Virtual enterprise – Virt Ent http://virtent.com/ Wed, 20 Jul 2022 16:31:32 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://virtent.com/wp-content/uploads/2021/10/icon-23-120x120.png Virtual enterprise – Virt Ent http://virtent.com/ 32 32 Building a larger, more connected business https://virtent.com/building-a-larger-more-connected-business/ Wed, 20 Jul 2022 16:31:32 +0000 https://virtent.com/building-a-larger-more-connected-business/ The Virtual Enterprise: Creating a Larger, More Connected Enterprise By Mark Foster | President, IBM Consulting July 20, 2022 The past two years have demonstrated the power of exponential technologies like AI, automation and hybrid cloud to accelerate digital transformation, as companies seek to better serve their customers and find new sources of value emerging […]]]>

The Virtual Enterprise: Creating a Larger, More Connected Enterprise

By Mark Foster | President, IBM Consulting

July 20, 2022

The past two years have demonstrated the power of exponential technologies like AI, automation and hybrid cloud to accelerate digital transformation, as companies seek to better serve their customers and find new sources of value emerging from the pandemic. Today, new imperatives, such as sustainability and security, are at the heart of business leaders’ concerns, while at the same time these leaders must meet new geopolitical and commercial challenges that impact their chains. of supply, their talents and their costs.

By speaking with clients around the world about their post-COVID strategies, we gain insight into the types of organizations most likely to succeed over the next decade. Successful business leaders embrace what we call the virtual business – a new destination for modern businesses where advanced digitization, platforms and partnerships are the essential model for competitive advantage. The virtual enterprise presents the following approaches:

Develop an ecosystem of partners. Openness is at the heart of virtual business, and in this digitally interconnected world, ecosystems will scale businesses and drive growth. The State Bank of India, for example, has partnered with over 100 e-commerce vendors to transform its traditional banking platform into an online marketplace for third-party offerings and a digital financial supermarket – SBI YONO (“You only need one”) – which aims to attract younger, more digitally savvy customers. SBI YONO quickly became a mobile platform with more than 10 million daily connections and 64 million downloads.

Innovate with scientific and data-driven approaches. In today’s virtual world, openness accelerates a process of scientific discovery. Access to technologies such as AI, automation and now quantum computing allow companies to sift through the massive proliferation of data and use it as a source of innovation in ecosystems. Cleveland Clinic, for example, is setting up the Discovery Accelerator, a center that will deploy hybrid cloud, AI and quantum to improve research in genomics, single-cell transcriptomics, clinical applications, drug discovery and population health.

Develop intelligent workflows. Organizations are increasingly applying AI and automation to reinvent internal business processes such as hiring, supply chain or customer service. Extending these smart workflows across ecosystems provides even more insights to fuel transformation. As a result of the pandemic, Pandora, an international jewelry manufacturer and retailer, was forced to close most of its stores and pivot to online retail. The company quickly transformed a complete order management platform into an omnichannel “commerce on the cloud” solution. Smart workflows now give in-store staff and virtual customer service representatives end-to-end visibility to better meet consumer needs.

Create inclusive human-technology partnerships. One thing we have learned through the pandemic experience is the importance of empathetic engagement. Virtualization has created hybrid ways of working within an organization that require leaders to take a closer look at the intersection of talent and technology. Anxious to create new customer offers on digital channels, Orange France has developed a complete “Orange Campus” program to strengthen the digital skills of employees around a vision of the harmonious articulation between human talent and technology. Orange France stimulated professional mobility by helping employees acquire essential digital skills; fifty percent of the telecom company’s workforce acquired these new skills through the program.

Embrace the power of sustainability. As CEO report that increasing sustainability is one of their top priorities, new technology-enabled business models can help solve some of our biggest environmental challenges. As part of its efforts to create a sustainable world without hunger, Norwegian company Yara has created a digital platform for sustainable agriculture with the aim of connecting and empowering independent farmers around the world. The yara The platform provides holistic digital services and instant agronomic advice to over three million farmers, helping to avoid deforestation and increase food production on existing farmland.

Create an open and secure hybrid cloud architecture. An open and secure hybrid cloud architecture is needed to effectively use data and provide the flexibility, agility, and security required by digital transformation. It also enables the openness needed to connect with ecosystem partners and fully exploit the potential of digitization. Bharti Airtel, one of India’s largest integrated telecom operators, has turned to a modern hybrid cloud architecture to deliver more responsive networks that leverage automation and AI to deploy new services in the right place and at the correct network level.

In today’s world, change is the only constant. Business leaders must embrace the new virtual enterprise and capitalize on new opportunities that will give them a competitive advantage in the market. As these customer stories show, IBM is uniquely positioned to help them at every stage of their journey.

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Teen Entrepreneurs Get 1st Place in Virtual Business Competition https://virtent.com/teen-entrepreneurs-get-1st-place-in-virtual-business-competition/ Tue, 12 Apr 2022 08:08:17 +0000 https://virtent.com/teen-entrepreneurs-get-1st-place-in-virtual-business-competition/ WESTHAMPTON BEACH, NY – Teen entrepreneurs in Westhampton Beach recently scored a major victory in a virtual business competition. Westhampton Beach High School’s virtual business team, Opal, outperformed teams across the country, winning first place in the National VE Business Plan Competition, held at the United Federation of Teachers in New York, a declared the […]]]>

WESTHAMPTON BEACH, NY – Teen entrepreneurs in Westhampton Beach recently scored a major victory in a virtual business competition.

