South Koreas Infatuation With Computer Gaming Culture

South Korea is a country infatuated with video games. It is a place where professional gamers earn six-figure contracts, date supermodels, and are treated as A-list celebrities. Cyber competitions are nationally televised and they fill-up stadiums. In this country, gaming is not just a hobby; it’s a way of life. Video Game Culture in South Korea Although the per capita access to broadband internet is high, most Koreans actually conduct their gaming activities outside of the home in local gaming rooms called â€Å"PC bangs.† A bang is simply a LAN (local area network) gaming center where patrons pay an hourly fee to play multiplayer games. Most bangs are cheap, ranging from $1.00 to $1.50 USD an hour. There are currently over 20,000 active PC bangs in South Korea and they have become an integral part of the country’s social fabric and cultural landscape. In Korea, going to a bang is equivalent to going to the movies or the bar in the West. They are especially prevalent in big cities like Seoul, where heightened population density and the lack of space offers residents few options for recreational and social interaction. The video game industry makes up a large share of South Korea’s GDP. According to the Ministry of Culture, in 2008 the online-gaming industry earned $1.1 billion dollars in exports. Nexon and NCSOFT, South Korea’s two largest game development companies reported a combined net income of over $370 million in 2012. The entire game market is estimated at approximately $5 billion dollars annually, or about $100 per resident, which is more than three times what Americans spend. Games like StarCraft have sold over 4.5 million copies in South Korea, out of a worldwide total of 11 million. Video games also stimulate the country’s informal economy, as millions of dollars are traded yearly through illegal gambling and betting on game matches. In South Korea, cyber competition is considered a national sport and numerous television channels broadcast video game matches regularly. The country even has two full-time video game television networks: Ongamenet and MBC Game. According to the Federal Game Institute, 10 million South Koreans regularly follow eSports, as they are known. Depending on the matches, some video game tournaments may garner more ratings than pro baseball, soccer, and basketball combined. There are currently 10 professional gaming leagues in the country and they are all sponsored by big corporations such as SK Telecom and Samsung. The monetary rewards for winning a league tournament are colossal. Some of South Korea’s most famous players like the StarCraft legend, Yo Hwan-lim could earn more than $400,000 a year just from league matches and sponsorships. The popularity eSports has even led to the creation of the World Cyber Games. Gaming Addiction in South Korea Over the past decade, the Korean government has spent millions of dollars on clinics, campaigns, and programs to minimize this problem. There are now publicly funded treatment centers for game addicts. Hospitals and clinics have installed programs that specialize in treating the disease. Some Korean game companies such as NCsoft also finances private counseling centers and hotlines. In late 2011, the government took a stern step further by imposing a â€Å"Cinderella Law† (also called the Shutdown Law), which prevents anyone under the age of 16 from playing online games on their PCs, handheld device, or at a PC bang from midnight until 6 a.m. Minors are required to register their national identification cards online so that they can be monitored and regulated. This law has been highly controversial and is contested by the majority of the general public, video game companies, and game associations. Many people argue that this law infringes on their liberty and would yield no positive results. Minors could just register using someone else’s identification or completely circumvent the ban by connecting to Western servers instead. Although by doing so, it certainly affirms one’s addiction.

Pros and Cons of Corporate Health Care - 1069 Words

In the end, though, the argument against the proliferation of so much corporate medical research is not about vilifying corporations for the fact that they make profit-based decisions. The problem is simply that when it comes down to it, these profit-based decisions have too much of an impact on the medical field as a whole. While some corporate involvement is fine, and even beneficial, considering the ability of a corporation to work internationally and pool resources in labs with increasing amounts of research experience, the entire range of research only coming out of these labs where profit is the main goal leaves the field sorely lacking in areas that society simply can’t ignore. Though revenue potential might be what makes this current climate hostile to corporations researching neglected medicines, the neglect of those medicines makes this current climate hostile towards the entire populace. The real solution lies in more publicly funded research, which would leave us w ith the ability to not only stop leaning so heavily on companies that can pull the rug out from under us at a moment’s notice, but also the ability to research simply for the greater good and the advancement of a field necessary to the wellbeing of people in any and all walks of life. Publicly funded research on drugs which are beneficial to areas of medicine that have stagnated for too long not only relieves the pressure on corporations but also gives us the information we really need to continue toShow MoreRelatedSample Resume : Healthcare Management1202 Words   |  5 Pagesprofessor presented in the course a case study pertaining to business ethics. In this particular case study, it examined a recent graduated named Ramonda Alexander that needs to be advise on whether or not sign a contract with the company Next Step Herbal Health. 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Risk Management for State Street Financial Centers Services - Free Essay Example

Sample details Pages: 22 Words: 6544 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? In todays global environment, it is necessary for every organization to manage risk in an effective manner. Effective risk management provides various benefits to an organization such as increase in firms value, increase in profitability etc. Risk can be defined as uncertainty and result of uncertainty. Don’t waste time! Our writers will create an original "Risk Management for State Street Financial Centers Services" essay for you Create order It can be classified into systematic and unsystematic risk. Systematic risk is associated with risk of market or overall economy, while unsystematic risk is related with the specific assets and firm (Al-Tamimi Al-Mazrooei 2007). The risk or uncertainty is measured in an organization through the risk management techniques. According to Kerzner (2009), risk management is the process of dealing with risk. It includes planning for risk, risk identification, risk analysis and development of risk response strategies for monitoring and controlling the risks. Risk management is related with sound project management activities as a proper risk management is proactive rather than reactive, positive rather than negative and also increases probability for the project success (Kerzner 2009). Blokdijk (2009) describes that risk management is the process of identifying risk and trying to come up with appropriate strategies that will be effective for an organization to handle situations that may impact of organizational effectiveness. The effective risk management begins with the understanding of how an organization is appetite of risk. Risk management includes identifying, evaluating, analyzing, treating, monitoring and communicating the impact of risk throughout the organization (Isaca 2009). Egbuji (1999) exhibited in research that risk management is an objective corporate approach that is used to decide the best way of controlling the threats to the security of an organization. It deals with decision making related to the risk and their implementation within the organization. It also includes flow of the decision throughout the organization and risk evaluation (Egbuji 1999). The risk management is an effective method for minimizing the adverse effects of risks and maximizing the benefits of incurring the risks. Risk management focuses on different type of risk such as market risk, credit risk, liquidity risk and operational risk that helps an organization to faci litate effective risk management. Market risk decreases the value of a portfolio due to some market risk factors such as equity risk, interest risk, currency risk and commodity risk (Tarantino 2008). Credit risk deals with measurement of credit exposure, credit aggregation netting and credit enhancement. Liquidity risk includes those risks that arise due to the risk of a security and asset that is not traded quickly in the market (Tarantino 2008). Operational risk arises due to execution of a companys business such as people, systems and different processes through which a company operates its business. This risk is also known as fraud risk, legal risk, physical risk and environmental risk (Tarantino 2008). For a better risk management, it is necessary to identify the responsibilities of board members such as development of the processes and strategies annually to identified risks, appointment of a board committee that review the risk management process, disclose risk management in the annual report and facilitate internal control system (Tarantino 2008). Dubai International Financial Centre (DIFC) was launched in 2004 to add a new dimension to Dubais diversification programme. DIFC rode the crest of an economic development wave ushered in by the creation of specialised economic free zones in Dubai. DIFC represents a new generation of free zones that are driving the next phase of Dubais economic growth. By developing a world-class hard and soft infrastructure, DIFC has created a secure and productive platform from which financial institutions are able to tap the vast growth potential for investment, insurance and capital market services in the region. Dubai International Financial Centre Authority (DIFCA) is an autonomous body which provides the administration services for its clients, determines the future vision and growth of the DIFC In order to cater the demand of the market and maintain it has various departments to help the day to day activitie s as well contribute to the economic growth of the region and Dubai. It is necessary for DIFCA to manage risk effectively. Scholes (1998) described in its research that the risk management system is an exposure of financial and a control system. An exposure to financial system is a dynamic that gives managers an opportunity to assess the effects of change in economic factors and the economic profit and loss of the entity (Scholes 1998). In risk management, enterprise risk management is new concept that is followed by various organizations across the services. Enterprise risk management is a process that identify potential event that may affect an entity and managing risk within its risk appetite that will help in achieving organizations objectives. ERM process is affected by an organisations board of director, management and other personnel (Demidenko McNutt 2010). It includes different factor to manage risk effectively such as internal environment, objective setting, event iden tification, risk assessment, risk response, control activities, information and communication and monitoring (Demidenko McNutt 2010). This research helps in indentify different concepts such as what is risk management, implication of enterprise risk management and a procedure that should be followed in order to manage risk effectively and why it is important for DIFCA. In this consulting exercise we shall look into the current risk management structure and provides a framework to DIFCA for the effective that are compared to the best risk management practice and at the same time be more pragmatic to implement and follow. The aim would be to increase its effectiveness, competitive position among the leading financial centres in the region as well as around the world. Research Aim Objectives The research is aimed to identify existing framework, procedures and policy of risk management for the financial service center and apply this information for DIFCA. It is a consultancy project and the main objective of this project is to provide recommendation to DIFCA about risk management that includes framework, policies and procedures for better risk management. It also explains about enterprise risk management that is widely used concept amongst various segments of an organization. The main objectives of this research are as follows -: To