May 21, 2007
Adrian
CellTech Laboratories Ltd.
Dear Mr. :
Good day! I would like to ask for further information regarding the insurance report that you want made. There is just a few more information that I would wish to know.
Since you are the sole breadwinner of the family and that you still have a child at school, what type of insurance would you like to have made? I think it would be very wise to apply for disability insurance or life insurance since it is one may really not be certain of the future. This way, one can be certain that the dependents that are left behind would not have to carry the burden of living their life difficultly.
If you have any other concerns, please don’t hesitate to contact me.
Sincerely yours,
Agnes
May 21, 2007
Bob,
CellTech Laboratories Ltd.
Dear Bob,
Good day! I just have to confirm and add a few minor details regarding your insurance report request.
Since you are a regular employee of CellTech, I recommend that you demand for workers compensation. This way, you are assured that even though you may be sick or disabled as of the moment, you would still receive compensation as you regularly would. I also recommend that you sign up for life insurance, in case anything happens because as you mentioned in the interview, you have four schoolchildren with one being disabled.
If you have any further requests or questions, please don’t hesitate to contact me.
Sincerely yours,
Agnes
May 21, 2007
Claire,
CellTech Laboratories Ltd,
Dear Claire:
Good Day! I just have little information that I would like to add before making your requested insurance report.
Since you only have one dependent, your husband, I recommend that you get for yourself life insurance. This is a very good investment because you are assured that the ones you leave be hind would not be left empty handed. Also, I recommend that you demand for worker’s compensation. I also recommend that you sign up for trauma insurance and total and permanent disability insurance. These types of insurances would be highly useful in case something happens which cannot be controlled or altered.
If you have any further questions of requests, please don’t hesitate to contact me.
Sincerely yours,
Agnes
Insurance Report
CellTech Laboratories Ltd.
Please find the following attached report regarding the insurance coverage of CellTech Laboratories Ltd. The following is a report regarding the risks taken, risk management strategies of CellTech and insurance reports. The paper is an analysis on the possible risks that may affect the company in the near future.
The following is taken from the report. There are certain tools and techniques for Risk Identification in terms of: Ø Recognize the value of understanding the tools and techniques and the outputs of risk identification Ø Identify the steps to performing documentation reviews Ø Apply the steps to prepare for a documentation review for a given project Ø Sequence the steps of the interviewing technique used for risk identification Ø Apply the interviewing technique to gather information about project risks, given a scenario
Insurance benefits and coverage of employees are also included in the paper.
If any further issue regarding the report may arise, please contact me immediately.
Agnes
CellTech Laboratories Ltd.
Business Insurance Report
Executive Summary
CellTech Laboratories Ltd is a small biotech business providing lab services, pharmaceuticals, and specialized testing kits to vets, agribusinesses, and other laboratories. It is mainly run by Adrian Hall, the founder, three shareholders and the senior management staff.
The general objective of the paper is to provide detailed insurance coverage for the company, its employees and the shareholders as well. Risk management refers to keeping to the positive side of risks. Risks are not entirely negative. They allow positive sides that can work to the risk-taker’s advantage. Therefore, risk management are present in the development and implementation of a business’s risk-taking strategy and it is anticipated that most individuals offering such risks are likely to be acting from non-commercial motives and will encourage highly functional, value-added, access and the Individual IP owners will appreciate the benefits of making risks.
In the light of risk taking and management, it is also vital that one must take a step to insure the risks one might take. Insurance plays a great role in the advancement of a business. Whether the risk taken is successful or not, it is always good to have been insured, it is some sort of back-up plan.
The myriad of risks that can cause a small or midsize company to crumple has increased its number throughout the years. In the words of of , a Towers Perrin company, a number of small and midsize companies are facing the equal number of risks as those of large multinational ones (, 1992). Also , a number of small-scale companies who purchase insurance coverage have increased in number over the last few years. In addition to that, the same employee-compensation problems are occurring in small companies same as those in large companies.
In the context of this paper, the insurance coverage and the risks covered by the insurance will be discussed.
Table of contents
Executive Summary
Introduction and Background
Risk planning and identification
Risk analysis, evaluation and treatment
Conclusion
Recommendations
List of references
Introduction
The quality, risk and procurement management and insurance report will examine the risks taken by CellTech, the needs of the company and its shareholders; the need to establish the appropriate levels of quality and build quality into the project processes and deliverables; how to ensure that the appropriate quality is given to each and every one of involved in the company; planning for the level of risk in a project and identifying the risks and uncertainties that could impact on the company; analysis and evaluation of the identified risks; definition of risk treatment strategies so that appropriate plans are in place for anticipated events; planning an appropriate procurement strategy for the project; review of the various procurement strategies and their implications for stakeholders; procedures for procurement solicitation and source selection; monitoring and control of the procurement processes; and identifying coverable (insurable) aspects of the company and its shareholders.
In the report and interview conducted with CallTech’s shareholders, we have identified the factors that may play a major role in the business insurance report. The report would cover key person, debt and obligation and share purchase cover.
CallTech is a 15 year old company which has been run by the founder, , three shareholders and a senior management team. CellTech is financially sound. The latest books are not yet complete, but Bob and the company accountant have advised you the company is likely to have made taxable profit of around like 0,000, valuing it at .4 million (based on a generally agreed EBIT times 6). CellTech pays out 50% of available surpluses after tax as tax paid dividends, and this expected to continue. Profit growth is expected to be strong over the next five years, mainly because of the rapid growth of several of their agribusiness customers. They conservatively believe its value will double during this time, and then level out.
