Post published on Medium on 3/3/17.
https://medium.com/@albert.vilarino/the-incorporation-of-sustainability-risks-into-the-risk-culture-b18aa1e39add#.cd2l4nh2x
This article emphasize need of risk management in any enterprise.Not knowing risk in any organization is quite dangerous and need carefull attention of the management.
Enterprise Risk Management and SustainabilityJeff B
An overview of our endeavors at implementing ISO 31000 enterprise risk management and the importance of establishing good risk culture within the company.
This article emphasize need of risk management in any enterprise.Not knowing risk in any organization is quite dangerous and need carefull attention of the management.
Enterprise Risk Management and SustainabilityJeff B
An overview of our endeavors at implementing ISO 31000 enterprise risk management and the importance of establishing good risk culture within the company.
Risk Culture. At The Heart Of Your Decisionsdtsiolis
Risk culture is at the heart of human decisions that govern the day-to-day activities. When it goes wrong, as in the SocGen rogue trading scandal in 2008 or the Boeing scandal in 2018 may have devastating consequences..
Reprint of Healthcare Financial Management Association article discussing the importance of implementing enterprise risk management in a healthcare setting. 14 years later ERM in healthcare may now be critical to organizational survival.
Abstract: Risk management is an activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death). Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. Objective of risk management is to reduce different risks related to a pre-selected domain to an acceptable. It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics. The paper describes the different steps in the risk management process which methods are used in the different steps, and provides some examples for risk and safety management.
Татьяна Будишевская
Старший менеджер Deloitte
Современная методика оценки культуры управления рисками в организации
Практические инструменты внедрения риск-культуры
STRATEGIC PLANNINGManaging Risks A NewFrameworkby Rob.docxsusanschei
STRATEGIC PLANNING
Managing Risks: A New
Framework
by Robert S. Kaplan and Anette Mikes
FROM THE JUNE 2012 ISSUE
W
Editors’ Note: Since this issue of HBR went to press, JP Morgan, whose risk management practices are
highlighted in this article, revealed significant trading losses at one of its units. The authors provide
their commentary on this turn of events in their contribution to HBR’s Insight Center on Managing
Risky Behavior.
hen Tony Hayward became CEO of BP, in 2007, he vowed to make safety his top
priority. Among the new rules he instituted were the requirements that all
employees use lids on coffee cups while walking and refrain from texting while
driving. Three years later, on Hayward’s watch, the Deepwater Horizon oil rig exploded in the Gulf
of Mexico, causing one of the worst man-made disasters in history. A U.S. investigation commission
attributed the disaster to management failures that crippled “the ability of individuals involved to
identify the risks they faced and to properly evaluate, communicate, and address them.” Hayward’s
story reflects a common problem. Despite all the rhetoric and money invested in it, risk
management is too often treated as a compliance issue that can be solved by drawing up lots of rules
and making sure that all employees follow them. Many such rules, of course, are sensible and do
reduce some risks that could severely damage a company. But rules-based risk management will not
diminish either the likelihood or the impact of a disaster such as Deepwater Horizon, just as it did
not prevent the failure of many financial institutions during the 2007–2008 credit crisis.
Identifying and Managing
Preventable Risks
In this article, we present a new categorization of risk that allows executives to tell which risks can
be managed through a rules-based model and which require alternative approaches. We examine
the individual and organizational challenges inherent in generating open, constructive discussions
about managing the risks related to strategic choices and argue that companies need to anchor these
discussions in their strategy formulation and implementation processes. We conclude by looking at
how organizations can identify and prepare for nonpreventable risks that arise externally to their
strategy and operations.
Managing Risk: Rules or Dialogue?
The first step in creating an effective risk-management system is to understand the qualitative
distinctions among the types of risks that organizations face. Our field research shows that risks fall
into one of three categories. Risk events from any category can be fatal to a company’s strategy and
even to its survival.
Category I: Preventable risks.
These are internal risks, arising from within the organization, that are controllable and ought to be
eliminated or avoided. Examples are the risks from employees’ and managers’ unauthorized, illegal,
unethical, incorrect, or inappropriate actions and the risks from br.
Risk Culture. At The Heart Of Your Decisionsdtsiolis
Risk culture is at the heart of human decisions that govern the day-to-day activities. When it goes wrong, as in the SocGen rogue trading scandal in 2008 or the Boeing scandal in 2018 may have devastating consequences..
