Turnbull compliance in risk management - Free Essay Example

Sample details Pages: 8 Words: 2509 Downloads: 1 Date added: 2017/06/26 Category Management Essay Type Argumentative essay Did you like this example? Briefing Document on ensuring Turnbull compliance and implementing an enhanced Risk Management programme Introduction Snibbo Metal Fasterners Ltd was initially created by Jonathan Snibb from a patented fastener call à ¢Ã¢â€š ¬Ã…“Reepokà ¢Ã¢â€š ¬Ã‚  in 1926. He turned over control to his son Adrian in 1935 and currently employees over 600 employees which are mostly based in Leeds. The company is currently a Limited organization in which Adrian Snibbo owns 50% and the Ablel family is in control of the other 50%. They currently do not have an operational risk manager and the new Deputy Managing Director is having many problems instituting changes for the organization as he is forced to answer directly to the two major shareholders. Operating within Turnbull compliance along with developing other sound risk management policies should enable Snibbo Metal Fasteners Ltd to increase competitive advantage and increase shareholder value. The first step to make th is a reality is an weekend educational workshop on risk management and ità ¢Ã¢â€š ¬Ã¢â€ž ¢s future implications to Snibbo Metal Fasteners Ltd. Workshop Section 1- Theory and Gross Action Part A- Identifying what operational risk management (ORM) is- The most basic idea for operational risk management is to look at every process within the organization and break it down into ità ¢Ã¢â€š ¬Ã¢â€ž ¢s component actions. Each one of these actions are dependent on another which will lead into a web of dependency within the organization. For Snibbo Metal Fasteners the most obvious dependency is that they are dependent on their supplier Plastic Fittings Ltd. ORM is used during this to assess all the processes within the firm to develop strategies and production methods to lower this risk of dependency. The majority of this is done through analysis and continuing production changes to manage the risk and lower the chance for any future problems. Advantages of effective risk manage ment is almost completely implied in the name, a company who has established risk management policies is less likely to fail and generates more consumer confidence and therefore gains competitive advantage along with increased shareholder value. A key ORM action are the ideals outlined in the Turnbull Report in 1999. Part B- Turnbull Report- Continuing ORM for internal control- The Turnbull Report is a guide for managers to establish ongoing risk management for all internal actions. Policies formulated based on the report are used to create a dynamic risk management environment within the organization that are monitored all the time by the directors. Within this, the directors themselves must operate with these ideals as well by adhering to strict guide lines and goals set at regular monthly if not weekly basis. Past ORM policies were usually created and monitored yearly which is very different from Turnbull ideas which are required to be embedded into every action that the co mpany takes. Below is a list of the key Turnbull concepts. 1. Policies to be embedded within the firms actions instead of being operated as a separated entity 2. Be able to change in accordance to new risk within and out of the company 3. Empowerment of Managers to implement changes to lower risk in their own areas Section 2 will cover the individual implications on Snibbo Metal Fasteners Ltd. along with the major policy changes to enforce this idea Part C- Action By identifying the large advantages of an established risk management policy we have decided to hire an Operational Risk Manager to encourage change immediately. Section two covers the concerns within Snibbo Metal Fasteners and Section three covers the implementation plan to address these concerns. It should be noted that Turnbull compliance is only one factor in effective risk management and all policies are required to be flexible in accordance to the situation. Section 2- Issues Part A- Goals/ Di rector Communication Snibbo Metal Fasteners Ltd. Truly needs to establish goals along with pre-established powers granted to the managing bodies. Currently the new director Cain has been trying to make positive changes only to be stopped by Abel. As Snibb and Abel are both major shareholders and Directors within the company, it should be them who sit down along with Cain and establish a business strategy for the next period. Within this Cain along with the new operational risk manager should be in charge of the implementation of this and given the necessary authority to make change. This would create a more positive environment for the firm to operate within and allows the organization to operate more like a limited entity which is out to create shareholder value over the current situation of a glorified partnership. Part B- Current Production Analysis As there was not a previous risk manager, a thorough assessment of the firms production methods needs to be analyzed to det ermine if any current risk of not delivering to clients exists. These need to be looked at to establish a current risk level within the firm and then to implement any required changes based on the level. Once all immediate changes are instituted employees should