Deceptive Accounting and the Global Financial Crisis

Deceptive Accounting and the Global Financial Crisis Name Course Tutor Date Introduction As with other disciplines, all personnel in the accounting profession ought to uphold high standards of professional ethics. All firms ought to conduct their affairs with due regard to the welfare of the parties involved, the economy, and the interests of the public in general. As such, auditors and accountants ought to be ambassadors of transparency and accountability and their conduct must indicate as much. In the wake of the housing bubble, the integrity of the accounting profession came into question amid claims by observers that key professional services firms such as Deloitte Touchà ©, PricewaterhouseCoopers (PwC), KPMG, and Ernst Young were colluding with their client firms to perpetuate deceptive accounting in a way that the financial position of the client-firm appeared more stable and progressive. This helped the global financial crisis along. Amid the crisis, world economies tanked causing the fall of major economic giants. The unprecedented collapse of Lehman Brothers, American International Group (AIG), General Motors, WorldCom, Enron, Fannie Mae and Freddie Mac nearly took the global economy down with it. In light of emerging studies, corporate malfeasance was one of the leading causes for the collapse. All firms ought to conduct their affairs with due regard to the welfare of the parties involved, the economy, and the interests of the public in general underShow MoreRelatedA Multi Dimensional Inventory Analysis Of The Individual Benefits Of This Class By Putting Creating A Concise Plan1253 Words   |  6 Pagesthat I can apply the stakeholder management knowledge in the real business world. Even though, I might not be an entrepreneur after HULT, I still can use this knowledge as employee in a company. For the reason that I had work experience in financial and accounting for 5 years, but I have never consider about stakeholder management concept before. I think if I profoundly understood this management, I would have managed my work more effect ively and increased communication and collaboration in my workplaceRead MoreThe Parmalat Scandal Report : Parmalat2351 Words   |  10 Pagesemploying more than 36,000 employees. In 2003 the company collapsed with a â‚ ¬14 billion hole in its accounts and it is still considered the Europe’s biggest bankruptcy. Key Players in the scandal Calisto Tanzi - 10-year sentence for market rigging, accounting fraud(2009) Fausto Tonna, CFO - 2-year sentence for forgery, creating many offshore companies Grant Thornton firm - lawsuits filed dismissed in 2009 Deloitte and Touche firm Citicorp - Parmalat was ordered to pay $364.2 million When did it happenRead MorePossible Exam 310042 Words   |  41 PagesQuestions True or false: 1. Due to insurance arrangements and the securitization of mortgage investments, many U.S. bankers did not adequately gauge the risks of subprime loans. TRUE 2. A commonly accepted theory is that the Subprime lending crisis was due the Government placing more restrictions and regulations on the investment banking industry starting in 1999. FALSE 3. For the most part, the credit ratings granted to mortgage-backed securities did not accurately reflect the true riskRead MoreHome Depot Implements Stakeholder Orientation2623 Words   |  11 Pagescustomers, interest groups, the legal system, and the community often determine whether a specific action is right or wrong and ethical or unethical. II. Why Study Business Ethics? A. A Crisis in Business Ethics 1. Reports of unethical activities (accounting fraud, insider trading, falsifying documents, deceptive advertising, defective products, bribery, abusive behavior, harassment, and employee theft) are cited as evidence of declining ethical standards, not only in business, but also in governmentRead MoreHigh Risk Investments2521 Words   |  11 Pagesattracted to high-risk investments, such as exchange-traded derivatives, global funds, and other complex investment vehicles. The second section will concern the analysis of the risk associated with exchange-traded derivatives, such as futures and options, and what brokers might do to minimize the risk to investors. The third section will involve a discussion of the challenges related to regulating a complex global financial firm, and make suggestions for regulatory improvements. The next sectionRead MoreLehman Brothers : The Top 5 Global Investment Banks Essay2537 Words   |  11 PagesQ1. Lehman Brothers was the top 5 global investment banks who operated in U.S for more than 150 years providing services in Investment Banking(dealing with mergers acquisitions), Capital Markets(dealing with equity fixed income products), and Client Services(dealing with private client private equity businesses) to corporate, government, clients institutes having greater net worth . A brief history- 1. 1840- Henry Lehman migrated from Germany to Montgomery, Alabama and opened up a smallRead MoreDiscussion and Critical Review of the Equity Premium Puzzle2970 Words   |  12 Pagesphenomenon. This opinion is certainly relevant, considering the recent changes in the financial markets performance. During the past decade stock market outlived severe recession and crash of financial markets, that significantly decreased the average returns on equities and increased volatility. The second part of the paper will discuss both of these notions (selection and survivorship bias) and analyze recent financial data on stock returns observed in last 30 years. Myopic loss aversion Among theRead MoreDiamond Foods Accounting Scandal3150 Words   |  13 Pages Diamond Foods Accounting Scandal BACKGROUND: Founded in 1912 as a walnut grower cooperative, Diamond Food’s primary business involved buying walnuts from local California growers, processing the product, and reselling it. The San Francisco-based company converted from a cooperative to a public corporation in July of 2005, issuing its initial shares for $17. By 2010, Diamond Foods (DMND) had expanded and acquired a number of snack food companies including Kettle Brand ® Chips and Pop Secret ® popcornRead MoreThe Debt Crisis of Nigeria and Greece5186 Words   |  21 PagesThe debt crisis of Nigeria and Greece Introduction National debt is a problem that can inflict any country including the developed countries. Almost all countries go into budget deficit one way or the other and end up borrowing money. The most direct effect of the government debt is to place a burden on future generations of taxpayers. When these debts and accumulated interest come due, future taxpayers will face a difficult choice. Inheriting such a large debt cannot help but lower the livingRead MoreFraud Triangle Not Good Enough3956 Words   |  16 PagesStraight-line reporting authority Dual responsibility Single suppliers Local or regional service area Step-up salary structure CEO as businessman Businesses led by owners 2000s Matrix organizations Autonomous authority Multiple vendors and global trading partners Global reach Performance-based pay CEO as celebrity Businesses led by managers and directors Issues With the economic downturn forcing budget cuts, reorganizations, and work force reductions, the pressure on corporations and key individuals

