Workplace Flashcards
How to conduct vulnerability analysis
Determine the likelihood of potential hazards and their effect on the business
Corporate citizenship
The belief that corporations have an obligation to be good citizens and to do no harm to the stakeholders and communities where they operate
After-action review (AAR)
After an event has occurred, reviewing the actions taken, what worked or didn’t work, and what needs to be refined
Emergency response plan
Written response that trains employees on what to do in the event of a workplace emergency (natural disaster, violence, fire, etc)
Enterprise Risk Management (ERM)
Employment practice that manages employee health and safety, business continuity, financial exposure, supply chain, and confidentiality
Single loss expectancy
Formula used to calculate the cost of a single occurrence of risk
What elements should emergency response plans include?
- practiced evacuations
- reserved resources to preserve organizational function
- a plan that seeks to minimize property damage
What are the four different responses to risk?
- reduce (mitigate)
- share (transfer)
- avoid (eliminate)
- accept (retention)
Corporate Social Responsibility
The concept that organizations have a role to play in resolving the social, economic, and environmental issues of today’s world
Global mindset
The ability to have an international perspective, inclusive of other cultures’ views
Global mobility
The ability of an MNE to move its employees around the world
Multinational Enterprise (MNE)
Business with operations in more than one country
Turnkey operation
When a company purchases an existing business and takes over the operations
Corporate Governance
Risk management practice that focuses on compliance with business law
Shareholders
Individuals who own stock shares in the corporation
Annualized loss expectancy
The anticipated monetary loss every time a Risk occurs over a one year period
Business continuity plan
Plan that focuses on keeping critical operations running in the event of an emergency
Employment Practices Liability Insurance (EPLI)
Coverage for defense costs and damages related to employment-related claims
Mitigation
Reducing the exposure or impact of risk without eliminating it entirely (ex: installing security cameras)
Recordable injuries/diseases
Any work-related incidents that result in modified duty or time away from work
Difference between Push and Pull factors for globalization
Push is in response to changes in the business environment
Pull is motivated by desire to achieve greater value
Push Factors
Need for new markets
Increased cost + competition
Natural resources + talent supply
Government policies
Globalized supply chain
Pull factors
Gain more strategic control
New Trade agreements
Increase foreign investment
Greenfield operation
Building a new facility for use
Brownfield operation
Existing building is purchased and developed for use
Ethnocentric orientation
Ethno = common origin
Home-country workers fill host-country roles
Polycentric orientation
Subsidiaries work independently from their headquarters and reflect the culture of their location
Regiocentric orientation
Subsidiaries are grouped into regions (Europe, North America)
Geocentric orientation
Headquarters and subsidiaries work as a team across borders
Employees are hired regardless of nationality or location
Adverse Impact Calculation
The minority group selection rate must not be less than 80 percent of the selection rate of the majority group
Prevailing wage
Combination of the basic hourly rate and any fringe benefits that are listed in the wage determination
Risk management
The identification, assessment, and prioritization of risks, and the application of resources to minimize, monitor, and control the probability and impact of those risks
Risk scorecard
individual assessments of various risk characteristics (ex, frequency of risk, degree of impact)
Risk matrix
Measures the probability of a safety event and the severity of impact on the organization
Risk register
Identifies and assigns ownership of risk exposure in chronological increments
Closed shop
Union security clause that requires employees to join a union as a condition of employment (illegal)
Union shop
Union security clause that requires employees to join a union after 30 days (legal)
Featherbedding
Employers are required to pay for work/workers that are unnecessary or redundant (illegal)
Secondary boycott
Union disputing with Employer A will pressure Employer B to stop doing business with Employer A (illegal)
Risk is the _____ of loss; exposure is the ____ of loss
Probability, possibility
Risk equation
(Probability of risk) x (magnitude of impact)
