Catherine the Great Research Paper Example | Topics and Well Written Essays - 2000 words

Catherine the Great - Research Paper Example khail, Peter I, known as Peter the Great, who nearly transformed the backward country into a major power by the early eighteenth century – he succeeded in reforming both the army and administration, created the Russian navy, encouraged trade and secular education, as well as introduced Western technology (Hatt 12). The Church had been deprived of its privileges and was largely subordinated to the state; while the power of the Russian nobles – boyars – was also curbed (Hatt 12; Williams 343-345). Following the victory over Sweden in the Great Northern War, Russia expanded into the northwest, conquering the Neva valley, along with the other Baltic provinces of Sweden, like Ingria, Estonia, Livonia, Vyborg, and part of Karelia; the fort, whose construction had begun in a desolate area of marshland nearby the mouth of the Neva River in 1703, some nine years later became the capital city of the Russian empire under the name St Petersburg (Williams 345; Hatt 12). Peter the Great died before he could name his successor – some six years after the death of his son Peter, by his second marriage – so the son of Tsarevich Alexis, and Peter the Great’s grandson, became the emperor of Russia as Peter II (Williams 346). During his short reign dominated by two powerful magnates’ factions – the Menshikov and Dolgoruky factions – Russia played a rather passive role abroad (Williams 346). Peter II died before he could marry Dolgoruky’s daughter , Catherine, and was succeeded by the niece of Peter the Great, Anna Ivanovna (Williams 346). Under Empress Anna, Russia was ruled by her favorite, Birone; at home, this period was characterized by a decreased Crown control over the nobility, while abroad Russia gained control over Poland in the war of the Polish succession, as well as over Azov in the Russian – Turkish war of 1735-9 (Williams 25). One year after her death, i.e. in 1741, a palace coup carried out by the guards of the Preobrazhenskii regiment overthrew

Composing a Philosophy of Eating Essay Example | Topics and Well Written Essays - 1500 words

Composing a Philosophy of Eating - Essay Example I have few friends in my school who are suffering from obesity related health problems. These friends do not have the ability to play with us because of their overweight. Because of the severe harassments facing from their friends, they like to spend their leisure time either in the library or in front of the computers. Replying to one of my question, one of these obese friends told me that it is difficult for him to take less food even though he likes to reduce his weight. In other words, it is better to take preventive measures before obesity actually strikes a person. The above fact taught me a lesson and I decided to control my eating habits in order to escape from the threat of obesity related problems. This paper describes my philosophy of eating, formulated based on the data collected from my surroundings. My current philosophy of eating can be described in few words; eat nothing unless it’s worth eating. In other words, it is better to eat something only at times when we experience hunger. There are many people who eat something even if they don’t feel hunger, in order to give company to others. I also had such habits. Foods should be consumed only at times when a person feels hungry. Our body has the ability to remind us the necessity of energy in the form of hunger. The energy or calorie received from foods taken at the time when a person feels hungry, will be utilized for some bodily functions. Therefore extra energy or calorie will never be accumulated in our body if we take normal food at the time of hunger. On the other hand when we take food during unwanted times, the body forced to store the extra calorie in the form of fats which will make the person obese. Another major point in my current eating philosophy is the avoidance of fast foods as much as possible. Fast foods are tastier than other foods and people who take fast food may consume more than what is required for the body because if this extra taste. Most of the fast foods are enriched with fat contents. Moreover fast foods are comparatively cheaper and easy to cook. And therefore people make use of it more frequently. Half boiled or half cooked foods are popular in all over the world at present. Nobody wants to spend too much time in kitchen after a busy day schedule. So, people will purchase half boiled foods from groceries or supermarkets and prepare it quickly using a microwave oven or some other cooking equipment. Frequent use of foods cooked using microwave oven could raise radiation related health problems. In short, fast foods, half boiled or half cooked foods can create lot of health problems and it is better to avoid it as much as possible. It is better to eat slowly rather than attacking the dishes in a hurry. Slow eating will help us to eat only the required amount of food, Moreover, such habits will help the digestion process. I have a friend who does have the habit of taking foods in a hurry, irrespective of whether the food is tastier o r not. His philosophy of eating is take food as quickly as possible. He faced lot of problems in the past because of this peculiar eating style. Many times, the bones of fried chicken and fishes get jammed in his throat because of his speedy eating style. Since he is taking food in a hurry, he doesn’t have any idea about the volume of food he has taken. For him taking food three or four times in a day is a routine job and he

