Compliance and Risk Management

 

Compliance, in general, means in compliance to a rule, such as a specification, policy, standard or law. Risk management is the identification, assessment, prioritization and mitigation of the effect that can be placed upon an organization. Risk management can imply both negative risks as well as positive risks. The term “risk management” is mostly used by different groups of specialists to define rather diverse, yet associated, functions. Risk management can be classified in three types: operational risk management, financial risk management, and enterprise risk management.

Without a doubt, compliance and risk management are closely aligned:

Compliance with established rules and regulations helps protect organizations from a variety of unique risks, while risk management helps protect organizations from risks that could lead to non-compliance—a risk, itself. However, they have differences.

 

Tactical vs. Strategic

Since non-compliance can prompt expensive fines and penalties, not to forget reputation damage, it should not be underestimated. Risk management, on the other hand, should rest more heavily on analysis in order to avoid risks or govern risks worth taking.

 

Prescribed vs. Predictive

With compliance, organizations must follow rules and regulations already there. Risk management, nonetheless, should be less responsive. It should be able to predict the impact risks will have on the organization—encouraging new and inventive procedures (as opposed to contributing to established rules) that lessen risks or take benefit of their pluses.

 

Risk Aversion vs. Value Creation

Conforming with governance rules and regulations hardly interprets into value-generating business propositions. Compliance usually stops with proof that a rule has been followed to evade risks. The best risk management, though, can convert the necessary evils associated with compliance into a boon.

 

Siloed vs. Integrated

Most of the time compliance is driven by a siloed compliance department or siloed initiatives in various departments. Although compliance practices certainly benefit from broad transparency, still they can survive without it. On the other hand, the most impact risk management programs cannot accomplish in silos. Integrating departments, technology systems and processes is essential to control the predominant risks within an organization and how they should be controlled—whether it’s to circumvent their insinuations or drive value.

 

Managing Compliance Risk

A workable plan, procedures and technology is needed to manage compliance risk. Little to no compliance risk management: A compliance team has to be formed to identify compliance needs and requirements, evaluate the existing compliance program, form a phased budget for objectives, and allocate resources to touch the objectives.

 

Aging compliance process and technology: Evaluate compliance and objectives, and invest in new technology.

Compliance and risk management are not the same. And organizations need to be wary to not lump the two together as one initiative, with one attitude. Nevertheless, understanding their resemblances and how to support the two is equally significant—allowing one to gain the assistance from compliance and risk management being in sync.

Media Scraping and Public Relations

 

Media scraping or social media scraping is a popular method employed in order to determine various data from social networking sites such as Facebook, Instagram, twitter, Snapchat, LinkedIn. The data is also obtained from blogging sites like WordPress, Blogger, other important new sites and pages like Wikipedia, Encyclopedia Britannica. The obtaining of data is done with the help of few well developed apps. The data that is obtained is extremely crucial for different brands and companies. Through these studies one of the biggest studies on human behavior is conducted. This media scraping helps the organizations to understand what the customer is thinking and what the consumer’s attitude is towards a certain product or a topic.

Public Relations is a growing field within every organization and brand. It is the public relations office that helps in the publicity of the product manufactured by the company. It helps the organization or individual in creating a decent image that would nudge the public toward the organization or individual and their products. It generally uses various strategies in order to establish a friendly communication between the public and organization or individual and maintain that organization or individual’s image positive. It helps in the spreading of information and promotions of the coming up projects and products within the public sphere.

 

With each day the connection between media scraping and public relations is growing.

 

The different ways in which media scraping is useful for public relations are as follows –

 

1.  One of the key functions of the public relations is understanding, interpreting, and analyzing the wants, attitudes and opinions of the masses. The media scraping’s first function too is obtaining data that helps in the meticulous understanding of different human behaviors and attitudes. The data that is extracted reveals what the customer thinks about a certain topic. This information will help the public relation in analyzing the public behavior. Suppose the product is a lavender scented candle. The public relation department by making use of the data obtained by media scraping will be able to understand exactly what percentage of the public is in favor of lavender and how many of them use candles and how many love flowers. Thus the function of the public relation will become much easier.

 

2.   Media scraping’s data extraction also helps immensely in understanding the market. If a product is being launched then what is its demand in the market. The public relation department is also involved in the promoting of the products through the use of press and writing. By determining the market demand by media scraping the public relations will adequately be able to promote that product in the market.

 

3.  The above two explained functions are two main functions of the media scraping and public relations. Other functions are that the data helps in making content for the products easier, it also determines the current image of the organization or individual in the market.

 

For the success of an organization or individual the combined presence of media scraping and public relations is not only significant but absolutely essential and necessary.

Retail & Distribution Chain Monitoring

 

Abstract

 

Retail and Distribution mean the purchase of goods in moderately small amounts for use or consumption. Retail and Distribution channel provides the pathway to travel from the producers to customers. Distribution channels depend on the number of mediators required to deliver a product or service. Retail and distribution chain monitoring is a fundamental element of the Supply Chain Management. Retail and Distribution chain is one of the important sectors to make rapid growth in the trade. Monitoring Retail and distribution chain help to understand the market, customer needs, and competition. This process of monitoring is done when the product for sale to the usual world. Data is collected and systematized to understand the pattern, trends, and brands and many other impacting factors. Conclusion obtained from the analysis rapidly consumed by regional and upper management to use in their vital and tactical decision to develop and sustain themselves in the market.

The Different Channel Of Retail & Distribution.

 

  • B2B (BUSINESS TO BUSINESS): This channel is between the business to business. For instance; any company producing mobile need many sensors and components. The deal for this between two companies is a channel for business to business trade.
  • B2C (BUSINESS TO CUSTOMER): channel between the business and the customer is known as B2C. For e.g. any mobile phones used by the customer is sold by the company to the customer/ consumer. Hence it is the channel between Business and customer.
  • B2G (BUSINESS TO GOVERNMENT): Under this channel, the door is open for trading between the government and business. The coal industry is one such example of this channel. B2G channel will give a great development for any country to become stable and developed.


Relation of data scraping with Retail & Distribution Chain Monitoring

 

Data scraping is always helpful where analysis of data is a need. Web scraping provides direct discernibly of data needed to succeed in the retail aspect. The Retail & Distribution Chain Monitoring by web scraping helps you recognize what’s happening at competitor’s tent and empowers you to equip strategy. This helps for the planning of the next strategy and action plan to execute and play the card of an organisation which will make an emperor strong by its roots. Data scraping helps to get data from multiple website data. When it is collected from the various different website and it will make data comparison efficient and planning of the strategy become more efficient in lesser time. Even data scraping save the time for the collection of the data. Market research is made easy when and multiple portal data will help the data authentication. This will open a big door and even the smaller blocked windows by the instant exploring of the current trending data. Hence it becomes easy to decide the deals of the company with regards to B2B, B2G, or B2C.