Socrates s The Apology And Crito - 2040 Words

In 1. the Apology and Crito, Socrates explains his reasoning stating that it is better to be wronged, than to do wrong. Socrates was explaining to Crito than even though in their opinion that Socrates being put to death is wrong that they cannot do something wrong also. In the Crito one of Socrates main points is that â€Å"Even if your enemies have wronged you, you still have to do the right thing†. Socrates isn’t rejecting self-defense he rejects the notion of doing something wrong back to the person or the city. One of the many people putting Socrates to death, Meleteus is simply damaging his soul by doing such an injustice. In the Apology Socrates explains Socrates goes on to explain that he is damaging his soul, and if Socrates escapes he†¦show more content†¦In our own nation, the Boston Tea Party represented a massive act of civil disobedience.† Dr. King is tying the practice of civil disobedience that he was currently doing to past examples and showed that it was necessary at the time. By civil disobedience Dr.King doesn’t mean anything with physical violence he simply means disobeying the rules that are set in place. 3. In the sense that King and his organization promotes nonviolent action. He and his team believe that the strongest way to promote their message is to not retaliate to the backlash that they receive. Dr. King states in his letter that â€Å"Nonviolent direct action seeks to create such a crisis and foster such a tension that a community which has constantly refused to negotiate is force to confront the issue†. Dr. King had followed in the footsteps of Socrates and also Mohandas Gandhi which had both portrayed that non-violence is the way to get your point across and fighting fire with fire is never the answer. Part 2 1. In the Crito, Socrates explains that one’s moral duty to obey the law has many reasoning. An interesting explanation he had given that one has the responsibility to their city even if they think that the city is treating them unfairly. Socrates explains to Crito that him being born to the city (Athens) and living there until he is seventy he has taken on an agreement to be a citizen and follow their rules and regulations even if he disagrees with it. Socrates asks Crito â€Å"When one hasShow MoreRelatedSocrates s The Apology And Crito 2035 Words   |  9 Pages1. In the Apology and Crito, Socrates explains his reasoning, stating that it is better to be wronged, than to do wrong. Socrates was explaining to Crito than even though in their opinion that Socrates being put to death is wrong that they cannot do something wrong also. In the Crito one of Socrates main points is that â€Å"Even if your enemies have wronged you, you still have to do the right thing† . Socrates isn’t rejecting self-defense he rejects the notion of doing something wrong back to the personRead MoreTry to Persuade Socrates Friends to Save Him Against His Will1191 Words   |  5 PagesTry to persuade the Socrates`s friends to save him, against his will. Socrates Is one of the most colorful figures of the ancient Greek world, who the strangeness of privacy life have always been of special philosophical and political science. He was convict to death because he does not believe in God and corrupted the youth people to do the same. In Plato`s dialogue Crito, Socrates spent his last time in the prison. Crito is coming to save Socrates and have plans how toRead MoreSocrates Sides with Creon or a1379 Words   |  6 PagesSocrates#8217; Sides With? Through my reading of Plato#8217;s Apology of Socrates and Crito, I have been able to see how Socrates makes important decisions and what he primarily bases his decisions on. As a individual person we have individual morals which lead us to our own moral or immoral decisions. Sometimes are own morals or beliefs might oppose the views of the state or the enforced law that clams to find justice. In this case we rely on our own beliefs that may be through passedRead MorePlato s Apology And Crito983 Words   |  4 Pagesmarked the history of humanity on earth. In the following written works, Plato’s Apology and Crito, The Gospel According to Mark, and Dante’s Inferno, religion and politics are shown to be intertwined, which emphasizes the impact of each individual character in each written work. Also, these written works explain how politics are affected by religion and vice versa. Plato’s Apology and Crito are plays that explain how Socrates, who was considered an honored and the wisest man in all of Athens by the OracleRead MoreEssay on Socrates Fight for Justice1101 Words   |  5 Pagesworks Apology and Crito there is an attempt by Socrates to defend himself in court and defend his choice to receive the death penalty when found guilty. Although he makes very valid and strong arguments throughout one can only wonder why such a wise person would choose death over life. The following essay will analyze three quotes from Apology and Crito, find the correlation between them, and reveal any flaws that may exsist inside these arguments made by Socrates. In Plato’s Apology Socrates explainsRead MorePlato s The Trial And Death Of Socrates Essay1671 Words   |  7 PagesPlato’s The Trial and Death of Socrates presents the reader with complex competing conceptions of what should be considered â€Å"the good life†. According to Socrates, â€Å"the most important thing is not life, but the good life† (Crito, 48b). The majority, who live a non-philosophical life, believes the goods of life include wealth, reputation, and honor: all things that can easily be taken away or destroyed. On the other hand, Socrates lives a philosophical life filled with self-sufficiency. He views wisdomRead MoreSocrates World Views1549 Words   |  7 PagesSocrates Paper The goal of this paper is to discern and construct the world views of Socrates through the various readings, lectures and videos that we have seen in class. Some of these sources include: Socrates by G. Rudebusch; excerpts from The Last Days of Socrates by Plato; and The Allegory of a Cave. Of the nine world views covered in class, I will delve into my interpretation of four of them as seen through the various sources that we have been exposed to in