Media culture focuses on investigating factors or processes that shape today’s world. With the rapidly evolving technology and the changing times, media culture plays a significant role in addressing some global emergencies such as climate, health, and structural inequalities. The reason is that the media can reach a broad audience and is instant. Today, the climate is a big global crisis that significantly affects political, economic, and social lives worldwide. More so, the media is also playing a big role in addressing structural inequality.
Structural inequality refers to the situation where certain privileges are not provided equally to all social groups or all institutions. Allocation of resources such as health is biased, which means that some groups or some institutions have more advantages than other groups.
Another factor that the media has had an impact on is the health sector. The World Health Organization has highlighted several health emergencies that should be prioritized and insists on the importance of public health (Anderson et al., 2012). This paper will focus on these three factors and evaluate how media culture has helped address these emergencies.
The media has greatly helped in sensitization on matters of climate change. This has affected the public’s opinion on the climate crisis that the global continent is facing. Without a doubt, the media is at the center of fighting climate change. It has helped raise awareness and bring to an understanding of the environment or climatic changes encouraging friendly environmental behavior (Anderson, 2017). With the media providing informative information about climate change, policymakers can make the right decisions and take the appropriate steps to handle this emergency.
Additionally, media culture helps provide a translation of information given by scientists and activists to the general public in a more understandable way. On the other hand, the media has helped people understand their rights by holding the people in power accountable for the climate crisis. This has led to media personalities interviewing government officials on what they have done in order to combat the crisis.
Such questions or interviews with politicians allow the public to evaluate the government’s initiatives and decide whether they chose the right leaders. Finally, the media emphasizes and airs the impacts of climate change and how they affect human beings. For example, by covering news of areas in which people have been swept away by floods, the media sensitizes people on the need to be more cautious and take more care of the environment to reduce climate change impacts
Media Culture and Society
The significant role of media in the health sector cannot be disputed. The media has played a huge role in ensuring that the public is well-educated on health issues. Media has been the biggest catalyst to help promote healthcare. For example, during the Coronavirus, pandemic media has been the Primary educator on rules and regulations that need to be followed to avoid contracting the disease.
Besides, it also helps bring together different partnerships, private sectors, non-governmental organizations, volunteers, and professional organizations worldwide to solve a certain health crisis (Moorhead et al., 2013). For example, it has brought together different stakeholders from different countries in an effort to find a vaccine for coronavirus disease.
Additionally, the media has also helped health workers reach disadvantaged groups in rural areas. Health workers can also keep the public updated about certain immunizations or offer guidance on measures that should be taken on emergency health complications. Apart from just education, the media also informs the public about the general health situation worldwide
It is the media’s role to provide correct statistics and correct information on the number of people infected by a certain disease or the people who are more vulnerable to infection. The media should also inform the public about geographical areas that have been affected or are more likely to be affected by a certain disease.
The fairly widespread inequalities have posed a question and need for concern as they are a potential threat for social disruption. As a result, the media has come up to play a crucial part in making the public aware of their rights and addressing inequality issues. Search inequalities include education inequality, health inequalities, ethnic inequalities, racial discrimination, gender discrimination, and employment discrimination (Childress & Nault, 2019). Such discrimination has led to conflict and violence in the past few years. Entertainment, politics, and news media all influence the public’s opinion on inequality.
Awareness of Media Culture
However, while the media has been used to promote awareness about inequalities, it has also been at the center in promoting inequality. This is majorly because most of these media channels are owned by private individuals. The channels mostly release news based on their customers or where they are located, which means that they will definitely want to give their consumers what they like to hear.
Sometimes political members even bribe the media to hide relevant information that could have been useful to the public. For example, in the case of employment, employers may employ only their family members and collaborate with the media to avoid exposing the employed list to the public. This is clear evidence that rich people or relatively high-class people have the power to manipulate information that is released to the media.
In conclusion, it is without a doubt that media plays an integral part in emergency response. On the media, it is easy to influence the public, mobilize the public, raise funds, and hold campaigns to manage an emergency. This is because it reaches information fast to the people who need it most. With advanced technology, media culture has the ability to manage emergencies, unlike in ancient times when there was no internet or technology. Nevertheless, government and media organizations deem to improve the dissemination of information. It is their role to ensure that the news released is accurate, responsible, and reliable.
Anderson, A. A. (2017). Effects of social media culture use on climate change opinion, knowledge, and behavior. In Oxford Research Encyclopedia of Climate Science.
Anderson, P. D., Suter, R. E., Mulligan, T., Bodiwala, G., Razzak, J. A., Mock, C., & International Federation for Emergency Medicine. (2012). World Health Assembly Resolution 60.22 and its importance as a health care policy tool for improving emergency care access and availability globally. Annals of emergency medicine, 60(1), 35-44.
Childress, C., & Nault, J. F. (2019). Encultured Biases: The Role of Products in Pathways to Inequality. American Sociological Review, 84(1), 115-141.