Westhampton Beach High School’s virtual business team, Opal, outperformed teams across the country, winning first place in the National VE Business Plan Competition, held at the United Federation of Teachers in New York, a declared the Westhampton Beach Union Free School District.

They and three of their virtual business peers also took third place in the nationwide Quickbooks competition, the district said.

To claim first place in the business plan competition, the Westhampton Beach team – made up of Avery Allen, Brooke Bertorello, Jessica Dunn, Gavin Ehlers, Valerie Finke and Bridget Lopez – competed against 1,243 teams from across the states -United.

“When Opal was announced as the first place winner, our team was thrilled,” said VE teacher Amy Demchak. “I can safely say that this was the highlight of my students’ senior year and a memory we will all treasure forever. I am so proud of this amazing team and can’t wait to see what the future holds for this brilliant group of young entrepreneurs.”

Team Opal’s virtual business plan focused on an online thrift store aimed at mitigating the harmful effects of fast fashion on the environment while giving new life to pre-loved clothes, the district said.

“Opal embraces the shadow economy, enticing shippers with its upfront payment method,” the district said.

In addition to Team Opal winning first place, Virtual Enterprise students placed third in the national county Quickbooks competition and were finalists in human resources and marketing competitions.

Students who won the award included: Brooke Bertorello, Gavin Ehlers and Valerie Finke, for QuickBooks; Avery Allen, Abbie Jarzombek and Bridget Lopez, for marketing; and James Daniels, Jessica Dunn and Mason Sattler, for human resources.

Westhampton Beach High School’s Virtual Business Business Program requires students to create a business concept and formulate plans to market their vision; students compete and showcase their plans at several events and competitions throughout the year, the district said.

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Virtual Enterprise students prepare to leave for New York competition – The Bark https://virtent.com/virtual-enterprise-students-prepare-to-leave-for-new-york-competition-the-bark/ Tue, 29 Mar 2022 19:36:11 +0000 https://virtent.com/virtual-enterprise-students-prepare-to-leave-for-new-york-competition-the-bark/ Bearden Virtual Enterprise students are finalizing preparations for their biggest competition of the year. Eight students will depart for New York on Sunday to participate in the three-day event. Virtual Enterprise is an international high school program that teaches students how to run a business with the help of mentors and business professors to prepare […]]]>

Bearden Virtual Enterprise students are finalizing preparations for their biggest competition of the year. Eight students will depart for New York on Sunday to participate in the three-day event.

Virtual Enterprise is an international high school program that teaches students how to run a business with the help of mentors and business professors to prepare students for the possibility of a future in business.

VE is a capstone course and each student must complete a business course prior to the course.

VE is a high-participation class that forces students to step out of their comfort zone. One of the goals of VE is to give students a better understanding of economics, by getting paychecks, paying bills, managing a budget, and paying taxes.

Students are interviewed for Virtual Enterprise and after being accepted for the one-year course, they brainstorm business ideas and fall into different roles, from CEO to salesperson. They participate in several competitions a year. For some VE students, the most anticipated is the New York competition.

“You must qualify for the trip to New York (individually and as a company),” said VE sponsor Ms. Jami Aylor. “This year we qualified in social media, HR and QuickBooks.”

Virtual Enterprise will pitch at Long Island University (Brooklyn Campus) against many other VE companies across the country.

The first round is a preliminary round that we have to take part in and if we make it, we will take part in the final round for the final classification,” said junior Kenna Venard. “On other days, we plan to do several city tours to better understand the concept of business in America.”

VE’s first task in New York is to compete with other high school programs and deepen their knowledge of running a business, but it can also be a fun journey for students, whose hard work finally pays off. its fruit. During the trip, students will sightsee, attend a Broadway musical, and visit well-known New York restaurants when not competing.

This year’s venture is Plas Tech, and its goal is to remove microplastics from drinking water and limit the effects that ingesting microplastics can cause. Toxic properties such as carcinogens can be found in microplastics, which have been shown to cause cancers and other life-threatening diseases. Plas Tech’s activity therefore strives to provide a non-toxic alternative to traditional plastic, starting with the bottle.

In our company this year, PlasTech, my role is the director of brand strategy, which means that I am in charge of the graphic design of the brand image of the company,” said Venard.

After multiple competitions and fairs, the work is finally bearing fruit. VE students have worked all year to perfect their business, website and talking points for Plas Tech and are excited to represent Bearden High School at the Nationals.

“I’m very happy to be qualified to go to New York,” Kaili Ajamie said. “It’s very unreal and special to compete against people from all over the country.

“My team and I put a lot of time and effort into making this presentation the best it could be, and I’m very proud of us.”

