Tag Archives: management
Debt Management: How You Can Master Your Debts
Managing numerous debts, when you hear it, seems like a Herculean task. But it is not. It is in fact easy to do it once you find out about the numerous programs that are dedicated to this purpose. Their common goal is to help you undo the shackles that your unpaid debts have probably placed upon you. They exist under a single banner- debt management.
Debt management is a program that can make repayment of your multiple debts an easier process. It functions in a simple way. All the debts that you have are merged into a single one. These may be credit card debts, huge unpaid bills or unpaid personal loans. This new consolidated debt can be paid off at an interest rate which is lower than you original rates. Now that you have a single debt, you can make a single payment to a singe creditor who will distribute it among your other creditors.
Through debt management, you get to avail advantages like these:
* A more manageable repayment method * Lesser overall payment * Some money can also be saved for use in other purposes.
Debt management can be easily achieved with the expert help of debt management agencies. Apart from the usual features, you also get valuable guidance as to how to manage your personal finance and regulate your expenditures so that you dont have to fall into debts again in future.
Debt management can also be achieved through the following forms, depending upon the seriousness of your debt status:
Debt consolidation: when your total debt crosses £5000 and you owe to two or more creditors. All you debts will be consolidated and a loan will be given to help you pay off the consolidated debt. Debt negotiation: when you cannot make the minimum payments. Your total debt amount is substantially reduced, sometimes by half. Debt elimination: when the only other option remaining is bankruptcy. Interest rates are reduced on all debts except one which can be paid off with the extra money saved from the other reduced payments.
Debt management, no matter which option you go for, certainly frees you off your debts.
Enterprise Risk Management in Business is used by Organizations to Manage Risks
Risk Management is about taking the necessary measure to seize opportunities and manage risks in business. There are many risks involved in the operation of business, which could affect the stakeholders within the enterprise. Some of these risks include Hazard Risk, Financial Risk, Operational Risk and Strategic Risk.
Enterprise Risk Management employs methods and solutions to address these risks and achieve the business’ goals and objectives. There are many risks including internal and external factors that need risk management solution. Risk management solution provides an enterprise risk management by integrating documentation and assessment of risks, defining controls, managing audits, identifying issues and implementing recommendations and remediation plans. The risk management solution includes powerful tools for risk analysis and monitoring such as configurable risk calculators and risk heat maps.
Risk management delivers effective management control through increased shareholder value, optimized risk or returns outcomes, reduced compliance cost and improved business performance. Because of the risk management solution, an enterprise or business would be able to put goodwill in its brand or output and have a premium over its holdings in the market. Furthermore, the increased visibility of risk in the enterprise provides the management a better internal control to address the risk.
If a bank grants wholesale lending to a particular enterprise, it would post various risks. And if the enterprise risk management is weak, a possible leak and business disadvantage would occur within the business, which is why tracking of collateral is needed to identify and provide quick and prompt method of eliminating errors of information. Tracking of collateral for wholesale lending automates the identifying of deposit to be collateralized and communicates the collateral requirements to the Treasury group. The treasury group that relies on the tracking of collateral reports will be able to calculate the interest and value involved in the wholesale lending. A management control within the business of wholesale lending by a bank does not only post benefits to the enterprise but also to the stakeholders within.
It maybe that an enterprise fails to measure the risks in its operation, which consequently affects the overall brand or image of the business. However, if risk management is applied, there is no reason for the possibility of leakage and weakness. There are many risk management systems solution available for various types of enterprise. This system solution is an automated system that measures the risks within the enterprise and provides methods and processes to seize the opportunities rather than failing to take the advantage. The system usually involves identification of particular events or circumstances relevant to the organization’s objectives, assessment of risk and opportunities in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring progress.
There are at least eight known components of framework for risk management, this include internal environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication and monitoring. The framework suggested would only be possible and attainable if implementation is strong.
The likelihood that a business would achieve its goal is dependent on the risk management and measures employed by every enterprise. Seizing opportunities is the key to a business growth.