Moorhead, S. A., Hazlett, D. E., Harrison, L., Carroll, J. K., Irwin, A., & Hoving, C. (2013). A new dimension of health care: systematic review of the uses, benefits, and limitations of social media for health communication. Journal of medical Internet research, 15(4), e85.
Title: Corporate Finance and Governance. Merger refers to the legal act of combining of two preexisting corporations to form a new company. Acquisition is the absorption of one company by another through the purchase of its assets. Bankruptcy, on the other hand, refers to an entity’s legal status of being unable to service the debts it owes to creditors (Boone, 2002). It occurs when the debtor files a petition with the bankruptcy courts. The petition can be filed by an individual or a corporation.
The Birds Limited Company, it can adopt various approaches to avoid the scenarios above. The business can avoid merger by reducing costs by consolidating departments within the firm. Streamlining and departments and responsibilities can help cut costs and prevent a possible merger. The company can avoid a potential acquisition by using the staggered board of directors’ approach (Clayman, Fridson, & Troughton, 2011). A group of directors is elected at different times for multiyear terms which can delay a possible takeover. The business can negotiate with its creditors to delay filing for bankruptcy and come up with a plan to settle their debts.
Business failure is caused by a range of factors that emanate from either the macro or the microenvironment. Bankruptcy is one cause of business failure. The fact that a business is unable to service its debts leads to the insolvent liquidation. A company cannot access financial assistance from the banks if declared bankrupt. Bankruptcy can seriously derail a company’s credibility.
Poor management can lead to business failure. Enterprises that are poorly managed suffer from mismanagement of funds. Issuing credit services to such corporations is hard, and the businesses end up closing down. The banks refrain from issuing credit services to such companies, and this has a telling effect on the banking sector. Operating a business in an industry that is not profitable can lead to business failure. High-profit businesses benefit the banking sector as much as the companies benefit from the banks. Such companies can boost the banking sector since they make up part of the key stakeholders in the industry.
Unprofitable businesses cannot have the spending power or the ability to acquire massive loans from the banks. The inability to acquire and service loans stagnates the development of the banking sector.
Corporate Finance and Dividend Policy
The dividend policy contains a set of guidelines a company applies to decide on the amount to pay the shareholders. Clayman et al. (2011) acknowledge that the business has to consider a range of factors before settling on the appropriate approach when formulating dividend and capital structure policies. Business risk is one of the fundamental risks that put a company’s operations in jeopardy. The optimum debt ratio is lower in firms with a greater risk level. For instance, the risk level in a retail apparel company is much higher than that of a utility company. Therefore, the retail apparel company would have a lower optimal debt, a strategy to make the business attractive to the investors.
The company’s tax exposure is a determining factor in the formulation of the dividend policy. Debt payments are taxable. If a company’s tax rate is high, financing projects using debts is attractive because the tax deductibility of the debt payments helps the business shield some of the income from taxes (Clayman et al., 2011). Market conditions also impact the company’s capital structure condition. In a struggling market, investors may limit the company’s access to capital due to market concerns. The interest rates may be higher, and it would be advisable to wait until the market conditions return to a more normal state.
Financial flexibility is the company’s ability to raise capital in bad times. When raising capital in good times, a company must remain prudent to keep the debt level low. The lower the company’s debt level is, the more the financial flexibility it has. The growth rate also determines the approach the business uses (James Sunday, 2014). Growing businesses finance that growth through debts, their revenues are unstable and unproven. High debt loads are usually not appropriate. Established companies need less debt to finance their growth, and their incomes are stable. The established companies generate cash flow that can fund projects whenever they arise.
The board of directors is critical to the corporate finance governance and leadership in organizations. The BOD is the highest governing authority in the management structure at all publicly traded companies (Anand, 2008). The board of directors directs the company’s business. Good corporate governance is primarily based on the board’s leadership structure, board size, composition, director ownership and the roles and responsibilities. The board oversees the governance and the management of the business and to monitor the senior management’s performance closely. The BOD evaluates and approves the suitable compensation for the company’s CEO and approves the attractiveness of the dividends.
Among other core responsibilities of the board, it selects individuals to board membership and assess the performance of the board, board committees and other directors. The board reviews and approves the corporate finance and governance actions. The board also reviews and approves financial statement and financial reporting of the company (Anand, 2008).
It monitors the corporate performance and evaluates the outcomes by comparing them with the strategic plans and other long-term goals. The BOD controls the implementation of the management’s strategic plans. The Board reviews and updates the corporate finance practices to cater for developments within the micro and the macro environment. The BOD ensures that the business complies with internationally recognized governance standards. This has the implication that the BOD must be committed to upholding the best practices in corporate governance.
Anand, S. (2008). Essentials of corporate finance governance. Hoboken, N.J.: John Wiley & Sons.
Boone, A. (2002). Corporate finance policy. North Chelmsford, Mass.: CEO Press.