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After historic wins in California, Ridgeview Virtual Enterprise takes on Wall Street https://virtent.com/after-historic-wins-in-california-ridgeview-virtual-enterprise-takes-on-wall-street/ Tue, 22 Mar 2022 07:00:00 +0000 https://virtent.com/after-historic-wins-in-california-ridgeview-virtual-enterprise-takes-on-wall-street/ BAKERSFIELD, CA (KGETComment) – For Ridgeview High’s Virtual Enterprise Class, cross-country airfare is anything but business as usual. “Nerves will probably hit me the day before, like on the plane ride,” said senior Alexsandra Lochridge. “Once we get to New York, I’ll be like, ‘Wow, this is real. “” Ten Ridgeview students are heading to […]]]>

BAKERSFIELD, CA (KGETComment) – For Ridgeview High’s Virtual Enterprise Class, cross-country airfare is anything but business as usual.

“Nerves will probably hit me the day before, like on the plane ride,” said senior Alexsandra Lochridge. “Once we get to New York, I’ll be like, ‘Wow, this is real. “”

Ten Ridgeview students are heading to Wall Street next month to pitch their simulated companies to real investors. For a program historically overshadowed by area powerhouses like Bakersfield and Centennial High Schools, history feels good.

“This is the first time Bakersfield has sent two schools to New York,” Virtual Enterprise coach Miguel Garcia said. “This is the first time in California history that a school has sent the number one and two ranked schools to New York. It means a lot.”

During his two years at Ridgeview, Garcia transformed a program that failed to compete with the state for a decade. He gives all the credit to his students.

“People congratulate me on our success,” Garcia said. “But as I always tell them, kids make it look like I know what I’m doing. I really have the best children.

These kids created two award-winning virtual businesses this year. There’s Nature’s Canvas…

“Nature’s Canvas is essentially a one-stop art supply store,” said Mickayla Esparza, senior. “We sell products that are completely environmentally friendly.”

…and Toys and Tails.

“We’re basically a one-stop luxury dog ​​boutique,” Lochridge said.

Both teams will be pitching their business plans and marketing tactics to schools across the country in New York City, and understandably, nerves are on edge.

“It’s been stressful, but it’s also very rewarding,” said elder Ivan Barajas.

Ask any VE student what the best part of the trip was, and you’ll get the same answer.

“Being able to do all of this with my friends,” Barajas said.

“My team members are really my best friends now,” Esparza said.

Senior Janae Hutson said, “The best part is just being able to go through all the emotions and build something from scratch with my best friends.”

The national show kicks off in New York on April 2. It has been almost two decades since a team represented Ridgeview on Wall Street.

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Two-Day Virtual Enterprise Risk Management (ERM) Course: Strategies, Methods, and Processes – April 11-12, 2022 – ResearchAndMarkets.com https://virtent.com/two-day-virtual-enterprise-risk-management-erm-course-strategies-methods-and-processes-april-11-12-2022-researchandmarkets-com/ Fri, 04 Mar 2022 11:33:00 +0000 https://virtent.com/two-day-virtual-enterprise-risk-management-erm-course-strategies-methods-and-processes-april-11-12-2022-researchandmarkets-com/ DUBLIN–(BUSINESS WIRE)–The “Enterprise Risk Management (ERM)” training has been added to from ResearchAndMarkets.com offer. The course will provide participants with the insight, knowledge and skills to understand the risks and benefits of enterprise risk management and learn how COSO – Enterprise risk management (ERM) includes the strategies, methods, and processes used by business organizations to […]]]>

DUBLIN–(BUSINESS WIRE)–The “Enterprise Risk Management (ERM)” training has been added to from ResearchAndMarkets.com offer.

The course will provide participants with the insight, knowledge and skills to understand the risks and benefits of enterprise risk management and learn how COSO –

Enterprise risk management (ERM) includes the strategies, methods, and processes used by business organizations to manage risk.

ERM defines a risk management framework. This typically involves identifying specific events or circumstances related to the business organization’s objectives (in terms of risks and opportunities), evaluating them based on their likelihood of occurrence and magnitude of impact. company, determine a response strategy and monitor progress. of the event, the response and the result.

By being proactive in identifying and managing these risks and opportunities, business organizations protect shareholder value and create additional value for their stakeholders, including owners, employees, customers, regulators, and ultimately, society as a whole.

ERM can also be viewed as a risk-based approach to managing a business, incorporating internal control concepts, regulatory requirements (such as Sarbanes-Oxley) and strategic planning.

ERM continues to evolve and aims to meet the needs of diverse stakeholders, who wish to understand the broad continuum of risks faced by complex organizations in order to ensure that they are managed appropriately. Regulators and rating agencies have also increased their oversight of corporate and corporate risk management processes. This heightened scrutiny is now an important part of how the outside world perceives business organizations.

This 2-day hands-on training course provides you with an understanding of the requirements needed to design and implement an appropriate enterprise risk management system i.e. policies, procedures, practices and responsibilities necessary to establish the right levels of risk management in accordance with the standards in force and the other requirements of their organizations. It will compare their ERM practices to the COSO – ERM framework and learn how to implement an effective ERM system.

The course offers delegates the opportunity to benchmark their ERM practices against the COSO – ERM framework and learn how to implement an effective ERM system.

Organizations are increasingly concerned and focused on risk management. The challenge for management in private and public organizations today is to determine how much uncertainty to accept as it strives to achieve the organization’s goals and deliver value to its stakeholders. .

