Enterprise risk management Literature review Example | Topics and Well Written Essays - 3000 words

Enterprise risk management - Literature review Example ERM involves taking a proactive view of the entire business or organisation rather than looking at risk as simply a matter of special project overview to identify threats. It goes far beyond the typical SWOT analysis that looks at different weaknesses and threats and recognises the whole of the business as a functional unit that is inter-connected whereby multitudes of risk possibilities exist. This literature review describes what constitutes enterprise risk management, its major components and also provides an identification of how an ERM programme can be designed into virtually any industry. 2. Defining a stable ERM programme Enterprise risk management is defined as: â€Å"The discipline by which an organisation in any industry assesses, controls, exploits, finances, and monitors risks from all sources for the purpose of increasing the organisation’s short- and long-term value to its stakeholders† (casact.org, 2003, p.8). What makes ERM different from typical risk ma nagement programmes is that it recognises strategic imperatives, thus making it an ongoing part of strategic analysis often dictated by executive leadership and Board governance. Generally, risk management programmes are short-term objectives associated with special project teams, thereby somewhat ignoring the long-term prospects of risk mitigation in multiple areas of the business. Kimmel & Anderson (2010) identify five specific elements of an ERM system to include: 1. Linking risk management to the organisation’s strategy, values and culture – This definition insists that enterprise risk management is linked to the operational and human capital components of the organisation and is tied directly to organisational structure and design. 2. Providing management with a comprehensive and repeatable knowledge base so as to understand how to identify and assess potential risk factors. 3. Assignment of specific roles and responsibilities tied to governance for ERM. 4. The ab ility to provide higher valued knowledge so that managers can make better operational and financial business decisions. 5. Providing risk-related knowledge so that auditing and monitoring is an ongoing part of the programme design. Most organisations that utilise ERM systems recognise four categories of objectives in order to assist organisations in meeting long- and short-term strategic goals. These include, as offered by Moore (2010): 1. Strategic imperatives – These are high-level goals that help align the organisation to its overall mission and value proposition. 2. Operational components – Helping to achieve efficient and effective use of resources organisation-wide, such as marketing, production and accounting (as relevant examples). 3. Reporting – Reporting aspects include financial figures and overall business strengths as related to stakeholders and shareholders. 4. Compliance – Laws and regulatory compliance such as Sarbanes Oxley and other labo ur-related laws that drive business structure and operations. These four objectives are part of the COSO model that is widely used in most organisations that have developed an ERM system, one of the most common models of ERM available. It is a comprehensive tool for identifying and managing risk factors (Moore, 2010). Enterprise risk management is beneficial to the business as it creates a teamwork

The advantages of teaching Citzenship as a discrete subject over Essay

The advantages of teaching Citzenship as a discrete subject over teaching it through other subject areas of the curriculum - Essay Example ship, exclusively, is both a discrete subject and also a culture - which is a way of living with its own distinct set of values, attitudes and nature which supports continuous lifelong learning. Since citizenship education is so completely new to the curriculum in most schools, the timetable contexts in which it takes place are likely to vary quite considerably. ‘Many schools are recognizing the wider benefits of citizenship and offer special themed days with a collapsed timetable and specialist speakers.   In some schools, citizenship may be part of, and an extension to, existing programme of Pastoral, Social and Health Education (PSHE). In others there may be timetable slots quite explicitly labelled Citizenship. In yet others, the requirements of the citizenship curriculum may be addressed within a framework of Humanities teaching. Still other schools may decide to address citizenship in a totally embedded cross-curricular way, identifying specific elements of the citizenship curriculum to be included in individual subject departments’ schemes of work. Some schools are taking the opportunity to reflect on their organisation and are embracing a citizenship ethos in which citizenship concepts and knowledge are developed through active participation and greater learner responsibility. These schools have effective schools councils, student consultation and representation, shadowing, specialist student training, peer work, whole school special focus days, local and national student elections, involvement with other schools and links with the wider community including their local councilors and MP. Trainees on the course are encouraged to see themselves, first and foremost, as citizenship teachers capable of straddling most, if not all, of the fields of knowledge and pedagogical approaches to which reference has been made. Realistically, and in order to build a viable personal teaching timetable while on school experience, there may be a need to undertake

The Background Of Korean Peninsula Crisis History Essay

The Background Of Korean Peninsula Crisis History Essay CHAPTER 2 2.1 Introduction The Korean Peninsula with the issues of North Koreas nuclear remains one of the worlds main concerns that pose a potential threat to regional security.  [16]  The relationship between the two Koreas has worsened considerably during the recent years due to lack of trust and confidence, as well as the contrasting ideas on reaching a solution on the nuclear issues. After the end of the Cold War, few attempt to change the situation in Korea and to end the confrontation failed, mainly because of mutual distrust and of lack of contacts among its people. A new round of cautious approaches has started after Kim Dae-jung became president of South Korea in 1998. The historical June 2000 summit meeting between the top leaders of the two Koreas has brought hopes for unification and a peace process. Since then, there is increasing official interaction, but still only limited and controlled contacts among the people of the two countries. 2.2 Origin of the Unresolved Conflict After being under the Japanese occupation for the last four decades, there was hope for the Korean people to regain their full sovereignty at the end of the World War II. In August 1945, Japan was forced to surrender after atomic bombs were dropped on the cities of Hiroshima and Nagasaki. The liberation of the Korean Peninsula started by Soviet troops from the north and later by American troops from the south, with the 38th parallel line became the line of demarcation between the two allies. But instead of becoming a free and sovereign country, the Korean Peninsula was once again put under pressure. This time, it was the upcoming rivalry between the Soviet Union and the U.S, which would shape Koreas history. Thus, Korea came to be divided into two temporary zones of occupation that, as the Cold War deepened, became two separate Korean regimes with opposed principles and sponsors.  [17]   In 1948, the Korean Peninsula was divided into two sovereign states due to political infiltration from the two so-called liberators, that is, Soviet Union and the U.S, and the increasing radicalisation of Korean civil society and its leaders. The two Koreas, notably the Republic of Korea (South Korea) and the Democratic Peoples Republic of Korea (North Korea) or DPRK, started their new life in dependence of their military and political protectors, the U.S, the Soviet Union, China and in an atmosphere of the growing tensions between East and West. When the U.S and Soviet withdrew their troops from Korea in 1949, South Korea wanted to restore the lost land and DPRK wanted to liberate the southern half of the Republic.  [18]  The economically and militarily stronger DPRK decided to solve the problem of non-recognition and of the division by military means. Its leader, Kim Il-sung went to Moscow in April 1950 to convince Stalin, and in May to China to obtain the approval of Mao. In Moscow, he could secure Stalins support in return for political as well as some material gains for DPRK. At the beginning, Stalin was cautious and against the plan, but was convinced by Kim Il-sung that the war could be won quickly without U.S intervention. As the DPRK troops launched a surprise attack against South Korea in the early morning of June 25, 1950, U.S President Henry S Truman responded quickly by sending troops from Japan to Korea and mobilised the UN to undertake its first-ever international military action. Unfortunately for DPRK, the Soviet Union was not present to veto during the UN Security Council session at that time. However, on the same day, the UN Security Council condemned the invasion and called for immediate ceasefire and withdrawal of the troops to the 38th parallel. When DPRK refused to withdraw from South Korea, the U.S decided to intervene in Korea, and on June 27, 1950, the Security Council called for members to support the U.S intervention. 