Clayman, M., Fridson, M., & Troughton, G. (2011). Corporate Finance. Hoboken: John Wiley & Sons, Inc.
James Sunday, K. (2014). Capital Structure and Survival Dynamic of Business Organisation: The Dividend Approach. JFA, 2(2), 20.
Title: Computer Science Ethics. As time progresses and moves forward the human race is always maintained in the mindset and zone of development. Humans are always seeking to reach higher grounds in every field unleashing a new dawn on the planet with the future realm. Technology is one of the main things that progress frequently with new fields being introduced day by day which helps the planet understand a lot of different things about our universe together with easing our daily work and routine. Ever since the introduction of the machinery to our planet humans have been fond with the fact that some physical object can carry out the same work intended for us without having to worry one bit about the outcome or what is happening in the process.
Times kept progressing and the reality has changed to the virtual world where humans focused on creating means to envision the unknown and to achieve your work in a virtual world called the internet which is now the most commonly used technology in the world. However, one of the main tools that helps in making all of this possible is the computer science and software engineering fields as a whole.
These two professions or fields are the essence and core of the machinery and the virtual world even though they are staged on what they call “the backend” of the whole project. A computer scientist is the person who developed lines of code, in a certain coding language, that when put together can form a functional asset.
This asset can be a software, a program, a website or even something as big as the internet. It should be stated that the most wanted jobs on earth through the past 5 years and the next 10 years is going to revolve around computer scientist and software engineers as this is current century we live in and this is the leading technology for humans at the moment leading for more need of computer science ethics. The programmer holds the power to shape the software as intended together with collecting personal information from the users and can easily track the tasks being conducted by the users as well. This gives them a huge room and deal over owning a software, service or even a website as they hold many priceless data.
There might be millions of software engineers out there in the world with high paying jobs and capabilities that can rule this world. However, with great power comes great responsibility as there are many different setbacks and hard situations that such people face while carrying out their job which might change their whole life. This is due to the fact that such jobs have the opportunity to collect any type of personal data needed from the users of the particular product they are developing.
Computer Science Ethics and the British Computer Society (BSC)
As a simple example, Facebook has a database that saves your e-mail, phone number, interests, likes, photos and almost everything you are interested in. Imagine what would happen if fakebook gives this information about you to a certain person; it kills all the privacy you should have as a person. This leads us to the most controversial topic related to software engineering which is the different ethical issues that circulates the profession as a whole. These kinds of ethical issues can be met and faced in various different forms which are hard to keep track off and should be respected at all times to protect the information of users and other stakeholders.
The main basic mean that helps a programmer in maintaining healthy ethics in this job would be the British Computer Society code of conduct (BCS) which is a book that holds the basic rules and ethics of being a programmer together with the dos and don’ts that should be carried on. Furthermore, it states what would be the consequences of breaching the code of conduct in full details helping the programmer understand the importance of the ethics.
This code of conduct has four main points that forms the ethics that should be followed together with somehow detailed information of each point. The first main point stated in the BCS is to respect and have regards towards the public interest of the society. This would mean to respect certain points like public health, privacy, rights of third parties and to never discriminate between people while conducting the work.
The second point to look out for in the BCS is to focus on the professional competence and integrity. This point holds within it the guidelines on which you should accept a task or not, based on your skills and knowledge. Furthermore, it speaks out to the professional work frame that you should always have like delivering work on time and always accepting criticism no matter what. This point might be common between any code of conduct in the world regardless of the profession. The third point included in the BCS revolves around the responsibility that the programmer has towards the authorities. This point is important as it assess the fact that programmers should not get involved in tasks that might affect any authority out there and should respect the laws in that certain place.
Furthermore, it speaks out generally on respecting the authority that you are working for prohibiting you from sharing the information to a different authority or causing a conflict between authorities. Last but not least, the BCS tackle the point of the programmer’s responsibility to the profession itself. This would mean to be effective and efficient at all times and try to show good case practices to other people in order to promote and encourage outsiders to join the software engineering society.
This BCS should be kept in mind at all times by any programmer no matter how big or small the task is without any exceptions as following the guidelines stated above is the key to a healthy and ethical work journey. On the other hand, not compelling with the states guidelines of the BCS would led to severe legal issues and might probably stop you from being able to work again in this field.
This code of conduct forms the general frame of situations that might be faced during the conduction of your profession together with a general idea on how to take decision regarding accepting jobs. However, it does not include every single event you might face in your life as a programmer which forms a problem for software engineers especially in this modern era due to the different small loopholes that exist in this field. This has led many different programmers to be confused regarding their decision making and the extent to which they can carry on their job. Other reasons why programmers break the code of conduct would be different incentives that might be introduced by the client, which is usually the case with money.
Yet, let’s move forward and discuss the different and most common situations out there which modern programmers face regarding maintaining their ethics. To begin with, the first main faced problem by programmers, as stated before is the fact that they have log files. These log files are records of literally every single step taken by the users of the certain software which can act as a tracker to the users. These files are important to help the programmer debug the system if it faced any type of problem.