The solution to this challenge is the establishment of an enterprise risk management (ERM) system and processes that effectively identify, assess and manage risks to acceptable levels.

The COSO Enterprise Risk Management – Integrated Framework is designed to provide best practice guidance for managing businesses and other entities to improve how they deal with these challenges.

COSO – ERM integrates various risk management concepts into a solid framework in which a common definition is established, components are identified and key concepts are described. This allows COSO to provide a starting point for organizations to assess and improve their enterprise risk management.

Course objectives:

The ERM framework enables organizations and management to:

  • Comply with corporate governance requirements (such as various international standards such as Sarbanes-Oxley and the Cadbury report),

  • Align risk appetite and strategy,

  • Improve risk response decisions,

  • Reduce surprises and operational losses,

  • Identify and manage multiple and cross-cutting risks,

  • Provide integrated responses to multiple risks,

  • Improve capital deployment,

  • Introduces the concept of unpredictability and the steps that can be taken to mitigate its impact.

Main topics covered:

Day 01 (9:00 a.m. – 3:00 p.m. PDT

  • What is the risk about?

  • What is risk?

  • Governance issues

  • Risk issues

  • Legislative issues

  • Security

  • Internal threats

  • External threats

  • Physical Security

International Standards for ERM

  • International risk management frameworks

  • What is ERM?

  • Standards

ERM in practice

  • Key ERM Implementation Factors

  • Organizational design

  • Connections

  • Implementation of ERM

  • ERM organization

  • Risk assessment

  • Risk models

  • Risk analysis

  • Determine risk appetite

  • Identify risk responses

  • Impact and Likelihood

  • Communication of results

  • Management control and periodic review

  • Generic risk management frameworks

Case Study – Allied Irish Bank

  • Our opening case study is a story about currency trading, accounting practices, organizational dynamics and human psychology or how John Rusnak lost $691 million for Allied Irish Bank.

The ERM funnel

  • Strategic targets

  • Risk assessment

  • Risk Tolerance Matrix

  • Risk analysis

  • Risk strategy

  • Risk infrastructure

CSO

  • The COSO ERM framework is examined in detail

ERM and corporate governance

  • Defining corporate governance as part of ERM

Auditors in GRE

  • What does ERM look like in various industries including,

  • Internal audit assignments

  • ERM activities

  • Evolution of audit approaches

  • Impact of COSO on ERM

  • COSO ERM Components

  • ERM information flow

  • Driving forces of ERM

  • Questions to the Board of Directors

  • Internal audit issues

  • Maintaining independence

  • How internal auditors add value

Business process and GRE

  • Why mastering business processing is so important for ERM

  • Map process risks

Day 02 (9:00 a.m. – 3:00 p.m. PDT)

Practical implementation of ERM

  • ERM and its related risk management processes

  • ERM drivers

  • Recent Survey Results

  • Key objectives

  • Definition of “risk”

  • Public enterprise view of ERM

  • Private enterprise view of ERM

  • Balancing diverse viewpoints – consistent framework

A value-driven approach to ERM

  • Use the value-based approach

  • Assess the risk process

  • Current state assessment

  • Comparative analysis of risk maturity

  • Maturity: building risk management capabilities

  • Identification and prioritization of risks

  • Calibrate definitions and criteria

  • Map of prioritized risks

  • Risk Quantification

  • Quantification / valuation of risks

  • Set Value

  • Value Focused – ERM Framework

  • Risk Response Solution

  • Risk Appetite – Two Views

  • Solution evaluation

  • Implementation of risk management

  • ERM Enabling Technologies

  • Governance, culture and disclosure

Implementation challenges

  • Frequently Cited Challenges

  • Critical success factors

  • Potential benefits

  • Gap analysis

  • Risk management vision

  • Main risk/performance indicators

  • Minimum control requirements

  • What do we measure during the risk assessment?

  • Risk identification tools

  • Focus on value

Case Study – Enterprise Risk Management at STATOIL

  • Statoil is an international energy company present in more than 30 countries around the world. We look at how ERM has been implemented in business and the key risk issues facing an international energy company today. We end the case study by looking at the worst case scenario – the BP “Deepwater Horizon” incident.

ERM in banking

  • Financial Risk Context – Basel II

  • Evolution of industry practices

  • A siled approach to risk management

  • Interdependence of risks

  • Integrated ERM framework

  • The “dashboard” approach

  • Value integration and business creation

  • Integration of ERM into business processes and value drivers

  • Balancing the hard and soft side of risk management

  • Key action points

The Black Swan – Outlier Event Challenges for Contingency Planners

A black swan is a highly improbable event with three main characteristics: unpredictability; massive impact; and, after the fact, we create an explanation that makes it appear less random and more predictable than it was.

  • We examine the nature of a Black Swan event

  • Can two recent outlier events, the recent eruption of the Icelandic volcano Eyjafjallajokull and the tsunami disaster in Japan, be considered black swan events?

  • Challenges for planners, strategists and CEOs

  • How can you mitigate a Black Swan event?