2.3 The Korean War On 7 July 1950, the UN Security Council decided to establish a Unified Command for the UN Forces in Korea and mandated a joint military action to repel DPRK troops and to restore the status quo in Korea. The UN military action in Korea, taken by the U.S Eight Army under General MacArthur, was able to accomplish its mission and the war could have ended by 7 October 1950. However, sensing an opportunity to roll back communist expansion and to unify the country by force, General MacArthur and South Korean President Rhee Syng-man, decided to march further into DPRK. They were confronted by unexpected enemy, the Chinese volunteers who had moved into DPRK in massive numbers. Together with North Korean troops, the Chinese started an offensive and pushed back UN forces to below the 38th parallel and recaptured Saigon in January 1951. The conflict had developed into a limited international war involving the U.S and nineteen other nations on one side and China and North Korea on the other. As the military situation developed unfavourably for the Allied forces, General MacArthur asked Truman to authorize the use of nuclear weapons against China and DPRK. Fortunately, although some U.S military leaders favoured the nuclear option, Truman decided not to use the weapons for a number of reasons.  [19]  He discharged General MacArthur over this issue and redefined American policy by abandoning his objective of military reunification of Korea. His aim was now a return to the status quo, even as the Chinese and North Koreans were advancing southward. Truman was unwilling to engage in an all-out war which could have led to a world war involving the Soviet Union. However, instead of no nuclear weapons were used, the U.S resorted to massive air bombings, including the use of napalm. It is quite obvious that not only its government but also the people of DPRK have no good memories of the U.S. Linking the U.S capability to use nuclear weapons in the Korean War and the present debate on the North Korean nuclear program, Michael J. Mazarr stated that: The U.S thus exposed North Korea, during its infancy as a nation, to the fearsome power and enormous political value of nuclear weapons. The lesson was apparently not lost on North Koreas leaders, and early U.S nuclear threats are one important thread in the tapestry of the Norths motives for a nuclear program.  [20]   The Hiroshima and Nagasaki bombs showed to the world that conflicts in the 20th century could be decided within seconds.  [21]  This experience and the possibility that those weapons could decide a war again left a deep impression on the DPRK regime and its population. Furthermore, the U.S foreign policy on the Korean Peninsula made it almost unnecessary for Pyongyang to spread the impression of a brutal and arrogant America: the behaviour of the U.S spoke for itself. Until today, the sorrows of the Korean War have a special meaning to the North Korean resentments against the U.S. With the American considerations about the use of nuclear force during the Korean War, the nuclear issue touched ground in this region for the first time. As the war reached a new phase with massive intervention of Chinese volunteers, the UN General Assembly formally proposed a ceasefire in December 1950. The representatives of the UN and communist commands began formal truce negotiations in July 1951, but only in 1953, with the death of Stalin and with Dwight Eisenhower as the U.S President, did the bitter fighting come to an end, with heavy casualties on both sides. An armistice agreement between the UN forces, represented by the U.S, and China and DPRK was drawn up and signed. South Korea, however, wanting to unify the country with the help of the U.S, refused to sign the truce agreement.  [22]  Instead, a mutual defence treaty was signed with the U.S in October 1953 and an arrangement for the continued presence of U.S forces in South Korea. The subsequent Geneva Conference on Korea in April 1954 failed to find a political solution to the two Koreas issue. The failure of the two attempts to unify the peninsula only deepened the division, making any contact with each other impossible. The Korean War began with the aim of reunification by military force, but ended with hundreds of thousands of deaths and a nearly totally devastated peninsula in July 1953. The development on the Korean Peninsula has gone through a lot of critical situations since the war ended. In succeeding years, the Cold War seemed to make it impossible for the two Koreas to start a policy of conciliation and to smooth the way for reunification. 2.4 North Koreas Nuclear Program Toward the end of the Cold War, South Korea became one of the major economic powers in the region while DPRK seemed to become totally isolated with political changes. The decline of the Soviet Union, the collapse of former brother-states in Eastern Europe, and the reform process in China, left deep uncertainty in DPRKs leadership. Since the first indigenous North Korean reactor was detected in the early 1980s by U.S spy satellites, the attention of the world community has focused on the question of whether DPRK is using its nuclear facilities to produce military-grade nuclear material. The loss of important economic partnerships and natural disasters has brought Pyongyang into a position where the government was unable to provide food for its own population, it was quite logical that DPRK used the uncertainty of the world community about the status of its nuclear program to broaden its clearance in gaining economic support without losing political control over the country. Indeed, since 1990 and the withdrawal of Soviet support, DPRKs economy has declined sharply, though according to South Korean reports, 1984 was the last time the country achieved economic self-efficiency.  [23]  A central tool in DPRKs efforts to maintain the communist regime has been the use of weapons development in order to gain concessions, aid and favourable treaty outcomes with its prospective adversaries. At a glance DPRKs behaviour might seem to show that it is making threatening acts for no other reason than to disrupt the process of warming relations with South Korea, the U.S, and its other neighbours. However, re-examination shows a careful policy of developing a threatening system or capability, and using that threat to gain attention, and hopefully concessions from negotiating partners. Figure: 1 North Koreas Nuclear Facilities Source: Interactive Map of DPRK Nuclear Facilities (2002).  [24]   DPRK first employed this policy over its nuclear power and weapons program in the early 1990s. An indigenous nuclear program had been underway since the 1970s, but it was only in 1992 that the UN nuclear monitoring body, the International Atomic Energy Agency (IAEA) was allowed to inspect all DPRKs nuclear facilities as illustrated at Figures 1. After three inspections, the submitted data showed discrepancies which indicate that DPRK might have been concealing enough plutonium to build one or two nuclear weapons.  [25]  After an abortive declaration of withdrawal from the nuclear Non-Proliferation Treaty (NPT), DPRK has agreed to give up its nuclear program with the condition that modern light-water reactors were supplied to fulfil its energy needs. After a period of crisis, war was averted when this formula was included in the Agreed Framework of October 1994 between the U.S and DPRK.  [26]   The recent confrontation between the U.S and DPRK flared after the country was named as one of the three countries in the Axis of Evil by President George W. Bush in his annual State of Union speech in January 2002. It seems probable now that this was the by-product of a speech intended to justify a war with Iraq.  [27]  However, when publicly labelled an evil state by the worlds only superpower, tensions apparently heightened within the DPRK regime. In any case, when James Kelly, U.S assistant secretary of state, confronted the North Koreans with evidence of a uranium enrichment program in October 2002, they admitted the existence of the program. DPRK then proceeded to remove seals on the reprocessing plant at Yongbyon, and declared its withdrawal from the NPT on January 10, 2003.  [28]   2.5 Summary As discussed, the two Koreas were divided at the 38th parallel at the end of the Second World War. That line became the line of demarcation between the Soviet troops advancing from the north and the American troops coming from the south. It was the beginning of the rivalry between the two major world superpowers. Thus, Korea came to be divided into two temporary zones of occupation that, as the Cold War deepened, became the sites of two different regimes with different principles and ideologies. The problem worsen with the North Korean invasion of South Korea which sparked the Korean War. The conflict had developed into a limited international war involving the U.S and nineteen other nations on one side and China and North Korea on the other. The war ended with the signing of an armistice between the U.S, representing the UN forces, and China and North Korea. South Korea refused to sign the truce agreement, but instead signed a mutual defence treaty with the U.S. In the early 1990s, with the collapse of the Soviet Union which means the withdrawal of Soviet support and the reform process of China, DPRK felt isolated. At the same time, with collapsing economy and widespread famine it had to survive by bolstering its conventional forces and embarking on nuclear program. This was also because DPRK wants respect and security guarantee. Further, DPRK develops nuclear weapons out of fear and to attain a more positive deal in negotiations. That is the more positive view; alternatively, the North Koreans simply see the nuclear program and the bomb as their right and a necessity.

