Study Of Risk Management Systems At Banks Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 4008 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? This chapter highlights the results and findings related with the research paper. It concentrates on the analysis of the data collected by the author from the questionnaire filled in by the banks officials. The main aim is to understand the key risks associated with Indian banks and to prioritize the same and to discover solutions and alternatives to minimizing these risks. Don’t waste time! Our writers will create an original "Study Of Risk Management Systems At Banks Finance Essay" essay for you Create order The gathered data will highlight the key risks, threats to the banks, benefits and solution towards risk management. Thus based on all those factors, the author will find whether Indian banks incorporate effective risk management system and how they can minimize the associated risks. 4.1 Results and Analysis of Results There is a questionnaire, designed to take the responses from Bank Officials. The questionnaire was published both online and also distributed in person. There were 48 respondents to the overall questionnaire and was collected over a time period of 8 days. The questionnaire was filled in person by meeting the bank officials and also emails were sent out to in order to cover greater respondents. The questionnaire was filled by the officials from national, regional, state level and other public-private sector banks operating in India. The data gathered from overall questionnaires was been analyzed using excel with the help of graphs determining the key risks and effectiveness of risk management system. The results and graphs for questionnaire are discussed in this chapter with each question and respective graph followed with it. Risk management: According to the RBI circular issued on risk management by the RBI the broad parameters of risk management function should encompass: organizational structure, comprehensive risk measurement approach, risk management policies approved by the Board which should be consistent with the broader business strategies, capital strength, management expertise and overall willingness to assume risk guidelines and other parameters used to govern risk taking including detailed structure of prudential limits, strong MIS for reporting, monitoring and controlling risks, well laid out procedures, effective control and comprehensive risk reporting framework, separate risk management framework independent of operational Departments and with clear delineation of levels of responsibility for management of risk, Periodical review and evaluation. Study of risk management system at banks under study Most of the banks do not have dedicated risk management team, policy, procedures and framework in place. Those banks have risk management department, the risk managers role is restricted to pre fact and post fact analysis of customers credit and there is no segregation of credit, market, operational and strategic risks. There are few banks which have articulated framework and risk quantification. The traditional lending practices, assessment of credits, handling of market risks, treasury functionality and culture of risk-rewards are bane of public sector banks whereas private sector banks and financial institutions are somewhat better in this context. The sheer size and wide coverage of banks is a big hurdle to integrate and generate a cost effective real time operational data for mapping the risks. Most of the financial institutions processes are encircled to functional silos follows bureaucratic structure and yet to come up with a transparent and appropriate corporate governan ce structure to achieve the stated strategic objectives. Since the year 1998 RBI has been giving serious attention towards evolving suitable and comprehensive models for Risk-management. It has laid stress on integrating this new discipline in the working systems of the Banks. In view of this, the risk management division in most of the banks was established in or after 1998 only. All the details regarding the risk management framework is presented by the bank in a policy document called ICAAP. Prioritizing Key Risks: Identification and prioritizing the key risk was one of the main objectives of this research. As discussed in chapter-2, various risks that a bank is bound to confront were divided into two categories namely, business risks and control risks. Business risk involves the risks arising out of the operations of the bank, the business it is into and the way it conducts its operations. It consists of 8 types of risks namely capital, credit, market, earnings, liquidity, business strategy and environmental, operational and group risk. Control risk measures the risk arising out of any lapses in the control mechanism such as the organizational structure and the management and the internal controls that exist in the bank. Controls risk further consists of internal controls, management, organizational and compliance risk. After taking up the questionnaire it was found that respondents scaled various risk based on their importance ranking the most important as 1 and so on as stated in table bel ow: Business Risk Parameter Scaling Value Capital Risk 1 Credit Risk 2 Market Risk 3 Earnings 3 Liquidity Risk 4 Business Strategy Environmental Risk 5 Operational risk 2 Group Risk 5 In case of business risk category (after driving conclusion from above mentioned analysis) 1. Capital risk is the most crucial type of risk faced by banks. 2. Credit and operational risk are at second level and are equally important. 3. Next most crucial risk faced after capital credit and operational risk is market risk. Earnings risk is also equally important as market risk. 4. Liquidity risk is the next most important risk 5. Least important/ crucial risks are business and group risk. Figure: Hierarchy of business risk Control Risk Parameter Scaling Value Internal Control 1 Management 2 Organization 3 Compliance 2 In the case of controls risk category: (after driving conclusion from above mentioned analysis) 1. Internal controls risk the most crucial risk faced. 2. Management and compliance risk are the next most important risks. 