Understanding Aid of Modules in Professional Life: Reflective Journal Assessment Answer
In the given assignment, the goal and an objective is to understand how the module and modules has aided in my professional life. The purpose is to relate it with the module learning’s and understand the derived knowledge, attaining a practical insight and also draw a relevant picture out of it. As I have learned a lot from the “ICA Professional Postgraduate Diploma in Governance, Risk and Compliance” module and its modules, it would be an important subject to apply its theoretical knowledge in the practical scenarios in a given workplace.
The goal of module is to focus on how to effectively integrate and access the risks and compliance, that can best suited in the company in which I am currently employed in (Trim, 2016). The background of my company is to focus on the specialized medical products, devices and distributes the pharmaceutical products in the developed markets such as Europe and the USA and how it can be effective when entering the Bahrain Market.
Learning from Module 1
From the module, I have learned, how to focus on the globally, financial services organizations that have been consistently being providing a value-based system and apply the practical knowledge in my company. The module's main aim is to focus on providing a consistent overview that can help grow and attain an increased volume of legislation, along with creating a regulation or having intensive scrutiny in terms of the operations. From the module, I have personally learned, what can be the consequences of the past financial services and access the risk, that can be substantially be applied in understanding the excessive risk-taking. For example, if my company invests in medical devices and tries to expand in the given region, then it has to evaluate how much risk is involved. It can be due to government instability, facing a repercussion caused due to the financial and economic instability factors. At the same time, the risk areas would be aimed at providing an overall agenda, having a prudential risk and it should be consistent be involved with the capital and liquidity, along with bearing the risks. It is also important to determine how much money laundering or related financial crime compliance can have a quick consequence on the overall picture (Brunsson, 2018). At the same time, to understand the relation to the regulators and investors which has to be cast as a result of the general governance practices includes the social along with bearing the environmental policies or facing the employee welfare issues. When I began the module, I had a vague picture of the governance, risk and compliance. Gradually I learned the purpose of the module, which is to focus on how to overcome business problems and also ensure steps to overcome the risks (Trim, 2016). As foreseen, from the module, I have personally learned ways of having an innovative expert-level and taken up the role as a senior practitioners part of the GRC role. The sole main aim of module is to focus on having a senior role that could be linked to the risk, compliance along with having an audit staff that could help create an overall knowledge. As one has foreseen, how there can be a brief understanding that can be related to the GRC along with having a substantial effect on the business (Papazafeiropoulou, 2016). From my learning’s, it has been constructively been applied in my company, where the senior industry practitioners that are part of the senior levels aim to be within the industry/organization. At the same time, to have a constructive output, link and also include enhanced skills, knowledge and aim for the expertise, that could help in attaining the highest levels being part of the firm.
The module, it has also helped me to understand in developing competencies, strategies and also functionalities that can help to attain an overall balance in the key governance, risk and also undertake the compliance ideas and strategies.. It can be fit into the module that could be fruitfully be linked to the duties and having a certain push to achieve the next level.
While applying all this in my company, I have realized, how the research and insights have helped in overcoming the global turbulence and also helped in having research including financial services. At the same time, to have a ‘knowledge-based economy, the company has to ensure, in stepping up and deliver at par with the global economy. It can help to make the business managers, to make better-informed decisions.
From the module, I have also learned, that during the high-risk areas, the highly qualified, or the properly trained and skilled compliance staff can be systematic and help sail out of the business challenges (Burke, 2018). There is also a need to have a compliance functions fit that can be borne as a result of the larger organizational requirement and at the same time, be able to evaluate the importance of the risk related capability and the factors such as the governance, risk, and compliance (GRC) functionality. It is also important to ascertain the risks and access the sustainability factors. At the same time, the organizations have to commit in line with a strong GRC capability along with offering a reasonable measure to ascertain the stakeholders. At the same time, it is important to look for the leaders that are also required to build and look for a flexible, responsive, includes agile, resilient along with having a competitive business approach (Barkovic, 2019). The module has also helped me to integrate with the learning applied in my company, to think about the future, have an anticipated business along with having social challenges ahead.
Relating it with the company
From the module, I have also learned, how one can understand the importance of the behavioral, having business conduct, or include an ethical dimension that can be matched to the governance that would subsequently be required at having a risk management framework (Vunk, 2017). It is important to understand how one can derive an ethical content and it can be linked to the supervised role of the number of strategic units, which can include new dimensions and have compliance, includes the human resources along with including an independent ethics function, that would be a separate activity. It would relate to the business conduct that can ethical values and objectives that would be organization and the relation to the sole responsibility or monopoly that would be based on the sole management function.
At the same would be based on the effective internal cooperation along with the basis to include collaboration (Papazafeiropoulou, 2016). It would be focused on the staff working relationship to the common goals along with the objectives. It is also based on the character of integrity and honesty and it can result in the organizational culture and the regulators. It is also how the companies have to look over the behavioral, business conduct and have to ensure the ethical dimension that can ascertain the governance that can match with the risk management framework. When applied in any company, one has to relate with the supervised strategic units, includes the formation of the compliance, have an edge in the human resources or the independent ethics function, that can be look over in a separate activity (Trim, 2016). At the same time, it is important to have business conduct, have an ethical value along with aiming for the sole responsibility that can deem a single management function.
From the business point of view, it is also important to have effective internal cooperation along with the collaboration that can be integrated within the staff working. It would help to ensure one has to meet common goals and also define a character that is based on integrity and honesty.
In my opinion, the knowledge derived from both the modules and the module learning’s, has helped me to evolve professionally. It has helped me to apply my knowledge in the specific areas of the company and determine the risky ventures, areas and also access in the overall agenda of the company. It has helped me to understand how a prudential risk in the given company such as in a given process or plant, can be risky to determine the block of capital and liquidity and not been able to attain the benefit (Vunk, 2017) . For a firm to understand, how much money can route out of the system, leading to financial crunch and how to accurately understand the crime compliance can have a good judgment and assessment in any situation. At the same time, to understand the relation to the regulators and investors which has to be cast as a result of the general governance practices includes the social along with bearing the environmental policies or facing the employee welfare issues.