Decision-Making Models Essay -- Responsible Decision-Making Model

Decision-Making Models   Ã‚  Ã‚  Ã‚  Ã‚  There are several decision-making models to choose from in any given situation. Some of these models available on the Internet are the Responsible Decision-Making Model, the Ethical Decision-Making Model, the Ethics Toolkit PLUS Model, the Vigilant Decision-Maker Process, and some basic ones as well. In general, all decision-making models are the processes we use to make well-thought out decisions. There are three major elements of all decision-making models. These three elements are: how are criteria determined, how are alternatives generated, and how are alternatives evaluated against criteria (Scholl, p. 1). In this paper, we will use the Responsible Decision-Making Model to explain how the process works to help us make better decisions. The Responsible Decision-Making Model   Ã‚  Ã‚  Ã‚  Ã‚  The Responsible Decision-Making Model is a Power Point presentation that was on the Internet (Scarbo, slides 1-18). There are six steps to this decision-making model. The first step is to clearly describe the situation either in writing or aloud. The second step is to list any possible solutions to the situation. The third step is to share the list of possible solutions with another responsible person because he or she may have other solutions to add to the list. The fourth step is to carefully evaluate each possible solution using the six criteria. We will look at these six criteria in the next paragraph. The fifth step is to make a final decision on which sol...

Mfn Applied Tariff Rates Of Emerging Market Economies Economics Essay

Under the MFN all states are to hold the same duty rates for all the other members of the WTO, nevertheless in the instance of the development states, they are granted the Generalized System of Preferences, by which, selected merchandises arising from developing states get a decrease in duty rates or face zero duty even over MFN duty rates. The â€Å" aˆÂ ¦ the aims of the generalised, non-reciprocal, non-discriminatory system of penchants in favor of the development states, including particular steps in favor of the least advanced among the developing states, should be: hypertext transfer protocol: //www.unctad.org/img/1px.gif ( a ) A A to increase their export net incomes ; hypertext transfer protocol: //www.unctad.org/img/1px.gif ( B ) A A to advance their industrialisation ; and hypertext transfer protocol: //www.unctad.org/img/1px.gif ( degree Celsius ) A A to speed up their rates of economic growing. † ( Resolution 21 ( two ) , UNCTAD II Conference in New Delhi in 1968 ) Under the Enabling Clause ( 1979 ) , states giving the penchant such as the United States, European Union, Canada, Japan and 9 others could allow lasting preferential under their several GSP strategies. The GSP has showed assorted consequences. While on one manus the GSP has benefitted the ‘rich developing states ‘ such as Singapore, Hong Kong, Mexico, Taiwan and late India and China, on the other manus the developed states have implemented the GSP but non in those sectors in which the development states have most involvement such as agribusiness and fabrics. Removal of non duty barriers such as the phasing out and termination of the Multi- fiber Agreement or the Agreement on Textiles and Clothing ( ATC ) in 2005, which restricted the import of fabrics and vesture from developing states to the developed states through quota, has helped in the addition in exports of the developing states and particularly emerging markets such as Taiwan, Hong Kong and China have taken advantage of it. However for the emerging markets economies the duty grants in the old unit of ammunitions of dialogues and the GSP has helped increase their exports. These duty decreases are non merely done by developed states but besides by developing states and some of the emerging economic systems particularly have slashed their duty rates by a broad border. Summary of Average MFN Applied Tariff Rates of Selected Emerging Market Economies Average Duty ( Per Cent ) State Highest Rate Reported Year Latest Rate Reported Year Decrease Brazil 51.0 1987 14.6 2009 71 Chile 35.0 1984 6.0 2009 83 China 49.5 1982 8.6 2008 83 Colombia 61.0 1984 12.7 2009 79 Czech Republic 6.4 1996 5.0 2003 23 United arab republic 47.4 1981 12.3 2008 74 Hungary 24.0 1984 3.2 2002 87 India 100.0 1986 10.1 2009 90 Dutch east indies 37.0 1984 5.8 2007 84 Korea, Rep. 23.7 1982 8.9 2009 62 Mexico 27.0 1987 11.1 2009 59 Maroc 54.0 1982 9.1 2009 83 Peru 46.0 1988 3.8 2008 92 Philippines 34.6 1981 5.0 2007 86 Poland 18.3 1989 4.3 2003 76 Saudi Arabia 13.0 1996 4.0 2008 69 South Africa 29.0 1984 7.4 2009 74 Taiwan 31.0 1982 5.1 2009 84 Siam 45.0 1993 10.0 