class. These four world views willRead MoreComparison Between Crito and Apology1661 Words   |  7 PagesComparison between Crito and Apology For these two articles that we read in Crito and Apology by Plato, we could know Socrates is an enduring person with imagination, because he presents us with a mass of contradictions: Most eloquent men, yet he never wrote a word; ugliest yet most profoundly attractive; ignorant yet wise; wrongfully convicted, yet unwilling to avoid his unjust execution. Behind these conundrums is a contradiction less often explored: Socrates is at once the most Athenian, mostRead MorePlato: Normative Ethical Theory1077 Words   |  5 Pagesterms that focus on the moral agent. These thinkers are interested in what constitutes, e.g., a just person. They are concerned about the state of mind and character, the set of values, the attitudes to oneself and to others, and the conception of one s own place in the common life of a community that belong to just persons simply insofar as they are just. A modern might object that this way of proceeding is backwards. Just actions are logically prior to just per sons and must be specifiable in advanceRead MorePlato s Life And Accomplishments874 Words   |  4 Pageswas in his late teens or early twenties he heard Socrates teaching, he was so impressed with his teachings that changed his plans to pursue a literary career as a playwright; he destroyed his early work and devoted himself to philosophy. Plato studied philosophy, which means â€Å"love of wisdom† under the guidance of Socrates for the next nine years. Socrates taught by a conversational method, analyzing everything, which was known as dialectic. Socrates had his students find logic in most of their topics

Liaison in health setting Free Essays

string(57) " the associated stigma must be addressed and considered\." Introduction There are a number of factors to consider when discussing why Saudi children are obese. Broadly, these can be broken up into genetics, socio-economic factors and societal or cultural factors. When discussing the reasons for why obesity is so prevalent, one needs to make sure that the parameters of the discussion are strictly adhered to because this is a potentially very broad topic. We will write a custom essay sample on Liaison in health setting or any similar topic only for you Order Now For example, genetics includes a complex study of human genes that make a person more prone to obesity; however these will not necessarily be relevant to the discussion between the World Health Organisation and the Saudi Arabian health minister. The focus of this research therefore will be the examination of the socio-economic and cultural factors the development of childhood obesity and how best they may be treated by services offered in a mental health institute. Research The relevant research to the topic would include any primary and secondary sources of information on the topic. Firstly, it will be useful to uncover the socio-economic or cultural/social factors contributing to childhood obesity in order to determine a common thread between the U.K and Saudi weight trends. These can encompass anything from journal articles and reports to textbooks and studies. It will also be useful to determine the possible or probable advantages of using a mental health institution as a combatant to childhood obesity. This will include examination of primary and secondary sources of information about obesity as a mental health issue. There is a wide variety of literature on the relationship between mental health and obesity. In this way the research will focus not only on the treatment as obesity as a mental health concern, but also the likely causes of obesity amongst children. It may then be useful to determine the successes and failure of mental health practice s as a treatment for obesity, by examining research conducted on these methods and the outcomes. At this stage, the existing studies on the topic do not necessitate an independent research project, however with Western studies one must be mindful of the impact of cultural differences affecting Saudi. Cultural or Other Information Worth Noting Whilst the possible genetic contribution to obesity as well as inherited lifestyle factors from a parent-child relationship are largely inconclusive and highly subjective, the relevance of these factors to the development of childhood obesity and ultimately adult obesity must be noted (Parsons et al, 1999). In noting these factors, one must acknowledge that they perhaps create a predisposition towards an obesity creating lifestyle, however for the purposes of this report these will not be dealt with. Many socio-economic and cultural factors appear to adversely affect females more significantly than their male counterparts (Parsons et al, 1999). It must be emphasized that childhood obesity plays a significant role in a large majority of adult obesity incidence and the implications for the health-services and economy of a country are largely affected but the development of an obese workforce (Parsons et al, 1999). Externally, environmental and perinatal considerations have been indicated as the main contributing risk factors for development of childhood obesity (Ebbeling et al, 2002) such as â€Å"parental fatness, social factors, birth weight, timing or rate of maturation, physical activity, dietary factors and other behavioral or psychological factors† (Parsons et al, 1999). There is some consensus that these environmental factors are the primary source of childhood obesity (Ebbeling et al, 2002) which can be combated by simple, yet politically difficult solutions. There is some evidence of this to be seen in Saudi Arabia with a significantly higher incidence of childhood obesity occurring in the more urban settings with a disparity of over 30% between these two environmental factors in some cases (al-Nuaim, 1996). These environmental factors include diet, physical activity, effects of dietary pattern, the practice of the food sector and television watching. It is clear therefore that there is a link between the urban setting of a child and the probability of developing childhood obesity. In the majority of circumstances therefore, mental health care will have little effect on preventing obesity on a large scale and there is a strong connection between poor environmental factors and obesity. Obesity and Mental Health There is a distinction to be drawn between a mental health concern as a cause of obesity and the associated psychological factors that accompany childhood obesity. There is significant evidence conducted in studies around the world that contribute obesity as a result of a compulsive eating addiction disorder (Davis and Carter, 2009). The psychological effects of