...Corporate planning of commercial bank: Planning is a pre requisite of every management function . the performance of all other functions like planning, organizing , staffing, directing & controlling is preceded by performance of planning function. So corporate planning is the primary function of any corporate management . it is combination of the activities in the management process which consist of formulation of the objectives & the action to be taken for their achievement. Corporate planning is a bridge between the present & future of the bank . it also provides the framework for decision making . According to koontz & weihrich : Corporate planning involves selecting mission & objectives & the action to achieve them ; it requires decision making ,that is choosing from the alternative future course of the action . Nature of the corporate planning : The essential nature of corporate planning can be high lighted by examining the four major aspects : 1) Its contribution to the purpose & objectives. 2) Its primacy among the manager tasks . 3) Its prevasiveness . 4) The efficiency of resulting plans . Every corporate plan must contribute to the achievements of bank objectives. Importance of corporate planning by commercial bank : 1) To face the challenge of market environment : The commercial bank have to function in changing market environment . there is change in technology , income levels, policies of domestic...
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...Business Ethics and Crisis Management: Circumstances for a Second Chance Dr. Stefan MAYR Researcher at the Institut für Controlling und Consulting, Johannes Kepler Universität Linz, Austria Johannes Kepler Universität Linz Institut für Controlling und Consulting Altenberger Straße 69 4040 Linz Austria Stefan.mayr@jku.at Keywords: Corporate responsibility, corporate restructuring, enterprise crisis, bankruptcy 1238 Abstract Discourse regarding ethics and corporate responsibility arose in the last years linked with an increasing number of accounting fraud scandals. The recent financial crisis has had a lasting negative influence on corporate profits. Companies have had to satisfy the interests of several stakeholders, such as its employees, banks, customers and the community, and at the same time successfully manage the consequences of the crisis. An empirical qualitative study which was conducted in Austria in 2008 is presented in this paper aimed at investigating business ethics and crisis management. The stakeholder theory will be used as a reference framework. This paper concludes with lessons that can be learned and political recommendations and policies put forth to grant failed businesses a second chance. 1. Introduction In the past few years, an increasing number of fraud cases and accounting scandals is linked to fierce discourse with respect to ethics and corporate accountability. Business ethics has likewise become a current research subject in...
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...Corporate Reputation Review Volume 12 Number 4 A Systematic Review of the Corporate Reputation Literature: Definition, Measurement, and Theory Kent Walker Asper School of Business, University of Manitoba, Winnipeg, Manitoba, Canada ABSTRACT A systematic review of the corporate reputation literature is conducted. The final sample of 54 articles (and one book) consists of well-cited papers, and papers in journals that have published high quality work in corporate reputation. The sample is then analyzed and the three fundamental problems in the reputation literature are addressed – the need for a comprehensive and well-accepted definition, the difficulty in operationalizing corporate reputation, and the ongoing need for more developed theory. Two main findings evolve from this analysis: (1) reputation may have different dimensions and is issue specific, and (2) different stakeholder groups may have different perceptions of corporate reputations. The implications for future research are discussed. Corporate Reputation Review (2010) 12, 357–387. doi:10.1057/crr.2009.26 KEYWORDS: corporate reputation; definition; operationalization; organizational identity; organizational image; systematic review INTRODUCTION There are many reasons why organizations and researchers should care about corporate reputation. The relationship between reputation and a sustained competitive advantage is widely acknowledged in the literature (eg, Fombrun and Shanley, 1990; Fombrun, 1996;...
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...STRATEGIC MANAGEMENT AND OPERATIONAL GUIDELINES A User Guide for Public Sector Auditors in the Pacific Developed by PASAI in 2012 Pacific Association of Supreme Audit Institutions (PASAI): Strategic Management and Operational Guidelines Pacific Association of Supreme Audit Institutions (PASAI) 2 Pacific Association of Supreme Audit Institutions (PASAI): Strategic Management and Operational Guidelines Foreword The purpose of these guidelines is to provide assistance for Pacific Association of Supreme Audit Institutions (PASAI) members, especially heads of SAIs and managers to carry out their functions strategically, tactically and operationally. They do this by introducing the basics of planning, examining the types of objectives and differentiating the types of plans consisting of the corporate plan, strategic plan, business plan and operational plan for the management of their offices. PASAI recognises the importance of having these strategic management plans as it is top level management’s responsibility to define the SAI’s positions, formulate strategies and guide long term organisational activities. This is one of PASAI’s initiatives aimed at developing SAIs within the region. The guidelines have been produced to assist PASAI members in the effective, efficient and economic planning and management of their resources annually and in the long term. It provides guidance to SAIs in establishing and enhancing their strategic management functions. The guidelines...