2007 78 Turkey 40.0 1983 2.4 2008 94 Beginning: World Bank Database It is interesting to observe that even after duty decreases in the emerging economic systems, in agreement with the understandings negotiated, the duty gross has increased. This is chiefly because of the riddances of non duty barriers like import quotas due to increasing demand for ingestion goods and fabrication inputs, export limitations on agribusiness goods and natural stuffs for domestic industries, local content demand particularly in the cars industry and VERs ( Voluntary Export Restrictions ) . Although licensing has non been removed wholly in agribusiness imports, it has been greatly reduced. Hence there is less motive to smuggle, raising duty returns. Besides tariff barriers tend to be more crystalline compared to non duty barriers, increasing the assurance of the international investors in the markets. One of the basic effects of a duty decrease has been the addition in ingestion, both of consumer goods and of natural stuffs for industries. Domestic houses confronting competition from the cheaper imports cut down the consumer monetary values so as non lose their market portion. The decreased monetary values increases the buying power of the citizens and this is particularly good for the lower income groups. The emerging market economic systems have big populations which live below the poorness line. This addition in their buying power improves their criterion of life. Consumers besides get better assortment of goods in the market and it has besides been seen that there is an betterment in the quality of goods. Besides cheaper and better quality natural stuffs can be imported, cut downing the cost of production which non merely translates to decrease in consumer monetary values, but besides increases the measure and quality of production. In add-on engineering and proficient aid, funding, audience and direction expertness can be brought into the state for non merely fabricating industries but besides for the primary sector. Industries such as agribusiness, agriculture, fishing, forestry and excavation provide natural stuff to other domestic industries but the merchandises of these industries are besides exported by developing states.Share of Merchandise and Service Imports and Exports in World Total of Selected Emerging Market Economies ( Per Cent )Beginning: UNSD Statistical Database ( UNdata ) Emerging Market Economies: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Mexico, Morocco, Peru, Philippines, Poland, South Korea, South Africa, Taiwan, Thailand, and Turkey Cardinal promotions in the universe trade scenario like the completion of the Uruguay Round and constitution of the WTO, macroeconomic reforms and trade liberalisation policies in many developing states, particularly India and Brazil, created an atmosphere more contributing to the fleet growing in the exchange of goods and services. Chinese accession to the WTO along with the accession of other states has farther integrated the many-sided system. Most developing states ‘ exports are still dominated by agribusiness goods and fabrics, although the emerging economic systems have shown a distinguishable addition in the export of manufactured goods. The value of excavation ( largely fuels ) and agribusiness goods has risen but the chief addition has been in manufactured goods, though the rise in value has been more due to increase in volume instead than alter in monetary value. This encouragement in their portion of ware exports is chiefly due to the dramatic promotion in China ‘s function as planetary fabrication Centre in particularly sectors which are labour intensive. In 2006, out of the top 10 exporters of manufactured goods, 9 were emerging economic systems. The largest exporter of agribusiness merchandises has been Brazil followed by China and Thailand and of fuel, Saudi Arabia from the emerging market economic systems. The important addition in the export of manufactured goods has is chiefly lead by export of office and telecom merchandises, followed by fabrics and car merchandises. Despite the prominence of China as the lead exporter of fabrics and vesture, Colombia and Peru have besides expanded their exports. After the phasing out and termination of the Multi-fibre Agreement or Agreement on Textiles and Clothing ( ATC ) in 2005, which employed non duty barriers like quotas, parts such as China, Hong Kong and Taiwan saw a bead in their exports but they were able to develop other export oriented sectors. Among the developing states, the emerging markets are both the lead exporters and importers of fuels, agribusiness merchandises and manufactured goods. The growing in commercial services has non been every bit much for the emerging markets