compulsive overeating or food addiction are comparatively similar to those of more ‘traditional’ substance abuse such as drug or alcohol dependency. There is a similar clinical and behavioral pattern formation in the use of food as a kind of drug with severe psychological and physical effects from withdrawal and tolerance levels. One can see a similar loss of control with food addiction, cravings and relapse-potential being ultimately incredibly high (Davis and Carter, 2009). A very effective treatment of this food addiction has proven to be cognitive behavioral therapy which has a proven success rate in drug addiction patients with a low relapse rate relative to other treatment options. A mental health option of treatment for childhood obesity targeting this compulsive overeating disorder is necessary. There is further a common experience of compulsive overeating being antecedent to some kind of sexual molestation or abuse in children. Whilst the compulsive overeating may be a manifestation of the trauma suffered by the child, there are obvious and very severe psychological complications associated with sexual abuse, therefore often in treatment thereof, one deals with the obesity as a part of the consequences of addressing the psychological repercussions of the abuse (Goldfarb, 1987). Mental health care facilities for the treatment of obesity may well be the most effective treatment as it may provide a certain level of trust and privacy for the patient or child in seeking early treatment. The reception of mental health treatment and the associated stigma must be addressed and considered. You read "Liaison in health setting" in category "Essay examples" Whilst there is no stigma generally attached to a lifestyle change promoting weight loss in either target location, there is a general stigma to be addressed with the implication of labeling a patient as an addict and the associated behaviors that one attributes to this disorder. Particularly in Saudi Arabia, one must consider the societal challenges that a general perception or attitudes towards mental health care that may be presented in either case. Particularly so because children are a vulnerable group in terms of impression by piers and society generally and if this stigma is not addressed, it could lead to further psychological complications. One needs to be careful to avoid any excess attention or bullying of the child if treated in a mental health institution, particularly because there is a misconception as to the nature of obesity and the effects thereof. It is important to also realize the effects of obesity on psychological factors independent of these ‘causes’, such as low self esteem and depression amongst children. There is research to indicate that not only is depression more frequent in obese children, however that there is a link between low self esteem and depression leading to increased experimentation with cigarettes, alcohol and drug-use (Strauss, 2000). These psychological effects, if untreated, will carry over into the adult lives of the patients which can lead to increased risk of suicide, self-harm and weight related health complications. This is particularly dangerous for female patients when considering that the prevalence of obesity is higher in females and much of global obesity is attributed to pregnancy and child-bearing generally. With the U.K and Saudi Arabia being countries that are closely linked to the idea of a family nexus, this is clearly a large risk for obese female children. Glossary Binge Eating Disorder (BED): also referred to as compulsive overeating addition disorder, compulsive overeating or food addiction. This disorder affects people by making a person feel compelled to overeat on a regular basis. This disorder is akin to other eating disorders such as anorexia nervosa, bulimia nervosa and ED-NOS (eating disorder not other specified) (NHS, 2012). Reasons for the development of this disorder include anxiety and depression. Cognitive Behavioral Therapy (CBT): a type of therapy that encourages change in the way that one thinks and acts in accordance to certain situations. Therefore, the therapy is cognitive in that it addresses how one thinks and behavioral in addressing how one acts (NHS, 2012). Challenges The challenge with this research is in the CBT and BED aspects of the respective countries. It is safe to assume that effective health care services can be given to those suffering depression, anxiety and low self-esteem with either party, however how does the establishment of a mental health care institute significantly improve the obesity statistics. A mental health care institution is highly advantageous to patients requiring in-patient care in the facility. Would it not be more efficient to provide a more effective out-patient mental health care facility where patients could receive long-term therapy without some kind of committalThis would save cost of building the facility allowing a reallocation of the budget to more staff to improve the reach of the institute and improve the research output of the institute. The social stigma attached to mental illness is great in both the U.K and Saudi Arabia. However, the private and conservative cultural climate of Saudi Arabia may make the goals of the institute more challenging as it would require a dialogue on a topic that is considered ‘taboo’ in many societies, i.e. addiction and potentially sexual abuse. Particularly with relation to children and sexual abuse, it is foreseeable that there may be challenges in collecting data for research such as this. With children there is a large element of parental control and with information as to the causes of obesity and the depth of CBT in psychological treatment, there may be hesitation on the part of the family to ‘allow’ treatment of the child. What other support and partnerships are looking to be formed in the establishment of this instituteThere are a number of associated medical professions that are absolutely critical in combating childhood obesity, such as general medical practitioners, dietitians and nutritionists, exercise consultants and a large need for a form of liaison between the institute and parents. The entirety of obesity as a disease cannot be treated in isolation and how does one continue to have a large reach for research and treatment if there are financial limitations on these projects, as well as requiring a thorough and high level of expertise. Conclusion The use of mental health facilities as a treatment programme for childhood obesity is undoubtedly effective. The parameters of this institution must be carefully monitored and defined in order to determine the best possible solution to obesity crisis facing the world. It is recommended that these facilities