Analysis of Harry Potter and the Order of the Phoenix - Free Essay Example

Sample details Pages: 4 Words: 1171 Downloads: 9 Date added: 2019/04/12 Category Literature Essay Level High school Tags: Harry Potter Essay Did you like this example? When watching Harry Potter and the Order of the Phoenix, I observed the different teaching philosophies that McGonagall, Sprout, and Umbridge display within the varied classroom setting. *** discuss/ name and explain the different philosophies talked about in essay In evaluating Professor McGonagalls teaching practices at Hogwarts School of Witchcraft and Wizardry, I noticed that she incorporates and demonstrates three educational philosophies, namely essentialism, perennialism and progressivism. Don’t waste time! Our writers will create an original "Analysis of Harry Potter and the Order of the Phoenix" essay for you Create order Professor McGonagall is known and well respected by both students and professors for her high level of student and classroom expectations. McGonagall is known for her strict, no-nonsense demeanor and as the master of her classroom. Because of the common culture that exists between both student and professor, she has gained the respect of all of her students. While her teaching strategies are traditional she is training their minds to promote reasoning. McGonagall uses great books by Hogwarts finest thinkers and writers, while teaching them the traditional educational values of reading, writing, and arithmetic. At the beginning of class, she warns her students that anyone messing around will be forced to leave and not be welcomed back. She states, you have been warned (McGonagall). She provides her students with instructional demonstrations, where students are asked to conduct group experiments, such as the project-based learning approach. Her students tend to be inquisitive and ask many questions and in turn, she provides them with the help that is needed by roaming the classroom and answering their questions when needed. Overall, McGonagall utilizes three of the five teaching philosophies: essentialism, perennialism and progressivism. In the film, I believe that Warner Brother Studios chose to exemplify these three philosophies within McGonagall because they wanted to create a character who was a good example of moral ethics as well as honorable. She is capable of demonstrating both sides of the spectrum, the teacher-child-classroom relationship as well as the student driven classroom relationships. She is able to allow the students to flourish in their creativity. In regards to McGonagall, I would model her teaching philosophy of ___________. ***what will you avoid in regards to the three philosophies that she uses. Alongside McGonagall, Professor Sprout also uses the philosophy of progressivism in her classroom. She is a cheerful, roly poly teacher, who is well liked by her students. Her philosophy offers a hands-on learning experience in an outdoor classroom setting. Within her class, she teaches them how to repot a Mandrake plant. She provides them with step-by-step instructions while also advising them of the dangers of their activity. The students are given tools for protection, then proceed with caution as she explains and demonstrates what they will do. She double checks their work and asks for understanding. From this we can gather that she is an encouraging and thoughtful teacher who focuses on the individuals learning and progression throughout the time in her class. Her teaching philosophy of progressivism allows them to gain real-world experiences that can be utilized during their years at Hogwarts. There is no testing in her classroom, the pupils education is built around their experience, while they focus on one discipline at a time. Professor Sprouts education states that, if a single pupil wants to come, then the school ought to remain open for that pupil (Professor Sprout). Ultimately, I feel that Warner Brother Studios chose to show Professor Sprout in a way where progressivism is seen in a nurturing light, because the students face peril, evil, darkness, and restriction of creativity among other professors within the school. In my own classroom, I would adopt Professor Sprouts way of teaching in a progressive light, we see that she is very encouraging, supportive, and allows students to lead and she follows in their footsteps. Consequently, we observe that Professor Umbridge adopts a completely different philosophy when teaching her students. The philosophy she demonstrates in her classroom, is essentialism. Essentialism is _______________. Professor Umbridges demonstrates this by standing in front of the class as she teaches them which gives her a sense of superiority which exemplifies the idea of teachers being in charge. When she does this, she is imparting her wisdom and knowledge so that the students may learn from her instead of discovering on their own. She is endowing them with her great wisdom and knowledge. Umbridge is viewed as the mouthpiece for the Ministry of Magics political stand on the practices and policies that govern Hogwarts. This teacher intimidates her students with an iron fist approach telling them there will be discipline, order, and obedience in her classroom. She has a set of classroom rules in place where speaking is never an option. She does not call her students by their names but refers to them as children (Umbridge). Because there will be no talking in class without her permission, Professor Umbridge insists they raise their hands. What she teaches her students is that they will gain