Reprint of Healthcare Financial Management Association article discussing the importance of implementing enterprise risk management in a healthcare setting. 14 years later ERM in healthcare may now be critical to organizational survival.
Abstract: Risk management is an activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death). Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. Objective of risk management is to reduce different risks related to a pre-selected domain to an acceptable. It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics. The paper describes the different steps in the risk management process which methods are used in the different steps, and provides some examples for risk and safety management.
Татьяна Будишевская
Старший менеджер Deloitte
Современная методика оценки культуры управления рисками в организации
Практические инструменты внедрения риск-культуры
STRATEGIC PLANNINGManaging Risks A NewFrameworkby Rob.docxsusanschei
STRATEGIC PLANNING
Managing Risks: A New
Framework
by Robert S. Kaplan and Anette Mikes
FROM THE JUNE 2012 ISSUE
W
Editors’ Note: Since this issue of HBR went to press, JP Morgan, whose risk management practices are
highlighted in this article, revealed significant trading losses at one of its units. The authors provide
their commentary on this turn of events in their contribution to HBR’s Insight Center on Managing
Risky Behavior.
hen Tony Hayward became CEO of BP, in 2007, he vowed to make safety his top
priority. Among the new rules he instituted were the requirements that all
employees use lids on coffee cups while walking and refrain from texting while
driving. Three years later, on Hayward’s watch, the Deepwater Horizon oil rig exploded in the Gulf
of Mexico, causing one of the worst man-made disasters in history. A U.S. investigation commission
attributed the disaster to management failures that crippled “the ability of individuals involved to
identify the risks they faced and to properly evaluate, communicate, and address them.” Hayward’s
story reflects a common problem. Despite all the rhetoric and money invested in it, risk
management is too often treated as a compliance issue that can be solved by drawing up lots of rules
and making sure that all employees follow them. Many such rules, of course, are sensible and do
reduce some risks that could severely damage a company. But rules-based risk management will not
diminish either the likelihood or the impact of a disaster such as Deepwater Horizon, just as it did
not prevent the failure of many financial institutions during the 2007–2008 credit crisis.
Identifying and Managing
Preventable Risks
In this article, we present a new categorization of risk that allows executives to tell which risks can
be managed through a rules-based model and which require alternative approaches. We examine
the individual and organizational challenges inherent in generating open, constructive discussions
about managing the risks related to strategic choices and argue that companies need to anchor these
discussions in their strategy formulation and implementation processes. We conclude by looking at
how organizations can identify and prepare for nonpreventable risks that arise externally to their
strategy and operations.
Managing Risk: Rules or Dialogue?
The first step in creating an effective risk-management system is to understand the qualitative
distinctions among the types of risks that organizations face. Our field research shows that risks fall
into one of three categories. Risk events from any category can be fatal to a company’s strategy and
even to its survival.
Category I: Preventable risks.
These are internal risks, arising from within the organization, that are controllable and ought to be
eliminated or avoided. Examples are the risks from employees’ and managers’ unauthorized, illegal,
unethical, incorrect, or inappropriate actions and the risks from br.
How to embed emerging risk identification and management IRMindia AffiliateIRM India Affiliate
The Institute of Risk Management (IRM) is the leading professional body for Enterprise Risk Management
(ERM). We drive excellence in managing risk to ensure organisations are ready for the opportunities
and threats of the future. We do this by providing internationally recognised qualifications and training,
publishing research and guidance, and setting professional standards.
For over 30 years our qualifications have been the global choice of qualification for risk professionals and
their employers. We are a not-for-profit body, with members working in all industries, in all risk disciplines and
all sectors around the world. In 2019, the IRM welcomed the Institute of Operational Risk (IOR) into the IRM
group. www.theirm.org
We hope that you have read the first and second guides An Introduction to Identifying Emerging Risks, and
How to assess and treat Emerging Risks. These publications help you to identify and tackle potential risks
that may impact your organisation’s strategic objectives should they occur. In part one of this publication,
we offer tools and techniques to take that work and embed it within your organisation, with part two
providing ideas on how to tackle the leadership conversation about emerging risk management.
