Foods Containing High Fructose Corn Syrup Essay -- History, Pros Cons,

Unique: This examination paper will talk about the history, financial aspects, and positive and negative parts of nourishments which contain high fructose corn syrup. It will cover the fundamental data in these angles just as certain points of interest. The significant achievements throughout the entire existence of high fructose corn syrup remember its creation for 1957. Three unique kinds of high fructose corn syrup will likewise be quickly thought about against each other: high fructose corn syrup #1, high fructose corn syrup #2, and high fructose corn syrup #3. Advantages and disadvantages of high fructose corn syrup will at that point be examined just as financial issues. The way that it is just accessible in fluid structure is the fundamental factor. Ultimately, regular nourishments containing high fructose corn syrup will be recorded. These nourishments are basically sweet fluids, for example, juices, sports beverages, and soft drinks. As innovation improves, new creations permit society to get lazier and seek after more delight. An ever increasing number of machines are made for our benefit, and an ever increasing number of counterfeit fixings are utilized in our nourishments to satisfy our feeling of taste. Fifty years prior, the vast majority of our food was improved with characteristic sugar, for example, natural sweetener or earthy colored sugar; be that as it may, inside the previous hardly any years, radical mechanical and logical improvement has made ready for a wide range of counterfeit sugars to supplant sugar and become ubiquitous. Prior to 1957, high fructose corn syrup, presently so pervasive in the entirety of our food, didn't exist, since individuals accepted that there was no fructose in corn syrup. In 1957, scientists Marshall and Kooi made a stunning disclosure. It was at that point a given certainty that there really is no fructose in corn syrup; rather, it contains glucose, an a lot blander sugar. What they found would change how mod... ...hemical sugars could supplant even high fructose corn syrup, yet until further notice and the not so distant future, it will be staying in the entirety of our desserts. Works Cited A Brief History of the Corn Refining Industry. 2007. The Corn Refiner’s Association. 24 July 2008. Ettlinger, Steve. Twinkie, Deconstructed. 375 Hudson Street, New York: Penguin Group, Inc., 2007. High Fructose Corn Syrup. OU Kosher. 24 July 2008 Inglett, George E. Discussion: Sweeteners. Westport, Connecticut: The Avi Publishing Company, Inc., 1974. National Academy of Sciences (U.S.). Sugars: Issues and Uncertainties. Washington, D.C.: National Academy of Sciences, 1975. Thomas, Clive Y. Sugar: Threat or Challenge? Universal Development Research Center, 1985. Nourishments Containing High Fructose Corn Syrup Essay - History, Pros Cons, Unique: This examination paper will talk about the history, financial matters, and positive and negative parts of nourishments which contain high fructose corn syrup. It will cover the fundamental data in these viewpoints just as certain particulars. The significant achievements throughout the entire existence of high fructose corn syrup remember its creation for 1957. Three unique sorts of high fructose corn syrup will likewise be quickly thought about against each other: high fructose corn syrup #1, high fructose corn syrup #2, and high fructose corn syrup #3. Advantages and disadvantages of high fructose corn syrup will at that point be talked about just as monetary issues. The way that it is just accessible in fluid structure is the fundamental factor. In conclusion, basic nourishments containing high fructose corn syrup will be recorded. These nourishments are basically sweet fluids, for example, juices, sports beverages, and soft drinks. As innovation improves, new creations permit society to get lazier and seek after more delight. An ever increasing number of apparatuses are made for our benefit, and an ever increasing number of counterfeit fixings are utilized in our nourishments to satisfy our feeling of taste. Fifty years back, the greater part of our food was improved with common sugar, for example, unadulterated sweetener or earthy colored sugar; be that as it may, inside the previous not many years, uncommon mechanical and logical improvement has prepared for a wide range of counterfeit sugars to supplant sugar and become inescapable. Prior to 1957, high fructose corn syrup, presently so predominant in the entirety of our food, didn't exist, since individuals accepted that there was no fructose in corn syrup. In 1957, specialists Marshall and Kooi made a stunning disclosure. It was at that point a given actuality that there genuinely is no fructose in corn syrup; rather, it contains glucose, an a lot blander sugar. What they found would change how mod... ...hemical sugars could supplant even high fructose corn syrup, yet for the time being and the not so distant future, it will be staying in the entirety of our desserts. Works Cited A Brief History of the Corn Refining Industry. 2007. The Corn Refiner’s Association. 24 July 2008. Ettlinger, Steve. Twinkie, Deconstructed. 375 Hudson Street, New York: Penguin Group, Inc., 2007. High Fructose Corn Syrup. OU Kosher. 24 July 2008 Inglett, George E. Conference: Sweeteners. Westport, Connecticut: The Avi Publishing Company, Inc., 1974. National Academy of Sciences (U.S.). Sugars: Issues and Uncertainties. Washington, D.C.: National Academy of Sciences, 1975. Thomas, Clive Y. Sugar: Threat or Challenge? Worldwide Development Research Center, 1985.

The French Verb Conjugations for Aboyer (to Bark)

The French Verb Conjugations for Aboyer (to Bark) The French verbâ aboyerâ means to bark. In the event that you need to state the canine woofed or the pooch is yapping in French, at that point you would need to conjugate the action word. This is a moderately simple conjugation, yet you do need to look out for the stem change. Step by step instructions to Conjugate the French Verb Aboyer Aboyerâ follows the action word conjugation example of otherâ stem-evolving action words. This implies the Y changes to an I when matched with certain subject pronouns. Other than that minor difference,â aboyerâ uses indistinguishable endings from other - er action words. Utilizing the graph, you can discover the action word conjugations forâ aboyerâ as they apply to the distinctive subject pronouns (theâ j, tu, nous,â etc.). Basically coordinate that up to the present, future, or defective past tense and youre while in transit to finishing a sentence. For example, to state I bark, you will say jaboie. Dont worry,â aboyerâ can likewise be deciphered as to shout or to shout out if youre not really yelping like a pooch. Subject Present Future Blemished j aboie aboierai aboyais tu aboies aboieras aboyais il aboie aboiera aboyait nous aboyons aboierons aboyions vous aboyez aboierez aboyiez ils aboient aboieront aboyaient The Present Participle of Aboyer The proportional to the English consummation - ingâ in French is - ant. This is called theâ present participleâ and for aboyer, that is aboyant. This can be utilized as a modifier, ing word, thing, or action word. The Passã © Composã © of Aboyer You can utilize the blemished past tense forâ aboyer, however youll find theâ passã © compos㠩â to be somewhat simpler. This can be utilized to communicate yapped regardless of the subject pronoun. You should utilize a helping action word and the past participle so as to conjugate along these lines. Forâ aboyer, theâ auxiliary verbâ isâ avoir, which needs to be conjugated to the right subject and tense. For theâ past participle, you will essentially useâ aboyã ©. Lets set up that. To state he yelped, you would utilize the French il an aboyã ©. More Conjugations for Aboyer We are not done conjugatingâ aboyer, however those are the most significant structures for you to learn. As you talk and compose progressively French, you may likewise discover a requirement for the accompanying action word structures. The passã © basic and defective subjunctive are utilized generally in formal composition. Its probable that you will not have to utilize these. However, you should know the subjunctive and restrictive structures ofâ aboyerâ as they might be helpful. The subjunctive is an action word disposition that communicates vulnerability. The restrictive is utilized when the action word is subject to specific conditions. The two temperaments have a level of possibly to their importance. Subject Subjunctive Restrictive Pass Simple Blemished Subjunctive j aboie aboierais aboyai aboyasse tu aboies aboierais aboyas aboyasses il aboie aboierait aboya aboyt nous aboyions aboierions aboymes aboyassions vous aboyiez aboieriez aboytes aboyassiez ils aboient aboieraient aboyrent aboyassent The basic action word structure might be valuable withâ aboyer. Its utilized for short, direct orders and demands. The thing to note with the basic is that you can avoid the subject pronoun. Rather than saying tu aboie, you can basically say aboie. Basic (tu) aboie (nous) aboyons (vous) aboyez

