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Ateneo Law Entrance Exam Reviewer. Corporate Compliance Answer Book. book Page 29 Thursday, June 17, 2010 4:20 PM 2 Implementation of Effective Compliance and Ethics Programs and the Federal Sentencing Guidelines Steven D. Gordon* How should a company go about designing and implementing a compliance program? While other chapters address the specifics of compliance programs in particular industries, this chapter considers issues relating to designing and implementing compliance and ethics programs generally. The biggest influence on the design and implementation of a compliance program is guidance from the U. We will write a custom essay sample. on Ateneo Law Entrance Exam Reviewer or any similar. topic specifically for you. S. Sentencing Commission contained in the Federal Sentencing Guidelines that apply to companies convicted of telugu republic day federal criminal offenses. The Sentencing Guidelines set standards that have become the * The author wishes to acknowledge Jennifer Dure, Michael Manthei, Christopher A. Myers, and Jonathan Strouse for their contributions to this chapter. 29 Corporate Compliance Answer Book. book Page 30 Thursday, June 17, 2010 4:20 PM Q 2. 1 CORPORATE COMPLIANCE ANSWER BOOK norm for of alcohol thesis virtually all companies, even though relatively few will ever be prosecuted or convicted. In fact, the telugu model day most useful benefit from using the paper writing Guidelines to design and implement a compliance and telugu model day ethics program is that it can help companies avoid investigations and convictions in help writing the first place. In addition to complying with the Sentencing Guidelines, if the company is publicly held, it must comply with the SarbanesOxley Act of 2002. And if the company is a federal government contractor or subcontractor, the Federal Acquisition Regulation (FAR) comes into play. Other compliance requirements apply to other industries.
Since 1991, the sentencing of corporations and telugu other business entities convicted of federal criminal offenses has been. Page 2 Ateneo Law Entrance Exam Reviewer Essay. governed by the Federal Sentencing Guidelines (“Sentencing Guidelines”), established by prohibition, the U. S. Essays Republic Day. Sentencing Commission. These Sentencing Guidelines were mandatory, but in 2005, the Supreme Court ruled that it is 30 Corporate Compliance Answer Book. Dracula New Woman Essays. book Page 31 Thursday, June 17, 2010 4:20 PM Compliance Programs U. S. Telugu Republic. Sentencing Guidelines Q 2. 2. 1 unconstitutional to apply them in mandatory form. Peta Persuasive. The Court left them intact as voluntary guideposts that federal courts should consult but are not bound to follow. 1 In addition to model essays providing guidance on how convicted companies should be sentenced, the Sentencing Guidelines also contain detailed guidance from the Sentencing Commission on what it means to have an “effective” compliance and ethics program. Entry Level Systems Letter. This guidance, contained in chapter eight of the Guidelines Manual, 2 is used by hundreds of companies to design and implement their compliance programs and is also the standard used by many government agencies to evaluate company compliance and ethics programs. Q 2. Telugu Essays. 2 How do the Sentencing Guidelines relate to an effective compliance program? A company convicted of a federal offense is eligible for a reduced sentence under the Sentencing Guidelines if it has an effective compliance and peta persuasive essay ethics program and telugu day the offense occurred despite the program. 3 The Sentencing Guidelines spell out the basic elements of an with writing, effective compliance program.
4 Additionally, a prosecutor might exercise his or her discretion not to bring criminal charges if the company has a compliance program that meets the essays republic Sentencing Guidelines’ requirements. Q 2. 2. 1 Why should my company care about the level systems cover letter Sentencing Guidelines if it conducts business. honestly and is unlikely ever to face criminal prosecution? If the business is a corporation, its management probably has a duty to ensure that the business has an adequate compliance program. Telugu Essays Republic. The Delaware Chancery Court, in the leading Caremark decision,5 held that corporate management has such a duty under Delaware law in light of the Sentencing Guidelines. Also, having an effective compliance program can show that the entry systems analyst cover letter corporation was not at fault if an employee does engage in criminal or unethical conduct. Even ethical companies get investigated. In the telugu model essays event of an investigation, enforcement authorities will look at a variety of help paper writing factors to determine whether there has been wrongdoing, who is at fault, and whether to bring criminal, civil, administrative, or no claims against 31 Corporate Compliance Answer Book. book Page 32 Thursday, June 17, 2010 4:20 PM CORPORATE COMPLIANCE ANSWER BOOK Q 2. 3 the essays republic day company.
Among the most significant factors influencing these decisions is whether the company has a compliance program that meets the Sentencing Guidelines’ requirements. Components of an Effective Compliance Program Q 2. 3 What policies and procedures should my. company implement to meet the Sentencing Guidelines’ requirements? You are required to have written standards and procedures. After performing a thorough assessment of your company’s legal, compliance, and reputational risks, you should create policies addressing those risk areas. The number and types of standards and procedures a company requires depend on a number of factors, including the industry in which the company operates. With Paper. Q 2. 3. 1 What are the model day elements of an effective compliance program that will satisfy the entry level systems analyst cover letter Sentencing Guidelines?
The Sentencing Guidelines state that the two fundamental. elements of an effective compliance and telugu essays republic day ethics program are: (1) (2) exercising due diligence to prevent and detect criminal conduct; and friend friend otherwise promoting an organizational culture that encourages ethical conduct and a commitment to compliance with the law. 6 Q 2. 3. 2 What specific steps must our company take to create an effective compliance program? The Sentencing Guidelines provide that, at a minimum, a company must do the following in order to have an effective compliance and ethics program: (1) (2) Establish standards and procedures to prevent and detect criminal conduct. Ensure that the company’s governing authority (board of. directors, etc. Telugu Republic. ) understands the content and operation of 32 Corporate Compliance Answer Book. book Page 33 Thursday, June 17, 2010 4:20 PM Compliance Programs U. S. Sentencing Guidelines (3) (4) (5) (6) (7) Q 2. 3. 2 the program and exercises reasonable oversight with respect to essays its implementation and effectiveness. Specific senior manager(s) shall have overall responsibility to model essays republic ensure the implementation and effectiveness of the program.
Specific individuals shall be delegated day-to-day operational responsibility for the program and shall be given adequate resources and authority. They shall report periodically to senior management and shall have direct access to the board of a philosophy paper directors or a subgroup thereof. Republic Day. Keep bad actors out of help managerial ranks (or other key positions). Reasonable steps should be taken to screen out persons whom the company knows, or should know through the exercise of due diligence, to telugu model essays have a history of engaging in illegal activity or other misconduct. Take reasonable steps to communicate periodically and in what to write a philosophy paper on a practical manner its standards and procedures to its officers, employees, and, as appropriate, its agents, by conducting effective training programs and otherwise. disseminating information. Take reasonable steps to (a) ensure that the program is republic, followed, including using monitoring and auditing to of alcohol thesis detect criminal conduct; (b) evaluate periodically the program’s effectiveness; and (c) have a system whereby employees and agents may report or seek guidance regarding potential or actual criminal conduct without fear of retaliation (although a mechanism for anonymous reporting is not required). Telugu Essays Republic Day. Promote and enforce the program through appropriate incentives and disciplinary measures for engaging in criminal conduct and for failing to take reasonable steps to prevent or detect criminal conduct. Take reasonable steps to respond appropriately to entry letter criminal conduct and to prevent further similar criminal conduct, including making any necessary modifications to republic the compliance and ethics program. 7 33 Corporate Compliance Answer Book. What A Philosophy On. book Page 34 Thursday, June 17, 2010 4:20 PM CORPORATE COMPLIANCE ANSWER BOOK Q 2. Telugu. 3. 3 Q 2. 3. 3 Is there a standard compliance program that most companies can use? No.
There is no “one-size-fits-all” solution. The Sentencing Guidelines recognize that an effective program must be tailored to the particular company. The Sentencing Guidelines require a company to engage in periodic risk assessments in designing, implementing, and modifying its compliance and ethics program. Paper. 8 Each company must examine the nature of its business and its own prior history to determine what sorts of criminal conduct pose the greatest risk, and then take steps designed to prevent and detect such misconduct. For example, if your company employs sales personnel who have flexibility in setting prices, you must have established standards and procedures designed to prevent and detect price-fixing.
If you employ sales personnel who have flexibility to represent the material characteristics of model essays republic day a product, you must have established standards and dracula essays procedures designed to prevent fraud. Your company should prioritize the risks that you face in terms of the severity of the telugu model essays republic criminal conduct and its likelihood of occurring, and tailor your compliance and ethics program accordingly. 9 Designing and Implementing a Compliance Program Relevant Factors and Considerations Q 2. 4 Are industry practice and what on standards considered in assessing the effectiveness of a compliance program? Yes. The Sentencing Guidelines recognize that the particulars of an republic, effective compliance and ethics program are likely to be affected by essays, applicable industry practice or the standards called for by any applicable governmental regulation. For publicly traded corporations, applicable governmental regulations would include the requirements of the Sarbanes-Oxley Act of 2002. A company’s failure to telugu day incorporate and follow applicable industry practice or to with paper comply with applicable government regulations will weigh against a finding 34 Corporate Compliance Answer Book. book Page 35 Thursday, June 17, 2010 4:20 PM. Compliance Programs U. S. Sentencing Guidelines Q 2. 5 that its compliance program is an effective one. 10 For healthcare companies the Department of telugu model essays day Health and Human Services, through its Office of what to write a philosophy paper Inspector General, has issued a number of telugu model republic day very specific compliance program guidances targeting specific business sectors such as hospitals and pharmaceutical manufacturers. Q 2. 4. 1 Does the a philosophy paper company size matter?
Size is a relevant factor in telugu structuring a compliance and ethics program. Of Alcohol Thesis. A large company generally should devote more formal operations and greater resources to its program than a small company. Q 2. 4. 2 • • • What are the differences between compliance programs for large companies and telugu model essays small companies? The governing authority in a small company may directly manage the what paper compliance and ethics efforts. A small company may train employees through informal staff meetings and monitor them through regular “walkarounds” or continuous observation during normal management. Telugu Model Essays. A small company may use available personnel, rather than separate staff, to carry out the compliance and what to write paper on ethics program. 11 Requirements; Risk Areas Q 2. Telugu Model. 5 When it comes to putting a compliance program together, where do we start? A first step is to determine whether the compliance program must satisfy the mandates of the Sarbanes-Oxley Act12 in addition to the Sentencing Guidelines.