provide a strong out-patient programme to allow for greater reach in the community that it is looking to serve in order to reach a larger number of patients and create awareness and education for these issues surrounding obesity. Education on the issue is absolutely vital. The stronger emphasis on an out-patient programme will also allow a reallocation of resources to employ more health care professional serving an overall purpose of the mental health care institute – being to target childhood obesity. This also allows for treatment that is minimally disruptive to the child’s everyday activities and will not serve to isolate the child, as many in-patient programmes o ften do. One needs to be specifically mindful of the societal implications and stigma attached to mental health care services and in doing so look to mitigate any harmful societal or cultural effects that the treatment may have on the child or their relationships with peers and their family members, at the same time ensuring that there is an effective establishment of the required support network to aid the child in their journey. Bibliography Al-Nuiam, AR, Bamgboye EA al-Herbish A, 1996 ‘The pattern of growth and obesity in Saudi Arabian male school children.’ International Journal of Obesity and Related Metabolic Disorders : Journal of the International Association for the Study of Obesity, 20(11), pp 1000 – 5 Davis and Carter, 2009 ‘Psychobiological traits in the risk profile for overeating and weight gain: Psychobiological risk profile’ International Journal of Obesity, 33, s49 – 53 Ebbeling, Cara, Dorota B Pawlak David S Ludwig, 2002, ‘Childhood obesity: public-health crisis, common sense cure’, The Lancet, 460, pp 473 – 482 Goldfarb, Lori, 1987. ‘Sexual abuse antecedent to anorexia nervosa, bulimia, and compulsive overeating: Three case reports.’ International Journal of Eating Disorders, 6(5), pp 675-680 National Healthcare Service United Kingdom, 2012. [online] Available on http://www.nhs.uk/Conditions [Accessed 10 June 2012] Parsons TJ, Power C, Logan S Summerbell CD, 1999 ‘Childhood predictors of adult obesity: a systematic review.’ International Journal of Obesity and Related Metabolic Disorders : Journal of the International Association for the Study of Obesity, 23, pp 1 – 107 Strauss, Richard, 2000 ’Childhood Obesity and Self-Esteem’ Pediatrics?105, pp15 How to cite Liaison in health setting, Essay examples

Managing Risks of Organizational Accidents †MyAssignmenthelp.com

Question: Discuss about the Managing Risks of Organizational Accidents. Answer: Introduction: The AS/NZS ISO 31000:2009 Risk Management refers to a set of standards that are set to guide organizations in the process of establishing risk management strategies. Risk management is one of the most important aspects that all organizations should be concerned with. When an organization lacks strategies or addressing all the risks that it is involved in, it becomes vulnerable to events that may cause major problems in its operations. The occurrence of such events can affect the organization, its shareholders, and customers among other organizational stakeholders. In order to ensure that people are protected from the negative effects that might occur due to the occurrence of these risk events, organizations are required to abide by the set risk management standards. These standards help to ensure that the organizations have established risk management strategies that are highly effective and thus capable of preventing the existing risks from occurring (Young, T. 2007). The implementation of these standards is a process that all organizations require to understand. In order to implement them, the first step is changing the means through which risk is viewed. This can be identified as the process of making changes in the paradigm for both risk and risk management. The approach taken in the process of identifying and addressing the organizational risks is of significant importance. The second step is ensuring that the framework the organization utilizes in establishing risk management strategies is capable of addressing both the internal and the external organizational contexts. With this regard, the organizational systems and processes should be assessed to ensure that all aspects are included in the risk management framework that the organization is using (Rudzki, R. Trent, R. 2011). The third step is the evaluation stage where the organization should assess and ensure that its treatment of risks is effective. The goals, benchmarks, and targets should be assessed to ensure that they are completely effective. The other step is developing a plan in which the process of managing risks should commence. The plan should help in providing the means through which implementation of the risk management strategy should take place effectively. The fifth step should be the establishment of a process through which the process of risk management should proceed on without fail. This step is important because the lack of a solid plan that will help the organization ensure that all risks are addressed at all times is a major problem that might result in the occurrence of a risk event in future (Reason, J. 2016). Outline the difference between the Act, Regulations, and Codes of practice The Act, is simply a law that all individuals and organizations are required to obey. The failure to obey the law has significantly thorough consequences like fines or jail terms from processes of litigation of the organization. With this regard, therefore, the organizations have the responsibility and legal requirement to ensure that they fully comply with the act. It is also on the basis of the fact that the codes of risk management and standards are established. Regulations, on the other hand, refer to a set of rules that determines the process of risk management in an organization. The organization can establish its own regulations while at the same time the federal government has a number of regulations which it required addressed fully. Regulations guide how a certain process is carried out in an organization. The aspect of establishing risk management strategies in the organization while conforming to certain set standards is a process. The regulations guide how this process t akes place (Pandian, C. 2007). The code of practice of any organization refers to the means through which that organization operates according to its culture. It is simply the acceptable way of behaviour in any organization. If for example, the organization ensures that at all times, a risk mitigation strategy is established, its code of practice defines the reasons why this risk mitigation strategy is important and the individuals who have the responsibility of establishing the strategy. With