  • Blind spots in our planning

Final Case Study – Siemens

For more information on this training, visit https://www.researchandmarkets.com/r/5e1l9j

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Two-day virtual course on Enterprise Risk Management (ERM): Strategies, Methods and Processes – April 11-12, 2022 https://virtent.com/two-day-virtual-course-on-enterprise-risk-management-erm-strategies-methods-and-processes-april-11-12-2022/ Fri, 04 Mar 2022 08:00:00 +0000 https://virtent.com/two-day-virtual-course-on-enterprise-risk-management-erm-strategies-methods-and-processes-april-11-12-2022/ DUBLIN, March 04, 2022–(BUSINESS WIRE)–The “Enterprise Risk Management (ERM)” training has been added to from ResearchAndMarkets.com offer. The course will provide participants with the insight, knowledge and skills to understand the risks and benefits of enterprise risk management and learn how COSO – Enterprise risk management (ERM) includes the strategies, methods, and processes used by […]]]>

DUBLIN, March 04, 2022–(BUSINESS WIRE)–The “Enterprise Risk Management (ERM)” training has been added to from ResearchAndMarkets.com offer.

The course will provide participants with the insight, knowledge and skills to understand the risks and benefits of enterprise risk management and learn how COSO –

Enterprise risk management (ERM) includes the strategies, methods, and processes used by business organizations to manage risk.

ERM defines a risk management framework. This typically involves identifying specific events or circumstances related to the business organization’s objectives (in terms of risks and opportunities), evaluating them based on their likelihood of occurrence and magnitude of impact. company, determine a response strategy and monitor progress. of the event, the response and the result.

By being proactive in identifying and managing these risks and opportunities, business organizations protect shareholder value and create additional value for their stakeholders, including owners, employees, customers, regulators, and ultimately, society as a whole.

ERM can also be viewed as a risk-based approach to managing a business, incorporating internal control concepts, regulatory requirements (such as Sarbanes-Oxley) and strategic planning.

ERM continues to evolve and aims to meet the needs of diverse stakeholders, who want to understand the broad continuum of risks faced by complex organizations to ensure they are managed appropriately. Regulators and rating agencies have also increased their oversight of corporate and corporate risk management processes. This heightened scrutiny is now an important part of how the outside world perceives business organizations.

This 2-day hands-on training course provides you with an understanding of the requirements needed to design and implement an appropriate enterprise risk management system i.e. policies, procedures, practices and responsibilities necessary to establish the right levels of risk management in accordance with the standards in force and the other requirements of their organizations. It will compare their ERM practices to the COSO – ERM framework and learn how to implement an effective ERM system.

The course offers delegates the opportunity to benchmark their ERM practices against the COSO – ERM framework and learn how to implement an effective ERM system.

Organizations are increasingly concerned and focused on risk management. The challenge for management in private and public organizations today is to determine how much uncertainty to accept as it strives to achieve the organization’s goals and deliver value to its stakeholders. .

The solution to this challenge is the establishment of an enterprise risk management (ERM) system and processes that effectively identify, assess and manage risks to acceptable levels.

The COSO Enterprise Risk Management – Integrated Framework is designed to provide best practice guidance for managing businesses and other entities to improve how they deal with these challenges.

COSO – ERM integrates various risk management concepts into a solid framework in which a common definition is established, components are identified and key concepts are described. This allows COSO to provide a starting point for organizations to assess and improve their enterprise risk management.

Course objectives:

The ERM framework enables organizations and management to:

  • Comply with corporate governance requirements (such as various international standards such as Sarbanes-Oxley and the Cadbury report),

  • Align risk appetite and strategy,

  • Improve risk response decisions,

  • Reduce surprises and operational losses,

  • Identify and manage multiple and cross-cutting risks,

  • Provide integrated responses to multiple risks,

  • Improve capital deployment,

  • Introduces the concept of unpredictability and the steps that can be taken to mitigate its impact.

Main topics covered:

Day 01 (9:00 a.m. – 3:00 p.m. PDT

  • What is the risk about?

  • What is risk?

  • Governance issues

  • Risk issues

  • Legislative issues

  • Security

  • Internal threats

  • External threats

  • Physical security

International Standards for ERM

ERM in practice

  • Key ERM Implementation Factors

  • Organizational design

  • Connections

  • Implementation of ERM

  • ERM organization

  • Risk assessment

  • Risk models

  • Risk analysis

  • Determine risk appetite

  • Identify risk responses

  • Impact and Likelihood

  • Communication of results

  • Management control and periodic review

  • Generic risk management frameworks

Case Study – Allied Irish Bank

  • Our opening case study is a story about currency trading, accounting practices, organizational dynamics and human psychology or how John Rusnak lost $691 million for Allied Irish Bank.

