A Research On Enterprise Risk Management - 2271 Words

Enterprise Risk Management Introduction The business environment is constantly changing; it is unpredictable, extremely volatile and complex. This makes businesses exposed to risk because of the nature of the environment. It is therefore important for businesses to make strategic decisions on how to either reduce or make the effect of the risk less severe as much as possible. Businesses have to identify and manage their risks to ensure their success and continuation. According to the Committee of Sponsoring Organizations of the Treadway Commission (COSO), â€Å"Uncertainties present both risks and opportunities, with potential to erode or enhance value.i Risk management is an increasingly important business driver and stakeholders have become much more concerned about risk. The 2008–2009 global financial crisis and the rapidly deteriorating global economy has created a context in which companies now face risks that are more complex, more interconnected, and potentially more devastating than ever before. Failure to adequately acknowledge and effectively manage risks associated with decisions being made throughout the organization can and often do lead to potentially catastrophic results.ii Risk may be a driver of strategic decisions, it may be a cause of uncertainty in the organization or it may simply be embedded in the activities of the organization. A good Risk Management program means that the company is able, first of all to identify, then to measure risks, to project, toShow MoreRelatedA 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 compa nies may encounter. The enterprise risk management process is a formula for employeesRead 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 MoreQuestions On Implementing An Effective Erm Program1492 Words   |  6 PagesControl course and will address the following four issues. ïÆ'Ëœ We will elaborate the COSO Risk Management Framework and COSO’s ERM process. ïÆ'Ëœ We will propose to management the method that they need to take to implement an effective ERM program. This will comprise the concerns and the organizational impact they might meet if they do not implement an effective ERM program. ïÆ'Ëœ We will examine the means for ascertaining key risk indicators (KRIs). ïÆ'Ëœ We will recommend the approach that the organization needs toRead MoreTraining Process in Sas1207 Words   |  5 PagesProgramming 2: Data Manipulation Techniques PRG2 * SAS Programming 3: Advanced Techniques and Efficiencies PRG3 * Querying and Reporting Using SAS Enterprise Guide EGQR4 * SAS Programming for SAS Enterprise Guide Users EGPRG1 * SAS Macro Language 1: Essentials MAC1 * SAS SQL 1: Essentials SQL1 * Advanced Querying Using SAS Enterprise Guide EGAQ4 * SAS Certification Review: Base Programming for SAS ®9 CRB Report Writer * SAS Color Graphics GRAP9 Business User * IntroductionRead MoreArticle Critique : Enterprise Risk Management960 Words   |  4 PagesArticle Critique: â€Å"Enterprise Risk Management in SMEs: Towards a Structural Model† Enterprise Risk Management (ERM), which addresses strategic, operations, reporting and compliance objectives, is a process designed to identify potential events that may affect the entity, and manage risk to be within the risk an organization is willing to take in order to achieve its strategic objectives (Gelinas, Dull, Wheeler, 2015). â€Å"Enterprise Risk Management in SMEs: Towards a Structural Model† by BrustbauerRead MoreFacing The Changing Of Enterprise External Environment1319 Words   |  6 Pagesthe changing of enterprise external environment, it asks for managers should stand at the height of strategic management to makes an overall plan for the development of the enterprise. The Balanced Scorecard (BSC) has great advantages in the link of enterprise strategy and performance management. It covers strategic areas, and includes human resource management. However, it has many shortages and theoretical defect. Recent research (Rui Z and Ming J, 2001) argued that most research on performanceRead MoreAn Empirical Analysis Of Supply Chain Risk Management1692 Words   |  7 Pagesthe paper titled â€Å"An empirical analysis of supply chain risk management in the German automotive industry† applied the practices of supply chain risk management by surveying sixty-seven manufacturing plants in German automotive industry. The need of real empirical research in supply chain risk management to help analyzing supply chain risk and test the previous research proposed instruments that can be applied for supply chain risk management was the motivation of this work. In this paper, the occurrenceRead MoreEconomic Performance And Its Impact On Financial Performance874 Words   |  4 Pagessolvency and ability to resist risks. Economic performance can be shown in the impact of managing cost, the effect of property management, the influence of the distribution of capitals, and the composing of the s hareholders equity return rate. The standpoint of profitability evaluation is economic added value and the rate of rise (profit). Choosing EVA in the net assets income rate, the return on total capitals and income per share index, this evaluation of enterprise profitability can reflect theRead MoreFinancial Management Systems Are Of Great Importance To1584 Words   |  7 PagesFinancial management systems are of great importance to business success. There are many reasons why most firms plunge into financial disaster. Some of these factors include loss of market share, excess debt, management problems and technology changes (Kierulff Peterson, 2009). Specifically, the successful management of working capital is crucial to the success of a business and their survivals to a great extend due to economic volatility. The pace at which new firms are established and the desireRead MoreThe Potential Of The Se Re Innovations1269 Words   |  6 Pages 3. Literature Review 3.1 Potential for the SE-RE innovations SE-RE is a fairly new concept but many researches proves the high potential of its development. First of all, embracing the social values is the aim of social enterprises, including the environmental sector such as using green energy, recycling or tracking the fuel poverty. Moreover, growing state support for developing RET and the â€Å"technical reserve† of RETs (like unmanaged woodlands, garden waste going to landfill, etc.) (Kellett, 2007)

