safeguards and controls
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You have identified the strategies that you want to implement in your business in the letter to your relative.
What safeguards and controls would you and your partners put in place to ensure that the goals identified can be pursued ethically?
Safeguards are policies, procedures, or mechanisms that when effectively applied serve to reduce or eliminate risks that could result in harm or loss. Examples include: personnel policy and procedures, risk management policies, safety training, loss (theft) prevention training, loss prevention devices (cameras, etc.)
Controls are: Management process of monitoring an organization's performance to ensure that it is meeting its goals. Examples include: sales volume monitored, customer service complaints monitored, monitoring inventory levels, keeping track of overtime expenses, and monitoring expenses and budgets.
What two ways will your business be socially responsible? (review six areas of social responsibility in the Unit 2 presentation if necessary)
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What safeguards and controls would you and your partners put in place to ensure that the goals identified can be pursued ethically?
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What safeguards and controls would you and your partners put in place to ensure that the goals identified can be pursued ethically?
Some of the most important safeguards for our gift basket business will be:
1) We will take a comprehensive insurance policy for our stores, which will reduce the risk arising due to factors such as theft, fire, natural calamities,etc. The comprehensive policy will ensure that we can peacefully concentrate on growing our business.
2) We will also install electronic safety equipment at our proposed stores, warehouses,etc. These will include close circuit cameras, electronic locking mechanisms,etc. Even for our internet portal, we will deploy best possible security software/hardware to ensure utmost security and privacy to our online customers.
3) The staff will be trained to handle and make full use of the safety equipments and mechanisms and comply with the all the safeguard mechanisms and policies at the time of joining the organization. They will also be provided a written manual containing the directives for following the safety procedures.
4) All the staff will have to undergo a background check before hiring to ensure that they do not have any previous criminal or police record and have a clear background.
5) Strict quality standards will be maintained for packaging and shipping the products and all the outgoing shipments will be ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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