However, having these files would mean that the programmer can see exactly what is being done by the users, thus it kills any privacy the user has the right to have.An example of a business that deals with log files in a smart way is Snapchat. Snapchat deletes log files the second it has been dealt with by the intended user, which from a programmer’s point of view is a very weak system. Yet, the users have loved and respected the idea of the privacy and the system that forgets easily.
This might not seem as a big deal when you look at the smaller picture, but you need to understand that these types of personal information in the wrong hands might affect the users in many different ways negatively. Imagine the insurance company gained more information about the smoking situation of a certain client, they will be sure to increase the rates in no time.
The second ethical issue faced by programmers worldwide is the fact that all the different clients out there are always looking to suck up money out of the pockets and wallets of users as a whole. This forces some programmers to change their business model from a service to an ATM machine that only allows depositing the money.
There is generally no free service on the internet, but actually the non-free service is already ready but it is being promoted for free in order to attract the highest number of users and then slowly charging fees for the same service that was free a week ago.In order to prevent any problems from happening, programmers should include a tiny timeline which shows when will the charges be set on this product in order to absorb any shock that will affect the people. This dilemma generally evolves to a bigger problem which is the fact that most business out there do not earn enough money from their online services if they keep it for free.
This may lead to a model being conducted by the firm that allows the sharing of the user’s information in order to make more money from interested partners. This is a dilemma due to the fact that the programmer should achieve their job by fulfilling the needs of the client while still maintaining the right privacy for the users and not breaching the code of conduct. This forces the any software engineer to focus on what is asked of him and to ensure that such situations are communicated clearly to the users beforehand in order to rationalize the problem.
Moving on the third point and a very important point to keep in mind while programming, is the concept of protection and the different layers of security that should be available and included over the user’s data. There is no doubt that involving protection is a must over the programmer to be able to protect the data of the users of the certain software.
However, the problem arises when the programmer keeps asking himself if this is enough protection or should there be more layers to protect the user and their work. If a programmer does not provide the right protection for the users of his program then he is definitely violating the BCS and is not showing right work ethics. However, the point at which enough protection is subtle is relative and different from one person to the other and from one task to the other. This forms the problem as in moments a programmer can claim that he has done enough to protect the users rights yet a user can claim that they need more privacy.
Furthermore, the problem in adding more security layers is weak and slow performance that will be obtained from the service. Hence, a solution like double-encryption for example, might not be the best idea out there even if it is suitable for the users themselves. To make matters worse, any mistake or problem in the final algorithm will stop the whole system and can only be undone by restarting the whole algorithm and system.
Adding to much security to a service, limits the programmer from adding tons of features that would take the product to the next level thus some programmers might not care about security as much as they would care about adding more modern features to their users.
Moving on to the next ethical issue faced by programmers which is the decision on whether to fix bugs in the algorithm or not. You might ask yourself “why wouldn’t the programmer fix the bugs in their own system?” Well, you need to understand that most bugs are too hard to understand and analyze and even harder to be solved as it needs efforts to go through the whole algorithm and deep thinking on the method of solving.
This fact causes tons of different bugs worldwide left unhanded by the engineers as it is not of a great concern. However, is it ethical to not solve all bugs that arise and leave a few problems met by the user as is? This is where the programmers get stuck and have different point of views. Yet, with all the contradicting point of views, the scenario most of the times turns out with no action taken because there is no definitive action to actually take. You, as a programmer, are obliged by the BCS to always do your best and solve any problem that arises according to the professional ethics law.
However, it is not always the case nor is it always solvable by humans, which is what programmers consider as an exceptional case. The dilemma keeps growing on the fact that the size of the problem is only relative to the software engineer himself and may differ from one person to the other, showing no clear guidelines on when to leave bugs as is and when to start taking a step to solve the problems.
Another different ethical problem would be the range of algorithm expansion. This is quite similar to the past two points, where having more lines of code increases the chances for facing more problems and aiding individuals to misuse the algorithm in many different way. It is truly not the responsibility of the programmer at all if other people misuse his software or algorithm by any mean however, he should at least do his part in providing the right algorithm with the best efficiency.
A tiny example would be the laptop’s camera which has an LED associated with turning on the camera as an indication. However, if you surf through the algorithm of this system, you might find a loophole to help you decouple the LED from the camera allowing you or anyone else to hack the device and spy on the target. The challenge here would be for the programmer to anticipate the different problems that might be met through their software and try to find an alternative to coding which can solve the problem. The solution here was the oldest type of camera which was the shutter camera which had a physical gate blocking the lenses which can only be removed by the user of the laptop.
The last two main problems worth mentioning that every programmer can relate too easily is the data requests dilemma and the forces by the nature of the internet. Concerning data requests, it is always relative on to which extent should the programmer defend the customers. For most website and service that works by collecting data (during the sign up process) there comes a time where your company will be asked to provide or sell this data to the government or any other interested party. Here rises a huge conflict between compiling with what is asked from a legal entity and preserving the privacy of your users.
