The Standards of Risk Management

There are various risk management standards that can be applied at the local or international levels. Overall, various norms exist because countries may differ in terms of legislative practices, corporate responsibility rules, auditing processes, and reporting standards.Advertising We will write a custom essay sample on The Standards of Risk Management specifically for you for only $16.05 $11/page Learn More Thus, there are different risk management principles that can be adopted at the national level. Additionally, one should keep in mind that companies representing different countries can cooperate with one another. Therefore, it is important to develop internationally accepted standards and rules. For instance, such an institution as the International Organization for Standardization (2009) introduces the norms which can be recognised by businesses working at the international level. This is one of the points that should be singled out. Overall, these international norms can help companies establish partnerships because senior executives should see that both companies adhere to the same principles. Overall, organisations need to use these standards in order to strengthen their sustainability. By evaluating the performance of companies according to these criteria, managers can identify potential weaknesses in the organisational design, flaws in the financial reporting, quality control deficiencies, and so forth (Standards New Zealand 2009; Financial Reporting Council 2014). Furthermore, the knowledge of these norms can be useful for assessing the work of senior executives or frontline managers. As a rule, the compliance with these standards may not be obligatory for companies that are not publicly traded. However, by following these rules, one can make businesses more sustainable.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More These are some of the benefits that can be identified and students should not overlook them. As it has been said been before, there are many standards related to risk management. Among them, one can distinguish the norms established in Australia and New Zealand (Australian Government 2010, p. 2). These norms should be considered because they incorporate specific guidelines that can strengthen the sustainability of an organisation. For instance, one can speak about the requirement to pursue inclusive policies. In other words, the management should consider the opinions of various stakeholders in order to identify the threats to which a company can be exposed. Furthermore, risk management policies should be implemented at tactical and strategic levels (Australian Government 2010, p. 2). This policy can help companies identify potential risks at the early stages. Thus, the standards adopted in New Zealand and Australia should be considered. However, one should not suppose that international nor ms can be dismissed. The information about these rules is included in the curriculum because students may need to work in companies operating at the international level. So, they should understand risk management principles that may be adopted in other countries. By learning about these standards, a person can better evaluate the performance of the company. In other words, he/she can better understand the reasons why a company does not function effectively. Thus, this knowledge can contribute to the professional development of a person.Advertising We will write a custom essay sample on The Standards of Risk Management specifically for you for only $16.05 $11/page Learn More On the whole, these examples show that the knowledge of risk management standards is critical for future professionals who may represent different fields. This knowledge can help them assess the performance of a business. Moreover, these issues are important of anticipating possible challenges that a company may face in the future. Furthermore, this information can be critical for developing the strategies of a business. Finally, these standards can be regarded as guidelines that business administrators should follow. These are the main arguments that can be put forward. References Australian Government 2010, Risk Management Principles and Guidelines. Web. Financial Reporting Council 2014, Guidance on Risk Management, Internal Control and Related Financial and Business Reporting. Web. International Organization for Standardization 2009, Risk management – Principles and guidelines. Web. Standards New Zealand 2009, Risk management standard. Web. Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This essay on The Standards of Risk Management was written and submitted by user Charity Beasley to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Banning Guns Would be bad for The Economy Essay Example

Banning Guns Would be bad for The Economy Essay Example Banning Guns Would be bad for The Economy Essay Banning Guns Would be bad for The Economy Essay Essay Topic: Gun Control The assault The US, is home to the worlds highest per capita gun numbers. Gun control has been a matter of constant debate with proponents and opponents putting forth valid arguments to support their positions. Recent incidences of mass shooting have invigorated and emboldened those rooting for a ban on guns especially the assault rifles. Hypocrisy and politics have influenced the whole discussion surrounding the issue of banning guns leaving a vague picture of the real issues that should inform such arguments. In all the deliberations, there are vital aspects that many tend not to acknowledge, are ignorant of or ignore without giving them much thought. One such aspect is the economic consequences of a ban on gun ownership by ordinary citizens. Banning guns has a significant