StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Individual assignment - Essay Example

Cite this document
Summary
Management of this type of risk is primarily preventive, that is, the internal audit system must ensure the sufficiency and integrity of all operating processes, the qualifications of all employees, and the readiness…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.3% of users find it useful
Individual assignment
Read Text Preview

Extract of sample "Individual assignment"

Running Head: REGULATORY RISK PLAN FOR ALUMINA, INC. Regulatory Risk Plan for Alumina, Inc. By Regulatory Risk Plan for Alumina, Inc. Kinds of Regulatory Risks 1. Transaction RisksIdentification: They are risks that are present in the company’s products like for example the production of Alumina’s automotive components, the manufacture of the packaging materials, the mining of bauxite, the refinery of alumina, and the smelting of aluminum. Consequences: Exposure to risk can lead to inability to process and operate company business completely, correctly and thoroughly.

In Alumina’s case, it may result to a suspension of the company’s business because of the inability of its operations to get rolling.Management: Transaction risks are within the scope of the functions of internal quality control, information systems and operating processors. Management of this type of risk is primarily preventive, that is, the internal audit system must ensure the sufficiency and integrity of all operating processes, the qualifications of all employees, and the readiness and effectiveness of the back-up system that may be used in the event of crisis whether internal or external ((Pricewaterhouse Coopers 2001 p 24 ). .2.

Compliance RisksIdentification: Compliance risks are risks that will result to loss of income and earnings to Alumina, Inc if they are not managed and prevented. This kind of risk can happen when laws, regulations, ethical standards or other practices prescribed by law are not met by the company. Consequences: Exposure to fines, penalties, damages, or the nullification of contracts.Moreover, it can ruin the company’s reputation in the eyes of the public, which can lead further to a decrease of its stock value, reduction of business opportunities, diminish expansion opportunities and lead to unenforceable contracts.

Management: Compliance risks are best managed by preventive measures like ensuring that company operations do not violate any of the standards set by law. Both internal and external audit must be done periodically to ensure that company operations are within the limits of standards set by law (Pricewaterhouse Coopers 2001 p 24). 2. Common Torts and Risks:Torts are also known as civil wrongs and entitle a victim to recover damages. There are three kinds of Torts: intentional torts; negligence and; strict tort liability.

Intentional torts are injuries that a party sustained as a result of another person’s intentional acts. Examples of intentional torts are: defamation, which are untrue statements made by a person to inflict damage against another; contract interference, or interfering on the freedom of parties to enter into contract; false imprisonment, is the detention of an unwilling party; intentional infliction of emotional distress, and; invasion of privacy, which can be committed either by interfering with another’s privacy business, disclosing to the public the private matters of another, and; stealing the identity of another for profit (Jennings 2005 pp 367-380).

The tort of negligence, on the other hand, presupposes a situation when a party comes to harm because the other party acted in wanton disregard of other’s safety and health. To prove negligence, its five elements must concur and be proven: the duty to act with care; the breach of the duty through careless actions; causation, or that the breach of the party of the duty of care is the result of the injuries sustained; the negligence of the party must be the direct or proximate cause of the injury, and; the victim must show that he or she must have sustained damages because of the negligent act of the other party (Jennings 2005 pp 383-394).

Finally, strict tort liability is a type of tort that is so called because the law imposes absolute liability on the erring party and providing him with almost no defenses. Strict liability torts can ensue from statutory violation like the law on biomedical disposition or by reason of public policy which makes manufacturers liable for defects in their product. The intention for this is obviously to make them extra careful in the preparation of their products for public consumption (Jennings 2005 p 403).

ReferencesJennings, Marianne. Business: Its Legal, Ethical, and Global Environment. Edition7, illustrated. Cengage Learning, 2005.Pricewaterhouse Coopers. The Regulatory Risk Management Handbook. M.E. Sharpe, 2001.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Individual assignment Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Individual assignment Essay Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/miscellaneous/1557029-individual-assignment
(Individual Assignment Essay Example | Topics and Well Written Essays - 500 Words)
Individual Assignment Essay Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/miscellaneous/1557029-individual-assignment.
“Individual Assignment Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/miscellaneous/1557029-individual-assignment.
  • Cited: 0 times

CHECK THESE SAMPLES OF Individual assignment

Stats 2 wk1

Sample size is small (less than 30) so that normality assumption for mean is not valid either. The article by Ramanathan and Dhar (2010) deals… with the complex methods in which promotional cues affect individual consumers' responses and what effect do sales promotions have on the size and composition of the shopping basket....
4 Pages (1000 words) Assignment

Music Comparison Matrix

The of Phoenix Material Music Comparison Matrix Use the Music Comparison Matrix to complete the Week Two individual assignment.... efer to the syllabus for additional assignment details.... 11 was composed by Mozart in 1783.... It is a sonata with three movements....
1 Pages (250 words) Assignment

The Franchise Disclosure Document

Each FDD is required by the Federal Trade Commission (FTC) to contain specific categories of information.... List those specific categories in order.... Do the three companies in question have complete FDD's?... If not, what sections are missing and why? According to the FDC,… The FTC enforces the Franchise Rule, which requires provision of the specific categories of information, summarized in Table 1....
5 Pages (1250 words) Assignment

Branding: Greenins-Coowin

Alliancz International Pte Ltd has to divisions Automotive and Architectural where Greenins-Coowin is within the architectural division.... Greenins-Coowin is in the… ecking industry and its establishment happened as a diversification of the functionalities of the company after it was incorporated and was aimed at taking advantage of available demand....
7 Pages (1750 words) Assignment

Presentation Skills in Business Environment

Setting the goals is not enough.... These goals should be based on reality checks and plans of improvement to achieve career goals.... In this paper, I will identify three gaps in my… I will create 3 goals achieving which can help me in achieving my career goals.... The goals will be created by having value statements and principles on the basis of which these goals are identified. -For people who have By being able to see yourself while you discuss a topic, one becomes clear about how people will perceive him or her....
5 Pages (1250 words) Assignment

Linear programing

00, and a Linear programming individual assignment Electronic Components Inc.... Because of differing distribution and promotional costs, the profitability of the product will vary depending on the distribution channels chosen, because of a difference in the promotional costs.... In addition, the advertising cost and the personal sales effort required will also… The following table summarizes the contribution to profit, advertising cost, and personal sales effort for each channel (the profit per unit sold includes all the cost, including the advertising cost per unit sold): The firm has set the advertising budget at $5....
2 Pages (500 words) Assignment

Fieldwork observation report

Put them in groups of four let them solve two problems, then give individual assignment of five questions to be done at home as homework.... The lesson introduces students to two digit multiplication, with students using the previous knowledge learnt in solving place values together with single multiplication of digits to solve double digits. Inform the students that the main aim of the lesson is to solve two-digit… The two digits will be obtained from a word question....
1 Pages (250 words) Assignment

Basic Geometry

In the paper “Basic Geometry” the author describes MS paint, which was used to draw this Tessellation.... First of all the background was made by making a square and painting it brown in color.... That will function as the background of the tessellation.... hellip; The author states that to achieve a tessellation the points of the figure were copied and pasted so that there are no gaps in between the edges of the brick-shaped figure....
5 Pages (1250 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us