as a whole, nevertheless India has seen an impressive enlargement in the service industry every bit much as 2.69 % of universe export of services in 2008. This is chiefly due to the roar in information engineering and hotel industry. China besides shows 3.35 % of universe exports ; nevertheless it shows a much more dramatic figure of 8.91 % of universe exports in ware. India is followed by Hong Kong with 2.37 % portion, Singapore with 2.15 % portion and South Korea with 2.05 % portion in 2008. The chief export in commercial services has been of transit services and touristry, with India being the largest exporter of touristry and South Korea being the largest exporter of transit services. The emerging markets experienced a disproportional consequence through their bead in service export in the early half of 2000 ‘s chiefly due to the planetary IT crisis. China, South Korea, India and Singapore are besides taking importers of commercial services among the emerging markets particularly their increasing portion in transit. Commercial services can besides include building services, communicating services, insurance services, fiscal services, royalties and other services. During the East Asiatic Crisis the emerging markets saw a ample bead in their ware and service exports ; nevertheless after the Subprime Crisis in 2007 – 2008 the autumn in the value of emerging economic systems exports was smaller than exports of the industrialised states. The addition in imports and exports gives a encouragement to the domestic industries. Addition in imports gives entree to better natural stuffs in both measure and quality every bit good as at decreased cost. Sing the competition, domestic providers cut down their monetary values of natural stuffs to the houses. Increase in exports can be attributed to the duty decrease of other states and export publicity activities by the authorities. Besides entree to international markets spurs the domestic manufacturers to increase their production quantitatively every bit good as qualitatively. There is an addition in production, which in bend leads to a rise in employment within the state. The addition in employment has two effects. One there will be more consumers in the market and there will be a encouragement in the demand for the merchandises. Second with addition in employment there will besides be addition in productiveness of the houses and the industries, whereby they will be able to p rovide more goods and services in the market. Sing the profitableness more houses will fall in in bettering the competition in the industry.

Memorandum of Agreement

MEMORANDUM OF AGREEMENT This Memorandum of Agreement (herein referred to as â€Å"Agreement†) is made and entered into the City of Cabanatuan, Philippines by and between: Land Bank of the Philippines â€Å"Land Bank of the Philippines† with office address at 3/F Land Bank Building, Gabaldon St. , Cabanatuan City, Represented by its Department Manager II, Nueva Ecija Lending Center, Mr. Eduardo N. Reyes, Jr. , herein after referred to as Land Bank of the Philippines. -and- WESLEYAN UNIVERSITY – PHILIPPINES â€Å"WESLEYAN UNIVERSITY – PHILIPPINES†, Mabini Extension, Cabanatuan City, represented by Dean, College of Business and Accountancy, DR.MARIA VICTORIA M. ALVAREZ herein after referred to as WESLEYAN UNIVERSITY – PHILIPPINES. WHEREAS, Land Bank of the Philippines in its concern to enhance the training and development of more and better professionals, has teamed up with WESLEYAN UNIVERSITY – PHILIPPINES for an On-The-Job Training Prog ram (â€Å"Program†) to provide training and support to the students of WESLEYAN UNIVERSITY – PHILIPPINES, College of Business and Accountancy on the current trends and latest developments in the industry, and, to expose them to actual industry situations, thereby enhancing their formal schooling.NOW, therefore, for and in consideration of the foregoing premises, Land Bank of the Philippines and WESLEYAN UNIVERSITY – PHILIPPINES hereby agree on and stipulate the following: MR. EDUARDO N. REYES, JR. DM II – Department Manager/Head, NELC A. Land Bank of the Philippines shall: 1. Undertake the selection process of the recommended students in adherence to Land Bank of the Philippines policies and guidelines in the section for its purpose; 2.Provide the venue3 and assign personnel to take charge as well as supervise on-the-job training of students; 3. Provide WESLEYAN UNIVERSITY – PHILIPPINES students information, training, and support; 4. Provide stude nts exposure to actual office environment; 5. Accomplish the evaluation forms required by WESLEYAN UNIVERSITY – PHILIPPINES in connection with to the on-the-job training of their students; 6. Issue certificate of completion to students who