review the literature concerned with the risk management framework, policies processes and the ERM. Identify the activities that should be taken by DIFCA to facilitate effective risk management. Provide recommendations for the risk management framework to DIFCA. Determine the standards and principles that will facilitate a sound risk management in DIFCA. The above research objectives will be accomplished through the literature review related to the risk management framework, policies, processes and enterprise risk management. Conclusion It can be concluded that risk management is necessary for every o rganization to enhance the profitability, reduce impact of uncertainties and to maximize the value of firm. Risk management is a set of activities that is used by an organization to control uncertainties. This research is done to identify the framework of risk management and to apply it within DIFCA. Chapter 2: Company Analysis Background Information Company Overview: State Street Corporation (SSFS) was founded as a bank in 1792, in Boston, Massachusetts. It started providing mutual fund services since 1924. State Street Bank and Trust Company was established in 1962. After this, SSFS acquired and established different business units in different countries such as establishment of a new software development technology by the acquisition of UniverseSoft Technology Company in China, in 2006. It also acquired Currenex that deal in online foreign exchange trading and in 2007, it acquired Investors Financial Services Corporation that provides different financial services (State Street 2010). SSFS is a financial holding company that works with its subsidiary namely State Street Bank and Trust Company. It provide several financial services to different users by providing different type of products and services such as fund accounting, custody, investment management, securities landing, transfer agency s ervices, hedge fund services and operations outsourcing for investment managers (State Street 2010). It also operates its operation in several countries such as US, Europe, Canada, Asia etc. It operates through two business divisions such as investment servicing and investment management. Investment service division provides different investment service to different customers such as mutual fund, collective investment fund, corporate, public retirement plan, and insurance company globally (State Street 2010). It also provides security finance such as deposit and short-term investment facilities, loan and lease financing, outsourcing manager operations related with investment, hedge fund and performance, risk and compliance analytics to support institutional investors. Investment management division provides assets management services such as investment research services (State Street 2010). SSFS focuses on delivering value to shareholders, customer, employees and communities in w hich they work. SSFS has a strategic alliance with Pensions First Analytics (PFA). It is an UK based company that provides risk management and advisory services (State Street 2010). Importance of Risk Management for DIFCA: Risk management is quite important for DIFC A as it is helpful for both assets owners and managers. Assets owners and managers scrutinize current risk management practice closely and link it with current environment and help in manage investment, credit, liquidity and operational risks that help to facilitate corporate governance and to compliance with regulatory requirements. It also helps in reducing operational risks and costs (Houlahan Tahbazian 2010). The risk management will also be helpful to handle credit crisis as many institutional investors require these services for effective investment decision. DIFCA can response customers through making material changes in investment processes and by providing more sophisticated data management and reporti ng system. Due to the recent financial crisis, risk management has become more important for an organization to increase transparency and returns (Houlahan Tahbazian 2010). Currently, DIFCA is facing several risks due to environmental uncertainty and changing global customer requirements that are also causing an increase in the importance of risk management for it. Following are some risks that have been identified and also exhibit the importance of risk management framework for DIFCA SSFS provides different services to different customers and it is difficult to make an effective coordination among them. Another risk is related to the exposure of potential losses in its revenue and profitability. It is because of the real estate value, assets management and related entities that are not proceeding as expected before the financial crisis hit Dubai. This relationship may incur loss for DIFC due to uncertainty of time that is required in the recovery of the companys clients. DIFC have participated in many ventures under its assets and investment arm DIFCI. Under this program, some investments were done without proper due diligence and best practice guidelines. This along with the recession and other crisis in the Dubai has made an impact on its financial position. Involvement of DIFCA and other entities in regulatory non-compliance may cause higher legal expenses and may also violate its image among its clients. There was no proper controls and checks within the DIFCA and every department were working as a silo Risk Management in SSFS: The main focus of DIFCA is on the development of innovative risk management techniques. DIFCA defines risk management as minimizing overall portfolio volatility, maximizing its revenue with the lowest amount of performance dispersion or minimizing the tracking error of a passive hedging policy against a particular benchmark. The CEO and the Managing director are responsible for managing the team that ensures balance between uncertainty and risk. Current Risk Management Policies, Processes and Principles: DIFCA, Head of Risk and Compliance to manage the risks in an effective manner. The mandate is to lead a team of enterprise risk professionals that support the business in facilitating risk management. Boards of directors also play an important role of risk manager to manage global risk management in the company. DIFCA has appointed two of top five consulting company to guide the organisation during these difficult times. Following are charter that is established by DIFCA under its risk management policies- Risk and Capital Committee Charter Risk and capital committee charter is used by DIFCA that helps in assessment and management of risks and capital adequacy and it is established by the companys board of directors. It assists the board in fulfilling its responsibilities. Committee members are appointed and replaced by the board on the recommendation of the Nominating and Corporate Governance Committee through its internal compliance team. Following are some authorities and responsibilities of committee: This committee is responsible for discussing with management about company assessment and risk management. It consider different risk such as market, operational, fiduciary, interest rate, liquidity, business and credit risks and policies related with these risk (State Street, 2010). It also provides an oversight over the corporate governance principles and also controls monitors capital adequacy to manage the risks. It also reviews estimation of economic capital and receives appropriate report. This report is related with assessment, analysis, monitoring, management and mitigation of risk exposures. Committee is also responsible for reviewing and approving some matters such as portfolio investment securities, strategic investment and provisions for credit and security processing (State Street, 2010). It is also responsible for regulatory matters such as duties and obligations of the board under Basel II. The committee can delegate its responsibility to management, make reports on board, evaluate committees performance annually and can review the charter annually to provide recommendations on the potential changes (State Street, 2010). Issues that are considered in risk management by SSFS: Risk is directly related with role of governance in an organization. The process of risk management should be regular, ongoing and transparent as the risk assessment incorporates both internal and external expertise (State Street Corporation 2009). Some issues should be considered, while making risk management process. These are as below: Proper knowledge of risk associated issues. Prepare provisions for advanced risk management and develop an ongoing concept. Establish adequate and regular risk assessment process. Enhance participation of members in fundamental risk process. Conclusion This chapter is quite effect ive to determine the risk management approach in SSFS. The company analysis is also effective to determine the policies and procedures that should be implemented within the organization to increase the effectiveness of risk management framework. It will also be effective to develop and enterprise risk management model for SSFS. Chapter 3: Literature Review Introduction This chapter analyzes a theoretical framework for the risk management. It describe about the risk management as different people consider risk management in different manner. It also provides a framework and process for risk management. The literature review also includes analysis of the journal and articles that are related to the prior research done for risk management framework in the financial service centers. The literature review provides some findings that are beneficial to provide recommendations on risk compliance management framework, policies and procedures for SSFS. Literature Review Definition of risk Management: According to Isaca (2009), risk management is the process of identifying vulnerabilities and threats to the information resources used by an organization in order to achieve business objectives and to establish measures that will be effective to reduce the impact of these risks (Isaca 2009). The risk management is an effective method for minimizing the adverse effects of risks and maximizing the benefits of incurring the risks. Egbuji (1999) described opposite the Kerzner (2009) that risk management can be proactive and reactive both. Proactive approach advocates that implementation of control is necessary without waiting the disasters to be happen while in reactive approach implementation of control take place after it happened to mitigate disasters (Egbuji 1999). The process of risk management follows a two phase approach. In first phase analyses and assessment of risk is performed, while the second involves the activities of planning, resourcing, controlling and monitoring to reduce the risk (Egbuji 1999). According to Hillson (2003), risk management is an important management approach that deals with inevitable uncertainty that aims to minimize the risk and to maximize opportunities by maintaining focus on achievement of objectives (Hillson 2003). He further explained that there are number of standard pro cesses that guide businesses to implement the risk management. But the effective risk management requires a clear understanding of risk that is faced by the businesses (Hillson 2003). The clear understanding of the risk is related to the simply identification of risks and to characterize them with the probability of their occurrences and decide their impact on objectives. According to him, risk breakdown structure is a powerful aid for risk identification, assessment and reporting (Hillson 2003). According to Ross Boadpati (2006), risk management is an ongoing process for managing the identifiable risk of an organization and determining appropriate managerial strategies in order to preserve and insure the assets of an organization (Ross Bodapati 2006). It includes proactive management techniques that are designed to protect an organization from losses. Risk management process also includes risk controls through risk evaluation, selecting management alternatives, implementing ap propriate strategy and monitoring the results of implemented strategy. The most important objective of risk management is to divert budget dollars from non productive uses to productive uses (Ross Bodapati 2006). Massingham (2010) exhibited in its research that risk management and knowledge management are related with each other. He described that knowledge is necessary to comprehend and manage the risk. Knowledge can reduce the risk leading to better risk management as knowledge assist risk identification, risk quantification and risk response (Massingham 2010). Process of knowledge management also helps in facilitating risk management such as by transferring knowledge to decision makers, improving accessibility of knowledge, embedding knowledge in controls system and avoiding the financial catastrophes