this regard, therefore, the organizational code of practice defines the means through which that organization should operate (Theodore, M. 2013). From my organization, certain set procedures are followed in order to ensure that it remains fully capable of mitigating the occurrence of any risk that might possibly occur. In order to ensure that a plan to address this aspect is in place, the organization begins by making a general assessment of the possible risks that it may have, whose occurrence could lead to major problems in its operations. This process helps in ensuring that there is no risk event that may surprise the organization by its occurrence. After all the risks that affect the organization have been determined, the other important aspect of consideration is the establishment of mitigation strategies through which these risks will be addressed. The organization establishes the strategies that it will utilize to mitigate these risks and ensure that even in their occurrence, it cannot be negatively affected (Frank, A. 2007). After implementing the solution to these risks, the organization then establishes a process to determine the effectiveness of the mitigation strategies. This process helps to ensure that the strategies established are effective in mitigating the defined risks. Over time, changes occur in the organization, which also make differences in the initially established risks. In order to ensure that the organization does not become vulnerable to new risks due to the changes that occur, the process of risk assessment and mitigation solution establishment is made regular. The organizations, therefore, carry out the risk assessment and solution generation regularly, an aspect that makes it capable of eliminating any form of risk that might occur and cause negativities (Greggory, 2005). How might you adjust your risk management to incorporate disabled employees/customers? In an organization, disables employees and customers are more vulnerable to the occurrence of certain events compared to healthy and fully capable individuals. Regarding safety, for example, the standards of risk mitigation are focussed on individuals that are fully capable and able, an aspect that exposes disabled individuals. With this regard, important changes can be made to these standards so that the risk mitigation strategies that an organization implements in its process of operation can include even the disabled individuals. Adjusting the standards of risk mitigation and the organizational regulations to include the categories of disabled employees and customers could help to ensure that the risk management plan of the organization is fully inclusive of all individuals including the disabled people. With this regard, therefore risk mitigation plans should fully include all individuals (Melton, T. 2007). The activity of monitoring the risk management plan is important since it helps an individual or an organization to determine whether the plan in place is effective. In order to ensure that I fully manage to monitor my risk management plan, an assessment of the effectiveness of the plan is important. With this regard, the monitoring process involves the process of regular assessment of whether the organization can suffer negative impact after the occurrence of a risk, despite the existing risk mitigation strategies. When there is regular assessment, it is easy to identify any form of ineffectiveness and thus improvement changes are made. To monitor my risk management plan, therefore, I will use the general step of regular assessment on how the organization operates and its risk mitigation strategies. These strategies can help in ensuring that all individuals remain in complete capability and effectiveness (Grady, 2010). How would you communicate your risk management plan to the relevant stakeholders? The risk management plan is important for all stakeholders of the organization, mostly because the occurrence of any risk even within that organization significantly impacts them. With this regard, therefore, the risk management plan is important to consider and communicate to the stakeholders. The most appropriate way through which I would communicate the risk management plan is through a general meeting where all the relevant stakeholders are invited. Within this meeting, important information would be passed to include all the individuals that have any form of interest in the operations of the club and those that are interested in how the club is able to perform. For a short duration of time, I have been an employee in a marketing organization, which involves in the activities of marketing products from through the use of the internet among many other platforms. For this short duration of time that I have been an employee in the organization, I have managed to realize a large number of organizational problems which can cause the organization to experience significant negative consequences on their operations. To begin with, the organization hired new employees but did not organize any form of training and development program which could help in equipping the newly hired employees with marketing skills to increase their effectiveness within the organization. With regard to this organizational problem, the risk that I identified which the organization is vulnerable to, is the risk of employee ineffectiveness. This risk has the capability of making the organization less effective in its operation, less capable in addressing the organizational is sues and even completely unable to remain profitable. This section of the paper is addressed in reference to this organizational risk (Alberts, C. Dorofee, A. 2003). What part/s of the legal framework will impact on this risk? The legal framework regarding organizational risks aims at protecting the interests of organizational stakeholders like investors, who only invest their funds and money with an aim of gaining returns. It also aims to protect consumers of the products and services that the organization offers, to avoid having them exploited through the services and products that the organization offers them. With regard to this risk, the legal framework that has an impact on it is the need for the organization to deliver quality as the agreement between it and the clients require. Any contract that is binding between two parties is recognized by law. When the organization agrees to make adverts for any client, quality of the service is of paramount importance. With the occurrence of this risk, however, quality of the services provided would be compromised (Khatta, 2008). The standards that presently apply are the standards which involve quality of the adverts that the organization makes. A high-quality work helps the organization to manage