Reggio Emillia Essay

‘A Reggio pre-school is a special kind of place, one in which young human beings are invited to grow in mind, in sensibility and in belonging to a broader community. ’ (Learning and teaching Scotland, 2006) For this case study I am going to look at the four themes of the Early Years Foundation Stage, also known as the EYFS. The EYFS sets the standards that all early years providers must meet to ensure that children learn, develop well, and are kept healthy and safe. It promotes teaching and learning to ensure children’s ‘school readiness’ and gives children the broad range of knowledge and skills that will provide the right foundation for good future progress, throughout school, and adult life. (Hutchin, 2012) I will be highlighting links between the EYFS’s four main themes; A Unique Child, Positive Relationships, Enabling Environments and Learning and Developing, and discussing how the Reggio Emilia Approach supports these themes. The Reggio Emilia Approach is focused on preschool and primary education, originally set up in the northern Italian town of Reggio Emilia. It has a reputation for forward thinking and excellence in its approach to early childhood education. It is an approach where the expressive arts play a central role in learning and where a unique reciprocal learning relationship exists between practitioner and child. (Tornton, 2006) According to Locke and Rousseau children are born as â€Å"blank slates† completely free of any predisposition or vulnerabilities, and that everything the child would become was due to the effects of their environment. (Moyles, 2010) Though within the Reggio Emilia approach they see children as slightly different, they believe children are empty vessels waiting eagerly to be filled with knowledge. Reggio educators believe strongly that a child has unlimited potential and is eager to interact with, and contribute to the world. (Learning and Teaching Scotland, 2006) The way the Reggio Emilia Approach views their children is much like the Early Years Foundation Stage. The EYFS states ever child is a unique child who is constantly learning and can be resilient, capable, confident and self-assured. (EYFS, 2012) Both the EYFS and the Reggio Emilia Approach see children as individuals; this is conveyed throughout the EYFS, as one of its main themes is : A Unique Child. The EYFS states practitioners should understand and observe each child’s development and learning, assess progress, and plan for the next steps. (EYFS, 2012) The Reggio Emilia approach tackles this in a very different way in relation to the UK. Children’s work is documented throughout the year on walls to display a story of the child’s learning; it is not something that is made after the child has finished working. Educators observe, document and analyse children’s learning journeys, they are able to make informed hypotheses about how to guide children in their learning. It is obvious then that documentation is far removed from photographic displays of completed project work. (Learning and Teaching Scotland, 2006) Throughout the Reggio Emilia buildings there are many long, child height mirrors. This is designed to support children to help them develop a positive sense of their own identity and culture. This is one of the practices of the Unique Child theme in the EYFS. Another way the Reggio Emilia Approach supports children finding their own identity is ‘pedagogy’ this means that art is seen as another way of communicating and expressing ideas. Children are also encouraged to raise their own questions and answers, and this re-enforces the child’s opinion that their thinking is valued. Education is based on relationships. Reggio Emilia teachers are seen as partners in learning, (Tornton, 2006) for example pupils and teachers work together aiming towards a common purpose: the building of a culture. This respects childhood as a time to explore, create and be joyful. Participation begins even before the children have started school, through a comprehensive integration programme. This involves meetings between children, parents and teachers to build an image of the child as an individual. This often involves the child doing a task such as making a ‘holiday booklet’ of photographs and favourite nursery rhymes; this can be used as stimulus for discussion between child and teacher. (Learning and Teaching Scotland, 2006) The teacher`s working with the child links to one of the four themes within the EYFS- Positive Relationships. The EYFS states you should be supportive of the child’s own efforts and independence (EYFS, DATE). By the teacher being a partner in learning, suggests that children could have the freedom to convey their thoughts and ideas more freely. To give an example: The teacher strives to support and encourage the child on the learning journey, encouraging them to reflect and to question. In this sense, the role of the teacher is not to dispense information or simply to correct. Rather, the teacher is like a tool that the children use when most needed. (Learning and Teaching Scotland, 2006) This also links to Jerome Bruner’s theory of scaffolding, this is the idea that you can give children support in their learning. Froebel also stressed the significance of building positive relationships within an educational environment; his most important gift to children was the classroom, symbolically viewed as an extension of a lovely, thriving garden. This enabled the teacher to take on the role of a loving, supportive parent. (Bruce, 2012) This shows that from a personal view he thought teachers should be like an empathetic parent. Environment plays a key role in supporting and extending a child’s development. Vygotsky believed that we learn from our environment and the people around us. (Vygotsky, 1978) His view is much like the teachings of the Reggio Emilia Approach, for example one of their fundamental principles says the environment is the third teacher, the environment is recognised for its potential to inspire children. (Tornton, 2006) Kerka (1999) suggests that an environment that nurtures learning provides the necessary resources and time for investigative play and experimentation. It is one in which children are free and motivated to make choices and to explore for answers without feeling intimidated. (Cited, Danko-Mcghee, 2009) Within the Reggio Emilia settings children have lessons outside in the community, making great use of the Piazza’s, which are squares within the town, where children can learn alongside the community, as well as making the most out of the outdoors. This also has an impact on positive relationships between both the community and the children, which links to the enabling environment within the EYFS. Reggio Emilia buildings and spaces link to what the EYFS suggests practices should offer, stimulating recourses, relevant to all the children’s cultures and communities. Reggio Emilia settings, buildings and spaces reflect their relationships and view of the child. There are lots of long windows, this is so that the children can interact with the outside community, and also it reflects the idea that education is not just what you learn in the classroom. It is seen as less restricting to have long windows, and lets a lot of light into the setting creating a more natural airy environment. Within the setting there are a lot of natural materials used, from the children’s toys and equipment to the building and furniture inside. This is much like Steiner’s view, in his schools all toys are made from natural materials, this is because simple toys stimulate and encourage imagination, as children can interoperate natural materials to be anything they want. Throughout this assessment I have been linking the key themes of the EYFS and relating them to the Reggio Emilia Approach, I am now going to discus whether or not the approach can be taken from Italy and brought to the UK. As I have mentioned above a big aspect of the Reggio Emilia approach is the environment, I believe this may be a problem as many of our English calendar months can be wet, cold, and miserable. Children spend the majority of time indoors during the winter months, even sometimes on dry days – largely due to protests from parents that the damp weather is bad for the children. Though in Italy they do not have this problem, if it is wet or cold they just see this as an opportunity for children to wrap up warmer. I do believe it is counter-productive to wrap children up in cotton wall, I think that sometimes it is good for children to be taken out of their comfort zones. This will benefit a child’s emotional development by trying and exploring new things and gaining self-confidence. Maybe we need to look at our cultures upbringing of our children and let children explore the different seasons. Even though the outdoors isn’t a major part of the Reggio Emilia is it still highly valued, as they like to encourage a lot of natural materials and bring the outdoors in, whilst exploring the different environments. Also we lack in open out door spaces within the community for example in Italy they have plazas Bringing this approach to the UK may cause some trouble for children who do not have a secure home setting; this is because going to school creates a secure environment. Whereas, with the Reggio Emilia approach, children may find their education too unstructured. Instead of choosing their learning methods, they might prefer a setting with secure guidelines and learning outcomes. Furthermore I think the transition from the Reggio Emilia Approach to mainstream higher education may be difficult as the children, as they are so used to the freedom and the scaffolding of the teachers, that they might not be able to settle into the strict curriculum. I believe this quote sums up my opinion perfectly, ‘It is a mistake to take any approach and assume like a flower you can take it from one soil and put it in another one. That never works. We have to figure out what aspects of that are most important to us and what kind of soil we need to make those aspects’ (Gardner, 1993)

Term Paper on Controlling Proceess

Govt. Titumir College Term Paper On â€Å"Application of Controlling Process in Banking Sector in Bd. † Prepared By Supervised by Name: Md. Golap Mia Rita Khandoker Roll:181 Year: BBA (2nd year) Lecturer Session: 2011-12 Department of Management NU Roll No: 9613648 Govt.Titumir College Department of Management Dhaka. Govt. Titumir College, Dhaka. Date of Preparation: 26. 01. 2012 Letter of Transmittal To Lecturer Department of Management Govt. Titumir College, Dhaka. Sub: Letter of transmittal. Dear Sir. I would like to draw your kind attention that we are submitting our report about the topic of â€Å"Application of Controlling Process in Banking Sector in Bd. † We have tried our best to prepare this report which will fulfill our requirement.We believe all these new ideas from this â€Å"Term Paper† will help us in our future practical life. We will be highly grateful to your honor if you would kindly accept our â€Å"Term Paper† and obliged thereby. Th anking you Name: Golap Mia Year: BBA (2nd year) Session: 2011-12 NU Roll No: 9613648 Department of Management Govt. Titumir College,Dhaka. Table of contents and counts: ChapterTopic namePage count 1 Introduction4 2Conceptual issues5-6 3Database7 4Findings of study8-24 5Conclusion& recommendations25-27 1. Internal Control Policy 1. 1) Overview Banking has a diversified and complex financial activity which is no longer limited within the geographic boundary of a country. Since its activity involves high risk, the issue of effective internal controls system, corporate governance, transparency, Accountability has become significant issues to ensure smooth performance of the banking industry throughout the world. In many banks internal control is identified With internal audit; the scope of internal control is not limited to audit work.It is an Integral part of the daily activity of a bank, which on its own merit identifies the risks associated with the process and adopts a measure to mi tigate the same. Internal Audit on the other hand is a part of Internal Control system which reinforces the control system through regular review. According to an IMF publication Internal Control refers to the mechanism in place on a permanent basis to control the activities in an organization, both at a central and at a departmental divisional level.A key component of effective internal control is the operation of a solid accounting and information system. In Bangladesh analysis on the performances of the banks has pointed out that an effective internal control system could have contributed significantly in improving the performance of the Commercial banks if the control culture is brought in through policy guidelines and structural changes at these banks and procedural controls. (1. 