3. Risk associated with organization is the least important of all. It can be depicted as: Figure: Hierarchy of controls risk Apart from those risks mentioned under the Basel accord, banks hardly pay attention to other categories of risks. Some of the risks not addressed by most of the banks are: Interest rate risk in the banking book, Settlement risk, Reputational risk, Strategic risk, Legal and compliance risk, Risk of under estimation of credit risk under the standardized approach, Model risk, Residual risk of securitization. Credit risk management: As discussed earlier in chapter-2, Credit risk management enables banks to identify, assess, manage proactively, and optimise their credit risk at an individual level or at an entity level or at the level of a country. The commonly used techniques are econometric technique, neural networks, opt imisation models, rule based and hybrid systems. The domains to which they are applied are credit approval, credit rating determination and risk pricing. The various models covering these techniques and domain are Altmans Z-score model (1968), KMV model for measuring default risk, CreditMetrics, CreditRisk+, etc. Drivers of effective credit risk management: These are effective credit risk management as a value enhancing activity, consolidating credit lines, efficient use of economic and regulatory capital, ensuring that the bank has a safe level of capital, pricing loans to earn attractive risk-adjusted profits, applying economic capitals trio of core decision making criteria, use of derivatives to reshape credit profile and technology. How likely is that the credit checks of customers and the information from credit agencies help banks model against credit and other associated risks? Market risk management: Market risk is defined as the uncertainty in the future values of the Groups on and off balance sheet financial items, resulting from movements in factors such as interest rates, equity prices, and foreign exchange rates. The drivers of market risk are equity and commodities prices, foreign exchange rates, interest rates, their volatilities and correlations. Market risk can be classified into directional and non-directional risks. Market risk can be measured and managed through the use of Maturity gap analysis, Duration analysis, Convexity, Value-at-Risk (VAR), Stress Testing and the Greeks. In Indian market, being an emerging market, liquidity and inefficiency are the major concerns in the forex, debt and stock markets. Panic and knee jerk reactions are also common (e.g. effect on stock markets during Indo-Pak tension and the recent Government change). All these factors contribute to the market risk of the bank.  · To analyze the market risk management techniques, an exe rcise of informal discussion and unstructured questionnaire was conducted. Few highlights are given as: The banks have been making progress in the area of Asset Liability Management. But they are still far from achieving the level, which has been attained in banks abroad. All of the banks have set up ALM function and established the requisite organizational framework consisting of the ALCO and the support groups. The composition, scope and functions of these bodies are in accordance with the guidelines. Banks have also made an attempt to integrate ALM and management of other risks to facilitate integrated risk management. Banks are complaint with the regulatory requirements of the RBI regarding the preparation of statements. They have also laid out policies and maintain records as required by the guidelines. Many of them have also achieved 100% coverage of business by ALM. Private Banks and foreign banks have made the most progress. Some of them had a head start in AL M. They have not made the progress that could possibly have been made considering that their problems are not of the magnitude of some other banks. Asset liability management: ALM is concerned with strategic balance sheet management involving risks caused by changes in the interest rates, exchange rates and the liquidity position of the bank. In recent years in India, most of the interest rates have been deregulated; government securities are sold in auctions and banks are also, with a few exceptions free to determine the interest rates on deposits and advances. Hence the ALM function is not simply about risk protection. It should also be about enhancing the net worth of the institution through opportunistic positioning of the balance sheet. The more leveraged an institution is, the more critical the ALM function within the enterprise. The ALM process allows an institution to take on positions, which are otherwise deemed too large without such a function. There are various techniques of risk management to address the different types of risk. ALM primarily aims at managing interest rate risk and liquidity risk. How likely is that the effective implementation of Asset Liability Management (ALM) techniques help banks model against Market and other associated risks? Indian banks have a very significant proportion of assets and liabilities with no fixed maturity. On the assets side this includes practically all of the working capital finance. Much of this contractually repayable on demand but in practice it is subject to more or less automatic rollovers, even when in the form of loans. On the liabilities side the principal items with no fixed maturity are the current and savings bank accounts. Now the banks approach this problem through behavioural analysis. It is the process of capturing the assets and liabilities as per the buckets given by RBI. As on March 31, 2008, for the scheduled banks together current account and savings bank deposits formed about 28% of external liabilities: again the bulk of the loans and advances (40% of assets) was probably working capital finance. This is a large and significant proportion of the assets and liabilities. All of the banks surveyed follow the classification of assets and liabilities recommended by the RBI. They use the maturity gap model. Operational risk management: Many banks have defined operational risk as any risk not categorised as market or credit risk and some have defined it as the risk of loss arising from various types of human or technical error. Operational risk management techniques come in two basic varieties -bottom -up or top down approaches take aggregate targets such as net income or net asset value, to analyse the operational risk factors and loss events that cause fluctuations in the target.. How likely is that the effective monitoring by the top management would help banks model against Organizational losses and other associated risks? The threats Exposed to the Banks consists of: Fig-1 states that Competition seems to be a great threat to the banking industry. Around 44%, 28% and 21% respondents feel that competition from other banks in the industry is Extremely, Quite