Saving Private Ryan Film Essay Example for Free

Saving Private Ryan Film Essay War movies often rely on the visual to communicate the events and emotion of each scene. This works up to a point, but viewers cannot fully relive battle in this way. Background music and limited sound effects make war movies generic, predictable, and sometimes historically inaccurate. In contrast, Gary Rydstrom uses sound to communicate emotion and portray realistic battle scenes in a way that makes the viewers feel as though they are actually part of Saving Private Ryan. One unique aspect of this movie, as opposed to other war movies, is that there is no background music in the battle scenes. Music in movies tends to make viewers realize they are watching the movie, but without it, the experience is so much more authentic. The battle scenes are shot with a handheld camera, giving them a shaky and chaotic feel. Because of this, the viewer does not really get the chance to experience the full breadth of the battle through the shot. Humans experience sound at all angles, as opposed to the one angle at which we experience sight. The dynamic sound effects of the battle scenes can completely engulf the viewer, helping them to have the full experience of trauma. Rydstrom paid particularly close attention to certain sound effects in these battle scenes to help them be as historically correct as possible. A variety of gunshot noises appear in each battle scene, each one corresponding to a different weapon. Also, a variety of distinct shot- impact noises illustrate the scene. The sound of the bullet hitting the soldier’s helmet in the beginning of the first battle scene is the beginning of many more shot-impact sounds to come, each representing a probably fatal wound. These shot- impact sounds enhance the viewer’s emotional response to a scene. They are so crisp that every time someone is shot, the viewer cringes and feels overwhelmed just like the characters onscreen. The shellshock noise that Tom Hanks’ character experiences happens once in the first battle scene on the beach and once in the final battle scene at the bridge right before he dies. This internal sound allows the audience to experience the battles through the eyes of Captain Miler (Hanks) and shows that his character struggles emotionally and physically in handling the situation, a side of himself that he tries to hide from the soldiers under his command. This allows the viewer to sympathize with Miller and creates a more emotional atmosphere. When the Americans learn that the Germans outnumber them and have multiple tanks in the last battle scene, this feeling of suspense becomes heightened. What really makes this feeling so ominous is the sound of the tanks approaching and how they echo off of the buildings in the quiet final seconds before the fighting begins. This external sound against the lack of much ambient sound causes the audience to experience the same anticipation as the characters onscreen because neither knows when the fighting will ensue. Ambient noise plays a large role in the realness of Saving Private Ryan. In the scene where the rescue team is resting for the night, the audience hears thunder-like explosion noises behind the conversation, which represent the continuity of the war. In addition to all of this, Rydstrom uses sound to creatively transition from one scene to the next. In one scene where the group is walking, it starts to rain. The camera pans in on the raindrops falling, and gradually, the sound of a raindrop hitting a leaf transitions into the sound of firing guns, which catches the viewer off-guard.

Mary Catherine Batesons Improvisation In a Persian Garden, Annie Dilla

Mary Catherine Bateson's Improvisation In a Persian Garden, Annie Dillard's Seeing and Leslie Marmon Silko's Landscape, History, and the Pueblo Imagination This paper will analyze Improvisation In a Persian Garden (Mary Catherine Bateson), Seeing (Annie Dillard), and Landscape, History, and the Pueblo Imagination (Leslie Marmon Silko). Going through the Purpose, audience, context, ethics, and stance of each author’s piece. All three stories show the reader what each author sees. All three authors write of an event that took place in their individual lives. Both Dillard and Bateson go back and forth between the past and the present, while Silko talks of events that took place only in the past. In Seeing, Annie Dillard writes about the things people do not see, and the things people choose to see. Dillard does this to make the reader aware of what is around them. People have the attitude of â€Å"what you see is what you get.