impact on the economy. The firearms industry is a big contributor to the U.S. economy and banning guns would have severe economic consequences. Banning guns will lead to massive job losses in the gun industry. The gun industry employs many people who would be rendered jobless in the case of a shut-down of the sector due to a ban on gun use by private individuals. The last two years alone recorded the creation of over 34000 new jobs most of which offer impressive salaries (Fraser, 2016). Currently, there are about 263223 jobs related to or in the firearms and other ammunition industry. Those working in the sector get to carry home an annual average remuneration package of $ 52220.The industries wages grew significantly from an initial $ 2.4 billion to roughly $ 6 billion in 2016. The economic figures for 2015 indicate that $ 42.96 billion of money pumped into the economy was from the firearms and ammunition industry with $ 5.79 billion of it going to the state federal governments a tax revenue. Given the figures, it is clear for one to see that the firearms and ammunition industry is one that has a huge potential for the econ omy contributing significantly to the countrys GDP (Gross domestic product). Several other industries are dependent on the viability of guns as a market product for their survival. The companies dependent on guns include those that manufacture, sell or distribute sporting ammunition, firearms and ammunition are all vital to the economys well-being. All these industries contribute significantly to the amount of money that government receives in taxes (Fraser, 2016). Gun sports may become a thing of the past in the event of a ban on guns. Money received by event organizers of such sports will be lost. As such, the money pumped into the economy through the sport may be lost. Fees that the relevant states charge for the all gun sport related events will be no longer available. The effect may be a strain on county revenues forcing some of them negatively impacting their service delivery due to financial constraints. The NSSF (National Shooting sports Foundation) noted that in 2011, expenditures on industry equipment were $ 5.3 billion. Firearms account for $ 2.4 billion of the total amount with the figure for ammunition used in rifles, shotguns and handguns standing at about $ 700 million. The remaining figure is filled up by other relevant accessories such as decoys, game calls, telescopes, hand-loading equipment, hunting dogs, components, other shooting and hunting equipment, and the costs associated with them. Sporting hunters spend an annual amount of $ 24 billion every year (Kay, 2010). Most the items that they need are found sports goods shops, pro shops and specialty stores that employ thousands and make a significant contribution to the gross domestic product. The U.S. firearms market supports other economies especially in Europe. About eighty percent of all firearms manufactured for commercial purposes globally are in the hands of American citizens. Many countries are usually keen on attending major firearm industry show to understand the market better. Some of the European economies are quite fragile and rely heavily on Americas goodwill for their stability. Most of them are allies underscoring the need to ensure that the policies adopted in the use do not serve to sabotage their economy. The prosperity of such nations is more beneficial to the Americas strategic interests compared to their failure. Brazil, a South American country is the single largest exporter of firearms to the U.S. The countrys economy is gaining strength as it tries to position itself as one of the fast-rising economies. A ban on firearms in the U.S. will send shocks to the economy and slow down its growth prospects (DiMauro, 2013). Criminal activities are bound to increase with a ban on gun ownership. The knowledge that individuals no longer keep guns with them will be a catalyst for increased criminal activities as many criminals hope to take advantage of peoples inability to defend themselves against an intrusion, burglary, mugging or attack (DiMauro, 2013). Cases of people losing their properties and hard-earned cash are bound to go up. Such losses may mean an inability by those affected to meet their financial obligations and contribute effectively to the nations GDP. Most proceeds of criminal activities tend to go unaccounted for as criminals try to avoid expenditures that may attract the attention of the taxman. The government as usual also stands to lose in such a scenario in the form of uncollected taxes. With an upsurge in criminal activities due to a ban on guns, potential investors may be scared of investing in the economy and opt for safer and more viable destinations. A simple ban will have created a huge economic nightmare for the country and slowed down its economic growth prospects. Areas around the world where the economies have suffered due to the presence criminal gangs that terrorize people and interfere with the economic activities in the have experienced low investor confidence. Before even imagining of placing a ban on guns and other ammunition, there is a need to consider such issues to avoid creating another major problem that has severe economic consequences. Some countries have even seen an upsurge in rings of extortionist gangs that demand a share of the revenues of traders affecting their profitability and as such their viability forcing many of the businesspersons to close shop due to losses (DiMauro, 2013). Gun ownership endears many people around the world to the U.S. as a country. The country is known for its unique culture that supports great freedom for the citizenry. The extent of freedom enjoyed by the citizenry is almost second to none. Gun