and Slightly important threat that banks are exposed to in present scenario. Currently, India has 88 scheduled commercial banks (SCBs) 27 public sector banks (that is with the Government of India holding a stake), 31 private banks (these do not have government stake; they may be publicly listed and traded on stock exchanges) and 38 foreign banks. They have a combined network of over 53,000 branches and 17,000 ATMs. This states the extent of competition amongst the Indian banking sector and imposes a threat to the banks from each other. Fig-2 states the variable customers as a threat since customers are the main entity for the banks. Greater the number of customer, more are the chances of expansion and efficient working of the banks. Results show that maximum respondents feel that reduction i n customers could be a risk for the bank as it drives of their business to their competitors. The BSE Sensex increased significantly from a level of 13,072 as at end-March 2007 to its peak of 20,873 on January 8, 2008. But with portfolio flows reversing in 2008, partly because of the international market turmoil, the Sensex dropped to a level of 11,328 on October 8, 2008, in line with similar large declines in other major stock markets. This had an impact on banks as banks borrow and lend money among them to meet short-term need for funds they never hold the exact amount of cash that they need to disburse as credit. The inter-bank market performs this critical role of bringing cash-surplus and cash-deficit banks together and lubricates the process of credit delivery to companies (for working capital and capacity creation) and consumers (for buying cars, white goods etc). As the global crisis intensified, banks grew increasingly suspicious about each others solvency and ability to honor commitments. The inter-bank market shrank as a result and this began to hurt the flow of funds to the real economy. The liquidity crunch in the banks has resulted in a tight situation where it has become extremely difficult even for top companies to take loans for their needs. This can be seen from the results as most respondents (approx 80%) do feel that share market volatility may leave bank susceptible to credit and market risks.( https://www.scribd.com/doc/7956331/Indian-Financial-Market-Reasons-and-Solutions) Police arrested a former bank teller of the State Bank of India on charges of conspiring with forgers to place fake Indian notes in a cash box. The bank teller told investigators that he exchanged over INR 15 million ($3,54,563) in counterfeit currency notes with authentic ones in a box managed by the financial institution for daily cash flow transactions on behalf of the Reserve Bank of India (RBI). This points out towards lack of managements attention towards s ound banking functionality. (https://www.algorithmics.com/EN/media/pdfs/Algo-RA0209-CRO-PCagen.pdf)The results states that around 45% respondents feel that lack of managements attention is quite important to be threat towards banks leading to operational and other risks. There is a scope for new entrants in the market, in spite of capital management and human resource constraints, as there continue to remain opportunities in unbanked areas. With only 30-35% of the population financially included, and the Indian banking industry unsaturated with CAGR of well above 20%, the market definitely has scope to accommodate new players. The results shows that respondents had been biased as majority (28%) feels that new entrants wont be a threat to their business while 60% feel that new entrants can pose a threat and that new entrants should be allowed only after satisfactorily achieving set milestones for the prior stages, cap on promoters holdings and wider public holding in addition to a common banking regulator on a level playing field are essential before they may set themselves up as banks.( https://www.indiainbusiness.nic.in/studies_survey/banking_systemsurvey.pdf) Business risks consists of 8 types of risks namely capital, credit, market, earnings, liquidity, business strategy and environmental, operational and group risk. The results in Fig states that 100% respondents feel that business risk is really important and poses a great threat to the banks with almost 45% stating it as quite important. This states that the banks are really concerned towards risks and thus is vital to employ effective risk management system. Control risks consist of internal controls, management, organizational and compliance risk. The results in Fig states that almost 80% respondents feel that business risk is really important and poses a great threat to the banks whereas few, around15%, feel that control risks isnt a great threat to the banking sector as compared to business risk This states that the banks are really concerned towards risks and thus is vital to employ effective risk management system. Nonperforming Assets and bad loans have always been crucial threat for the banks efficient functionality. Almost 80% of the banks see personal loans (Fig. 13) as having the greatest potential for default, followed by corporate loans and credit cards. Many banks additionally perceived a level of riskiness in the SME and farm loan sector ( https://www.indiainbusiness.nic.in/studies_survey/banking_systemsurvey.pdf). The results in fig states that respondents do feel rising level of NPAs as an important threat but not extremely important as majority around 40% mark it slightly important. Also studies show that Indian banks have the ability to absorb twice the amount of their current NPA levels. Strategies adapted by banks to overcome risks include:  · Integrative growth  · Intensive growth  · Downsizing older business Ã⠀šÃ‚ · Diversification Banks have given following as reasons for high incidence of NPAs  · Improper Loan Appraisal System by Banks  · Poor Risk Management Techniques as a Contribution to NPAs  · Lack of Strong Legal Framework to initiate action  · Incorrect Evaluation of the Credit Worthiness of the borrower  · Poor Loan Monitoring  · Poor Recovery Mechanisms Analysing the reasons that has led to loans becoming unpopular with the banking industry:  · High Incidences of Non Performing Assets  · High Costs of Servicing  · Greater Political Interference  · Stricter Formalities to be compiled with  · Falling demand the Pressure on the Banks The reason as why targets set for loans have not reached by banks includes:  · Projects Placed were not Feasible or Risky in the Respective Category  · Inadequate Security Provided by the Borrowers  · Large No. of Borrowers