To aid in the risk assessment process, SterlingCrest will utilize a variety of tools to assess several types of risk with a department and prevent losses from occurring. The risk assessment tools will include questionnaires, location inspections, and employee interviews. In addition, the risk assessment will include a thorough review of the company’s processes, policies, procedure, regulatory compliance, along with historical loss for corporate departments and stores. Once the assessments are complete, efforts can be made to address potential
Balanced Scorecard Organizations and upper-management often use a Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) analysis model to concentrate on the company’s competitive advantages, their possibilities, evaluate how to improve susceptibilities, and avoid coercion. Organizations depend on SWOTT analysis to remain successful in their industries. For a business to be successful and sustain their performance, the entity is obligated by their external environment to generate strategic objectives and constantly evaluate its vision and mission. Organizations must reflect on their mission and vision frequently to assess each for validity, consistency, and making sure the objectives are components useful to the desired vision. Businesses require a tool to measure the execution of objectives.
Written / Oral Questions 1 - What is the purpose of the standard known as AS/NZS ISO 31000:2009 Risk Management? The purpose of the standard known as AS/NZS ISO 31000:2009 is to provide principles and guidelines on effective risk management. ISO 31000 provides a universally accepted theorem for companies implementing risk management processes to replace currently implemented strategies that vary between industries. 2 - There are a number of key provisions of relevant legislation and regulations from all levels of government that that may affect aspects of business operations, such as: ◦duty of care ◦company law ◦contract law ◦environmental law ◦freedom of information ◦industrial relations law ◦privacy and confidentiality laws ◦legislation relevant to the organisation’s operations ◦legislation relevant to operation of a business entity ◦anti discrimination legislation ◦ethical principles ◦codes of practice ◦health and safety legislation Why is it necessary to have a working knowledge of the legislation involved in business? It is necessary to have a working knowledge of the legislation involved in business to ensure that the laws protecting consumers, suppliers & workers are implemented and complied by.
When investors or shareholders are demanding the business to produce profit, managers must consider how to devise steps for transparency in their strategic plans to report factual business dealings. This consideration is parallel in up keeping high ethical and social responsibilities standards in their strategic planning process. Rules of disclosure and frequency of
Business Contingency Plan Recommendation JIT2 Risk Management, Task C September 6, 2014 Introduction: SterlingCrest’s business contingency plan contains numerous preventive measures, resources, and procedures to allow the company to quickly and efficiently restore operations in order to mitigate the negative effects of a major business disruption. The purpose of this report is to provide an implementation strategy for the company’s business contingency plan, along with recommendations for monitoring and adjusting the plan going forward. C. Recommendation: After establishing a comprehensive business contingency plan in writing with signoff from the SterlingCrest’s Board of Directors, the executive leadership will assign a manager to oversee the implementation, monitoring, and adjusting of the plan on a go-forward basis. Implementation. In order for the plan to be successfully implemented and adopted, it is vital for the BCP manager to communicate the benefits of the plan to management and to everyone with an active role in the execution of the plan.
This is when an auditor does an actual review of the processes and the security of these processes and makes “professional recommendations” on the implementation of systems, the security of the systems and software, and even recommendations on better implementation of the database management. SAS 70 is important for all processes, electronic and manual, that may be outsourced to third party companies or may be maintained by third party software. This report provides the company as well as the third parties with a report that provides information on the internal controls that are in place and their effectiveness within both businesses. This allows the organizations to determine whether or not they need to make changes to their processes to ensure the security of the data that is being shared between parties (Hunton, 2004, p. 217). Finally, SAS 94 addresses the need for the auditor, and its firm, to fully understand the programming and technology that is being used for any given company.
These principles include Responsibilities, Public Interest, Integrity, Objectivity and Independence, Due Care, and Scope and Nature of Services. Accountants can use these principles as a guide when they encounter questionable requests from their clients, or supervisors, as well as avoiding any conflicts of interest that may arise (Mintz and Morris, 2011). It is important that accountants act ethically in reporting a company’s finances. Investors, as well as the general public rely on information when making financial decisions and whether to invest in a company. Out of the purposes of the AICPA Code of Professional Conduct, three of the most important include public interest, integrity, and due care.
Evaluate the effectiveness of regulations such as Sarbanes-Oxley Act over minimizing the corporate fraud and protecting investors and make one (1) suggestion for improvement. The Sarbanes-Oxley Act is been very effective especially by protecting investors and improving the accuracy and reliability of corporate disclosures, and much of the law seeks to further this goal by imposing strict rules for audits and auditors of publicly traded companies, prevent insider trading and deals, requiring companies to adopt strict internal controls, and increasing the penalties for white collar crimes relating to investor fraud. As a matter of fact, the Act effects dramatic change across the corporate area to re-established investor confidence in the integrity
Riordan Virtual Organization Riordan is a company looking at all the areas of business. Starting with a strategic plan and the significance of having one, to accountability of social and ethical concerns. Having a strong knowledgeable employee base increases the moral and the security of the company both in the United States and Internationally. Providing the proper financial documentation discloses how the company is doing. Conducting key measurement guidelines to ensure they are on track with production and budget.
This strategy emphasizes the company’s ability to utilize its existing internal resources and focuses on streamlining operation through proper sizing and cost reduction. Even though this way could create short-term benefits to shareholder, this approach could negatively impact the company’s ability to adjust to external changes, especially rapid market and competitors’ changes. * Outside-in strategy: which is external market oriented strategy. Company makes the business decision according to the customer needs and market trends. It is “outside –in” thinking, which could help company to catch up with the market trend and develop products and services that meet the needs of customers.