knowledge through their examinations, she believes school is about studying and test taking. She also warns the students not to question her methods and compares this act to doubting the Ministry. Students quietly sit at their desks and write with pen and paper and rote information from their textbooks. Instead of focusing on the students opinions, she only deems the Ministries and her own as the guiding force in the classroom. The filmmakers chose to portray Umbridge in this traditional, old school way of teaching where students are to be seen but not heard. However, despite Umbridges views on how the classroom should be run, I would not agree. When teaching my future students, I would not adopt this theory. I would want to find more creative ways and other avenues that would allow them to test their understanding of subject other than her test taking methods. I would allow my students to have a voice and that their opinions are welcome. After viewing the film and being able to critique the different educational philosophies that are presented, I was able to solidify my own teaching philosophy which is one of acceptance, encouraging creativity, understanding, and helping my students to pursue their interest while also being a role model. Overall, this film showed me the more effective ways of teaching students in a way that allows their creativity to flow and where they feel the most comfortable. The students dislike for Umbridge and adoration for McGonagall was blatantly obvious and continuously shown throughout the film which made it all the more obvious on which professors philosophies encourages and discourages learning. The level of respect, learning, and relationship development that occurred between student and professor is what appealed to me the most when watching this film. What was discouraging, was the amount of forceful rules and discipline that professors like Umbridge displayed which eliminated student s excitement for learning. When subjected to this environment, students are not able to progress during their academic years at Hogwarts. This film allowed me to cohesively see and understand the different philosophies that are brought into the classroom and how they affect the learning environment as a whole.

Marxist View on Education - 1639 Words

Using material from Item A and elsewhere, assess the view that the education system exists mainly to select and prepare young people for their future work roles. (20 marks) As stated in Item A sociologists see the education system as performing a vital role in modern societies. Item A also highlights that the education system can equip individuals with the specialised knowledge and skills they will need when they join the workforce. Therefore, the education system helps select and allocate individuals into their future work roles. Although many sociologists agree this is the main role of education, they argue whether this is a positive thing or a negative thing. Whereas Functionalists believe this role of education benefits society and†¦show more content†¦Althusser also argues that pupils learn a smokescreen so they cannot see inequality and the lie of meritocracy. He claims that schools try to promote the belief of meritocracy this basically means success is based on your own merit and ability. This supposedly helps motivate pupils to work hard because if they do they will succeed in life and in their chosen careers. However Althusser believ es this is a lie as schools are in no way meritocratic. This is shown through the fact that the middle classes have more opportunity i.e. being able to afford the best possible education etc. Althusser believes that schools teach working class pupils to blame themselves for social failure instead of society i.e. if pupils fail they will usually say they didn’t work hard enough etc. Although schools have a role of promoting the ruling class ideology, educations main role is to mould pupils into ideal workers which helps prop up and maintain capitalism. Durkheim also believes education has the important role of teaching the skills needed for work and that it has an allocation function which helps people fit into the right roles in society. It has been suggested that this helps prepare young people for their future work roles through the teaching of specialist skills. Functionalist Parsons builds on Durkheims ideas.Show MoreRelatedComparing the Marxist and Functionalist Views on the Role of Education in Industrial Society1300 Words   |  6 Pages Comparing the Marxist and Functionalist Views on the Role of Education in Industrial Society The functionalists and the Marxists both believe that the education system benefits everyone, but both have different views on society. The Marxist views of the education system are that there are conflicts because there is an inequality between the working class and the higher classes. They believe that there are two different classes which education produces, and that is theRead MoreDifferent Perspectives On What The Role And Purpose Of Education1387 Words   |  6 Pagespurpose of education is. Both Functionalists and Marxists believe that the education system prepares young people for work and their work roles. However, they disagree on how education does this. Functionalists believe we live in a meritocratic society, where occupational positions, jobs and pay are allocated on the basis of an individual’s talent, ability and merit. A major difference in view is that Marxists would refute the theory that we live in a meritocratic democracy. It is the view of many functionalistsRead