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Corporate Governance and Risk Management Assignment

   

Added on  2021-04-21

6 Pages1485 Words123 Views
Finance
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Running head: CORPORATE GOVERNANCE AND RISK MANAGEMENTCorporate Governance and Risk ManagementName of the StudentName of the UniversityAuthor Note
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1CORPORATE GOVERNANCE AND RISK MANAGEMENTIntroductionThe reflective essay will focus about my personal experience and the issues I facedrelated to corporate governance and risk management. Through risk assessment in myworkplace, I got to learn how to deal with critical situation and accordingly effectivestrategies to reduce the organization’s risk. Furthermore, the essay will also reflect on theissues related to social responsibility and corporate governance and accordingly learntstrategies for managing and governing workplace and enterprise risk.DiscussionAccording to me, Governance in relation to workplace governance refers to theprocess how the organization can be effectively managed and organized by promotinghealthy and safe environment to the employees. Prior to that, by implying CorporateGovernance, an organization set certain rules and regulations that need to be followed by allthe employees (Tricker and Tricker 2015). Whereas, what I understood through riskmanagement is that identifying the potential risk and accordingly with better strategies willtry to reduce it, in order to incur the loss resources.As per the ASX Corporate Governance Council, convened by ASX in Australiaimplemented certain principles, legislations and recommendations. This needs to beimplemented by companies in order to promote confidence of the investors to meet theexpectations of the stakeholders (Christensen et al. 2015). The organization in which I workis a beverage company that implemented the rules of corporate Governance so that ourorganization can manufacture health drinks by not impacting the environment in a negativeway and besides that tried to meet the requirements of the stakeholders. Accordingly theorganization I work incorporated certain non binding guidelines such as shifting towards the
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2CORPORATE GOVERNANCE AND RISK MANAGEMENTprinciples governance systems. There are certain guidelines listed in the ASX principles andrecommendations that encouraged companies to follow in order to reach the global markets.S per the principles, our organization has implemented an ethical and responsible decisionmaking board that examines that employee are working in safe and healthy environment(Ruggie 2017). Furthermore, by adopting the principle “Encourage enhancedperformance” our organization from time to time evaluate employees’ reviews andperformance and accordingly motivates them with monetary and non-monetary rewards. Allthe ten principles of the corporate governance are important for any business organization inorder to reach the global market.Enterprise Risk Management (ERM) is an approach that deals with workplace riskand accordingly provides measures to prevent those risks to provide better services to thestakeholders and to achieve their goals (Olson 2015). For instance, one of my friends worksin DP World in Victoria, and through him I get to know that the company was found guiltyfor polluting the atmosphere by releasing hazardous chemical and was charged $80,000 andextra $ 10,000 (Christensen et al. 2015). After analyzing the risk and the huge loss, thecompany implemented Enterprise Risk Management (ERM) approach to reduce the huge lossand to incur from that loss. One of the important tools of ERM is the brainstorming tool,through which various ideas and solutions to reduce the risk are being generated from thegroup. Apart from this, “The Australian Securities Exchange Principles of GoodCorporate Governance and Practice” measures the risk appetite of every organization andaccordingly tries to perform in relation to Key Risk Indicators. My personal experiencefrom enterprise risk management is that, risks are inevitable for every business organization,but organizations should check the potential risk that the organization is likely to suffer fromthat and should implement ideas and strategies to prevent it. I myself being a HR Manager of
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