2) Objective of Internal ControlThe primary objective of internal control system in a bank is to help the bank perform better through the use of its resources. Through internal control system bank iden tifies its weaknesses and takes appropriate measures to overcome the same. The main objectives of internal control are as follows: †¢ Efficiency and effectiveness of activities (performance objectives). †¢ Reliability, completeness and timelines of financial and management information (information objectives) †¢ Compliance with applicable laws and regulations (compliance objectives) .Accountability to the Board. (2) STANDARDS OF INTERNAL CONTROL Internal control policies set forth some standards that departments must establish and incorporate in an internal control structure: (I)Cover all activities: All financial institutions should develop internal controls which have coverage over all their functions, in general, and the key risk areas (KRA) in particular. Key Risk Areas include those core activities, the break down of which may render a financial institutions unable to meet its obligations; to its customers, regulators and the sponsors.Further, the risk originatin g from such activities is of the type that it may cause in systemic failure of other financial institutions. Examples of key risk areas are Liquidity Risk, Interest Rate Risk, Foreign Exchange Risk, Credit Risk, Operational Risk, etc. (II) Regular Feature: Control activities should be an integral part of the daily activities of a financial institutions / DFI in such a manner that it becomes ingrained in their ongoing processes rather than a year-end â€Å"fire drill† to satisfy documentation requests from auditors and supervisors. III) Separation of Duties: Duties should be divided so that no one person has complete control over a key function or activity. (IV) Authorization and Approval: All transactions should be authorized before recording and execution. (V) Custodial and Security Arrangements: Responsibility for custody of assets needs to be separated from the related record keeping. (VI) Review and Reconciliation: Records should be examined and reconciled to regularly de termine that transactions are properly processed, approved and booked. VII) Physical Controls: Equipment, inventories, cash and other assets should be secured physically, counted periodically and compared with amounts shown on control records. (VIII) Training and Supervision: Qualified, well-trained and supervised employees always help ensure that control processes function properly. (IX) Documentation: Documented policies and procedures promote employee understanding of duties and help ensure continuity during employee absences or turnover. Therefore, policies and procedures (in the form of operations manuals and desk instructions) should exist in all financial institutions / DFI. X) Communication of importance of Internal Controls: Setting standards of professional integrity and work ethics and ensuring that all levels of personnel in their organization know the importance of internal controls and understand their role in the internal controls process and be fully engaged in the p rocess. (XI) Cost/Benefit: It is for the financial institutions to assess the costs associated with control processes commensurate with the expected benefits. The controlling process data are collected in a standardized way.To start, the controlling process team, with academic advisers, designs a questionnaire. The questionnaire uses a simple control case to ensure comparability across economies and over time—with assumptions about the legal form of the control, its size, its location and the nature of its operations. Questionnaires are administered through more than 28 local experts, including lawyers, banker, business consultants, accountants, freight forwarders, government officials and other professionals routinely administering or advising on legal and regulatory requirements.These experts have several rounds of interaction with the controlling process team, involving conference calls, written correspondence and visits by the team. For Controlling process 2012 team membe rs visited 4 economies to verify data and recruit respondents. The data from questionnaires are subjected to numerous rounds of verification, leading to revisions or expansions of the information collected. It is not a statistical survey, and the texts of the relevant laws and regulations are collected and answers checked for accuracy. The methodology is inexpensive and easily replicable, so data can be collected in a large sample of economies.Because standard assumptions are used in the data collection, comparisons and benchmarks are valid across economies. Finally, the data not only highlight the extent of specific regulatory obstacles to business but also identify their source and point to what might be reformed. Limits to what is measured The Controlling process methodology has 5 limitations that should be considered when interpreting the data. First, the collected data refer to businesses in the economy’s largest business city and may not be representative of regulation in other parts of the economy. To address this limitation, sub nationalControlling process indicators were created (see the section on sub national controlling process indicators). Second, the data often focus on a specific business form—generally a commercial bank (or its legal equivalent) of a specified size—and may not be representative of the regulation on other businesses, for example, Islami Bank Third, transactions described in a standardized case scenario refer to a specific set of issues and may not represent the full set of issues a banking encounters. Fourth, the measures of time involve an element of judgment by the expert respondents.When sources indicate different estimates, the time indicators reported in Controlling process represent the median values of several responses given under the assumptions of the standardized case. Finally, the methodology assumes that a business has full information on what is required and does not waste time when completing procedures. In practice, completing a procedure may take longer if the business lacks information or is unable to follow up promptly. ELEMENTS OF A SOUND SYSTEM OF INTERNAL CONTROLS AND THE PRINCIPLES FOR ASSESSING THE SYSTEM (A)Elements of Internal ControlsAn effective internal control system consists of following interrelated components: 4. 1. Management oversight & Control environment; 4. 2. Risk assessment & management ; 4. 3. Control activities & segregation of duties; 4. 4. Accounting, information & communication; and 4. 5. Self assessment & monitoring 4. 1 Control Environment: The environment in which internal control operates has an impact on the effectiveness of the control procedures. In fact it is institution’s control environment which embodies the principles of strong internal control. Besides giving structure to the internal control system, it provides iscipline and protocol. The success of control environment is judged according to the integrity, ethics, and co mpetence of personnel; the organizational structure of the institution; oversight by the board of directors and senior management; management’s philosophy and operating style; attention and direction provided by the board of directors and its committees, especially the audit and risk management committees; personnel policies and practices and; external influences affecting operations and practices. In order for internal controls to be effective, an appropriate control environment should demonstrate following behaviors:Board of directors reviews policies and procedures periodically and ensures their compliance; Board of directors determines whether there is an audit and control system in place to periodically test and monitor compliance with internal control policies/procedures and to report to the board instances of noncompliance; Board of directors ensure independence of internal and external auditors such that internal audit directly reports to the audit committee of the bo ard which is responsible to the board and that external auditor interacts with the said committee and presents management letter to the board directly; Board ensures that appropriate remedial action has been taken when instance of noncompliance are reported and that system has been improved to avoid recurring errors/mistakes; Management information systems provides adequate information to the board and that the board can have access to financial institutions records, if need arises; Board and management ensure communication of conduct or ethics policies and compliance thereof down the line within the organization; In short, a strong control environment and an effective internal audit function, can significantly complement specific control procedures.However, constitution of internal control environment at a point-of-time does not, by itself, ensure the effectiveness of the overall system of internal control but it is the continuous supervision by management to ensure if it is functi oning as prescribed and is modified as appropriate. Many internal control failures that resulted in significant losses for financial institutions could have been substantially lessened or even avoided if the board and senior management of the organizations had established strong control cultures. Weak control cultures often had two common elements: First, senior management failed to emphasis the importance of a strong system of internal control through their words and actions, and most importantly, through the criteria used to determine compensation and promotion.Second, senior management failed to ensure that the organizational structure and managerial accountabilities were well-defined. For example, senior management failed to require adequate supervision of key decision makers and reporting of the nature and conduct of business activities in a timely manner. Senior management may weaken the control culture by promoting and rewarding managers who are successful in generating profi ts but fail to implement internal control policies or address problems identified by internal audit. Such actions send a message to others in the organization that internal control is considered secondary to other goals in the organization, and thus diminish the commitment to and quality of the control culture. 4. 2 Risk assessment and management:Every financial institutions activity involves some kind of risk and this creates a compulsion for the financial institutions that, as part of an internal control system, these risks are being identified, assessed and mitigated. From an internal control perspective, risk assessment involves; identification and evaluation of factors, both internal and external, that could adversely affect performance, information and compliance objectives of a financial institutions. Internal factors include: complexity, nature and size of operations; quality of personnel and employee turnover; objectives and goals, etc. External factors include: fluctuating economic conditions, changes in the industry and technological advances, degree of aggressiveness of the market and competition faced by the market participants, etc.It may be noted that it differs from the risk management process, which typically focuses more on the review of business strategies and plans developed to maximize the risk/reward trade-off within the different areas of the financial institutions. This risk identification should be done across the full spectrum of activities addressing both measurable and non-measurable aspects of risks. Second part of risk assessment – evaluation is done to determine which risks are controllable by the financial institutions and which are not. For those risks that are controllable, the financial institutions must assess whether to accept those risks or the extent to which it wishes to mitigate the risks through control procedures.For those risks that cannot be controlled, the financial institutions must decide, for the present, whether to these risks or to withdraw from or reduce the level of business activity concerned. But for the future, internal controls may need to be revised to appropriately address any new or previously uncontrolled risks. An effective risk assessment system allows the board and the management to plan for and respond to existing and emerging risks in the financial institutions activities. For that matter, such a system needs to demonstrate following: Board and management involve audit personnel or other internal control experts in the risk assessment and risk evaluation process.Those experts should be competent, knowledgeable, and provided with adequate resources. As the risks mutate with time and with changing circumstances, the board and the management, with due involvement of audit personnel, should appropriately evaluate the risks and consider control issues related to existing products and those relevant to new products and activities. Risk coverage in the form of insurance (t hat is risk transfer) or provisioning (contingency fund) in relation to the financial institutions risk profile is adequate. In the recent past, inadequate risk assessment has contributed to some organizations’ internal control problems and related losses.In some cases, the potential high yields associated with certain loans, investments, and derivative instruments distracted management from the need to thoroughly assess the risks associated with the transactions and devote sufficient resources to the continual monitoring and review of risk exposures. Losses have also been caused when management has failed to update the risk assessment process as the organization’s operating environment changed. For example, as more complex or sophisticated products within a business line are developed, internal controls may not be enhanced to address the more complex products. A second example involves entry into a new business activity without a full, objective assessment of the risk s involved.Without this reassessment of risks, the system of internal control may not appropriately address the risks in the new business. 4. 3 Instituting Controls: Control activities are designed and implemented to address the risk that the financial institutions identified through the risk assessment process as described above. Control activities involve: (a) establishment of control policies and procedures, (b) verification that the control policies and procedures are being complied with. It is desired that control activities should involve all levels of personnel in the financial institutions, including senior management as well as front line personnel. Instituting an appropriate controls structure ensures the efficacy of an internal control system. This process involves:Existence and compliance of policies and procedures ensuring that decisions are made with appropriate approvals and authorizations for transactions and activities while assuring that exceptions to the policies are minimal and reported to the board and the top management; Timely reconciliation of accounts so that outstanding items, both on-and of balance-sheet, are resolved and cleared; Segregation of duties, existence of cross-checks, more-than-one-person authorization, dual controls, joint custody of keys, safeguards for access to and use of sensitive assets and records and forced leave policies, employees rotation systems are functioning in sensitive positions or risk-taking activities so that concerned employees do not have absolute control over areas; Building of such reporting lines within a business or functional area that independence of the control function is ensured; Accountability mechanism for the actions taken by the personnel as per their responsibilities and uthorities; Structure and functioning of compliance framework through which the board and senior management establishes that compliance with applicable laws and regulations is ensured. In short, top level reviews; appro priate activity controls for different departments or divisions; physical controls; checking for compliance with exposure limits and follow-up on noncompliance; a system of approvals and authorizations; and, a system of verification and reconciliation are major constituents of the control activities. 4. 4 Accounting Information and Communication Systems An institution’s accounting, information, and communication systems ensure that risk-taking activities are within policy guidelines and that the systems are adequately tested and reviewed.For this the following is important to note; Effective internal control system requires that there is an effective reporting system of information that is relevant to decision making. The information should be reliable, timely accessible and provided in a consistent format. Information would have to include external market information about events and conditions that are relevant to decision making. Internal information include financial, ope rational and compliance data. There, should be appropriate committees within the organization which would evaluate data received through various information systems. This will ensure supply of correct and accurate information to the management.Internal information must cover all significant activities of the financial institutions. These systems including those that hold and use data in electronic form must be secure, monitored independently and supported by contingency arrangements. Most importantly the channels of communication must ensure that all s fully understand and adhere to policies and procedures effecting their duties and responsibilities and that other relevant information is reaching the appropriate personnel. An accounting system is adequate if it properly identifies, assembles, analyzes, classifies, records, and reports the institution’s transactions in accordance with prescribed formats and international best practices.The adequacy of information systems is de termined by the type, number, and depth of reports it generates for operational, financial, managerial, and compliance-related activities and the access and authorization to information systems. An ideal information system covers the full range of its activities in such a manner that information remains understandable and useful for audit trail. Adequate information and effective communication are essential to the proper functioning of a system of internal control. From the financial institutions perspective, in order for information to be useful, it must be relevant, reliable, timely, accessible, and provided in a consistent format.Information includes internal financial, operational and compliance data, as well as external market information about events and conditions that are relevant to decision making. Internal information is part of a record-keeping process that should include established procedures for record retention. On the one hand, the adequacy of communication systems is established by the fact that it imparts significant information throughout the institution (from the top down and from the bottom up, and laterally), ensuring that personnel understand whatever has been communicated and on the other hand, communication system should ensure that significant information is imparted to external parties such as regulators, shareholders, and customers. Without effective communication, information is useless.Senior management of financial institutions needs to establish effective paths of communication in order to ensure that the necessary information is reaching the appropriate people. This information relates both to the operational policies and procedures of the financial institutions as well as information regarding the actual operational performance of the organization. The organizational structure of the financial institutions should facilitate a complete flow of information – upward, downward and across the organization. A structure that facilitates this flow ensures that information flows upward so that the board of directors and senior management are aware of the business risks and the operating performance of the financial institutions.Information flowing down through an organization ensures that the financial institutions objectives, strategies, and expectations, as well as its established policies and procedures, are communicated to lower level management and operations personnel. This communication is essential to achieve a unified effort by all financial institutions employees to meet the financial institutions objectives. Finally, communication across the organization is necessary to ensure that information that one division or department knows can be shared with other affected divisions or departments. 4. 5 Self-Assessment and Monitoring: An integral component of internal control system is self-assessment and monitoring which includes: Board and senior management oversight of the internal control, control r eviews, and audit findings.Before starting full scale control review, the board and senior management should give their approval of the overall scope of the control review activities (e. g. , audit, loan review, etc. ). Frequent and comprehensive reporting of deviations to the board or board committee and senior management regarding sufficiency of details and timely presentation to allow for resolution and appropriate action. Adequate documentation of management responses to audit or other control review findings so that it can be tracked for adequate follow-up. Board or board committee or senior management review of the qualifications and independence of the personnel evaluating controls (e. g. , external auditors, internal auditors, or line managers). Financial institutions is a dynamic, rapidly evolving industry.Financial institutions must continually monitor and evaluate their internal control systems in light of changing internal and external conditions, and must enhance these systems as necessary to maintain their effectiveness. Monitoring the effectiveness of internal controls should be part of the daily operations of the financial institutions but also include separate periodic evaluations of the overall internal control process. The frequency of monitoring different activities of a financial institution should be determined by considering the risks involved and the frequency and nature of changes occurring in the operating environment. Ongoing monitoring activities can offer the advantage of quickly detecting and correcting deficiencies in the system of internal control.Such monitoring is most effective when the system of internal control is integrated into the operating environment and produces regular reports for review. Examples of ongoing monitoring include the review and approval of journal entries, and management review and approval of exception reports. (B) CONTROL PRINCIPLES So far we have discussed about the elements of a sound internal contr ol. Now the question is how to assess the internal controls of a particular organization The following principles related to the basic elements of control should be borne in mind while assessing internal control: A. Management Oversight and Control Environment Principle 1:The board of directors should have responsibility for approving and periodically reviewing the overall business strategies and significant policies of the financial institutions; understanding the major risks run by the financial institutions, setting acceptable levels for these risks and ensuring that senior management takes the steps necessary to identify, measure, monitor and control these risks; approving the organizational structure; and ensuring that senior management is monitoring the effectiveness of the internal control system. The board of directors is ultimately responsible for ensuring that an adequate and effective system of internal controls is established and maintained. Principle 2:Senior management should have responsibility for implementing strategies and policies approved by the board; developing processes that identify, measure, monitor and control risks incurred by the financial institutions; maintaining an organizational Structured that clearly assigns responsibility, authority and reporting relationships; ensuring that delegated responsibilities are effectively carried out; setting appropriate internal control policies; and monitoring the adequacy and effectiveness of the internal control system. Principle 3: The board of directors and senior management are responsible for promoting high ethical and integrity standards, and for establishing a culture within the organization that emphasizes and demonstrates to all levels of personnel the importance of internal controls. All personnel at a financial institution sing organization need to understand their role in the internal controls process and be fully engaged in the process. B) Risk Recognition and Assessment Principle 4:An effective internal control system requires that the material