Risk Management Is Important Within An Organization Essay

Risk management is an effort to take the risk associated with a company and finding ways to minimize it from causing significant and unexpected harm on the business. In April 2010, a British Petroleum and Transocean Deepwater Horizon oil rig exploded resulting in one of history’s largest spills in the Gulf of Mexico. This spill was so devastating that it took almost four years and billions of dollars to clean up. The environmental damage cannot even be fully determined and the economic damage has not been completely been healed even today. This disaster was not even considered to happen because it was very unlikely to happen which is why risk management is important within an organization. Although it was very unlikely to happen it did and it cost British Petroleum almost 25% of its market value and about $40 billion in expenses to clean up. An investigation conducted by the United States government concluded that this occurred due to a lack of risk management and explains spe cific factors that caused the disaster in relation to how risk management could have prevented the incident. In the news, you can see several headlines about how businesses engage in unethical behavior motivation by financial gains. Companies can refrain from emerging in the headline of the news through the proper utilization of risk management in most cases. Risk management is the consideration of risky situations and utilizing every possible means to minimize the risk as low as feasibly possible.Show MoreRelatedRisk and Quality Management1593 Words   |  7 PagesRisk and Quality Management Assessment Summary Angelina L. 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There has been current success inRead MoreWhat Does Safety Risk Affect An Organization?1514 Words   |  7 PagesEverybody takes risk in life. Sometimes you have determined if the risk you are willing to take is worth it. The same could be said when it comes to business. Just like in life an individual would want to know how that risk will impact them, a business should be aware of how risk impacts them. For example, if an individual is considering purchasing a house it would seem like they would because to looking to their financial history, their current income, their current expenses, examine the propertyRead MoreEffectiveness Of Risk Management And Business Development Within Organizations1222 Words   |  5 Pageshighly competitive global environment, organizations are facing more uncertainties and risks that any organization should pay more attention to risk management. 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The office manager is an individual who is concerned with planning, organizing and controlling all aspects of management that are within the office of an organization (Buhler, 2008)Read MoreFraud Risk Assessment1083 Words   |  5 Pages| Fraud Risk Assessment | | Fraud Risk Assessment | Fraud risk assessment is a process intended at proactively identifying and addressing an organization’s vulnerabilities to internal and external fraud. The fraud risk assessment is more of an art than a science. Every organization is different therefore what gets evaluated and what is assessed depends on the organization. Fraud risk assessments are an ongoing, continuous process rather than just an activity. A fraud risk assessmentRead MoreEnterprise Risk Management ( Erm )1726 Words   |  7 PagesEnterprise Risk Management (ERM) is the ability to identify, manage and/or mitigate risks that can affect the overall business operations down to the day to day operations of an organization (Hampton, J., 2009). The overall Enterprise Risk Management (ERM) entails the utilization of a holistic model to identify risks that face an organization. ERM is not successful when it is managed in silos. Doing so could lead to the organization not having a clear understanding of risks and a misunderstandingRead MoreThe Importance Of IT Risk Management Training Program1161 Words   |  5 PagesAn appropriate IT risk management training program must above all be relevant to the skills required to mitigate the kinds of risk to which an organizations critical information is exposed. A poorly framed or overly generali zed risk training program may fail to adequately prepare employees for real-world threats to an organizations critical IT infrastructure. It is with this in mind that the assignment at-hand seeks to explore training program requirements for an organization that deals with information