be educated and guided through nonstop risk management processes in order to establish ongoing risk management in accordance with the Turnbull report. Part C- Human Resource Protection The strongest factor in the risk management process are the people (Crouhy and Mark, 2003). This is even more true with Turnbull compliance as it is dependent on ità ¢Ã¢â€š ¬Ã¢â€ž ¢s employees to constantly monitor risk levels in the firm. Currently Snibbo Metal Fasteners Ltd pays its employees all under 20,000 a year with no perks at all. This will contribute to the overall risk as they must have a higher then normal turnover rate. The more experienced an employee has within the firms environment, the better they will produce and more appropriately for this brief, the better they will be able to access current risk and be able to make required adjustments. The end result is by implementing a bonus and/ or benefits scheme into the employment package Snibb and Abel will be able to increase production and lower risk which all contributes to increased shareholder value. Part D- Suppliers With the current notion of changing their sole supplier, they need to assess several possibilities. The current delivery of products to the clients from order is 10 days. With the current supplier being near, this decreases the overall risk of the value chain as any production problems will not be delayed further from supplier delivery. By taking on a supplier half way across the world, the risk increases even if the costs decrease as any problems will be amplified by the large increase in delivery time. A look at the Chinese firms production methods and quality assurance policy should be required before any action is taken. On ce this is done, the current supplier still should not be completely cut out of the business as they have been dependable for years and could help if there are any delays from China. Part E- Value Chain Analysis- Internal/ External The basis of managing risk is for effective strategies to operate within in order to generate value for consumers and therefore increase competitive advantage. To do this, you need to determine how you compare to your competitors. A value chain analysis would be a requirement on any competitors that Snibbo Metal Fasteners Ltd. has in order to compare to their own. This would then be assessed and any required changes to either meet or defeat the competitors be implemented if possible. This would enable Snibbo to possibly increase their market share but at the very least maintain their current one. Within this, research should be done into new international markets to determine if there are any future possibilities for expansion. Part F- Indirect R isk Assessment As there is an obvious production engine which needs to be analyzed, there can be other factors of risk that could harm Snibboà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance. This could include health and safety issues, improper accounting methods, discrimatory employment practices, or even improper levels of employee training which could lead to neglect. These are all legal issues which need to be enforced efficiently and effectively. Although these risks are minimal, any one of them is capable of bringing production to a halt or be extremely expensive. Proper polices need to be addressed to ensure all of these risk problems are handled correctly. Section 3- The Plan Part A- Hire Operational Risk Manager (ORM) This needs to be done first as the best risk managers are experienced which mean they will know what to look for in concerns to problems. The first task of the manager is assess any current risk and implement policies or structural changes to fix the problems. The scope of the ORMà ¢Ã¢â€š ¬Ã¢â€ž ¢s job is to be an informer to the Directors and an educator to the employees. By having a risk specialist on the factory floor the overall risk management capabilities will be increase everyday as he/she creates a learning environment within the workplace. This is an important factor to operate within the Turnbull guidelines as education institutes risk management into every action. On a monthly basis (unless something requires immediate attention) the ORM will produce risk reports to the Directors along with any suggestions for change. Conceptually it should be important to keep the manager in close relation to the Directors in concerns to company strategy but kept a part from developing company direction to ensure risk assessment is done as impartial as possible(Crouhy and Mark, 2003). Part B- Research Current Competitive Advantage Done to create an accurate picture of the industry and to determine any future strengths, weaknesses opportunit ies and threats. Once this is established both internally and externally, proper competitive advantage can be recognized and possible opportunities or threats can be noted for future strategic action. This research should also include analysis into the new supplier option for packaging. Part C- Development of Concise Goals and Direction Snibbo Metal Fasteners Ltd has been having problems with the direction. Snibbs and Abel both want the company to be successful but are unwilling to give Cain the power to make the required changes. Snibbs, Abel , Cain and the new ORM need to sit down and discuss their operations with the idea of instituting change. These goals