Sarbanes-Oxley, if applicable, imposes fairly detailed requirements that focus on the company’s internal control over financial reporting and its disclosure controls and procedures. A good compliance program should also address the friend is a friend essays prevention of other employee misconduct that may impose civil liability on the company or that may victimize the company itself. The foundation for model essays republic designing a good compliance program is to is a identify the principal risks of telugu model misconduct that must be safeguarded 35. Corporate Compliance Answer Book. book Page 36 Thursday, June 17, 2010 4:20 PM CORPORATE COMPLIANCE ANSWER BOOK Q 2. To Write. 5. 1 against. This is a task that requires input from counsel and senior management. The effectiveness of the compliance program likely will be directly proportional to the time and essays day effort invested in designing it. Q 2. 5. Help With Writing. 1 What are the most common risk areas that we may need to address in our compliance program? Consider the following fifteen areas: 1. Accounting practices. Essays Republic. Sarbanes-Oxley has made internal control over financial reporting and new woman essays disclosure controls and procedures the foremost risk area for every public company. It also spells out in detail the procedures that must be used to address this risk area.
Private companies must also protect against the risk that an officer or employee may “cook” or alter the books in order to boost performance or hide problems. Common examples include improper revenue recognition, intentional overstatement of assets, or understatement of liabilities, as well as false entries to cover up employee embezzlement and telugu model essays day theft, or expenditures for improper or illegal purposes such as bribes. 2. USA PATRIOT Act. The PATRIOT Act aims to cover cut off sources of financing for terrorists by strengthening anti-money laundering laws. The PATRIOT Act greatly expanded the definition of “financial institutions” covered by anti-money laundering laws to include not only banks, savings associations, and credit unions, but also securities broker-dealers; investment companies; hedge funds; commodities brokers; mutual funds; issuers or redeemers of travelers checks; operators of credit card systems; insurance companies; telegraph companies; loan or finance companies; automobile, airplane, and boat dealers; real estate brokers; persons or companies involved in real estate closings and settlements; currency exchanges; money transmitters; pawn brokers; travel agencies; dealers in precious metals, stones, or jewels; and casinos. 13 36 Corporate Compliance Answer Book. book Page 37 Thursday, June 17, 2010 4:20 PM Compliance Programs U. S. Sentencing Guidelines Q 2. Telugu Republic. 5. 1 The PATRIOT Act requires that “each financial institution shall establish anti-money laundering programs” unless the Treasury Department issues a specific exemption. Help With Writing. These programs must include written policies and procedures; a designated compliance officer; employee training; and periodic auditing and monitoring.
14 Further, financial institutions must implement special account opening procedures and “Know Your Customer” due diligence. 15 In addition, banks, securities broker-dealers, money services businesses, and casinos are required to file reports of suspicious transactions with the Treasury Department’s Financial Crimes Enforcement Network. 16 Finally, all persons (not only financial institutions) who receive in excess of $10,000 in cash in one transaction, or two or more related transactions, in the course of their trade or business are required to file a currency transaction report. 17 3. Conducting business with suspected terrorists. Following the September 11 attacks, Executive Order 13224 mandated creation of telugu model essays a list of persons, entities, and groups believed to entry systems analyst cover be connected with terrorism.
This order bans anyone in the United States from conducting any business with any person, entity, or group on the list, which is maintained by the Treasury Department’s Office of Foreign Assets Control (OFAC). 18 The OFAC list is constantly updated and model day now is quite lengthy, consisting of thousands of names, aliases, and “doing business as” designations. Businesses, particularly those with some international component, must ensure that they are complying with the provisions of the Executive Order. Specifically, before entering into or continuing any financial relationship, businesses should check the prohibition of alcohol thesis identities of existing and potential clients and customers against the latest OFAC List. 4. Conflicts of interest; corporate opportunities. Conflicts of interest are an issue for telugu republic day every company. Peta. The code of ethics mandated by Sarbanes-Oxley specifically requires a company to telugu essays day promote the ethical handling of peta persuasive essay actual or apparent conflicts of interest between personal and day professional relationships. 19 Common breeding grounds for systems conflicts of telugu model republic interest include employee relationships with the company’s suppliers and peta essay outside employment. 37 Corporate Compliance Answer Book. book Page 38 Thursday, June 17, 2010 4:20 PM Q 2. 5. 1 CORPORATE COMPLIANCE ANSWER BOOK The corporate opportunity doctrine forbids employees, officers, and directors of essays a company from (i) taking for themselves personally opportunities that are discovered through the use of friend in deed is a friend in need essays corporate property, information, or position; (ii) using corporate property, information, or position for personal gain; and. (iii) competing with the company.
Analytically, this doctrine is a subset of conflicts of essays interest. The New York Stock Exchange (NYSE), however, has proposed to amend its rules so that each issuer listed on the Exchange would be required to adopt a code of conduct that addresses, under separate headings, both conflicts of interest and corporate opportunities. 20 Further, Sarbanes-Oxley, in order to strengthen protections against conflicts of interest, prohibits public companies from in deed friend essays making personal loans to any director or executive officer. 21 5. Bribes, kickbacks, improper payments, inappropriate gifts. Improper payments to government officials are a potential issue for many companies, especially if the government is republic day, a customer or if the business is peta, subject to significant government regulation. Giving bribes or gratuities to U. S. government officials is prohibited by federal law,22 and bribery of foreign government officials is model day, prohibited by the Foreign Corrupt Practices Act.
23 Kickbacks are explicitly prohibited, both at the prime contractor and subcontractor levels, in connection with any federal government contract. 24 Kickbacks also are prohibited in exchange for the referral of business for which payment is made under federal healthcare programs, such as Medicare and Medicaid. In Deed Is A. 25 In addition, a number of states have criminal commercial bribery statutes that prohibit payments to influence the conduct of an model republic day, agent or employee with respect to the affairs of the agent’s employer. 26 6. Antitrust issues. Antitrust issues such as price fixing, collusive bidding, and market allocation are a concern in many industries. 38 Corporate Compliance Answer Book. book Page 39 Thursday, June 17, 2010 4:20 PM. Compliance Programs U. S. Sentencing Guidelines 7. Q 2. 5. 1 Confidential information and trade secrets. For many companies, protection of confidential information and entry trade secrets is republic day, a significant issue. In the healthcare industry, protection of individual health information is peta persuasive essay, critical. Often such information may be a key company asset and, under Sarbanes-Oxley, the safeguarding of company assets is model republic, one of the elements of internal control over is a friend essays financial reporting.
27 In order to protect its proprietary data and trade secrets, a company must take the requisite steps to preserve confidentiality. At a minimum, this includes reminding employees, during the course of their employment and upon republic day, their departure, of their continuing duty to dracula essays safeguard such information. Telugu Model Republic. In addition, written confidentiality agreements may be desirable. Further, companies must ensure that they do not become liable for misappropriating trade secrets belonging to their competitors or third parties. Employees should be warned against acquiring a competitor’s confidential or trade secret information—and against bringing such information with them from a prior employer when they join the company. Thesis. 8. Model Essays Day. Product safety. Friend Essays. If the telugu day company manufactures or processes tangible products, especially consumer goods, then product safety may well be a key risk area. What Paper. Indeed, in highly regulated industries that implicate public health and safety, such as food and drugs, product safety is likely to be the telugu model republic day single most important risk issue. Where public health and safety are implicated, defective products may trigger strict criminal liability for what paper on the company as well as its senior managers.
28 9. Workplace safety. In industries such as manufacturing, construction, or extraction of natural resources, workplace safety may be a significant issue. 10. Environmental issues. For many businesses, compliance with environmental laws is a significant concern. Some environmental statutes are drafted in such sweeping terms as to model republic day create something approaching strict criminal liability in the event of a violation. 29 39 Corporate Compliance Answer Book. book Page 40 Thursday, June 17, 2010 4:20 PM Q 2. 5. Prohibition Thesis. 1 CORPORATE COMPLIANCE ANSWER BOOK 11. Government contracts issues.
As detailed in chapter 15 on government contractors, new mandatory compliance and ethics program requirements went into effect on December 12, 2008, for many government contractors and day subcontractors. The new requirements amend the Federal Acquisition Regulation (FAR) and are modeled to of alcohol thesis a large extent on essays, the Federal Sentencing Guidelines criteria for effective compliance and ethics programs. 30 In addition to the specific elements of a compliance and ethics program that must be implemented, the new FAR provisions also require mandatory reporting of violations of federal criminal law, violations of the civil False Claims Act, and “significant” overpayments. Essays. Companies engaged in contracting with the federal government are especially vulnerable to liability for telugu essays day business misconduct. A number of peta persuasive statutes impose civil liability upon government contractors for engaging in fraudulent conduct or failing to comply with applicable procurement and contracting rules. 31 Further, an telugu essays, array of essays criminal statutes may be applied to contractors who engage in fraud or other misconduct. 32 The most common types of essays republic fraud encountered in government contracting include defective pricing, cost mischarging, product substitution, progress payment fraud, antitrust violations, kickbacks, bribery, gratuities, and conflicts of interest.
33 12. Insider trading. Another risk for publicly held companies is that directors, officers, or employees may engage in insider trading in the company’s shares. The NYSE considers this risk so significant that it identifies insider trading as one of the issues to be addressed by the code of persuasive essay conduct it has proposed for listed companies. 34 13. Model Republic Day. International business practices.
U. Cover. S. Day. laws that may create significant risks for companies engaged in international business include export control laws and the Foreign Corrupt Practices Act (FCPA). Export control laws and regulations prohibit the export of certain commercial products, strategic goods, defense articles and their related technologies, and the furnishing of 40 Corporate Compliance Answer Book. book Page 41 Thursday, June 17, 2010 4:20 PM Compliance Programs U. S. Sentencing Guidelines Q 2. What A Philosophy Paper. 6 defense ser vices, unless licensed by the appropriate federal agency—either the model republic Department of Commerce or the Department of State. Note that an “export” can occur anywhere when equipment or technical data is released or made available to a foreign person, whether within the United States or abroad. What A Philosophy. The FCPA prohibits bribery in the conduct of business abroad. In general, the FCPA prohibits corrupt payments to foreign officials or political parties (whether made directly or through intermediaries) for the purpose of obtaining or keeping business. 35 14. Telugu Model Essays Day. Employee relations. Discrimination and paper on harassment issues are a concern for virtually all employers. Federal statutes and regulations forbid discrimination in the workplace based on race, color, sex, religion, national origin, marital status, age, or disability. 36 Discrimination or harassment can subject a company to civil liability for compensatory damages and, in cases involving malice or reckless indifference, to punitive damages as well.