5 Examples of Life Goals to Motivate You to Set One Today

5 Examples of Life Goals to Motivate You to Set One Today Life goals are not what they used to be. We used to think more materialistic, more short-term. More temporary, more unhealthy, more foolish. A life goal is not just another line you put in your diary. It is something you plan, something you work on, something you adapt to, something you sacrifice for. Something that is an absolute top priority for you. Do you sometimes feel your life lacks purpose? You feel stuck? You feel you are losing the meaning? You get up, you go to work, you exchange pleasantries with strangers, you go home, you eat… And it all feels like you are on a track to nothing. You probably need to sort out your goals. And maybe you need to come up with one that you prioritize above all else. HOW TO SET UP DOABLE GOALS:Don’t mistake life goals for dreams. Life goals should be doable. Don’t set yourself out for a failure. Plan well before you set your heart on any goal. IdentifyThe first step is to identify what you want to change. What makes you miserable? Take a piece of paper and start writing. Is it the way you look? Maybe your weight? Is it your job? And how they always pass you over for promotions? Is it that you are always searching for a significant other but have not yet found your soulmate? Be specific! What do you really want to achieve? The more detailed your account, the better chance are giving yourself. Be realistic!Can you change whatever is bothering you? If you are worried you are getting old you are probably not getting younger any time soon. If you feel you are short, you are probably not getting taller. You should only think of the things you can change. And finally, think in details!What will do about it? Is it your absolute priority? Are you ready to sacrifice anything else, to give it all you’ve got?Will you need any help? Will you need any money to achieve your goal? Is it realistic to think it is achievable? That you will not have any setbacks?SpecifyDraw a chart. Ideally, you should be able to come up with severa l smaller goals that contribute to your life goal. And, ideally, you should be able to tie the small goals to a number. Only then you can identify whether you have achieved them or not and what is your progress. Let’s take one of the examples from this article. Say your new life goal is to take better care of your body. Your list should look like this:List for the next 365 days:Sleep 8 hours a day on averageHave three wholesome meals a day, one cheat meal per weekExercise at least 5 times a week â€" three strength workouts and two cardioGet one massage every month Buy myself at least 4 pieces of new clothing a monthSanity-checkYour sanity check should be asking yourself a lot of hard questions:Is reaching your goal relevant to the life you are leading today? Can you handle all of your goals together? Is it realistic to think you are both heading to create a family and become a successful careerwoman? Is it possible an issue will come up in the future where you will not be able to continue on your current plan?Do you need money, skills, partners you are not having currently? Do you have all resources? Or can you get them?Is it the best time for you to be planning for this? Is it better to do it at a later stage in your life?DeadlineMake sure your plan is doable not just in resources, but in time as well. Deadlines can make you people get up from the couch and act. Give yourself a time-limit. Be realistic, but don’t let yourself slack.Work in increments so you can reevaluate the different stages you want to go to. Being too strict with the deadline of your goal setting can have the reverse effect. Don’t give yourself hell.Look for the balance. Maybe write some rules â€" do’s and don’ts. Be flexible, but make sure you achieve what you promised to yourself. ACHIEVE INNER PEACEThey say white is the new black and inner peace is the new success. In a busy, rushed, polluted world, it is becoming more and more important to take care of yourself. It’s not ju st hippies anymore that practice self-love. Take care of you, and you will be admired for that by others. Show yourself the love and the kindness you used to seek from others. Spend time and money on you. You deserve it. How do you achieve inner peace? Below are some helpful ideas â€" take them as directions to think about, but obviously, the list is not exclusive.Teach yourself to restRest often and be unapologetic about it. Be conscious about always having a time and a place for yourself to relax or even take a nap. Keep yourself well-rested and your body and mind will repay you. Make sure you have several minutes every day to do nothing, think of nothing. Without purpose. Teach yourself that you owe it to yourself. A vacation now and then won’t cut it. You need some passive rest. Find time to smell the roses, they call it. Look at the clouds. Engage in some childish activity you haven’t done in years. Destress.Teach yourself to meditateIt is becoming more and more popular to go out of the physical world with its needs and consumerism, and to take care of your spiritual wellbeing. Meditation has been proven to offer relief from anxiety and stress, to relieve depression, to increase body satisfaction and to improve cognition.Teach yourself to stop multitasking:Losing distractions is key to sanity. Multitasking does not work. Our brains, our memory and our cognition are not wired to do multiple things at once.Learn to only do one thing at a time. Be concentrated. Put down the remote control. Switch off your music while you work. Enjoy the moment while you have it. Don’t steal time away when you don’t. Work on your self-esteem:Here are some steps you can take, according to PhychologyToday:Be conscious. You will not be able to work on your flaws if you don’t recognize them. Manage the story you’ve created about yourself. Your self-perceptions, and your self-image. You tell the story. Stop comparing yourself to others and accept yourself for who you are.  Do to others as you would have them do to you. By holding grudges and sticking to bitterness and resentment, you are only hurting yourself, you are perpetuating the deeds of those who hurt you. Practice forgiveness.You are not a victim of your circumstances. Think of yourself as a hero. Teach yourself to be persistent:Achieving inner peace will not happen over the course of a day. Teaching yourself to be peaceful is a process. Remember when you were studying Spanish? You did not become fluent immediately, right? It is a skill like any other. Forgive yourself if you overstep the line. You are still allowed to be angry, or worried or irritated from time to time. As Ellen DeGeneres says: ‘I get those fleeting, beautiful moments of inner peace and stillness and then the other 23 hours and 45 minutes of the day, Im a human trying to make it through in this world.’ Be patient. You will get there. YOUR BODY AS A TEMPLEYour body is the temple where your spirit lives, where your s oul resides. It is the vessel that brought your soul into this world. And the better you care for it, the longer and the better you can enjoy this life. Here is how you can go about it:Get enough sleepScientists sometimes joke that sleep doesn’t make a lot of sense. It is indeed a little bit strange how the relentless Evolution tolerated mammals going near comatose for up to a half of their day!Sleep does have an important purpose though. During helps neurons are being repaired from any damage inflicted during the day. For humans, sleep is proven to have a crucial effect on concentrating. It contributes to the immune system â€" napping the right amount of hours may keep all sorts of disease at bay â€" from the common cold to anything more serious. As healthy as it is, working on a better sleeping routine can be a painful transition. First, have a check of your work habits. Not all of us work 9:00 and 5:00 jobs. Try and make a sensible schedule for your sleep. Your significant othe r must, of course, be on board with your plan. Continue by creating a relaxing environment out of your bedroom. Remove all technology your TV, your laptop, and other electronics must go. Instead, add some extra pillows, and maybe a sound machine. To prepare for your sleep, create a routine. Forget about caffeine, alcohol, or other stimulating substances before bed. Take a snack instead. Something rich in carbs or tryptophan would do â€" those foods help calm the brain. Eat the right foodEating right is trendy. And this trend is partially affected by the type of unhealthy food that is on the market. Unlike the market in the past, if you are not conscious of your food today, you are effectively poisoning yourself. Remember, you eat to live. You don’t live to eat. Food is a source of energy. Use food to give your body the nourishment it needs. It will take adjusting to. Don’t be too harsh on yourself. But if you adopt this philosophy you will find yourself to be happier, healthier , and to look better, too. Enjoy the food you eat, take it slow. Eat fresh produce and the taste, textures and smell will always be there â€" you will awaken your body for new sensation. ExerciseTry to get at least 150 minutes of moderate aerobic activity a week.   