risks that could adversely affect the achievement of the financial institutions goals are being recognized and continually assessed. This assessment should cover all risks facing the financial institutions (that is, credit risk, country and transfer risk, market risk, interest rate risk, liquidity risk, operational risk, legal risk and reputation risk). Internal controls may need to be revised to appropriately address any new or previously uncontrolled risks. C) Control Activities and Segregation of Duties Principle 5: Control activities should be an integral part of the daily activities of a financial institution. An effective internal control system requires that an appropriate control structure be set up, with control activities defined at every business level.These should include: top level reviews; appropriate activity controls for different departments or divisions; physical controls; checking for compliance wit h exposure limits and follow-up on non-compliance; a system of approvals and authorizations; and, a system of verification and reconciliation. BIS Framework for Internal Control Systems in Financial institutions. Principle 6: An effective internal control system requires that there is appropriate segregation of duties and that personnel are not assigned conflicting responsibilities. Areas of potential conflicts of interest should be identified, minimized, and subject to careful, independent monitoring. D) Information and communication Principle: 7An effective internal control system requires that there are adequate and comprehensive internal financial, operational and compliance data, as well as external market information about events and conditions that are relevant to decision making. Information should be reliable, timely, accessible, and provided in a consistent format. Principle 8: An effective internal control system requires that there are reliable information systems in pla ce that cover all significant activities of the financial institutions. These systems, including those that hold and use data in an electronic form, must be secure, monitored independently and supported by adequate contingency arrangements. Principle 9:An effective internal control system requires effective channels of communication to ensure that all staff fully understand and adhere to policies and procedures affecting their duties and responsibilities and that other relevant information is reaching the appropriate personnel. (E) Monitoring Activities and Correcting Deficiencies Principle 10: The overall effectiveness of the financial institutions internal controls should be monitored on an ongoing basis. Monitoring of key risks should be part of the daily activities of the financial institutions as well as periodic evaluations by the business lines and internal audit. Principle 11: There should be an effective and comprehensive internal audit of the internal control system carrie d out by operationally independent, appropriately trained and competent staff.The internal audit function, as part of the monitoring of the system of internal controls, should report directly to the board of directors or its audit committee, and to senior management. Principle 12: Internal control deficiencies, whether identified by business line, internal audit, or other control personnel, should be reported in a timely manner to the appropriate management level and addressed promptly. Material internal control deficiencies should be reported to senior management and the board of directors. RESPONSIBILITIES OF THE PARTIES TO INTERNAL CONTROL The board of directors, senior management and other personnel of financial institutions are responsible for establishing, maintaining, and operating an appropriate internal control system on an ongoing basis. Board of Directors:The Board of Directors of all financial institutions is responsible for ensuring that an adequate and effective intern al control system exists in their organization and that the senior management is maintaining and monitoring the performance of that system. Moreover, Board should periodically review the internal control systems and the significant findings. From the above it can be said that: The overall responsibility of setting acceptable level of risk, ensuring that the senior management committee take necessary steps to identify , measure , monitor and control these risks, establishing broad business strategy, significant policies and understanding significant risks of the company rests with the Board of Directors.Through the establishment of an ‘Audit Committee' of the Board and ‘Internal Control Department’ the Board of Directors can monitor the effectiveness of internal control system. The internal as well as external audit reports will be sent to the board without any intervention of the management and ensure that the management takes timely and necessary actions as per t he recommendations. The Board should have periodic review meetings with the senior management to discuss the effectiveness of the internal control system of the company and ensure that the management has taken appropriate actions as per the recommendations of the auditors and internal control. Management:Senior management of financial institutions have the responsibility for implementing strategies and policies as approved by the board in work place ; developing processes that identify, measure, monitor and control risks incurred by the financial institutions; maintaining an organizational structure that clearly assigns responsibility, authority and reporting relationships; ensuring that delegated responsibilities are effectively carried out; setting appropriate internal control policies; and monitoring the adequacy and effectiveness of the internal control system. Audit Committee of the Board: This Committee shall be formed by the Board of a company.The members of the Audit Committ ee shall be the selected Directors and the Managing Director. The Committee shall seat at least quarterly in a year. The Committee shall perform its work through an Internal Control Unit comprising of the Audit & Inspection wing and Compliance wing. The Committee shall monitor the adequacy and effectiveness of the Internal Control System based on established policies and procedure. The Committee vide its two wing shall produce, on quarterly basis, a report on internal control system and significant findings and present it to the Board. The terms of reference of the Audit Committee, frequency of meeting , name of the members of the Committee shall be decided by the Board. External Auditor:The external auditors are not part of a financial institution and, therefore, are not part of its internal control system, yet they have an important impact on the quality of internal controls through their audit activities, including discussions with management and recommendations for improvement o f internal controls. The external auditors provide important feedback on the effectiveness of the internal control system. The concept of external reporting on internal controls is well established and supported in the accounting literature. It is expected that external / statutory auditors shall review control systems for the impact they have on financial reporting and compliance with relevant policies, procedures, regulations and laws.The extent of attention given to the internal control system may vary by auditor and by financial institutions; however, it is generally expected that the auditor would identify significant weaknesses that exist at a financial institutions and report material weaknesses to management and the board in the form of an audit report/ management letter. As regards internal control and the role of external auditors the following things should be borne in mind by the auditors: External Auditors by dint of their independence from the management of the financi al institutions can provide unbiased recommendation on the strength and weakness of the internal control system of the financial institutions.They can examine the records, transactions of the financial institutions and evaluate its accounting policy, disclosure policy and methods of financial estimation made by the financial institutions; this will allow the board and the management to have an independent overview on the overall control system of the financial institutions. It should be made obligatory on the part of the auditor to report to the Bangladesh Bank immediately if during the course of audit the auditor come across any facts which (1) might warrant qualification (2) endanger the entity audited and (3) indicate that the organization has severely infringed the regulatory provisions/guidelines. Regulator:The Financial Institutions Department(FID) of Bangladesh Bank is the direct supervisor of the financial institutions of Bangladesh. FID has many responsibilities to the Fina ncial Institutions to protect interest of the public and to maintain financial discipline. The responsibilities of FID should be regulatory as well as advisory. In order to achieve the regulatory and supervisory objectives the Bangladesh Bank may introduce a comprehensive supervisory framework. Supervision can be of two types: a. On Site Supervision and b. Off Site Supervision Off site supervision would structurally be an in-house review and analysis based on various statutory returns and other statements.On site supervision includes physical visit and inspection by Bangladesh Bank Official ensuring regulatory compliance, evaluation of financial soundness, appraisal of management and identification of areas requiring corrections, review of asset quality , analysis of key financial indicators etc. As a regulator the Bangladesh Bank may introduce a system whereby the name of the Financial Institute which had not complied with the regulatory directions could be published in the newspap ers. The Bank may make it compulsory for the NBFIs to do credit rating periodically. The Bank may introduce an on-line corporate memory/profile building process based on the observations generated from off-site surveillance system, , market intelligence, complaints, supervisory rating, record of compliance with directions and inspection findings.Bangladesh Bank may think of devising a suitable system for co-coordinating the Onsite inspection in tandem with the other regulatory authorities so that these NBFIs are subject to one shot examination by different regulatory authorities. The Bank may think of introducing a supervisory rating system for the NBFIs. Such a rating system should be designed on the basis of different levels of regulatory compliance, capital adequacy and rating assigned by the credit rating agencies. Based on the rating the NBFIs may be placed in three different supervisory â€Å"watch list† with low, medium and high risks. The rating assigned may primarily be the tool for triggering on-site inspection at various intervals.It shall play its role as a watch dog, review the compliances of the regulations and Circulars issued from time to time through periodic inspections and visits, issue new directives for the betterment of macro economy, take corrective actions, if necessary, provide necessary advises and clarifications to the NBFIS. During the course of regular inspection of financial institutions or when required, Financial institutions Department (FID)of Bangladesh Bank shall review the internal control system of any financial institutions in order to ensure compliance with these guidelines and all other relevant regulations and laws, circulars issued and enforced from time to time.In addition to that, the FID may review the report of the internal auditor of the financial institutions, assessment report of the management regarding effectiveness of the internal control and Boards’ endorsement thereof and the external/statutor y auditors’ evaluation of the management regarding effectiveness of the internal control. In addition to the above the following points shall also apply to the regulators: For the financial institutions Bangladesh Bank is the primary regulator, who governs the activities of financial institutions. In addition Tax Authority, Registrar of Joint Stock Company Finance Ministry, Securities and Exchange Commission etc. are different types of Govt. bodies whose directives have significant impact of financial institutions business. The internal control system should always take into account the financial institutions internal processes to meet the regulatory requirement before conducting any operation.The internal control system of the financial institutions must be designed in a manner that the compliance