37 15. Other issues. There are a number of additional issues that are less common but very significant to model essays republic day particular businesses or industries. Certain highly regulated industries, such as banking and healthcare, face numerous compliance risks that derive from the prohibition of alcohol specialized laws and regulations that govern their conduct. Other businesses, though not highly regulated, may have particular attributes that create significant compliance risks. For example, marketing organizations are vulnerable to charges of fraudulent sales techniques. Compliance programs must be designed to combat these risks. Code of Conduct Q 2. 6 Is a code of conduct a required part of a compliance program?
A code of ethical conduct is a centerpiece of a compliance program. Telugu Model Day. The Sentencing Guidelines and Sarbanes-Oxley now make a 41 Corporate Compliance Answer Book. book Page 42 Thursday, June 17, 2010 4:20 PM. CORPORATE COMPLIANCE ANSWER BOOK Q 2. 6. 1 code of ethics virtually mandatory for all companies. Furthermore, both the NYSE and prohibition of alcohol thesis NASDAQ have proposed rules that would mandate that listed companies adopt codes of business conduct and ethics. 38 Sarbanes-Oxley effectively requires every publicly traded corporation to telugu model essays republic adopt a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. 39 Q 2. 6. 1 What are the legal requirements for systems a code of conduct? Sarbanes-Oxley mandates that the code consist of written standards that are reasonably designed to deter wrongdoing and to promote: (1) (2) (3) (4) (5) honest and model essays ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the registrant; compliance with applicable governmental laws, rules, and regulations; the friend is a in need prompt internal reporting of telugu model republic day violations of the code to an appropriate person or persons identified in of alcohol the code; and accountability for adherence to the code. 40 The Sentencing Guidelines impose more general requirements for a code of conduct. They require that the company establish standards and procedures to prevent and detect criminal conduct, and take reasonable steps to republic communicate periodically and in a practical manner its standards and procedures to all employees and agents by conducting training programs and otherwise disseminating information. Q 2. 6. 2. What are the elements of a good code of conduct?
A corporate code of friend in deed is a in need essays ethical conduct should accomplish several distinct, but related, objectives: 42 Corporate Compliance Answer Book. book Page 43 Thursday, June 17, 2010 4:20 PM Compliance Programs U. S. Sentencing Guidelines Q 2. 6. 2 1. Address, in a direct, practical manner, the compliance risk issues that are relevant to telugu model essays republic day the particular company. The code should alert employees to the principal risks and what a philosophy paper on spell out their duty to avoid them. Some of the most effective codes follow up their discussion of the relevant standards with. sample questions and answers applying the standard(s) to telugu model republic common situations that employees are likely to encounter. 2. Identify the personnel who administer the company’s compliance program, from the senior executive(s) in charge of the program down through any lower-level contact personnel. In addition, the code should outline the system for reporting suspected misconduct. Employees and agents must be able to report or seek guidance regarding potential or actual criminal conduct without fear of retaliation. Furthermore, it is desirable (and sometimes required) that the system permit confidential, anonymous reporting. 41 The code should state unequivocally that any employee may contact compliance personnel to discuss potential violations of the of alcohol code without fear of retribution and, if applicable, that anonymous reporting is an option. The code should encourage employees to contact compliance personnel whenever an ethical issue arises and they are uncertain about whether or how the code applies.
3. Announce that employees who violate code provisions will be sanctioned for their misconduct, indicating the range of sanctions that may be applied. The sanctions may range from telugu model a reprimand for minor or unintentional violations up to termination for cause for prohibition thesis serious violations. The Sentencing Guidelines note that disciplinary actions sometimes may need to be taken not only against the actual offender but also against essays day, individuals who fail to take reasonable steps to prevent or detect the misconduct. 42 Thus, the code should also state that an employee who witnesses a violation and new woman essays fails to report it may be subject to discipline, as may a supervisor or manager to the extent that the violation reflects inadequate supervision or lack of diligence. Telugu Day. 4. Be distributed to friend in deed friend in need essays all company employees and agents in republic writing and/or by making it available on the company’s website. Many companies require that employees certify that they have received and read the new woman essays code of conduct. Some companies make this an annual 43 Corporate Compliance Answer Book. book Page 44 Thursday, June 17, 2010 4:20 PM CORPORATE COMPLIANCE ANSWER BOOK Q 2. Telugu Model Republic. 6. 3 ritual. Peta. Such certifications can provide useful evidence of the company’s good faith and diligence if an model republic day, issue ever arises. Help. However, the certifications can end up undercutting the company’s position if they are incomplete or out of model essays date. Level Cover. Thus, if a company decides to utilize employee certifications, it must diligently monitor them to ensure that they are complete and up to date.
Q 2. Telugu Model Republic. 6. 3 How many codes of conduct should a company have? Sarbanes-Oxley mandates a code of ethics only for a select group of senior corporate officials: a company’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. In contrast, the Sentencing Guidelines and the proposed NYSE and NASDAQ rules require a code that is broadly applicable to thesis a company’s officers, employees, and (as appropriate) agents. For most companies, it would seem simplest to have only one code of conduct that applies to all officers, employees, and telugu model agents, and that either applies the Sarbanes-Oxley standards to all such persons, or else “adds on” the specific Sarbanes-Oxley requirements for the specified senior officers who are subject to them. Multiple codes of conduct applicable to different groups of officers and/or employees are likely to breed problems for the company.
Compliance Program Administration Q 2. 7 How do we administer and enforce a compliance program? 1. Establish comprehensive written policies and procedures that implement the Code of Conduct and that address the help writing specific risk areas you have identified. 2. Conduct effective training programs and otherwise disseminate information about the day compliance program to officers and employees. 3. Establish and publicize a system for reporting violations. Friend In Deed Friend In Need Essays. 44 Corporate Compliance Answer.
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How to Write a Great Business Plan. Every seasoned investor knows that detailed financial projections for a new company are an essays act of imagination. Nevertheless, most business plans pour far too much ink on the numbers–and far too little on the information that really matters. Why? William Sahlman suggests that a great business plan is one that focuses on friend essays, a series of questions. These questions relate to the four factors critical to telugu essays republic day the success of every new venture: the people, the opportunity, the context, and the possibilities for both risk and with reward. The questions about people revolve around three issues: What do they know? Whom do they know? and How well are they known? As for opportunity, the plan should focus on two questions: Is the market for the venture’s product or service large or rapidly growing (or preferably both)? and Is the industry structurally attractive? Then, in addition to demonstrating an understanding of the context in which their venture will operate, entrepreneurs should make clear how they will respond when that context inevitably changes.
Finally, the telugu model essays republic day plan should look unflinchingly at the risks the new venture faces, giving would-be backers a realistic idea of what magnitude of reward they can expect and when they can expect it. Dracula New Woman! A great business plan is not easy to compose, Sahlman acknowledges, largely because most entrepreneurs are wild-eyed optimists. But one that asks the right questions is a powerful tool. A better deal, not to mention a better shot at success, awaits entrepreneurs who use it. Few areas of business attract as much attention as new ventures, and few aspects of new-venture creation attract as much attention as the business plan. Countless books and articles in the popular press dissect the topic. Telugu Essays Republic! A growing number of entry level systems analyst cover letter, annual business-plan contests are springing up across the United States and, increasingly, in model essays republic other countries. Both graduate and undergraduate schools devote entire courses to the subject. Help Paper! Indeed, judging by all the hoopla surrounding business plans, you would think that the essays day only things standing between a would-be entrepreneur and entry level systems cover letter spectacular success are glossy five-color charts, a bundle of meticulous-looking spreadsheets, and telugu model republic a decade of month-by-month financial projections. Nothing could be further from the truth. In my experience with hundreds of entrepreneurial startups, business plans rank no higher than 2—on a scale from 1 to 10—as a predictor of a new venture’s success.
And sometimes, in fact, the more elaborately crafted the document, the more likely the venture is to, well, flop, for lack of what to write a philosophy on, a more euphemistic word. What’s wrong with most business plans? The answer is relatively straightforward. Most waste too much ink on numbers and devote too little to the information that really matters to intelligent investors. As every seasoned investor knows, financial projections for a new company—especially detailed, month-by-month projections that stretch out for telugu model republic, more than a year—are an act of imagination. Friend Is A Friend In Need Essays! An entrepreneurial venture faces far too many unknowns to predict revenues, let alone profits. Moreover, few if any entrepreneurs correctly anticipate how much capital and time will be required to accomplish their objectives.
Typically, they are wildly optimistic, padding their projections. Investors know about the essays republic padding effect and therefore discount the figures in business plans. These maneuvers create a vicious circle of inaccuracy that benefits no one. Don’t misunderstand me: business plans should include some numbers. But those numbers should appear mainly in the form of a business model that shows the entrepreneurial team has thought through the key drivers of the venture’s success or failure. In manufacturing, such a driver might be the yield on a production process; in magazine publishing, the what a philosophy anticipated renewal rate; or in software, the impact of using various distribution channels.
The model should also address the break-even issue: At what level of sales does the business begin to make a profit? And even more important, When does cash flow turn positive? Without a doubt, these questions deserve a few pages in any business plan. Near the back. What goes at the front? What information does a good business plan contain?
If you want to speak the language of investors—and also make sure you have asked yourself the right questions before setting out on the most daunting journey of telugu essays day, a businessperson’s career—I recommend basing your business plan on new woman essays, the framework that follows. It does not provide the kind of “winning” formula touted by some current how-to books and software programs for entrepreneurs. Telugu Republic! Nor is it a guide to brain surgery. Rather, the framework systematically assesses the four interdependent factors critical to every new venture: The People. What To Write! The men and women starting and running the venture, as well as the outside parties providing key services or important resources for it, such as its lawyers, accountants, and telugu model republic suppliers.
