Risk Managment Essay Example | Topics and Well Written Essays - 1500 words

Risk Managment - Essay Example The purpose of risk management centres not in eliminating risk, but to comprehend risk so that the organization can take advantage of the upside and reduce the downside. Risk management cannot be considered as an end in and of itself, but rather forms part of sound organizational practices detailing planning, program appraisal, process improvement, preparedness, and budget priority development. The core principles guiding effective risk management entail transparency, effectiveness, urgency, flexibility, adaptability, practicality, customization, robustness, synergy, and transparency. The key areas in risk management include fund (governance risk); strategy (asset allocation risk); implementation (manager risk and Implementation risk), and review (monitoring risk). Given the uncertainties connected to estimating the costs and benefits, the function of risk management strongly connected to process rather than outcome. Cost benefit analysis is a useful tool for structuring, appraising, and presenting the cost and benefits, as well as the pros and cons on interventions. This demands a coherent methodological, especially in data-restricted environments. In the context of risk management, two prominent issues deserve close attention when undertaking risk management: assessment of risk, whereby the analysis should be undertaken in a â€Å"stochastic way so as to account for the nature of exposure impacts† (Moller 2011, p.2). Second, the assessment of averted risks, whereby benefits represent risks avoided. The core benefits derived from investment in risk management centres on the minimization of future impacts and losses. Risk management plans may detail set functions, areas, activities, projects or processes that are consistent with the organization’s risk management strategy. In order to manage risk, companies should first comprehend the risks that they may be

Corruption in the Corrections System Research Paper

Corruption in the Corrections System - Research Paper Example In my study, I came up with the best solutions to minimize corruption in these units and include punishing the vote brokers and vote sellers during the judicial voting and annual assessment of the public officials. Others include; conducting regular surprise examination for all the correction system officers, a timely governmental audit by COA or an independent audit firm, strict regulations of the entire correctional system and demolishment of private prisons. A correctional system, sometimes referred to as panel system, is a connection between different agencies with the prime role of providing a jurisdiction’s prison as well as other community-based initiatives such as parole and probation boards. A correctional system forms a major crucial and important part of the macro criminal justice system, which to extent includes other processes of policing, making prosecutions and the general court system. There are some forms as well as types of this system including; Power Factor Correction Systems, Community Correction Information Systems, AccuSine Power Correction System and the Trajectory Correction System, among others. All these different types of correctional system have the same objectives, goals, and aims, which make them, stay focused towards the achievement of the best standards of providing jurisdiction’s prison to the public. However, corruption has diminished the quality of service provision by these systems, leadin g to partial failure on some of them towards the realization of their mission statements. In this research paper, I am going to identify some of the corruptions of this system and discuss the possible tactics that can get used to solving some of these problems. Corruption refers to all the activities leading to abuse of power by the public officers with the prime purpose of private and individual gain. It may also be an organized, independent processes and mechanisms. This is whereby a