† (Dillard pg. 13) Dillard believes that people do not actually want to see what is really there. That people only want to see what makes them happy. Dillard goes on to discuss all the things we see and do not see, ending by stating â€Å"if we are blinded by darkness, we are also blinded by light†. (Dillard Pg.17) Dillard is saying that if you look hard enough there is always something to see. Improvisation in a Persian Garden Bateson wants the reader to see, how adults do not always see things better than children. The author (Bateson) is trying to explain the sacrifice of a sheep to her two-year-old daughter. The author wants other parents to have an idea, as to how to educate a young child in this sort of situation. Bateson begins to notice that she too is learning something for the first time â€Å"beca... ...ose to see, and start seeing what you are afraid to see. In Improvisation in a Persian Garden Bateson writes as herself twenty years earlier. Dillard takes a different view writing not as herself but as a child. Silko writes in the present state with memories of what was heard as a child. Each story is dealing with how people see different things and why. Bateson and Dillard are the most alike with Silko being the most different. The first two both describe everything around them. Silko describes what she hears not sees through his own eyes. Works Cited Anne Dillard, Seeing, A Sense of Place, Forbes Custom Publishing 1999 Leslie Marmon Silko, Landscape, History, and the Pueblo Imagination, A Sense of Place, Forbes Custom Publishing 1999 Mary Catherine Bateson, Improvisation in a Persian Garden, A Sense of Place, Forbes Custom Publishing 1999

Interoperability Essay

Interoperability has been described as the extent in which systems and devices can exchange data and translate that shared information. It is the ability of one system to perform work in addition with other systems without asking for too much hard work from the other users. This system enhances the importance for information technology to make the networks and integrations work. In order for the process to function properly the two systems that are attempting to share information must be able to exchange data and introduce that same information to other users in a way that he or she can understand it. There are many organizations in the business world and many have different operating systems. The importance of interoperability in this aspect is to allow each organization to share important information amongst one another. An example would be if an organization such as Child Protective Services (CPS) wanted to share client information with another Protective Services agency regarding a client both organizations should be able to exchange and translate information amongst coordinating organizations. Child Protective Services Child Protective Services (CPS) is known as major department with the Department of Human Services. CPS supports and maintains the social and economic welfare of children by offering services to children to help protect them from abuse and/or child neglect. The Department of Humans Services in California offers CPS to families. CPS serves as mandated reports as well as an organization to protect children from neglect or abuse within the home, from his or her family, foster home or anyone responsible for the care of the child. The services of CPS are to provide protection to the children, provide resources to enable to child to remain residing in the home under safe and harmless circumstances. Also to remove abused or neglected children from the home and to possibly terminate any parental or guardian rights to ensure that the child will be eliminated from any potential danger or harm. The basic constituent of the process include: providing any and all services to minimize potential harm to children and provide resources to families to help them protect and provide appropriate care to his or her child. Next, is to provide the best services possible to meet each child and families unique needs. Last, taking each allegation  made seriously and assessing the allegations to the best of one’s ability to ensure that if there is any form of abuse or neglect the necessary steps occur in order to protect the child. The services of CPS are to intervene if necessary and protect children until his or her parent is capable to doing so. The most essential aspect of CPS is to recognize the protection of children and to ensure that reasonable efforts are made to maintain children safely in their own home, to reunite the family as soon as the courts see fit or to find permanency for the child if the situation permits for the parental rights to be voided. Other services inc lude mental health, counseling, parenting skills training, medical care/services and adoption services. Methods of Interoperability There are several different methods to implement interoperability. Many organizations have created their own interoperability methods. One of the methods of interoperability is technical interoperability, which is the ability for different technologies to communicate and exchange data-based upon well-defined interface standards. The second is semantic interoperability, which is the ability to each endpoint to communicate data and have the receiving party understand the message in the sense intended by the sending party. The third is policy interoperability, which is the common business policies and processes related to the transmission, receipt and acceptance of data between systems, which a legal framework supports. Advantages and Disadvantages Conclusion Interoperability has been described as the extent in which systems and devices can exchange data and translate that shared information. Interoperability has many advantages and disadvantages. The goal of CPS is to find avenues to execute full backups bi-weekly and this process will be complemented daily. This organization will also implement an extended back up program monthly.