MoreThe Functionalist Explanation of the Role of Education in Modern Society621 Words   |  3 PagesThe Functionalist Explanation of the Role of Education in Modern Society I will discuss the functionalists theories in comparison to those of the Marxist and Interactionists. Functionalists believe that all in society serves a purpose and its a positive function. They also believe that education is a way of achieving in society; it develops people so that it gives them the opportunities in society (workplace). Durkheim believed that in order for children to feelRead MoreAssess the Contribution of Marxism to Our Understanding of the Role of Education1676 Words   |  7 PagesMarxism to our understanding of the role of education. As mentioned in Item A, Marxists take a critical view of the role of education. They see society as based on class divisions and capitalist exploitations. The capitalist society is a two class system as mentioned in Item A and it consists of a ruling class, the bourgeoisie and the working class, the proletariat. The bourgeoisie exploits the proletariat according to Marxists and they believe that the education system only serves the needs and interestsRead MoreEvaluate the usefulness of Marxist theory to our understanding of crime and deviance1201 Words   |  5 PagesEvaluate the usefulness of Marxist theory to our understanding of crime and deviance (40 marks) Synopticity - Crime Deviance sociological theory Marxist explanations of crime and deviance, like their work on other areas like the family and education, rest on an economic and structural analysis of society that sees a class struggle between the proletariat and the bourgeoisie. This struggle comprises the attempts by the proletariat to free themselves from the domination of the bourgeoisieRead MoreCompare, Contrast and Evaluate the Sociological Perspectives on the Ro1255 Words   |  6 PagesThe role of education is to educate individuals within society and to prepare and qualify them for work in the economy as well as helping to integrate individuals into society and teach them the norms, values and morals of society. Yet there are three sociological theories that differ greatly between them on the role of education. These are Functionalism, Marxism and Liberalism. Functionalists view the role of education as a means of socialising individuals and to integrate society, to keep societyRead MoreThe World Bank And Its Effects On Developing Countries Essay1572 Words   |  7 PagesUnderdevelopment, and Marxist Perspectives on Development and World Bank The liberalist view on economic development is that the world economy benefits developing economies through trade, international aid, and foreign investment, but economic development is mostly affected by the organizations in the country. They also believe that the most successful countries are focused on their own self-interest and actively participate in the world economy (Gilpin). Liberalists view the transfer of goods,Read More Compare, Contrast and Evaluate the Sociological Perspectives on the Ro1259 Words   |  6 Pages The role of education is to educate individuals within society and to prepare and qualify them for work in the economy as well as helping to integrate individuals into society and teach them the norms, values and morals of society. Yet there are three sociological theories that differ greatly between them on the role of education. These are Functionalism, Marxism and Liberalism. nbsp;nbsp;nbsp;nbsp;nbsp;Functionalists view the role of education as a means of socialising individuals and toRead More Marxist Perspective on Education Essay1564 Words   |  7 Pages Education system is seen as an important part of the superstructure in society. This statement was written in a Marxism perspective by individuals who see education not just an important part of the superstructure but as well an important aspect in a child life. Even though Karl Marx himself did not widely write about education, many of his followers did. This paper will look at how class and alienation which is a theory that Karl Marx wrote, plays a part in education and a general look at the perspectiveRead MoreAssess the View That the Family Is Part of the Ideological State Apparatus.701 Words   |  3 PagesThe ideological state apparatus is defined as a social institution that can control our ideology. Marxists would argue that the family is an institution used to teach its members to submit to the authority of the ruling classes. However functionalist view the family unit as a construct that fulfills important functions and keep society running smoothly. Marxists believe that primary socialisation of children is learning the norms and values provided through the process of socialisation, this is

Negative Images of African Americans in the Media Free Essays