successfully finished their training under this program; and 7.Designate an employee who will coordinate with WESLEYAN UNIVERSITY – PHILIPPINES the various activities under this program. DR. MARIA VICTORIA M. ALVAREZ Dean, College of Business and Accountancy B. WESLEYAN UNIVERSITY – PHILIPPINES shall: 1. Recommend students who will undergo on-the-job training under this program for final selection,/acceptance by Land Bank of the Philippines; 2. Designate a Representative who will coordinate with Land Bank of the Philippines on the various activities under this program; and 3.Together with the students, faculty and parents concerned renounce and waive any claim against Land Bank of the Philippines for any injury or loss that th e trainees may suffer, personal or pecuniary, in the performance of their duties and functions while under the training not attributable to the negligence or willful act of any of the personnel of Land Bank of the Philippines. The waivers of the concerned parties shall be submitted to Land Bank of the Philippines prior to the commencement of the training, which forms part of this agreement.C. Under this program, the following terms and conditions are likewise included: 1. It is expressly understood that there will be no employer-employee relationship between Land Bank of the Philippines and the trainees of WESLEYAN UNIVERSITY – PHILIPPINES; 2. The trainees will be personally for any and all liabilities for damage to property or injury to third persons, which may be occasioned by their international or negligent acts while in the course of their training; 3. WESLEYAN UNIVERSITY –PHILIPPINES shall see to it that the trainees complete the agreed scope of work within the a greed duration of the program; 4. It is expressly understood by WESLEYAN UNIVERSITY – PHILIPPINES, and the trainees that all the information on technology, manufacturing process, process standards, quality assurance methodologies, quality standards, production capabilities, raw material processing, finance, and all other related documents, manuals, and operational or technical matters that Land Bank of the Philippines shall make available to them shall be used solely for this program.All of these matters are classified as confidential in nature and proprietary to Land Bank of the Philippines. WESLEYAN UNIVERSITY – PHILIPPINES and trainees hereby undertake to prevent disclosure or transfer of such information, consciously or unconsciously, to any party outside of institution without the knowledge and written consent of institution. 5. It is expressly understood that Land Bank of the Philippines will only accept OJTs on a case-to-case basis according to vacancy.D. LITIGA TION AND OTHER EXPENSES In case of breach of any confidential information obtained during the training period relative to the task assigned by Land Bank of the Philippines, WESLEYAN UNIVERSITY – PHILIPPINES agrees to pay an additional sum equivalent of twenty five percent (25%) for Attorney’s Fees, plus costs and other fees and incidental expenses of litigation excluding possible monetary damages that may be incurred by reason thereof. E. DURATIONThis agreement shall hold for the duration of the 20122013 School Year of WESLEYAN UNIVERSITY – PHILIPPINES, and is automatically renewable every year, provided that Land Bank of the Philippines and WESLEYAN UNIVERSITY – PHILIPPINES reserve their respective rights to withdraw their participation in the agreement upon written notice. IN WITNESS WHEREOF, the parties hereto have signed these presents on this ____ day of 2013, in Cabanatuan City, Philippines. FOR: Land Bank of the PhilippinesMR. EDUARDO N. REYES, JR. DM II – Department Manager/Head, NELC| WESLEYAN UNIVERSITY – PHILIPPINESDR. MARIA VICTORIA M. ALVAREZDean, College of Business and Accountancy| SIGNED IN THE PRESENCE OF:| _________________________________| _________________________________| Republic of the Philippines) City of Cabanatuan) S. S. A C K N O W L E D G E M E N T On this ___________ day of 2013, personally appeared before me, a Notary Public in and for the City of Cabanatuan, the following persons: NAMEVALID I. D. DATE/PALCE Mr. Eduardo N. Reyes, Jr. Dr. Maria Victoria M. AlvarezSSS ID # ll known to me to be the same persons who executed the foregoing document, consisting of three (3) pages including this page and acknowledgement that the same is an act of their free and voluntary will and deed. IN WITNESS THEREOF, I hereunto sign this document and affix my seal of office on this date and place aforementioned. MR. EDUARDO N. REYES, JR. DM II – Department Manager/Head, NELC DR. MARIA VICTORIA M. ALVAR EZ Dean, College of Business and Accountancy Doc. No. __________ Page No. __________ Book No. __________ Series of 2010