that is caused by poor risk management. The different tools of knowledge management helps in manage the risk in a better way (Massingham 2010). Flouris Yilmaz (2010) used h uman factor to describe risk management. The research exhibits that risk management is the process of identifying and assessing human factor based risk. Effective management of human resource based risk helps to achieve corporate success. To manage the human factor based risk, it is necessary to emphasis on both more systematic decision framework and some new assessment tools. New human factor risk management model is used that helps in better management of human risk management (Flouris Yilmaz 2010). According to Damodaran (2008), risk management is part of everyones job. Some decades ago risk management was viewed as finance function in which the CEO plays the role of risk measurer, assessor and punishers. The main function of risk management is risk assessment and risk hedging. With the evaluation of strategic risk management and enterprise risk management, involvement of other person in the organization is also increased. Now risk management has become the part of everyones job (Damodaran 2008). Risk management is a set of activities and measures that are aimed to deal with risk to maintain control over the entire organization. In risk management, it is necessary to identify the risk, some other strategies are also necessary for risk management. A standard risk management program includes different aspects such as policies procedures, code of conduct, internal controls, physical security, communication security, continuity plan and monitoring reviews. To make a standard risk management program, it is necessary that risk management is properly defined in the policies of a firm (Quinn 2007). Schneier Miccolis (1998) described about holistic risk management approach in their study. Holistic risk management approach directly deals with enterprise risk management. In enterprise risk management (ERM), all risk of a company is considered on an enterprise level. Practices of ERM are quite different in all organization as each company is unique for a pa rticular risk. ERM is a systematic approach to manage risk, in which risk, risk factors and mitigation programs are considered on a business wide basis (Schneier Miccolis 1998). Burnaby Hass (2009) described that the objective of enterprise-wide risk management is to develop strategic corporate objectives that are measurable, identify the risk that may prevent accomplishment of the corporate objectives and to identify strategies that will be helpful in mitigating to those risks (Burnaby Hass 2009). Risk management includes several steps such as mandate from the top, ERM department buy-in, decide on control framework, determination of all risks, accessing risks, business unit objectives performance measures, objectives control summary, monthly ERM reporting system, analysis by ERM department and continuously monitoring of the processes. Managing risk is the part of corporate governance and ability of an entity to achieve results (Burnaby Hass 2009). Demidenko McNutt (20 10) described a definition of risk management that is provided by COSO ERM. It is a process that identify potential event that may affect an entity and managing risk within its risk appetite that will help in achieving organizations objectives. This ERM process is affected by an entitys board of director, management and other personnel. Other definition is provided by ASNZ 4360 that states risk management as an integral part of good business practices and quality management and it is a continues process of improvement (Demidenko McNutt 2010). Demidenko McNutt (2010) described in its research that enterprise risk management is a key component of corporate governance. It helps in balancing the relationships between companys management, shareholders, board members and other stakeholders. Risk governance approach helps in developing an ethical ERM system and provides a robust approach to manage an organizations risk profile. A clear risk management structure with a defined set of a ccountabilities insures good governance with ethical codes, roles and responsibilities. Audit committee that is facilitated under the risk management focuses on the overall risk profile, framework and internal audit focuses for assurance of effective risk management (Demidenko McNutt 2010). The different frameworks help to implement the requirements of risk management and internal control such as committee of sponsoring organizations (COSO), ERM and Australian and New Zealand risk management standard (ASNZ) 4360:2004. COSO ERM was developed by the Tread-way Commission in 2004 that helps organizations to establish a better ERM system. The ASNZ 4360:2004 has become an accepted practice approach of risk management in Australasia (Demidenko McNutt 2010). Figure 1: Source: (Demidenko McNutt 2010). The above diagram shows the ERM system provided by COSO that includes eight different components such as internal environment, objective setting, event identification, risk asses sment, risk response, control activities, information and communication and monitoring. It helps in looking at risk of an organization both internally and externally with an ethical perspective (Demidenko McNutt 2010). Figure 2: Source: (Demidenko McNutt 2010). The above figure 2 describes risk management standards provided by ASNZ 4360:2004 that contributes to good corporate governance. This process includes five stages such as establish context, identify risk, analysis risk, evaluate risk and finally treat risk (Demidenko McNutt 2010). Greanstein Vasarhelyi (2002) described risk management as a methodology that assesses the potential of future event that may create adverse affects for an organization and implementing cost efficient strategies that help in dealing with these risk. This definition includes different elements such as assessment and identification of future events. Once future events are identified, the prevention and detection strategies are proposed. The research also described a risk management paradigm that is a continue process to recognizes risk management (Greanstein Vasarhelyi 2002). It includes five stages such as planning, analyzing, identifying, controlling and monitoring. Some characteristics for risk management controls such as redundancy, consistency, clearly written policies, fairness, and better communication are also defined in the article (Greanstein Vasarhelyi 2002). Chelst Bodily (2000) defined risk management as a set of actions that reduce the impact of less favorable outcomes associated with a strategy. The study exhibits that risk management focuses on to reduce downside risks. The decision tree analysis helps to establish risk management strategy (Chelst Bodily, 2000). Mbuya (2009) defines risk management as a structured and disciplined approach that aligns strategy, process, people, technology and knowledge with the purpose of evaluating and managing the uncertainty in the organization. The ris ks are classified as financial non financial risk, static dynamic risk, fundamental particular risk, pure speculative risk (Mbuya, 2009). Main goal of risk management is to create, protect and enhance shareholder value by managing uncertainties that could influence to achievements of organizational objectives. The study also describes the process of risk management into three distinct stages namely identification, analysis and management or response (Mbuya, 2009). Maguire (2002) described that many organizations are taking risks with the development of their information system. In information system area, risk is viewed as fire, fraud, computer failure and unauthorized access. The research also explains how the risk is managed in the development of information system such as use previously unused platform failure to deal with known and unknown bugs, develop qualified staff to deal with risk, provide limited access to users and use of system development methodology (Maguire, 2 002). Frenkel, Hommel, Dufey Rudolf (2005) says that risk management is a cure for market imperfections. These imperfections arise due to conflicts of interest among shareholders, distortions introduced by taxes, and transaction cost and legal system. Risk management reduces these imperfections as it is tied directly to the government issues such as how investors monitor, control and compensate to protect their investment in the company (Frenkel, Hommel, Dufey Rudolf, 2005). According to Das (2006) risk management is the identification of risks (market, credit, liquidity, model and operational risk) and the quantification of risk for the financial loss from the specified risk. To make risk management effective, it is necessary to establish an appropriate risk management function. Risk management function is responsible for the development and implementation of risk policies, monitoring compliances in risk policies and reporting risk information to board of directors and othe r senior management. According to Andresen (2007), risk management is the most important competency of the project manager. If project manager acts proactively and rapidly, actively monitor the process and build contingency plan then it will be significant to facilitate an effective project risk management. Risk management procedures: Kallman Maric (2004) described in their research about a new risk management model. This model captures the important aspects of previous models and at the same time, it attains a flexible format for achieving new discoveries in management (Kallman Maric 2004). This new model includes five steps such as program development, risk analysis, solution analysis, decision process, and system administration. First step in risk management process is to develop a risk management program. The main purpose of this program is to establish a management system that helps an organization to achieve its goals (Kallman Maric 2004). This step includes three stages like planning, organizing and writing a risk management policy. In planning, stage risk management objectives are established and the success of this process is directly linked with this step (Kallman Maric 2004). After planning, organizing stage is performed that deals with fitting the risk management department into the organizational structure, delegating authorities and responsibilities and deciding on allocation of cost. In last, a statement is prepared that describes the risk management process and its goals (Kallman Maric 2004). Second step in this model is the risk analysis that includes different processes such as identifying, measuring and evaluating the organizations risk. Firstly, the risk is identified with the help of different methods and then data is collected on the basis of probability of loss, severity and timing. It helps managers to understand which risk are the most serious constraints to achieve the organizations goal (Kallman Maric 2004). Thir d step in risk management process is the solution analysis. The main purpose of this step is to analyze the possible options that are available to manage the risk. Next stage is the decision process that involves decision models to make decisions, getting the needed support for those decisions and implementing the portfolio of solutions that helps in eliminating the impact of risks (Kallman Maric 2004). Final stage is system administration. Main purpose of this stage is to understand either the risk management activities are effective in helping the organization to achieve its goals or not. It includes three different stages monitoring, judging and communicating the success of whole program (Kallman Maric 2004). According to Alexender (1992), risk management process includes a number of stages. First stage is the risk identification. This stage involves a comprehensive analysis of all risks in the current business operations. These risks include both organizational and manageri al risks. It also includes knowledge of the law and legal relationship, human factors and trade action union. A variety of techniques are used to identify the risk. Second stage is the risk analysis in which identified risk and their impact on the organization is analyzed (Alexender 1992). This analysis is based on different factors such as qualitative and quantities factors. After analyzing the risk, the risk control step is performed. It includes proper response to the risk either by physical or by procedural measure. It also enhances ability of the organization to transfer and allocate risks through various resources. Different organizations use different approach to accept risks that make it essential to identify how much risk can be accepted by an organization. Such as some organization make risk management policies to prevent or cure risks and others seek to transfer or insure (Alexender 1992). The risk handling