Mass media is a powerful force in American pop culture. Images seen on billboards, television, magazines, and the big screen create lasting impressions. Sometimes these impressions have a negative impact. We will write a custom essay sample on Negative Images of African Americans in the Media or any similar topic only for you Order Now Mass media can be very detrimental to society if it is not criticized. Many groups of Americans are negatively affected by the images and content of mass media. African Americans are at the top of this list. Images of African Americans in television, music, and film are often less than stellar. Black men are often portrayed as drug pushers, pimps, thugs, and dead beat dads, while black women are portrayed as poor, lazy, and promiscuous. This needs to stop! That is a given! Question is, how are these negative images going to be stopped? Several steps should be taken in order to prevent these negative images in the media. The origins of these images need to be examined, and modern racism and prejudice need to be exposed. There may be some accuracy to the negative images of African Americans in the media, but that is no excuse. The media should focus more on uplifting people. African Americans have historically had a disadvantage when compared to their white counterparts. This should not be exploited for entertainment purposes. African Americans are often placed in roles that portray them as poorly educated. This dates all the way to minstrel shows! This is still a problem today! Americans are more comfortable laughing at blacks as appose to understanding blacks. The main problem with images of African Americans is that they are one dimensional. African Americans are diverse and come from a variety of backgrounds. If an African American is portrayed as a druggie or a convict, then there should be some reasoning behind this. People don’t become drug addicts for the fun of it; they become drug addicts because they want to numb themselves from the pain and suffering of their everyday lives. Black men and women don’t become criminals because they are horrible people. They become criminals because they are taught that they have no other option! African Americans have to stand up for themselves and fight against the media. That is the only way things will change. While doing this, they may have to criticize other African Americans. This should be done with love. Black rappers, singers, and actors should be held with some responsibility. Black leaders like Oprah Winfrey and Bill Cosby have spoken out about this. Rappers, including Ludacris and 50 Cent have been criticized for their lyrics. It is unclear if they are rapping about their experiences in order to expose their struggles, or if they are exploiting the black struggle with their lyrics. Violence, sexuality, and the lack of education are unfortunately a part of African American society. The media should show this. Rappers and singers should perform songs about this. Black actors should play roles that depict this. Black actors, singers, and rappers should not exploit these disadvantages. Instead they should use their craft to create solutions to these problems. Drugs and violence should not be glamorized! How to cite Negative Images of African Americans in the Media, Essay examples

The History of Project Management

Question: Describe about the history of project management. Answer: Introduction: The journal article The History of Project Management has been taken from International Journal of Management and Information Systems - Third Fourth 2014 Volume 18 Number 4 written by Tom Seymour and Sara Hussein of Minot State University, USA. Project management has been defined as the systematic method of carrying out a task with minimum cost and time involved. It has been with us since the birth of mankind but there is very little proof as no proper documentation was done. In was only in the 1950s that proper effort was made to consider and practice this realm of management. Later on a number of computer programs were developed which not only helped in its progress but also in its application. Nowadays, project management as a subject has been introduced in number of courses and has already gained immense popularity. Thinking about the time when project management would first have been implemented, it would be wise to say whenever men joined hands to complete a particular purpose. Project management has always been defined as the management of men and workforce for the purpose of achieving a particular purpose (Young, 2013). The Great Wall of China, Stonehenge are all magnificent examples of how proper planning was conducted, materials and men engaged and every aspect of the work monitored till the very end. Even though there were several misconceptions regarding older projects, it is clearly understood that project management had played a vital role in its success. But despite all these, very little effort was done to document it in a manner useful for others in the future. Coming back to the present, Henri Fayol and Henry Gantt are considered to be the fathers of modern project management. Henri was an engineer at an iron and steel company in France and it is here that he observed the various methods by which project management was actually implemented even though unknowingly. Fayol observed five qualities used by managers during their day to day activities. These qualities later became the benchmark on which the present project management is actually based upon. Henry Gantt was an American engineer and management consultant. He designed the Gantt chart which is widely used even today. He envisaged breaking up of complicated tasks into smaller ones and to proceed according to the importance of the subject. He advised that when difficult tasks are broken up into smaller ones, it is easy not only to complete them one after another but also in a much better and systematic manner. But according to Snyder and Kline, modern project management took off with t he introduction of PERT and CPM. PERT was designed by the American Navy during the Polaris project which was America's first submarine launched ballistic missile project, as this project was very complex, PERT made it simpler to analyze (Schwalbe, 2014). CPM was first developed by E.I Du Pont de Nemours, a major construction company while