Whose Credit Worthiness is not Satisfactory  · Fear of NPAs The benefits in the next two years, on account of maintaining a separate risk management function: Improvement in productivity, Enabling risk adjusted performance, Improved assessment of product profitability, Use of risk sensitive approach in business processes, Better pricing of products and consumer segments, Developing skills for risk transfer products, Competitive advantage, Fraud reduction/deduction, Better understanding and scrutiny of all functionalities of the bank. Enabling a separate risk management system would surely help bank to deal with various risks associated with the industry and help it employ a smooth and efficient functioning. Having a sound risk management system may boost the productivity of the bank as they will have less risk and hence help them build trust by attracting more customers. Fig- shows that 80% respondents, with 35% and 20% thinking it quite and extremely likely respectively, feel that separate risk management system will help increase the productivity of the bank. Fig- shows that 95% respondents feel that a separate risk management syste m will enable the bank to provide with risk adjusted performance whereas a few regional banks feel that risk might be worth expansion and greater returns in order to attract customers with more interest rates on their deposits and other schemes.  · Having a separate risk management system surely helps to analyze the risk capability and limits of each products and portfolios which the banks deal in. Sometimes to offer greater return banks come up with portfolios which are more susceptible to risks. Thus the risk department can help minimize those risks and help choose products and services with greater returns and minimal risks to offer its clients. Fig- shows that 29% respondents feel that its slightly likely whereas around 40% (extremely and quite likely) feel that risk management will benefit with improved assessment of product profitability. There are 16% respondents who are biased on whether this may help to provide product profitability or not, as greater risk tends to greater returns. Fig- shows that approx 80% respondents feel that having a separate risk management will benefit to incorporate a risk sensitive approach in business processes the banks deal with. This includes the portfolios the banks invest and trades, t he MF and loans provided by the banks and better asset management with minimal risks. Incorporating a risk management department would help the employee to develop skills towards risk management. This might help to train the employee with required knowledge towards risk assessment of products and come up with products and portfolios with greater returns and less risk to impart faith towards its customers. Fig shows that over 30% respondents feel that its slight likely that separate risk management will help develop skills for risk transfer products whereas approx 30% and 15%, quite extremely likely, respectively favour it. Still there are few respondents approx 20% who doesnt favour and stay biased and feel its slightly unlikely that separate risk management might help develop skills for risk transfer products. Micro: basic granular knowledge of typical transactions and the risks attending them; 2. Macro: an understanding of what portfolio of risks is created by the sum of these transactions; and 3. Model: an understanding of how in this business model we make money, and what happens if critical underlying assumptions are wrong. Fig- shows that 35% and 20% respondents feel it quite and extremely likely that risk management would help relief in capital charge whereas 275 feel its slight likely that risk management may help in capital relief. 17% respondents feel that Risk management may surely help release the NPA burden but still there will be defaults such as customer credit defaults, bad debts, share market volatility, etc which cannot be overcome even by effective risk management and thus they doesnt support this variable as a benefit towards banks. Incorporating risk management would help bank attain transparency at its operational level, enable better capital management, liquidity management, portfolio management, and enhance board level perspective. This can be seen from fig- which states that approx 40%, 20%and 30% respondents feel it quite, e xtremely and slight likely that risk management would benefit bank have competitive edge over their rivals. There has been stunning fraud in India in recent years. The companies are able to arm twist the auditors who play a vital role in fraud detection. Implementing better risk management policies such as strict KYC norms, more stringent audit measure and stricter regulatory vigil really help banks detect fraud and take effective measures to eradicate such frauds. Fig-shows that around 70% (11%, 24% and 32% feeling extremely, quite and slightly likely resp.) respondents feel that separate risk management system will be beneficial for banks to deal with frauds. The implementation of proper risk management system helps bank aid their reputation and impart global recognition and presence. Fig shows that 35% respondents feel that this approach might list them on global markets and crack deals with foreign banks. For example the merger between State bank of India and PNB Paribas l ead to formation of SBI life Insurance, Indias largest private life insurer. This shows that effective risk approach would be highly beneficial for the banks. Risk management scenario in the future Risk management activities will be more pronounced in future banking because of liberalization, deregulation and global integration of financial markets. This would be adding depth and dimension to the banking risks. As the risks are correlated, exposure to one risk may lead to another risk, therefore management of risks in a proactive, efficient integrated manner will be the strength of the successful banks. The standardized approach was to be implemented by 31st March 2007, and the forward-looking banks placed their MIS for the collection of data required for the calculation of Probability of Default (PD), Exposure at Default (EAD) and Loss Given Default (LGD). The banks are expected to have at a minimum PD data for five years and LGD and EAD data for seven years. Presently most Indian banks do not possess the data required for the calculation of their LGDs. Also the personnel skills, the IT infrastructure and MIS at the banks need to be upgraded substantially if the banks want to migrate to the IRB Approach.