are not necessarily just for sales but for change in any operations. To be effective risk managers they need to look at the companies efficiency, technological changes, competitors, branding, financial, procedural, political and determine what changes can be made to maximize good for the firm with all these forces (Blackb urn, 1999). Once established Cain and the ORM need to be empowered to make these changes. Part D- Policy Formation Once the company goals have been established, it is up to Cain and the new ORM to establish new policies to produce the desired results. The following is a list of policies to combat the recognized risk problems: 1. Production Streamlining- See if increased technology, training, or operational management can lower costs or increase production. This includes decisions made on the supplier change (a mix of the two would lower risk while gaining some cost saving benefits) 2. Quality Control- Step by step quality control measures need to be implemented in order to protect all stages of the production system from any risk. 3. Employee Education- Workshops similar to the current one to keep employees updated with risk management processes 4. Bonus/ Benefit Schemes for Employees- developed to increase production and lower turnover 5. Health and Safety Comm ittee- A core group of employees created to assess and handle any health and safety concerns in the work place 6. Standardized Processes- To ensure quality control, all steps in the process will require quality checks. This extends past actual production to standardize any query formation, sales, changes etc. What this will do is set everything into ità ¢Ã¢â€š ¬Ã¢â€ž ¢s own monitorable process so that any changes/ requests within the company will be authorized by the right people before action takes place. The end results is the people who have the most knowledge of risk on a subject will be able to review the request before taking action. The key with this to promote Turnbull compliance is to ensure that the processes are created to be hassle free so not to hinder the operating activities of the company from bureaucracy. Plan E- Reporting Different from normal ORM, the Turnbull Report encourages constant reporting which is developed with the regular production methods. On a monthly or possibly even weekly or daily basis risk management reports need to be generated for all fields in the business. During production, quality control tests need to be done before components are passed to the next stage, periodic employee reviews need to be done to assess the labor force, monthly financial reports along with sales invoices need to be checked for performance problems. All of this gives an up to date picture of performance and risk which can be used to determine if any changes need to be made. Plan F- Assessment With the constant reporting to management, company strategies can be adjusted on a short term basis to compensate for changes in the market or internally (Blackburn, 1999). This assessment and ability to change current policy very quickly will allow Snibbo a competitive advantage in their industry. Plan G- Constant Improvement/ Research Turnbull compliance is all about continuing change and Snibbo should take advantage of this. The compe tition is constantly changing and Snibbo needs to be educated at every step internally and externally. The process for risk assessment as laid out before is used to improve current operations but as it is repeated on a daily, weekly, monthly level the company starts to become more and more dynamic. The ability to change enables the company to constantly lower risk while becoming more and more competitive (Crouhy and Mark, 2003). This may require an investment into market research but the majority of the information will be available to the company as they maintain a learning environment. Everytime the process repeats itself, employees are becoming more and more educated on risk management which allows for a constantly increase capacity to manage risk. After this, the directors and ORM gather together to determine the next periods goals and to assess any other risk related issues. Conclusion The main problems with Snibbo Metal Fasteners Ltd is that the shareholders are also the directors. This skew of shareholder value versus managerial competence makes it hard for a none owning director to make changes. Turnbull ideals is very effective in lowering this risk as goals are set before the changes which empowers the manager to institute change. Cainà ¢Ã¢â€š ¬Ã¢â€ž ¢s ideas are good but required a ORM to communicate their risks along with the ability to accurately weigh these risks. The introduction of a ORM is important to any company but they are only limited by their own knowledge so should not be completely dependent on. The best risk management practice is the employment of an educated and competent human resource which can predict and lower risk before any problems occur. References S Blackburn (1999) Managing Risk and achieving Turnbull compliance Accountants issue 417, October isbn 1 84140 416 Stephen Ward, (2004) Risk Management: organisation and context Witherby Co Ltd Crouhy, Michel and Mark, Robert( 2003)à ¢Ã¢â€š ¬Ã‚ Risk Managemen tà ¢Ã¢â€š ¬Ã‚  McGraw-Hill. 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Biography Of Martin Luther King Jr. - 893 Words