constructing a chemical plant. CPM was designed to keep costs minimum and to take very little time. Modern project management can be subdivided into four phases. The first phase in the 1900s was when project management began to be used for administration and associated purposes. The Manhattan Project and Interstate Highway are all important hallmarks of this phase. It was in this phase that Gantt chart began to be used very widely hence further boosting its importance in modern day management. The second phase from 1958 to 1979 saw a lot of technological advancement (Roberts, 2011). The photocopier by Xerox was an important contribution of this phase. Then, the Apollo and Polaris projects came into focus which led to the introduction of PERT and CPM to this field of management. The Apollo project being a complex and difficult one had to plan in such a way so that Nasa's very first mission to put man on the moon succeeded. The Polaris mission, America's first submarine based missile system too had to be planned in a similar manner. This led to the development of WBS, Work Breakdown System for any project which is of size similar to that of Polaris. The third period too was based on technological advancement and an important project then would be the English- France Chanel Project (Richman, 2012). The fourth and final period in which we are today has taken project management to the next level. CCPM began to be used which was better than both CPM and PERT as it focused mainly on resources needed to achieve a target. Looking at the phase beyond the present period it can wisely be said that it would be a period of greater technological advancement and cost productivity (Morris, 2013). TCM, Total Cost Method has already been developed which can control costs within the entire life cycle of the project. Software as a Service scheme has already been developed through which users can use the software for a fee via cloud support. Though this scheme is in its nascent stage, the benefits of the projects give a positive picture regarding its success in future (Hughes, 2012). Virtual employment would become a reality as employees would be able to work from home and employers would be able to manage costs and skills by doing so. Even though the future looks promising, there had been no consensus among researchers (Heagney, 2012). Some researchers believe that due to the continuing process of disintegrating job roles, project management would be a thing of the past as each member would have to look after other aspects in general too. Some other researchers believe that due to this disintegration, there will be specified job roles with specific requirements for project management certification courses. Globalization, competition and many other factors are changing the way firms organize and carry on their activities (Dinsmore Cabanis-Brewin, 2014). Only time can tell how effectively the prevailing scenario will help in the utilization of project management methods. But given the fact that it has constantly evolved with time and still is, this field of management will certainly showcase the amount of potential in it by making our lives simpler. References Dinsmore, P. Cabanis-Brewin, J. (2014).The AMA Handbook of Project Management. New York: AMACOM. Heagney, J. (2012).Fundamentals of project management. New York: American Management Association. Hughes, B. (2012).Project management for IT-related projects. London: BCS. Morris, P. (2013).Reconstructing project management. Chichester, England: Wiley-Blackwell. Richman, L. (2012).Improving your project management skills. New York: American Management Association. Roberts, P. (2011).Effective project management. London, UK: Kogan Page. Schwalbe, K. (2014).Information technology project management. Boston, MA: Course Technology. Young, T. (2013).Successful project management. Philadelphia, Pa.: Kogan Page Ltd.

Coso and Basel Essay Example

Coso and Basel Essay Financial Collapses and Regulations New England College of Business In an era of risky investments and failed financial institutions, additional importance is being placed on businesses implementing Enterprise Risk Management (ERM) plans. ERM is defined by the Institute of Internal Auditors (2012) as an approach designed to identify, quantify, respond to, and monitor the consequences of potential events implemented by management. Without an ERM plan, transparency to shareholders and internal accountability are nearly impossible to achieve. COSO and Basel are both reactive frameworks to increased regulatory changes that forced institutions to show more transparency to their financial reporting, in order to manage operational risks, mitigate the likelihood of a collapse, and ensure stability in volatile market conditions (Farnan 2004; Balin 2008); these measures increase confidence in investors. This comparative analysis of COSO and Basel seeks to indentify common measures that are necessary to form a functional ERM plan, the most important being the accountability of management and its communication with the Board (The New Basel Accord 2003). A Comparative Analysis of ERM Guidelines: COSO I/II and Basel I/II Introduction Due to the epidemic of failed financial systems seen over the past decade, agencies and private organizations (e. g. , Securities and Exchange Commission, NICE, etc. ) have set in place guidelines for the standardization of reporting and evaluating risk in an effort to eliminate surprise collapses in the future (NICE Systems Ltd. 2012). Alexander Campbell, Editor, Operational Risk Regulation, states that regulatory