with regulatory requirements is recognized in each activity of the financial institutions. The financial institutions must obtain regular information on regulatory changes and dist ribute among the concerned department, so that they can take necessary, action to adapt to such changes. The financial institutions must develop an effective communication process which will allow smooth distribution of relevant regulations among different departments and, personnel. IMPLEMENTATION OF INTERNAL CONTROLS: Various models/methodologies are used for the design and implementation of internal controls.However, it is the decision of the organizations to decide what model / strategy suit the size, nature, complexity, scope, risk exposure, etc. of their activities. Nevertheless, following is a brief summary of the key points that should be kept in mind while implementing the internal controls: Compare current practices to the internal control system and identify gaps. For an internal control expert, the most important consideration should be to evaluate the existing system of internal control in comparison to one defined by these guidelines and other international best practi ces. In this regard the first step is to identify what is and what is not covered by existing practices. Involve senior management, the audit committee, audit staff, other key players.The thought process and implementation of change should not be considered as â€Å"just other audit things. † Senior management and the audit committee must be perceived as driving the change and developing the control culture. Assess business environment, organization culture and key players. Before the process of change is set in, it would be necessary to understand: (1) what is changing in the culture (2) What is changing in the organization’s businesses and systems (3) Are there organizational initiatives which internal control system implementation could link to (4) What is the perception about the internal auditing function within the organization .Decide on implementation strategy. If the new practices can be designed to align with other organizational initiatives, or if senior man agement has taken ownership, this step is relatively easy. In any case, having a realistic implementation strategy is critical to success. Most implementers introduce the new ideas slowly and informally, building on personal relationships within the organization, listening as much as talking, and gradually building a consensus for change. Provide training to everyone involved. The most critical factor to the successful implementation of a control model is that everyone involved must understand internal control.Effective training depends heavily on how concepts are phrased and the concrete examples and exercises which make the concepts real to participants. Rectification & Improvement: The findings of the internal audit department and that of other experts should be reported back to the relevant staff/office for rectification and improvement of the internal control system. Instituting an appropriate organization structure: Organization structure plays a vital role in establishing eff ective internal control system. It is the sometimes called the pictorial representation of the chain of command and the authority and supervision chain of an organization.The essence of the ideal organizational structure that will facilitate effectiveness of the internal control system is the segregation of duties. The financial institutions should, depending on the nature of business, structure, size, location of its branches and strength of its manpower try to establish an organizational structure which allow segregation of duties among its key functions such as marketing, operations, credit, financial administration etc. Up to which level this segregation will take place will depend on an individual financial institution. For instance a financial institution which has small branch operations at remote places of the country may not find it feasible to have such functional segregation of duties at that branch level.However at the higher level such segregation should exist and where possible this should be extended to the branch levels. In cases where such segregation is not possible, there must be certain monitoring mechanism which should be independently reviewed to ensure all policies and procedures are followed at the branch level. A detail guideline in this respect is given in the following section. Structure of the Internal Control Unit For an effective control system a separate organizational structure is also provided for this unit. The audit committee of the board shall be the contact point for the internal control unit. The unit should be adequately staffed so that it can perform its duty properly.In order to ensure that availability of efficient people with internal control the financial institutions will make it mandatory for all middle to senior management staff to spend at least two years with internal control on second meant. The head of internal control will report directly to the Audit Committee of the Board He will be responsible for the both compliance and control related tasks which include compliance with laws and regulation, audits and inspection, monitoring activities and risk assessment. The audit team of the internal control unit will perform periodic and special audit and inspection. The compliance unit will be responsible to ensure that financial institution complies with all regulatory requirement while conducting its business.They will maintain liaison with the regulators at all level and notify the other units regarding regulatory changes. Audit Committee of Board Audit & Inspection Wing Inspector Compliance Wing Internal Control Unit Preparing various guidelines/manuals Each Financial institution should have a policy guideline in line with relevancy laws and internal documents in order to ensure an effective control over its process in various fields e. g. credit, human resources, finance & accounts, treasury, audit, customer service etc. There should be a written policy guideline for each Departmentâ€℠¢s function which may be as follows. (a) Standard Operating Procedures -Credit & Operations The main objective of lending money is to ensure maximum return of lend able fund.This manual should highlight the process starting from review of credit proposals, obligor risk rating, approving credit limit, disbursement of loans, monitoring of credit risk etc. Various types of MIS should be provided in order to have better control over assets of the financial institutions which can be generated if the system is in place. This manual should also contain role of Credit Admin. , Trade Finance, Reconciliations, Cash, Client’s service, Treasury, Back office etc. It should also reflect a clear guideline regarding Anti-Money Laundering activity in order to protect Financial institution’s interest. Credit Admin will be responsible for monitoring of limits and outstanding as per credit approval.This manual should cover the following areas inter alias: Risk classes, lending limits and credit authorities Investment policies Policies on financial & other product & services Lending guidelines Approval processes Documentations Securities and collaterals etc. Account Opening and closing Payment monitoring procedures Loan Administration Treasury Operations Anti-money Laundering procedures etc. (b) Finance & Accounting Manual This manual should provide guidelines on financial activities regarding income and expenditure of a financial institution. They will look after if there is any exaggeration of expenditure where it is necessary to get control.This manual must incorporate a clause which shall make it mandatory to prepare and present an annual budget which shall contain target business, revenue, expenses, capital expenditures etc. This budget should be placed to the Board before starting of a new year and a periodic review of the actual achievement. Through this process it can also ensure the profitability of the financial institutions. The basic content of Finance Ma nuals are: Financial & Accounting Policies Financial Accounting Financial Management & Administration Fixed Assets Control Procurement of Goods and Services Audit and Internal Control General Clause Capital structure policies Treatment of Land, Building & Equipment Capital Adequacy and Shareholders EquityTreatment of revenue and expenditures Income tax procedures Write-off procedures etc. (c) Treasury Manual This manual should include activities of fund transfer. Inter financial institutions fund management is one by them. The manual should include the guideline so that they may manage the financial institutions fund properly and profitably. There may be some idle fund in the financial institutions which is to be taken into account so as to make them invested in optimum profit seeking area. They should also ensure the security of the fund. If possible, they may look into international money market subject to the available opportunity in the money market arena.While framing a treasur y manual the following things should be considered inter alias : Internal Items Liquidity Cost of fund Vs. yield from assets Policies & Procedure Skill of staff etc. External Items Market Liquidity Risks including changes in Exchange Rates Changes in regulations etc. Investments Capital management etc. (d)Human Resource Policy Manual They will, at first, ensure the proper distribution of available human resources in the infrastructure of the financial institutions. It should also delineate the authority and responsibility of each employees . To find out the right person for setting up them at the right position is very crucial.The rewarding method of that department should be impartial. They will ensure staff welfare which will ultimately encourage people and create a healthy working atmosphere. This manual should contain inter alias the following: Recruitment policy Background checking policy Leave policy Compensation policy Reward and Recognition policy Termination & retirement po licy Promotion and increment policy Training guidelines Employees code of conduct etc. (e)Information Technology Manual This manual should contain the following areas: MIS to be generated Security of Data and programme Back up system Control mechanism of data and files Disaster recovery plan NetworkingHardware maintenance Service agreements etc. Training Manpower backup Power backup system Data storage 20 EXAMINATION OR EVALUATION OF CONTROL As soon as the implementation of control is completed the next question is how to evaluate the effective functioning of this system. Evaluation may be done in the following ways: a. Verification of departmental function through Check List b. Reviewing the documentation relating to operational activities through a check list c. Preparing quarterly report and reviewing the same d. Risk analysis e. Audit Process & communication of weakness Departmental Control Function Checklist (DCFCL) {Appendix 7. 1 to 7. 4} ) The guideline/procedure deals with m atters relating to review/verifications of departmental functions to ensure that prescribed procedures are being followed by each department. b) All departments are required to check that prescribed controls are being observed and laid down procedures are not overlooked & relaxed. c) Departmental Managers/Branch Managers will review the DCFCL to ensure that control functions are performed and documented in the control sheets (Appendix 1) at the prescribed frequencies i. e. Daily, weekly, monthly and quarterly. d) The DCFCL Checklist should be retained with the branch/departments for future inspection by Internal Control and Senior Management. Loan Documentation Checklist {Appendix 7. 6}The checklist deals with matters relating to security/other documentation for sanctioning credit facilities to ensure that prescribed documentation is being obtained to safe guard financial institutions interest in case of litigation. Copy of the loan documentation check list shall be sent to the leas e/loans department for their use. Quarterly Operations Report {Appendix 7. 