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...leader”: a plan, course of action, or a set of decisions creating a pattern or a common link. All the successful business enterprises today constantly take in new information about their markets, customers, and operating environments. Then, management uses that knowledge and data to shape new strategic directions, to reorganise how they respond to marketplace demands, and to ensure that their views regarding all aspects of the business are fresh and viable. Strategy is the direction and scope of an organisation over the long-term, which achieves advantage for the organisation through its configuration of resources within a challenging environment to meet the needs of markets and to fulfil stakeholder expectations. What is the difference between Tactics and Strategy? Strategy differs from tactics. Tactics are schemes for specific manoeuvres, whereas strategy is the overall plan for deploying resources to establish a favourable position. An organisation’s strategy consists of the combination of competitive moves and business approaches that managers employ to please customers and achieve organisational objectives. Strategy is a plan or course of action denoting a pattern which evolves a direction for the organisation. It relates to pursuing those activities which move an organisation from its current position to a desired future state. It is concerned with the resources necessary for implementing a plan or following a particular course of action. It describes an organisation’s...
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...Corporate governance Corporate governance: basic stance Honda considers corporate governance one of the most important management issues. We’re strengthening it on the basis of our fundamental corporate philosophy, aiming to have the global community—including our customers, shareholders and investors—place even greater trust in us as we strive to be a company society wants to exist. To ensure objective oversight of management, Honda appoints outside directors to its Board of Directors and outside auditors to its Board of Auditors. To strengthen its business execution system in each region and workplace, as well as enhance the supervisory function of the Board of Directors, Honda has introduced an Operating Officer System. To help its Board of Directors respond quickly to changing business environments, as well as to improve the flexibility of its decisionmaking process, Honda limits directors’ assignments to one year and Corporate Governance: Organization Board of Auditors: 5 Auditors (Outside Auditors: 3 Auditors) Business Ethics Committee: 6 Officers Compliance Officer Regional Sales Operations (Japan) Regional Operating Board Risk Management Officer Regional Operations (North/ Central America) Regional Operating Board determines their compensation in accordance with business results. Based on its fundamental corporate philosophy, Honda has refined its organizational structure. A general manager from the Board of Directors or an Operating Officer is now assigned to...
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...Corporate Compliance Plan: Riordan Manufacturing Corporate governance can be thought of as the overall umbrella of control and direction under which a corporation operates. Enterprise Risk Management (ERM) is “a process, effected by an entity's board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to be within its risk appetite and to provide reasonable assurance regarding the achievement of entity objectives,” (BusinessDictionary.com, 2008). Ideal management of risk involves mitigating negative risk while taking advantage of positive risk. The board of directors is responsible for establishing an enterprise risk management philosophy that guides senior management when implementing an enterprise risk management plan for the company. Internal controls are a subset of ERM. “Internal control is broadly defined as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations; reliability of financial reporting; compliance with applicable laws and regulations” (COSO, 2008). Internal controls assure accuracy of reporting of information and objectives. To develop a corporate compliance plan for Riordan Manufacturing, the three areas of concern should include the proposal...
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...Essentials of Strategic Management Authors: David Hunger & Thomas. L. Wheelen Book Review by Asik Kathwala © www.hrfolks.com All Rights Reserved 1 The Essentials of Strategic Management “The Essentials of Strategic Management” provides us with a short, concise explanation of the most important concepts and techniques in strategic management. It is a rigorous explanation of many topics and concerns in strategic management. These concepts are clearly explained by citing various examples. Precisely the book deals with the following. • A strategic decision-making model based on the underlying process of environmental scanning, strategy formation, strategy implementation and evaluation and control. • Michael Porter’s approach to industry analysis and competitive strategy • Functional analysis and functional strategies. R & D and R & D strategies which emphasize the importance of technology to strategy and product-market decisions. • Executive leadership and succession, reengineering, total quality management, MBO and action planning. • Social responsibility in terms of its importance to strategic decision making. © www.hrfolks.com All Rights Reserved 2 Basics concepts of strategic management The study of strategic management Strategic management is the set of managerial decision and action that determines the long-run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long range planning)...