approaches are changing and requiring companies to streamline processes for monitoring internal risks at a company, such as fraud (NICE Systems Ltd. 2012). Common goals of organizing committees trying to tackle regulatory challenges are to improve communication between the board and management, increase shareholders confidence, and most importantly, for entities to thoroughly evaluate their liquidity so that in the event of a crisis, investors assets are secured (Bressac 2005; Decamps, We will write a custom essay sample on Coso and Basel specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Coso and Basel specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Coso and Basel specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Rochet, Roger 2003). This comparative analysis of COSO and Basel identifies the standards these documents set for institutions to maintain an Enterprise Risk Management (ERM) plan, as well as the affects these documents shortcomings and constraints have on entities which apply either COSO or Basel. Enterprise Risk Management (ERM) is defined by the Institute of Internal Auditors (IIA) (2012) as an approach designed to identify, quantify, respond to, and monitor the consequences of potential events implemented by management. It is important for all parties affiliated with an institutions ERM plan to clearly identify and understand the events that impact a companys value in order for the entity to achieve its objectives (IIA 2012). The frameworks COSO and Basel both attempt to be reactive solutions to public events in which lack of an adequate ERM plan has contributed to a collapse of a major institution or market which had a detrimental affect on the public (Farnan 2004; Lall 2009). Both documents have been explored by many key opinion leaders in the financial industry, and while each provides a set of guidelines for developing successful ERM protocols, each also fails to be foolproof. Shaw (2006) provides the argument that while the COSO standard was groundbreaking at the time, it was not meant to be a marking guide for controls. Moreover, in regards to Pillar 3 of the Basel Accord which depicts methods of Value-At-Risk (VAR) calculations, Standard and Poors noted that although these VAR methods appear to offer mathematical precision†¦they are not a magic bullet (Lall 2009). COSO and Basel can be seen as a significant step forward for the times (Saurina and Persaud 2008). Basel In 1974, the Basel Committee of Banking Supervision (BCBS) was created (consisting of the G10 plus Luxembourg and Spain) in light of the challenges from an increasingly internationalized banking system (Lall 2009). In the 1980s, it became clear (post-Latin America Debt Crisis, 1982) that a process was needed regulate the international banking system to mitigate risk and manage losses (Lall 2009). The first Basel Accord and Basel II, referred to as Basel, is a method of risk management, specifically for financial institutions operating on a multi-national level, that sets minimum capital requirements (8% of adjusted assets (Decamps, Rochet, Roger 2003)) that these institutions must uphold to minimize the risk of a collapse in the international banking system (Lamy 2006). Basel I, the first international accord on bank capital was established in 1988, by the BCBS (Finance Development 2008), with the goal to arrive at significantly more risk-sensitive capital requirements with the primary objective in line with ensuring stability in the international banking system (Lamy 2006). In 2004, Basel II was introduced, with amendments in response to the Quantitative Impact Study, QIS 3, (published in May 2003), an increase in the amount of capital banks must set aside for high-risk exposures, and changes from feedback from banks on Basel I (Finance Development 2008; Lamy 2006). The Basel framework is focused on three pillars: a minimum capital adequacy requirement, supervisory review, and market discipline (Decamps, Rochet, Roger 2003). Basel I was highly criticized for having a one size fits all approach to formulating institutions risk-weighted assets (with insensitivity to emerging countries), in addition to unrealistic capital requirements that discouraged even reasonable risk taking (Kaufman 2003). In response to these critiques, BCSB began to draft Basel II, in which the amendments to Pillar I (310 out of ~350 pages of the document (Balin 2008)) were most notable. Balin (2008) describes the menu of various options that Basel II encompasses for Pillar I, which allow institutions to choose the most suitable options dependent on a series of factors (i. e. , size, rating, etc. ). The minimum capital requirement pillar focuses on the least amount of capital a bank must maintain to be protected from credit, operational, and market risks (Ahmed and Khalidi 2007). In Basel II, the highly critiqued credit risk requirements were modified to decrease the one size fits all stigma of Basel I (Kaufman 2003). Additionally, Basel II takes into account loopholes found in Basel I that enabled banks to maintain their desired level of risk while cosmetically assuaging to minimum capital adequacy requirements, which was done mainly through a transfer of assets to holding companies and subsidiaries (Balin 2008). Similar to COSO framework, the first pillar of Basel seeks to unite various types of risks into an overall evaluation of capital requirements to safeguard shareholders and investors. Pillar 2, the Supervisory Review, is meant to insure that banks have adequate capital to support all the risks in their business