5} This guideline/procedure relates to reporting of operational functions of each branch/centre under the following heads on the enclosed format: i. Policies, Procedures and Controls ii. Protection of Valuables iii. Proofs/Verifications and Internal Checks iv. Personal and Supervision and v. Premises Management vi. Confirmation on Regulatory Compliance This report will be prepared by the Departmental/Branch Head .This will be prepared in duplicate copies one copy is to be dispatched to Internal Audit Department and another copy to the Audit Committee of the Board by 10th of the following month. The items which are not applicable for individual Department should be marked as N/A and no signature is required against the items marked as N/A. Any deviation in the quarterly operations report must be reported in a separate exception report or shall be marked specially in the report. Risk Analysis of Control Functio ns Individual items in the DCFCL need to be assigned a risk rating in terms of the following dimensions: a) Impact: Before taking into account the mitigation (i. e. Insurance) what is the impact of the lapse/omission. b) Probability: After taking into account of the mitigation what is the likelihood of the event occurring.To assist in this task, the following matrix (Table 1) can be used. However some financial institutions may consider customization of this matrix to suit their own risk profile. Where appropriate, additional details (e. g. financial values can be added). The key principle is that all financial institutions should be able to differentiate between different levels of risk in their own area of activity and then ensure appropriate controls are established. Scores should be plotted on the following table to determine a category of high, medium and low risk. Conclusion Recommendations The quality of internal control is (strong, satisfactory, weak). Note: Examiners should use appropriate tools (e. g. the CEO questionnaire,ICQs, and FDICIA internal control assertion work papers) and findings from all areas under examination, including the OCC’s review of the bank’s audit functions, when completing these objectives and steps. When substantive supervisory concerns about the adequacy of internal control or the integrity of financial reporting controls exist after achieving the following objectives and performing the following steps, examiners should consider performing additional examination procedures, such as using ICQs,for those areas of concern. If, after completing those additional procedures, examiners remain concerned about internal control adequacy or financial reporting control integrity, they should perform appropriate verification procedures to confirm the existence and description of bank assets.As an alternative, examiners may require the bank to expand its own verification program to include the areas of weakness or deficienc y; however, this alternative will be used only if management has demonstrated a capacity and willingness to address regulatory problems, if there are no concerns about management’s integrity, and if management has initiated timely corrective action in the past. Use of this alternative must result in timely resolution of each identified supervisory problem. If examiners use this alternative, supervisory follow-up must include a review of work papers in areas where the bank’s program was expanded The institution’s internal control is (strong, satisfactory, weak)Objective: Assess the overall effectiveness and adequacy of the institution’s internal control, communicate findings to the EIC, management, and the board of directors, and complete/update OCC work papers. 1. Prepare written conclusion summaries, discuss findings with the Rican communicate findings to management.Conclusion summaries should address, as appropriate,†¢ Whether the internal control environment poses actual or potential undue risk to the institution’s financial performance for any of the following reasons:– The magnitude of control exceptions. – Financial effect of inaccurate, untimely, or improper transactions. – Previous losses from fraud. – Claims against insurance policies. – Employee turnover. – Other high operational losses. – Violations of laws or regulations and nonconformance with established internal policies and procedures related to the internal control functions. †¢ The adequacy of internal control policies, procedures, and programs to control and limit risk in bank operations. †¢ Whether bank personnel operate in conformance with established policies and, if not, the causes and consequences of nonconformance. The adequacy of information on the internal control function received by the board or its committee†¢ Significant areas of control weakness identified by internal or exter nal audits or other control reviews and the board’s and management’s progress in addressing those weaknesses. †¢ Audit or other control review report findings not acted upon by management, as well as any other concerns or recommendations resulting from the review of internal control functions. †¢ Recommended corrective actions, if applicable, and management’scommitments. 2. Determine how the quality of internal control affects the aggregate level and direction of OCC risk assessments.Examiners should refer to guidance provided under the OCC’s risk assessment programs for large and community banks. 3. Determine how the quality of internal control affects the bank’s composite and component CAMELS ratings. In coordination with examiners performing information system/technology, asset management, and fiduciary reviews, communicate the effect of control findings and conclusions on Uniform Rating System for Information Technology (URSIT), Unifo rm Interagency Trust Rating System (UITRS),and compliance ratings. 4. Determine, in consultation with the EIC, whether the risks identified are significant enough to merit bringing them to the board’s attention in the report of examination.If so, prepare items for inclusion under the heading â€Å"Matters Requiring Attention† (MRA). MRA comments should cover practices that (1)deviate from sound fundamental principles and are likely to result in financial deterioration if not addressed or (2) result in substantive noncompliance with laws or internal policies or processes. The examiner should provide details regarding:†¢ Factors contributing to the problem’s and management Consequences of inaction.. †¢ Management’s commitment to corrective action. †¢ The time frame for any corrective action and who is responsible further action. 5. Update any applicable schedule or table and include a comment on internal control in the report of examination.T he comment should address†¢ Adequacy of internal control policies and processes, internal control and overall programs, personnel, and board oversight. †¢ Significant problems discerned by the auditors or other control reviewers that have not been corrected. †¢ Any deficiencies or concerns reviewed with management, any corrective actions recommended by examiners, and management commitments to corrective actions. 6. Prepare a memorandum and update OCC work programs with any information that will facilitate future examinations. Make recommendations about the scope of the next internal control review and determine whether internal control findings should change the scopes of other area reviews. 7. Update the OCC databases, including rating screens/schedules.

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Market Opportunity Identification - Lab Report Example The report will also evaluate the Strengths, Weaknesses, Opportunities and Threats (SWOT) posed by the Chinese market. The potential consumer market in China for the online travel services offered Wotif.com will be analyzed in order to gauge the attractiveness of the market. The Chinese economy has experienced a tremendous growth in the recent past. Before the economic recession set in, the economy of China was growing at two digit levels annually (Ding 5). It is notable that even with the impacts of the global financial crisis negatively affecting many economies in the world, China is still experiencing a significantly higher economic growth rate. The Chinese economy is greatly diversified with categories such as manufacturing, mining, energy, services, real estate among others. This implies that the growth in the economy cuts across all the major economic sectors including tourism and Information Communication Technology (ICT). Thus, China is an attractive international investment destination as its economy offers chances for business growth and expansion. It is notable that China has the highest population in the world currently standing at over two billion people (Tian 2011). The majority of the population comprises of local people. The high population offers a huge domestic market that can be harnessed for business gain. China has a stable political environment with the leadership of the country entrusted on the Communist Party. The transition structures in China are clear and there are no chances of political upheavals or drastic changes in policy. The Communist Party elects the President who is the head of state and the Prime Minister who serves as the head of government. The centralization of power has ensured that there are uniform economic policies in China and minimal chances for political upheavals. The government has also adopted

Supply Chain Management Essay Example | Topics and Well Written Essays - 1500 words

Supply Chain Management - Essay Example Certainly, when great service and quality is the focus, the supply chain becomes the center of attention of the company. When it comes to dealing with issues like rising energy and materials prices and the growing challenges of global supply chains, GSK is focused on factors like countering market dynamics, Global Pack Management, speeding up packaging, efficient communication, and other production and operational challenges of the supply chain. According to sources, when energy and material prices rose, GSK turned to the late pack customization program in which production runs were labeled as 30,000numbers for cost effectiveness with 100-5packs at one point in time. In order to match the packaging speed, GSK also introduced online printing that reduced the costs of online printing. Other than that, the company has also initiated coordination efforts through electronic CAD package. The package manages to communicate minor details regarding packaging as well as reviews so that regulat ions are kept under strict check with its suppliers. In future, the aim of this company is to maintain similar tooling and machines among its suppliers. In order to meet the global supply chain challenges, GSK has very efficiently introduced several implementation programs for standardized changes in packaging, pack catalogue for optimization in packaging, and standard Apple Macintosh computers and software for uniform output as well as input (SCM, n.d.). As far as the corporate response to environmental degradation is concerned, GlaxoSmithKline has encouraged a responsible use of most of the dangerous and harmful chemicals in the production.Inculcating this concept in its supply chain, GSK has managed to apply strict and steady standards in its manufacturing operations. GSK makes sure that its suppliers operate according to requirements that arelegal (Schatsky,2012). It has also managed to establish standardized global EHS requirements for both, the suppliers as well as the manufac turers. In this process, it is made sure that the potential suppliers undergo strict pre-contract EHS evaluations. GSK also manages to perform audits where it is made sure that the concerned parties are provided with the needed encouragement and assistance. The parties in this context are referred to as manufacturers and key suppliers. The GSK thus maintains a sound EHS performance metrics that makes it to the Corporate Social Responsibility Report of the GSK, mentioning the performance of suppliers and manufacturers. The chemicals of priority are hence communicated to the suppliers and contract manufacturers that encourage responsible care programs (Global Public Policy Issues, 2011). Organization no. 2: InterfaceFLOR After its inception in the year of 1995, InterfaceFLOR evolved from a square idea in a broadloom to shaping the future on its industry. Over the years of its operations, the company has always focused on reducing the deadly toxins from the facilities as well as the pr oducts it provides to ensure greater sustainability as it has become one of the biggest requirements for today’s organizations (Appendix).InterfaceFLORalso aims at erasing wastes, and thus uses new and creative manufacturing processes to deal with the global challenges. According to the company’s mission, InterfaceFLOR aims to get rid of any bad impact its operations have on the environment by the year of

Post Modern Perspective on Criticism Essay Example for Free