The Opportunity. A profile of the business itself—what it will sell and to whom, whether the business can grow and how fast, what its economics are, who and what stand in the way of success. The Context. Of Alcohol! The big picture—the regulatory environment, interest rates, demographic trends, inflation, and the like—basically, factors that inevitably change but cannot be controlled by the entrepreneur. Risk and Reward. An assessment of everything that can go wrong and right, and a discussion of how the entrepreneurial team can respond. Business Plans: For Entrepreneurs Only? The accompanying article talks mainly about telugu essays day, business plans in a familiar context, as a tool for entrepreneurs. But quite often, start-ups are launched within established companies. Do those new ventures require business plans? And if they do, should they be different from the plans entrepreneurs put together?
The answer to the first question is an emphatic yes; the answer to the second, an help with writing equally emphatic no. Republic Day! All new ventures—whether they are funded by venture capitalists or, as is the case with intrapreneurial businesses, by prohibition of alcohol shareholders—need to pass the same acid tests. After all, the marketplace does not differentiate between products or services based on who is pouring money into them behind the telugu day scenes. The fact is, intrapreneurial ventures need every bit as much analysis as entrepreneurial ones do, yet they rarely receive it. Instead, inside big companies, new businesses get proposed in what to write a philosophy the form of capital-budgeting requests. These faceless documents are subject to detailed financial scrutiny and a consensus-building process, as the project wends its way through the chain of command, what I call the “neutron bomb” model of project governance. However, in the history of such proposals, a plan never has been submitted that did not promise returns in excess of telugu model essays day, corporate hurdle rates.
It is only after the new business is launched that these numbers explode at the organization’s front door. That problem could be avoided in friend friend essays large part if intrapreneurial ventures followed the model day guidelines set out in the accompanying article. For instance, business plans for such a venture should begin with the résumés of all the people involved. What has the team done in the past that would suggest it would be successful in the future, and help with so on? In addition, the new venture’s product or service should be fully analyzed in telugu model essays republic day terms of its opportunity and context. Going through the process forces a kind of discipline that identifies weaknesses and strengths early on and helps managers address both. It also helps enormously if such discipline continues after the intrapreneurial venture lifts off. When professional venture capitalists invest in new companies, they track performance as a matter of course. With Writing! But in essays day large companies, scrutiny of a new venture is often inconsistent. That shouldn’t or needn’t be the case. Dracula Essays! A business plan helps managers ask such questions as: How is the new venture doing relative to projections?
What decisions has the team made in response to new information? Have changes in model essays day the context made additional funding necessary? How could the team have predicted those changes? Such questions not only keep a new venture running smoothly but also help an organization learn from its mistakes and triumphs. Many successful companies have been built with the paper on help of model republic, venture capitalists. Many of the underlying opportunities could have been exploited by large companies. Why weren’t they? Perhaps useful lessons can be learned by studying the world of independent ventures, one lesson being: Write a great business plan. The assumption behind the framework is that great businesses have attributes that are easy to identify but hard to assemble.
They have an paper experienced, energetic managerial team from the top to the bottom. The team’s members have skills and experiences directly relevant to the opportunity they are pursuing. Ideally, they will have worked successfully together in the past. The opportunity has an telugu essays day attractive, sustainable business model; it is possible to create a competitive edge and defend it. Many options exist for expanding the scale and scope of the prohibition of alcohol thesis business, and these options are unique to the enterprise and its team. Value can be extracted from the business in a number of telugu day, ways either through a positive harvest event—a sale—or by scaling down or liquidating. The context is favorable with respect to both the regulatory and entry level analyst cover letter the macro-economic environments. Risk is understood, and the team has considered ways to mitigate the impact of difficult events. Republic! In short, great businesses have the four parts of the framework completely covered. If only reality were so neat.
When I receive a business plan, I always read the résumé section first. Friend Is A! Not because the people part of the new venture is the most important, but because without the right team, none of the other parts really matters. I read the résumés of the venture’s team with a list of telugu, questions in mind. New Woman! (See the insert “Who Are These People, Anyway?”) All these questions get at the same three issues about the venture’s team members: What do they know? Whom do they know? and How well are they known? Fourteen “Personal” Questions Every Business Plan Should Answer.
Where are the founders from? Where have they been educated? Where have they worked—and for whom? What have they accomplished—professionally and personally—in the past? What is their reputation within the business community? What experience do they have that is directly relevant to telugu essays republic the opportunity they are pursuing? What skills, abilities, and knowledge do they have? How realistic are they about the venture’s chances for is a in need essays, success and the tribulations it will face? Who else needs to be on the team? Are they prepared to model republic recruit high-quality people? How will they respond to adversity?
Do they have the essay mettle to make the inevitable hard choices that have to be made? How committed are they to this venture? What are their motivations? What and whom they know are matters of insight and experience. How familiar are the team members with industry players and telugu essays dynamics? Investors, not surprisingly, value managers who have been around the in deed is a friend in need block a few times. A business plan should candidly describe each team member’s knowledge of the new venture’s type of product or service; its production processes; and the market itself, from competitors to essays republic customers. It also helps to indicate whether the team members have worked together before. Help Writing! Not played—as in roomed together in college—but worked . Investors also look favorably on a team that is known because the real world often prefers not to deal with start-ups. They’re too unpredictable. That changes, however, when the new company is run by essays people well known to suppliers, customers, and employees.
Their enterprise may be brand new, but they aren’t. The surprise element of working with a start-up is somewhat ameliorated. Finally, the people part of a business plan should receive special care because, simply stated, that’s where most intelligent investors focus their attention. A typical professional venture-capital firm receives approximately 2,000 business plans per year. With! These plans are filled with tantalizing ideas for new products and services that will change the telugu model day world and reap billions in the process—or so they say. But the fact is, most venture capitalists believe that ideas are a dime a dozen: only execution skills count. As Arthur Rock, a venture capital legend associated with the formation of persuasive essay, such companies as Apple, Intel, and Teledyne, states, “I invest in telugu essays people, not ideas.” Rock also has said, “If you can find good people, if they’re wrong about the product, they’ll make a switch, so what good is it to understand the product that they’re talking about in the first place?” Business plan writers should keep this admonition in mind as they craft their proposal. Talk about the people—exhaustively. And if there is in deed is a friend in need essays, nothing solid about their experience and abilities to herald, then the entrepreneurial team should think again about telugu republic day, launching the venture.
When it comes to the opportunity itself, a good business plan begins by focusing on two questions: Is the total market for the venture’s product or service large, rapidly growing, or both? Is the industry now, or can it become, structurally attractive? Entrepreneurs and investors look for large or rapidly growing markets mainly because it is often easier to obtain a share of a growing market than to with paper writing fight with entrenched competitors for a share of telugu republic day, a mature or stagnant market. Smart investors, in fact, try hard to identify high-growth-potential markets early in their evolution: that’s where the big payoffs are. And, indeed, many will not invest in a company that cannot reach a significant scale (that is, $ 50 million in annual revenues) within five years. HBR Guide to prohibition thesis Building Your Business Case Ebook + Tools. As for attractiveness, investors are obviously looking for markets that actually allow businesses to make some money. But that’s not the no-brainer it seems.
In the late 1970s, the computer disk-drive business looked very attractive. The technology was new and exciting. Telugu! Dozens of persuasive essay, companies jumped into the fray, aided by an army of professional investors. Twenty years later, however, the thrill is gone for managers and investors alike. Day! Disk drive companies must design products to meet the perceived needs of original equipment manufacturers (OEMs) and end users. Selling a product to OEMs is complicated.
The customers are large relative to most of their suppliers. There are lots of competitors, each with similar high-quality offerings. Prohibition Of Alcohol! Moreover, product life cycles are short and ongoing technology investments high. The industry is subject to major shifts in model essays day technology and customer needs. Intense rivalry leads to lower prices and, hence, lower margins. In short, the disk drive industry is simply not set up to make people a lot of of alcohol thesis, money; it’s a structural disaster area. The information services industry, by contrast, is paradise. Companies such as Bloomberg Financial Markets and First Call Corporation, which provide data to the financial world, have virtually every competitive advantage on their side. First, they can assemble or create proprietary content—content that, by the way, is like life’s blood to thousands of money managers and republic stock analysts around the world. And although it is essay, often expensive to develop the service and to acquire initial customers, once up and running, these companies can deliver content to model republic day customers very cheaply. To Write A Philosophy Paper! Also, customers pay in advance of receiving the service, which makes cash flow very handsome, indeed.
In short, the structure of the information services industry is beyond attractive: it’s gorgeous. The profit margins of Bloomberg and First Call put the disk drive business to shame. The Opportunity of a Lifetime—or Is It? Nine Questions About the Business Every Business Plan Should Answer. Who is the new venture’s customer? How does the customer make decisions about buying this product or service?
To what degree is the product or service a compelling purchase for the customer? How will the product or service be priced? How will the venture reach all the identified customer segments? How much does it cost (in time and resources) to acquire a customer? How much does it cost to produce and deliver the product or service? How much does it cost to model essays republic day support a customer? How easy is it to retain a customer?
Thus, the first step for peta persuasive, entrepreneurs is to make sure they are entering an telugu republic day industry that is large and/or growing, and one that’s structurally attractive. The second step is to make sure their business plan rigorously describes how this is the case. And if it isn’t the new woman case, their business plan needs to specify how the venture will still manage to make enough of a profit that investors (or potential employees or suppliers, for that matter) will want to participate. Once it examines the new venture’s industry, a business plan must describe in detail how the company will build and launch its product or service into the marketplace. Again, a series of telugu essays day, questions should guide the peta discussion. (See the insert “The Opportunity of a Lifetime—or Is It?”) Often the telugu republic day answers to these questions reveal a fatal flaw in the business. I’ve seen entrepreneurs with a “great” product discover, for example, that it’s simply too costly to find customers who can and with writing will buy what they are selling. Model! Economically viable access to customers is the key to dracula new woman business, yet many entrepreneurs take the telugu essays day Field of Dreams approach to this notion: build it, and they will come.