including, but not limited to, the calculations in Pillar 1 (Kaufman 2003). This Pillar clearly defines of obligations of supervisory oversight against extreme risk taking; of note in this Pillar is line 680, which states: Supervisors are expected to evaluate how well banks are assessing their capital needs relative to their risks and to intervene, where appropriate. This interaction is intended to foster an active dialogue between banks and supervisors such that when deficiencies are identified, prompt and decisive action can be taken to reduce risk or restore capital (The New Basel Capital Accord 2003). The four principles of Pillar 2 seek to hold the supervisors responsible for implicating processes, reviewing, setting expectations, and intervening when warranted in regard to management of capital risks (The New Basel Capital Accord 2003). Pillar 3 seeks to protect against changes in asset prices (market risk) (Balin 2008), which is an addition to the credit risk factors of Basel I. Using the Value-At-Risk (VAR) model, banks were able to determine the probability of a portfolios value decreasing by more than a set amount over a given time period (Lall 2009). Critics of the VAR model, such as the International Monetary Fund (IMF), claim that it fails to account for extreme market events and assumes that the processes generating market events were stable (Lall 2009). COSO In July 2002, the Sarbanes-Oxley Act (SOX) was passed with the goals of increasing investor and public confidence in the post-Enron era and increasing management accountability, among others (Farnan 2004). Section 404 of SOX states that effective for some large companies, beginning December 31, 2004, a separate management report on internal control effectiveness and audit by the organizations external financial statement auditor is required (Farnan 2004). COSOs framework lays out a path for developing efficient operations and regulatory compliance methods, and has been established as the framework recommended by agencies such as the SEC for public companies to base their financial reporting on (Farnan 2004). The Committee of Sponsoring Organization of the Treadway Commissions (COSO) is comprised of five private organizations in the financial industry (COSO Web site 2012). The COSO organization was established in 1995 with the mission to provide thought leadership through the development of comprehensive frameworks and guidance on enterprise risk management, internal control and fraud deterrence, and attempts to enhance success and leadership, and minimize fraud in company reporting (COSO Web site 2012). Since its establishment, COSO has published frameworks aimed at helping publicly traded companies cope with tough new monitoring requirements mandated by the Sarbanes-Oxley Act (Shaw 2006), and to help businesses manage risk, by looking at business units as an entire entity, designed to improve organizational performance and governance and to reduce the extent of fraud in organization (COSO Web site 2012). The COSO framework is a cube comprised of four (three in COSO I) company objectives perpendicular to eight (five in COSO I) factors that together form a risk assessment program for which companies can reduce risks by realizing the amount of capital needed for consequences (Bressac 2005). Similar to Basel, COSO dictates that the board is responsible for overseeing managements design and operation of ERM (Bressac 2005). One factor that COSO framework includes is the measurement of a companys risk appetite, the amount of risk, on a broad level, an entity is willing to accept in pursuit of value (Rittenberg and Martens 2012). Many objectives that management sets for their company (i. e. , increase market share, win competitive tenders) include a substantial amount of risk, and COSOs strategic decision-making framework allows managers to present the objectives in relation to appetite to the Board for approval (Rittenberg and Martens 2012). Conclusions Both COSO and Basel were drawn to effectively respond to new implications (Sarbanes-Oxley Act (Shaw 2006) and new laws capital requirements for banks (Lamy 2006), respectively), and each have principles that can help institutions manage ERM more effectively. For example, The New Basel Capital Accord (2003) clearly articulates that setting a minimum amount of available capital resources is a vital element of the strategic planning process, and the three pillars devise a plan to do this. Bressec (2005) claims that COSO II framework articulates a way for managers to effectively deal with the events that create uncertainty for entities and create responses to minimize potential losses. COSO and Basel were both released in the infancy stage and flawed. Samad-Khan (2005) observed that COSOs creditability is diminished because consequences are predicted to occur much more frequently than had been historically recorded in the past. Supporters acknowledge that Basel II has arcane ideas, but defend that its still a step in the right direction because it increases financial oversight and makes sure banks wont be doomed by crises of confidence (Coy 2008). It is important to note that while COSO and Basel offer much protection against quantitative risk assessments, they must be coupled with the knowledge and insight of senior risk managements to be most efficient (Lall 2009; Samad-Khan 2005). Moreover, both COSO and Basel also provide constraints that limit the amount of risks institutions can endure, sometimes excessively. Pall (2009) discusses one failure in Basel II as the ability for developed-nation banks to