includes all management decisions to predict future and give r esponse to the risks. Future prediction includes two factors such as knowledge and response. Knowledge refers what the managers know about the situation and response refers how to give response to the situation in terms of speaking, acting or waiting for situation (Alexender 1992). The last step of risk management process includes the financing to the strategies and planning that are developed to eliminate the risk and to facilitate effective risk management framework. Alexender (1992) exhibited that it is not possible to eliminate the risk completely from the organization. A firm must plan for financing the losses that can occur due to a particular risk. Example of financing the risk is insurance and self funding. The risk management is the responsibility of every person in the business enterprise that helps the organizations to enhance their competitiveness (Alexender 1992). He also describes about contingency planning that encompasses the risk management process and written plans which help an organization to manage the risk. This planning process includes three phases such as pre-emergency, emergency and recovery. If a firm use an effective contingency plan it provides better advantage to the firm by providing protection against uncertainties of businesses (Alexender 1992). Barton Hardigree, 1995 described in its research about the risk management policy. He says that risk management policy is necessary to guide risk managers. Risk management policy is prepared with the interaction of both corporate risk manager and the senior management of the firm so that overall risk profile remains in the touch of management team. According to him risk management policy assists risk manager in making decisions regarding to the methods of treatments of loss exposure and levels of retention in the use of insurance policy (Barton Hardigree, 1995). Enterprise Risk Management Committee, 2003 described in its research about the risk management process that is b ased on Australian/ New Zealand standard in risk management (AS/NZS, 4360). It describe seven steps process for risk management such as establish context, identify risks, analysis or quantify risk, integrate risk, assess risk and treat risk. These are as below: Establish Context- It starts with identify the relationship of the enterprise with its environment and also with its different stakeholders. It also identifies the SWOT analysis of an enterprise. It also identifies the overall objectives of the enterprise and strategies to achieve these objectives. At last it identifies the risk categories that are relevant to the enterprise (Enterprise Risk Management Committee 2003) Identify Risk- This step start with documenting the conditions and events that creates threats in the achievement of objectives of an organization (Enterprise Risk Management Committee 2003). Analysis and quantify risk- After identify risk it is necessary to analysis the risk by creating probability dis tribution of outcomes for each material risk. Different qualitative and quantitative techniques are used for this such as sensitivity analysis, scenario analysis and simulation analysis (Enterprise Risk Management Committee 2003). Integrate risk- In this step all risk distributions is aggregated, determine portfolio and correlation effects of risk and finally express the result (Enterprise Risk Management Committee 2003). Assess risk- In this step priority is given to the risk on the basis of contribution of each risk to the aggregate risk profile (Enterprise Risk Management Committee 2003). Treat risk- This step described about different strategies to treat risk such as decision as to avoid, retain, reduce, transfer and exploit risk. In last monitor and review is done in which continue gauging of the risk environment and the performance of risk management strategies are involved (Enterprise Risk Management Committee 2003). Risk management in financial institution Acc ording to Sensarm Jayadev, 2009, risk management is a central activity of commercial bank. Bank focuses risk management by their activities. Financial system use financial perspective rather than institutional perspective to analysis the risk management. In functional approach the activities of bank is linked with the function performed by them. Financial institutions believe in distributing risk amongst different participants. They found in their research that modern financial institutions are in the business of risk management by undertaking the function of bearing and managing risk on behalf of their customer. They manage risk by pooling risk and sale their services as a risk specialists. An effective risk management in banking system enhances the value of firm and shareholders wealth (Sensarm Jayadev, 2009). They say that a commercial bank deals with five types of risk like credit risk, interest rate risk, liquidity risk, solvency risk and operational risk. He described ris k management as a process that start with identifying risk then quantifying risk and control risk (Sensarm Jayadev, 2009). According to Cumming Hirtle, 2001, different financial institutions recently increased their emphasis on consolidated risk management that is some time called as enterprise risk management. Consolidated risk management refers a coordinated process that measure and manage risk on firms perspective (Cumming Hirtle, 2001). This process is quite different from other processes. This process includes different aspects such as coordinated risk assessment, management of different types of risk that are faced by a firm, an integrated risk evaluation process that links the different geographical locations, legal entities and business lines (Cumming Hirtle, 2001). Consolidated risk management is not only use for quantify risk but also use in business decision making process that support management to make decisions that is related with risk taken by both individu als business line and firm as whole. They also discriminate between the risk measurement and risk management (Cumming Hirtle, 2001). According to them risk measurement is related with quantification of risk exposure that deals with variety of forms such as value-at-risk, earning-at-risk and stress scenario analysis. In contrast risk management refers the overall process in which financial institution follows different phase such as define business strategy, identify risk, quantify risk and control risk (Cumming Hirtle, 2001). They further described in their research about principles that supervisors should follow to ensure the financial conglomerates that are adequate in identifying and managing risk. These principles are issued by an international forum of banking, securities and insurance supervisors (Cumming Hirtle, 2001). Risk management in project developments that are related with construction Mills 2001 described about construction industry in their research. He d escribed it as a dynamic, risky and challenging business. He says that risk management is an important part of construction industry in order to help in decision making process. Risk can be managed effectively as risk can affect productivity, performance, quality and the budget of a project. He further described about systematic risk management. Systematic risk management is a management tool that requires practical experience and training for the use of different techniques (Mills 2001). Construction industries face different type of risk such as size of the project, complexity, speed of construction, location of the project and familiarity with work. To manage these risk management process is used that includes different phases such as risk identification, risk analysis and risk response. He described risk identification as a first step. An early identification of risk is helpful for project managers as it provides different benefits such as provide attention of project managem ent on the strategies of the controlling and allocating of risk, highlights area that need further design and development work (Mills 2001). Risk analysis is next step to manage risk. Different techniques are used to evaluate risk such as code optimization, sensitivity analysis, probabilistic analysis, Monte Carlo simulation and kinetic tree analysis etc. He said in its research only few projects considered risk in a consistent and logical manner and other considered it as subjective. Last step in risk management is risk response. Mills described different way to give response to risk such as avoiding risk, reducing it, transferring it or absorbing it. According to him the best way of give response is to allocate the risk to the party that is interested to accept it. Mills find in its research that risk management does not remove all risk from a project but insures that risk is managed efficiently. It ensures the projects that are genuinely worthwhile are sanctioned (Mills 2001). As SSFS deals in IT sector there are some principles that deal with IT risk management. Isaca, 2009 described in its research about the principles that help in effective management of IT risk. These principles are based on ERM principles (Isaca, 2009). These principles provide a model to manage IT risk by enabling enterprise in establishing practice and benchmark for their performance. Some principles are described with the help of below diagram such as it is necessary to connect business activities to effectively manage the risk. Combine the management of IT related risk and overall enterprise risk management. Establish balance between the cost and benefit of managing risk. Source: (Isaca, 2009). Establish proper communication system for managing risk and also establish process for IT risk management (Isaca, 2009). Risk management for Financial Centre Services Financial centers provide different type of service to different customers. By this reason different type of risk is considered by a financial center. These are as below- Interest Rate Risk- Financial centers face interest rate risk when the maturities of its assets and liabilities are mismatched. It is because the primary securities purchased by financial center have different maturity period then the secondary securities that are sold by these centers (Sounders Cornett 2008). Market Risk- Market risk arises in financial centers due to the changes in interest rate, exchange rate and other prices that affect the assets and liabilities of these centers (Sounders Cornett 2008). Credit Risk- It arises when customer of financial centre not paid their loan and securities that is promised by these centers (Sounders Cornett 2008). Off-Balance-Sheet Risk- This Risk arises due to contingent assets and liabilities of these centers. Foreign Exchange Risk- This risk arises wh en the change in exchange rate affects the value of assets and liabilities that are used in foreign currencies (Sounders Cornett 2008). Country and Sovereign Risk- This risk arises when the repayment to foreign investors are interrupted due to some intervention of foreign governments (Sounders Cornett 2008). Technology Risk and Operational Risk- Technology risk arises when the technological investment of these centers not produce anticipated savings. Operational risk is arises when the existing technology and support system of these centers breakdown (Sounders Cornett 2008). Liquidity Risk- Liquidity risk arises when liability holders of financial centers such as depositors and insurance policyholders immediately demand for cash (Sounders Cornett 2008). Insolvency Risk- Insolvency risk is the outcome of a risk faced by an organization such as interest rate risk, market risk, credit risk, country risk etc. In this risk financial centers do not have enough capital to o ffset the values of its assets relative to its liabilities (value decline due to some type of risk) (Sounders Cornett 2008). Framework for measurement of risk Measuring Interest Rate Risk

Causes Of The American Civil War - 1769 Words