ERM Evolving From Risk Assessment to Strategic RiskManageme.docxrusselldayna
ERM: Evolving From Risk Assessment to Strategic Risk
Management
hfma.org/Content.aspx
Changes in the healthcare system are bringing new risks, which hospitals and
health systems need to manage effectively to remain competitive.
The U.S. healthcare ecosystem represents a $5 trillion market and is projected to grow to a
$5.5 trillion market by 2025. The exponential growth comes from several thematic drivers,
including the shift from volume to value and the rise of the consumer, both of which are turning
the industry on its head as new payment models and greater expansion of consumer options
are being introduced to the marketplace. Other drivers include evolving mobile strategies, new
entrants, an aging population, and continued uncertainty in political and regulatory
environments. With medical device cybersecurity vulnerabilities being reported at record
levels, it is evident that new risks are constantly threatening the quality of patient care and
providers’ long-term prosperity.
As the healthcare market expands and evolves, the inherent risks also are increasing, as
shown in the sidebar.
Moving Beyond Risk Identification
Traditionally, the healthcare industry has exceled in risk identification and assessment. The
industry has been less proficient at prioritizing and managing risk, however, and it has a vital
need to tackle these areas. To do so, healthcare providers must invest more in building
enterprise risk management (ERM) capabilities.
As a defensive strategy, a focus on avoiding risk may seem to hold promise, but no hospital or
health system can avoid risk entirely. By giving an organization insight into how to take the
right risks at the right time, an effective ERM program can help the organization more
successfully execute its strategic imperatives.
Getting Beyond Basic Effectiveness
Despite the growing importance of programs today, and the raised awareness of their
importance, many healthcare providers have been slow to adopt a more sophisticated
approach. As shown in the exhibit below, the current state for most providers falls between
“basic” and “evolving” maturities for ERM programs.
Levels of ERM Maturity
a
b
1/5
http://www.hfma.org/Content.aspx?id=60137
Organizations classified as basic recognize the implications of risk to
achieving the organization’s objectives and are just beginning to have
important discussions on the topics of risk. Often defined as hazards
and considered only in the context of their adverse consequences, risks
managed at a basic maturity levels are identified on an annual basis; risk mitigation and
controls are seldom factored in, and reporting is seldom, most often biannually at best.
Organizations at basic maturity also may have disparate risk management processes that
aren’t managed in a coordinated method (e.g., compliance, IT/cyber security, operations, and
legal/insurance) and that exist outside normal management processes or cadences. Moreover,
the internal ERM risk assessment is s.
Table of Contents
Introduction 3
Project Outline 3
Project risk identification 4
Project risk assessment 6
Project Risks, Responses Strategy 7
Project Risks Monitoring & Control Plan 10
Project Risks WBS & Budget Updates 11
Project Risks, Communications Plan 11
References 12
Introduction
The project that is planned by the company is to divest and move into a global perspective. Let’s ay for instance a possible expansion in the expansion of an oil refinery plant, such as a sulphur plant, my project will be to research Savage Gulf Sulphur Services. The project is supposed to ensure that the company will generate more revenue, and then it shall move into a global perspective. With the project, the company shall also increase its production due to large demand generated by the new market in the globe. Every project is faced with a certain degree of risk in the activities that it takes in an organization. It is important for organizations should carry out risk assessment procedures that are inclined in ensuring that an effective strategy shall be formulated to eliminate risk. This paper will discuss the risk management strategy and the processes that are taken in the management of risk in an organizational structure.
Project Outline
The project is it intended to increase the organized capacity and move into the global market structure. This will involve the purchase of new factors of production such as land, investors and business owners invest large amounts of capital to such investments. The project will also
Risk management justification
Risk management is identified and can be described as an assesment that has all these prioritization of risks, the management of risk could involve precise coordination and ecomonical application strategies with ereasons to minimize, control and monitor the probability and impact of unfortunate events. Risk management also helps in maximization and the act of realization of opportunities. In an organizational structure, risk management has a variety of functions which makes it an important department in an organization, based on the many roles that the risk management. This is the implementation of a strong and effective risk management and controls within securities firm, a helps in promoting stability throughout the entire firm. Risk management controls are divided into two categories. The internal and external control categories help in providing useful and effective control systems. The internal controls help in protecting the firms against market, credit, operational and legal risks. Secondly, it helps in protecting the financial industry from all the systemic risks in the organization structure (Merna, 2008)
Risk management is useful in protecting the firm's customers from enormous and large non-market related losses such as misappropriation of resources, fraud and firm failure. Such failures can result in enormous risk in the organization. Risk management also helps in the act or protecting the fi ...