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COMMONWEALTH of Pennsylvania, v Paul David CREWS Free Essay Example, 1750 words

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The Middle East amidst the Cold War Free Essays

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Monitor and Manage Lease or Tenancy Agreement †MyAssignmenthelp

Question: Discuss about the Monitor and Manage Lease or Tenancy Agreement Management. Answer: Introduction: The tenant is entitled to confidentiality with regards to how their personal information is used by the lessor. The information may be with regards to their sources of income and financial institution they are using. Other confidential information may touch on race, religion and sexual orientation. This information is confidential and protected by the law and should not be divulged to third parties (OAIC, 2017). Third parties may include marketing companies and financial institutions which may use the information to solicit business from the tenant. The tenant information may not also be shared with other lessors within the particular area. This may unfairly prejudice the tenant in the event that they do not conclude and sign an agreement with the first lessor. This may be in the form of credit reports about the tenant. The fixed term contract can be extended by the tenant and lessor agreeing to sign a new agreement or by doing nothing so that it lapses into a periodic agreement until completion of the expiry date (NSW, 2017). Before the fixed term can be extended the tenant needs to give the mandatory 14 days notice to the lessor of their intention to extend the lease. The periodic agreement can also be formalized as an agreement which is continuous or monthly (Tenants Union Act Inc, 2016). If there are changes in the current terms, then a new agreement should be signed which spells out the material changes as a new agreement Management. This involves signing a new tenancy agreement using form the New South Wales 2010 tenancy form and both parties should retain copies for reference. New fixed term agreements spell out the terms and conditions between the lessor and tenant. This is set out in the Residential Tenancies Regulation 2010 Schedule Form (NSW, 2017). The form also contains an addendum for properties with swimming pools or spas which should also be filled.The agreement should state the personal details of the tenant, starting and expiry date and terms of payment. The standard terms of delineating boundaries of what the two parties can and cannot do are also set out. Additionally, special terms if any are also included in the agreement. The tenant is presented with the appropriate form to fill out and append their signature. This must be done within a short time window of getting the form. The lessor then also signs and gives the tenant a copy which is signed. The lessor has limited time within which to give the tenant the signed copy. References NSW. (2017). Completing a Tenancy Agreement Management. NSW Fair Trading. Retrieved from https://www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Being_a_landlord/Starting_a_tenancy/Completing_a_tenancy_agreement.page OAIC. (2017). Tenancy. Retrieved from https://www.oaic.gov.au/individuals/faqs-for-individuals/tenancy/ Tenants Union Act Inc. (2016). Do I have to sign a new Lease when my Fixed term Lease ends? Retrieved from https://www.tenantsact.org.au/do-i-have-to-sign-a-new-lease-when-my-fixed-term-lease-ends/

Health and Hygiene free essay sample

The word technology refers to the making, modification, usage, and knowledge of tools, machines, techniques, crafts, systems, and methods of organization, in order to solve a problem, improve a preexisting solution to a problem, achieve a goal, handle an applied input/output relation or perform a specific function. It can also refer to the collection of such tools, including machinery, modifications, arrangements and procedures. Technologies significantly affect human as well as other animal species ability to control and adapt to their natural environments. The term can either be applied generally or to specific areas: examples include construction technology, medical technology, and information technology. The prehistorical discovery of the ability to control fire increased the available sources of food and the invention of the wheel helped humans in travelling in and controlling their environment. Recent technological developments, including the printing press, the telephone, and the Internet, have lessened physical barriers to communication and allowed humans to interact freely on a global scale. We will write a custom essay sample on Health and Hygiene or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In many societies, technology has helped develop more advanced economies (including todays global economy) and has allowed the rise of a leisure class. Many technological processes produce unwanted by-products, known as pollution, and deplete natural resources, to the detriment of the Planet Earth and its environment. The distinction between science, engineering and technology is not always clear. Science is the reasoned investigation or study of phenomena, aimed at discovering enduring principles among elements of the phenomenal world by employing formal techniques such as the scientific method. Technologies are not usually exclusively products of science, because they have to satisfy requirements such as utility, usability and safety. The 20th century brought a host of innovations. In physics, the discovery of nuclear fission has led to both nuclear weapons and nuclear power. Through our modern day miracles of science we are able to appreciate that which is truly an incredible era of advanced erudition and self-sufficiency. Because of the advantages of modern day technology, we are allowed the unique benefit of looking back on what was and comparing it with what is and what could be. Technology is no longer seen as a barrier, but as a breakthrough. Bringing fresh insight and offering better jobs to those who are willing to take a step towards the future. .