The problem is the fact that it is almost impossible to go toe to toe with the legal entities or the governmental authorities as the process will take too much effort and probably all of your funds. Usually companies that go through this situation tend to leave the firm or just comply as it is always hard to do anything else. The second point for concern is the method of interacting with the nature of the internet as this modern invention is full of hassles. Simply, as an international law student would be aware, each and every country has its own set of laws. Laws might be almost similar but only between countries of the same level.
Trying to develop a software or a service might mean that the initial privacy and ethical standards that a programmer would provide would be enough to suite only the needs of the users of the local country concerned. However, when this product expands, the programmer is stuck, not knowing whether to set terms relevant to this country or the other one. Furthermore, there might be a lot of collisions between what is needed from one government and what is not essential for the other. Thus, it is impossible to have a software or algorithm that can fit all the different standards and it’s always a hassle to find the right guidelines which will help you benefit as much people as possible.
These were just a few of the many different situations, problems, hassles and loopholes that are likely to be face and common between all software engineers and programmers worldwide. With this being said, it is important to find the right way to answer and assess such problems as there should be a solution taken to solve for all this.
It is important to consider and keep in mind the ethics of work and code of conduct at all times while trying to perform the job and while taking decisions in order to at least tone decrease the margin for any issues that might arise. The best practices out there is to always understand who are the audience for this certain product on the long run, hence trying to always set your algorithms initially to fit all standards. Furthermore, a good programmer should always have a clear look towards the future of the product and the development that might arise.
This is because development of a product is usually the factor that starts the breakdown of certain rules and ethics. It is important for the programmer to always include in the contract biding between them and their client, firm clauses that stops any future amendments to change important security features. The main point behind the ethics and the code of conduct is to mainly preserver the privacy of the users together with the credibility and integrity of the software engineer. The best advice out there to any programmer is to always be open and honest to the users and clients. Being open with all the problems and the different under staged deals that are being communicated by other firms or governmental entities. Having the people observe what is happening is a key that will have all your users aid you and stand beside or just accept the terms as they know how you are bounded.
Regardless of the presence of a solution or not, it is a must over all software engineers to respect and follow the BCS code of conduct at all times as the oath they swore is of important honor. However, speculations by time has been surrounding the code of conduct due to outdated clauses that it holds and a lot of people has suggested a few changes to the code of conduct which will help more specific ideas be tackled rather than just a general vague concept. Different conferences have been held every once in a while in order to discuss these ideas and quite few minor changes has been accompanied as a conclusion and this is something we are much more looking forward to. The best part is that the process of amendment takes place in certain overseas conferences that holds hundreds of worldwide software engineers. This would mean, that your voice as a programmer will be heard and what you have been put through can actually be prevented from happening again.
As a conclusion, there are a lot of different problems and hard-ons that a software engineer might face though out their professional career despite the amazing perks that this career might provide. As stated earlier, with great power comes great responsibility and it is important for all employees out there to show respect towards the responsibility put upon them. The setbacks can range from personal decision-making situations where the programmer has to choose whether to put more effort in a certain task or not, while other situations might be forced by external factors whether it’s the client, other buyers or the government itself.
Such external factors are harder to deal with, however there should be great precautions taken by the engineer even before the problem arise which can at least give them a starting push when in face of trouble. There should be no exception at all times to break the code of conduct no matter what the case is and this is what is being taught to all graduated programmers as it is the essence of a successful work life.-
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Over the past decade, the business world has been positively and negatively affected by several disruptive innovations. Disruptive innovation occurs when a new or underrated company initially at the bottom of an industry’s market moves up and eventually displaces the existing competitors. It alters the industry’s competition strategies by introducing completely new approaches. The term disruptive innovation was first coined in the book, The Innovator’s Dilemma. In the 1997 best-seller, a Harvard Business School professor wrote about “why some innovations that were radical in nature reinforced the incumbent’s position in a certain industry, contrary to what previous models would predict.”
New business adopts new layouts that cannot be mimicked by competitors making it the lead in that specific industry. This subsequently affects the entire market network and processes. For that reason, businesses have been striving to shift their means of operation to keep up with this competition.
Disruptive innovation has led to business shifts from traditional approaches to modern technological approaches. Technology is continuously experiencing a revolution. Technical changes or digital innovations lead to a technology disruption (Rachinger, Korajman, Vorbach & Guggenberger, 2019). An excellent example of how companies have shifted due to the internet and digital innovation is in the competition techniques.
Companies have adapted to a digital transformation strategy in which they integrate various digital technologies in all the main business operation areas. Offering customers an exemplary digital experience at a low operation cost demands new technological business applications. In the end, the market concedes these innovations. They speed up operations and convey businesses’ outcomes more effectively.