That strategy works in help with the movies but is model essays republic, not very sensible in the real world. It is not always easy to friend in deed is a in need essays answer questions about the likely consumer response to new products or services. The market is as fickle as it is unpredictable. (Who would have guessed that plug-in room deodorizers would sell?) One entrepreneur I know proposed to introduce an electronic news-clipping service. He made his pitch to telugu essays day a prospective venture-capital investor who rejected the plan, stating, “I just don’t think the dogs will eat the dog food.” Later, when the friend friend entrepreneur’s company went public, he sent the venture capitalist an anonymous package containing an empty can of dog food and a copy of model, his prospectus. If it were easy to entry systems cover predict what people will buy, there wouldn’t be any opportunities. The market is telugu essays republic, as fickle as it is unpredictable. Who would have guessed that plug-in room deodorizers would sell? Similarly, it is tough to guess how much people will pay for something, but a business plan must address that topic. Sometimes, the dogs will eat the dog food, but only at a price less than cost.
Investors always look for opportunities for dracula new woman essays, value pricing—that is, markets in which the costs to produce the product are low, but consumers will still pay a lot for it. No one is dying to invest in telugu essays day a company when margins are skinny. Still, there is money to friend in need be made in inexpensive products and services—even in commodities. A business plan must demonstrate that careful consideration has been given to the new venture’s pricing scheme. The list of questions about the new venture’s opportunity focuses on the direct revenues and the costs of producing and marketing a product. Telugu Model Essays Day! That’s fine, as far as it goes.
A sensible proposal, however, also involves assessing the friend friend in need business model from a perspective that takes into account the investment required—that is, the balance sheet side of the equation. The following questions should also be addressed so that investors can understand the cash flow implications of pursuing an opportunity: When does the business have to buy resources, such as supplies, raw materials, and people? When does the business have to pay for them? How long does it take to acquire a customer? How long before the customer sends the business a check?
How much capital equipment is required to support a dollar of telugu model day, sales? Investors, of course, are looking for dracula new woman essays, businesses in which management can buy low, sell high, collect early, and pay late. The business plan needs to spell out how close to that ideal the new venture is expected to come. Even if the answer is “not very”—and it usually is—at least the truth is essays day, out there to discuss. The opportunity section of a business plan must also bring a few other issues to thesis the surface. First, it must demonstrate and analyze how an essays day opportunity can grow—in other words, how the new venture can expand its range of products or services, customer base, or geographic scope. Essays! Often, companies are able to create virtual pipelines that support the economically viable creation of new revenue streams. In the publishing business, for example, Inc. magazine has expanded its product line to include seminars, books, and videos about entrepreneurship. Similarly, building on the success of its personal-finance software program Quicken, Intuit now sells software for electronic banking, small-business accounting, and tax preparation, as well as personal-printing supplies and on-line information services—to name just a few of its highly profitable ancillary spin-offs. Now, lots of business plans runneth over on the subject of the telugu model essays day new venture’s potential for dracula new woman essays, growth and expansion.
But they should likewise runneth over in explaining how they won’t fall into essays republic day, some common opportunity traps. One of level analyst cover letter, those has already been mentioned: industries that are at their core structurally unattractive. But there are others. The world of invention, for example, is fraught with danger. Over the past 15 years, I have seen scores of individuals who have devised a better mousetrap—newfangled creations from telugu essays republic day inflatable pillows for friend is a friend in need essays, use on telugu model republic day, airplanes to automated car-parking systems. Few of persuasive essay, these idea-driven companies have really taken off, however. I’m not entirely sure why. Sometimes, the inventor refuses to spend the essays money required by or share the rewards sufficiently with the business side of the new woman essays company.
Other times, inventors become so preoccupied with their inventions they forget the customer. Whatever the reason, better-mousetrap businesses have an uncanny way of malfunctioning. Another opportunity trap that business plans—and entrepreneurs in general—need to day pay attention to is the tricky business of arbitrage. Basically, arbitrage ventures are created to to write paper on take advantage of some pricing disparity in the marketplace. Telugu Model Republic Day! MCI Communications Corporation, for instance, was formed to offer long-distance service at a lower price than ATT. Systems! Some of the industry consolidations going on model republic, today reflect a different kind of arbitrage—the ability to buy small businesses at a wholesale price, roll them up together into a larger package, and take them public at a retail price, all without necessarily adding value in the process. Whatever the reason, better-mousetrap businesses have an uncanny way of malfunctioning. Taking advantage of arbitrage opportunities is a viable and potentially profitable way to enter a business. In the final analysis, however, all arbitrage opportunities evaporate. It is not a question of thesis, whether, only telugu model essays republic, when. Entry Level Letter! The trick in these businesses is to essays republic use the arbitrage profits to build a more enduring business model, and business plans must explain how and new woman when that will occur.
As for competition, it probably goes without saying that all business plans should carefully and thoroughly cover this territory, yet some don’t. That is a glaring omission. For starters, every business plan should answer the following questions about the competition: Who are the new venture’s current competitors? What resources do they control? What are their strengths and weaknesses? How will they respond to the new venture’s decision to telugu model republic day enter the business? How can the new venture respond to its competitors’ response? Who else might be able to observe and exploit the same opportunity? Are there ways to prohibition thesis co-opt potential or actual competitors by forming alliances?
Business is telugu day, like chess: to prohibition be successful, you must anticipate several moves in advance. A business plan that describes an insuperable lead or a proprietary market position is by definition written by naïve people. Model Republic! That goes not just for the competition section of the business plan but for systems cover letter, the entire discussion of the opportunity. All opportunities have promise; all have vulnerabilities. Telugu Model Essays Day! A good business plan doesn’t whitewash the latter. Rather, it proves that the entrepreneurial team knows the good, the bad, and the ugly that the what to write paper on venture faces ahead.
Opportunities exist in republic a context. At one level is the macroeconomic environment, including the level of prohibition of alcohol, economic activity, inflation, exchange rates, and interest rates. Model! At another level are the wide range of government rules and regulations that affect the opportunity and how resources are marshaled to prohibition exploit it. Examples extend from tax policy to the rules about raising capital for telugu model, a private or public company. And at yet another level are factors like technology that define the limits of what a business or its competitors can accomplish. Context often has a tremendous impact on every aspect of the entrepreneurial process, from of alcohol thesis identification of opportunity to harvest. In some cases, changes in some contextual factor create opportunity. More than 100 new companies were formed when the airline industry was deregulated in the late 1970s. Telugu Model Republic Day! The context for financing was also favorable, enabling new entrants like People Express to go to new woman essays the public market for capital even before starting operations.
Conversely, there are times when the context makes it hard to start new enterprises. The recession of the early 1990s combined with a difficult financing environment for model day, new companies: venture capital disbursements were low, as was the amount of capital raised in the public markets. (Paradoxically, those relatively tight conditions, which made it harder for help with paper, new entrants to get going, were associated with very high investment returns later in the 1990s, as capital markets heated up.) Sometimes, a shift in telugu essays context turns an unattractive business into an attractive one, and vice versa. Consider the case of a packaging company some years ago that was performing so poorly it was about to be put on the block. Then came the Tylenol-tampering incident, resulting in multiple deaths. The packaging company happened to have an efficient mechanism for installing tamper-proof seals, and in a matter of weeks its financial performance could have been called spectacular. Conversely, U.S. tax reforms enacted in 1986 created havoc for is a friend in need essays, companies in the real estate business, eliminating almost every positive incentive to invest.
Many previously successful operations went out of business soon after the new rules were put in place. Every business plan should contain certain pieces of evidence related to context. First, the entrepreneurs should show a heightened awareness of the model essays republic day new venture’s context and how it helps or hinders their specific proposal. Second, and more important, they should demonstrate that they know the venture’s context will inevitably change and dracula essays describe how those changes might affect the business. Further, the business plan should spell out model republic day what management can (and will) do in the event the context grows unfavorable. Finally, the business plan should explain the ways (if any) in which management can affect context in a positive way. For example, management might be able to have an impact on regulations or on industry standards through lobbying efforts.
The concept that context is fluid leads directly to the fourth leg of the to write paper framework I propose: a discussion of risk and how to manage it. Telugu Model Day! I’ve come to dracula think of a good business plan as a snapshot of an event in the future. That’s quite a feat to model essays begin with—taking a picture of the unknown. But the is a friend best business plans go beyond that; they are like movies of the future. Model Essays Republic Day! They show the people, the opportunity, and the context from multiple angles. They offer a plausible, coherent story of what lies ahead. Essays! They unfold possibilities of action and reaction. Good business plans, in other words, discuss people, opportunity, and context as a moving target. All three factors (and the relationship among them) are likely to telugu model republic change over time as a company evolves from start-up to ongoing enterprise. Therefore, any business plan worth the dracula essays time it takes to write or read needs to focus attention on the dynamic aspects of the entrepreneurial process.
When it comes to the matter of risk and reward in a new venture, a business plan benefits enormously from the inclusion of model republic, two graphs. Perhaps graphs is the peta persuasive essay wrong word; these are really just schematic pictures that illustrate the most likely relationship between risk and reward, that is, the relationship between the opportunity and its economics. Telugu Model Essays Republic! High finance they are not, but I have found both of these pictures say more to investors than a hundred pages of charts and prose. The first picture depicts the amount of money needed to friend in deed is a in need essays launch the new venture, time to model essays positive cash flow, and the expected magnitude of the payoff. This image helps the investor understand the depth and duration of negative cash flow, as well as the relationship between the investment and dracula essays the possible return. The ideal, needless to say, is to have cash flow early and telugu model republic often. But most investors are intrigued by the picture even when the cash outflow is high and long—as long as the entry cover letter cash inflow is telugu model, more so. Of course, since the world of new ventures is populated by wild-eyed optimists, you might expect the picture to display a shallower hole and a steeper reward slope than it should. With! It usually does. But to be honest, even that kind of picture belongs in the business plan because it is a fair warning to investors that the new venture’s team is completely out of touch with reality and should be avoided at all costs.
The second picture complements the first. It shows investors the range of possible returns and the likelihood of achieving them. The following example shows investors that there is a 15 % chance they would have been better off using their money as wall-paper. The flat section reveals that there is model essays republic, a negligible chance of losing only a small amount of money; companies either fail big or create enough value to prohibition of alcohol achieve a positive return. The hump in the middle suggests that there is a significant chance of earning between 15 % and 45 % in the same time period.
And finally, there is a small chance that the initial outlay of cash will spawn a 200 % internal rate of return, which might have occurred if you had happened to invest in Microsoft when it was a private company. Basically, this picture helps investors determine what class of investment the business plan is model republic, presenting. Is the new venture drilling for North Sea oil—highly risky with potentially big payoffs—or is it digging development wells in Texas, which happens to be less of a geological gamble and level systems probably less lucrative, too? This image answers that kind of question. It’s then up to the investors to model essays decide how much risk they want to live with against what kind of odds. Again, the people who write business plans might be inclined to skew the picture to make it look as if the probability of a significant return is downright huge and the possibility of loss is negligible. And, again, I would say therein lies the of alcohol thesis picture’s beauty. What it claims, checked against the investor’s sense of telugu model essays day, reality and experience, should serve as a simple pictorial caveat emptor. Of course, the future is hard to predict.
Still, it is possible to give potential investors a sense of the kind and class of risk and reward they are assuming with a new venture. All it takes is a pencil and two simple drawings. (See the insert “Visualizing Risk and Reward.”) But even with these drawings, risk is, well, risky. In reality, there are no immutable distributions of outcomes. Friend In Deed Friend! It is ultimately the responsibility of management to change the distribution, to telugu model essays republic day increase the prohibition thesis likelihood and consequences of essays republic, success, and to decrease the likelihood and implications of problems. One of the great myths about peta, entrepreneurs is that they are risk seekers. All sane people want to avoid risk. As Harvard Business School professor (and venture capitalist) Howard Stevenson says, true entrepreneurs want to capture all the reward and give all the risk to telugu day others.
The best business is a post office box to which people send cashier’s checks. Yet risk is unavoidable. So what does that mean for a business plan? It means that the with plan must unflinchingly confront the risks ahead—in terms of republic day, people, opportunity, and context. What happens if one of the new venture’s leaders leaves?
What happens if a competitor responds with more ferocity than expected? What happens if there is a revolution in dracula new woman essays Namibia, the source of essays republic, a key raw material? What will management actually do ? Those are hard questions for an entrepreneur to pose, especially when seeking capital. But a better deal awaits those who do pose them and then provide solid answers. A new venture, for example, might be highly leveraged and therefore very sensitive to help paper writing interest rates. Its business plan would benefit enormously by telugu model republic stating that management intends to hedge its exposure through the level systems financial-futures market by telugu republic purchasing a contract that does well when interest rates go up. That is the equivalent of friend in deed friend, offering investors insurance. (It also makes sense for the business itself.) Finally, one important area in telugu day the realm of risk/reward management relates to harvesting.
Venture capitalists often ask if a company is “IPOable,” by which they mean, Can the company be taken public at some point in the future? Some businesses are inherently difficult to peta persuasive take public because doing so would reveal information that might harm its competitive position (for example, it would reveal profitability, thereby encouraging entry or angering customers or suppliers). Some ventures are not companies, but rather products—they are not sustainable as independent businesses. One of the greatest myths about entrepreneurs is that they are risk seekers. All sane people want to avoid risk. Therefore, the business plan should talk candidly about the end of the process.
How will the investor eventually get money out of the business, assuming it is successful, even if only model republic, marginally so? When professionals invest, they particularly like companies with a wide range of exit options. They like companies that work hard to preserve and enhance those options along the way, companies that don’t, for example, unthinkingly form alliances with big corporations that could someday actually buy them. Investors feel a lot better about risk if the venture’s endgame is discussed up front. What To Write Paper On! There is an telugu essays republic old saying, “If you don’t know where you are going, any road will get you there.” In crafting sensible entrepreneurial strategies, just the opposite is true: you had better know where you might end up and peta persuasive have a map for getting there. A business plan should be the place where that map is drawn, for, as every traveler knows, a journey is a lot less risky when you have directions. Once a business plan is written, of course, the goal is to land a deal. That is a topic for another article in itself, but I will add a few words here. When I talk to young (and old) entrepreneurs looking to finance their ventures, they obsess about the valuation and telugu essays terms of the deal they will receive.
Their explicit goal seems to dracula new woman be to minimize the model essays republic day dilution they will suffer in raising capital. Implicitly, they are also looking for investors who will remain as passive as a tree while they go about building their business. On the food chain of investors, it seems, doctors and dentists are best and venture capitalists are worst because of the what to write on degree to which the latter group demands control and a large share of the returns. That notion—like the idea that excruciatingly detailed financial projections are useful—is nonsense. From whom you raise capital is often more important than the terms.
New ventures are inherently risky, as I’ve noted; what can go wrong will. Model Essays Day! When that happens, unsophisticated investors panic, get angry, and often refuse to advance the company more money. Sophisticated investors, by contrast, roll up their sleeves and entry systems cover letter help the telugu day company solve its problems. Often, they’ve had lots of experience saving sinking ships. They are typically process literate. They understand how to craft a sensible business strategy and a strong tactical plan. They know how to recruit, compensate, and motivate team members. They are also familiar with the Byzantine ins and outs of going public—an event most entrepreneurs face but once in a lifetime. This kind of know-how is worth the a philosophy paper money needed to buy it. There is an old expression directly relevant to entrepreneurial finance: “Too clever by model day half.” Often, deal makers get very creative, crafting all sorts of payoff and entry level analyst cover letter option schemes.
That usually backfires. My experience has proven again and again that sensible deals have the following six characteristics: They do not blow apart if actual differs slightly from telugu model day plan. Entry Level Letter! They do not provide perverse incentives that will cause one or both parties to behave destructively. Essays Republic! They are written on a pile of papers no greater than one-quarter inch thick. But even these six simple rules miss an important point. A deal should not be a static thing, a one-shot document that negotiates the disposition of a lump sum. Instead, it is incumbent upon entrepreneurs, before they go searching for funding, to think about help with, capital acquisition as a dynamic process—to figure out how much money they will need and when they will need it.
How is that accomplished? The trick is for the entrepreneurial team to treat the telugu republic day new venture as a series of experiments. Before launching the whole show, launch a little piece of it. Convene a focus group to persuasive essay test the product, build a prototype and watch it perform, conduct a regional or local rollout of a service. Such an exercise reveals the true economics of the business and can help enormously in determining how much money the new venture actually requires and in what stages. Entrepreneurs should raise enough, and investors should invest enough, capital to fund each major experiment. Telugu Model Essays Republic! Experiments, of course, can feel expensive and risky. But I’ve seen them prevent disasters and help create successes. I consider it a prerequisite of putting together a winning deal. Among the many sins committed by business plan writers is arrogance. In today’s economy, few ideas are truly proprietary.
Moreover, there has never been a time in recorded history when the supply of capital did not outrace the supply of opportunity. The true half-life of opportunity is decreasing with the passage of time. A business plan must not be an albatross that hangs around the of alcohol thesis neck of the entrepreneurial team, dragging it into oblivion. Instead, a business plan must be a call for action, one that recognizes management’s responsibility to fix what is broken proactively and in essays day real time. Risk is inevitable, avoiding risk impossible. Risk management is the entry systems letter key, always tilting the venture in favor of reward and telugu essays republic away from risk. A plan must demonstrate mastery of the entire entrepreneurial process, from essay identification of opportunity to harvest. It is not a way to separate unsuspecting investors from their money by telugu model essays day hiding the peta essay fatal flaw. Telugu Model Day! For in the final analysis, the to write a philosophy paper on only one being fooled is the entrepreneur. We live today in the golden age of entrepreneurship. Although Fortune 500 companies have shed 5 million jobs in the past 20 years, the overall economy has added almost 30 million.
Many of those jobs were created by entrepreneurial ventures, such as Cisco Systems, Genentech, and Microsoft. Telugu Republic Day! Each of those companies started with a business plan. Is that why they succeeded? There is no knowing for sure. But there is little doubt that crafting a business plan so that it thoroughly and candidly addresses the a philosophy paper on ingredients of telugu model essays, success—people, opportunity, context, and the risk/reward picture—is vitally important.
In the peta absence of telugu essays republic, a crystal ball, in fact, a business plan built of the right information and analysis can only be called indispensable. William A. Dracula Essays! Sahlman is the Dimitri V. D’Arbeloff-MBA Class of telugu model republic, 1955 Professor of of alcohol, Business Administration at the Harvard Business School.
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6 Punctuation Tips For A Sexier Resume. #1 Thing Recruiters Want You To Know About Getting A Job AppDynamics. How To Land A Job At Northside Hospital. 3 Tips For Getting A Job At Medidata Solutions. The Secret To Networking When You Don#039;t Have Any Time. 3 Ways Emotionally Intelligent Leaders Make The Most Of Online Collaboration. You want a resume, cover letter, and LinkedIn profile that presents you in the best possible light. With all of the emphasis on loading your documents with keywords, accomplishments, and metrics that make the case for you being the perfect fit for the position you’re after, have you overlooked proper punctuation? Some might wonder what the telugu essays day, big deal is about punctuation. Surely if you start your sentences with a capital letter and end them with a period, that’s all you need to worry about, right? Unfortunately not. The text in career documents is often so packed with information that seemingly inconsequential punctuation missteps can distort your meaning, or worse: cause the help with paper, reviewer to pause in confusion.
That pause is bad news for telugu model republic, you: it may make the reviewer see you as a less-than-attractive candidate, questioning your ability to communicate or pay attention to paper details, both highly valued skills in today’s workplace. Just as a modern spouse becomes more alluring to telugu a partner by doing the dracula new woman, dishes and laundry, using proper punctuation makes you downright sexy to a hiring manager. Model Essays Republic Day. Both efforts make lives easier for the people who are important to you, so go the extra mile by following these important rules (and do the dishes): In addition to appearing at the beginning of sentences and in section headings, capital letters also signify important words. Prohibition Of Alcohol. But using too many “important words” in your documents slows the telugu model, reader down or seems pretentious. For example, I sometimes see text like this in resumes: “Expertise in thesis Human Resources, Training, and Recruiting” Try: “Expertise in telugu essays human resources, training, recruiting” instead. Other than proper names like your own name or the names of products, you will rarely need to capitalize words that don’t appear at the beginning of a line or sentence. Friend Friend In Need. You’ll also want to capitalize your own job title above each position listed on your resume.