Risk management Phase 1-5 Individual Project
Table of Contents
Introduction 3
Project Outline 3
Project risk identification 4
Project risk assessment 6
Project Risks, Responses Strategy 7
Project Risks Monitoring & Control Plan 10
Project Risks WBS & Budget Updates 11
Project Risks, Communications Plan 11
References 12
Introduction
The project that is planned by the company is to divest and move into a global perspective. Let’s ay for instance a possible expansion in the expansion of an oil refinery plant, such as a sulphur plant, my project will be to research Savage Gulf Sulphur Services. The project is supposed to ensure that the company will generate more revenue, and then it shall move into a global perspective. With the project, the company shall also increase its production due to large demand generated by the new market in the globe. Every project is faced with a certain degree of risk in the activities that it takes in an organization. It is important for organizations should carry out risk assessment procedures that are inclined in ensuring that an effective strategy shall be formulated to eliminate risk. This paper will discuss the risk management strategy and the processes that are taken in the management of risk in an organizational structure.
Project Outline
The project is it intended to increase the organized capacity and move into the global market structure. This will involve the purchase of new factors of production such as land, investors and business owners invest large amounts of capital to such investments. The project will also
Risk management justification
Risk management is identified and can be described as an assesment that has all these prioritization of risks, the management of risk could involve precise coordination and ecomonical application strategies with ereasons to minimize, control and monitor the probability and impact of unfortunate events. Risk management also helps in maximization and the act of realization of opportunities. In an organizational structure, risk management has a variety of functions which makes it an important department in an organization, based on the many roles that the risk management. This is the implementation of a strong and effective risk management and controls within securities firm, a helps in promoting stability throughout the entire firm. Risk management controls are divided into two categories. The internal and external control categories help in providing useful and effective control systems. The internal controls help in protecting the firms against market, credit, operational and legal risks. Secondly, it helps in protecting the financial industry from all the systemic risks in the organization structure (Merna, 2008)
Risk management is useful in protecting the firm's customers from enormous and large non-market related losses such as misappropriation of resources, fraud and firm failure. Such failures can result in enormous risk in the organization. R ...
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
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"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
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⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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Business Valuation Principles for EntrepreneursBen Wann
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India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
The incorporation of sustainability risks into the risk culture | Albert Vilariño Alonso | Medium
1. Albert Vilariño Alonso
Consultant in Corporate Social Responsibility, Sustainability, Reputation and Corporate Communicatio…
Mar ; · = min read
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The incorporation of sustainability
risks into the risk culture.
Note: this article was first published in spanish and can be found here.
Knowing the macro trends in sustainability and its business risks derived
and integrating them into their risk management systems is key for
companies to overcome their challenges today and tomorrow.
Since 2005 economic risks had dominated the risk ranking to a large extent.
However, there has been a change in recent years, in which environmental
and social risks have become more prominent.
Which are the most pressing risks related
to sustainability?
The 11th edition of “The Global Risks Report” for 2016 published by the
World Economic Forum highlights that it only among the five main risks
facing the planet today, both by probability of occurrence and by
importance of the impact, there are several directly related to
environmental and social sustainability.
These risks include large-scale involuntary migrations, extreme weather
events, inability to mitigate and adapt to climate change or crisis, and water
scarcity.
We are facing a changing world that businesses must face. Sustainability
trends have ceased to be exceptional and infrequent to become growing
and important challenges.
It is therefore, necessary to incorporate sustainability risks into the so-
called risk culture of organizations.
What is the risk culture composed of?
Risk culture is a term that describes the values, beliefs, knowledge and
understanding of risks shared by a group of people with a common
purpose, in particular, the employees of an organization or the teams or
groups within an organization.
This applies to both private companies, public and non-profit organizations
and in any geographical situation.
A priori it does not seem a simple concept by the amount of intangibles
that it incorporates and by its depth. Not surprisingly, as the document
“Risk Culture: Under the Microscope, Guidance for Boards”
published by The Institute of Risk Management indicates, risk culture is the
result of the sum of different interactions.
Under the mantle or structure of the risk culture is the personal
predisposition to risk (from a lower to a higher level), which contributes to
creating the “ethical stance” of the individual, and this posture defines how
it involves this and how it makes its decisions within the organizational
culture of the company.