Digital transformation means a change in a business’s culture as well as a change in thought. This transformation has created a need for organizations to change their dynamics to swiftly cater to the industry’s changing needs. Today’s management teams are working hand in hand with IT experts to meet the industry’s competition by speeding up the company’s activities, lowering operational costs, and generally improving the whole business process.
The digital transformation process positions the customer at the center of the business model (Kotarba, 2018). Businesses are taking advantage of technology to reach their customers more effectively and efficiently through mass media and advertisements. This new model shapes and changes the entire working and operations of a business. Technology has also made it easier to adapt to the changing demands of the market.
However, these technological disruptions have not been advantageous for all businesses. They are a great challenge for companies that have not been able to cope with the sudden changes followed by high paces. This has seen the disintegration of past business models and the closure of big businesses.
DisruptiveInnovation and Technological change
Technological change has influenced and pushed businesses beyond the traditional business models from the strategy to the operations. The Australian government is committed to delivering a stable, safe, and inclusive digital economy. It has seized all chances and opportunities brought about by the digital transformation. Most businesses have adapted to innovations such as remote sensors, blockchain, quantum computing, artificial intelligence, robots, and autonomous techniques into their processes, and the results are improved outputs.
More industries have been created for the production of more products and services. Endorsement of digital transformation has brought about more employment opportunities, improved life quality, better-paying jobs, and an improved ministry of industry.
Australia has laid out all the future opportunities and challenges brought about by technological changes. This has enabled businesses to maximize and augment the available opportunities. According to research, Australia’s digital technology innovations contributed to approximately 58 percent of the country’s economy in 2014, and the estimated improvement over the next ten years could be around 315 billion dollars (Fleischmann, Daniel & Welters, 2017). To ensure that all its citizens survive in the technological disruption and that no one is left behind, the government points out all work that is ongoing and analyzes more recommended efforts.
Australia’s digital future is fixated on four primary areas, which include the people, digital tools, digital services, and the regulatory system. The government focuses on people by ensuring that citizens have the right digital skills to operate on new technological innovations. It also ensures that digital tools are integrated by providing adequate infrastructure.
Regulatory systems are maintained by the government, providing an enabling environment that ensures cybersecurity. The government also focuses on better ways to deliver digital services to all citizens equally. Digital technologies have delivered benefits across the economy sectors, such as agriculture, services, health, mining, manufacturing, education, transport, tourism, and emergency services.
However, despite a significant increment in the employment rates, some jobs have definitely been lost. An example is the truck drivers in mine areas who have been taken over by automatic trucks that do not require personnel operation and are safer. The CEDA (Committee for Economic Development of Australia) has envisioned that of all the jobs that would be lost, 40 percent would be attributed to replacement by automation (Healy, Nicholson & Gahan, 2017). The benefit brought by disruption, however, oversee the disadvantages as more employment rates have been recorded since the technological advancements began.
Fleischmann, K., Daniel, R., & Welters, R. (2017). Developing a regional economy through creative industries: disruptive innovation capacity in a regional Australian city. Creative Industries Journal, 10(2), 119-138.
Healy, J., Nicholson, D., & Gahan, P. (2017). The Future of Work in Australia: Anticipating how new technologies will reshape labor markets, occupations, and skill requirements. Department of Education.
Kotarba, M. (2018). Digital transformation of business models. Foundations of Management, 10(1), 123-142.
Rachinger, M., Korajman, I., Vorbach, S., & Guggenberger, T. (2019, June). The Influence of Technological Disruptions in Business Ecosystems on Elements of Companies’ Business Models. In R&D Management Conference 2019.
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Risk Management Strategies MBA Project. Risk management is the process of identifying and evaluating the possibility of threats that are posed to operations of an organization. Every organization is faced with challenges whose potential could negatively affect the business. In this regard, the mandate of the organization is to ensure that the risks are identified and evaluated comprehensively so that the best measures can be put in place to prevent a possible spread and damage of those risks.
The management of risks in the operations of an organization includes making them a priority and coordinating resources to mitigate them and preventing damages that could come from them (Hopkin et al, 2018). These risks are posed to businesses and organizations from time to time, making it necessary for the respective organizations to come up with risk management strategies. In this report, the technical aspect of risk management in operations of an organization will be discussed in detail.
Identification of Information Assets using Risk Management Strategies
Every organization has information assets that are very important to them. They are tools of data that help the organization to run its activities and programs. Without the help of these information assets, it is not possible for the business to make progress and plans for the future. There are various types of information assets in a business that should be protected from risks. A lot of threats are posed to these information assets and hence the need to manage those risks. These information assets include;
Trade secrets: Every business has unique features and secrets of trade that makes them different from their competitors in business. These trade secrets include designs, formulas, procedures, processes, techniques and methods of production and operations. All these trade secrets are documented and kept secure for the good of the business. To businesses that keep leading in the market place, their greatest competitive advantage is the trade secrets. They are very unique to the operations and undertakings of the business. (Rampini et al, 2019). They are therefore kept safe and secure so that they cannot be assessed by third parties and intruders. In this way, the organization’s leadership puts measures in place to prevent the risk of having these trade secrets leaked. They form part of the most sensitive part of information assets within an organization and they are also not made available to every member of the team. They can only be accessed by the crucial and relevant team to avoid the aforementioned risk.
