Will ethical behavior pay off in long run?

Will ethical behavior pay off in long run? Answer: I do believe that ethical behavior will pay off in the long run, however I do not believe it will pay off as much as people expect it to. People want ethical behavior to be widespread and change the world, but the truth is that some people will never be ethical. Plus, what is ethical to one person is unethical to another. It depends all in the way individuals interpret things. So although I think that consistently acting ethical and passing those beliefs down through the generations will pay off, I do not believe it will pay off as much as people want it to. Definition: Pearson Custom Publishing (Pearson, 1998-2002) defines ethics as the standards of conduct and moral judgment. Markula Center for Applied Ethics (1995-1998) defines ethics as those standards that compel one to refrain from committing crimes against another person such as stealing, murder, assault, slander, and fraud. It is also the standards that encourage honesty, integrity, compassion and loyalty. Ethics is not a religious principle, nor is it based on feelings about a particular problem. It cannot be defined as a legal practice because laws are created to protect rights, not manage ethical principles. While the definition may seem clear, ethics as a practice is somewhat ambiguous since interpretation plays a big part in how people perceive right from wrong. The Markala Center for Applied Ethics (1995-1998) states that in order to understand the meaning of ethics we must find answers the following questions, According to what standards are these actions right or wrong? What character traits (like honesty, compassion, fairness) are necessary to live a truly human life? Defining ethics is relatively easy compared to practicing ethics in the work place. Since the primary concern of most businesses is the bottom line, the ethical views may differ based on the type of business. Ethical views of employees may also differ from the views of the company. This can cause conflict among workers and management as companies strive to improve the bottom line. Personal ethics may be compromised in an effort to keep a job. Most Renowned companies like Enron, Satyam, Lehman Brothers, Tyco, Worldcom, Adelphia, Merrill Lynch, Morgan Stanley, Arthur Anderson à ¢Ã¢â€š ¬Ã‚ ¦. Came tumbling down. They were the darling of the masses as well as the bourses. They were seen to be responsible to employees, shareholders, suppliers, customers. All the reputation and trust built over years was wiped off due to unethical practices. For a business to be successful, it need not compromise with mortality. The more the business does something unethical or illegal the more likely that it will be caught. When ethical environment is poor, organizational performance suffers because of poor group dynamics and suppressed communication. In unethical organizations the employee morale is badly affected leaving organizations vulnerable to setbacks. Sound ethics is necessary precondition of any long term business enterprise. Excellence in business must exist on foundation of values that most of us hold dear. Without a base of shared values, trust and mutual benefits, todays national and international business would fall apart. Basic principles of integrity and fairness can build an enduring reputation. No separate ethical laws are required; we already have a plethora of laws encompassing every facet of business The Factories Act Indian Contract Act Sale of Good Act Companies Act The Consumer Protection Act The Indian Forests Act Prevention of Corruption Act The Mines and Minerals (Regulation Development Act) Agriculture Marketing Act Prescription Drug Marketing Act Accounting Act In the 21st century in the age of instant noodles and instant information, stakeholders can not be taken for granted and they evaluate the business on the following yardsticks Is the business complying with the law of the land? Does the business have a sense of propriety? Do product claims match reality? How forth Coming is the company with information sharing How does the company handle third party ethics How charitable is the company? How does the company react when faced with negative disclosures? Responsible Business Business should not be considered as a commercial activity aimed at maximizing profit. Profit to be maximized but not at the cost of responsibility to shareholders, suppliers and customers. Business should always take into consideration aspects of human rights and social responsibility. Wealth and knowledge must always be shared with the community as water in village pond unlike water in a private well. Pay Back Time Ethical behavior induces further ethical behavior. Employees who are treated ethically will be more likely to behave ethically with customers and business associates. Ethical behavior/decision making will overtake unethical or immoral practices in the long run. Ethical behavior results in confidence, stability of mind and soundness of position, restful sleep and hassle free life. Energies are freed for maximum productivity, creativity, flow of knowledge, information and reasoning capabilities. While practicing unethical behavior one has to engage in exhaustive subterfuge, resulting in diminished effectiveness and reduced success. Satisfy your Inner self Being ethical is doing the right thing when no one is watching Integrity has no need of rules. Real integrity is doing the right thing, knowing that nobodys going to know whether you did it or not-Oprah Winfrey. Most Reversed Tatas were among the first families in India to spread their wealth and wisdom for the benefit of humanity, some examples: In 1998 the Tata Mills failed to pay a dividend. The name Tata was at stake. Sir Jamesedji Tata risked his personal fortune to save a public company, displaying that people mattered to him before profits. In 1924 when Tata Steel was its lowest ebb with no money to pay co-workers, Sir Dorabji Tata risked his entire personal fortune of Rupees One Crore(of that time) which also included his wifes jewelry to get a loan from Imperial Bank of India, for public limited company to save the name of Tatas. One of the guiding principles of JRD Tata was- No success or achievement in material terms is worthwhile unless it serves the needs or interests of the country and its people and is achieved by fair and honest means. Business as a spiritual pursuit encapsulates JRDs philosophy and the ethos of the group he symbolized by stating that we (in Tatas) have retained the fire of idealism and in its glow we have come to recognize that no wealth or power can be more valuable than our dignity; no loss or profit can be more critical than loss of our credibility; no skills or qualification can substitute the integrity of our character. Conclusion Utilizing the principles of ethics in the decision making process will help to ensure that decisions made are fair and respect the rights of those parties involved. Unfortunately, ethical decision making is only as morally sound as the person making the decision. If the person making the decision is does not live by an ethical code, the decision will be swayed in the direction of that belief. Therefore, in order to make sound ethical decisions, decision makers must constantly evaluate their own beliefs and strive to live in an ethical manner and that will definitely pay off in longer run. References http://www.sptimes.com/News/110200/NIE/Treat_others_as_you_w.shtml http://www.powerhomebiz.com/books/ethics101.htm http://essaysforstudent.com/tag/ethical%20behaviour/page1.html http://www.allbusiness.com/buying_exiting_businesses/3503597-1.html http://en.wikipedia.org/wiki/Ethical_leadership http://www.businessballs.com/ethical_management_leadership.htm 7. Fu, Jie, and Joshua Hall. Forthcoming. Fremont General Corporation. In Booms and Busts: An Economics Encyclopedia, Mehmet Odekon, editor. New York: M.E. Sharpe. 