Developing Accountability In Risk Management

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Chapter 10: Developing Accountability in Risk Management: The British Columbia Lottery Corporation Case Study

Chapter 11: Starting from Scratch: The Evolution of ERM at the Workers’ Compensation Fund

1.) Locate and review an article relevant to the topic of the class. The review is between 400-to-550 words and should summarize the article. Please include how it applies to our topic, and why you found it interesting.

2.) Reply for below post (100words)

ACCOUNTABILITY IN RISK MANAGEMENT

Accountability is the act of one being responsible enough for his or her actions. Risk management is forecasting of financial risks that may occur in an entity and come up with procedures that may reduce their impact (Carroll, 2019). Accountability in risk management is the key to ensure that controls and policies work. For accountability to work in any institution, three different forms of ownership are involved. The three different owners in regards to accountability involve the risk owner, control owner, and the treatment owner.

The risk owners are potentially the leaders of the institution their primary role being oversight of the management. They take part in the day-to-day activities of the firm. Risk owners ensure that the control environment is productive. The risk owners are accountable for all risks that are associated with firm management. This ensures that they are liable for any happenings that occur at the various institutions that they represent. The risk owners should ensure that all processes check to ensure that no cases arise that might risk the normal operations of the entity.

The control owners are responsible for ensuring that they come up with a program for the entity. The program provides that the entity can measure its effectiveness and performance indicators on a particular control. Such case scenarios are where the developers develop software that they believe is free from hacking. In case such an event arises, then the liability solely lies on the control owners. The control owners come up with controls such as passwords and user verifications to ensure that the systems are not hacked or data used by hackers. The control owner’s effectiveness in any institution is based on their performance and efficiency in the ever-rising era of technology.

Lastly, we have the treatment owner. Treatment owners are responsible for ensuring the implementation of treatments designed as part of the management of the risk. The treatment owners ensure that all activities are conducted on time and that they meet the levels that they have been designed to fit (Fraser & Simkins, 2016). The treatment owners are accountable for the risks that are associated with the failure to conduct operations on time.

Risks are hard to avoid, especially in organizations where the company has no control over its demand and customer base. Estimations may not be right leading to actualizations of risk.it is thus ideal for different personnel to ensure that they keep their controls effective and be accountable for any risk that may occur and come up with solutions in a bid to improve the functionalities of their entities.

I find this article relevant to our topic of discussion this week. Accountability is key in risk management as we have seen in chapter 10. Without accountability, follows the danger of risks continues to be significant. It is interesting though that people are forced to ensure that the controls work or find themselves in a tight spot. For efficient running of enterprises, entities have to ensure that all risks are mitigated and that all personnel work towards the actualization of these goals.

(Link to the article : https://paladinrisk.com.au/accountability-risk-man…)

References

Carroll, S. (2019). Risk management: APRA information paper: Self-assessments of governance, accountability, and culture. Governance Directions, 71(6), 314.

Fraser, J. R., & Simkins, B. J. (2016). The challenges of and solutions for implementing enterprise risk management. Business Horizons, 59(6), 689-698.1. watch video and state what stood out to you. 2 Read chapter powrpoint and state things you found interesting or something you learned.
I’m trying to study for my Sociology course and I need some help to understand this question.

Listed below are two different posts. Please respond with at least 10-12 sentences for each post. I have attached the video for post #1 and attached the chapter powerpoint for post #2.

1.Watch video. This video touches on many different ideas about and facets of colorism, race, and gender, using the same intersection theory that we have been applying this semester. What stood out to you?

2.You may post things you learned, things you found particularly interesting, questions about things you didn’t understand and any other reaction you have to the material.Information Technology Importance in Strategic Planning: nursing homework help
I need an explanation for this Communications question to help me study.

1. Select an article from the attached MIS Quarterly. Post a summary of the theory, research design, analysis, and

conclusions regarding the article you selected.

APA format.

2.) Reply for below post.(50-100 words)

Theory

The major reason for the offshoring labor intensive information system services is the obtaining of economic benefit or advantage from the lower labor costs. The theory argued in this paper is that offshore outsourcing would involve several extra costs that would be incurred for the client organization which would account for offshore projects economic failure. The aim of the authors is disaggregating such extra expense into constituent parts as well as explaining why such parts differ between these offshored projects.

Research design

The research methodology is that of survey. There is a survey on numerous software projects. 6 offshored projects concerning software was done on German financial institutions. Also, there was a qualitative form of research that was involved to explain why there were extra costs incurred and to explain the logic behind the theory presented. The concepts presented in the research were done through qualitative means in analyzing the variations in the two theories presented by the author while considering the nature of the companies involve in the research.

Analysis

Analysis was made as to why there is a high variation in the success of economy if the wage differences would be so high. Analysis was made on the transaction cost economics (TCE) framework to support the theory presented by the author. After the analysis of the offshored project in various companies, it was discovered that the there are four forms of activities in which clients incurred post-contractual extra costs – knowledge transfer, requirements design and specification,, coordination and control. In relation to the theories of KBV and TCE which are presented by the author, it was analyzed and found that the extra costs level on client would depend on the client-specific knowledge and the absorptive capacity of the vendor.

Conclusion

Even though many companies would claim to have a realization of the cost advantages by offshore sourcing of the IS services, the author suggests that the need for more differentiated and profound analysis of associated economic benefits of offshore outsourcing should be considered. While the savings on labor cost constitute to offshore outsourcing that would lead to savings on production cost, the findings made from this paper shows that additional forms of costs would arise when there is offshoring of software projects – this would offset the initial benefits of labor cost. Hence, even though companies would offshore projects, there should be keen on various benefits of cost saving as well as the consequences of applying their decisions based on such benefits.

References

Dibbern, J., Winkler, J., & Heinzl, A. (2008). Explaining Variations in Client Extra Costs between Software Projects Offshored to India. MIS Quarterly, 32(2), 333–366

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