skew their reports to their desired results, at the expense of their smaller and emerging market competitors and, above all, systemic financial stability. Samad-Khan (2005) emphasizes that historical data is still the most reliable way for companies to determine the probability for risk to occur. Start-ups will not have this historical data, therefore may overestimate their probability of risk using the likelihood x impact = risk calculation (Samad-Khan 2005) and miss out on potentially positive opportunities. Others against the provisions claim that both documents (e. g. , Basel in the Emerging markets) implement concessions that constrain potential growth by overcompensating for potential consequences and depleting lending capital for banks, which in the 1930s contributed to the Great Depression (Coy 2008). Historical events depict the need for more stringent regulatory guidelines in this era of financial market uncertainty. The most important common factor of Basel and COSO are that each clearly states that it is managements responsibility to have a functional ERM plan in place, and be in communication with the Board about potential risks that the company faces (Bressec 2005; The New Basel Capital Accord 2003). Holding management accountable for the risks the business takes, while making sure that the Board is in agreement with managements plan creates a necessary harmony of a checks and balances system, in turn creating a safer landscape for shareholders and the public to place faith in. When properly executed,

Reconstruction-DBQ essays

Reconstruction-DBQ essays In what ways and to what extent did constitutional and social developments between 1860 and 1877 amount to a revolution? The Declaration of Independence is a written document intended to bring about change, through the hopes and will of the common people. ...We hold these truths to be self evident, that all men are created equal, that they are endowed by their Creator, with certain unalienable rights, that among these are Life, Liberty, and the pursuit of Happiness. This infamous statement however was not carried through history to its highest potential. Another challengeable statement mentioned in the Declaration of Independence was ...that they are, and of right ought to be, free and independent states. Through the periods of 1860 and 1877, nearly 100 years after the Declaration was written, constitutional and social developments were a necessity in order to protect all citizens rights, no matter what race, color or religion, enforce states rights, and bring about a change, that would further revolutionize and impact the United States greatly. States rights was a critical topic during this time period. South Carolina wanted to secede because of the violations of constitution posed by the federal government. The South Carolina Declaration states their reasons for secession, clearly shown in Document A. South Carolina was the first state to succeed from the Union, which would then anger the United States because it triggered other states to follow their footsteps. South Carolina felt their rights had been stripped of them, which challenged the United States constitution. The principle of states rights is a bad sentiment in others eyes however. In Document B, Senator John Sherman basically says that we have given to much power to the states allowing it to overthrow the government. It decreases a sense of nationality which in the long-run could harm the ...

Critically evaluate the development and application of the implied Essay

Critically evaluate the development and application of the implied duty of trust and confidence with reference to contracts of employment - Essay Example It would appear from the decided cases, that the primary purpose of the implied duty of trust is to ensure that the employer acts in good faith and does not unfairly or inequitably exercise his/her power under the employment contract.4 This paper explores the emerging concept of the implied duty of trust and confidence in the employment contract and argues that it is a significant development, used for the purpose of regulating and restraining the employer’s conduct in asserting his/her power under the employment contract. The implied duty of trust is a relatively new concept of employment law.5 The duty itself is most likely founded on the fundamental principle of co-operation required of parties to a contract generally.6 It is also part of the history of employment law and its shift away from the underlying tenet of the preexisting master/servant characterization of employment relationships. In this regard, the emerging duty of trust can be detected in Lord Slynn’s judgment in Spring v Guardian Assurance Plc [1995] 2 AC 196 in which Slynn J said: The changes which have taken place in the employer/employee relationship, with far greater duties imposed on the employer than in the past, whether by statute of by judicial decision, to care for the physical, financial and even psychological welfare of the employee.7 The duty of mutual cooperation merely dictated that parties to a contract tailor their conduct so as not to undermine the terms and conditions of the contract.8 In other words the duty of mutual cooperation did not impose upon the parties a positive duty. The implied duty of trust which was developed from the duty of mutual cooperation does impose upon the parties a positive duty to take specific action. For example in Scally v Southern Health and Social Services Board [1992] 1 AC 294 the court held that the implied duty of trust and confidence imposed upon the