Post Modern Perspective on Criticism Essay Post modernism is one among the highly debated issues that to a great extent has influenced the way human being think and views issues that exist in the present world .however it encounters a resounding critique from those against and support from the for generation whom believe in inevitability of change in all human perspectives.post modern perspective criticism is important because since it provides a promise of deterritorialing modernity and restructuring its political , cultural and social limits as well as affirming social gender and ethic differences as seen human daily interactions. Post modernism bear a world with a resemblance of increasing individual and mass influence on the way we think and see the world in the present times. Artifact chosen                     Martin Luther King Junior speech â€Å"I have a dream† is one of the most famous world speeches that influenced thinking million of Americans both whites and blacks (Kuypers, 2009). The speech was a very powerful tool that spearheaded the thinking of Americans and need of ending racial segregation. We may probably argue that were it not for martin Luther speech, probably the American society may be segregated even in the present. Luther calls for all American to work together towards achieving a fair and one and the same society (King and Washington, 1986). Luther employed well selected and scrutinized rhetoric modes that facilitated the appeal he desired to create to Americans. The power of his speech definitely lays in his authoritative diction and the rhetoric modes applied (Johnstone and Eisenhart, 2008). For instance, the king compares and contrast the lives of the whites a and the Negros were he notes that, the blacks continue to live in slave I n their home country one hundred years after the constitutional declaration that was signed by Lincoln .he further compares the plight of blacks to the lives of the white Americans and says that the blacks are subject to police brutality (Bobbitt, 2007). Although the emancipation proclamation was for all the whites had denied Negros the basic fundamental right granted by the constitution. Additionally, he says that emancipation proclamation came as a joyous day break to the blacks but later on turned to a long night of their captivity (Johnstone and Eisenhart, 2008). This comparison tells the audience how the declaration was of great hope to the suffering blacks, however, their hope turned to despair when the whites denied them of their rights. The Negros was saddened because even after one hundred years there were still in their own world full of pains of the manacles of racial discrimination and segregation. Furthermore, martin adds that justice shall roll like water and righteousness like a mighty stream. I n this context, the king appear to have feeling that he and other will not tire to demand and fight for blacks people rights until they are granted (King and Washington, 1986). Moreover, in his speech King employs a rich content of situational analysis of the representing the current situation interaction and expresses his optimism for a bright future, were both whites and Negros shall sit down under ones table as equal where the blacks will not nbe segregated upon .This dream sent a message of hope to the Negros that a time in coming in future when there will be no discrimination based on color. The dream also portrayed a message to the whites that blacks are tired of being segregated and were in the process of peacefully fight for their fundamental rights. Martin Luther Biography                     Martin Luther King Junior was born in 15th of January, 1929 to Michael king sr. After his father returned from a trip in German, he changed their names to Martin Luther king senior and Martin Luther King Junior. These names were adopted from a religious icon of past, martin Luther was initiated Lutheran denomination. In 1944 King Junior started his higher education at Morehouse College (Haskins and King 1992). Before then, the rampant racial discrimination and segregation had caused a lot of tension especially in New York and Michigan (Bobbitt, 2007). He later graduated with a degree in sociology and was after wards appointed his father’s assistant at the Ebenezer Baptist church. While King Junior was in graduate school he had bitter memories of house bias that existed in the American society. He says that when trying to find a house to live, he went to place in Boston where there was a sign â€Å"house for rent†. (Haskins and King, 1992. Martin literates that the houses were for rent until the servants realized he was a Negro and then the situation changed suddenly, the houses were already rented. In 1952 Martin Luther king junior met his wife Coretta; they married and were blessed with four children. Martin says that his wife was the source of strength and at some points she was much stronger that the king. On January of 1956, a strange occurrence happened whereby, Martin’s home was bombed. However, guided by his religious policy and believes of non-violence King calmly accepted the incident and even urged all the believers to go home after the meetings and adhere to policy of non-violence, a policy that is evident in his speech. Luther delisvered his famous speech â€Å"I have a dream† in 1963 in Washington during job and freedom, to address racial injustices that he and other human rights activist were against. His life came to an end when he was assassinated by James Earl Ray in 1968 at Memphis Tennessee Haskins, and King 1992). Martin Luther had just delivered another type of his legendary speech, â€Å" I have been to the mountain-top†. Martin Luther Junior died at 39 year and was buried on 9th of April, 1968 in Atlanta (King and Washington 1986). Until his death, the king was proud of his title â€Å"the preacher† because he believed that his vocation a nd strength were essential at healing the scar of racial discrimination and segregation that blacks had and giving the hope of a new dawn Metaphorical analysis                     Metaphorically Martin Luther s life that was filled with many ups and downs ideally represents the struggle and tribulations that Negros underwent in the hands of heartless whites. The passion that made him move forward to defend the welfare of the blacks shows the suffering the forced Negros and other human rights activist stand out and form liberation movements. Kings life is a clear indication of how an individual action may have resounding impact to present and future generations (Johnstone and Eisenhart, 2008). The metaphors used in the speech serves a very important role in making the audience clearly understand the message. In criticism where metaphors are used the analysis, the analysis of the artifact involves examining it for its context and dimensions and the isolating the metaphors to identify the underlined meaning that makes the artifact more appealing (Bobbitt, 2007). For instance, the artifact chosen, â€Å" I have a dream â€Å"is crammed with metaphors that ideally communicated the necessity of eradicating racial discrimination and segregation in United States of America .most of the metaphors the king uses are soft but the message is conveyed in a very unique way. For example Martin’s say that it is the high time to lift America from chains of injustices to high heights of freedom and equality (Hasand , 1992). Through this metaphor King intent to plea to all people that racism will not make the nation strong but will separate it .It is through social justice that a st rong and prosperous country will be build. Conclusion                     In a summary the metaphorical analysis appear as the best method for the critical analysis of the speech, â€Å"I have a dream† in the modern perspective. It clearly and precisely articulates ethos and logos making the whites realize their injustice towards the Negros. Additionally the method plays a very critical role in awakening the blacks to form liberation movement in demand of the rights granted by the constitutional declaration. References Bobbitt, D. A. (2007). The rhetoric of redemption: Kenneth Burkes redemption drama and Martin Luther King, Jr.s I have a dream speech. Lanham, Md: Rowman Littefield Publishers. Haskins, J., King, M. L. (1992). I have a dream: The life and words of Martin Luther King, Jr. Brookfield, Conn: Millbrook Press. Johnstone, B., Eisenhart, C. (2008). Rhetoric in detail: Discourse analyses of rhetorical talk and text. Amsterdam: John Benjamins. Jr. Lanham [u.a.: Lexington Books. Manheimer, A. S. (2005). Martin Luther King Jr: Dreaming of equality. King, M. L., Washington, J. M. (1986). I have a dream: Writings and speeches that changed the world. New York: HarperCollins Kuypers, J. A. (2009). Rhetorical criticism: Perspectives in action. Lanham, MD: Lexington Books. Minneapolis: Carolrhoda Books. Echols, J. (2004). I have a dream: Martin Luther King Jr. and the future of multicultural America. Minneapolis: Fortress Press. Source document

Providing Leadership in an Organisation

Providing Leadership in an Organisation Providing leadership for a team in an organisation       Task one 1. Give your brief history of your organisation and your role in organisation? United Flower Growers Ltd (UFG) is a company formed by the combination of grower-owned companies United Flower Auction Limited, and the flower operational arm of Market Gardeners Limited creating a truly unique and well-structured marketing organization that is totally focused to the needs of the New Zealand Flower Industry. It is located in 500 MT wellington highway in mt wellington. I am working as a supervisor in the company which is really hard for me I have to do lots of work to arrange auction. We arrange 3 auctions in a week. Auctions start at 6 am but we have to load the trollies before the auction so we start working at 3 am. UFG currently runs two physical in-house auction systems in Auckland and wellington. This auction runs on the Dutch Auction Method using an electronic clock system with the aid of an auctioneer. The clock descends anti-clockwise from a set start price and then decreasing in price until a buyer is wants to make a bid and accept the purchase price. The big advantage of this system is the speed, accuracy and fairness of the sales process. Fresh flowers are delivered the day before, overnight or early morning prior to the start of the auction. The flowers are sold on a non-preferential basis. The flowers are sold on a non-preferential basis. This means that provided product is received prior to the auction cut off time, the flowers can be sold at any time during the auction. Q2.state your Organisation visions and values, and then explain them in a way that is meaningful and would be understood to your team? Visions As an industry-owned company, our goals and objectives are almost identical to those of our suppliers and customers and to be alive in the flower industry for the 50 years. We will continue to work as industry partners with all involved in the NZ flower industry. Values Be friendly to customers. Responsible to your job Punctual to work Co-operative with other staff management. Name and fame of company. Q3.How do you know that your team understand your visions and Values? As a supervisor it is my responsibility to check with my team is they really understand the visions and values of the organisation. It can be done in many ways so I am going to describe following- Meetings- by doing meeting with my team members I can confirm that they got it or not. Feedback- at the end of the month I can take feedback from each staff member to make sure they understand the vision and values. Work performance- I think it is also a best way to make sure everybody is working on the expectations of the company; I can observe or supervise their work they are working good or not. Q4. Describe at least two leadership styles that you have used in the context of your work explain how you chosen your leadership styles influence others in your team to achieve your organisational goals and it is consistent with its visions and values ? Autocratic leadership is a leadership style controlled by individual control to make all the decisions. Autocraticleaders typically make choices based on their ideas and judgments and rarely accept advice from other team members. For example if I want to fire somebody from work whether he is working good or not, if I want to fire him I dont take any advice from anybody I just make my decision. Democratic leadership is a type of leadership style in which members of the group take a more participative role in the decision-making process. Everyone is given the opportunity to participate, ideas are exchanged