Difference Between Dual And Cooperative Federalism

CHAPTER THREE JOURNAL QUESTIONS: 1. WHAT IS THE DIFFERENCE BETWEEN A UNITARY AND A FEDERAL SYSTEM OF GOVERNMENT? The primary difference in these two models is their lines of power. In a unitary form of government, the central government has power over the state government, who in turn (and in a limited sense), then has power over the governed citizen. Here, the line of power follows a linear tier. Differing from this is a federal system of power, wherein central and state government share power, and each draw lines to the governed. Here lines of government follow lines of equal or similar powers wherein they disseminate. 2. WHAT IS THE DIFFERENCE BETWEEN DUAL AND COOPERATIVE FEDERALISM? Dual federalism is considered that system†¦show more content†¦There is extreme significance in this decision as it, as many other supreme court decisions would, lay out the framework for how language in the constitution may, or may not be used. 7. IN AN EFFORT TO ALLOW MORE CITIZENS TO BE A PART OF THE POLICY-MAKING PROCESS, SOME STATES ALLOW FOR INITIATIVE, REFERENDUM, AND RECALL. WHAT IS THE DIFFERENCE BETWEEN INITIATIVE AND REFERENDUM? Initiative as the name implies, is when voters may initiate policy via petition to eventually appear on the ballot in an election. On the other hand referendum, is when voters are allowed to reject a given policy, as long as that policy is one subject to referendum. 8. ARTICLE IV OF THE CONSTITUTION DEALS WITH RELATIONSHIPS BETWEEN STATES AND THE FEDERAL GOVERNMENT. ACCORDING TO ARTICLE IV, LIST ONE FEDERAL GUARANTEE TO THE STATES. One guarantee of the Federal government to state governments is protection against invasion 9. WHILE MAKING A TRAFFIC STOP, AN ALABAMA POLICE OFFICER DISCOVERS A FUGITIVE WANTED FOR ROBBERY IN ARIZONA. DOES ALABAMA HAVE TO RETURN THE FUGITIVE TO ARIZONA? WHY? WHERE IN THE CONSTITUTION DID YOU FIND YOUR ANSWER? Yes, in such a scenario the state is required to return the fugitive to Arizona by reason of article IV secontion II which reads that in such a scenario a fugitive â€Å"†¦be removed to the State having Jurisdiction over the Crime.† 10. ALABAMA’S LEGAL SYSTEM IS OVERWORKED. DOES THE ALABAMA LEGISLATURE HAVE THEShow MoreRelatedDifferences Between Dual Federalism And Cooperative Federalism969 Words   |  4 Pagesare the differences between dual federalism and cooperative federalism? Be sure to fully address what federalism is and why it was created. 1000 words. Dual federalism is a term used to describe a circumstance in which national and state governments are sovereign and equal within their constitutionally allocated spheres of authority. Federalism is a concept that refers to a system of government in which power is shared between the national and non-national governments. Cooperative Federalism is a modelRead MoreDual Federalism And Cooperative Federalism1280 Words   |  6 Pages2. Please explain the differences in these three stages of federalism – dual federalism, cooperative federalism, and regulated federalism. Dual Federalism was the form of government used from 1789 to 1937 where fundamental governmental powers were shared between the state and federal governments, with the states having the most important powers. Cooperative Federalism existed during the New Deal era, in which grants-in-aid have been used strategically to encourage states to pursue nationally definedRead MoreFederalism Is Overrated 619 Words   |  2 PagesAmerican Government† federalism â€Å"is a form of government that apportions sovereign power across at no less than two political elements such as national and regional.† In the situation of the United States, power is divided between a central government and sub divisional governments so that each government has some independent authority. In the case of dual federalism, which began roughly in 1789 and lasted through World War II. Dual federalism also known as the â€Å"layer cake† federalism â€Å"posits on havingRead MoreThe U. S. Constitutio n1506 Words   |  7 Pagesexample. People travel from coast to coast and it almost seems like a different world on the other side. There is so much diversity and culture differences that when comparing the contention in writing of the constitution we had to look at it from many different points of view. Topic #6. Identify the purposes elections serve and explain the relationship between elections and majoritarian and pluralist models of democracy. A country that fights for it’s rights and honors their troops so that we theRead MoreFederalism Vs. Cooperative Federalism1148 Words   |  5 PagesFederalism is a critically important concept in helping to understanding the American political system. The Founding Fathers of the United States had to answer important questions on how to handle power and responsibility between the states and national government. 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While former President James Madison had a very concrete understanding of that form of governance, â€Å"In the compound republic of America, the power surrendered by the people is first divided b etween two distinct governments, and then portion allotted to each subdivided among distinct and separate departments† (Madison, 1788, p. 67), the United States has never had a conclusive division of power between the state and the US Federal Governments.Read MorePolitics And Action : Aiding Disaster Victims1601 Words   |  7 PagesPg. 64-77 Politics in Action: Aiding Disaster Victims †¢ After the famous Hurricane Katrina struck, the political after effects caused nothing but chaos. o This caused a huge dispute between the national government and smaller state governments over forming a Louisiana National Guard. †¢ Overall, this caused a huge uproar since the people all over America were forced to watch the state of Louisiana while the federal government just sat and waited. †¢ This is important because it brings up the ideaRead MoreUs History Midterm Review777 Words   |  4 PagesMidterm Study Guide General Government: 1. What were the Articles of Confederation? 2. Explain the roles of the three branches of the US government play? 3. Explain the political concept of Federalism 4. Be able to differentiate between Dual Federalism Cooperative Federalism (cake?) 5. What purpose does the Bill of Rights serve? 6. Identify the two houses of Congress and the term length of each. 7. What percentage of Congress has to vote to override a veto? Reconstruction: Read MoreThe Important Role of Federalism in the Development and Ongoing Prosperity of the United States2187 Words   |  9 PagesFederalism plays an integral part in the growth and development of the United States of America and is a key factor in determining the basis of power in this country. Clearly, the term federalism can be understood in many different ways pertaining to each persons view, but it can be more broadly defined in terms of the separation between the state and federal government. Thomas E. Patterson defines federalism as, â€Å"the division of sovereignty, or ultimate governing authority, between a nationalRead MoreShould We Still Have States? Essay1617 Words   |  7 Pagespart of our governmental structure: however, the relationship between states and the Federal Government has changed over time. Framers of our Constitution and the country, such as Hamilton and Madison, disagreed over the role of government and which level of government was best suited to serve citizens. Nevertheless, states were kept as a key component of our government system. The American form of federalism and the balance of power between states and the Federal Government has also changed as the