8. Morningstar. 2009. Our 2009 CEO of the Year Nominees. Online at: http://news.morningstar.com/articlenet/article.aspx?id=269242. Question 2 Within the business context business are expected to have good ethical values and act socially responsible. The problem is that the ethics of a business is a mixture of individual sets of ethics. This is why it is important to have good individuals as employees. It is also equally important that when you go to work somewhere that you feel like you share the values of those you work with. Ethics is not just talking about the right thing. It is doing what is right in every decision that is made. Based on the above observation discuss the impact on society that ethical leaders can make. American corporations dole out an estimated 15 billion dollars per year on training and consulting for up and coming mangers and leaders. Some target high performers and potential leaders within the organization. Others believe that leadership is more about what you do rather than who you are and, therefore, everyone in the organization is capable of becoming a leader. We have been arguing and writing about the science and practice of management since the early 1900s, and about leadership for at least 2000 years, all in an effort to demystify both. Is management, in fact, a practice, an art, or a science? Are leaders born or made? What do managers actually do? The argument continues. :- It is important to have good individuals as your employees but it is also important that those employees should be ethical because only they make the right decision and make others to follow. Some of the theories that tells us about the leadership ethics are being given to us by some of the philosophers as they are really heplfull they are given below:- Heifetzs Theory -Leadership involves authority to help followers uphold values in the workplace. Burns Theory Emphasizes the moral development of followers and maintains high standards of moral conduct. Greenleafs Theory Strong ethical overtones, true leadership is service to others. Moral development plays a vital role in building up good ethics. Acc. To john locke A new born child is a blank tablet on which life script can be written. Experience and learning shapes the content, structure and direction of a persons life. Examples of Great Ethical Leaders Cyrus the Great (590 BC-529 BC) The study of Cyrus the Great and establishment of his ethical Persian empire some 2500 years ago is a good indication that in our time the concept of world order based on ethics, ethical state, peace and harmony among nations are not an impossible goal and illusion. In this century the most fundamental and essential ingredients of an evolution towards these goals are democracy, freedom of expression, freedom of choice, freedom of religion, cultural toleration, human rights, political feedback mechanism, open trade policy, and open communications among people in this globe. The ethics of life are the pursuit of awareness for us and others. The ultimate goal is total awareness. Ethical Government is a means of achieving that goal by raising man to a higher state of total awareness. Ethical leaders can lead men toward Ethical Government and Society, which can lead man to total awareness. To increase mans power is always ethical. However, only men who use power to expand awareness are et hical. Men who use power to diminish awareness are unethical. Business ethics in the field As part of more comprehensive compliance and ethics programs, many companies have formulated internal policies pertaining to the ethical conduct of employees. These policies can be simple exhortations in broad, highly generalized language (typically called a corporate ethics statement), or they can be more detailed policies, containing specific behavioral requirements (typically called corporate ethics codes). They are generally meant to identify the companys expectations of workers and to offer guidance on handling some of the more common ethical problems that might arise in the course of doing business. It is hoped that having such a policy will lead to greater ethical awareness, consistency in application, and the avoidance of ethical disasters. An increasing number of companies also require employees to attend seminars regarding business conduct, which often include discussion of the companys policies, specific case studies, and legal requirements. Some companies even require their employees to sign agreements stating that they will abide by the companys rules of conduct. Many companies are assessing the environmental factors that can lead employees to engage in unethical conduct. A competitive business environment may call for unethical behavior. Lying has become expected in fields such as trading. An example of this is the issues surrounding the unethical actions of the Saloman Brothers. Not everyone supports corporate policies that govern ethical conduct. Some claim that ethical problems are better dealt with by depending upon employees to use their own judgment. Others believe that corporate ethics policies are primarily rooted in utilitarian concerns, and that they are mainly to limit the companys legal liability, or to curry public favor by giving the appearance of being a good corporate citizen. Ideally, the company will avoid a lawsuit because its employees will follow the rules. Should a lawsuit occur, the company can claim that the problem would not have arisen if the employee had only followed the code properly. Sometimes there is disconnection between the companys code of ethics and the companys actual practices. Thus, whether or not such conduct is explicitly sanctioned by management, at worst, this makes the policy duplicitous, and, at best, it is merely a marketing tool. To be successful, most ethicists would suggest that an ethics policy should be: Given the unequivocal support of top management, by both word and example. Explained in writing and orally, with periodic reinforcement. Doable.something employees can both understand and perform. Monitored by top management, with routine inspections for compliance and improvement. Backed up by clearly stated consequences in the case of disobedience. Remain neutral and nonsexist. The effectiveness of ethics officers in the marketplace is not clear. If the appointment is made primarily as a reaction to legislative requirements, one might expect the efficacy to be minimal, at least, over the short term. In part, this is because ethical business practices result from a corporate culture that consistently places value on ethical behavior, a culture and climate that usually emanates from the top of the organization. The mere establishment of a position to oversee ethics will most likely be insufficient to inculcate ethical behavior: a more systemic programmed with consistent support from general management will be necessary. The foundation for ethical behavior goes well beyond corporate culture and the policies of any given company, for it also depends greatly upon an individuals early moral training, the other institutions that affect an individual, the competitive business environment the company is in and, indeed, society as a whole. The caring leaders focuses on the welfare of : Customers : Employees : Shareholders : Community : Define problems : Find out best alternatives : Collect information Religious views on business ethics The historical and global importance of religious views on business ethics is sometimes underestimated in standard introductions to business. Particularly in Asia and the Middle East, religious and cultural perspectives have a strong influence on the conduct of business and the creation of business values. Examples include: Islamic banking, associated with the avoidance of charging interest on loans. Traditional Confucian disapproval of the profit-seeking motive. Quaker testimony on fair dealing.