freely, and discussion is encouraged. For example if I want to hire somebody so I will decide with my team members that are there any need to hire somebody or not. Q5. Providing examples of how you model behaviour that are consistent with your organisational visions and values? Group work is depending on the basis of individual partners. They need to trust, respect, and support each other. It can be anything at the workplace for example support and help if anybody need. Sharing Information Communication Patience Honesty Team work Ans6. Personal styles Friendly Every employer has a dream to have employees with glowing behaviours, making management of employees an easy task. Talk nicely with staff and customers. If any problem try to solve it with patience. Co-operative It means to respect, and support each other. It can be anything at the workplace for example support and help if anybody need. Working styles The Social Work Style Helpers The Investigative Work Style Problem solving The Conventional Work Style Organizers The Artistic Work Style Creates more plans Q7.Describe an example of a workplace situation where inconsistent styles were present, however you were able to provide support to individual and teams to achieve consistency? Ans7. I am a supervisor at UFG, as a supervisor I have to face many difficulties and to provide consistency in a team or a workplace is best option is to make team spirit in your working team that everyone in your team is to be friendly to every person of your team. An example for my workers not work properly like be lazy due to any cause I use leadership style democratic first discussing with all the staff about their working by individual meetings or staff meeting then after that see their working if they start working better so it is good but if not then apply autocratic leadership style by straight order to them or give them warning if the last time they do the same then harshly fire them from their job. Assignment Task Two Section 1 A. We can establish a team behavioural expectations and standards with some responsibility if we give responsibility to someone. One of the best key components of establishing a team is to setting expectations for the team members who are coming on my path way. 1. See the members interest in the company problems or anything happen in company that they take part in companys matter or not. 2. See company decision making skills by which you get a simple idea that companys members knows about all the characteristics visions and values of company. 3. The behavioural expectations of the team is seen in the general organisation. B. Yes thee agreed behavioural expectation and standards must be clear and consider and should be recorded in a format that meets your individual teams and organisational requirements. I can see effecting of each person from the gathering and all things considered, in case I see execution drop in a gathering or an individual, and have a meeting with him/her or gathering to energize that individual or gathering moreover help the individual or meeting in accomplishing their points and this improves the execution of the person. C. It must be align to with the organization vision and values it is very important for good work performance. If everybody is working according to the vision and values then we can work nicely. By watching s and groups advance and taking a gander at what objectives have been skilled and in the event that they coordinate with the relations values and vision. Minutes of meetings Staff meeting minutes: Meeting title- issues during work Date Wednesday, 1, March, 2016 Time of the meeting 11:00 am Area of meeting: Staff room Visitors Sandeep Open correspondence: none Attendees: karanvir Singh Sandeep Singh, Rajkawal Singh kamaljit Singh, Mandeep Singh Absentees: Arshdeep Singh, Rajvir singh Planes: 1. Need to look after the customers and satisfy them by giving incredible qualities of organizations. 2. Issue of parking. 3. Talk to the other staff and conform with them where we need more staff. Agenda Scene: auction room Time: 11 am Participants: Manager Happy Supervisor Karanvir Singh Administrator Sandeep Singh Group Leader-Rajvir Singh Minute taker: kawal Singh 1. Customer service 2. Parking issues of colleagues. 3. Need more staff. All agreed. Section 2 A) Problem in the working environment can be a positive technique if managed reasonably. Issues besides, issues are seen and directed in a split second. In the event that I continually ignoring issues that is without a doubt making issues my accomplices it might understand the lessened level of thankfulness between the accomplices and social event pioneer. To guarantee issues of accomplices are watched out for, I equip them with plan of their duties and assets. It is fundamental to screen my social occasion, uninhibitedly and taking all things into account to examine their issues and issues worry with their work and working environment endeavoring to see issues before they wind up being full scale issues. They give me responses on the movement of work and on the off chance that they require additional asset or time to complete the endeavor. Outline: Rajkawal required additional opportunity to arrange on the reference with the client association supplier (alluded to not) as the suppli er was away. B) I guarantee I have a sorted out talk with every individual from the social event and take a gander at any issues or bolster they require secluded from the meeting. Beginning late Dilraj clearly was late at work. On exchange with him I discovered he had transportation issues. Anmol goes from an undefined course from Dilraj and we examined the matter with Anmol why should merry give Dilraj transportation until his auto was settled. C) The achievement of any attempt relies on upon the duties of each individual from the total, yet two or three clusters arrange superior to anything others. Precisely when accomplices have an assessment particular proprietorship in the social event meander, accept that their obligations are respected, additionally, see that the attempt manager contributes nearly and exhibit others how its done, they feel affected to contribute their best work. By allowing to everybody to talk up and to share their contemplations, make everybody a pioneer, being an ordinary illustration and empowering proprietorship, these things demonstrates particularly pleasing to support the partners. I utilize the running with strategy to broaden unrivaled in the social event. I keep records of the progress .To make a region for accomplishment, by purging hindrances, setting an unmistakable vision and giving major mechanical gatherings and arranging. d) I allow my partners to stand up their viewpoints in the midst of our social events. Exactly when the whole assembling should be incorporated at the same time, I explore accord essential authority models. With these, each gathering part has the opportunity to give data and suppositions. All people discuss decisions until we overall agree on an answer. With understanding, theres frequently exchange off. Not everyone gets all that they require out of an official conclusion. Regardless, in light of the fact that everyone has sensible information, the decisions came to are often ones that all can live with. E) Enhance and support (1) Monitoring the work adequately (giving hopeful input and responding to issues in the work with gratefulness and offer) Anmol required additional some assistance with timing to complete his assignment in managing the Customer Service Course Provider. I comprehended that in this way of the inaccessibility of the supplier he was not set up to finish his work inside the time partition and required additional time. (2) Providing socio-anxious fortify (indicating support for a colleagues activities or choices; soothing unsavory conditions for subordinates; mixing; keeping accomplices instructed about upsetting conditions; tending; really appraisals; and uncovering individual data). I saw when Sandeep was not set up to complete his work and was underweight because of transport issues. I procured Sandeep and Manoj for a little espresso meeting to deal with his issue. Anmol was demonstrated support and vitality to help Sandeep. F) Mutual trust among individuals I develop my social affair on the initiate of their lord accomplishment all together for accomplices to regard each other. I see their accomplishment straightforwardly. I dont talk about bungles made by a partner despite his awesome certainty. I have to recognize with him stealthily and exhibit how he can overhaul his execution. Prohibit bits of jibber jabber inside the social event, keeping an open ear to stories which can contain hurting, adversarial or too much individual information on any individual from the get-together. This can be a basic inability to our social event. I ensure all individuals are overseen correspondingly as and no twofold standard obliged to any one individual from the social occasion. Distribute work in sensible way. Solve clashes in ace way. G) Encourage new thoughts that encourage viable cooperation I make a working environment where all suggestion, obligations and activities are welcome from specialists at all levels of the affiliation. I hold social affairs to create new considerations. Compensate staff for their exertion by offering impelling forces e.g. I gave Anmol trade compensate for getting out a Customer Benefit Course Provider who engineered with us and gave us an arrangement which was less exorbitant than some other relationship in our general region. Section 3 A) I interface with individuals outside the social occasion utilizing fitting correspondence channels. If they have an inclination for email, I email to interface with them or telephone call, faxet cetera. I do plan key delegates inside our social event on the best way to deal with manage the general people when observing request on touchy issues. In addition I utilize studies and reviews to assess and address issues. B) Some techniques for correspondence from people outside our gathering are by methods for email, phone calls, verbal correspondences, surveys, studies et cetera. C) With the cut-off points and experience and being an old staff of our organization together, karan was hopeless about his wages. There hadnt been any improvement to his pay inside the latest year. With the creating workload he was expecting a remuneration rise soon. He was crying of this matter on a few occasions. Associates were beginning to get exasperated by his difficulties. I had information from the head concerning the issue. I had visits with the money and back division if there can be pay climb in weeks to come. i promised them that Surjit is a resolute worker and no doubt we are experiencing workload starting at now. It is sensible to give him a compensation rise. Since contradictions and emerges are inescapable from social affairs, the best methodology is urging accomplices to learn sharpens that offer them some assistance with working through clashes and keep up careful working relationship in the meantime. D. The second issue was, there was a two individuals, one of my area of skill and the other of the other division were having strife with each other over some negligible issue and they were the primary communicators in the middle of both the offices they conveyed each others specializations data and were in this way essential in correspondence inside the offices and for the powerful working of the organization as they having a few issues with each other they used to overlook imperative datas sent from each other or werent notwithstanding sending any and were reprimanding each other for the disappointment which cost the association a lot as far as customers and notoriety, then they both were called attempted to mollify them two and instructed them to be proficient in work and on the off chance that they didnt work appropriately and the organization endures any further misfortunes they will be ended from there on they kept that hatred out of the workplace and began working legitimately . E. The healing move made for the principal example was to have a meeting with that representative and educated him regarding the significance of the client benefit and in the event that he doesnt enhances than stern move will be made against him. In the second case I apologized to the client and changed the standard and asked client that we can give the thing at a similar value we have posted on the flag on the off chance that he needs. Reference https://ufg.co.nz/growers https://ufg.co.nz/work/inhouse-auctioning