The Economic Economy Of China - 900 Words

In today’s world, economic power is the prime moving force in determining how much a country can produce, buy, or sell their products or services. One notable economic powerhouse is China. Over the years, the Chinese business climate has grown from a centrally planned economy to a socialist market economic system. Having this new economic system gives foreign investors many market opportunities. However, one must not forget the differences in political and cultural environment that can create risk and uncertainty for foreign investors. According to a 2010 survey by the US-China Business council, companies are reporting strong growth and profitability despite the economic downturn. China has a large market and their purchasing power is ranked second in the world. Although companies are profiting, there are fourteen business issues in China. They are: administrative licensing barriers, competition with PRC state-owned enterprises or national champions, intellectual property righ ts enforcement, cost increases for labor and raw materials, restrictions on foreign investments, restrictions on market access in services companies, transparency, government procurement standards and conformity assessment, protectionism risks in China, lack of equal treatment from domestic companies, lack of consumer awareness/understanding about products, miscommunications due to language barriers and ethical issues, and the difference in human resource practices. In the United States, managers tendShow MoreRelatedEconomic Analysis On China s Economy1485 Words   |  6 PagesII. ECONOMIC ANALYSIS I. Introduction: Close to four decades ago, China’s economy was under centrally-controlled, stagnant and isolated from the global economy. Then everything changed after 1979 when the foreign trade investment and free market reform was implemented. Not long after it was implement China’s become the world s fastest growing economy and now the largest economy in the world surpassing even United States. Today, China is focusing on a more sustainable growth pattern and implementingRead MoreChina s Economic Impact On Economy Essay1051 Words   |  5 PagesChina Economy Ever since the initiations market reforms in 1978, China has over time turned from the common central-planned economy to market based economy contributing to it experiencing rapid economic as well as social development. China’s GDP growth index averaging close to ten percent annually has promoted 500 million and above people out of abject poverty. Recent reports suggests that China has realized almost all of its Millennium Development Goals or at within realization. The state’s populationRead MoreThe Rapid Economic Growth Trends Demonstrated By China, India, And The Global Economy2037 Words   |  9 PagesThe rapid economic growth trends demonstrated by China and India are currently at the height of debate amongst world leaders and economists. According to â€Å"Dancing with Giants: China, India, and the Global Economy†, edited by L. Alan Winters and Shadid Yusuf (2007), these countries are very unique in that their economic patterns of growth continue to incre ase and sustain momentum over an extended period of time while dealing with growing populations. The fact that these countries have illustratedRead MoreChina s Impact On China1321 Words   |  6 Pagessetting up economic institutions and an industrial base, Deng Xiaoping established various Special Economic Zones in China that allowed for increased foreign investment, helping to develop China’s commercial growth. As described before, when Deng Xiaoping came to power, his goal was for China to fulfill the Four Modernizations: modernization in agriculture; industry; science and technology; and defense. Deng believed that the only way China could keep up with Western countries was if China achievedRead MoreThe World Economic Crisis Of 20081701 Words   |  7 PagesEssay The world economic crisis of 2008 was the worst global crisis after the great recession of 1929-30. The most affected economies from the crisis are western European countries. The economic crisis sub sequentially lowers the growth rate of the economies. A large number of American companies incurred heavy losses and it declines in the gross domestic product widely known as GDP of the country. China plays a significant role during the economic crises (Lardy Subramanian, 2012). China was full ofRead MoreEconomic Growth Is A Macroeconomic Policy Objective For Countries1467 Words   |  6 PagesDEFINITION Economic growth is a macroeconomic policy objective for countries. The growth of economies have two meanings. First, economic growth means the gross domestic product (GDP) increases within the given period of time.The increases in GDP also means the increase in the value of national output or national expenditure.The other meaning is the increasing of production when using all the scarce resources,which can be showed in the PPF(Production Possibility Frontier).In the diagram below,theRead MoreChin An Economic Power House1210 Words   |  5 PagesSeemingly transformed overnight; China has become an economic power house. In truth, however, China has been growing now for more than 30 years. Since it’s initiation of economic reforms and trade liberalization in 1979. China is one of, if not the fastest growing economy world-wide, averaging nearly 10% growth GDP (Growth Domestic Product). (Morrison, 2015) This financial revolution began with a series of reforms. One was designed to revitalize the state sector and save socialism, others beganRead MoreChinas Role in the World Economy Essay1417 Words   |  6 PagesChina’s Role in the World Economy Abstract This paper aims to discuss China’s role as a major player in the global economy and the impact China will continue to have on the global economy. This paper will offer a summary of two articles entitled, China Pushes for Bigger Role in Reshaping the World Economy and Singapore sees India, China Role Growing, which discusses China’s transformation into a dynamic private sector-led economy and its integration into the global economy. I will also offer my opinionRead MoreChinese Economic Development And Structure Problem986 Words   |  4 Pages Chinese economic development and structure problem Key question: China s economy, (China s economic have increased of Efficiency Analysis .) China s economic high speed growth can be remained? PESTEL China s economic have increased of Efficiency Analysis . After Chine revolution , Chinese economic have increase very fast , take GDP for a example,after economic revolution , about annual growth rate have keep or more than double-digit , this is very crazy. However ,according to the explainRead MoreAustralia s Economic Success And Growth Rates1699 Words   |  7 PagesEconomic Background: In the past two decades, the Australian economy has been, and continues to be a very strong and steady economy because of steady GDP growth rates, with an average around 3.5% annually (Heritage.org). Australia has also benefitted from considerably low inflation and unemployment rates. Because of these macroeconomic values, Australia is ranked third in the ranking of regional economies (Heritage.org). The reasons for Australia’s ongoing success is mainly because of the boom in