U.s. Foreign Policies :: essays research papers

Speaker: An Iraqi student in the U.S. Crowd: Senators and University professors Situation: Madeline Albright just gave a speech about U.S. foreign policy/ relations Imagine the fear of not knowing how your parents and little sister are doing back home. Imagine the shock of finding out your little sister is dying because there were no medicines available for her treatment. Imagine the sorrow you feel when you go back home and find your hometown in ruins and not anymore as beautiful, modern and safe as it once used to be. Well, I experienced all of that, and still wish that it's only a bad nightmare. Mrs. Albright who was speaking about U.S. foreign policy failed to mention Iraq in her speech. About 5 months ago I saw her on TV in an interview with CNN. The reporter who had just returned from Iraq was describing that a million children were dying (died) due to sanctions imposed on the people of Iraq. He told her: "†¦..that is more children that have died in Hiroshima and Nagasaki. Do you think its worth it?" Mrs. Albright looked into the camera and replied: " Yes, it is worth it." Let me tell you more about Iraq, because it only gets worse from this point onwards. I believe there is a genocide happening in Iraq. It is a second holocaust. I have read of such bad things in history happening, like the Word Wars and people dropping atomic bombs without even thinking of the ramifications. 2.5 million people have died in Iraq so far, but still sanctions continue. For the last 10 years you wouldn't imagine the kinds of things that aren't being let into the country: heart machines, lung machines, needles, infrastructural parts to build the economy. Even for cancer patients sometimes only some of the medicine will be let in, but not all. It's very strategic what is let in and at what time, because what it does, is, it prolongs life, but doesn't save it. Iraq which before the sanctions had the best medical services in the Arab World, now has to use gasoline to clean they're hospital floors, because detergents aren't allowed into the county due to sanctions. This is how U.S. policy has brought Iraq into such a bad shape. The problem is that even though USA has imposed sanctions and recently even found out that Iraq has no nuclear capabilities they continue to bomb them. U.s. Foreign Policies :: essays research papers Speaker: An Iraqi student in the U.S. Crowd: Senators and University professors Situation: Madeline Albright just gave a speech about U.S. foreign policy/ relations Imagine the fear of not knowing how your parents and little sister are doing back home. Imagine the shock of finding out your little sister is dying because there were no medicines available for her treatment. Imagine the sorrow you feel when you go back home and find your hometown in ruins and not anymore as beautiful, modern and safe as it once used to be. Well, I experienced all of that, and still wish that it's only a bad nightmare. Mrs. Albright who was speaking about U.S. foreign policy failed to mention Iraq in her speech. About 5 months ago I saw her on TV in an interview with CNN. The reporter who had just returned from Iraq was describing that a million children were dying (died) due to sanctions imposed on the people of Iraq. He told her: "†¦..that is more children that have died in Hiroshima and Nagasaki. Do you think its worth it?" Mrs. Albright looked into the camera and replied: " Yes, it is worth it." Let me tell you more about Iraq, because it only gets worse from this point onwards. I believe there is a genocide happening in Iraq. It is a second holocaust. I have read of such bad things in history happening, like the Word Wars and people dropping atomic bombs without even thinking of the ramifications. 2.5 million people have died in Iraq so far, but still sanctions continue. For the last 10 years you wouldn't imagine the kinds of things that aren't being let into the country: heart machines, lung machines, needles, infrastructural parts to build the economy. Even for cancer patients sometimes only some of the medicine will be let in, but not all. It's very strategic what is let in and at what time, because what it does, is, it prolongs life, but doesn't save it. Iraq which before the sanctions had the best medical services in the Arab World, now has to use gasoline to clean they're hospital floors, because detergents aren't allowed into the county due to sanctions. This is how U.S. policy has brought Iraq into such a bad shape. The problem is that even though USA has imposed sanctions and recently even found out that Iraq has no nuclear capabilities they continue to bomb them.

Anchoring Matter for Fresher Party

Meaning of Bank It is generally said that the word â€Å"BANK† has been originated in Italy. In the middle of 12th century there was a great financial crisis in Italy due to war. To meet the war expenses, the government of that period imposed a forced subscribed loan on citizens of the country at the interest of 5% per annum. Such loans were known as Compara, Mintuo etc. The most common name was Monte. In Germany the word Monte was named as Bank or Banke. According to some writers, the word Bank has been derived from the word Banke. It is also said that the word Bank has been derived from the word Banco which means a banch.The Jews money lenders in Italy used to transact their business sitting on banches at different market places. When any of them used to feel to meet his obligations, his banco or banch would be broken by the angry creditors. The word Bankrupt seems to be originated from broken banco. Since, the banking system has been originated from money lending business, it is rightly argued that the word Bank has been originated from the world banco. Today the word bank is used as a comprehensive term for a number institutions carrying on certain kinds of financial business.In practice, the work Bank means which borrows money from one class of people and again lends money to another class of people for interest or profit. Definition of a Bank Oxford Dictionary defines a bank as â€Å"an establishment for custody of money, which it pays out on customer's order. † Definition of banking In general terms, the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit. Read more: http://www. investorwords. com/5413/banking. html#ixzz27ewFzo5g Characteristics / Features of a Bank v 1. Dealing in MoneyBank is a financial institution which deals with other people's money i. e. money given by depositors. 2. Individual / Firm / Company A bank may be a person, firm or a company. A banking company means a company which is in the business of banking. 3. Acceptance of Deposit A bank accepts money from the people in the form of deposits which are usually repayable on demand or after the expiry of a fixed period. It gives safety to the deposits of its customers. It also acts as a custodian of funds of its customers. 4. Giving Advances A bank lends out money in the form of loans to those who require it for different purposes. . Payment and Withdrawal A bank provides easy payment and withdrawal facility to its customers in the form of cheques and drafts, It also brings bank money in circulation. This money is in the form of cheques, drafts, etc. 6. Agency and Utility Services A bank provides various banking facilities to its customers. They include general utility services and agency services. 7. Profit and Service Orientation A bank is a profit seeking institution having service oriented approach. 