Question

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.

Answer 1

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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.