Relationship between the research process and evidence based practice Free Essays

The aim of this essay is to explore the relationship between the research process and evidence based practice. The author of this essay intends to explore and illustrate an understanding of the various types of evidence used within nursing practice. There are barriers to implementing research into practice, the author intends to give explanation to these barriers and detail strategies/organisations that assist to putting research into nurse’s everyday practice. We will write a custom essay sample on Relationship between the research process and evidence based practice or any similar topic only for you Order Now Two journal articles will be critiqued within this essay; the aim of this is to indicate which evidence has been used, to assess the strengths and weaknesses in the research process and to evaluate its usefulness in practice. Principles of Evidence Based Practice Research can be described as a method of investigating a chosen area to illicit new information on the topic or to build on previous knowledge. In nursing research the aim of this research is to provide clients, their carers and their families with the best possible care in all aspects of their treatment to promote wellbeing (Burns and Grove 2001). â€Å"The conscientious, explicit and judicious use of current best evidence in making decisions about the care of individual patients. The practice of evidence based medicine means integrating individual clinical expertise with the best available external evidence from systematic research.† (Sackett et al 1996;72) Nurses are at the frontline of healthcare and have most one to one contact time with clients; therefore it is essential that the foundation of their practice be formed from reliable evidence (Parahoo 2006). Evidence based practice sets out to integrate the best possible evidence, nursing knowledge and patient views into practice. It is vital that nursing staff be knowledgeable of the latest findings in nursing research and are able to access and opt for the most suitable evidence to inform and implement into their practice. (Gerrish 2006) suggest that evidence based practice consists of research, patient experience and clinical expertise. It is important to address which research findings nurses should consult to inform their clinical practice in order for them to deliver adequate care to their patients. There are many different types of evidence available to practitioners; Gray Muir (1997) as cited in Gerrish (2006) outlines a hierarchy of evidence and indicates which types are more superior. Placed at the top of the hierarchy are systematic reviews and multiple randomised controlled trials (RCTs). A systematic review is essentially a study done on prior research; this is then deemed as secondary research (Parahoo 2006). The aim of this type of review is to carry out an extensive and thorough search of material already available on this topic. The most fitting material in relation to the topic is chosen, this is then evaluated, the findings are then collaborated and summarised to answer the original question. This process should be performed in a clear manner so that it would be possible for others to carry out this research. In second place on the hierarchy is randomised controlled trials, third; non-randomised controlled trials, fourth; non-experimental studies and fifth; descriptive studies/expert committees. This hierarchy is more suited to quantitative research and is deemed inappropriate if outcomes are not measurable (Gerrish 2006). There are many organisations that provide information on research and guidance to how it should be implemented into clinical practice. The National Institute for Health and Clinical Excellence (NICE) offer clinicians guidelines and criteria to follow with the aim of developing nursing care to the benefit of the clients health (NICE). The Cochrane Collaboration supply research material which is available to everyone. Their aim as an organisation is to provide health care workers, clients and their carers with information on the most current and reliable evidence used within health care settings. There are several different barriers to implementing evidence into clinical practice; Gerrish (2006) suggests that these barriers can be set into four categories; the nature of the evidence, communication of the evidence, knowledge and skill of the nurse and organisational barriers. Barriers with regard to the nature of the evidence may include research questions unsuitable to clinical practice. In relation to communication of evidence the language used in the research may be deemed as inaccessible due to complex terminology. It has been identified that barriers concerning the nurses skill include troubles identifying or appraising evidence and also lack of confidence of the individual in using resources to access the research. Organisational barriers seem to indicate that lack of support from senior staff in providing information and time to implement changes are the main cause for concern. Parahoo (2006) suggests that there are four main components in the research process. Identification and formulation of the research question is the first stage in the process, this is where the researcher determines what is being researched and a question is created. Previous literature researched in the chosen field may be consulted by the researcher to help define concepts. The final question must be clearly set out. The second stage of the process is the collection of data, in this part of the process several decisions will have to be made before data is collected. The design of the study, methods used within it and sometimes piloting need to be decided upon. The population that will be participating needs to be defined at this point consent may need to be sought from ethical committees. Once these arrangements are in place the data can be collected. The third stage in this process is the analysis of data, at this stage the researcher would analyse, translate and display their fin dings. It is important to note that before the data was collected the researcher would have decided on how the analysis would be conducted. After analysis the researcher would typically translate findings, examine the limitations and make suggestion as to how to implement into practice. Recommendations may be made for additional research needed. The final stage in research process is the dissemination of findings. An organisation that might be responsible for this area would be NICE, the barriers to the implementation of evidence are outlined above. There are many ethical issues involved in the research process; the author of this essay intends to discuss some of these implications. Beneficence is an important ethical issue, it is essential that the study should be of the benefit of its participants and in the best interests of the overall public. Confidentiality is another ethical issue within the research process, any information gathered should be respected. Consultation to the participant’s wishes should be sought throughout the process and care must be taken by the researcher when publishing results so not to unintentionally expose the identity or information of its participants. Conclusion The author of this essay has explored the relationship between evidence and the clinical setting. Research, evidence based practice and the research process was considered. Barriers to implementing evidence based practice and the strategies/organisations used to avoid these barriers were discussed. Critiques of two research articles are included in this essay; these critiques aim to illustrate the author’s understanding of the research process and knowledge of the various types of research and the methods used. How to cite Relationship between the research process and evidence based practice, Essays