8. Ever increasing Functions Banking is an evo lutionary concept. There is continuous expansion and diversification as regards he functions, services and activities of a bank. 9. Connecting Link A bank acts as a connecting link between borrowers and lenders of money. Banks collect money from those who have surplus money and give the same to those who are in need of money. 10. Banking Business A bank's main activity should be to do business of banking which should not be subsidiary to any other business. 11. Name Identity A bank should always add the word â€Å"bank† to its name to enable people to know that it is a bank and that it is dealing in money. Type 1. Saving Banks Saving banks are established to create saving habit among the people.These banks are helpful for salaried people and low income groups. The deposits collected from customers are invested in bonds, securities, etc. At present most of the commercial banks carry the functions of savings banks. Postal department also performs the functions of saving bank. T ype 2. Commercial Banks Commercial banks are established with an objective to help businessmen. These banks collect money from general public and give short-term loans to businessmen by way of cash credits, overdrafts, etc. Commercial banks provide various services like collecting cheques, bill of xchange, remittance money from one place to another place. In India, commercial banks are established under Companies Act, 1956. In 1969, 14 commercial banks were nationalised by Government of India. The policies regarding deposits, loans, rate of interest, etc. of these banks are controlled by the Central Bank. Type 3. Industrial Banks / Development Banks Industrial / Development banks collect cash by issuing shares & debentures and providing long-term loans to industries. The main objective of these banks is to provide long-term loans for expansion and modernisation of industries.In India such banks are established on a large scale after independence. They are Industrial Finance Corporat ion of India (IFCI), Industrial Credit and Investment Corporation of India (ICICI) and Industrial Development Bank of India (IDBI). Type 4. Land Mortgage / Land Development Banks Land Mortgage or Land Development banks are also known as Agricultural Banks because these are formed to finance agricultural sector. They also help in land development. In India, Government has come forward to assist these banks. The Government has guaranteed the debentures issued by such banks.There is a great risk involved in the financing of agriculture and generally commercial banks do not take much interest in financing agricultural sector. Type 5. Indigenous Banks Indigenous banks means Money Lenders and Sahukars. They collect deposits from general public and grant loans to the needy persons out of their own funds as well as from deposits. These indigenous banks are popular in villages and small towns. They perform combined functions of trading and banking activities. Certain well-known indian commun ities like Marwaries and Multani even today run specialised indigenous banks.Type 6. Central / Federal / National Bank Every country of the world has a central bank. In India, Reserve Bank of India, in U. S. A, Federal Reserve and in U. K, Bank of England. These central banks are the bankers of the other banks. They provide specialised functions i. e. issue of paper currency, working as bankers of government, supervising and controlling foreign exchange. A central bank is a non-profit making institution. It does not deal with the public but it deals with other banks. The principal responsibility of Central Bank is thorough control on currency of a country. Type 7.Co-operative Banks In India, Co-operative banks are registered under the Co-operative Societies Act, 1912. They generally give credit facilities to small farmers, salaried employees, small-scale industries, etc. Co-operative Banks are available in rural as well as in urban areas. The functions of these banks are just simila r to commercial banks. Type 8. Exchange Banks Hong Kong Bank, Bank of Tokyo, Bank of America are the examples of Foreign Banks working in India. These banks are mainly concerned with financing foreign trade. Following are the various functions of Exchange Banks :- . Remitting money from one country to another country, 2. Discounting of foreign bills, 3. Buying and Selling Gold and Silver, and 4. Helping Import and Export Trade. Type 9. Consumers Banks Consumers bank is a new addition to the existing type of banks. Such banks are usually found only in advanced countries like U. S. A. and Germany. The main objective of this bank is to give loans to consumers for purchase of the durables like Motor car, television set, washing machine, furniture, etc. The consumers have to repay the loans in easy installments. Definition of ‘Central Bank'The entity responsible for overseeing the monetary system for a nation (or group of nations). Central banks have a wide range of responsibilitie s, from overseeing monetary policy to implementing specific goals such as currency stability, low inflation and full employment. Central banks also generally issue currency, function as the bank of the government, regulate the credit system, oversee commercial banks, manage exchange reserves and act as a lender of last resort. Investopedia explains ‘Central Bank' The central banking system in the U. S. is known as the Federal Reserve System commonly known as â€Å"the Fed†), which is composed of 12 regional Federal Reserve Banks located in major cities throughout the country. The main tasks of the Federal Reserve are to supervise and regulate banks, implement monetary policy by buying and selling U. S. Treasury bonds and steer interest rates. Ben Bernanke currently serves as the chairman of the Board of Governors of the Federal Reserve. FUNCTIONS OF CENTRAL BANK M. H. Do-Kock has explained the following seven functions of a central bank in his book â€Å"Central Bankin g† which economists have generally accepted. 1. Monopoly of note-issue. 2.Banker, agent and adviser to the government. 3. Custodian of cash reserves of commercial banks. 4. Custodian of nation’s reserves of international currencies. 5. Lender of the last resort 6. Clearing house function 7. Credit control Besides the aforesaid seven functions there are some other functions also, namely: (i) Collection of data. (ii) Role of central bank in developing countries. (iii) Central bank and industrial and agricultural development. (iv) International financial institutions. 1. Monopoly of Note-Issue: Note-issue primarily is the main function of a central bank in every country.These days, in all the countries where there is a central bank generally it has got the monopoly or the sole right of note-issue. In the beginning this was not the function of Central Bank but gradually all the central banks have acquired this function. First of all, Central Bank of England got the right of note-issue in the year 1844. In actual practice, upto the beginning of twentieth century, generally central banks were recognized as the banks of note-issue. In India, R. B. I. , the central bank of India has got the right of note-issue. 