The American Civil War was one of the most tragic events in American history. The American Civil War began on April 12, 1861 and ended on May 9, 1865. It was a bloody war between states. Hundreds of thousands of men died in the American Civil war. The war was fought between brothers and friends on each side. The issue of slavery was dividing the nation apart and it was a fight to death. The Confederate States of America seceded because they wanted slavery to continue and believed that they did not have a voice in the United States anymore. President Lincoln, however, did not recognize the Confederate States of America; he called them States in rebellion. The American Civil War ultimatley helped unite the divided United States. The issue†¦show more content†¦In 1854, Stephen Douglas attempted to apply the principle of Popular Sovereignty with the Kansas-Nebraska Act. A consequence of Popular Sovereignty’s application was how fast the pro- and anti-slavery radicals rush ed to populate Kansas and determine its fate, leading to violence. Shortly before the Civil War Uncle Tom’s Cabin was published and laid the ground work for the conlict. The book, written by Harriet Beecher Stowe, revealed the true horrors of slavery. It’s depictions were so strong that it was banned in the south. The Election of 1860, less than a decade later, was the last straw for the South. The election of President Lincoln angered many southerners since not one state or even person voted for him; in fact, southerners were not given the option on their ballets, yet he still won. South Carolina was the first to secede because they believed that they did not have a voice in the Union. After their secession, all the southern states seceded one by one(HistoryNet). The Battle of Gettysburg is considered the turning point of the Civil War. The Battle of Gettysburg was an important event in the history of the United States because many lives from each side were lost, and it was a battle that ended in victory of the Union. The Battle of Gettysburg last three summer days. The Battle of Gettysburg took place on Union soil. General Lee planned to march with Confederate Army to Gettysburg. He sought their position being on northern soil to hisShow MoreRelatedCauses Of The American Civil War760 Words   |  4 PagesThe Civil War was one of the most momentous and pivotal periods in U.S history. After decades of tension between the North and South over matters involving expansion, slavery, and the states rights these caused the beginning of a horrific devastating time known as the American Civil War, that lasted between 1861-1865. Within these 4 long barbaric and destructive years, it led to an innumerous amount of political, social, and economical changes for the U.S. Leaving 2.4 million dead and millionsRead MoreCause Of The American Civil War1403 Words   |  6 Pagesdebates on the causes of the American Civil War. Many have stated that slavery w as the primary cause for the Civil War. Some historians have argued that there were other causes of the Civil War. The one thing that all historians agreed upon was the division between the North (known as the Union) and the South (known as the Confederacy) that escalated on the soil of the United States of America (In Stampp, 1965). The battle between the two states is what created the â€Å"American Civil War.† The AmericanRead MoreCauses of the American Civil War2672 Words   |  11 Pagesï » ¿ The American Civil War: Causes, Victor, and Validity Keagan Koerber History 205 Professor Childress December 9, 2014 The slightest mention of the American Civil War is enough to bring graphic and often horrifying images into one’s head: mountains of dead soldiers, amputations without anesthesia, and diseases running rampant. The Civil War was a war that no one wished for, it resulted in the deaths of several hundred thousand American lives, but it is often justified by itsRead MoreThe Causes Of The American Civil War Essay2218 Words   |  9 PagesDay One: Grades: Elementary grade level 5th-6th Goal: Students will be able to identify the causes of the American Civil War. Objectives: 1. Students will be able to compare the cultures and economies of the Northern and Southern states. 2. Students will be able to summarize the main points of the Missouri Compromise, the Kansas-Nebraska Act, and the Declaration of Causes of the Seceding States. 3. Students will be able to discuss the actions of John Brown at Harpers Ferry and the reaction ofRead MoreThe Main Cause Of The American Civil War1047 Words   |  5 Pagesone main cause of the American Civil war must be resolved, and while there are many ideas, history reveals that there was only one. There are many arguable motives to the start of the Civil War, but there are four main concepts. These four concepts were slavery, taxation, the election of Abraham Lincoln and lastly, struggling with power between the Northern and Southern states. To start with, the end of slavery is undoubtedly one of the most popular arguments to the creation of the Civil War. WhileRead MoreThe Ultimate Causes Of The American Civil War941 Words   |  4 PagesThe American Civil War was a war fought within the United States of America between the North (Union) and the South (Confederacy) The war was one of the most critical events in American history. â€Å"It is estimated that 623,000 soldiers died during the Civil War†(Garrison) starting from 1861 and ending in 1865. While many still debate the ultimate causes of the Civil War, author James McPherson writes that, The Civil War started because of uncompromising differences between the free and slave statesRead MoreCauses of the American Civil War Essay1181 Words   |  5 PagesThe Civil War was caused by a myriad of conflicting pressures, principles, and prejudices, fueled by sectional differences and pride, and set into motion by a most unlikely set of political events. From the co lonial period in America where the institution of slavery began, through the period of the revolution whereby blood was shed to validate the notion that all men were created equal (yet slavery existed in all thirteen colonies), to the era of the Civil War itself, it is undoubtedly clear thatRead MoreCauses of the American Civil War Essay1118 Words   |  5 Pagesversion of the civil war and even now I am just coming to a full understanding of the truth. The civil war was a terrible rift in our nation, fought between the northern states (known as the union) and the southern states (the Confederate States of America). The people’s opinions were so divided over the issues of the civil war that, in some families, brother was pit against brother. Eventually, the south succumbed to the north and surrendered on April 9th, 1865 but not before the war had caused 618Read MoreEssay on Cause of the American Civil War1732 Words   |  7 Pages The cause of the American Civil War has b een a politicized subject for the past 152 years. There are many different theories for what the main cause is, however the best answer is an all of the above approach. The cause of the war that divided the nation cannot be narrowly defined into a single issue but each cause is affected and tied together. The main causes that resulted in the Civil War were the issue of nullification, tariffs, but most importantly just an overall difference in their waysRead MoreMajor Cause Of The American Civil War1224 Words   |  5 PagesMAJOR CAUSES OF THE AMERICAN CIVIL WAR I. Introduction to Civil War The American Civil War was a war within the United States of America fought by the North (Union) and the South (Confederacy) starting from 1861 and ending in 1865. This war was one of the most devastating events in American history, consuming more than 600,000 lives. It was thought to be one that molded the character of the American individual today. This war was seen as a War for Southern Independence or War of Rebellion for the

Latin America Transformed Free Essays

This work focuses on four different areas for understanding the dynamics of Center America and the Caribbean. The first is the comparative evaluation of development policies in the region prior to neoliberalism. The second involves analytical work that combines the nature of the neoliberal model applied in the Caribbean and Central America. We will write a custom essay sample on Latin America Transformed or any similar topic only for you Order Now The third is the study of the role of migration and trading blocks in contemporary Caribbean and Central American development. The fourth considers the Cuban exception as a socialist state in a capitalist sea. The republics of Central America and the Caribbean share many historical characteristics. All of these countries formed part of the Spanish colonial system for three centuries or more. However, both regions have inherited highly unequal distributions of agricultural land (Gwynne Kay 104). Although the countries spun out of the Spanish colonial orbit at different times and in different contexts, Spanish colonialism established important elements of coherence that helped lay the foundations for the challenges of nation-state construction after independence. Furthermore, Central America and the Caribbean have shared, since the late nineteenth century, the strong political, social, and economic influence of the United States and the development of agro-export economies. Either through the direct creation of classic enclave economies (mining, sugar, timber, bananas, and so on); the development of export infrastructures; or the less visible participation in the production and marketing of other products, such as coffee, cattle, or food, foreign -especially U.S., German, and English – entrepreneurs helped connect the region firmly to the North Atlantic economy. Beginning at the end of the nineteenth century, national elites struggled to channel and contain social and political movements in order to promote the kind of order and progress they and foreign investors depended upon and also to construct memories, histories, and images of nations that were functional to their political and economic projects and their dreams of national power and stability. At the same time, foreign political and economic control and their own internal weaknesses and contradictions led them to seek, at least rhetorically, national unity and independence and to make strategic concessions to popular classes in an attempt to form nationalist or populist alliances. This kind of opening both influenced the ways popular struggles came to be defined and created situations in which popular forces could effectively make their voices heard in the national political arena. CBI should be seen as a vanguard policy for a reconstituted US regional hegemony under neoliberalism (Gwynne Kay 105). Caribbean governments in the context of their efforts at promoting economic and social development and with the external debt crisis hanging heavily over their heads had been stressing the need for a meaningful, coordinated program of emergency assistance in the form of aid and market and investment preferences. Indeed as early as 1979, Edward Seaga, then the opposition leader of Jamaica, proposed the need for a mini-Marshall Plan and a Puerto Rico-style relationship between the US and the Caribbean. CBI could therefore be regarded as a response to those appeals. The most salient studies in Cuban history written in the 1970s and 1980s focused on the transition from slave labor to free labor in Cuba’s plantation economy and were led by the research of Manuel Moreno Fraginals into Cuba’s plantation sector and Rebecca Scott’s work on the abolition of slavery and its impact. Since then, studies have addressed issues of racial and ethnic formation and identity, immigration, and social banditry, as well as the women’s and labor movements. Jorge Ibarra has begun a process of revision and reconsideration of the classic themes of Cuban historiography, including the island’s social structure. Since the nineteenth century Cuba has essentially had a one-crop (sugar cane) exporting economy with the concomitant vulnerabilities of output and price fluctuations and deteriorating terms of trade (Gwynne Kay 118). Cuba is now almost totally isolated and potentially a source of future conflict and violence. Cuba has ceased to be the totalitarian state it once was as the state itself was severely weakened by the collapse of the Soviet Union in 1991. Spurred on by the international climate favoring regional trading blocs, Middle American countries have recently formed the Association of Caribbean States, but beyond several regional summits have taken no firm steps towards region-wide economic integration (Gwynne Kay 100). The Association of Caribbean States (ACS) encompasses 200 million (plus) inhabitants of the region and, along with free trade arrangements between CARICOM and Venezuela, Colombia, and the Southern Cone countries, represents the consolidation of a Caribbean strategy to participate as fully as possible in the movement toward hemispheric free trade. Ironically, the Caribbean is moving in the direction of the foreign conception of the region in that U.S., European, Japanese, and other external policy-makers have long dealt with the Caribbean programmatically as a seamless, if culturally diverse, unit. Regional academics and policy-makers, however, depart from this programmatic view in recognizing that certain aspects of sub-group uniqueness must still be maintained. For example, the existing Caribbean Community (CARICOM) integration area will for the foreseeable future co-exist with the ACS. For both the Caribbean and Central America, the version of import substitution adopted to a large extent involved US multinational corporations (MNCs) relocating production facilities within the region to serve customers there, rather than