Strategies: Every organization has a strategy and a plan that outlines the goals and objectives of the company. They are kept as secret to act as pointers of direction towards a projected future. The quality of those strategies and plan determines the highest level of success and influence that a business can ever command in the marketplace. This piece of information asset is therefore very important to an organization. They help them to understand what is expected of them in every step of the way. The risk of having such information leaked would deprive the organization the chance of leading because the strategy could be implemented to the advantage of a competitor.
Support decision: This is one of the most important parts of information of the organization as far as data assets are concerned. It entails the decisions made the leadership of the organization and the decisions they make from time to time. All the styles of leadership and decisions of progress made are documented in this piece of information asset. There is therefore need to keep such information confidential and out of bound by intruders and third parties. It is very risky to have that information hacked because trade secrets and strategies would be accessed as well. The only way to manage such a risk is to improve security of the network systems and keeping the information with the radius on only relevant staff (Dang, et al, 2014).
Marketing media and techniques: To every organization, there is a marketing team that creates awareness of the brand to the market. Each team has its own techniques that keep them relevant in the pursuit of advertisements. In this way, the secrets of marketing have to be kept safe so that they are copied and implemented to favor competitors. The marketing media therefore and all their details are kept very safe and there is need to manage every threat can could be posed to them. Most marketing videos and posters of advertisement do not carry the trademark because they are raw and specific to the awareness they are intended to create (Louche et al, 2017). To prevent a case where they are tampered with or even stolen, managements ensure that they remain a top secret and safely kept within the organization data. This is done to ensure that all possible risks are mitigated and managed effectively.
Trademarks and copyrights: No matter how successful a business or an organization is, they are nothing without trademarks and copyrights. Every competitor is out to make a kill and the malicious ones don’t mind doing it the wrong way. One of the wicked encounters that face businesses and organizations is not securing their brands from trademark and copyright infringements. It is very necessary to ensure that the business and its copyright are secured through legal procedures that are within the jurisdiction of the rule of law. In this way, there will be consequences to everyone who tries to tamper with them. If the legal processes are well followed in this regard, the aforementioned risk is managed and mitigated.
Weighted Factor Analysis
This refers to the techniques used by businesses and organizations to assess and audit competing alternatives against each other before implementation. Every implementation especially regarding management of risk is evaluated comprehensively against other possible choices so as to come up with the most appropriate method. It is very important to ensure that proper auditing of alternatives is done before implementation. In risk management, weighted factor analysis is followed before the final decision is made on which path to go (Al-Zuheri et al, 2019).
In the decision-making process for instance, the management will assemble all the listed ideas concerning the best method to mitigate risks. Decisions are not just made without the process of weighted factor analysis. Members of the group might be required to come up with a strategy that would help the organization overcome various challenges. In this respect, they issue their opinions to the management for assessment. This is where the weighted factor analysis procedure comes in. after the various operational evaluations, the leadership of the business or the taskforce given that mandate can make a final decision and that will be the most appropriate in risk management.
The management of the company does not rely on analysis opinions of the members alone. They also engage the leadership team in the process through focus groups and individual assessments. They are allowed to showcase their beliefs and ideologies concerning matters of risk management and possible threats. This is a very important procedure because it puts the two groups under scrutiny and the idea is to assess the most appropriate idea to follow. They can assess and distinguish between the appropriate of ideas given by members against those given by the management. They also assess the possibility of future outcomes and the ideas that were relevant in successfully fighting former risks in business. After that, they are able to make the right decisions that will help in the mitigation of risks and their management (Cohen et al, 2019).
Risk Probability and Impact
Probability of risk is the likelihood of a threat to the business that carries a series of impacts with it. The probability of risk is always assessed and understood by the organization before it is made a priority. The probable risks fall under the category of operational risks, credit risks, market risks or even liquidity risks. Some of the risk probabilities and their impacts are discussed below.
Loss of suppliers and customers: No matter how influential a business can be, it is not functional without suppliers and customers. These two pillars are the working engine of business because it cannot be operated with suppliers and customers. Worse still, it is not possible to operate with one without the other. Businesses therefore need to need to check on all possibilities of losing these two important pillars of business (Wang et al, 2013). The impact of losing them would capsize the business and leave it on its knees. Businesses are not able to operate and the result could be to shut them down.
Natural disasters: Some occurrences are very unavoidable and human control is almost irrelevant. Floods or fire damages are possible risks that face businesses from time to time. Diseases and sicknesses like the current global pandemic of corona virus have brought economies of most businesses to their knees. Some of the business risks from natural disasters are unprecedented and it is important to mitigate the risks as much as possible. The impact felt from these disasters is that businesses lose control and focus. Customers change priorities as they focus on cushioning themselves against those disasters. Nonetheless, the flow of supply and items is affected to a great extent making it hard for businesses to maintain momentum of operation (Lawler et al, 2019).