Administrative Ethics Paper Hcs/335 - 1052 Words

Administrative Ethics Paper HCS/335 November 5, 2012 Administrative Ethics Paper In today’s world of technology patient’s face an ever challenging issue of protecting their privacy. One of the biggest areas infringing on a patient’s privacy would be the prescription health information that is being released by pharmacists and the way in which that information is used. Information is given to a wide variety of entities and to individuals, which raises enormous concern about the privacy rights of patients, especially considering the fact that the patient has not given consent for the release of this information. Legislative and judicial attention is being given on how to protect privacy identifiable information on prescription†¦show more content†¦Moreover, encryption requires use of a key or cipher, which is used to lock and unlock the hidden data. Such a key is necessary to allow the hidden data to be viewed in an intelligible manner by those who are authorized to view it. However, there is always a risk that the encryption key m ight fall into the wrong hands, thereby allowing the information to be accessed by unauthorized viewers. There are many problems that could arise from a patient’s information landing into the hands of a stranger, a boss, an enemy, or any other individual that does not have permission to view that information. The Health Insurance Portability and Accountability Act (HIPAA) needs to take a hard look at the problems that exist with the identifiable patient prescription PHI, the de-identified patient prescription PHI, and the encrypted prescription PHI. These issues affect the entire population and can have a devastating impact on those that have their personal information get into the wrong hands. If there is an employee who has Aides and they don’t want other worker’s to know, it would be too easy for an employer to obtain that information. The arguments and facts that are used in the article support the proposed solution by stating the problems that arise without having laws in place to protect the privacy rights of patients. There are many ethical and legal issues when you are dealing with privacy rights, including the chances of getting sued by individuals forShow MoreRelatedAdministrative Ethics Paper (Hcs-335)1063 Words   |  5 PagesAdministrative Ethics Paper HCS-335 Week 4/ day 7 There are many issues that may arise concerning patient privacy. Years ago it was not a pacific law protecting patient rights and privacy. In august of 1996, the Health Insurance Portability and Accountability Act (HIPPA) were signed into law by President Bill Clinton (Physicians Billing Associates International, 2006). The HIPPA Act includes provisions for: †¢ Health insurance portability †¢ Fraud and abuse control Read MoreHipaa1174 Words   |  5 PagesAdministrative Ethics- HIPAA HCS/335- Health Care Ethics and Social Responsibility Ruth Bundy September 26, 2011 The Health Insurance Portability and Accountability Act, or HIPAA was introduced to the House of Representative in 1996. HIPAA was a huge piece of legislation that was intended to fix many aspects of health care and health insurance, and includes sections that ensure portability of health insurance, simplify the administration of health insurance coverage, and standardize electronicRead MoreSimulation Review Paper1075 Words   |  5 Pages1 Administrative Ethics Paper Shannan Eddings HCS/335 December 10, 2011 Joann Wilcox In the healthcare field there are many institutions that specialize in different methods of treatment such as a nursing assistant, dentist, pathologist, psychiatrist and physical therapists to name a few. With these different jobs and countless employees in the medical profession, there are plenty of patients to be cared for because everyone needs medical attention no matter if it is a broken arm or gettingRead MoreContemporary Issues in Management Accounting211377 Words   |  846 Pagescondition on any acquirer British Library Cataloguing in Publication Data Data available Library of Congress Cataloguing in Publication Data Data available Typeset by SPI Publisher Services, Pondicherry, India Printed in Great Britain on acid-free paper by Antony Rowe Ltd., Chippenham, Wiltshire ISBN 0–19–928335–4 978–0–19–928335–4 ISBN 0–19–928336–2 (Pbk.) 978–0–19–928336–1 (Pbk.) 1 3 5 7 9 10 8 6 4 2 3 FOREWORD ‘ Michael Bromwich is an exemplar of all that is good about the BritishRead More1000 Word Essay85965 Words   |  344 Pages2006 / 1-31 / PDF 19) What will happen to Soldiers who fail to participate in or fail to respond successfully to rehabilitation? Soldiers who fail to participate adequately in, or to respond successfully to,rehabilitation will be processed for administrative separation and not be provided another opportunity for rehabilitation except under the most extraordinary circumstances, as determined by the CD in consultation with the unit commander. (AR 600-85 1-31 / Mar 2006 / PDF 19) What are the waysRead MoreExploring Corporate Strategy - Case164366 Words   |  658 Pagescost was beyond the means of the people who needed them. It was argued that companies could reallocate RD efforts in favour of major tropical diseases, sell low-priced essential drugs and provide technology transfer. Questions around the purpose and ethics of the global pharmaceutical industry gained a high public proï ¬ le as disputes over access to modern AIDS therapies reached crisis point. When the South African government proposed legislation to allow generic imports of branded drugs, a coalitionRead MoreLogical Reasoning189930 Words   |  760 PagesLogical Form and Sentential Logic .................................................................. 334 Logical Equivalence ........................................................................................................................... 335 Logical Forms of Statements and Arguments ................................................................................ 337 The Logic of Not ......................................................................................................