to maintain a high level of effectiveness in all the operations that it involves in. clients of the organization have one major requirement, which involves the quality of work that the organization provides. With this regard, therefore, the standards that concern quality of the services that the organization offers its clients are the standards that apply with regard to this risk. This risk addresses a large number of areas. To begin with, it addresses the area of the commercial aspect of the organization. When the employees become ineffective, the organization attains the general problem of operational ineffectiveness. This aspect reduces the number of clients willing to work with the organization, an aspect that affects its commercial section significantly. The other area that this work addresses is the area of employee satisfaction. An employee can only be fully satisfied when he or she is able to carry out the give duties and roles within the organization effectively. When the ability to be effective in the contribution that any employee makes in the organization is limited, however, that employee becomes less satisfied There are different types of risk, including legal, financial and safety risk. Which one/s do you think to apply in your case? Risks can be grouped into different types. In the case of the occurrence of this risk, however, the financial category is the most appropriate to group this risk. This is because the risk of an organizations inability to ensure that employees are fully equipped with the skills that they need to carry out their roles and duties effectively reduces the ability of that organization to be profitable and regarded as appropriate. With this regard, therefore, the risk of lowly skilled employees and organizational ineffectiveness with regard to quality service delivery is financial. In general, any major problem that the organization may have can be blamed on the organizations management. To be specific, however, the problem of employee training and development can specifically be pointed on the organizations human resource department. This department plays the role of dealing with all matters regarding employees within the organization. With this regard, therefore, the human resource department of the organization is responsible for addressing this risk (Lee, E. Jones, D. 2004). The stakeholders refer to the specific individuals in an organization that can be affected by the occurrence of the risk. The internal stakeholders who will be directly affected by this risk include the organizational investors since the decrease in organizations gains will also decrease their gains and the organizational employees, who are likely to be pressured to do better after their ineffectiveness is realized. The objectives of these stakeholders are to improve the effectiveness of the organization in order to increase their gains. The external stakeholders, on the other hand, refer to the stakeholders that are affected by the organizations risk occurrence indirectly. With regard to this risk, these are the clients or customers of the organization. The ineffectiveness of the organizations employees affects them negatively since they are less capable of maintaining effectiveness. The risk of employee ineffectiveness has the capability of being influenced by a large number of factors. Due to this reason, there are a number of the important aspect that should be put into consideration, when an assessment of the possible organizational changes that may impact it is being considered. The technological changes, for example, might require employees to increase their skills. The economic changes can also require organizational skills to be more competitive, in order to attract the few available clients. From the SWOT analysis of this aspect, the main strength of this is the fact that the organization has the ability to detect these changes and adjusting to their requirements. The main weakness is the fact that the organization has less competitive employees, who are not highly trained. The opportunity is that the organization can improve significantly when employee training strategies are established. The threat is that other organizations have highly capable employ ees, thus increasing competition for the organization (Pritchard, P. 2000). Outline how critical success factors will influence this case? The critical success factors refer to the factors that are significantly important to consider. All organizations require establishing certain important factors that will help in ensuring that individuals manage to remain completely effective in the activities that they involve in. the critical success factors of the organization will influence this risk by establishing a requirement to create strategies through which it can be mitigated. This aspect is important because when the risk continues unchecked, it has the ability to cause the organization not to develop effectively. Communicating any changes to all the relevant organizational stakeholders is important. A memo is the most appropriate method to utilize in communicating any changes to these stakeholders over time. A meeting can also be organized to serve the same purpose after a short period of time. Research on how the organization is proceeding is of paramount importance to the organization. It is through it that the organization can manage to ensure that it is proceeding to the right direction and that it is highly appropriate for the operations that it involves in. additional research that is important and appropriate is the research on the means through which the organization can train the employees effectively while avoiding any form of ineffectiveness in the training. This research could help in ensuring the organization remains completely effective in the employee training activity (Rausand, 2011). Risk Matrix Consequences Level of Risk Complete financial breakdown Major Financial problem Moderate financial problem Minor Financial Problem Negligible financial problem organizational ineffec-tiveness employee ineffec-tiveness Customer dissatis-faction Employee dissatis-faction Decreased number of customers Likelihood What is the likelihood of this problem arising again? What are the possible consequences of this risk? After a solution to an employee, ineffectiveness has been implemented in the organization, there is a low possibility of the problem arising again. This is because the trained employees will have the skills they need to carry out their duties and roles in the organization. The possible consequences of this risk include the organizational decreased effectiveness in its operations, poor coordination and the lack of organizational effectiveness. The first priority action of this risk is the