2. Banker, Agent & Adviser to the Government:As banker to the government, central bank provides all those services and facilities to the government which public gets from the ordinary banks. It operates the accounts of the public enterprises. It manages government departmental undertakings and government funds and when there is a need gives loans to the government. It looks after the management of public debt. It accepts the payment of taxes from the public on behalf of the government and makes payment for the cheques issued by the government. It also undertakes transactions relating to foreign currencies on behalf of the government. 3.Custodian of Cash Reserves of Commercial Bank: Central bank is the bank of banks. This signifies that it has the s ame relationship with the commercial banks in the country which they have with their customers. It provides security to their cash reserves, gives them loan at the times of need, gives them advice on financial and economic matters and works as clearing house among various member banks. A definite percentage of deposits of commercial banks are kept as reserve with the central bank. This leads to centralisation of cash reserve and facilitates working of credit control. These funds re of great significance during the time of emergency. 4. Custodian of Nation's Reserves of International Currencies: Central bank is the custodian of the foreign currency obtained from various countries. This has become an important function of central bank, these days, because with its help it can stabilize the external value of the currency. This function has become highly important after the World Depression of 1929 and the establishment of the International Monetary Fund. 5. Lender of the Last Resort: C entral bank works as lender of the last resort for commercial banks because in the times of need t provides them financial assistance and accommodation. Whenever a commercial bank faces financial crisis, central bank as lender of the last resort comes to its rescue by advancing loans and the bank is saved from being failed. Central bank helps commercial banks by discounting their bills and securities. 6. Clearing House Function: All the commercial banks have their accounts with the central bank. Therefore, central bank settles the mutual transactions of banks and thus saves all banks contacting each other individually for setting their individual transactions, in this way; the unnecessary cash ransactions between individual banks are avoided. 7. Credit Control: This is a very important function. These days, the most important function of central bank is to control the volume of credit for bringing about stability in the general price level and accomplishing various other socio-econo mic objectives. There are number of methods which a central bank may use for controlling the volume of credit such as bank rate, open market operations, change in reserve ratio and various selective controls. These methods have been discussed in detail in the next question.

Martin Luther King Jr., Lenard Pitts, Henry David Thoreau,...

In order for justice to prevail there must be realization that there are unjust occurrences that need to be dealt with, there must be action taken to show how immense the situation is and how rapidly it should be dealt with, and there must be nonviolent demonstrations for superb end conclusions. There are 3 steps in order for justice to prevail which were ideas derived from Martin Luther King Jr., Lenard Pitts, Henry David Thoreau, and Harper Lee. Those three steps will be explained and discussed throughout this thesis paper. The first step is realizing or â€Å"Bearing Witness† as Lenard Pitts would say, as stated in his speech Bearing Witness â€Å"We must claim our remembered passages.† In this quote Lenard was referring to realizing the†¦show more content†¦Step one is all about realizing what the extensive situation is to have a respite. The second step is to take action. When people don’t do the just thing there’s no other choice but to be the crisis solver, as stated in Martin’s letter titled Letter From Birmingham Jail, â€Å"justice too long delayed is justice denied.† The people denying others justice are the ones putting murderers in jail when denial of ones justice is all the same. Having to wait when knowing there won’t be order is impossible to do if knowing something can be done. Martin Luther King Jr. Letter From Birmingham Jail is a great example because the people in Selma had to take matters into their own hands since the justice system was being unjust as stated, â€Å"This ‘Wait’ has almost always meant ‘Never’.† In order for justice to prevail people had to take action since their government wouldn’t adhere to ones pleads for justice. Doing so people are able to open the eyes of others to show how unjust things are. Action is without a doubt one of the steps needed for justice to prevail. The third and final step is to take action but take i t peacefully as sated by Martin Luther King Jr. in December of 1964, â€Å"World peace through nonviolent means is neither absurd nor unattainable. All other methods have failed. Thus we must begin anew. Nonviolence is a good starting point. Those of us who believe in this method can be voices of reason, sanity, and understanding amid the voices of violence, hatred, and emotion. Martin Luther King Jr., Lenard Pitts, Henry David Thoreau,... In order for justice to prevail there must be a realization that there are unjust occurrences that need to be dealt with, there must be action taken to show how immense the situation is and how rapidly it should be dealt with, and there must be nonviolent demonstrations for superb end conclusions. There are 3 steps in order for justice to prevail which were ideas derived from Martin Luther King Jr., Lenard Pitts, Henry David Thoreau, and Harper Lee. Those three steps will be explained and discussed throughout this thesis paper. The first step is realizing or â€Å"Bearing Witness† as Lenard Pitts would say, as stated in his speech Bearing Witness â€Å"We must claim our remembered passages.† In this quote Lenard was referring to realizing the†¦show more content†¦Step one is all about realizing what the extensive situation is to have a respite. The second step is to take action. When people don’t do the just thing there’s no other choice but to b e the crisis solver, as stated in Martin’s letter titled Letter From Birmingham Jail, â€Å"justice too long delayed is justice denied.† The people denying others justice are the ones putting murderers in jail when denial of ones justice is all the same. Having to wait when knowing there won’t be order is impossible to do if knowing something can be done. Martin Luther King Jr. Letter From Birmingham Jail is a great example because the people in Selma had to take matters into their own hands since the justice system was being unjust as stated, â€Å"This ‘Wait’ has almost always meant ‘Never’.† In order for justice to prevail people had to take action since their government wouldn’t adhere to ones pleads for justice. Doing so people are able to open the eyes of others to show how unjust things are. Action is without a doubt one of the steps needed for justice to prevail. The third and final step is to take action, but tak e it peacefully as sated by Martin Luther King Jr. in December of 1964, â€Å"World peace through nonviolent means is neither absurd nor unattainable. All other methods have failed. Thus we must begin anew. Nonviolence is a better starting point. Those of us who believe in this method can be voices of reason, sanity, and understanding amid the voices of violence, hatred, and

Critical Examination of the Risk Management in an Organisation - Free Essay Example