As was mentioned in the interview, CellTech is leasing its purpose-built
and ideally located premises for six years. It already used up the four years of its leasing term, and with a three-year right to renewal. An occupancy cost (lease and operating expenses) is 4,000 pa. The company is planning to purchase some high-tech equipment for 0,000 in two months. The purchase will be financed partly by using surplus cash, but will require additional borrowing of 0,000. The three shareholders, who are also company directors, will provide personal guarantees covering the full amount of all loans. Total current company debt is 0,000.
There have been talks about two companies interested in buying the company. These are two multinational suppliers. They are intent on purchasing the company whether it be available now or in the future.
Discussion
Risk Planning and Identification
The risk management planning will recognize the benefits of understanding risk management planning and identify the inputs used in planning risk management activities as well as identify the key components of a risk management plan. There are such inputs to risk identification like for instance, in dealing with the company’s risks; it is usually a must to have better understanding of the inputs to its risk identification of their business risks and of sources of information. There are certain tools and techniques for Risk Identification in terms of: Ø Recognize the value of understanding the tools and techniques and the outputs of risk identification Ø Identify the steps to performing documentation reviews Ø Apply the steps to prepare for a documentation review for a given project Ø Sequence the steps of the interviewing technique used for risk identification Ø Apply the interviewing technique to gather information about project risks, given a scenario In addition to that, in insuring a company and its shareholders, certain risk planning is developing and documenting organized, comprehensive, and interactive strategies and methods for identifying risks. It is also used for performing risk assessments to establish risk handling priorities, developing risk handling plans, monitoring the status of risk handling actions, determining and obtaining the resources to implement the risk management strategies. Risk planning is used in the development and implementation of required training and communicating risk information up and down the project stakeholder organization. There are several key elements in successfully implementing an effective risk management process and each is necessary for risk management planning. Risk Management is an ongoing process – it’s “cradle to grave”, starting on receipt of an invitation to tender, covering the bid period, the life of the project up to delivery then on through subsequent support phases. Furthermore, risk taking is essential to progress, and failure is often a key part of learning. On the other hand, the inevitability of risks does not imply the inability to recognize and manage risks to minimize potential negative consequences while retaining the opportunities for creating new and better opportunities for the company.
The paradigm is represented as a circle to emphasize that risk management is a continuous process while the arrows show the logical and temporal flow of information between the activities in risk management. Communication is placed in the center of the paradigm because it is both the conduit through which information flows and, often, is the major obstacle to risk management and before risks can be managed, they must be identified. Identification surfaces risks before they become problems and adversely affect a company or its shareholders. There has to be developed techniques for surfacing risks by the application of a disciplined and systematic process that encourages project personnel to raise concerns and issues for subsequent analysis. Analysis is the conversion of risk data into risk decision-making information. Analysis provides the basis for the project manager to work on the “right” risks.
The focus of the risk identification method described here is on risks that are known whether or not they have yet been communicated to project management, and on unknown risks. The risk identification method achieves the desired focus through the interdependence of the instrument, and its application process. Effective risk identification must cover all key development and support areas of the project. The risk identification process must create and sustain a non-judgmental and non-attributive risk elicitation environment so that tentative or controversial views are heard.
Potential Risk Treatments
Once risks have been identified and assessed, all techniques to manage the risk fall into one or more of these four major categories:
Ø Transfer
Ø Avoidance
Ø Reduction
Ø Acceptance
The ideal use of these strategies may not be possible. Some of them may involve trade offs that are not acceptable to the organization or person making the risk management decisions.
Conclusion
The insurance of the company and its shareholders is a must not only for large, multinational companies but for small-scale companies as well. Therefore, there has to develop the rule of basics from the procurement strategies, identify operational improvement plans and be able to define the organizational and system savings required to support the management of its respected procurement as well as providing clear access upon the recent infrastructure for procurement strategy systems and identify gaps in process support, information analysis and integration of development. ( and , 1994) There defines requirement for a more cohesive and integrated procurement platform in order to determine and decide a practical and rollout procurement strategic planning as useful as possible within the new functionality of the development realization as it focuses particularly on unifying strategic layers that the process have spend and by acting out on the desired information from the best strategy can be improved continuously from its transactions and application drives for the process of procurement systems. ( and , 1994)
Recommendations
In order to consistently deliver the best possible services into the market for its business through effective procurement and partnerships as it essential to take into account whole life costing, innovation and continual improvement for the strategies used. (, 1994) Thus, the process of its procurement ways can be realized through providing leadership and building capacity for procurement though effective management, training and support. Aside, it is useful to have better process delivering excellent structures and procedures to facilitate effective procurement process and compliance. There has the environment stimulating the way it deals to the procurement matters working with the organizations both internal and external to execute and apply best practice of the procurement strategies involved. There should be certain guidelines as contained elements of strategy but the authority for the development of best practice and the utilization of procurement skills may possibly be an unclear notion. (, 1994)
There has to be a well developed strategy providing:
Ø A clear description of its procurement arrangements
Ø Authority for the timely application of procurement expertise
Ø For its application to all non-payroll expenditure wherever it may potentially add value and give assurance on propriety and regularity
Ø strategy approved at Management Board and participation of procurement staff
Ø Development of supplier base and modern procurement practice
Ø Restriction of right to negotiate prices, enter into contracts and to amend or alter contracts to procurement staff trained to exercise the necessary skills
Ø Management and enforcement of contracts to completion
Ø Standards and behavior in connection with procurement
Ø Setting of targets & performance monitoring
List of references:
Credit:ivythesis.typepad.com
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