a dramatic expansion of domestically-owned industries (Gwynne Kay 100). Both liberal, free-market rhetoric and collective bodies of capitalists (domestic holding companies and multinational corporations) spearheaded the drive to enter foreign areas. The ideology praised individualism and free market values, but the actual agencies of penetration were collectivized planning organizations. U.S. businessmen and politicians looked first to Central America for markets because that region had long been expected to become a closer economic partner. But U.S. officials conducted little study of the Central American economic situation and entered into no systematic consultation with Central American leaders because the U.S. vision expressed in the doctrines of Manifest Destiny and the Open Door was restricted to resolving U.S. domestic problems, not meeting Central American needs. The Americanism initiated in the 1880s, which was expected to create the market conditions necessary to assure U.S. commercial expansion, also exposed fundamental differences between the U.S. and Central American visions. While the United States proposed mainly commercial programs, the Central American delegates often struggled to include political, social, and cultural affairs. Among the alternatives available, it seems that the neoliberal model has begun to prevail. This model, which is well known and well supported from outside, substantively modifies the structure of Central American countries. Its hallmark is the absence of attention to social aspects. In the case of Central America, it eliminates what little economic equilibrium had existed before, producing a growing concentration of wealth in the hands of the few, and a progressive pauperization of the rest of the population. Consequently, it will crumble democracy throughout the region. Neoliberalism puts pressure on already highly-trade-dependent Middle America to export more (Gwynne Kay 104). The progress or modernization pursued by the Latin American governments required increasing sums of money to import the machinery, railroads, luxuries, and technology that would be used to try to transform their nations into replicas of the European nations the elites and middle class so much admired. To earn that money, the Latin Americans increased their exports, the foods or minerals they traditionally had sold abroad. The export sector of their economies received the most attention. In that sector, they increasingly concentrated investments, technology, and labor, leaving the domestic economy weak and increasingly inadequate. The number of those exports was limited. The highly prized railroads, built at staggering expense, opened new lands for exploitation but always were linked to the export sector, rushing the material products of the interior to the coastal ports where ships waited to transport them to Europe and the United States. Most of the modernization concentrated in the export sector. It contributed to some impressive growth but did little to develop Central America. In fact, modernization contributed to deepening dependency. Central America and the Caribbean is a region of small, economically vulnerable and trade-dependent countries surrounded by larger and more industrialized countries that are moving more aggressively towards economic integration (Gwynne Kay 99). From one perspective, global transformations create challenges and opportunities for policymakers who can adapt to changing environments and prudently recalculate basic questions of survival, viability, and effectiveness. There is reason to believe that this process is under way in Cuba, though the nature of these calculations and their long-term consequences are unknown. For example, Cuba must carefully calculate its interests in a context of rapidly changing balances and one in which its currency – defiance, moralism, anti-imperialism – has lost much of its value. Systemic reasons rooted in a command model and a series of blunders and poor decisions by government largely explain Cuba’s economic predicament. It is increasingly recognized in Cuba itself that its substantial economic, financial, and trade dependence on the former communist world actually deprived it of the advantages that would have accrued to it had relations been expanded with more capitalist countries. Unfortunately, Middle America denotes a region anxious about, and reacting somewhat defensively to, hemispheric movements towards trade alliances to its north and south. Spurred on by the international climate favoring regional trading blocs, Middle American countries have recently formed the Association of Caribbean States, but beyond several regional summits have taken no firm steps towards region-wide economic integration (Gwynne Kay 100). The revival of the integration movement has been encouraged by the perceived world wide trend to form trading blocks spearheaded by the European Community (EC). This development led to a perceived need in the United States, Canada, and some Latin American countries to form a hemispheric economic block in order to counterbalance the strengthened European integration movement. Once the NAFTA movement got underway, some LAC countries realized the need to participate in it to avoid the possible negative economic effects that NAFTA may have on their economies. The Central American Common Market (CACM) consists of five countries with a long history of linkages: Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica (Gwynne Kay 121). Together, the original CACM members experimented with the development strategy known as Import Substitution Industrialization, or (ISI). This strategy called for a change in the nature and structure of demand – away from imported consumer goods and toward imported industrial goods, which could then be used to produce domestically the same goods that would formally have been imported. During its initial stages, ISI was considered quite successful and was often credited with the economic â€Å"boom† that swept the region at the time of its inception. In reaction to neoliberalism, a growing number of people have tried to emigrate to North America and Europe, where about 5 million Caribbean islanders have gone since 1945 (Gwynne Kay 120). For example, Salvadorans initially migrated to San Francisco, while Hondurans migrated to New Orleans. Migration has been such an integral part of the Eastern Caribbean culture that almost every Eastern Caribbean citizen has a relative or friend living in a major country. This factor is significant when analyzing both the political and economic system of the Eastern Caribbean. Since 1979 there has been significant changes in migration patterns and, notably, in the volume of people leaving Central America. Not surprisingly, Nicaragua and El Salvador, both of which suffered tremendous damage from war and social unrest, witnessed one of the most dramatic migrations of their people to other Central American countries, Mexico, the United States, Canada, and elsewhere. To cite an extreme example, for every five people born in St Kitts and Nevis and alive today, two now reside in the United States (Gwynne Kay 120). Neoliberalism, in particular, has made a major contribution to the dynamic and contradictory processes of globalization in the Caribbean and Central America. One important conclusion that comes from this study is that the neoliberal structural adjustment programs are very limited. Although export agriculture has produced some wealth, it has also created massive structural problems of inequality, and it has not achieved self-sustained, modernizing growth over the long run. In conclusion, a feature of Caribbean and Central American migration that deserves further exploration and research is the potential for continuous and circular migration, principally between the islands of the Caribbean and the United States. This phenomenon has important implications for labor markets in regions of origin and destination.   Many of the people now returning to their homelands are bringing with them the wealth of accumulated knowledge and experience. This should significantly enhance the level of human capital in these Central American economies and serve as an important element for the growth and development of the region. Works Cited Robert N. Gwynne, Cristà ³bal Kay. Latin America Transformed: Globalization and Modernity. Arnold: London, 1999.    How to cite Latin America Transformed, Essay examples

Reflecting On And Investing In The Future -Myassignmenthelp.Com

Question: Discuss About The Reflecting On And Investing In The Future? Answer: Introduction The task focuses on good corporate social responsibility behaviours that are undertaken by organisations. According to Suliman, Al-Khatib Thomas (2016), Corporate Social Responsibility (CSR) is a self-regulation practice performed by organisations. The efforts made by the managers to earn the trust of the people in a society and protect the environment are termed as the corporate social activities of an organisation. The task highlights some of the actions that have led to the improvement of societies as well as environment. The task focuses on five examples responsible actions executed by famous business organisations to attract the attention of the society and increase the reputation in the market. Examples of good Corporate Social Responsibility One of the popular companies that are involved in providing online shoes and clothes is Zappos. The company is a subsidiary of Amazon and is located in Nevada, USA. IT was formed in 1999 and has helped people to shop for various leather items that are attractive to them (Zappos.com, 2018). It is an internationally famous company and has over 1500 employees working for the betterment of the organisation. Hence, the CSR activity that the company is involved with helps in making the society better as well as provides compensation for the employees. According to Cheng, Ioannou Serafeim (2014), Zappos helps in selling shoes to the people and consequently make a huge impact in the society with the shoeboxes. The company is known to make money by selling the shoeboxes in a creative manner. This money made by Zappos, are donated to charitable organisations for the betterment of the society and children. This is one such activity that helps Zappos to ensure that the social impact related to performing successful business is maintained. The company also donates goods that can be useful for the children. Hence, the involvement of the employees plays a huge role. Zappos ensures that the employees involved in the volunteering of charitable work are given time off from work. This is because the company value the contribution made by the employees for the social cause. Mere working from 9 to 5, is not the motto that is set by the managers of Zappos. General Electric (GE) is an American public company that specialises in aviation, energy connection, digital, lightning, oil and gas. The company was formed in 1892 and is headquartered in New York. Over the years, General Electric has grown to become a household name and have tasted huge success in the international market. Along with the quality of products that are sold by the company, the focus also remains on the community and the environment (Ge.com, 2018). Products such oil and gas may cause problems in the environment and consequently to the lives of the people. Hence, GE contributes to the volunteering of social causes. The CSR activity undertaken by General Electric includes supporting senior care centres. This is because the managers of GE believe that the senior citizens of a community are the most neglected people. The profit of the company is donated to such charitable organisations, for the better lives of the people. Apart from the senior, the company also takes into consideration the condition of the children suffering from autism. They help in educating children so that they may have a bright future. It has been seen that the company provides over 1 million working hours per year for the betterment of the society (Korschun, Bhattacharya Swain, 2014). They also focus on the neglected urban population for its development and for the improvement of the environment in general. GE organises a Global Community Day in which the company coordinates with other companies for ensuring that urgent projects for the betterment of the society are undertaken. BMW is one of the most famous car manufacturing companies located in Bavaria, Germany. The company was set up 1916 and today it is known for manufacturing the best automobiles and motorcycles that are popular all over the world (Bmwgroup.com, 2018). The fame of the company is such that the brand is used in television. In this regard, it can be said that the company is also one of the biggest contributors to the social factors that affect business. It is to be noted that cars emit smog that causes air