Bankruptcy and financial loses: Working capital in most businesses is borrowed from financial institutions. Some businesses thrive on those loans and are able to pay them back. However, there is a risk possibility especially when they are not able to clear those debts. More so, business has very many shades and circles that affect its operations and profit making strategy. They are supposed to be managed in the most possible ways and convenient times (Jung et al, 2017). The overall impact of this possible risk is shutting down of businesses, auctioning of property, people losing jobs and filing for bankruptcy.
Acceptance Risk Control
Acceptance risk control is the deliberate approval of strategies put in place to manage risks. There are various processes that the management of an organization uses to implement decisions that pertain to the risks identified and their possible threats. Every taskforce within an organization has the mandate of coming up with the best strategies of risk management and mitigation so as to spearhead approval through acceptance risk control (Rampini et al, 2016).
To accept risk control comes in various shapes and sizes. A good example is avoidance of a certain agenda. If an organization was overspending on budgets, the possible risk is loss of finances whose aftermath would be chaotic to the whole business. There are other negative operational strategies that don’t make economic sense according to the management. The acceptance risk control measure in this case will be to avoid the strategy. Avoidance helps to manage the risk and come up with alternatives methods of operation. This has everything to do with taking action to ensure that all the risks are managed.
Transference and change of tact is part of acceptance risk control. Nothing saves the business from losses and risks better than this tack. Accepting the control measure is simply characterized by action and management-oriented practices. There is transfer of operations within the group and the taskforce is supposed to ensure that the measures put in place can eliminate the probability of extended risks to a great extent. Mitigation techniques are very important at this stage and this call for massive action to curb the threat of various business risks. It is recommended to use the most appropriate methods to ensure that the risks are mitigated through control acceptance (Giannakis et al, 2019).
Microsoft Risk Management Approach
This refers to the technical aspect of risk management strategies and the approach taken by an organization within a network system. There are various security baselines that need to be protected from cyber threats that have been advanced with technological improvements. The possible risk control management approach is to ensure that the best has been done to secure the systems of cyber threats. The approach is to put measures that can possibly deal with cyber crime and that have an aspect of security. These approaches are specific to the intended use as described below.
Putting Up Security Firewalls
Installation of firewalls on computers is important in securing a network system from threats of attacks. Every business faces the danger of being attacked by cyber criminals through malwares and malicious virus (Aven et al, 2016). These viruses are dangerous and they might hack a lot of details that would otherwise cripple the business.
Educating the Team of Cyber Threats
The management should ensure that all members working in their various teams are enlightened on how to avoid these risks. They are supposed to be taught how to control threats like phishing attacks and avoiding to open strange emails, attachments of following suspicious links to avoid entertaining the possibility of installing viruses on computers without knowing.
Keeping Confidential Information Safe
There are very important pieces of data and information that should be kept safe. These pieces of information include trade secrets, trademarks & copyrights, support decisions, strategies and plans and organizational goals and objectives of the projected future. Legal licenses, list of customers and suppliers and financial database also falls under this category. These forms of information should not be let loose to members they don’t concern. They should be kept confidential to avoid the threat of leakage which could otherwise be used to plot a second stage attack to the organization (Giannakis et al, 2016).
Factor Analysis of Information Risk
To every organization, the magnitude of risk posed to them can only be controlled is factor analysis of information is put in place. A lot of data within an organization is at risk considering that the cyber criminals know that it is the epitome of the organization. There is therefore need to have the best mechanisms in place so as to assess the risk that comes with information assets. The aforementioned information assets are supposed to be secured and the best way to do that is through factor analysis.
Accurate possibilities of risk management can only be enhanced through factor analysis. It is not possible to have the best proposal of solutions and this can only be achieved if the analysis is done comprehensively. The assessment of these risks follows a certain pattern that is prominent to the organization in question. In most cases, the proximity of a successful endeavor is determined by the factor analysis of information risk (Leisen et al, 2019).
Information assets are the greatest pillars the organization. They hold the company together through documentation of data that is crucial to the organization. To avoid loss of such data, the most appropriate methods should be put in place to ensure that risks are mitigated in the best ways possible. This can only be achieved if the management is willing to implement factor analysis of information risk.
In conclusion, robust risk management strategies are very important in business. Risks are bound to occur in groups, companies and organizations from time to time. They present in various forms and high-level mitigation is required to avoid getting overwhelmed. In the above-mentioned recommendations, risks can be managed and mitigated effectively if followed through. The quality of business standing and its relevance and longevity in the marketplace is determined by how well risks are managed. In fact, the ability to manage risks in business effectively is a competitive advantage.
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Leisen, R., Steffen, B., & Weber, C. (2019). Regulatory risk and the resilience of new sustainable business models in the energy sector. Journal of cleaner production, 219, 865-878.
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