Overview Of Risk And Risk Management Finance Essay - Free Essay Example

Sample details Pages: 11 Words: 3290 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Many empirical studies have attempted to find support for different theories of corporate financial risk management. However, most of them have failed to determine which theories are supported by empirical observation of corporate hedging and which are not. After a spate of new research in this field in the late 1990s there have been few studies that have added to our understanding of corporate hedging behaviour. Don’t waste time! Our writers will create an original "Overview Of Risk And Risk Management Finance Essay" essay for you Create order Incidentally, most valuable papers in recent years concentrated on methodological issues such as the endogeneity problem (Jin and Jorion, 2006), the inclusion of non-derivative hedging (Davies et al., 2006; Judge, 2006), and assumptions about the purpose of derivative use (Faulkender, 2005). This focus on methodological issues indicates that researchers in the field of hedging still need strong empirical evidence. (Berkman, 1996) Corporate hedging models nested in four different theories of the firm: (1) Financial theory; (2) Agency theory; (3) Stakeholder theory; and (4) New institutional economics. Planning and designing There are a number of factors that should be considered when designing and planning an ERM initiative. Details of the risk architecture, strategy and protocols should be recorded in a risk management policy for the organisation. Provides information on the contents of a typical risk management policy. (Klimczak, 2008) Board mandate and commitment Many organisations issue an updated version of their risk management policy each year. This ensures that the overall risk management approach is in line with current best practice. It also gives the organisation the opportunity to focus on the intended benefits for the coming year, identify the risk priorities and ensure that appropriate attention is paid to emerging risks. The policy should also describe the risk architecture of the organisation. Figure 4 illustrates typical risk architecture of a large listed company. Mandate and commitment from the Board is critically important and it needs to be continuous and high-profile. Unless this mandate and commitment are forthcoming, the risk management initiative will be unsuccessful. Keeping the risk management policy up to date demonstrates that risk management is a dynamic activity fully supported by the Board. (Klimczak, 2008) A risk management policy should include the following sections: Risk management and internal control objectives (governance) Statement of the attitude of the organisation to risk (risk strategy) Description of the risk aware culture or control environment Level and nature of risk that is acceptable (risk appetite) Risk management organisation and arrangements (risk architecture) Details of procedures for risk recognition and ranking (risk assessment) List of documentation for analysing and reporting risk (risk protocols) Risk mitigation requirements and control mechanisms (risk response) Allocation of risk management roles and responsibilities Risk management training topics and priorities Criteria for monitoring and benchmarking of risks Allocation of appropriate resources to risk management Risk activities and risk priorities for the coming year Risk management framework Depending on the nature of the organisation, the risk management function may range from a part-time risk manager, to a single risk champion, to a full-scale risk management department. The role of the internal audit function will also differ from one organisation to another. In determining the most appropriate role for internal audit, the organisation needs to ensure that the independence and objectivity of internal audit are not compromised. (Miller, 2005) The range of risk management responsibilities that need to be allocated in the policy will be broad and extensive. Table 3 sets out examples of the risk management responsibilities that may be allocated in a typical large organisation. The Board has responsibility for determining the strategic direction of the organisation and creating the context for risk management. There need to be arrangements in place to achieve continuous improvement in performance and this responsibility is likely to be allocated to the risk manager. Risk management is not, and should not be, a stand-alone exercise or a separate administrative structure. Risk management might become a simple compliance exercise rather than an effective management tool if it is not integrated with the major processes of the organization. Integration would provide purpose in applying the risk management processes and relate risk back to the organizations objectives and core activities; it would also ensure that the task of managing risk is not regarded as an additional responsibility or burden, but part and parcel of all processes. Integration should also include the harmonization of individual risk management practices under an overarching ERM framework in order to ensure consistency in approach and support more efficient use of resources. As a natural extension of integration, risk management should be mandatory and embedded into the performance management process. This would enhance accountability; help to create a risk aware culture and spe ed up implementation. (Chen, 2002) ERM practice requires risk management in all areas, including ongoing operations and processes, as well as one-off initiatives, such as information technology projects, capital master plans, corporate strategies and policies and field projects. Risk assessment