However, if you reference someone else’s job title in your career documents, the general rule is that it is only capitalized when the person#8217;s name follows (Vice President Joe Smith) not when merely referring to the position (as in model essays “reporting to what to write a philosophy paper on the vice president”). Model. Of course, every rule tends to have its exceptions, and there are a few for capitalization. However, these are good to start with. A Philosophy Paper On. Use hyphens for compound adjectives that precede a noun, such as “client-focused approach” or “full-time employees.” And if you have two adjectives that modify the same base word, use a hyphen after the essays republic day, first, as in “mid- and persuasive essay senior-level management.” Do not use a hyphen in a compound adjective if the essays republic day, first word ends in persuasive essay –ly, as in “highly qualified candidate.” Semicolons can either separate two independent clauses when the second clause is not directly related to the first, or they can be useful when you want to list items that already include a comma. For example, “Proficient in software including Microsoft Excel, Word, and PowerPoint; CorelDRAW; and Adobe Photoshop.” Colons are used to join two independent clauses when the telugu model day, second clause is to write a philosophy on directly related to telugu model republic the first. The most common usage in career documents is for lists, as in “Proficient in what a philosophy paper on the following software: MS Excel, Word, and PowerPoint.” There’s fierce debate between those who advocate using serial commas (putting a comma before the final “and” in model republic a series) and those who don’t. The best practice for resumes is to use serial commas, as they can really make your career documents easier to understand. This is especially true when you list series of items where two things may be grouped together (think: sales and marketing). Entry Level Analyst Letter. But even sentence construction like “Facilitate mock interviews, identify position and tailor interview questions” may cause the reader to stumble.
At first read, it may sound like the candidate is responsible for telugu model essays republic day, identifying a position and friend in deed is a friend essays identifying someone who tailors clothes! So my advice is to avoid ambiguity by always using serial commas in career documents. The current convention is to use one space after a period, not two. Same goes for colons. I know, I know. If you grew up learning to type on an IBM Selectric, back in the stone ages like I did, this is a hard habit to telugu break. But, if you keep using two spaces, you’ll look as antiquated as the typewriter. Trust me, knowing these six punctuation tips will make you a real turn on a philosophy paper on to an employer.
Now that you’ve reviewed some of the model essays republic day, punctuation rules that you’ll want to be aware of, I’ll share the friend is a essays, most important rule of all: however, you choose to use punctuation throughout your career documents, do it consistently! Even more jarring than not following proper punctuation rules is model following them only some of the time. Of course, these rules may change depending on the document you may be writing. Or, if you have a profession (like journalists do) that demands adherence to a specific style guide, like AP, Gregg, or Chicago#8230; Hot, I know. ;-) For a more in-depth look at what a philosophy paper on, punctuation, I recommend checking out telugu essays republic day, Susan Whitcomb’s book Resume Magic . It’s a great resource for every aspect of what a philosophy on preparing your resume, and has a particularly good section on punctuation. And, if you’d like to see resumes with some real sex appeal, check out my samples on telugu model republic day ProfessionDirection.com. This post was originally published on an earlier date. To Write A Philosophy Paper On. Kristin S. Johnson is model essays a TORI award-winning, 6-times certified resume writer, job search coach, and social media consultant.
Her approach is what to write a philosophy paper cutting-edge, creative, and kind. As owner of Profession Direction, LLC, she works with professionals and aspiring executives across the country. Disclosure: This post is sponsored by a CAREEREALISM-approved expert. You can learn more about expert posts here .
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Free International Relations and Politics essays. It has been over a decade since the model essays republic inauguration of Asia-Europe Meeting (ASEM) in Bangkok, 1996. ASEM was created originally under Singapore's Prime Minister Goh Chok Tong's suggestion of persuasive essay developing a framework to strengthen the interregional relations between Asia and Europe. The strategic reason behind the raison d'être of ASEM lies in its bridging of the gap between two of the world's three most important and dynamic regions. In over a decade of time, the ASEM has provided Asia and Europe a framework to cover wide-ranging of interregional and republic day multilateral issues as two equal regions. It is an important implication that interregionalism has on these two regions, especially for new woman, Asia, because in face of the well established entity of EU, Asian states first time in the modern era engage in framing a sort of regional coordination to telugu essays republic, response collectively to their European counterpart. As a case of interregionalism, the potential impact of the interaction of the two regions is not only prohibition of alcohol thesis within the interregional level, but also at global multilateral level. Therefore, this essay will utilize Dr. Christopher M. Model Essays Day! Dent's (2004) typology of ‘multilateral utility' to assess whether ASEM can be considered as a successful case of is a friend in need interregionalism. This essay will first try to telugu model day, define what is interregionalism and what makes a successful case of interregionalism.
Then, the essay will provide an overview of ASEM process in the past years. Dent's theory of ‘multilateral utility' will be applied to analyse ASEM, and explain why the ASEM process still cannot be seen as a successful case of interregionalism. To Write Paper On! Finally, in the conclusion some suggestions will be provided for ASEM future process in telugu essays republic day, order to form a more successful case of interregionalism. 2. Theoretical Perspectives of Interregionalism. The prototype of interregionalism was European Community's group-to-group dialogue which evolved since 1970s and to write expanded to also most all the regions in the world. Largely due to EC's presence as the single most advance regional organization in telugu day, the world, the to write a philosophy on interregional network emerged as a ‘hub-and-spokes' system gravitating around the telugu day EC during the Cold War period (Hänggi,2000). Since the end of Cold War, profound changes have taken place in international relations.
Although the friend is a essays EU was still the major actor in telugu model day, the interregional networks, other regional organizations which had proliferated and developed in the past decades, such as ASEAN and Mercosur, began to persuasive essay, expand interregional network beyond EU's external relations. Model Republic! At the same time, new form of interregional agreements or frameworks which features a multi-layered interregional relation such as APEC and ASEM also came into being. From the existing interregional agreements or frameworks, three types of interregionalism can be distinguished. The first type refers to relations between regional groupings , such as EU-ASEAN, EU-Mercosur; the second type refers to biregional and trans-regional agreements, such as APEC, ASEM; the third type refers to the hydrides such as relations between regional groupings and single powers, such as EU-US (Hänggi, 2000, Doidge, 2007, Söderbaum Langenhove, 2005). Within the multi-layered structure of interregional relations mentioned above, different schools of thought have offered various theoretical explanations for the functions of interregionalism. The realist approaches have focused on the balancing function of interregional dialogues among different regional actors, while the persuasive institutionalist approaches highlights the functions of rationalizing and model essays republic agenda setting of help with paper writing interregional dialogues, especially they emphasize the contribution of institution-building function to facilitating communication and telugu model republic day cooperation at the emerging multilateral level to the global governance. Finally, the social constructivist approaches stress to the identity-building function as interregional dialogues has also promoted intra-regional communication and what a philosophy on cooperation through interregional interaction, a process referred by Hänggi as ‘regionalism through interregionalism' (Hänggi, 2000, Hwee, 2008, Doidge, 2007, Gilson,2002).
Therefore, these functions of interregionalism have implied that the cognition of telugu essays republic day interregional relation cannot be simply attributed to a single theoretical perspective, rather, it's a complex mix of policies and processes that derived from dracula new woman essays different theoretical approaches. In this respective, this essay utilizes Hwee's (2008) typology of interregionalism, which not only identify interregionalism as' the interaction between two regional entities, moreover, it encompass how interregionalism interact with and impact on the dynamic process of regionalism, shaping the consciousness and contour of the regions, and essays republic day influencing the institutional development of an emerging world order'. In this case, a successful case of interregionalism should refer to processes or frameworks which makes proactive contributions to foster stability, peace, prosperity and prohibition equality in the global system in partnership with multilateral institutions, in a term which Dent (2004) defines as ‘multilateral utility' . In the following sections, the term of ‘multilateral utility' will be utilized to assess the ASEM process, to telugu republic day, see whether this process has proactively contributed anything fundamentally new to the interregional cooperation or development of multilateral institutions, or it only passively concerns about consistency and dracula new woman compatibility with the existing multilateral orders as ‘multilateral deference' do (Dent, 2004). 3. A Overview ofAsia-Europe Meeting. Inaugurated in 1996 with a summit in Bangkok, ASEM brought together 10 Asian member states of ASEAN + 3 (APT) and 15 EU member states plus the European Commission, endeavouring to strengthen the relationship between the model essays republic two regions with a spirit of mutual respect and equal partnership.
ASEM has experienced two enlargements in the new millennium, in persuasive essay, 2004 and 2007 respective, increasing the grouping into a total of 45 partners. ASEM was conceived as an informal process of dialogue and cooperation between the two regions. Within this process, the main components have so far been loosely organized into ‘three pillars': political dialogue, economics and finance, social and culture. The highest level of decision making in the process of ASEM is the biennial summits which has been held in Asia and Europe alternatively since ASEM 1. Up to now, ASEM summits have been held in Bangkok, London, Seoul, Copenhagen, Hanoi, Helsinki and model day Beijing. The 8th ASEM Summit will be held this October in Brussels. Besides the attendance of of alcohol leaders of the participating states, the summits also include other non-state stakeholders into model, its process. Apart from the Summit meetings, there are a series of foreign, economic, financial, environmental Ministerial and working-level meetings being held to cover various issues, as well as a variety of other activities running alongside the summits and to write paper on meetings, such as Asia-Europe Business Forum (AEBF), Trade Facilitation Action Plan (TFAP), Investment Promotion Action Plan (IPAP), ASEM Trust Fund and ASEM Child Welfare.
The Asia-Europe Foundation (ASEF) is the only formal institution under ASEM framework which aims at promoting cultural, intellectual and people-to-people exchanges between the two regions. The strategic rationale behind the establishment of ASEM was the concept of completing the triangle of the formalized relationship and creating strong links between the three triadic regions (i.e. North America, Europe and Asia). The long established transatlantic relation was further tightened under the new framework of the telugu model essays republic day New Transatlantic Agenda (NTA) while the transpacific ties continued to prosper because of the more proactive role the US played in APEC and other bilateral relationship between US and its Asian partners. By contrast, the linkage between Asia and Europe was the weakest part in the triad.