training of the newly employed employees in the organization. This is the group of individuals that have significantly low skills in the organizational marketing activities. The other priority is to increase the skills of the rest of the employees through further training. I would consider this risk priority because it has the ability to maintain effectiveness and ensure that the organization manages to attain a high level of effectiveness on how it operates (Waters, 2011). In this case, the organization has a large number of opportunities to exploit. The first opportunity is that of increasing employee training, which will help in ensuring that individuals remain effective in the activities that they involve in. The second opportunity is that of attracting more clients from the high level of organizational effectiveness. These opportunities can be used in increasing the effectiveness of the organization and thus increasing its gains. I can utilize a number of ways to minimize risk. To begin with, I can at least establish a number of regular training programs which will ensure that any organizational employee is equipped with the necessary skills and capabilities before working for the organization. I can also increase the requirements of organizational employees when interviews are being held, in order to ensure that I only employ the highly skilled and qualified employees who do not need any further training (Anderson, T. 2006). Since it is difficult to ensure and determine whether a new recruit into the organization has all the skills needed until an assessment is made, the most appropriate risk option is the training option where the newly employed employees are passed through training sessions to equip them with the skills they need in order to operate effectively in the organization. Briefly, explain the risk action plan for this assessment The risk action plan outlines the plan of the action that should be taken to address a certain risk. For this assessment, the risk action plan is establishing risk strategies that will help in ensuring that all organizational employees obtain the skills that they need in order to remain highly effective and beneficial in the activities that they involve in. What documentation and records do you think you will need to maintain and file before, during and after the action plan is implemented? Why? Documentation, especially one that involves activities that are beneficial and highly appropriate is significantly important. Before implementing the risk mitigation plan, a documentation of the intended skills for the employees is appropriate. During the process of the implementation, a documentation of this process is appropriate. After the implementation, a documentation of the changes observed is appropriate. These documentations are important because they can help to guide any other similar process (Boulder, F., Slavin, D. Lo?fstedt, R. 2007). You need to be able to implement the action plan. What do you need to do? Briefly, outline how you will implement each step. The action plan is as explained significantly important. The first step of the implementation is an employee assessment to determine the necessary and missing skills. The second step is making a plan on how these employees will be equipped with the necessary skills. The third step is the training of the employees following the plan established earlier. The other step is the assessment of employee skills to determine whether they have improved. The other steps are the assessment of the general organizational improvement changes obtained. How often will you communicate with stakeholders? Communicating with stakeholders is of paramount importance. In order to ensure that they are all informed of all the processes that are in progress, I will ensure that I communicate with them when the action plan is in its initial stage when it is in progress and after it is complete. In these stages, I will explain the progress of the action plan, its aims and its achievements to these stakeholders (Frenkel, M., Hommel, U., Rudolf, M. Dufey, G. 2005). Case evaluation will help in understanding the situation and determining whether the solution intended is capable of producing the required results. The risk analysis matrix tool can be utilized to assess and determine the level of operation of this risk. This tool has the capability of determining whether the organizational strategies of addressing the risk in question are sufficient in providing positive and the intended result. I will, therefore, utilize this tool to evaluate my case (Hull, J. 2015). References Alberts, C. Dorofee, A. 2003.Managing information security risks : the OCTAVE approach. Boston: Addison-Wesley. Anderson, T. 2006.Perspectives on strategic risk management. Kge, Denmark Herndon, VA: Copenhagen Business School Press. Bouder, F., Slavin, D. Lo?fstedt, R. 2007.The tolerability of risk : a new framework for risk management. London Sterling, VA: Earthscan. Frank, A. 2007.IT assurance guide : using COBIT. Rolling Meadows, Ill: IT Governance Institute. Frenkel, M., Hommel, U., Rudolf, M. Dufey, G. 2005.Risk management : challenge and opportunity. Berlin New York: Springer. Grady, J. 2010.System management : planning, enterprise identity, and deployment. Boca Raton: CRC Press/Taylor Francis. Greggory, K. 2005.The owner's role in project risk management. Washington, DC: National Academies Press. Hull, J. 2015.Risk management and financial institutions. Hoboken, New Jersey: John Wiley Sons, Inc. Khatta, R. 2008.Risk management. New Delhi: Global India Publications. Lee, E. Jones, D. 2004.Landslide risk assessment. London: Thomas Telford. Melton, T. 2007.Project management toolkit : the basics for project success. Amsterdam Boston: IChemE/Butterworth-Heinemann. Pandian, C. 2007.Applied software risk management : a guide for software project managers. Boca Raton, Fla: Auerbach Publications, Taylor Francis Group. Pritchard, P. 2000.Environmental risk management. London: Earthscan Publications. Rausand, M. 2011.Risk assessment : theory, methods, and applications. Hoboken, N.J: J. Wiley Sons. Reason, J. 2016.Managing the risks of organizational accidents. Abingdon, Oxon: Routledge, Taylor Francis Group. Rudzki, R. Trent, R. 2011.Next level supply management excellence your straight to the bottom line roadmap. Ft. Lauderdale, Fla: J. Ross Pub. Theodore, M. 2013.Portofolio, program and project managemnet in the pharaceutical and biotechnology industries. Hoboken, N.J: Wiley. Waters, C. 2011.Supply chain risk management : vulnerability and resilience in logistics. London Philadelphia, PA: Kogan Page. Young, T. 2007.The handbook of project management : a practical guide to effective policies, techniques and processes. London: Kogan Page.