should be part of the decision-making process; one measure to promote this is to require risk assessments to be attached to all important policy, strategy and project proposals presented to the senior Management committee. (Anon, 2006) The Risk Management process Risks in Project Financing The term Project Financing refers to a wide range of financing structures where the provision of funds is not primarily dependent upon the credit support of the sponsors or the value of the projects physical assets but on projects capacity to serve the debt and provide an equity return to the sponsors through its cash flows. Project finance involves the setting up of an ad hoc project company (called Special Purpose Vehicle SPV) to carry out the venture. The SPV is capitalized through equity and debt funding which is used to cover project capital expenditures and pre-operational costs; once the project is completed, the SPV can start its commercial activities thus generating the necessary cash flows to repay the financing. (Miller, 2005) Risk management is key to any operation of satellite project financing as it ensures the completion of the system on time, to budgeted cost and the delivery of service in line with expected standards. As cash flow generation depends on all these variables, financiers are closely concerned with the feasibility of the project on its whole and with the way to manage the impact of potentially adverse factors. A successful financing structure for satellite projects entails a balanced allocation of project risks among the various interested parties. These risks must be fully understood by all involved parties and must be properly mitigated. (Smith, 2005) In satellite project financing the nature and level of risks vary during the life cycle of the project and fall into three broad areas: regulatory, completion and market. Regulatory and completion risks may arise during investment phase, while market risk is associated with the operational one. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Self insurance ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Captive insurance ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Alternative Risk Transfer/Financing (ART)/(ARF) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Derivatives Enterprise wide risk management and the evolving role of the Risk Manager Risk assessment involves the identification of risks followed by their evaluation or ranking. It is Important to have a template for recording appropriate information about each risk. It has been shown the range of information that may need to be recorded. The objective of a template is to enable the information to be recorded in a table, risk register, spreadsheet or a computer-based system. Although a simple description of a risk is sometimes sufficient, there are circumstances where a detailed risk description may be required in order to facilitate a comprehensive risk assessment process. The consequences of a risk materializing may be negative (hazard risks), positive (opportunity risks) or may result in greater uncertainty. Organisations need to establish appropriate definitions for the different levels of likelihood and consequences associated with these different risks. Risk ranking can be quantitative, semi-quantitative or qualitative in terms of the likelihood of occurrenc e and the possible consequences or impact. Organisations will need to define their own measures of likelihood of occurrence and consequences. (Smith, 2005) Risk classification systems An important part of analysing a risk is to determine the nature, source or type of impact of the risk. Evaluation of risks in this way may be enhanced by the use of a risk classification system. Risk classification systems are important because they enable an organisation to identify accumulations of similar risks. A risk classification system will also enable an organisation to identify which strategies, tactics and operations are most vulnerable. Risk classification systems are usually based on the division of risks into those related to financial control, operational efficiency, reputational exposure and commercial activities. However, there is no risk classification system that is universally applicable to all types of organizations. (Anon, 2006) Figure Detailed risk description Risk management process The risk management is listed as a process of coordinated activities. There are many descriptive processes involved in risk management but few of them are listed below to be illustrative. This present list represents the 7Rs and 4Ts of (hazard) risk management: Recognition or identification of risks Ranking or evaluation of risks Responding to significant risks Resourcing controls Reaction planning Reporting and monitoring risk performance Reviewing the risk management framework Tolerate Treat Transfer Terminate Figure Risk architecture, strategy and protocols According to ISO 31000, all the 4Ts of risk assessment are integrated and used in one phrase as risk treatment and included under the heading of risk response. Recognition and ranking of risks are combined together and included in risk assessment activity. For hazard risks, the range of risk response include the alternatives of tolerate, transfer, treat, or termination of risk or acti vity. Sometimes, these alternatives of risk response are used together to act against risks. For opportunity risks, the range of risk response also includes exploiting the risk. While reaction planning to retort the risk includes both business continuity planning and disaster recovery planning. (Chen, 2002) Risk assessment Identification of risk is the first and foremost function of risk management process. Identification