The ERM funnel

  • Strategic targets

  • Risk assessment

  • Risk Tolerance Matrix

  • Risk analysis

  • Risk strategy

  • Risk infrastructure

CSO

ERM and corporate governance

Auditors in GRE

  • What does ERM look like in various industries including,

  • Internal audit assignments

  • ERM activities

  • Evolution of audit approaches

  • Impact of COSO on ERM

  • COSO ERM Components

  • ERM information flow

  • Driving forces of ERM

  • Questions to the Board of Directors

  • Internal audit issues

  • Maintaining independence

  • How internal auditors add value

Business process and GRE

Day 02 (9:00 a.m. – 3:00 p.m. PDT)

Practical implementation of ERM

  • ERM and its related risk management processes

  • ERM drivers

  • Recent Survey Results

  • Key objectives

  • Definition of “risk”

  • Public enterprise view of ERM

  • Private enterprise view of ERM

  • Balancing diverse viewpoints – consistent framework

A value-driven approach to ERM

  • Use the value-based approach

  • Assess the risk process

  • Current state assessment

  • Comparative analysis of risk maturity

  • Maturity: building risk management capabilities

  • Identification and prioritization of risks

  • Calibrate definitions and criteria

  • Map of prioritized risks

  • Risk Quantification

  • Quantification / valuation of risks

  • Set value

  • Value Focused – ERM Framework

  • Risk Response Solution

  • Risk Appetite – Two Views

  • Solution evaluation

  • Implementation of risk management

  • ERM Enabling Technologies

  • Governance, culture and disclosure

Implementation challenges

  • Frequently Cited Challenges

  • Critical success factors

  • Potential benefits

  • Gap analysis

  • Risk management vision

  • Main risk/performance indicators

  • Minimum control requirements

  • What do we measure during the risk assessment?

  • Risk identification tools

  • Focus on value

Case Study – Enterprise Risk Management at STATOIL

  • Statoil is an international energy company present in more than 30 countries around the world. We look at how ERM has been implemented in business and the key risk issues facing an international energy company today. We end the case study by looking at the worst case scenario – the BP “Deepwater Horizon” incident.

ERM in banking

  • Financial Risk Context – Basel II

  • Evolution of industry practices

  • A siled approach to risk management

  • Interdependence of risks

  • Integrated ERM framework

  • The “dashboard” approach

  • Value integration and business creation

  • Integration of ERM into business processes and value drivers

  • Balancing the hard and soft side of risk management

  • Key action points

The Black Swan – Outlier Event Challenges for Contingency Planners

A black swan is a highly improbable event with three main characteristics: unpredictability; massive impact; and, after the fact, we create an explanation that makes it appear less random and more predictable than it was.

  • We examine the nature of a Black Swan event

  • Can two recent outlier events, the recent eruption of the Icelandic volcano Eyjafjallajokull and the tsunami disaster in Japan, be considered black swan events?

  • Challenges for planners, strategists and CEOs

  • How can you mitigate a Black Swan event?

  • Blind spots in our planning

Final Case Study – Siemens

For more information on this training, visit https://www.researchandmarkets.com/r/5e1l9j

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220304005225/en/

contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Officer
press@researchandmarkets.com
For EST business hours, call 1-917-300-0470
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For GMT office hours call +353-1-416-8900

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Congratulations to the CHS Virtual Enterprise class | Opinion https://virtent.com/congratulations-to-the-chs-virtual-enterprise-class-opinion/ Wed, 02 Mar 2022 22:12:00 +0000 https://virtent.com/congratulations-to-the-chs-virtual-enterprise-class-opinion/ Congratulations to our Carpinteria High School Virtual Enterprise (VE) students and Ms. Julie Shamblin for being recognized by the HSBC Opportunity Fund. They received a travel grant to attend the 2022 Young Entrepreneur Summit in New York. CHS is the only high school west of Mississippi to receive this grant this school year. The Youth […]]]>

Congratulations to our Carpinteria High School Virtual Enterprise (VE) students and Ms. Julie Shamblin for being recognized by the HSBC Opportunity Fund. They received a travel grant to attend the 2022 Young Entrepreneur Summit in New York. CHS is the only high school west of Mississippi to receive this grant this school year.

The Youth Business Summit (YBS) is a one-of-a-kind global business convention for VE students in New York. During a dynamic week in April of business competitions, leadership events and professional networking, emerging talent from middle and high schools around the world showcase their professional skills and developed business acumen in their VE classrooms.

Appreciation

I would like to thank Transportation Supervisor Michael Littlejohn and Bus Drivers Stacy Butler, Jose Ochoa, and Tammy Moreno for transporting students safely as we continue to experience staffing shortages and reduced transportation services.

More congratulations

Sonia Aguila, a second-grade DLI teacher at Canalino Elementary, has been chosen as the 2022 CABE Teacher of the Year! Congratulations, Sonia – a well-deserved honor!

Parent Orientation for Eighth Grade Parents

The CHS will host the Class of 2025 for Parent Orientation on Saturday, March 5 at 10 a.m. An overview of the CHS academic, athletic and arts programs, and a campus tour led by SBA leaders will be available.

Higher Education Week at the CHS

The UCSB Early Academic Outreach Program (EAOP) will host Higher Education Week on March 3 at the CHS. More than 30 college representatives will be on campus to speak to sophomores and juniors.

Carpinteria Education Foundation

CEF is offering over $60,000 in college scholarships for the senior class of 2022. CEF is also thrilled to announce a new pilot project in partnership with La-Centra

Sumerlin Foundation and Mission Fellow. Mission Scholars will support two Carpinteria High School seniors through the 4-Year College Success Program, after they were selected by the Carpinteria Education Foundation for the 4-Year La-Centra Summerlin Renewable Scholarship in March 2022. We appreciate their generous support for our CHS students.