That could include as brisk walking, swimming and mowing the lawn. Make it   vigorous aerobic activity and you can cut that time by half. Vigorous aerobic activity would be running and dancing. Do strength training exercises for various muscle groups two to three times a week. That could be hitting the gym and going for the weight machines, using your own body weight, or other sports such as rock climbing.Pamper yourself Don’t you want to become one of those people that is always relaxed and happy? According to the Time magazine online, regular massages have real health benefits (including mental health benefits):‘One Australian study found that a 10-minute muscle massage after a workout could reduce soreness by 30%. A separate review study on massage found that levels of the stress hormone cortisol dropped 31% following a rubdown, while levels of feel-good hormones like dopamine and serotonin increased roughly 30%.’Dress yourselfDress to impress! If you put your body first, you will feel great and look great! Show it off. You can buy some nice clothes, get a new haircut, and why not some color? Dressing is a means of communication. Workers at McDonald’s have uniforms to communicate they belong. At a wedding, the bride would usually wear white to communicate she loves the tradition of marriage. In a business meeting people will be wearing business suits to communicate their respect to the other side.Use your body to communicate you love yourself. Your body is your home. Decorate it with emotion and devotion. Be that person who is known for looking well, dressing well and being conscious of their body. FAMILY GOALSIf you have always been the person that wanted a relationship, a big family and a house full of kids, and be happy and have good relationship with your family members… the key is planning. Start early. Talk about marriage to your SOIt can be a tough task to choose the best time to bring up marriage to your significant other. You need to consider the age, the fertility abilities, and the mutual needs of the of both partners. First, you need to know you are being exclusive. Second, if you are above the age of 30, it is pretty safe to assume your significant other is already thinking about the issue. Science tells us that the best moment to get married, according to statistics, is the window between the ages of 28 and 32. If you don’t feel completely safe at least raising the question (not as in proposing) it is already maybe a bad sign. Find a safe moment to start the conversation. Don’t just blurt it at out at the dinner table. If you are already talking about someone else’s relationship going there, that could be a good moment. Honesty and openness are your best strategy. Be honest about what you want. Do not leave anything left to interpretation. When you start talking about your family, think about compatibility. Discuss anything from money, careers, religion, and lifestyle choices. What you think about kids, how you imagine yourself in 10 or 20 or 30 years… and do you have common life goals.The idea of this exercise is to achieve ultimate transparency. You alone can feel if it is the right moment and the right person. And sometimes your gut is .. not telling you the truth. And that happens, and that is okay. As long as you know what you are getting yourself into and are willing to take the risk. Plan for kidsWhen they start planning for kids, a lot of women are choosing to postpone having children into their late 30s and early 40s, because of their careers and getting married latter rather than sooner. However, many may have miscalculated their chances. to become pregnant. Two-thirds of will not be able to conceive spontaneo usly if they are waiting up until the age of 40 because of changes in their eggs, or and the way their ovaries function, other unknown factors. Plan early. If you are planning to have more than one child, think also about the amount if years you want your kids to have as difference. Science tells us that children at the age of 2 will not be too accepting of siblings as opposed to aged 3. Be a good parentFirst rule, make sure you give your child love and affection. Physical contact is very important. Cuddle, strike their hair, hug and kiss them. Tell your children you love them, and often. Do not suffocate them â€" make sure you choose the right moments, don’t embarrass them in front of their friends, especially in their early teen years. Love is a private feeling. You will have enough moments to express it in private. Be generous in complimenting your children for their accomplishments, talents, and good behavior, be limited in reprimanding their mistakes or giving them lessons ab out their faults. Never fall into the trap of comparing your children to others, especially to your other children. You don’t want to start siblings’ wars.Listen. And truly listen. When your child has a problem refrain yourself from judging them. It will hurt your relationship and will damage their trust in you. Reserve your life lessons for after the issue has passed. Be there for your kids. Make time for their piano recital, for their soccer lessons, for their birthday. Do homework with them. Always answer your phone when they call. Do not betray your children by being a bad disciplinarian. You want to give them a lesson. But you want to be patient. You can take away their smartphone, but don’t take away your love.GET OUT OF YOUR COMFORT ZONEDo you want to be that person that is brave, that is always seeking another adventure? Another adrenaline boost? Do you want to be fearless in your relationships? In your job?You want to be known for being bold and adventurous and confid ent and daring.Here is what you can consider:Identify your boundariesWhere is your comfort zone exactly? Without your establishing your limits, you can never surpass them. You might be an adrenaline junkie but you might be afraid of exploring new relationships. You might be fearless in your job, but at the same time to stop yourself form exploring new traveling destinations. Where is your ‘optimal anxiety’?Stay in your comfort zone and you will be stuck. Push yourself too far and you might fall off the edge. You need a stimulus to go forward. This is your state of relative anxiety â€" the area where your discomfort is only marginally higher than normal. The place just beyond your limits. This is where you operate with full enthusiasm and where you will reach your full potential. This is your point of ‘Optimal Anxiety’. Your comfort zone is not particularly a good or bad thing. But there are definitely benefits to breaking beyond its borders:You will find yourself more energe tic, busier, more productive You will adapt better to unexpected changesYou will feel a surge of creativityBreak out Start by doing things only slightly differently than usual. Explore being a vegan for a week, try a new online search, watch a different genre of movies on NetflixStop yourself form taking actions automatically â€" learn to think about why you are taking one action or the other. Try the ‘Yes Man’ exercise â€" from the Jim Carrey movie â€" try saying Yes to proposals you would have found outrageous yesterday. HELP OTHERSLast but not least, you can take the initiative to make the world better for others. Giving to others will make you a more content person. We are so willing to neglect our own happiness, but if we contribute to others’ we feel it inside. Giving to charity is recommended to people who have issues with spending â€" because then they feel the worth of money. Volunteering is recommended to patients with depression, because it improves their sense of p urpose. You can help in so many ways. You don’t need to contribute a lot. Any effort will give you a sense of accomplishment. And after a while, you could become addicted to the feeling. Help the environmentRecycle, and do it the right wayReduce your carbon imprintVolunteer your time â€" take part in cleaning the environment or plant a tree Help other peopleDonate money to a charitytowards the research of prevention and cure of diseasestowards the advancement of education Spend time with the elderly, or the disabledVolunteer on a hotlineAgainst human traffickingFor women, victims of domestic violenceFor suicide preventionLook for local calls for volunteersHelp the animalsDonate to an animal welfare organizationDonate food or pet toys to sheltersVolunteer to spend time and play with animals from your local shelterContribute to pet adoption initiativesCONCLUSIONYour life goal is your life’s cause. It is supposed to help you feel fulfilled and happy. It is the thought to give you p eace one day you are at the end of your journey. It is up to you if you want to follow your dreams and your goals. That is why you need to be completely open with yourself what you want to achieve, what you value above all else and what you are willing to sacrifice. Who do you want to be?