Literary Analysis of Virginia Wolfe’s, Professions for Women Free Essays

Fueled by the frustration of the masculine control that dominated her era, Virginia Woolf displayed her deepest feelings of oppression in her essay â€Å"Professions for Women†. Written in 1931, â€Å"Professions for Women† shows the internal conflict many women battled fiercely with when living their everyday lives. Woolf tells a story of a figurative â€Å"Angel in the House†, which is a stereotypical woman of the Victorian era and her efforts to break free from this stereotypical template. We will write a custom essay sample on Literary Analysis of Virginia Wolfe’s, Professions for Women or any similar topic only for you Order Now Woolf felt that for women to show men their true potential, they must wander beyond what society expects them to be and become an individual. Virginia Woolf’s skillful utilization of metaphorical diction and repetitious phrases help present her ideals to the reader while remaining rhetorically efficient. The â€Å"Angel in the House† example was referred to in numerous occasions in â€Å"Professions for Women†. The Angel was â€Å"charming†, â€Å"sympathetic† and â€Å"sympathetic† all qualities of a stereotypical woman in the Victorian era. Woolf’s diction implied dislike towards the Angel, stating â€Å"it was she who bothered me and wasted my time and so tormented me that at last I killed her†. Yet through extensive criticism, Woolf still referred to the Angel as â€Å"pure† and spoke of her good characteristics. The Angel in the House was a good thing and a bad thing. Good because all of her qualities were quite positive and seemed like a nice person, but bad because inadvertently, all these caring characteristics were holding women back from becoming their own individual. Instead of being an independent thinker, the Angel depended on men to support her and did not hesitate to serve them. The Angel would torment Woolf, telling her â€Å"Never let anybody guess you have a mind of your own† and because of the Angel’s messages; Woolf was forced to metaphorically â€Å"kill† the Angel to be able to think for herself. The Angel encompassed everything Woolf wanted to avoid; a naive, oblivious woman who was undermined by her masculine counterparts. Virginia Woolf wanted to create a profound effect on the readers of her work and her words reflect that goal. To solidify and strengthen some of her argument, Woolf took advantage of repeating phrases. When describing the Angel Woolf states, â€Å"She was immensely charming. She was utterly unselfish. She excelled in the difficult arts of family life. She sacrificed herself daily†. Woolf chose to use repetitious phrases and anaphors to reinforce the qualities of the Angel. If Woolf had simply listed the characteristics of he Angel, the description would have been weakened and less meaningful. Woolf uses a polymerization of two strategies to emphasize her purpose in the conclusion of her work â€Å"†¦how are you going to decorate it? With whom are you going to share it, and upon what terms†? Repeating rhetorical questions supplements her argument and provokes thought within the reader, which was Woolf’s goal from the beginning. Even though it was written in a n entirely different era, â€Å"Professions for Women† has many components that can be compared to live in the 21st century. Woolf was tied between two internal personas; the stereotypical, feeble minded woman (The Angel) and an independent, intellectually skilled writer and â€Å"Professions for Women† explores her internal battle with these distinct personalities. Purposefully, Wolf wanted to show that women could be independent and relinquish themselves from the mold society created. In today’s age we must ponder within ourselves; why as a society do we feel we must create models for people to follow? Can they make groups feel inferior to others? How to cite Literary Analysis of Virginia Wolfe’s, Professions for Women, Papers

Organising And Staging Major Sport Events †Myassignmenthelp.Com

Question: Explain On Organising And Staging Major Sport Events? Answer: Introduction Major sports events comprise of a very vast process. It includes different dimension in it. The economic legacies of major sports events are critical to their sustainability as money is considered as the jack of all trades. The process involved in sports management are planning, organizing, controlling, managing etc. The whole system of the business of the world run through money and sports events are also held and organized to earn money by entertaining the people in the form of audience. Sports are a very good source of entertainment for people across the globe and it brings different people on the same platform to enjoy the event together. There are various types of sports all over the globe like football, cricket, hockey, tennis etc and the most followed sports is soccer. However, when we talk of the largest sports events, we come to the Olympics. The Olympics is the largest Sports event in the world and it has tremendous cultural, social and economic importance. As such, the hos t country and the event organizers are deeply related to the event in a major way. The complexity and importance of designing and delivering major sports events in a sustainable manner The main challenge of designing and delivering a major sports event such as the Olympics is faced when an organization or even the host country organizes it for the first time (Baker, Esherick, 2013). The event has to be designed, fabricated, constructed but the main task is to operate the event. All the strategies and plans are done before hand before executing the events. The main problem lies in the complexity of the event as with vast event comes to a large amount of work and it becomes difficult to manage the workflow as it is quite difficult to choose which task should be executed foremost and it is very necessary to execute the work step by step as it makes the work systematic and keeps a record of each work which has been executed one after the other. The organizer who organizes a sports management follows a lot of program management process to delegate the task. The task includes building infrastructure like hotels for players, making playgrounds, providing transport facili ties to foreign delegates, preparing different types of events for different sports in a case of Olympics and also managing food and water supply for the event (Bill, 2009). Also hiring event management companies to organize a program or function