of risks should be done at appropriate time (at the beginning stages) and appropriate place (analyzing which part of the organization is under the threat). Proper analysis of risks will lead to clear understanding of risks and uncertainties in an organization. There are certain requirements for risk identification. This includes all the basic knowledge about the organization, geographical units, marketing strategies, long-term goals, operational objectives along with legal, social, political, economic and cultural environment that correlate with an organization. This also includes knowledge of factors essential for achieving operational objectives such as critical to success along with associated threats and opportunities. For identifying and analyzing risks, a systematic method should be followed to ensure that all the related value adding activities in an organization should be ev aluated with all the risks flowing from these activities and these should be well defined. This well defined analysis of risk is used to prepare a risk profile that ranks and rates the risk accordingly, providing an instrument to measure and prioritize the identified risk and also helps in preparing an action plan. Ranking of risks will categorize the risks involved in a particular business area or part of the organization. This analysis explains the primary control mechanisms along with measures to control the investments. For an organization to be efficient and effective in its operations, the risk analysis activity should be active. It helps in classifying and identifying the risks along with creating ability to prioritize the risks and making action plans that benefit the organization with risk response treatments. The scope of risk response treatment is extensive and include tolerate, treat, transfer and terminate. An organization can also decide about the need for improvement in its control environment. (Anon, 2006) Risk treatment ISO 31000 described risk treatment measure as an activity of selecting and implementing appropriate methods to control and modify the risk. The major element of risk treatment is risk control (mitigation) but sometimes further focuses on elements like risk avoidance, risk transfer and risk financing. All the measures of risks treatment imparts in efficient and effective internal control of management. Effectiveness of an internal control is depended on the risk that needs to be eliminated or reduced by the proposed control measures. The internal control also works on the cost effectiveness with implementing cost control measures to achieve the risk reduction benefits. An organization need to maintain compliance with laws and regulations. It must work under the law and jurisdiction and must implement measures to control and achieve compliance. Risk protocol is a part of the risk treatment measure and a method of obtaining financial security against the impact of risk is through risk financing like insurance. Moreover, it should be noted that some losses or elements are uninsurable, such as damage to employee morale and the reputation of the organization. (Miller, 2005) Feedback mechanisms There are two mechanisms of feedback that are recognized by ISO 31000, first is performance review and monitoring and the other is communication and consultation. Performance review and monitoring mechanism will observe the risk performance in an organization and learn from past experience. In ISO 31000, communication and consultation are regarded as part of risk management process but this is also considered to be part of supporting framework. The monitoring and performance review feedback activities mentioned in ISO 31000 does not clearly state the tasks of monitoring risk performance and reviewing the risk management framework. Reporting and disclosure are concisely explained in ISO 31000 and they are not included in the process shown. (Faulkender, 2005) Figure Risk management process (based on ISO 31000) The risk management system follows the process of communication, monitoring, reporting as well as risk management protocols. These are all organized and controlled by the ir respective managers in their field of expertise. Risk management is one of the key responsibilities of an organization. It is made effective only when a proper practice is followed by risk management with coordination of duties and actions into performance reviews. It should be considered as an element of management performance at each stage. It is the duty of the management to evaluate the overall performance, efficiency, compliance and manage authority accordingly in categories like risk champion, risk manager and risk/senior management committees. The overall proficiency and efficacy of the risk management process is governed by the internal audit department and it will make an objective assessment on the risk management practice. Apart from these measures, there are other governing factors involved in proper functioning of risk management method that includes external audit, inspection, investigation, evaluation and policy review. Also, the objective assessment in risk analyz ing also coincides with duty and expertise of the professionals. The essential part of overall implementation of risk mechanism is managed by ERM and senior management committee internally as well as finance committee, audit committee and governing body externally. The finance committee will analyze risk management in the area of its reign. Whereas senior management duty is to ensure effective risk management process in the organization and the audit committee supervises and assists the governing body. A separate corresponding reporting mechanism is needed to be established to view the efficiency