Masculinity in the Philippines - 12625 Words

philippine studies Ateneo de Manila University †¢ Loyola Heights, Quezon City †¢ 1108 Philippines Philippine Commonwealth and Cult of Masculinity Alfred W. Mccoy Philippine Studies vol. 48, no. 3 (2000): 315–346 Copyright  © Ateneo de Manila University Philippine Studies is published by the Ateneo de Manila University. Contents may not be copied or sent via email or other means to multiple sites and posted to a listserv without the copyright holder’s written permission. Users may download and print articles for individual, noncommercial use only. However, unless prior permission has been obtained, you may not download an entire issue of a journal, or download multiple copies of articles. Please contact the publisher for any further use of†¦show more content†¦If we accept what one historian has called the emancipated status of Filipino women in the 19th century, then the prewar nationalist movement, with its rhetoric of militarism and male empowerment, may have skewed the gender balance within the Philippine polity. In a Malay society with a legacy of gender equality-bilateral kinship, matrilocal marri age, and gender-neutral pronouns-this aspect of nationalism seems socially retrogressive. Understandably, postwar historians have overlooked this glorification of masculinity and military valor in their sympathetic studies of prewar Filipino nationalism. Nonetheless, mass conscription shaped gender roles in the first half of the 20th century and fostered a rhetoric that pervaded Philippine politics in its second half. In deploying Europes cult of masculinity to support mass conscription, the Commonwealth introduced a new element into the countrys political culture. Indeed, this engendered social order-propagated through conscription, education, and mass media-fostered imagery that would shape Philippine politics at key transitional moments in the latter decades of the 20th century. For well over half the fifty plus years since independence, the Philippines has been ruled by presidents who won office with claims of martial valor and then governed in a military manner. COMMONWEALTH A N D MASCULINITY The Philippine acceptance of this Euro-American model of masculinity provides strong evidence of the paradigmsShow MoreRelatedPhilippines Annexation and US Masculinity1258 Words   |  5 Pagesthe country at that moment in time, the American government wanted to prove their superiority among other emerging nations and in doing so chose to colonize and annex nations such as the Philippines. 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Operational Risk Has Been Often Underestimated Finance Essay - Free Essay Example

Sample details Pages: 20 Words: 6052 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Operational risk has been often underestimated and set aside in relation to other risks by many insurance companies during the past, especially in insurance and banking industry. Nowadays, operational risk has been given more attention, as it has been realized that proper and effective operational risk management can significantly reduce unnecessary operational losses. It can also result in enhanced productivity and more effective and efficient business processes that are crucial for every organization. Don’t waste time! Our writers will create an original "Operational Risk Has Been Often Underestimated Finance Essay" essay for you Create order Managing operational risk is not an easy task, and companies are constantly dealing with difficulties in creating a suitable integrated system how to asses, reduce and manage their risks in an adequate way. The main problem is that operational risk has been for many years neglected and experiences have shown that consequences of that type of risk have frequently resulted in large capital losses and liquidation of companies. Other also important problems are lack of quality information, traditional approaches in quantifying risk and unreliability of these types of approaches. However, large numbers of insurance companies have turned towards using scenario analysis, which is eased by development of modern and advanced information technology. All this problems, concerns and activities are referred to one of the main principles of every insurance company, and that is, insuring solvency. Solvent insurance company is perceived as capable of covering and redeeming all claims, regardless of their size and number, without any difficulties towards its clients. Also, it is considered being able to pay its financial obligations towards state, other companies and employees in maturity deadlines. In making all this possible, insurance company need to adequately allocate and manage their capital and risk. That means, insuring an adequate level of capital for covering all risks that they are facing in their business activities with the final goal of creating value. Being and staying solvent is for insurance companies extremely important, not only because of the facts mentioned above, but also due to regulatory institutions that demand and enforce companies to be solvent and require level of capital needed for maintaining solvency. The most important forthcoming regulation, for insurance company, is called Solvency II. It represents a new set of regulatory rules that should, besides protecting insurers, ensure long term stability of the financial and insurance sector. Sol vency II implies narrow engagement in risk management and risk recognition in companys business activities. In that way, companies would be properly capitalized according to all undertaken risks. Also, they would adapt business policy and desired profitability towards their own risk exposure. Nowadays, companies are increasingly putting effort in complying with all of the Solvency II regulations. It is a long process that requires a lot of work and faces various difficulties. Implementation of Solvency II has been postponed for a couple of times so far and it is supposed to be put in charge on beginning of 2015. As companies progress through their implementation programmes, some aspects that had hitherto taken a backseat are now starting to receive more attention as it is realized that they may have more impact than previously thought. One of such areas is Operational Risk. It is often seen as just a catch-all for other risks, and especially those that are not conveniently tra ctable; the fundamental importance of operational risk is increasingly being realized, as recognition spreads that this is where many of the insurance industrys killer risks can tend to lurk. Management of operational risks, and crafting companies that are ever more robust to these risks, are now seen as key aspects of sound insurance management. Operational risk is also moving up companies agendas, as the capital charge under the Solvency II Pillar I standard-formula calculation is a rather crude measure, essentially based on business volumes. Whilst this has the benefit of simplicity, in some situations it is leading to what are seen as excessive capital requirements.  [1] There has been also a new wave of demand for the quantification of operational risk. For insurance companies, current Solvency II requirements are triggering the development of internal operational risk models. At first glance, the less explicit requirements of Solvency II regarding methodology choice seem to be an advantage. However, the lack of insurance industry benchmarks and regulatory rules can result in lengthy and difficult-to-manage approval processes. Operational risk extends well beyond the confi nes of a risk model or formula-based quantifi cation. It encompasses a companys business activities and is an integral part of an efficient enterprise-wide risk management framework.  [2] Over the past few decades many insurers have capitalised on the market and have developed new business services for their clients. On the other hand, the operational risk that these insurers face have become more complex, more potentially devastating and more difficult to anticipate. Although operational risk is possibly the largest threat to the solvency of insurers, it is a relatively new risk category for them. It has been identified as a separate risk category in Solvency II.  [3] To date, most of the controversy over Solvency II has foscused on the draft directive, the calculation o f technical provisions and the formulas used to calculate the Minimum Capital Requirement (MCR) and the Solvency Capital Requirement (SCR). These initiatives have focused on measurement of insurance and asset risks. Many have the view that there are still numerous issues concerning operational risk that must be resolved under Solvency II.  [4] The purpose of this thesis is to provide a better insight on how to effectively manage operational risk (OpRisk) and what are the implications from the new regulatory rules of Solvency II. It is designed as a management perspective in dealing with operational risk, but all of the aspect of that type of risk has been included in the work. Due to the broad area of operational risk management (ORM), the thesis is focused on main aspects of the risk, its definitions, features, measuring and quantifying. Framework for managing OpRisk will be thoroughly described and Solvency II demands and considerations will also be stated and explained. Sour ces used for the thesis are mostly external and precisely selected. An interview will also be undertaken with a risk manager in a company in which the writer is currently doing an internship. This will surely help me, as a writer, to better understand the subject and be more competent in explaining and bringing closer the topic developed in my thesis to anybody who reads it or has some questions regarding the subject. I decided for this topic because I was astonished by the fact that large number of insurance companies, especially in Croatia, are losing significant amount of time and money on simple every day processes. In other words, operative tasks are a factory of a big number of errors and losses due to poor process control or human error caused by too much workload. That is because I see a need to better understand and mange operational risk in order to achieve better overall results in all business sectors and diminish losses and errors to a minimum. In the thesis, Chap ter 2 is regarding defining and properly explaining operational risk, and mentioning its features, categories and dimensions. Chapter 3 is concerning measuring and modeling of OpRisk, its taxonomy and problems that arise from these types of processes and how do company face them. Chapter 4 explains the Operational Risk Management Framework, its stages, challenges and difficulties. Possible risk transfers are also mentioned in this chapter as a way of protection from unwanted events. In Chapter 5, it is discussed about the Solvency II and its implications, most of them regarded by the Pillar I. Benefits and concerns that are expected in the future from the new regulatory rules will also take a part in this chapter. After chapter 5, there will be a thorough conclusion about the whole process of managing operational risk, with respect to the insurance industry and the effect that Solvency II will have regarding that specific type of risk. OPERATIONAL RISK AS A TERM Risk represents the probability of a potential event happening and resulting in harmful consequences. In the evaluation of the risk size, major factor taken in consideration is the severity of consequences produced by the risk itself. Hence, risk stands as a measure of probability of an unexpected outcome. International Organization for Standardization defines risk as a ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾probability combination of an event happening and its effectsadding that ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾effects can be positive or negativeand suggests also that ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾in some situations, risk represents a degree of deviation from what is expected. If we look at the term risk from the insurance industry perspective, we can determine risk as danger of a negative financial outcome from a possible future event. Insurance industry has a key role in society when it comes to risk management, simply because insurance provides the mechanism of risk dispersion throug h forming a risk community. It allows individuals and legal entities (business subjects) to accept the risk that would be unacceptable without the existence of insurance. Whole industry is focused mainly on the identification, evaluation and determination of the risk price and, by default, on risk management.  [5] 2.1. Defining operational risk Operational risk has multiple definitions. All of them can be used as a reference in defining this type of risk. It is possible to define it as, the risk arising from inadequate or failed internal processes, people and systems or from external events. This definition, which is based on the underlying causes of operational risk, includes legal risk but excludes business and reputational risk. Based on this defi nition, the concept of operational risk was subsequently developed to take into account the distinction between causes, events and the resulting operational losses (consequences or effects).  [6]  Moreover, there are other operational risk definitions which can represeent different perspectives of looking towards risk, such as: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾OpRisk is the risk of everything other than credit and market risk ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾OpRisk is the risk associated with the Operations department ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾OpRisk is the r isk that deficiencies in information systems or internal controls will result in unexpected loss. The risk is associated with human error, systems failure and inadequate procedures or controls  [7] C:UsersFilipDesktopfinal thesis- MIRM13pictures for final thesisWindowsLiveWriterFridaysMovieOperationalRiskPart12007FRM_CD5Aimage_2.png Figure 2.1. Segregation of causes and effect of operational risk; and other risk types All the definitions imply and emphasize the components and/or causes of operational risk. We can also call them risks or effects and they are: Processes/Policy, such as inefficiencies or ineffectiveness in the various business processes within the firm. For example like, accounting mistakes, value-supporting processes such as IT, HR, non-compliance with internal policies or external regulation or failures and other. People, such as employee error, employee misdeeds, employer, conflict of interest or from other internal fraudulent behaviour, health and security, etc. Technology, risks arising from defective hard- or software, failures in other technology such as networks or telecommunications, as well as breaches in IT security, system failures caused by breakdown, data quality and integrity issues, inadequate capacity, and poor project management. External, such as loss caused by the actions of external parties (for example, external fraud, competitor behaviour and regulatory changes) as well as macroeconomic and socioeconomic events, money laundry, lack of physical security for the institution and its representatives, etc. Looking at the various definitions and causes, it is obvious that defining operational risk is very demanding and challenging. But, it is also very important because if we want to manage and measure something, first we need to define it. Defining operational risk is problematical because it is so diverse. To get a feel of how diverse it is, we need to examine the kinds of loss events that can be class ified under operational risk. 2.2. Features of operational risk Characteristics of operational risk that distinguish it from other risks are that it is diverse, very peculiar, one-side and hard to manage. One also important fact that separates it from other risks is that operational risk is not taken directly; it is present inside normal business activities which undoubtedly make operational risk management very challenging and demanding. The diversity of the scope of operational risk is one feature that distinguishes it from the relatively narrowly defined market risk and credit risk, which are more widely understood and appreciated (by fi rms and regulators) as risk types. The diversity of operational risk (ranging from legal concerns to technological issues to behavioral matters to acts of God) makes it diffi cult to limit the number of dimensions required to describe it. Operational risk encompasses the types of risk emanating from all areas of the firm: front office to the back office and support areas.  [8] It is embedded in all othe r business risks and also intertwines with them, it is directly connected with human factor and hard to quantify. Hence, identifying operational risk is more difficult than identifying any other risk. Another specific feature of operational risk lies in its presence in all business processes. It can be considered as a by-product of everyday business activities and it can derive from business complexity, system and human errors, etc. That is why we can say that it is one-sided and driven solely by its role as an undesired effect of increasingly complex business operations. In this sense, the risk-return trade off associated with market risk has no equivalence in the case of operational risk, meaning that exposure to operational risk can cause losses without boosting the potential rate of return on capital and assets.  [9] To argue that point, it could be wrong to think that operational risk is one-sided in that sense. Insurance companies, other financial institutions and firm s in general are taking that risk on purpose with the aim of realizing potential return. So, if it was one-sided, then every firms objective would be to eliminate it completely, thus this can be done most effectively by shutting down your business. We all think that doing such thing would be a drastic, unwanted and not right minded action. By taking on operational risk, companies earn income while being exposed to the risk of incurring operational losses when they materialize. This is a basic example of a risk-return tradeoff. Hence, the fact is that operational risk should not be perceived as being entirely associated with the cost of doing business. Instead, it has to be seen as an integral part of the bundle of risks that are taken to generate profit. Operational risk, as mentioned before differs from market and credit risk, is peculiar in the sense that when it strikes one firm, it does not spread to other companies, implying the absence of contagion or system-wide effects. T hat means it is firm-specific and not systemic like some other risks. We can believe that operational risk is so specific also because it is considered that operational losses tend to have no correlation with general market forces. This is not a characteristic of market risk and credit risk. Market downturn affects all companies, and a default by the customers of one firm affects its ability to meet its obligations towards other companies. 2.3. Operational risk categories and dimensions As mentioned in the chapter before, operational risk comes from different sources. It is hard to control their effects which can result in operational losses. Therefore, important thing is to thoroughly understand these causes, in other words categories, and properly manage activities that are part of them. Basically we can divide operational risk sources into 5 categories: Organisation Policy Technology Human External events The 5 suggested categories are major and they present a valid base for solving problems for management. They represent a cluster of sub-categories which had to be created in order to allow the adding of new OpRisk aspects and the subtracting of obsolete ones. They allow one to be more specific on firm relevant risk drivers which require focus and responsibility assignment. Important is the intellectual, organizational and continuous discipline in categorizing the risks and in doing something reasonable about them.  [10]  There are many su b-categories which are divided among 5 mentioned major categories. ORGANISATION: Governance, Structure, Culture, Communication, Project Management, Outsourcing, Business continuity, Security POLICY: Policy and process, Compliance, Product, Client TECHNOLOGY: Communications, Hardware and Software, IT Security HUMAN: Employee, Employer, Conflict of interest EXTERNAL: Physical, Litigation, Fraud It is important that this sub-categorisation relies on a root analysis, i.e. causation of OpRisk loss events. By linking causation to relevant business activities, it is intended to use this structure as a tool with which to act upon OpRisk, thereby providing management with an OpRisk framework. The structure also lends itself to possible quantification by drawing upon data sources relevant for modeling as well as for qualitative reporting.  [11] Good risk management is crucial in order to sustain profitable and high returns and depend also a lot on managing operational r isk. It is not a new term in insurance but it is not also yet well known and sophisticated like management of other type of risks (credit and market risk). But, companys management does realize that understanding risks has always been fundamental management process. Hence, good risk management can produce and add value in 2 dimensions: Control: Independent risk assessment, compliance, business continuity planning, supervisory requirements, limits, progress reporting, escalation, corrections, etc. Shareholder value creation: efficiency, correct risk evaluation and pricing, duplicate control avoidance, rational economic capital allocation, reduction of regulatory capital, product enhancements, competitive strategic advantage, improved reputation, etc.  [12] The dimension 1. Control covers the following: avoiding accidents, catching non-compliance and illegal actions, complying with rules and regulations, complying with usual management needs. The dimension 2. Shareholder va lue creation adds a further stage which treats OpRisk more like a real business. OpRisk management also deals with quality management, efficiency management and the concept of opportunity cost. Naturally, the line between control and shareholder value creation is difficult to draw. The important thing is the direction to be chosen. MEASURING AND MODELLING OPERATIONAL RISK Operational risk management, in terms of modeling and measuring the risk, is not new to financial institutions: stability of information technology systems, client claims, acts of fraud, or internal controls failures have been closely monitored for years. However, these elements have historically been treated separately. More than one century ago, an Irish mathematician and physicist Lord Kelvin (1842-1907) made the following statement: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾I often say when you can measure what you are speaking about, and express it in numbers, you know something about it; but when you cannot measure it, when you cannot express it in numbers, your knowledge is of a meager and unsatisfactory kind. He remarked this to science, which is by default more precise than trying to measure operational risk. We can argue about, whether it will ever be possible to accurately measure this type of risk. In accordance to operational risk, the word ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾measurement has also some similarities with the word ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾assessment. But, we should distinguish these two words, in sense that risk measurement refers to the quantification of risk, whereas risk assessment represents a wider concept, hence refers to the interpretation of non-qualitative pieces of information. No matter how we call it, this process remains an important one for the purpose of developing the skills and expertise for its proper management.  [13]  The accuracy of risk measurement methods crucially depends on the soundness of risk model and the availability of data. Proper risk modeling requires a thorough understanding of recurrent patterns that underlie the risk under consideration. The appropriateness of those risk models is inherently linked to data availability and thus the occurrence of events. Not only do incidents help better understanding the underlying risk structures but they also provide the ground for statistical test ing of risk models. Furthermore, the accuracy of risk models depends on the measurability of outcomes and thus goes hand in hand with a sound definition and understanding of effects.  [14] Importance of risk modeling and measuring has definitely increased over the years due to changing environments of the insurance companies and banks. In order to remain stable and ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾in shape, the companies need to adapt to this new surroundings which is more complex, demanding. Operational risk modeling is also needed to serve the companys management as a tool for bringing and making better business decisions and solutions on the wanted level of taking operational risk (risk appetite). Many operational risk experts agree on the fact that the only feasible way to properly manage operational risk is it successfully identify and minimize it, which on the other hand requires development of adequate quantification techniques.  [15] 3.1. Operational risk model taxonomy Creating an operational risk model is extremely important because it identifies companys exposures to that type of risk, especially the financial impact of these exposures. Firms over the time change their strategies, distribution channels and product offerings. Due to that, management of the firms should also be interested will be, which is another aspect of the issue that the model should deal with. Last, but not least, the model should provide information that enables the management to compare the situation with those of other firms.  [16] The first step in any model development is to define the model scope and motivation. Besides the obvious purpose of quantifying operational risk, it is important to determine if the need arises from internal requirements (e.g., earnings at risk or scenario analysis for risk appetite) or if model development is also driven by regulatory requirements (e.g., Solvency II internal model or standard formula approach). The basic scope definition is the first step to develop key information for a suitable model design, for example, the appropriate percentiles of measurement, the calculation frequency and eventual constraints in the choice between different approaches. Thorough operational risk model building requires both an overarching governance framework and a robust basis of components. Model inputs, calculations and outputs are embedded in a governance framework that defines all key elements for the sound development, use and maintenance of the model.  [17] Identifying the core principles that underlie the operational risk process is the fundamental in deciding on the optimal model to be used. In general, operational risk models are classified into Top-Down Models and Bottom-Up Models, both of which rely on historical data. Bottom-up models are based on an analysis of loss events in individual processes, whereas top-down models require the calculation of the capital charge at the firm level and subsequently alloca ting it to the business lines, often using a proxy such as expenses or a scorecard approach.  [18] Top-down models quantify operational risk without attempting to identify the events or causes of losses. That is, the losses are simply measured on a macro basis. The principal advantage of this approach is that little effort is required with collecting data and evaluating operational risk. Main types of Top-down models are: Multifactor models for pricing equity CAPM approach Income-based models Expense-based models Scenario analysis Risk indicator models Bottom-up models quantify operational risk on a micro level being based on identified internal events, and this information is then incorporated into the overall capital charge calculation. The advantage of bottom-up approaches over top-down approaches lies in their ability to explain the mechanism of how and why operational risk is formed within an institution.  [19] C:UsersFilipDesktopslika3.PNG Fig ure 3.1. An example of modeling methods of operational risk Main bottom-up models are: Process model Factor model Actuarial model Process model focuses mainly on individual processes that are undertaken to perform operational activities. It basically means that, process approach models can be also characterized as bottom-up models. All processes are divided into components and each component is examined in order to identify the operational risk associated with it. It includes these techniques: Causal Networks (performing scenario analysis and simulations using historical data), Statistical Quality Control and Reliability Analysis (similar to causal networks) and Connectivity Analysis (estimating potential losses using connectivity matrix). Factor model can be understood as an attempt to identify the major determinants of operational risk, on institution level or on lower levels such as individual business lines or processes. This type of approach encompasses these techniques: Risk Indicators (regression-based technique used to identify risk factors), CAPM-like Models (arbitrage pricing models used to relat e the volatility of returns), Predictive Models (operational losses are identified using discriminate analysis and similar techniques). Actuarial model focuses on the loss distribution associated with operational risk. It covers the following techniques: The Empirical Loss Distributions Technique (plotting data on losses in a histogram), The Parameterized Explicit Distributions Approach (smoothing the distribution choosing an explicit distributional form, and The EVT-Extreme Value Theory (used to describe the distribution of extreme values in repetitive processes).  [20] 3.2. Measuring operational risk Because risk cannot be eliminated completely, risk measurement is the key to, and an essential prerequisite for, effective risk management. And it is not only about the amount of risk, but also where it resides, what contributes to it and the impact of mitigation strategies. All of these dimensions are important for companies that aspire for the implementation of effective risk management practices. And while there is nothing wrong in principle with using a capital buffer for any sort of risk, the resulting capital charge will only create unsound incentives if the calculation method is poor. Currently, efforts are directed at the improvement of the techniques used for operational risk measurement and consequently management. The accuracy of risk measurement methods crucially depends on the soundness of risk model and the availability of data. Proper risk modeling requires a thorough understanding of recurrent patterns that underlie the risk under consideration. The appropriateness of those risk models is inherently linked to data availability and thus the occurrence of events. Not only do incidents help to better understand the underlying risk structures, but they also provide the ground for statistical testing of risk models. Furthermore, the accuracy of risk models depends on the measurability of outcomes and thus goes hand in hand with a sound definition and understanding of effects.  [21] To ensure a credible outcome of the quantification, it is thus necessary to look at each element of OpRisk one by one, as each might require a specific quantification method. Measurement of operational risk involves looking at its four different aspects within an organisation: its size, severity and intensity its frequency its context dependency its interaction The size describes the observed extent of a move. The frequency describes the number of times a move of a given size occurs within say a given time period or a given organisational unit. The context dependency describes whether the move size is different in different situations or not. This tells whether every operational risk event is unique in itself or shows regularities in occurrence as drivers do not alter. Context dependency is high for operational risk as its major drivers, people and organisation, are unique and change permanently. This is why the use of databases of industry operational risk events has limited relevance for the specific firm. Also, the higher the context dependency, the less the past will be a good indicator for the future. The interaction describes the interlinkages between moves. In the area of operational risk it is very important as several risk elements are highly interrelated.  [22] Operational risk encompasses events with very differin g frequencies and possibly patterns of occurrence and severities. Very important step in determining the applicability of statistical analysis is to appropriately and qualitatively categorize potential incidents based on probability, frequency and severity of events, using experience and experts opinion. In measuring operational risk, it is also important to be clear about the purpose it should serve. In other words, it needs to be compatible with the business needs of the company. It means that the quantification output should be geared for management demands and ensuring that measurement makes the most efficient use of existing resources and is relevant and credible.  [23] C:UsersFilipDesktopslike.PNG Figure 3.2. Operation risks segregated between the Probability of Event and Severity of Impact After the operational risk has been properly modeled and measured, it is also essential to calculate the adequate capital charge for it. In general, the capital charge is in m ost cases calculated from the total loss distribution by using the concept of VAR (Value at Risk). The use of the concept of VAR to measure operational risk capital requirements has been the target of some criticism. Most of the critics refer to stipulating that although VAR models have been developed for operational risk, questions remain about the interpretation of the results. Another problem is that VAR figures provide an indication of the amount of risk but not of its form (for example, legal as opposed to technology).  [24] 3.3. Problems in measuring and modeling There are a lot of difficulties that companies face during their actions to quantify and model operational risk. Since there are a number of models and techniques that can be used in performing these processes, it does not necessarily mean that all of them can suit every companys needs. Therefore, it is important to understand thoroughly firms internal processes in order to adequately choose the best suited quantification model. Measuring risk has been always a challenge, especially in terms of operational risk. That does not mean we should put more effort in other type of risks and neglect it. While persisting to measure and model operational risk effectively, one should first distinguish these two terms. Modeling operational risk is essentially an exercise that is conducted with the objective of arriving at the best-fit distribution for potential operational losses over a given period of time (normally a year). Typically, the distribution of operational losses is obtained by c ombining the loss frequency and loss severity distributions. The measurement of operational risk amounts to arriving at a single figure that tells us how much the underlying firm is likely to lose with a certain probability, so that a correspondingly adequate amount of capital is held for the purpose of protecting the firm from insolvency. Measurement can be based on modeling and on ad hoc methods (without using modeling).  [25] The nature of operational risk is very different from other types of risks. In fact, operational risk losses share many characteristics with insurance claims, suggesting that most actuarial models can be a natural choice of the model for operational risk, and models that are well developed by the insurance industry can be almost exactly applied to operational risk for other industries. Most serious problems that companys encounter while attempting to model and measure their risk is: Problems of definition and data availability Cyclicality of risk and loss events Problems of correlation Problems of definition and data availability refer to finding the right definition for operational risk. Experts argue that this problem derives from the fact that definition of operational risk is too elastic to be useful for developing a proper measurement model. Data availability is another big concern for the companies, in other words data unavailability. For proper development of operational risk management data quality and the amount of information is crucial. This is due to the lack of reliable internal operational loss data which impedes further progress in managing and measuring operational risk. Scarcity of available historical data, data-arrival process and loss severity process are also parts of the mentioned problem, Data Availability. Shortage of relevant data means that the models and conclusions drawn from the available limited samples would lack sufficient explanatory power. This, in turn, means that the estimates of the expected loss and VaR may be highly volatile and unreliable. In addition, complex statistical or econometric models cannot be tested on small samples. The problem becomes amplified when dealing with modeling extremely high operational losses. One cannot model tail events when only a few such data are present in the internal loss database.  [26] One of the solutions to the data availability problem is to augment internal data with external data on the operational losses incurred by other firms. One problem here is that external data must be scaled to fit the size and business mix of the underlying firm to make it suitable for the estimation of operational risk for that firm. Another problem here emerges because in scaling external data it is not clear if an increase in the scale of operations results in a proportional increase in operational risk, which leads to the issue of size and how to measure size. Cyclicality of risk and loss events is another problem in measuring and modeling operational risk. Using past risks data to measure future risk can be a problem if there are cyclical factors that impact operational risk measures. Historical data on operational risk gathered during an economic expansion may not be relevant for a period of recession. Loss events incorporate cyclical components that are correlated with systematic risk factors such as macroeconomic fluctuations and regulatory shifts. It is typical, however, to ignore cyclical factors and extend an unadjusted trend line into the future. Problems of correlation regard with assumptions that need to be made about the correlation of operational loss events. If the assumption of correlation across risk types and business lines is accepted, capital charges by risk type and business lines should be summed together, leading to a higher capital charge than in the standardized approach given by the regulatory directives. However, it is difficult to assess the level of correlation between different risk types and business units because of the lack of historical data.  [27] OPERATIONAL RISK MANAGEMENT-ORM Risk management provides number of benefits for companies because it enables identification of all existing risks and their interdependencies. It enables also proactive identification of new risks that can occur in business activities and helps companies to be prepared for the catastrophic events. All this is a big benefit for firms because risk management ensures underwriting of risks that is based on knowledge and synchronized with previously determined risk tolerance. It is considered that the harmful consequences for financial industry following after the terrorist attack on 11. Of September would not be so significant if insurance companies had implemented aggregated risk management. The management of operational risk is not a new idea, neither is it an activity that firms have not indulged in. On the contrary, firms have always striven to manage the risk of fire through insurance and fire safety measures. Furthermore, they have always had specialists who managed other kind s of operational risk, such as the lawyers and other legal specialists who are involved in managing legal risk and the structural engineers who look after buildings and structures. This is typically done both proactively (for example, by providing advice to management prior to signing a contract and by maintaining buildings) and reactively (by providing legal representation in a court of law, representing the firm in out-of-court settlements of disputes, and doing repair work on damaged structures).  [28] There is definitely growing tendency to promote the perception of operational risk management as a discipline ranking alongside credit and market risk management and one that is necessary for an integrated risk management framework. This requires clear borders between operational risk, on the one hand, and credit risk and market risk on the other. One of the objectives of establishing the operational risk management function is to help the co-ordination of the application of s pecialist skills because co-ordination encourages greater communication and transparency. A question arises as to who is responsible for operational risk, and this question might be interpreted to mean two different things. The fi rst interpretation is that the question refers to the risk owners, the risk takers who indulge in activities that lead to operational risk. The second interpretation is that it refers to who is responsible for managing operational risk, whether it is the risk owner or a more centralized corporate body. This is, therefore, a corporate governance issue. In the broadest sense, risk management should be integrated into the activities of the risk-takers in the firm. But for an independent risk management structure to operate, there has to be an oversight activity that works independently of the risk takers.  [29] C:UsersFilipDesktopCapture.PNG Figure 3.1. Stages of Operational Risk Management Development  [30] In the past, insurance companies ha ve almost completely lean on internal control processes of their own business activities. Although these processes are still relevant, lately specific structures and models have emerged that put more emphasis on managing operational risk. Companies understand that having a clear strategy of managing risks they achieve better business performance and overall results. Operational risk management 4.1. ORM Framework Effective operational risk management is unthinkable without establishing a framework which serves as a guideline for adequate treatment of operational risk in companies. Implementing operational

can you remember birth Essay examples - 986 Words