Sustainable Enterprise Investors and Employees

Question: Discuss about theSustainable Enterprisefor Investors and Employees. Answer: Strengths In this article, the author performed a study involving corporate managers, consumers, investors, and employees. The results clearly indicate that there is a positive connection between the performance of corporate and sustainability reporting. Moreover, the managers agree that the cost of performing recycling as compared to making new purchases. The triple bottom line reporting ensures that there is transparency across the business operations. This article also indicates that triple bottom line concept enables the businesses to adapt the various frameworks. In this article, the investors are said not to feel an impact of a possible market crash because their operations are geared towards future growth. It is important to note that the four principles of sustainability have been covered in detail in this paper to ensure a sustainable corporation. This article also provides the various models that can be adopted by a sustainable enterprise for corporate social responsibility purposes. This is very critical for businesses that have not yet adopted the aspect of a sustainable enterprise through the social aspect of the community. The model used in this study was realistic since it gave an explanation that the variations in the responses were not due to chance. This is because the F-statistic value was 0.000 which is lower than 0.05. This article meets the standard of the subject material because it offers a clear understanding of various concepts and issues in strategic sustainability in a business. Furthermore, various approaches have been used to measure and report a sustainable enterprise. In this article, all the seven principles of business sustainability have been explored in the study to ensure a green economy. As the subject materia indicate, so does the paper support that businesseses should be viewed more from an eco-social perspective as opposed to the economic point. All the six phases of a sustainable business have been evaluated in detail in this article just as the subject materials explain. Just as the subject materials recognize, the importance of reporting, so does the article lay emphasis on the importance of monitoring the performance of a sustainable enterprise through reporting and accountability. In this article the stakeholders were included in the survey and the subject material argues t hat working with stakeholders improves the social representation of any business. Weaknesses In this article, the contribution of culture and ecology to the sustainable enterprise has not been clearly explored. A proper framework needs to be put in place by corporate to ensure that the triple bottom line policy is properly affected. Furthermore, apart from getting the views of the managers, investors, employees and consumers, this research did not factor in the assessment of the exact effects of a few green businesses to the environment like their wastes disposal methods. This could have given the true picture of the effects of a given green business to the environment. It is important to note that these form of studies involving the interviewing of managers, employees, and consumers can be slightly biased. Moreover, the model used in the design of this study was able to answer only 36 % of the dependent variables could be explained by the independent variables. Therefore this indicates that the employees' motivations were affected by a large proportion of other factors that were not considered by the present study. The article on the business enterprise does not lay emphasis on specific models for use as indicated in the learning materials. Moreover, no transformation plan has been covered in the article.