not evaluate the threats numerically to establish the likelihood and diffusion rather stakeholders efforts are utilized to measure the likelihood and effects of the threat.  However, quantitative risk measurement exploits probability distribution to characterize the risk’s likelihood and impact (Biagini, Richter, & Schlesinger, 2013).

Risk management process

Risk management focuses on identifying, evaluating, prioritizing and treating threats that are poised to affect the operations of the business. The risk management process comprises of systematic utilization of management activism and practices to the tasks of identifying the nature, treating, managing and communicating the risk to all stakeholders. Organizational culture significantly influences the risk management process in an organization considering that it governs how people behave in an organization (Valsamakis, Vivian, & Du, 2010).  Therefore, if an entity has a culture of collaborating and influencing the workforce to behave in a certain manner, it determines whether the company prioritizes and teaches their employees on how to identify and treat threats. On the other hand, an organizational structure substantially affects how risk management activities are directed towards the achievement of organizational goals and objectives.  Therefore, an organization should focus on designing and implementing open communication methods to communicate the risks associated with certain business decisions (Valsamakis, Vivian, & Du, 2010). Finally, business and organization processes largely influence risk management processes as they influence how risk management processes are coordinated and executed in an organization as well as how they are communicated in organizations.

References

Bessis, J. (2015). Risk Management in Banking. New York, NY: John Wiley & Sons.

Biagini, F., Richter, A., & Schlesinger, H. (2013). Risk measures and attitudes. London: Springer.

Valsamakis, A. C., Vivian, R. W., & Du, T. G. (2010). Risk management. Sandton: Heinemann.