Sample details Pages: 7 Words: 2213 Downloads: 2 Date added: 2017/06/26 Category Management Essay Type Analytical essay Did you like this example? The Task You are asked to research, critically examine and discuss the à ¢Ã¢â€š ¬Ã‹Å"risk managementà ¢Ã¢â€š ¬Ã¢â€ž ¢ process within an organisation. Examine and discuss each step below which forms part of the risk management process followed within an enterprise. Explain the reasons behind each step, what each step achieves for the enterprise and give examples. Risk Management process is a five step process first is by establishing or clearly understanding the risk in which the situation exist by considering the strategic context or the environment within the organization operates, the organizational context or the objectives, core activities and operations of the enterprise. Identify the risks or to recognize what could be wrong and what the consequence of it occurring. Risk can be physical relating individual injuries, ecological and weather conditions and the physical assets of the organisation such as property, equipment, buildings, vehicles, stock and grounds Financial risks are those that involve the resources of the organisation and include theft, attendances, loans, fraud, license fees, membership fees, insurance costs, and lease payments, pay-out of damages claims or penalties and fines by the government. Ethical risks that involve potential or actual harm to the reputation or beliefs of your club, while legal risks cons ist of responsibilities imposed on providers, participants and consumers arising from laws made by federal, state and local government authorities Analysing the likelihood and consequences of each known risk and deciding which risk factors will potentially have the most effect and should, therefore obtain priority with regard to how they will be managed it also involves comparing the level of risk found during the investigation process with earlier established risk criteria, and deciding whether risks can be established Risk management involves identifying the range of options for treating the risk, evaluating those options, preparing the risk treatment strategy and implementing those strategies it is about considering the options for treatment and choosing the most suitable method to achieve the required outcome. Options for treatment need to be balanced to the significance of the risk, and the cost of treatment matching with the potential benefits of treatment this includes: Accepting the risk for instance most individuals would consider minimal injuries in participating in the sporting activity as being an inherent risk. Avoiding the risk is about your organization deciding either not to continue with an activity, or choosing an alternate activity with tolerable risk which meets the objectives of your club. For example, a club wanting to raise funds may decide that a competition without a properly trained and accredited instructor, equipment etc. may decide a safer way of raising funds. Reducing the risk likelihood or consequences or both is usually practiced treatment of a risk within sport, for example use of mouth guards for players in some sports i.e. contact sports. Transferring the risk in full or in part, will usually occur through contracts or notices for example your insurance contract is perhaps the most frequently used risk transfer form used. Other examples consist of waivers, lease agreements, warning signs, disclaimers and ti ckets Retaining the risk is knowing that the risk treatment is not about risk removal, rather it is about acknowledging the risk is an vital part of the sport activity and some must be retained because of the inherent nature of the sport activity. It is important to consider the intensity of risk which is inherent and tolerable. Financing the risk means the organization funding the consequences of risk i.e. providing finances to cover the costs of implementing the risk treatment. Don’t waste time! Our writers will create an original "Critical Examination of the Risk Management in an Organisation" essay for you Create order Determine the objectives of the organisation Risk management is designed to provide the general methodology and approach to conducting a risk assessment. This includes the preparation work, risk workshop and reporting requirements. The purpose of the risk assessment is to identify the potential risks and opportunities and then rank them according to priorities and to Identify existing and potential control measure or risk mitigations to eliminate or minimise the risk in an organization identify exposures to loss Risk management begins with the identification process. It is important to keep in mind that risk are not static but are subjected to change in many ways, examples of how it can change is introduction of new products and services, new laws and regulations and new employees and customers. The element of change requires that identification process be ongoing, prior to the development of risk management as a recognized method for dealing with the risk of loss. Risk of loss can be categorized under three general categories property loss, liability and personnel loss Measure those same exposures Liability Loss Motor vehicle liability to the extent that operations of a automobile results in injury to others. In addition exposure represented by owned vehicles can incur liability from the operation of non-owned automobiles such as leased, rental or personal automobiles of employees used in business. Product liability or anyone who makes, sells or distributes products to be used by others is susceptible to liability if the product is defective or not fit for its intended use. Contractual liability is the risk of loss arising out of a particular undertaking that can be transferred from one party to another by the use of contracts. Pollution liability can be gradual occurrence over a period of time such as leakage form tanks or sudden or accidental such as fire, explosion or tank collapse. Professional liability is a growing area of liability exposure that is relating to the errors or omissions of employees acting in a professional capacity Damage to owned or l eased property has the loss potential associated with damage to or destruction of owned or leased property. The exposures are those related to buildings and their contents. Examples are electronic data equipment, media, machinery and equipment breakdown. Loss of use of property can result in both direct and indirect losses. A direct loss includes the loss of revenues and indirect loss include such as employee overtime, air freight, rental expenses for temporary equipment Select alternatives The economic models are formulated to provide the analyst with a quantitative base for studying the operations under his control. The method consists of four steps: Define the problem Formulate the model Run the model Make the decision Implement a solution Managing the risk associated with the hazards presents a number of unique challenges if properly managed, loss exposures can be significantly minimized. A key element in such plans is clear instructions concerning notification of appropriate agencies. It is important to have basic understanding of some of the laws that affect the management of the hazards and knowing agencies involved and the resources available that can reduce critically important response time. Monitor and review the outcomes. Monitoring and review is