pollution. Hence, it is the duty of BMW to ensure that the environment is protected for the safety of the people living in the society. BMW takes pride in the contribution it makes to the society. The company is said to be one of the most socially responsible in the car manufacturing industry. Thus, the reputation of the company can reach sky-high due to the contribution it makes to the society. Within 2020, the company aims to help 1 million people. This can be done by setting up education campaign and creating programmes such as "The Schools for the Environmental Education Development Project". This can help in raising awareness of social and environmental issues. Apart from this, the company ensures that the success of the company is aligned with its success in the business. As stated by Poussenkova et al., (2016) the company provides a good example of a business model and the assistance that can be provided for a social cause. Another clothing company, Levi Strauss keeps it focus on the CSR activities that it undertakes. Levi Strauss is an American clothing company that was founded in May 1853. The company is known to make jeans that define the style statement of every generation. Despite suffering some setbacks in the business, the company have made amends by applying strategies that help in its growth. The revenue, net income and assets of the company have been on the increase for the last couple of years due to proper interaction with customers (Levistrauss.com, 2018). Hence, the CSR activities that the company is involved with help in reducing the negative impact on the environment. As observed by Tai Chuang (2014) Levi Strauss aims to prevent the degradation of the environment and the conservation of natural resources. The company is a major contributor to the human rights and environmental causes. It can be said that, like BMW, Levi Strauss also has its own campaign that addresses the safety and the conservation of the environment and natural resources. The Worker Well Being Initiative helps in providing a proper work-life balance for the employees working in the organisation. They have also contributed to the use of less water for the manufacturing of their jeans. As of now, the company have managed to save over one billion litres of water. In the future, the company aims to improve the programme and by 2020, aims to launch the campaign so that other people and organisations can follow the footsteps for preserving the environment. Thus, it can be said that the focus of Levi Strauss remains on the safety of the environment. Starbucks is considered to be the most famous coffee company and coffee chain in America. The company was founded in 1971, in Seattle. The company operates in over 23,768 locations. The company is known to take care of the employees and meet the requirements of the customers that are intrigued by the consumption of the products (Starbucks.com, 2018). The main code of business conduct of the company is the ethical and social responsibilities. The focus is not only customer centric but also environmental centric. Thus, this makes the company a global success and help in establishing a proper reputation in the market. The focus of Starbucks has been to be ethical as well as social while conducting business. The aim of the company is to create products that can be beneficial for the customers as well as the environment (Carroll, 2015). Hence, the company have started campaign programmes such as C.A.F.E for setting guidelines. These guidelines help in maintaining the quality of the products, social and economic responsibility along with managing the environment. They even have a partnership with Ethos Water that provides clean water to the people. This water is used for the manufacturing of the coffee as well. According to Clapp Rowlands (2014), the biggest advantage of Starbucks is the fact that it focuses on the need for social improvement rather than the company. This is one of the main reasons behind the reputation of the brand and the fan following it has in the markets across the globe. Conclusion Thus, it can be concluded that every organisation needs to focus on the CSR activities for maintaining its reputation. The CSR activities help companies to remain organised about the manner in which business can be carried on in the organisation. It is seen that every company enjoys success because they focus more on the development of the community. Companies such as BMW, Levi Strauss and Starbucks focus more on the development of the community. This leads to the increase in reputation that becomes the main strategy for success in the competing market. Reference Bmwgroup.com. (2018).Bmwgroup.com. Retrieved 30 January 2018, from https://www.bmwgroup.com/en.html Carroll, A. B. (2015). Corporate social responsibility.Organizational dynamics,44(2), 87-96. Cheng, B., Ioannou, I., Serafeim, G. (2014). Corporate social responsibility and access to finance.Strategic Management Journal,35(1), 1-23. Clapp, J., Rowlands, I. H. (2014). Corporate social responsibility.The Essential Guide to Global Environmental Governance. Routledge: London, 42-44. Ge.com. (2018).GE | The Digital Industrial Company | Imagination at Work. Retrieved 30 January. 2018 from https://www.ge.com/ Korschun, D., Bhattacharya, C. B., Swain, S. D. (2014). Corporate social responsibility, customer orientation, and the job performance of frontline employees.Journal of Marketing,78(3), 20-37. Levistrauss.com. (2018).Levi Strauss. Retrieved 30 January 2018, from https://www.levistrauss.com/ Poussenkova, N., Nikitina, E., Loe, J. S., Wilson Rowe, E., Wilson, E., Fjaertoft, D. (2016). Corporate Social Responsibility.Russian Analytical Digest (RAD),181. Starbucks.com. (2018).Starbucks Coffee Company. Retrieved 30 January 2018, from https://www.starbucks.com/ Suliman, A. M., Al-Khatib, H. T., Thomas, S. E. (2016). Corporate Social Responsibility.Corporate Social Performance: Reflecting on the Past and Investing in the Future, 15. Tai, F. M., Chuang, S. H. (2014). Corporate social responsibility.Ibusiness,6(03), 117. Zappos.com (2018).Online Shoes, Clothing, Free Shipping and Returns | Zappos.com.Zappos.com. Retrieved 30 January 2018, fro

Sustainability and Environment Development

Question: Discuss about the Sustainability and Environment Development. Answer: Introduction Sustainable development is a holistic approach that is mostly based on an uncomplicated principle. Sustainable development is described as the type of development that meets the requirements of the present generation without compromising the capability of the future generation. The key aim of sustainable development is to secure environmental, economic, and community engagement strategies. It helps to bring rapid expansion of good living and travel. Most of the visitors of Hyatt appreciate prospects in order to make sustainable choices while traveling. There are several major global existing hotels that have incorporated sustainable development in their approach and have based their approach around Sustainable Development. The Sustainable Development is not considered as a dream of any political party that contempt capitalism and deems it to be evil (Pearce, Barbier Markandya, 2013). Hyatt Hotels Corporation is a leading international global hospitality company that is headquartered in Chicago. Thousands of associates of the Hyatt family unit endeavor to make a difference in the lives of the visitors they come across daily by offering genuine hospitality. In order to improve the long-term viability of local ecosystems, it is imperative to promote ecotourism to promote sustainable tourism (Chathoth, 2016). Main Body Hyatt is mostly committed to investigating how its hotel supply, devour as well as manage natural resources in order to serve their visitors. The existing global hotel in Australia mainly looks into the fact how to identify methods for hotels of Hyatt to diminish consumption of energy as well as emission of greenhouse gases. The mission statement of the company is to care for the guests and to listen and meet the requirements of the colleagues. They believe that being their best will help the company to be their best. The share set of values of Hyatt redefines their culture, respect, empathy as well as creativity. The main objective of Hyatt is to reduce the GHG emission at their administered hotels by 25 percent per square meters by the year 2020. However, this requires to executed without having a negative impact on the guests. It is important to shift to cleaner and renewable sources of energy by encouraging the people related to the hotel to find innovative solution that can be s hared across the operation (Huaman Jun, 2014). In order to improve the sustainability of its environment, it is very imperative to use resources thoughtfully. As a result, it requires consuming less amount of water as well as producing less waste that will in turn make more environmentally conscientious acquiring choices. As per the reports, Hyatt has set the objective to diminish the usage of water per visitor night by 25 percent. Hyatt also requires to implement energy reduction projects that will help to reduce GHG emission by 20,000 metric tonnes of carbon dioxide corresponding (CO2e) annually. The collision of these efforts is eminent and toughened by operational best practices. Some sustainable and well-organized design components should be incorporated that will help to bring development of the hotel. The individuals of the hotel should also be educated regarding the reduction of energy in their day-to-day work (Pugh, 2014). Energy can be saved by making the use of waste heat that is recovered from the system of central air conditioning in order to heat water for the pool. As per the reports, with the help of this Hyatt will be able to save an estimate of 40,000 kWh each year. The conversation of water is also an imperative way by which sustainability can be accomplished. The availability of clean water is imperative for hospitality industry mostly for the human beings and the ecosystem is also indispensable for the long-term feasibility of our communities. This also helps to maintain the health of the neighbors and their well-being. It is important to recycle water as much as possible and to encourage the members to innovative water-efficiency techniques. The focus requires to be increased on the audits of both energy and water (Worrell, Kermeli Galitsky, 2013). The sustainability of its environment can also be improved by working directly with the stakeholders to raise the focus on generating more effectual as well environmentally cognizant hotels across the venture. Climatic change has the probability to affect the ecosystems seriously, on which all the local communities depend. It is imperative to track the consumption of water and energy as climatic changes also impacts the trades directly destroying leisure activities that involves skiing. As a result, Hyatt requires to enhance efficiency of energy as well as carbon footprint that is essential for economic and moral imperative. This will help to meet the priorities of the business that includes increase of profitability as well as building of brands (Thornton et al., 2014). It is also expected that Hyatt will follow improved sustainable design guidelines for the construction of its new projects. Hyatt will guide this initiative for all new construction as well as major renewal projects for completely owned complete service hotels and resorts achieved under LEED certification, or a corresponding certification. It is also claimed that financial savings are also part of the sustainability of the environment. This is mostly clear for hotel businesses that function in an extremely competitive market and where the cost of energy, water and waste removal are elevated. As a result, in order to gain sustainable development it is very important to maximize efficiency because the hotel operators that can maximize competence as well as diminish waste will be more cost-effective as compared to their competitors. Hence, in order to reduce cost, Hyatt requires to make the installation of low flow showerheads as well as valve aerators that will help to reduce wastage o f water. It also requires reducing the unsustainable demand on local water resources. An in-room energy management system is also required that will help to reduce the consumption of energy. The energy management system automatically monitors as well as adjusts individual room temperatures with the help of its sensor (Lechner, 2014). Tracking efficacy bills can help properties scrutinize the efficiency of their energy maintenance initiatives. Hyatt will be able to produce cost-savings on their monthly utility bills by installing energy-friendly technologies that includes appliances, lighting as well as heating and cooling systems. Hyatt can also accomplish sustainable development