As it can be imagined, it is not an easy task to create such a risk culture as it
has to permeate through various layers and in a bidirectional way.
In addition, if we take into account the risks to which we are referring in
this article, sustainability risks that until recently were not taken into
account, the process of incorporation into the risk culture may be more
complex.
The reason for this is that there are differences between the risks
classified as “traditional” and those arising from these sustainability trends.
Traditional Risks vs. Risks of sustainability.
The study “Managing Future Uncertainty: An introduction to
integrating risks resulting from macroeconomic trends into
business decision making” by the A4S CFO Leadership Network is a
useful guide for integrating the risks resulting from the macro-trends of
sustainability in the organization decision making.
The reasons for integrating these types of risks are not very
different from those for other traditional risks. These include, for example:
Increase the resilience of organizations by preparing multiple future
scenarios to respond to and adapt flexibly to new circumstances.
Identify new business opportunities that can produce competitive and
commercial advantages.
Reduce future risks in terms of regulations, resources, and price.
Make decisions and risk responses with greater knowledge.
Create an attractive proposal for employees.
Facilitate building trust with key stakeholders.
The guide describes approaches for integrating sustainability factors into
risk management and decision-making frameworks, but none of them is
new, but rather describes how these frameworks can be improved to include
consideration of Long-term risks stemming from sustainability trends.
In addition, as detailed below, it explains the differences between risks
when it comes to identifying them, assessing their impact and integrating
them into decision making.
Identification of risks.
In contrast to the “traditional” risks of sustainability, in general, they may
be more difficult to identify because they are:
More complicated to define in a clear way.
Uncertain and of more medium and long-term nature.
Involved in different business units of the organizations (supply chain,
risks, strategy, etc.).
Historical background may not be a reliable predictor.
They are macro, multifaceted and interconnected risks, affecting the
business in many dimensions.
For this identification, the so-called horizon exploration technique is
proposed and explained in the guide. It explores new and unexpected
problems, as well as persistent problems and trends, and can help defy past
assumptions given by correct ones.
This technique can provide a sound basis for risk management and to
develop strategies to anticipate future developments.
Understanding and reviewing the impact.
Once sustainability risks that challenge the organization have been
identified, it is necessary to quantify its impact and what responses
should be developed.
At this point there are also differences with the “traditional” risks, since
those of sustainability:
Have an impact on the business at the macro level, and affect it at
different levels.
The way to measure them is usually qualitative and quantitative as
opposed to financial.
Its impact and probability of occurrence are difficult to assess, and its
modeling is based on external data and scientific information.
It requires a broader understanding of the interdependencies between
natural, human and social assets.
Their costs are difficult to predict because of the uncertainty
surrounding how the risk or opportunity will manifest itself.
In addition, there are potential problems in understanding and analyzing
these risks. For example, when the severity and likelihood of specific risks
or opportunities is uncertain, and for that reason they are treated with
indifference or evaluated as “low”, which would reduce the need for
proactive or integrated as something to take into consideration in decision-
making.
The guide proposes six different approach models to understand and
review the impact of risks, from the simplest to the most complex, from the
most traditional to the most innovative.
Integration in decision making.
With regard to this last part of the process, we are proposed a series of
recommendations so that the risks of sustainability are integrated into
the risk culture effectively.
It is advised, for example, that traditional risk management tools should be
adapted to respond more effectively to uncertainty and longer-term
horizons.
These tools should be more flexible in order to address the broader range of
risk categories that extend globally beyond the immediate control of
organizations and require a more coordinated response by business,
involving different stakeholders and multifunctional equipment.
Also articulating business decisions and business logic highlighting the
risks of inaction and their associated costs will be essential if the future
impact on company growth is to be beneficial.
Reliable data sources should be used to contribute to the development
of more robust information systems and the creation of agreed approaches
to address the new uncertainties.
In short, this is a very important guide to take into account the
unavoidable need to address these sustainability risks that will
increasingly be important and will inevitably enter the agendas of
responsible companies.
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Sustainability Risk Management Corporate Responsibility Csr Erm
Albert Vilariño Alonso
Consultant in Corporate Social Responsibility, Sustainability, Reputation and
Corporate Communication,and integration of people with disabilities.
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