Corporate Governance and Risk Management for ASX Corporate

Question: Discuss about theCorporate Governance and Risk Management for ASX Corporate. Answer: Introduction The reflective essay will focus about my personal experience and the issues I faced related to corporate governance and risk management. Through risk assessment in my workplace, I got to learn how to deal with critical situation and accordingly effective strategies to reduce the organizations risk. Furthermore, the essay will also reflect on the issues related to social responsibility and corporate governance and accordingly learnt strategies for managing and governing workplace and enterprise risk. Discussion According to me, Governance in relation to workplace governance refers to the process how the organization can be effectively managed and organized by promoting healthy and safe environment to the employees. Prior to that, by implying Corporate Governance, an organization set certain rules and regulations that need to be followed by all the employees (Tricker and Tricker 2015). Whereas, what I understood through risk management is that identifying the potential risk and accordingly with better strategies will try to reduce it, in order to incur the loss resources. As per the ASX Corporate Governance Council, convened by ASX in Australia implemented certain principles, legislations and recommendations. This needs to be implemented by companies in order to promote confidence of the investors to meet the expectations of the stakeholders (Christensen et al. 2015). The organization in which I work is a beverage company that implemented the rules of corporate Governance so that our organization can manufacture health drinks by not impacting the environment in a negative way and besides that tried to meet the requirements of the stakeholders. Accordingly the organization I work incorporated certain non binding guidelines such as shifting towards the principles governance systems. There are certain guidelines listed in the ASX principles and recommendations that encouraged companies to follow in order to reach the global markets. S per the principles, our organization has implemented an ethical and responsible decision making board that examines that employee are working in safe and healthy environment (Ruggie 2017). Furthermore, by adopting the principle Encourage enhanced performance our organization from time to time evaluate employees reviews and performance and accordingly motivates them with monetary and non-monetary rewards. All the ten principles of the corporate governance are important for any business organization in order to reach the global market. Enterprise Risk Management (ERM) is an approach that deals with workplace risk and accordingly provides measures to prevent those risks to provide better services to the stakeholders and to achieve their goals (Olson 2015). For instance, one of my friends works in DP World in Victoria, and through him I get to know that the company was found guilty for polluting the atmosphere by releasing hazardous chemical and was charged $80,000 and extra $ 10,000 (Christensen et al. 2015). After analyzing the risk and the huge loss, the company implemented Enterprise Risk Management (ERM) approach to reduce the huge loss and to incur from that loss. One of the important tools of ERM is the brainstorming tool, through which various ideas and solutions to reduce the risk are being generated from the group. Apart from this, The Australian Securities Exchange Principles of Good Corporate Governance and Practice measures the risk appetite of every organization and accordingly tries to perform in relat ion to Key Risk Indicators. My personal experience from enterprise risk management is that, risks are inevitable for every business organization, but organizations should check the potential risk that the organization is likely to suffer from that and should implement ideas and strategies to prevent it. I myself being a HR Manager of a beverage company follow the same policies, so that there should not be any environmental risk from manufacturing of beverages. It is important to note that a good Corporate Governance promotes organization growth and at the same time tries to meet the demands of the internal and external stakeholders. Accordingly corporations tend to create employees that tend to increase the productivity of the organization and the profit that receives is used in paying the shareholders (Grayson and Hodges 2017). For instance, in my company, the profit and the extra wealth gained are used in the research and development (RD) process and sometimes invest in technologies for manufacturing high quality beverages. For instance, KPGM in New Zealand applied the concept of good Governance by involving the owners and the shareholders regarding the financial health of the organization. On the other hand, Corporate Social Responsibility mainly concerned in treating the stakeholders, in a responsible way and it also helps to prevent risk within the organization. As risk is inevitable, therefore, CSR activity will help to reduce risk t o a certain amount (Hoyt and Liebenberg 2015). Accordingly the higher authorities of the company initiated CSR activity through awareness campaign and also by acting in human rights for environmental causes to reduce environment footprints. By involving in CSR activity, we can get socially involved for creating a better and safe community. It is important to manage and govern the organization effectively for better productivity and for providing satisfaction the internal and the external stakeholders (Hillson and Webster 2017). However to manage and govern my organization I adhere to certain rules and guidelines such as it is important to be consistent that means every employees should be treated equally within the group. Apart from that, to retain skilled labour within the organization, I evaluate the work performance and accordingly give rewards such as incentives, gifts and more. This has proved an effective way to mange employees. However, to govern effectively, it is important to manage day-to-day operations and in case of conflicts in the workplace, I try to implement best strategies to prevent it as fast as possible. Prior to this, regulatory compliance is an important factor that ensures the implications of laws and guides such as rules related to Safety and Healthy Environment, to minimise the (S,HE) risk (Mac Dougall et al. 2015). Conclusion From the above reflective essay, it could be concluded that from my personal experience I got to learn about the principles of good Corporate Governance and the positive outcomes of Social Responsibility. Apart from this with the implication of Enterprise Risk Management (ERM), it is possible to monitor the risk and within the implication of risk management tools, it is possible to reduce the risk. Prior to this, as an HR Manager I have started implicating the principles of good Governance for promoting better growth and customer satisfaction. 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