Risk management in Aviva Essay Example | Topics and Well Written Essays - 2000 words

Risk management in Aviva - Essay Example Introduction The current state of this society is an effect of outcome of the long term process. Today, the entire world economy is facing a tremendous growth in every aspect of life. It can be interpreted as an effect of globalisation which can be termed as broadening of the ideas, innovation, relationship and other types of activities among the different countries of the world. Many scholars believe that globalisation is the primary reason behind these. Moreover, they also consider that international trade and business and technological developments are the most importance and crucial effect of globalisation. In fact, the growth of international trade and business and technological advancement are two primary sources of globalisation. In case of international trade, the countries form different parts get opportunities to enter into a new arena of business. In this process, the international traders come into the contact of new experiences like cross cultural diversities, better opp ortunities, and different market exposures etc. Due to effect of globalisation, the nature of trade and business has changed significantly as its importance for inter-dependency has been urged for the development of society. The term, international trade denotes to the commercial transaction between or/among countries that involves transfer of product, wealth, money, services, technology, resources etc. Due to emergence of international trade and business, the world economies have experienced a missive growth. However, with this rapid development, the multinational companies are also being exposed to multiple types of risks. Therefore, in effect, the structure and nature of business and its strategies have been changed to cope up with these risks making the entire process complex (Daniels et al, 2010, p.7). This paper will attempt to analyse the implications of multiple types of risks faced by a multinational organisations. In order to meet this objective, the primary focus of this paper will be on Aviva, a global insurance company. As this company is present in many world economies, it is exposed to a number or risks like political risks, financial risks like interest fluctuations, foreign currency fluctuations, market risks etc. This paper will also include appropriate strategies for diversifying such risks in respect of Aviva’s global insurance business. 2. Brief Description about the Company: Aviva Aviva is one of the most popular global insurance companies in the global financial service market. It is basically an UK-based company and the sixth largest insurance company in the world and the biggest in the UK market (Aviva-a, 2011). The major market for Aviva includes the broad regions like Europe, North America and Asia Pacific market covering more the 28 countries. For its international business management, the company primarily focuses on the three core strategies. Firstly, the company aims to heighten and enhance its focus on geographical segmen ted market. Secondly, it is tries to increase its consumer’s value by offering the best combination of general and life insurance. Thirdly, Aviva is also trying to strengthen its core competencies that have enabled it to be one of the market leaders in global context. The company has gained a high expertise in technical excellence, effective operational, financial discipline and marketing related activities like promotional, distribution etc (Aviva-b, 2011). The company has acquired a large base of consumers in the global market and it service nearly 53.4 million of consumer by offering value-created product with its 45000 employees worldwide. The primary products of Aviva mainly include the life

Jconstitutional law Essay Example | Topics and Well Written Essays - 2000 words

Jconstitutional law - Essay Example The concept judicial restraint is based on the Montesque’s idea of ‘division of powers’, which upholds separation of various organs of government for effective governance. For instance, when a judge rules on any case s/he should adhere to the rule of law and must not go beyond the strict interpretation of the law; which will, in result may usurp the power of legislature. Judicial activism is a practice, wherein judges’ personal or political views get more consideration than the existing law in judicial pronouncements. Judicial activism and judicial restraint are inevitable parts of the development of judicial processes in the United States. Thus, here, it becomes necessary for us to see the concrete practices of both judicial restraint and activism in the United States. The essay intends to analyze the development of law in the United States, by critically interrogating the notions of judicial restraint and judicial activism. II. Constitutional Powers of Ju diciary in the United States Framers of American constitution have adopted the idea of separation of powers wherein three wings of the government have equal powers whereas the British model follows the idea of parliamentary supremacy, in which parliament gets more power than other branches of the government; namely, judiciary and executive. Through checks and balances, the American model seeks to prevent all the branches of the government from wielding too much power. Constitutional provisions regarding judiciary have substantially influenced the judicial pronouncements in the country. Section 1 of the Article 3 of the United States’ constitution states that the â€Å"judicial Power of the United States, shall be vested in one supreme Court, and in such inferior Courts as the Congress may from time to time ordain and establish†. Further, Section 2 of the same article elaborates the duties of the courts in the United States. The section notes that the â€Å"judicial Po wer shall extend to all Cases, in Law and Equity, arising under this Constitution, the Laws of the United States, and Treaties made, or which shall be made, under their Authority.† Above provisions in the US constitution have permitted the Supreme Court to interpret laws and the core features of the constitution. The cases that are presented before the court could well be amenable to judicial activism at the level of Supreme Court wherein the judges could reinterpret the related laws, judgments, and constitutional provisions. In 1796, the Supreme Court annulled a Virginia law on the ground that it was against the spirit of a 1783 peace treaty with Britain. Again, in 1803 Marbury v. Madison case provided an opportunity to the Supreme Court to assert its powers (Hall, 2005). The Marbury v. Madison case was one of the landmark cases in the United States’ constitutional history, which empowered the United States’ Supreme Court with the power of judicial review. The j udicial review empowers the Supreme Court to cancel or void the pronounced acts of the federal and state governments, which are against the spirit of the constitution. And, thereby, actions of both legislature and executive are brought under the purview of the Supreme Court. Judicial review, a new weapon in the hand of judiciary in the early nineteenth century, raised many questions around application of judicial rights vis-a-vis the legislative powers. What stand should be taken about judicial review? Should judges try to restrain themselves?