Analysis and recommendations of the first interim financial report

As required by Education Code Section 42131, SBCEO has reviewed CUSD’s draft budget report and agrees with the district’s positive certification that has been filed with the Department of Education. State and the State Comptroller in December 2021.

California Healthy Kids Survey (CHKS) 2022

The California Healthy Kids Survey (CHKS) is a comprehensive youth health risk and resilience data collection service required by the CDE for grades 7, 9, and 11.

It is designed to identify student strengths and areas for improvement as schools promote the well-being and positive social development of all students. This student survey is partnered with the California School Parent Survey and the California School Staff Survey to provide key data on school climate and safety, supports and barriers to learning, student engagement parents and the social-emotional development, health and well-being of students. The survey results provide information to guide school improvement efforts for Local Control and Accountability Plans (LCAPs) in the areas of improving school climate, student engagement, parental involvement and meeting the needs of high-risk students.

U-measurement

In Summerland, the slab results show that the new concrete far exceeds the strength required by DSA, thanks to our DSA inspector and site superintendent McGillivray. Earthworks are continuing and formwork is being put in place for the large northern retaining wall.

The CHS administration building now has a beautiful new roof that will not need replacing for over 50 years. Stucco is in progress on the exterior and building insulation and drywall have been delivered to the site.

Diana Rigby is the superintendent of the Carpinteria Unified School District.

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Oakland High School Virtual Enterprise Team Upgraded to National Competitive Level https://virtent.com/oakland-high-school-virtual-enterprise-team-upgraded-to-national-competitive-level/ Mon, 14 Feb 2022 08:00:00 +0000 https://virtent.com/oakland-high-school-virtual-enterprise-team-upgraded-to-national-competitive-level/ The Oakland High School Virtual Enterprise team has moved up to the national competition level! The Virtual Enterprise program is a very interesting business planning concept, where students create a virtual company, maintain positions within the company, create a business plan, present the concept and virtually “sell” their product or service. The whole “virtual company” […]]]>

The Oakland High School Virtual Enterprise team has moved up to the national competition level!

The Virtual Enterprise program is a very interesting business planning concept, where students create a virtual company, maintain positions within the company, create a business plan, present the concept and virtually “sell” their product or service. The whole “virtual company” is run by really sharp and outstanding OHS students.

WGNS’ Scott Walker spoke with guests including students Zephian Wade and Olivia Blackwell. He also spoke to their teacher Sherri Rogers on Monday.

Their virtual business

See their “virtual business”, known as BlueCrest Vacations HERE. See their Twitter feed HERE.

Scroll down to learn more about Virtual Enterprise events…

About the business plan competition

The National Business Plan Competition is part of the year-long VE program that provides more than 20,000 students each year with the opportunity to create and manage virtual business ventures at 430 schools across the country. Through the program, students start a business together, play roles in the business, transact with other simulated businesses, attend trade shows, and manage the business as if it were real.

About Virtual Enterprises International

International Virtual Enterprises (VE) is a national, nonprofit organization that transforms students through authentic professional experiences that prepare them for a fulfilling and financially secure future. Since Virtual Enterprises (VE) was founded in 1996, it has served more than 200,000 high school students, many from economically disadvantaged communities. In 2015, VE launched the VE-JV Career Academy, a similar two-year program that enables 7th and 8th graders to develop technology and entrepreneurial skills by starting and managing business ventures. About 90% of VE students interact with professionals who mentor them regularly and 87% identify a career path that interests them as a result of their involvement in the VE program.

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Aurora and reFAIRe are the new innovative brands representing the virtual enterprise https://virtent.com/aurora-and-refaire-are-the-new-innovative-brands-representing-the-virtual-enterprise/ Fri, 04 Feb 2022 16:04:16 +0000 https://virtent.com/aurora-and-refaire-are-the-new-innovative-brands-representing-the-virtual-enterprise/ Virtual Enterprise at Fountain Valley High School gives students insight into the world of business as they build their own brands. Ambitious and curious, the students build their business from scratch. VE Advisor, Business Professor Sarah McCance, gives students experience, confidence and helps develop their leadership and communication skills. Aurora and reFAIRe are the brands […]]]>

Virtual Enterprise at Fountain Valley High School gives students insight into the world of business as they build their own brands. Ambitious and curious, the students build their business from scratch.

VE Advisor, Business Professor Sarah McCance, gives students experience, confidence and helps develop their leadership and communication skills.

Aurora and reFAIRe are the brands that VE launched this year. Both are incredibly innovative and eco-friendly.

Senior Nisheille Esposo is Aurora’s General Manager, Period Zero VE. With plastic being a contributor to environmental challenges, Aurora is focused on eliminating this waste in its packaging in fun and unique ways.

“Aurora is an interior design company that conveniently helps customers find their aesthetic,” Esposo said. “We aim to reduce the waste that comes with all packaging, by using environmentally friendly biodegradable materials.”

The members of ReFAIRe explain their products to other students from different high schools during their first mini fair of the year. Photo by Elsa Ly.