Masco Corporation free essay sample

By building a new Masco on the best of the old, it is our intent to once again achieve a record of performance that should result in the restoration of the premium common share valuation that we enjoyed for many years. We are confident that our strategies are sound, that our people throughout the organization are committed to enhancing hareholder value, and that we have the broadest offering of quality leadership products available in the markets that we serve. Key Dates: 1920: Alex Manoogian immigrates to the United States. 1929: Masco Screw Products Company is formed. 1937: Masco begins selling shares on the Detroit Stock Exchange. 1954: Masco : Masco acquires Peerless Industries, Inc. 1961 1968: Richard Manoogian becomes company president. . Masco Industries Inc. is formed. 1984 . Masco Industries becomes MascoTech Inc. 1993 1996: Masco sells furniture unit to Furnishings International, Inc. 000: Masco sells remaining interest in MascoTech to Heartland Industrial. Company History: Masco Corporation is the worlds largest faucet manufacturer as well as the leading U. We will write a custom essay sample on Masco Corporation or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page S. cabinet manufacturer. The company manufactures hundreds of building specialty and home improvement products, including kitchen appliances, whirlpools and spas, bath and shower tubs and enclosures, residential and commercial locks and hardware, venting systems and ventilating products, electrical outlet boxes, and water pumps. Masco Corporations best-known product is the single-handled Delta aucet, developed and promoted in the 1950s by the companys founder, Alex Manoogian. Mascos 20 lines and 250 styles of cabinets include stock, semi-custom, and custom cabinetry for the replacement/remodeling and new construction markets. Origins as a Screw Machine Business in 1929 In 1920 Alex Manoogian, at the age of 19, immigrated to the United States from Smyrna, Turkey, fleeing political persecution and danger that threatened him as a Christian Armenian in Moslem Turkey. After holding several odd Jobs in Bridgeport, Connecticut, including brief employment in a screw machine business, Manoogian ame in 1924 to Detroit, Michigan, where he worked in a screw machine business and learned about metalworking for automobile components. In 1929, six weeks after the stock market crash, he founded Masco Screw Products Company with two partners, Harry AdJemian and Charles Saunders, who left during the first year. They began with a few thousand dollars, several used screw machines, and a truckless than $33,000 in assets. Masco was derived from the first letters of the partners last names plus co for company. The automobile industry was still young and largely untested, and Mascos initial years were difficult. Hudson Motor Car Company was the first customer, with a $7,000 contract, but Masco could not yet afford to pay salaries. Manoogian was sales manager, estimator, foreman, press operator, and repairman. The first plant was located on the fifth floor of an old building, with a furniture manufacturer on the floor below. Soon after business began, oil from the Masco machines leaked through the floor, ruining newly upholstered furniture. Manoogian was able to remain in business by arranging extended payments for the furniture damage. During the 1930s, Masco worked mainly with Chrysler and had contracts ith Ford, Graham Page, Spicer Manufacturing, and Budd Wheel. Since Masco produced parts to the specifications of these firms, the company did not distinguish itself through product design and, instead, focused on providing excellent service. In 1931 Manoogian brought his family to the United States and married Marie Tatian. In 1934 his brother Charles Joined the company, followed a few years later by another brother, George. By 1936, all sales were to the automotive industry and had increased almost fourfold since the first year, to $234,000. In 1937, Masco went public, its shares Fortunately, snow that had accumulated on the roof of the building melted and poured over the heavy machinery, reducing the fires damage. Although Masco was in business again three months later, this was the one year in its history when the company lost money. Like most U. S. metalworking companies during World War II, Masco worked exclusively for the defense industry. In 1942, its sales reached $1 million and continued to increase for two years. When the war ended in 1945, sales declined as Masco returned to manufacturing for the automotive industry, and three years later, Masco offered more stock to the public. The sale of 13,000 shares generated the capital to buy the Ford Road Plant in Dearborn, Michigan, which then became the company headquarters.