before starting the sports event. The security reason is also a very important aspect in organizing sports management and for that, a specific company is being hired to manage the security of players as the security company hires bouncers for the event. The other complexities include government permission in terms of police affirmation, municipal corporation confirmation, and fire brigade permission also but all in a limited and minimum amount of cost so that the event could sustain and give maximum profit to the organizers. The Olympics are of a huge scale and as a result, these things are seen to occur in a magnified manner in this case. The impacts and implications on stakeholder groups and the importance of incorporating stakeholders in event planning processes The stakeholders are very important in respect of organizing a sporting event in economic basis. The stakes in the Olympics are usually high and there are a lot of willing stakeholders in this case. The Olympics are such an event that the stakeholders would readily be a part of as they expect huge returns. They are the main source of providing or investing money in the project of sports event so they should be given the most importance while organizing a event and they should be updated with the information of the current situation of the event i.e. what is the status of the event, challenges of the event, financial crisis if occurs. If the managing procedure and achieving process are on a correct track then the stakeholders are in support of the organizers as they will get an assurance that their money invested in the event will provide profits which they aimed to earn while investing or else vice versa (Buehler, Nufer, 2014). The interaction with the stakeholders should be handled with care in an effective manner and also in right manner this will aid in emergencies when there will be finance crisis then the stakeholders could provide more money by seeing the genuine work thats why the impact of stakeholders are so high in organizing an event and also the stakeholders should be incorporated so that their identity is legal and the chance of fraud is eliminated (Funk, n.d.). The incorporation is also needed to maintain a record of the whole process as everything should be there in written document with the signature of the stakeholders on it and also of the organizers in respect to the norms and regulations made by the companys law or government laws. The stakeholders should get due importance and care from the organizers as they are the main source of finance for the event. The stakeholders should be given the rights to exercise their decisions and also should have the right to an opinion in organizing and managing the sports event. The value of major sports events to their host community The Olympics are usually hosted by a host country that has a lot depending on the success of the event. To organize an event especially Olympics, the sense of key factors or terms should be kept in mind as the important or key factors play a major role in successful of the event. In organizing an event the hosting should be good i.e. the organizers should hire a good host who has good communication skills to interact with the crowd interestingly and should also possess clear and sound voice so that the people listening to their host understand and the language also be common for the crowd and organizing function like dance programmed to increase the interest of public in the event and also inviting celebrities so that the audience associate with the event by following their role models in form of celebrities (Girginov, 2014). If the correct evaluation of event is made in advance then the organizers could get good sponsorship and deals of marketing as this will increase the buzz of th e event more. The success also depends on the systematic approach i.e. delegation of duties to different employees in accordance with their specialized skills i.e. an electrician should be given work to install electric items, an engineer should be given work of an engineer, an operational manager should be assigned for operations and a management person should be assigned with managing the event (Hoye, Smith, Nicholson, Stewart, 2015). The communication medium should also be good to make aware to the people about the event through promoting and advertising in television, radio, social media, and newspaper to connect with the people. The development of legacy plays a vital role in sports event as it provides various benefit to the event. To develop a better sports event the officers of various heads should be prudent in evaluating the workflow. In tournaments or Olympic games various event have various specialized heads which make the event get executed well.The legacy aid in bring ing the participation of local people into the games through awareness and also it leads to their inclusion in the sporting event as they develop the interest in the game (Javier, Alfonso, Luis, 2015). The various bodies included in developing the sports event are the development agency, permission from government offices, Recreation trust association, corporation body, and skill development council. The objectives of the association are to build the active participation of adult people. The information about the background should be provided to the youngster so that they should get the entire knowledge of the event. The national governing body will aid young children to move from their school level sports to domestic level and from domestic level to state and international level as they will create awareness program in the school and colleges (Jordan, 2011). The development body also aims in providing different types of facilities to the players so that they could horn their skill s and play more effectively in sports event by building good playgrounds for Olympic games, cricket ground, and football ground and also making badminton and tennis court and all this will require investment from the investors. Also, the involvement of local investors will aid the needy and poor people to play and pursue their dreams who are willing to play for their countries and with the help of local sports corporation, it will be easier to extract raw talents from remote areas. The development should also take place in school as school is the best platform to promote games (Karas, 2005). The school management should include sports in it so that various students could get motivated towards sports and they form inclination towards sports and participate in sports competition organized by sports federation. It also makes the student built their career in sports as sports are very interesting areas to built career and it also includes fame and money which makes a person highly succe ssful in life (Westerbeek, 2006). Also, the quality of sports could get enhanced if the high quality of sports equipment provided to players and