by following the footstep of Otani that is located in Japan. Otani installed an innovative air conditioning as well as a kitchen system with the help of which it achieved 14 percent savings in energy and 30 percent reduction on emission of carbon. The water savings initiative is very important as the water tables are diminishing and the underground aquifers are being exhausted (Dell et al., 2014). It is estimated by the World Bank that the total amount of solid waste management will cost $376 billion by the year 2025. This will lead to more rigorous increase in low-income countries. It is recognized that the management of waste is an international problem with environmental and economic impacts on the communities in which individuals function. Hyatt requires to find prospects to make use of those resources efficiently that is sends to landfills, in order to diminish waste management. If this policy is followed, sustainable development will be accomplished (Yuan, 2013). It is also imperative to improve the sustainability of its economic strategies. This can be achieved with the help of global procurement practices. This will provide the opportunity to bring change across the value chain of the hotel. The demand for responsible supply chain practices will be strengthened with the help of these practices. Hyatt requires to provide the visitors with more sustainable commodities. A broad range of commodities and services requires to be procured in order to generate as well as operate the hotels. Strategic approaches should be undertaken that will help to improve the sustainability of the purchases. As a result, it is required to focus on the areas where Hyatt expends the more (Epstein Buhovac, 2014). It is imperative to launch an international food and beverage philosophy that mostly focuses on vigorous and sustainable food. This will also help to lead to sustainable development as vigorous and sustainable food is healthy for the guests. This philosophy is incorporated by most of the existing hotels worldwide. Sustainable and organic food is very important as it supports the commitment to advance the health and welfare of the guests ad communities. As a result, environmental footprint gets reduced that mostly includes emission of greenhouse gases as well as wastage of water consumption. There are few dishes that also require to be removed from the menu in order to achieve sustainable development. One of the that require to get removed is shark fin. Instead, they require add green label to their menus to increase the sustainability. Hotels are mostly in a good position to share the objectives of sustainable development in their dealings with several suppliers (Ciegis, Ramanauskien e Martinkus, 2015). Hotels mostly have the ability to purchase in bulk in order to influence the supplier to supply less packaging and make use of more environmentally friendly materials. Most of the countries such as Australia require suppliers to take back as well as recycle and reuse their packaging waste. It is important for Hyatt to reduce the generation of risky waste by purchasing environment-friendly goods. The negative impact on the environment can also be reduced by purchasing all items from local. The ingredients that are used while making food should mostly be organic or less purchased locally. Purchasing locally is also crucial as enables local communities to benefit from tourism. On the other hand, purchasing from local suppliers helps facilitate the money spent to stay within the area. As a result, the local community is promoted. As per the reports, it is found that Hyatt follows a responsible purchasing practice that mostly includes the packaging of shampoo as well as body lotion in bot tles that are made of recycled plastic. Beside this, the hotel also requires to make the use of 100 percent recycled carpets that in turn will provide sustainably sourced menu. It requires to work with the suppliers to advance the sustainability of the products in order to conserve energy and raise the diversion of waste (Bass Dalal-Clayton, 2012). The workers who are associated with Hyatt are recognized as the greatest benefits of going green. Workers such as hotel guests are becoming more and more sophisticated and they are also tuned into present thinking in society. It requires to get committed to the improvement of its local sourcing of goods as well as rising sustainable cleaning at its hotels as well as facilities. It should also enlarge the education as well as personal enhancement programs for workers as well as their family members (Han, Zhang Guo, 2014). Corporate community engagement on the other hand represents the involvement of the corporate community. In other words, a firm undertakes activities in order to enhance relationships as well as to contribute to the welfare of the communities. It is imperative for Hyatt to make all the industry partners aware about the policy of the hotel. Customers, stakeholders as well as workers use corporate engagement in order to measure the performance of the company. With the help of this, Hyatt will be able to demonstrate strong values and a commitment to the community and it will enjoy an enhanced reputation (Dare, Schirmer Vanclay, 2014). The economic advantages that are generated from the tourism industry will be spread throughout the group of people as well as clients. By maintaining a good relationship with the tourism industry, Hyatt will be able to provide its guests with the experience of new places that will lead to a direct interaction between the host communities and the local environment. With the help of tourism, the individuals will become more aware about the issues related to the environment. This will in turn provides increasing source of opportunities for the development of the enterprise leads to creation of more employment. It will also bring substantial economic value to natural and cultural resources. The concept of sustainable development requires to be incorporated into the policies as well as procedures of a business if it is to follow principles related to sustainable development. However, it does not indicate that new management techniques require to be invented. However, it requires a new cultural orientation as well as widespread refinements to systems as well as procedures. Hyatt requires to provide a larger accountability to non-traditional stakeholders as well as it should make sure a continuous enhancement of reporting practices (Ciegis, Ramanauskiene Martinkus, 2015). It is important to develop an effectual management structure for sustainable development programs that involves both governance as well as well as decision-making. The concept of sustainable development requires to be integrated both into trade planning as well as management information. Governance is important due to increasing responsibility of the corporation as well as its senior management. On the other hand, decision-making is imperative as it helps to become responsiveness towards the issues arising from sustainable development (Escrig?Olmedo et al., 2015). It is important to perform a stakeholder analysis to enhance relationships with the local community of legitimate stakeholders. A stakeholder analysis helps to recognize all the parties that are affected both directly and indirectly by the procedures of the enterprise. It will help to set out the problems as well as information requirements of the stakeholders with respect to the sustainable development activities of Hyatt. The existence of Hyatt is linked directly to the global environment as well as to the society in which it is based. As a result, it requires maintaining respect for human self-respect and striving towards a society where the global environment is protected. The strategies of the company are directed principally towards earning the foremost return for shareholders as well as investors. Previously, trades were not expected to accomplish any other social or environmental objectives. Previously, in most of the industries the exploitation of natural resources was the s tandard. However, at present business enterprises in developed countries operate in a more complicated as well as more regulated surrounding. Stakeholder groups are mostly extended with the help of sustainable development by including natural resources as well as future generation. The development of the stakeholder analysis started by the identification of various groups that are affected by the activities of the business. Hyatt necessitates the requirements of their stakeholders in order to capitalize their own prospects. After the identification of the stakeholders, the management of the company should prepare a description of the requirements as well as expectation that are contained by the group. The development of the statements of requirements as well as anticipation requires dialogue that is required by every group of stakeholders. There is several conflicting expectation that are revealed with the help of stakeholder analysis. With the help of this analysis, the customers are likely to demand innovative as well as environmentally secure goods (De Brucker, Macharis Verbeke, 2013). Senior management is highly responsible for devising a sustainable development approach for the organization as well as establishes precise objectives. The company has build a strong relationship with its stakeholders that includes its colleagues. Hyatt mostly supports its colleagues in the development of their career with the help of robust training. They mostly seek the feedback with the help of surveys, workshops and roundtables. The team who are directly associated with Hyatt for the responsibility efforts includes Thrive Teams as well as Employee Network Groups. They also engage the leisure travelers with the help of several channels that includes social media and customer surveys. The company is also known to conduct trade reviews and react to surveys of their corporate clients. This also helps them to get engaged directly to the stakeholders. In order to enhance relationships with the local community, it is also imperative to engage the investors principally through investor m eetings as well as financial filings. By engaging with the investors, it becomes easier for the company to get information about the investors and helps them to prioritize the efforts related to corporate social responsibility that in turn contributes to the reputation of the brand as well as profitability (Cullen, Gerbasi Chrobot-Mason, 2015). Hyatt has committed to fostering a culture of inclusion across the organization as well as within leadership enhancement. It is imperative to place direct pressure on fragile ecosystems leading to degradation of the physical environment and disruption to wildlife. It is important to make optimal use of environmental resources that comprises a major element in the development of tourism. Sustainable development related to tourism requires the informed participation of all pertinent stakeholders. The achievement of sustainable development is a continuous procedure, as it requires constant monitoring of impacts (Shekhawat et al., 2014). Conclusion It can be concluded that the key objective of Hyatt is to help the company converse its charitable, environmental, and group of people engagement proposals, and to situate Hyatt to focus on as well as coherent the value it brings as a worldwide company to the various communities it serves. The conversation of water is also an imperative way by which sustainability can be accomplished. Product labels as well as packaging also help the hospitality industry to accomplish sustainable development. In order to gain sustainable development it is very important to maximize efficiency because the hotel operators that can maximize competence as well as diminish waste will be more cost-effective as compared to their competitors. Sustainable tourism is generally not taken to imply a finite state of tourism. The negative impact on the environment can also be reduced by purchasing all items from local. Recommendation It is recommended that hotel is a great environment in order to raise the consciousness related to the problems of sustainable development. It is imperative to position the hotel industry in such a way that it demonstrates sustainable development within both tourism and travel sector. They require to share a good bonding with the suppliers in order to accomplish sustainable development. References Bass, S., Dalal-Clayton, B. (2012).Sustainable development strategies: a resource book. Routledge. Chathoth, P. K. (2016). Historical evolution of hotel chains.The Routledge Handbook of Hotel Chain Management, 27. Ciegis, R., Ramanauskiene, J., Martinkus, B. (2015). The concept of sustainable development and its use for sustainability scenarios.Engineering Economics,62(2). 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