of monitoring and assessment. The risk reporting to audit committee and governing body externally can be done individually or in conjunction with RBM and planning and programming documents whereas formal and informal communication and reporting channels can be used internally. It should be noted that risk reporting to the ERM/senior management committee, audit committee and governing body n eed to be formalized. (Chen, 2002) There is a basic economic theory unfolding that corporate risk management in anyway cannot contribute to the creation of shareholder value (see Dufey and Srinivasulu, 1983, for an extensive discussion). Accordingly Modigliani and Miller (1958) suggested that corporate financing decisions cannot be used to increase firm value in perfect capital markets since shareholders can easily replicate them. Subsequently, since corporate risk management can be seen as a financing policy, it cannot contribute to firm value creation in an MM world (Bartram, 2002; Stulz, 2000; 1996; Smith, 1995; Culp et al., 1994; Mayers and Smith, 1982). As a result, corporate risk management in order to increase its firm value must restrict the violation limit of the MM framework to one or more assumptions. In other words, the benefits of corporate hedging (if they exist) should arise due to capital market imperfections, which should prevent shareholders from being able to p erfectly replicate risk management at the firm level (Stulz, 2001; Fite and Pfleiderer, 1995; Smith et al., 1990). The capital market imperfections sometimes bestows positive rationales to corporate risk management in terms of direct and indirect costs of financial distress, costly external financing, and taxes. In addition to these contributing factors, there are other firm-specific determinants of corporate risk management such as socioeconomic and legal environment of the country and sometimes geographic factors may also impact the decision to hedge. Theories of corporate risk management are typically examined empirically using binary variables that indicate whether a firm uses derivatives or not (e.g., Bartram, Brown and Fehle, 2009; Mian, 1996; Nance et al., 1993), and the use of derivatives is interpreted as an indication of corporate hedging in general. For some selected commodity-based industries (e.g., oil, gold), sometimes more detailed information about the use of derivat ives is available, enabling empirical studies to use variables such as (net) notional values of derivatives or the percentage of production hedged, which might more accurately measure the extent of corporate hedging (Lel, 2006; Dionne and Triki, 2005; Haushalter, 2001; 2000; Tufano, 1996). Studies report that these provide as an alternative to firms, countries, or industries and characterizes for corporate risk management. financial theory in order to test whether firms with particular properties that should benefit most from corporate hedging are indeed more likely to use derivatives and/or use them to a larger extent (Bartram, Brown and Fehle, 2009; Haushalter, 2000; Tufano, 1996). There has been more consideration in terms of work based risk management. It is majorly taken up by firms or other industries in countries, who consider empirical statistics as the main derivative for hedging (Bartram, Brown and Fehle, 2009; Haushalter, 2000; Tufano, 1996). (Anon, 2010) Risk Response Development The risk response development should identify and execute appropriate action plan or measures to maintain risks within the acceptable level. Risk reduction should be continuously monitored, effective and verified. The techniques for reducing or controlling risks are discussed in the following categories: Risk Avoidance: It should be noted that every risk cannot be wholly avoided and that any measure to avoid a risk sometimes simply transfer that risk to another area. Risk Reduction: It can be executed in the following ways: By decreasing the possibilities of the undesired event (Preventive measure) By decreasing the importance of the undesired event (Mitigation measure) Risk Transfer/Deflection: It can be in the form of a contract where the risk is deflected by transferring to another party entirely or partly (i.e. insurance, outsourcing, sub-contractors). For example, the insurance coverage for the satellite launch, contracting to other people or company and pena lty schemes to subcontractors in case of delay in delivery of the components (or other protecting clauses in the relevant contracts). (Chen, 2002) Conclusion Allayannis, G. a. (2001). The use of foreign currency derivatives and firm market value. Review of Financial Studies , Vol. 14, pp. 243-76. Anon. (2010). Communication from the commission to the European parliament ,the council economica and social . European commission . Anon. (2006). Operational Risk Management. Chapter . Berkman, H. a. (1996). Empirical evidence on the corporate use of derivatives. Financial Management , Vol. 25 No. 2, pp. 5-14. Chen, C. a. (2002). Exchange rate variability and the riskiness of US multinational firms: evidence from the Asian financial turmoil. Journal of Multinational Financial Management , Vol. 12, pp. 411-28. Faulkender, M. (2005). Hedging or market timing? Selecting the interest rate exposure of corporate debt. The Journal of Finance , Vol. 60 No. 2, pp. 931-63. Klimczak, K. M. (2008). Corporate hedging and risk management theory: evidence from Polish listed companies. Journal of Risk Finance . Miller, M. a. (2005). Corpo rate income taxes and the cost of capital a correction. American Economic Review , Vol. 53, pp. 433-43. Smith, C. a. (2005). The determinants of firms hedging policies. Journal of Finance and Quantitative Analysis , Vol. 20 No. 4, pp. 391-405.