also the building of sports center in different part of the qualities will have a good check in the interest of the public in sports. The ISO20121 is a standard for the sustainable management system for events like the sports event. It allows the enterprise to maximize the management process of events by taking into account the sustainable of the event (Thornton, Champion, Ruddell, 2012). The standard is applicable to large events like football and cricket tournaments, Olympic Games which took place after every four years and it is the biggest event in the sports as it consists of various events in it and is a very vast process to manage (Local Development Benefits from Staging Global Events, 2008). The standard is also applicable to business conferences, product promotion event and also to social events. This standard helps in maintaining the economic reform of the event by having a check in waste management, reducing carbon pollution emission, crafting the stakeholder's programs, target oriented and optimizing the potential of a supply chain. The standard helps in improving the business standards and enhances su stainability with the limited budget. The issues which are related to economic legacies of the major sports event are very much. Large events like football and cricket world cup or Olympic face a lot of barriers economically because it is difficult to estimate the economic benefit from the event as the evaluation of the profit are overstated (Masterman, 2014). To evaluate the advantage we should not only take into account the employment and production process which comes from building the infrastructure and the ticket sold to the viewers. The speculation about tourism is also not certain because it is difficult to guess how much people could turn into for the sports event and also the opportunity cost is also a matter i.e. whether the money should be spent for sports purpose or for another purpose the answer is difficult to make out. The negative impacts of sports event are that the event that the city is hosting gets overcrowded due to tourism as foreign people visit the city for the sports event, it has an adverse effect on the local community as they get displaced, crime rate increases as different culture of people visit the city and some are loafer types, deforestation took place to build infrastructure for sports and also for roads and railways facilities, the air and noise pollution increase with increase in vehicles in the city by the tourist (Swayne, Dodds, 2011). The positive impact is that it increases economic impacts for the hosting city. There is also increase in GDP of the country as the demand for domestic goods increases, the tourist uses different hotels to stay and buys food from a restaurant and purchase commodities from shops this brings revenue into the economy (Parent, Parent, Chappelet, 2015). The tangible impact is the building of infrastructure with beautiful hotels and intangible legacies are foreign investment and getting high sponsorship from big brands across the globe to the sports event and the significance of all these points are directly related to the economic structure as all these features include money factor in it and this all deliver a successful event and after the post-event it makes the event famous and also the sponsor gets benefited as their sales get increase and also the people develop more interest in the sports. The issues which are raised in above text impact a lot in the sustainability of the major sports event as these issues decide the fate of the sustainability of the sports events (Staging international sporting events. Vol. 1., 2001). If the problems occur most and the solution is not figured out then it will lead to the failure of the sports events but if the strategy is prudent then it will make the event success. Recommendations and conclusion The problems with stakeholders could be best handled while producing the best outcomes for the stakeholders is to develop a good relationship with the stakeholders by the organizers. The interaction and communication should be sound and their queries and issues should be attended well with full attention (Supovitz, 2005). The participation of stakeholders is also important in sports event as they form the basis of the event and their needs and requirement should be assisted well by providing those best facilities. The financial stakeholders should be given assurance of the success of the event by showing them the plan and strategy for the entire sports event and they should be assured that their business should flourish after the event with the sponsorship they provide and their banners should be reflected well when the event took place. The conclusion we could make out from the topic is that everything revolves around the money and this all activity took place to earn money to sustain in the worlds business and money makes money and also entertainment is also required for a happy life and sports event provides entertainment the best to its viewers as it contains a lot of enjoying activity. The key arguments are that the environment should not be exploited for organizing the sporting event and everyone should participate in the sports event as it is a vital part of our lives. References Baker, R., Esherick, C. (2013).Fundamentals of sport management. Champaign, IL: Human Kinetics. Bill, K. (2009).Sport management. Exeter: Learning Matters. Buehler, A., Nufer, G. (2014). Ambush Marketing in Sports.Journal Of Sports Management And Commercialization,5(1), 11-27. https://dx.doi.org/10.18848/2381-6937/cgp/v05i01/54099 Funk, D.Consumer behaviour in sport and events. Girginov, V. (2014).Sport Management Cultures. Hoboken: Taylor and Francis. Hoye, R., Smith, A., Nicholson, M., Stewart, B. (2015).Sport management. London: Routledge, Taylor Francis Group. Javier, I., Alfonso, C., Luis, C. (2015). Sports Management, Leadership in the Organization.Journal Of Physical Education And Sports Management,2(2). https://dx.doi.org/10.15640/jpesm.v2n2a5 Jordan, L. (2011).Sports event management. Farnham, Surrey, England: Ashgate Pub. Karas, G. (2005).On earth. New York: G.P. Putnam's Sons. Local Development Benefits from Staging Global Events. (2008). [Paris]. Masterman, G. (2014).Strategic sports event management. New York, NY [u.a.]: Routledge. Parent, M., Parent, M., Chappelet, J. (2015).Routledge Handbook of Sports Event Management. Taylor and Francis. Staging international sporting events. Vol. 1.. (2001). London. Supovitz, F. (2005).The sports event playbook. Hoboken, N.J.: J. Wiley Sons. Swayne, L., Dodds, M. (2011).Encyclopedia of sports management and marketing. Thousand Oaks, Calif.: Sage Publications, Inc. Thornton, P., Champion, W., Ruddell, L. (2012).Sports ethics for sports management professionals. Sudbury, MA: Jones Bartlett. Westerbeek, H. (2006).Managing sport facilities and major events. London: Routledge.