nbsp;nbsp;nbsp;nbsp;nbsp;According to Freud, people are unable to remember when they are born because it is a traumatic experience, and such experiences are placed in the unconscious, meaning they are forgotten, unintentionally. Being born is a traumatic experience because of the fact that a fetus is, basically, being pulled from an environment that it has gotten used to over the course of nine months. This environment is one in which there was food, warmth, and comfort. When the child is born, it comes into a cold, dry, loud place, totally unlike the warm, muffled sounds of the womb, and it is a shocking experience. nbsp;nbsp;nbsp;nbsp;nbsp;For a newborn, this is not only too much for their brain to process, it shocks them†¦show more content†¦The data also supported the prediction, derived from the aforementioned model, that children would report a disproportionate number of memories from the amnesia period. Nelson and Ross go on to say the following things, to add to the validity of their findings: A fundamental characteristic of human memory is that, as time passes there is a decline in the probability that a specific episode in one’s life can be recalled. nbsp;nbsp;nbsp;nbsp;nbsp;For example, a child may forget a particularly bad spanking or punishment received by their parent because they would rather forget the incident than have to think about what happened. Also, it is more difficult for a child to â€Å"encode information† from short term to long-term memory, so they do not understand the difference between the two (Berger 172). nbsp;nbsp;nbsp;nbsp;nbsp;In addition to the studies of Nelson and Ross, a group of three named Graesser, Gordon, and Sawyer came to this conclusion in 1979: Coding involves some form of abstraction and that particular events are encoded as instances of scripted activities rather than as complete memories for each episode. The same source of the above information continues with a statement that sums up the notion of childhood amnesia with the following: With development, the memory systemShow MoreRelatedBirth Is A Time For Parents1478 Words   |  6 PagesBirth is a time for parents to start a family. When thinking about birth and labor there are many things to think about before the child is here and the mother is in the hospital getting ready to have the child. There are many different types of labor to bring your new joy into this world. My position on this is medicated birth is better for the mother not to struggle with the pain during birth. Medicated births are better for the reasons of medication lessening the pain for the mother, medicationRead MoreFeminism And The Different Types Of Feminism Essay917 Words   |  4 Pagessaw or noticed otherwise, I would fight for equal opportunities. Also, back in the day, I would have fought for women of color to be involved and be treated the same as white women. 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(JeremiahRead MoreMy Baby Born At Home1009 Words   |  5 PagesHave you ever considered having Your baby born at home? The first time I heard about mothers giving birth at home was in the Netherlands in 2004. At that time almost all mothers gave birth at home, except when there was a highrisk pregnancy or some other kind of complication like high blood pressure. My first thought was â€Å"Wow, giving birth at home, that must be messy?† The moms were laughing when they heard my thoughts, and explained me all about how moms deliver at home. I talked to many mothersRead MoreShould Teenage Girls Be Allowed For Access Birth Control Without Parental Consent?920 Words   |  4 Pagesallowed to access birth control without parental consent. Each parent has his or her own perspective, and reason behind this issue. Parenting styles help contribute to differing opinions on allowing teenage girls to access birth control without parental consent. 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What do you think makes you capable of reading this paper? Do you remember learning skills you still use today like learning to talk or walk even think? What if i were to ask you to recall your favorite memory of your happiest or saddest day would you remember it clearly? Clearly your brain is at work in all these examples but how does your bra in understand this jumble of words in this paper? I ll explain howRead MoreEssay on The Lion King: Journey of an Epic Hero1091 Words   |  5 Pagesidentity and responsibility. As said by director Julie Taymor, In addition to being a tale about a boys personal growth, the `Lion King dramatizes the ritual of the `Circle of Life. Throughout The Lion King, Simba must endeavor through the cycle of birth, death, and rebirth to take his place in the circle of life, as king of the pridelands. One of the most enthralling central themes that exist in the Lion King are the concepts of the Circle of Life. It is a concept that momentously emphasizesRead MoreBenefits Of A Bone Marrow Transplant1338 Words   |  6 PagesWhen I think of birth, I have realized that my thoughts have been shaped around personal experiences. To me, birth comes in many forms, more than just the traditional child birthing. When you have a bone marrow transplant, you are â€Å"rebirthed†. I have my normal birthday, and my new birthday. My new birthday gave me a second chance at life and to me that is exactly what birth is -a chance at life. I can relate this to Portier’s view, although he uses it in the sense of a newborn. He says, â€Å"Babies representRead More Growth And Development In Babies Essay1397 Words   |  6 Pagesdevelop in the head region first, then the trunk, and lastly in the legs and feet. Therefore, it is said that babies develop in a head-to-toe direction or cephalo caudally. For example, a baby can hold up their head before they can grasp an object with their hand. Also, they can feed themself before they can walk.Second Developmental Rule:The second rule explains that children develop from the midline, or centre of the body, outward toward the fingers and toes. This stage or rule is the one which

Organizational Behavior for Engineering Managers-Free-Samples

Question: Discuss about the Organizational Behavior for Engineering Managers. Answer: Introduction Team cohesiveness is one of the important criteria for achieving any specific goal. The challenges identified in the organizational behavior can create the hazardous situations for the associated members (Robbins 2009). The case study focuses on the coordination and behavior issues within Woodson Foundation, a non-profit social service agency. These issues affected the performance of the students and influenced the crimes. The study would discuss the development of the complex team by eliminating the conflicts within the institutes. The discussion of the integrative negotiation strategies would also be discussed in this study. Dominant Perspectives on Team formation and performance The issues are identified for the ineffective coordination between the team members and the improper behavior of the school staffs towards the parents of the students. It has been observed that the turnover among the efficient teachers is much higher. The focus of the plan is to develop an effective private money raising program by developing the coordination among the community leaders. The perspectives of the different team members determine that he school needs to adopt changes and maintain the cohesiveness while performing any internal functionalities. The improvement in the behavior and building supports among the development team would be beneficial in achieving the purpose. Identification and Suggestions for good group member Maintaining an autocratic decision making process would not go well with the development purposes. It is necessary to communicate with the involved members, especially, the parents, community members, teachers, and administrative departments (Coccia 2014). The given statements by the members of the development team highlight the different perspectives. It is noted, the statement of Victor Martinez is quite appreciable. He stated that the school requires changes and amendments on the faulty systems. It is thus suggested that the development of the concerns among the involved members is necessary before implementing any changes or development program. On the contrary, the statement of Duane Hardy, who thinks that the parents should be completely excluded from the decision making process. Whenever the school implements any new program or decisions, it is essential to receive the monetary supports from the parents as well (Hawes and Fleming 2014). Moreover, the school authority is always answerable to the parents since they work on the students betterment. However, in such situation, eliminating the parents in involvement would not be solution to the conflicts. Advices for Managing Conflicts The conflicts emerged due to the improper decision making process. It is true that the school requires modifications within the system and involvements of the associated members. It is thus suggested that the administrative department or the school authority needs to establish a proper communication transparency to convey the messages regarding the necessities of internal changes. Once the parents and the community members become aware of these necessities, they would be able to understand the need for changes (Peng, Dunn and Conlon 2015). Accordingly, they would be able to participate in the decision making process and provide the adequate support to execute these changes. The communication through meetings and face-to-face conversation is thus quite essential. Integrative negotiation strategies for achieving joint goals Integrative negotiation is quite an important segment to achieve the goals. It generally produces satisfactory outcomes for the involved parties. If the school authority would use the positional negotiation strategy, it would be limited within the fixed viewpoints (Lu et al. 2015). However, on the other hand, the integrative negotiation has the different viewpoints that helped in implementing the innovative ideas. The creative and integrative solutions would thus provide more satisfactory outcome that could be accepted by the individuals involved in the decision making process (Haselhuhn et al. 2014). Similarly, in case of Woodson Foundation, it is essential to involve the parents of the kids as well as the community members to develop any decision for ensuring welfare purposes. The goals can be achieved through such process if the internal members would provide the expected support on such matter. Conclusion The study develops the ideas about the development of group cohesiveness and team coordination. The improvements are needed to be brought in the behavior of the internal members. It is observed that some of the internal members claim that the school authority needs to be involved in the decision making process and eliminate the viewpoints of the parents and community members. On the contrary, some of the members even think that the school needs some changes and modifications within the system by involving the perception of the external members as well. However, making the decisions by implementing the integrative negotiation process would be much fruitful to ensure the satisfactory outcomes and achieve the goals. References Coccia, M., 2014. Structure and organisational behaviour of public research institutions under unstable growth of human resources.International Journal of Services Technology and Management,20(4-6), pp.251-266. Haselhuhn, M.P., Wong, E.M., Ormiston, M.E., Inesi, M.E. and Galinsky, A.D., 2014. Negotiating face-to-face: Men's facial structure predicts negotiation performance.The Leadership Quarterly,25(5), pp.835-845. Hawes, J.M. and Fleming, D.E., 2014. Recognizing Distributive or Integrative Negotiation Opportunities in Marketing Channels: The Conceptualization of Adaptive Negotiations.Journal of Marketing Channels,21(4), pp.279-287. Lu, J., Jiang, X., Yu, H. and Li, D., 2015. Building collaborative structures for teachers autonomy and self-efficacy: the mediating role of participative management and learning culture.School Effectiveness and School Improvement,26(2), pp.240-257. Peng, A.C., Dunn, J. and Conlon, D.E., 2015. When vigilance prevails: The effect of regulatory focus and accountability on integrative negotiation outcomes.Organizational Behavior and Human Decision Processes,126, pp.77-87. Robbins, S.P., 2009.Organizational Behavior, 13/E. Pearson Education India.