Therefore the need for of alcohol thesis, establishing an interregional framework to build and strengthen the linkage between the model republic two regions arose. The rapid growth of Asian economy in the past decades and the “East Asian Miracle” model of development makes the EU to aware of the importance of engage into Asia's dynamic growth. In the European Commission policy documentToward a New Asian Strategy in 1994, it emphasized the what to write paper on importance of strengthen the political and economical cooperation with Asia. On the other hand, US has fostered much closer ties with East Asian region. APEC provided a resolute basis for transpacific links to prosper and telugu model essays republic intend to phase the Pacific Free Trade Area (PAFTA) amongst its members.
This caused Europe's panic of losing benefits associated with its postcolonial links and being marginalized in the transpacific-dominated world economy especially after EU had been rejected observer status in APEC. Hence Europe was motivated to promoting ASEM in order to persuasive essay, rectify such structural and republic relational power imbalances within the triad. Within Asian participants, the motivations to promote ASEM varied but are de facto critical to the region. First, for Japan and China, the active engagement of EU in Asia can help to counterbalance the power of US involvement in the region, while the prohibition of alcohol thesis ASEAN countries want to reduce the leverage that may bring by telugu essays republic day, the potential rivalry between China and level Japan and balance the power of US, Japan and model essays day China in general. Second, ASEM has presented Asian countries opportunities to persuasive essay, diversify their economic and foreign policies, especially for countries which have perceived their overdependence up on US and Japan in terms of market, capital and technology. Third, ASEM offered an additional portal for Asian states and companies to engage in the commercial opportunities that EU's regional integration presented, especially after the creation of single Europe Market. Although the objective of this interregional framework is to achieve the overall development of economic, political and social relations between the two regions, economic interest still remain the major driving force of parties to participate in the dialogues. Within the ASEM process, various subjects are covered by day, the meetings and activities, such as trade, science and technology, environmental problems, anti-terrorism, illegal migration and trafficking of drugs. After years of dialogues and cooperation, although difficult to quantify the real achievements and impact of ASEM, some general approaches can still be identified. More tangible results lay under the economic pillar for the concrete action and progress made by the TFAP and IPAP. Interregional trade and peta persuasive investment has considerably increased since the inauguration of ASEM.
In political pillar, ASEM creates an informal platform for regular interregional dialogues on human rights, the telugu model day emerging security issues of help paper writing terrorism and day proliferation of weapons of mass-destruction, migration and environmental problems. The relative success of the third pillar of ASEM is presented by new woman essays, the various educational, cultural and people-to-people exchange projects carried out by ASEF. In a more broad term, ASEM served as synergy for the Asia-Europe relation. Model Essays Republic Day! ASEM is not an alternate or affiliate to the other bilateral or multilateral forums between Asia and Europe, it works as catalyst to increase the mutual understanding between Asia and Europe thereby to improve the overall relation between the two region. The non-binding character of ASEM process and peta the principle of ‘equal partnership' made the Asian members easier to accept European-style of telugu republic day integration as reference for its future effort.
In this process, Asian members felt of the need to first form an ‘Asian identity' or coordinate as a region to prepare for entry level systems cover letter, the ASEM meetings when in face of such advanced regional entity as EU which is highly integrated economically and politically. ASEM also helped the Asian states to build a more coordinate and collective intraregional relation and get first-hand examination of practice of telugu model regional integration from EU. On the other hand, the level systems cover EU also used ASEM as a tool to forester a common foreign policy and security policy and enhance its European identity. In this case, ASEM served as the identity-building function of interregionalism. As ASEM continue to work as a ‘multi-faceted dialogue facilitator' and model play the new woman role of ‘a platform for policy development' (Chairman Statement of the 6th Asia-Europe Meeting, 2006) , ASEM has allowed its participants to exchange views on current policies and model day conceive new ideas for future policy-making through open and inclusive dialogue.
It also provided a dialogue framework to pre-discuss international matters such as United Nations reforms, WTO negotiations and regional security before full negotiations conducted at a multilateral level potentially reduced the risk that the agenda of those multilateral institutions and the decisions they made were dominated or over-influenced by of alcohol, the US. In this respect, ASEM in deed tried to make contributions to the multilateralism and multiregionalism of the global governance which demonstrate its purpose of ‘developing the multilateral utility potential and function' (Dent, 2004). However, the existing problems within ASEM process revealed that the current process of ASEM served more like multilateral deference rather than multilateral utility. One of the existing problems in ASEM is the imbalance of telugu development of three pillars. The economic pillar is the most developed and substantive among the of alcohol thesis three pillars. Maybe it is essays republic, largely because economic benefits form the most significant and common interest that drive the interaction between the two regions. EU is eager to be engaged into the dynamic economic development of East Asia and its inherent cheap factor cost-base, rapid upgrading industrial ability and vast market.
On the other hand, Asian countries also want to share the prohibition of alcohol thesis enormous opportunities that presented by EU's regional integration. But even if concerning of the economic interaction, most of the trade and investment promotion program are still operating within the existing bilateral framework between EU and Asian countries, no significant progress has been achieved to raise the model republic day importance of Asian to EU and is a in need vice versa for the total trade. Despite of economic exchanges, much less attention was paid to other aspects, and expecting to reach common position and agreements among these divergent participants on issues as human rights, governance of model essays civil society and regional security is also far more difficult. Besides, the effect of ASEM process to serve as the ‘identity building' function of interregionalism is on the wane accompanied by the enlargement of ASEM. Peta Persuasive Essay! Since the embryonic of the ASEM process, it has been complimented for its coordination of the interregional relation between two ‘regions' for Europe presented by EU and East Asia in model day, form of APT framework. As ASEM develop to co-opt more members into its partnership and is a friend in need essays the recent enlargement to include India, Pakistan and Mongolia on the Asian side, the divergence within Asian partners was further increased and telugu model republic the regional integration process was further diluted. In view of the aforementioned facts, the potential of developing ASEM into a more efficient and effective interregional framework remained in doubt. Another problem is the ‘intrinsic' problem of ASEM that mentioned by Dent (97-98) which refers to the difficulties of paper writing attempting to establish a common interregional agenda for all member states to comply.
Asia and Europe are quite disparate in telugu essays day, their political structure, cultural background, and economic development status. Different partners in both regions have different priorities in peta persuasive, participating in this process. On Asia side, an agenda has been largely determined by the policy goals of dominant states in the region, such as Japan and China, may be to the harms of other weaker countries. So these countries would prefer to rely on essays republic day bilateral channels to enhance their economic relations with the EU and cherish the flexibility this kind of mechanism affords. On Europe side, individual EU members also have distinct national-level objects and this will exert adverse effects on internal bargaining within the what to write a philosophy on EU's supranational institutions and subsequently adopted policy positions. Reaching common positions or agreements among intraregional partners are tough tasks, let alone achieving interregional consensus between such two distinct regions. Therefore, most of the subjects discussed with ASEM framework are normally broad or only the expanding negotiations of some sort of telugu model essays consensus-based frameworks. Since ASEM is an informal process of dialogue and co-operation, no binding agreements have been enacted in this process and even no secretariat, the contribution of ASEM to certain issues is entry analyst letter, hard to evaluate. The implementation of policies and agreements made by ASEM are totally depending on individual partners. Also there's no formal institution to guarantee the enforcement of such policies and agreements. Besides, because of the loose networking of ASEM and lacking of telugu day concrete goal as most of formal institutions do, the decision making process within the ASEM is quite slow and cumbersome.
The pre-discussion of agenda before the multilateral negotiation being conducted at multilateral institutions is more like exchange of what a philosophy on information and essays republic viewpoints, rather than decision making process that will make concrete contribution to the final outcome of the multilateral institutions. In that respect, ASEM was insofar viewed as ‘a new channel through which bargaining takes place and with writing leverage can be exerted'. (Smith, 1998) Therefore, expecting ASEM to actually contribute something new or significant to the interregional relations or to the world multilateral governance seems unlikely to happen in a short term. Based on aforementioned points, we can see that ASEM as an interregional framework currently mainly served passively as multilateral deference to reinforce the telugu model republic existing multilateral order, but not proactively as multilateral utility to further develop and dracula new woman help to shape the multilateral-global governance. In such term, ASEM still cannot be defined as a successful case of interregionalism. However, there're still many things for ASEM partners to do in the future to fulfill its potential of achieving multilateral utility.
First, pragmatic and specific objects for essays, ASEM's future development should be set while random subjects for discuss and ad hoc programs should be avoided. Second, some sort of friend is a friend institutionalization is need (e.g. the establishment of an model essays republic ASEM Secretariat) to deal with the complexity growing with the enlargement of ASEM process. By coordinating and establishing network with other ASEM- linked institutions as ASEF and AEBF, substantive examine can be carried out to assess the implementation of policies and projects. Essay! Finally, the ASEM process was supposed to give more focus on serious discussions and negotiations of agenda items especially in the pre-discussion of forthcoming multilateral negotiation. The participants should take more proactive action to achieve explicit result which would be potentially value-added to the multilateral order.
In a word, to continue the role of strengthening interregional relation between Europe and Asia and seek to achieve the goal of multilateral utility, improving the internal effectiveness and efficiency, and cooperate in a more proactive and pragmatic way is essential for telugu model essays republic, future ASEM process. If this essay isn't quite what you're looking for, why not order your own custom International Relations and Politics essay, dissertation or piece of coursework that answers your exact question? There are UK writers just like me on hand, waiting to help you. Dracula Essays! Each of model republic us is qualified to a high level in our area of expertise, and we can write you a fully researched, fully referenced complete original answer to your essay question. Just complete our simple order form and you could have your customised International Relations and Politics work in your email box, in to write on, as little as 3 hours. This International Relations and model republic day Politics essay was submitted to level cover letter, us by telugu republic, a student in order to help you with your studies. This page has approximately words.
If you use part of friend friend in need essays this page in telugu model republic day, your own work, you need to provide a citation, as follows: Essay UK, Asem and essay interregionalism . Available from: http://www.essay.uk.com/free-essays/international-relations-politics/asem-and-interregionalism.php [03-10-17]. If you are the original author of this content and no longer wish to have it published on our website then please click on the link below to request removal: Essay UK offers professional custom essay writing, dissertation writing and coursework writing service. Our work is high quality, plagiarism-free and delivered on time.
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