an ongoing part of risk management that is integral to every step of the process. It is also the part of risk management that is most often given inadequate focus, and as a result the risk management programs of many organisations become irrelevant and ineffective over time. Monitoring and review ensure that the important information generated by the risk management process is captured, used and maintained. Few risks remain static. Factors that may affect the likelihood and consequences of an outcome may change, as may the factors that affect the suitability or cost of the various treatment options. Review is an integral part of the risk management treatment plan. Examine and discuss a risk management frameworks standards model. Discuss the principles behind the model, the drivers and components involved in the process. Risk Management Frameworks A risk management framework is a description of an organizational specific set of functional activities and associated definitions that define the risk management system in an organization and the relationship to the risk management organizational system. A risk management framework defines the processes and the order and timing of processes that will be used to manage risks. Operations to reduce risk which includes the ongoing programs and activities performed by an organization to reduce risks to an acceptable and cost-effective level. These activities might include standard setting, performance audits, training and other risk management options Decision-making or corporate management where long term à ¢Ã¢â€š ¬Ã…“strategicà ¢Ã¢â€š ¬Ã‚  decisions are made and responsibility for decisions at the other two levels lies. Activities at this level might include consultation with stakeholders, monitoring operations to reduce risk and priority-sett ing among risk issues Risk assessment and treatment options where risk assessment is carried out and risk treatment options are identified. This high level framework provides a à ¢Ã¢â€š ¬Ã…“benchmark frameworkà ¢Ã¢â€š ¬Ã‚  for evaluation of other risk management frameworks. Elements of risk management frameworks as well as categories of risk criteria and basic capacities required by an organization for effective risk management.The design of a framework depends on the nature of risks it must manage, legal and regulatory considerations, available resources, and the relative value of risk assessment, operations to modify risks, risk communications, monitoring and review. The risk management framework closely follows the typical management decision-making structure of: 1.Identify and assess the situation 2.Consider treatment (decision) options 3.Decide 4. Implement management control 5. Monitor decision Examine and discuss each step below which forms part of the risk assessment process followed within an enterprise. Explain the reasons behind each step, what each step achieves for the enterprise and give examples Identification of relevant business objectives Historically, businesses have viewed risk as a necessary evil that should be minimized or mitigated whenever possible. Increased regulatory requirements have forced businesses to expend signify cant resources to address risk, and shareholders in turn have begun to scrutinize whether businesses had the right controls in place. Risk assessment provides a mechanism for identifying which risks represent opportunities and which represent potential pitfalls. A good assessment is anchored in the organizationà ¢Ã¢â€š ¬Ã¢â€ž ¢s defined risk appetite and tolerance, and provides a basis for determining risk responses. A robust risk assessment process, applied consistently throughout the organization, empowers management to better identify, evaluate, and exploit the right risks for their business, all while maintaining the appropriate controls to ensure effective and efficient operations and regulatory compliance Identifying events that could affect the achievement of objectives. Determining risk tolerance. Risk tolerance is so vital to any risk management program, that you cannot include a risk management process without evidently understanding the organizationà ¢Ã¢â€š ¬Ã¢â€ž ¢s risk tolerance. Risk tolerance is the equilibrium between risk-adverse or accepting very little risk and risk-seeking or accepting high levels of risk Setting risk tolerance is very significant, since an enterprise will make key decisions based on what has been determined to be acceptable risk. There are regularly used key risk indicators, but understanding how those metrics influence risk tolerance is a not easy and demanding task. Risk tolerance is also a persistently moving goal. Assessing the inherent likelihood and impact of risks. When assessing likelihood of occurrence of a risk, participants tend to over-evaluate risks which occurred recently or at all. If there is a reference point, people charged with evaluating will often attribute a higher likelihood to these recent events, even if the probability of occurrence has in effect been reduced by the (over)reaction to the event. If we cannot imagine a risk occurring, we cannot assess the potential impact of it and we tend to underestimate its impact. On the contrary, the more informed we are, and the more concrete a risk is formulated, the better we are at assessing its impact. Evaluating the portfolio of risks and determining risk responses. A portfolio selector for selecting an investment portfolio from a library of assets based on investment risk and risk-adjusted return is provided. The selector chooses a tentative portfolio from the library and determines a risk-adjusted return for the portfolio. The risk-adjusted return is computed by subtracting the average of multiple segment shortfalls from the average of multiple segment performances, over the same segments, based on analysis of market value data for the assets in the portfolio and for a baseline asset. The asset selection and computation is repeated until the risk-adjusted return of the portfolio satisfies criteria derived from preference data specific to an investor. A data storage medium encoded with instructions for performing the method is also provided Assessing residual likelihood and impact of risks. Residual Risk Impact is multiplied by likelihood to produce an à ¢Ã¢â€š ¬Ã‹Å"Inherent Risk Scoreà ¢Ã¢â€š ¬Ã¢â€ž ¢. For each risk, the controls in place will then be identified and assessed and the risk score generally reduced to arrive at the à ¢Ã¢â€š ¬Ã‹Å"Residual Risk Scoreà ¢Ã¢â€š ¬Ã¢â€ž ¢ The control should either reduce the likelihood that a risk will occur, or the impact of that risk if it were to occur. Residual risk is what is left after considering controls. If you rate risks on both Inherent and Residual Risk then you can show the change from Inherent to Residual which indicates the organizations dependence on the effectiveness of the control. If a critical risk is largely mitigated due to the presumed operation of a control or set of controls then it would be very useful for Internal Audit to validate that those controls are working as assumed. References: https://ntl.bts.gov/lib/7000/7400/7421/ch4.pdf https://www.irr-neram.ca/pdf_files/basicF rameworkMar2003.pdf https://www.pwc.com/en_us/us/issues/enterprise-risk-management/assets/risk_assessment_guide.pdf https://www.google.co.nz/?gfe_rd=crei=ALNNU-vcJcGN8QfSi4G4Bg#q=risk+tolerance+management https://www.google.com/patents/US5784696

Commentary on On Sitting Down to Read King Lear Once...