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...FIRST PAGES Part One Overview of Strategic Management The first chapter of this book introduces strategic management, the set of decisions and actions that result in the design and activation of strategies to achieve the objectives of an organization. The chapter provides an overview of the nature, benefits, and terminology of and the need for strategic management. Subsequent chapters provide greater detail. The first major section of Chapter 1, “The Nature and Value of Strategic Management,” emphasizes the practical value and benefits of strategic management for a firm. It also distinguishes between a firm’s strategic decisions and its other planning tasks. The section stresses the key point that strategic management activities are undertaken at three levels: corporate, business, and functional. The distinctive characteristics of strategic decision making at each of these levels affect the impact of activities at these levels on company operations. Other topics dealt with in this section are the value of formality in strategic management and the alignment of strategy makers in strategy formulation and implementation. The section concludes with a review of the planning research on business, which demonstrates that the use of strategic management processes yields financial and behavioral benefits that justify their costs. The second major section of Chapter 1 presents a model of the strategic management process. The model, which will serve as an outline for...
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...Corporate strategy identifies the goals of a company and defines ways of achieving those goals. Project management takes one of the goals and manages costs, schedules and resources to give the desired result. When small businesses use projects to make progress toward their strategic goals, they have to be aware of the differences between the two processes. While both corporate strategy and project management share planning and control characteristics, the details of their implementation and execution are not the same. Goals: The goals of corporate strategy and project management are different. Those of corporate strategy define the direction of the company and are not usually time limited. A strategic goal of excellent customer service is a continuous process. A project is designed to achieve its goals within a certain time frame. Its goals are to produce the desired result within budget and according to the schedule. Once the goals are met, the project is complete. Corporate strategy may use projects to further its goals, but the projects are steps in the overall process while the corporate strategy carries on. A project is “a temporary endeavor undertaken to create a unique product, service, or result.”Operations, on the other hand, is work done in organizations to sustain the business. Projects are different from operations in that they end when their objectives have been reached or the project has been terminated. A program is “a group of related projects managed in...
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...expenditures. With large amounts of revenue going in and out of hospitals and facilities and health care reform accounting can be challenging. To help ensure fair and accurate financial reporting, there are practices and ethical standards that must be followed when accounting for finances in health care. This paper will provide the four elements of financial management and standard accounting principles and ethics. Financial Reporting Practices The Financial Accounting Standards Board was established in 1073. It is the designated organization in the private sector that establishes standards of financial accounting for nongovernmental entities. The standards established are officially recognized as authoritative by the SEC and the American Institute of Certified Public Accountants. The FASB also has accounting standards for health care entities. "The AICPA Health Care Expert Panel developed technical guidance on the application in consolidated financial statements of a recent accounting standards update for health care entities" (Financial Reporting, 2012, para 2). In May 2012, the FASB decided to revisit the question of whether management should assess whether there is doubt about an entity's ability to continue. According to Financial Reporting (2012), "The decision can as a result of FASB's recent decision not to pursue going-concern-type disclosures." Accounting and reporting for health care industries differs from...
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...Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders, Business Horizons, July-August 1991 For the better part of 30 years now, corporate executives have struggled with the issue of the firm’s responsibility to its society. Early on it was argued by some that the corporation' sole responsibility was to provide a maximum financial return to s shareholders. It became quickly apparent to everyone, however, that this pursuit of financial gain had to rake place within the laws of the land. Though social activist groups and others throughout the 1960s advocated a broader notion of corporate responsibility, it was not until the significant social legislation of the early 1970s that this message became indelibly clear as a result of the creation of the Environmental Protection Agency (EPA), the Equal Employment Opportunity Commission (EEOC). the Occupational Safety and Health Administration (OSHA), and the Consumer Product Safety" Commission (CPSC). These new governmental bodies established that national public policy now officially recognized the environment. employees, and consumers to be significant and legitimate stakeholders of business. From that time on, corporate executives have had to wrestle with how they balance their commitments to the corporation' owners with their s obligations to an ever-broadening group of stakeholders who claim both legal and ethical rights. This article will explore the nature of corporate social responsibility...
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...Running head: CORPORATE COMPLIANCE REPORT Corporate Compliance Report Corporate Compliance Report With so many corporate scandals and misappropriation of finances, the United States government has developed many laws and action agencies to aid in reducing the amount of corporate mishandlings. Regulatory legislation mandating a report on internal controls is now a corporate obligation. Risk management is a fundamental area of importance to stakeholders. Organizations that are best practice companies look to the Committee of Sponsoring Organizations for guidance to develop efficient internal controls, enterprise risk and against fraudulent activities. This paper will outline a plan to implement enterprise risk for an organization of choice. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) “is dedicated to guiding executive management and governance entities toward the establishment of effective, efficient, and ethical business operations on a global basis. It sponsors and disseminates frameworks and guidance based on in-depth research, analysis, and best practices” (COSO, 2006). COSO is a private-sector program funded and sponsored by five professional organizations. The Committee conducted an 11-year research study to analyze instances of fraudulent financial reporting and determine contributing factors that lead to financial statement fraud (COSO, 2006). COSO’s research demonstrated that most fraudulent behavior involved the chief...
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...FROM ‘STRATEGY’ TO ‘CORPORATE COMMUNICATION STRATEGY’: A CONCEPTUALISATION Paper delivered at the 9th International Public Relations Research Symposium, held at Lake Bled from 4-7 July, 2002 Benita Steyn APR Lecturer Dept of Marketing and Communication Management Faculty of Economic and Management Sciences University of Pretoria SOUTH AFRICA 0002 (27 12) 420-4040 w (27 12) 362-5085 fax bsteyn@hakuna.up.ac.za TABLE OF CONTENTS 1. 2. 2.1 2.2 2.3 2.4 INTRODUCTION DEFINITION OF TERMS CORPORATE COMMUNICATION PUBLIC RELATIONS STRATEGY STAKEHOLDERS AND PUBLICS 1 1 1 1 2 2 3. APPROACHES TO THE ROLE OF BUSINESS IN SOCIETY AS A METATHEORETICAL FRAMEWORK 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 THE SHAREHOLDER APPROACH THE SOCIAL RESPONSIBILITY/ETHICAL APPROACH THE CORPORATE SOCIAL RESPONSIVENESS APPROACH THE CORPORATE SOCIAL PERFORMANCE APPROACH THE STAKEHOLDER APPROACH THE ISSUES APPROACH THE ‘CORPORATE COMMUNITY’ APPROACH CONCLUSION 2 2 2 3 3 3 4 5 6 4. STRATEGIC MANAGEMENT AS A THEORETICAL FRAMEWORK 6 6 8 8 8 9 9 10 11 11 11 11 11 11 12 12 12 12 13 13 13 14 14 14 14 15 4.1 STRATEGY AS THE MAJOR CONCEPT 4.2 THE CONTEXT OF STRATEGIC MANAGEMENT 4.3 THE LEVELS OF STRATEGIC MANAGEMENT 4.3.1 Enterprise strategy 4.3.2 Corporate strategy 4.3.3 Business-unit strategy 4.3.4 Functional strategy 4.3.5 Operational strategy 4.3.6 Conclusion 4.4 THE PROCESS OF STRATEGIC MANAGEMENT 4.4.1 Environmental analysis 4.4.2 Goal formulation 4.4.3 Strategic thinking and...
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...Risk Management: Task 1A Dave Christian Western Governors University Author Note Research conducted by Dave Christian, College of Business, Western Governors University. Dave Christian is now founder at Helpology. This paper is referenced as an American Psychological Association (APA) research paper template available for free, worldwide use at Helpology (helpology.org) categorized under: Helpology Lifelist/Respect/Writing/FREE Helpology APA. Correspondence concerning this paper should be addressed to Dave Christian, Founder, Helpology, 2340 E. University Dr., Lot 85, Tempe, AZ 85281; Phone: (480) 331-9631; Email: Mr.Dave.Christian@gmail.com; Web site: helpology.org. Risk Management: Task 1A One of the world's wealthiest investors of all time, Warren Buffett (n.d.), said, "Risk comes from not knowing what you're doing." Furthermore, "Denial is a common tactic that substitutes deliberate ignorance for thoughtful planning," said risk management author Charles Tremper (n.d.). As a newly hired consultant, we have been tasked with the duties of creating and presenting a risk management/business contingency plan for our first client. The legal department and the IT department have both expressed concerns regarding the ethical use and protection of sensitive data, customer records, and other information systems content. In the interest of creating confidence and job satisfaction in this new position, our new employer has decided to let us select our first client...
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