ReFAIRe is the fourth VE term, which is led by Senior CEO Laura Sabate. Similar to Aurora, reFAIRe aims to reduce plastic waste through its innovative solution to reduce and reuse polyester.

“ReFAIRe is a stuffed animal company that [plans] to rethink the toxic polyester that is made into traditional stuffed animals,” Sabate said. “We use scraps of clothes that would otherwise end up in landfills, to make this new eco-friendly, biodegradable stuffing.”

VE is unlike any other course you can take at FVHS. It is student-based and allows students to fully immerse themselves in the business world.

“It’s very forgiving, but that’s because it’s self-directed by the students and not so much by the teacher,” Sabate said. “It makes the student more confident in their abilities because in Virtual Enterprise we really highlight what everyone is most comfortable working with…it really allows everyone to have their say say and feel truly included in this endeavor.”

The skills learned in a VE course are extremely evident in Aurora and reFAIRe.

McCance, who has overseen VE since 2013, views VE as a program to help anyone prepare for a job and an experience that has many benefits.

“It’s very hands-on and individually managed, so students have to learn this position and compete in this position,” McCance said. “Students not only grow socially and get to know each other, public speaking, but they also get internships, college applications and jobs.”

FVHS VE course students face the challenge of starting work that is new to them, sometimes requiring loans, interviews, and sorting through all departments. However, with McCance’s assurance, students are able to work together and face the challenges and difficulties of starting a business together. They have a certain quality that makes success an infallible possibility.

“Learning a new job on the spot is probably the hardest thing to overcome, but usually by mid-November they’re rolling and they’ve taken care of everything,” McCance said.

Looking ahead, the VE class includes competitions, state and national, with other schools based on the businesses they were able to produce as a team. The class is very focused on student engagement, so with a whole team working together to build their business, their goals are within reach to add to their list of accomplishments.

“Strong goals would be to win in our competitions and hopefully make it to the national championships that are in New York because we missed that opportunity last year,” Sabate said.

Similar to Sabate, Esposo also has the same goal for their business and will continue to strive to achieve them with their team.

“I want to go to the Nationals because I want to go to New York,” Esposo said. “I just want everyone to be really happy in the class, and I know being happy means scoring high.”

With the fate of Aurora and reFAIRe in the hands of the students, many of them are focusing their attention on skills to be learned within the classroom.

“I hope they gain confidence, learn the skills to work together, talk to each other, make tough decisions [and] being able to learn a bit more about every aspect of working in a company,” McCance said.

Because VE is important to McCance and her students, the experience alone is a great opportunity and worth every minute.

It’s something students can choose to do and a responsibility that really requires passion and interest.

“It’s pretty much what you put in, it’s what you get out of it,” McCance said. “So if you strive to be professional and put a lot of energy and time into it, you’ll get a lot out of it.”

Follow VE and their activities through their social networks. You can follow Aurora’s Instagram @vefvhs and their TikTok @aurorafvhs. You can follow Instagram and TikTok of reFAIRe @fvhsve.

Zander Cherry contributed story.

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Virtual Enterprise to participate in Murfreesboro State, in hopes of qualifying to move to New York – The Bark https://virtent.com/virtual-enterprise-to-participate-in-murfreesboro-state-in-hopes-of-qualifying-to-move-to-new-york-the-bark/ Tue, 07 Dec 2021 08:00:00 +0000 https://virtent.com/virtual-enterprise-to-participate-in-murfreesboro-state-in-hopes-of-qualifying-to-move-to-new-york-the-bark/ Bearden’s virtual company has put a lot of effort into preparing for this year’s regional competition. Due to their dedication and hard work, they were able to place in the top two teams, qualifying them to compete at the national level. “We spent a lot of time on our presentation, and knowing that we ranked […]]]>


Bearden’s virtual company has put a lot of effort into preparing for this year’s regional competition. Due to their dedication and hard work, they were able to place in the top two teams, qualifying them to compete at the national level.

“We spent a lot of time on our presentation, and knowing that we ranked among the best, it feels good,” said Youssif Albaba, accountant and senior at VE. “I can’t wait to compete for the state.”

The state competition will take place on Wednesday. It will feature Tennessee’s top six teams, which each include two teams from East, West and Middle Tennessee.

The Bearden team will depart Wednesday morning and travel to Murfreesboro to present in the boardroom of the Rutherford County Education Council, where the competition is held. A jury of professionals from the sector, whose identity is not revealed until the same day, will judge the competition. The six chosen teams are present at this level. It starts with their prepared presentation, which cannot exceed 10 minutes. Then there’s a five-minute question-and-answer session, and they get feedback.

This is only the first level of state competition. After that, the top three teams are selected from the group and they move on to a presentation in an auditorium, where they repeat the process at a higher level.

From that point on, a high-level team is chosen to move up to the national level in New York in April.

“In the past, they’ve taken the top two teams,” VE teacher Jami Aylor said. “But due to COVID restrictions in New York City for gatherings, they are trying to minimize the number of teams they invite.”

That one winning team will be invited to present at the Microsoft Office Center.

“I am really confident for this upcoming competition,” said CEO and senior Bradynn Belcher. “I am really delighted to see all of our hard work paying off.

“I know that no matter what, I will be so proud of all that we have accomplished.”


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