POEM : On Sitting Down to Read King Lear Once Again O golden-tongued Romance with serene lute! Fair plumed Syren! Queen of far away! Leave melodizing on this wintry day, Shut up thine olden pages, and be mute: Adieu! for once again the fierce dispute, Betwixt damnation and impassiond clay Must I burn through; once more humbly assay The bitter-sweet of this Shakespearian fruit. Chief Poet! and ye clouds of Albion, Begetters of our deep eternal theme, When through the old oak forest I am gone, Let me not wander in a barren dream, But when I am consumed in the fire, Give me new Phoenix wings to fly at my desire. COMMENTARY : The poem under study was written in 1818 after the completion of John Keatss 4,000-line poem†¦show more content†¦This indicates that the poet is willing to wander from the sweet thoughts these readings generate, the Golden-tongued Romance being a synecdote for chivalric romances in general. Moreover, the personification process is extended on line 4 since Golden-tongued Romance is addressed as though it was endowed with life and speech. Indeed, thine (...) Pages are the books. Moreover, the siren is used as a metonymy for the narrative insofar as the poet combines the two on line 4, the predicates Shut up and be mute referring to the nymph. Finally, the adjective olden alludes to this literatures ancient existence. In short, this first quatrain deals with the poets liking for medieval romances insisting on their enchanting power. Nevertheless, the latter wishes to dismiss them from his mind. And prosopopeia is aimed at showing that he is deeply affected by his rereading of King Lear. The second stanza is going to contrast images of beauty with what Shakespeares tragedy displays. Next, the second quatrain begins with the poet bidding farewell to pleasant meditations. But, we should first and foremost put this sonnet back in its context. We can easily presume that it is autobiographic, thus that Keats reveals us his own worries. In 1818, he is aware that he has short time left to live due to the fatal illness

Sense and Sensibility

Sense and Sensibility- Movie review Essay Ang Lee, who directed, and Emma Thompson, who adapted the screenplay, have done an excellent job of bringing Jane Austens Victorian novel, Sense and Sensibility, to the movie screen. The movies collection of actors are a joy to watch as they bring out the emotions of an otherwise polite and reserved era in time. The production work is top notch with bright, cascading photography that sets a romantic I wish I was there setting. The purpose of the Sense and Sensibility is to bring out the romance in all of us and show us that Austens philosophy of love exists today as much as it did two centuries ago. Sense and Sensibility could rightly be classified as a love story, but that would just scratch the surface of what this movie has to offer. It is also a period piece, giving us a chance to visit English society in the nineteenth century. Director Ang Lee brought us to this historic time with beautifully constructed sets and sites that drop us right into the country cottage of our heroines. This natural scenery, with its wide sweeping camerawork warps us back to a time without the loud annoyances of TV and machinery. By this example Lee sets the stage for the story to begin.. If there is one thing that keeps this movie constantly going is the work of the superb actors. The talent of the actors suited the roles they played, and their mastering of the characters bring personality and feeling to the screen. The story of the movie bases around two of these such characters who happen to be undergoing the same feelings of love but in strikingly different ways. Kate Winslet plays the wild, f atally romantic Marianne who cannot control her feelings. Opposite her is the experienced Emma Thompson who plays the reserved, intelligent Eleanor who is far more sensitive than she ever lets on. These two sisters embark on a romantic adventure that finds them searching for the right man. The two actors compliment each other with their opposite nature which balances the story perfectly. Yet, as wonderful as these two characters are, Alan Rickmans Brandon is the core of Sense and Sensibility. His performance is eloquent and beautifully controlled but you can tell the torment he fights inside. His voice may be confident and steady, but his eyes alert you to his true emotions. Brandons heartache touches you at the core but this heartache makes him more regal because of his perseverance. Hugh Grant compliments this array of actors by giving the film some classical slapstick comedy. He fits perfectly against the reserved Emma Thompson who will occasionally bring out that wide smile after one of Grants humorous anecdotes. Grant brings just enough charisma to his character of Edward to bring a little excitement to the movie. Although the film did not need use the blockbuster special effects of more recent movies, they satisfy the needs of the movie and there are no errors to distract the moviegoer. By doing this Ang Lee forced the watcher to envelop themselves into the emotions of the actors and not glitzy special effects. The story sweeps you away, and the added quality production work was just bonus to an already outstanding film. All the pieces of the film all seemed to fit in place and this is thanks to the work of the director. Ang Lee made sure that everything was perfect, from the historic costumes to the accents of the actors. This is also a compliment to Emma Thompson who had the trouble of constructing a screenplay that would honor the book, but would also move at a fast enough pace to entertain the reader. .u2f2ace0ae67e41fc5869361b62b20515 , .u2f2ace0ae67e41fc5869361b62b20515 .postImageUrl , .u2f2ace0ae67e41fc5869361b62b20515 .centered-text-area { min-height: 80px; position: relative; } .u2f2ace0ae67e41fc5869361b62b20515 , .u2f2ace0ae67e41fc5869361b62b20515:hover , .u2f2ace0ae67e41fc5869361b62b20515:visited , .u2f2ace0ae67e41fc5869361b62b20515:active { border:0!important; } .u2f2ace0ae67e41fc5869361b62b20515 .clearfix:after { content: ""; display: table; clear: both; } .u2f2ace0ae67e41fc5869361b62b20515 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u2f2ace0ae67e41fc5869361b62b20515:active , .u2f2ace0ae67e41fc5869361b62b20515:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u2f2ace0ae67e41fc5869361b62b20515 .centered-text-area { width: 100%; position: relative ; } .u2f2ace0ae67e41fc5869361b62b20515 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u2f2ace0ae67e41fc5869361b62b20515 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u2f2ace0ae67e41fc5869361b62b20515 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u2f2ace0ae67e41fc5869361b62b20515:hover .ctaButton { background-color: #34495E!important; } .u2f2ace0ae67e41fc5869361b62b20515 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u2f2ace0ae67e41fc5869361b62b20515 .u2f2ace0ae67e41fc5869361b62b20515-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u2f2ace0ae67e41fc5869361b62b20515:after { content: ""; display: block; clear: both; } READ: College - Staying True to My Roots EssaySense and Sensibility shows us exactly what a movie should be. The movies witty romanticism helps illustrate the Victorian era whose love is not so different from our own. This success is due to the actors who brought the story to a personal level. Without them we would not have felt the emotions of the characters, which made us long to love as they did. Category: Music and Movies