ownership adds to the whole package that makes the countrys culture the most popular in the world (Kay, 2010). The experience has contributed to the success of many American industries not just from within but also outside the country. The movie industry has been one of the greatest beneficiaries. With knowledge of the freedom of gun ownership in the country, viewers of action movies that depict heroes using guns find the movies as being depictive of the reality on the ground. Actors in possession are not necessarily viewed as criminals like in many other countries. Rather, they are seen as being just like any other person able to defend themselves in the event that the need arises. Such depiction helps in managing peoples expectations as they appreciate scenes that appear realistic. The video games on the market such as Need for Speed thrive due to the existing laws that allow for carrying of firearms. Clearly, the firearms and ammunition industry is a major contributor to the U.S. economy and as such banning guns will be detrimental to the economy. The industry offers numerous and lucrative employment opportunities. Banning guns will lead to huge job losses in the firearms industry. Several other industries rely on the viability of guns as a market product for their existence. Expenditures on gun-related products offer a significant revenue stream for both business owners and the government in the form of taxes. The U.S. firearms market not only benefits the country but also other economies that rely on firearm exports to the U.S. for a considerable proportion of their exports. Banning guns may have the effect of increasing criminal activities, a factor that may cause among potential investors. Law investor confidence means less investment which will certainly slow down economic growth. One cannot underestimate the kind of enthusiasm that gun ownership creates among people from ot her countries towards the U.S. The interest in American affairs and culture helps promote the sales of the countrys products globally. There is a need for relevant stakeholders to reconsider any actions geared towards banning of guns for the sake of the countrys economy. References DiMauro, L. (2013). Gun control. [electronic resource] : restricting rights or protecting people?. Detroit, Mich. : Gale, 2013. Fraser, M. (2016). Politics, Guns, and Money. New Labor Forum (Sage Publications Inc.), 25(2), 102-104. doi:10.1177/1095796016639269 Kay, L. (2010, November 28). Area economy benefits from hunting. Daily News, The (Jacksonville, NC).

Project management Essay Example | Topics and Well Written Essays - 1500 words

Project management - Essay Example External groups, Individuals, Clients, Contractors, Funding Partners, Consultants, Employees and Work Force, and other government / regulatory organizations can be identified as stakeholders in a project, (Bourne, 2010). Further, categorizing the stakeholders according to the degree or level of impact they can put on a project activity or can get impacted by it. This knowledge of stakeholders assists in evaluating how the various interests of stakeholders should be addressed and managed in an efficient manner. 1.1. Role of Stakeholder Management The role of stakeholder management is to create utility for the project manager in order to get acquainted with all the participants / stakeholders of the project and their respective interests, create an equilibrium between the inputs / contribution and the incentive given by and to the stakeholder, set up an unbiased basis for effectively managing individual stakeholder requirements, decide the participation level of each stakeholder during the planning and execution part of the project, promoting stakeholder interests in the project through effective communication strategy and offering rewards to shareholders. Stakeholder analysis can be carried out at the commencement of the project or at regular intervals during the execution to track the changes in the attitudes of project stakeholders as the project advances, (Patrick, 2008). 1.2 Significance The significance of Stakeholder management lies in the need to make clear the consequences of predicted modifications, potential risks, and opportunities that face the project. Stakeholder management is also vital since it helps to identify the risks and planning for strategies to reduce the effects of risks on the project, (Deming, 1982). 1.3 Stakeholder Categories Stakeholders can be easily classified into four different categories depending upon their potential to collaborate or threaten the project execution or results. 1. Supportive stakeholders are those who do not wis h to threaten the project proceedings and desire to support the project goals and objectives. These types of supportive stakeholders may include the suppliers, funding organizations, company management and consultants. 2. Marginal Stakeholders are those who are neither extremely menacing nor helpful, even though they possess a large stake in the project and can affect the decisions, but are not in general concerned. These may consist of environmentalist groups, and media. 3. Non Supportive Stakeholders are those that have an elevated potential to influence the project in a threatening manner but are short on the potential for cooperation and are the most worrying source of concern for the project manager. These may include the labor unions, governmental organizations, and at times the media. 4. The  mixed stakeholders possess an equal potential to assist or threaten the project and usually consist of clients, end users of the project, (Rowley, 1997). 1.4 Efficient management of St akeholder management Lastly, in order to effectively manage stakeholders within a project environment, it is