Question

In: Operations Management

Why is business assurance so important in an organization such as Lloyd’s Register? Describe other business...

  1. Why is business assurance so important in an organization such as Lloyd’s Register? Describe other business sectors that have needs for similar assurance systems and identify how they would need to be developed to meet the needs of those businesses and sectors.

Solutions

Expert Solution

A Thumbs Up! Would be really helpful for me. If you have any questions, please leave a comment and I will get back to you as soon as possible.

Importance of business assurance for the organization such as Lloyd's register:

Business assurance refers to providing assurance to an organization for the risk or investment they are invested in to protect them from any unnecessary damage through any factor.

It is important for any organization such as Lloyd's register because of there and their own business. The business has many different stakeholders like employees, investors, customers, and other internal as well as external stakeholders, and each one of them needs assurance that they will not suffer loss because of the business operations, and thus they are provided with the assurance that the business would run their operations in an effective and efficient manner which would be in the interest of each of them.

Business sectors such as public safety and administration too require business assurance systems just like Lloyd's register because their performance and their employees are very important for the stakeholders and the stakeholders need to be assured that they are safe and they will be provided services in interests of them.

To meet such needs, David needs to properly and monitor the risk involved in the business sector and their activities should be in client towards reducing some unnecessary risks they are pertaining to, and there is a need to prioritize the risks. Then they need to evaluate what does stakeholder wants, and activities should be such as fulfilling their needs and wants to provide the assurance of their interests in the business. Then, there is also a need to improve it continuously to maintain everything.


Related Solutions

Describe the expenditure and production cycles and explain why these are so important in business. Include...
Describe the expenditure and production cycles and explain why these are so important in business. Include two examples of typical documents you would use in each cycle in your explanation. [7 Marks]
Describe why a person organization fit is important?
Describe why a person organization fit is important?
1) Why is design so important to a good business document? 2) Name, describe, and discuss...
1) Why is design so important to a good business document? 2) Name, describe, and discuss three or four major factors of design that can contribute to a better design. 3) In terms of these three or four same factors, what could go wrong? 4) What are the major considerations for creating text in a document? Do you ever think about these considerations? 5) Which graphic elements seem most relevant to your own current job or career plan? 6) Were...
Describe two characteristics of a learning organization and why they are important for a learning/coaching organization.
Describe two characteristics of a learning organization and why they are important for a learning/coaching organization.
Explain why small business is so important to the U.S. economy?
Explain why small business is so important to the U.S. economy?
Why is an entrepreneurial leader important to an organization? How is this role different from other...
Why is an entrepreneurial leader important to an organization? How is this role different from other leader roles?
Why is it important to organizationally separate the accounting function from other functions of the organization?
Why is it important to organizationally separate the accounting function from other functions of the organization? 
Describe the structure of the Federal Reserve System and why it is so important for the...
Describe the structure of the Federal Reserve System and why it is so important for the stability of the United States’ economy. What is the difference between a commercial and an investment bank? List and briefly explain the 3 functions of the Federal Reserve System. How does the Fed perform its functions? (i.e. what are the three policy tools that the Fed uses?) Explain each briefly. If the Fed would like to LOWER the interest rate, what three actions could...
Explain how and why the concept of “all other things unchanged” is so important in the...
Explain how and why the concept of “all other things unchanged” is so important in the study of economics?
in a globalizing world why is it so important for a business corporation to manage its...
in a globalizing world why is it so important for a business corporation to manage its ethical reputation from the ‘inside out’ as well as ‘in-theround’ (360 degrees)?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT