Attachment Theory Essay Example for Free

Attachment Theory Essay Hunting and Fishing has been a part of the past and present of America. It plays a vital role in the history. Even in the society today, hunting and fishing contributes a lot in the society. Centuries ago, hunting and fishing are means of survival for the ancient people. But as years pass development began, and the traditional ways of surviving has also developed. The number of hunting and fishing had also decreased. People using hunting and fishing for survival become lesser because of agricultural and industrial development. The purpose of hunting and fishing was also changed, as a survival means to sports. Hunting and fishing was said to be a significant activity in the history and to the society of today. But how does hunting and fishing began? And how it evolved from survival means to a popular sport? Hunting was a way of killing wild animals to obtain something, during the ancient times a person hunts to obtain food, clothing and shelter. It was a necessity during those times; hunting was the primary source of the basic needs of the people. A person hunts to be able to provide the family food, fur and leather for clothing, and hide for shelter. Those times having a good source of the group’s needs makes a strong foundation, it helps a tribe or a group survive. Through the centuries development had occurred and also changed the ways of people, one of these ways is hunting. Hunting gradually lost its purpose as the primary source of food due to agricultural development and manufacturing. But because of the challenge and excitement it offers, people enjoyed hunting and considered it as a past time which later become a sport. Egyptians, Greeks and Romans considered hunting as a sport. For the Greeks, hunting develops a healthy body and well-being. It is not only now that hunting has regulating law, during the 13th century Kublai Khan, a Mongol emperor restrained his subjects from hunting. As well as the Feudal Lords during the 5th-15th century, they restricted the noble people from hunting (it was a popular past time for the nobles). But during the 14th century, the traditional method of hunting was changed when the gunpowder was invented. Instead of using trap, snare, bow and arrow, hunters began to use rifles and shotguns. Rifles and shotguns was easier to use, and has longer range. Though modern methods of hunting was introduced, some hunters still prefer the original weapons used in hunting for the reason that it was more challenging than the modern method. Hunting then became a very popular sport, too popular that it became widely known. But as its popularity arises, the hunted animals became fewer. In 19th century, some of the hunted animals became endangered species. The government to cope with the decreasing number of wildlife regulated the game of hunting. In some state hunting was not allowed anymore, but in some state limitations are set. People are allowed to hunt but during the hunting season only, and there is only a limited amount of animal that can be killed per hunter. Due to the restrictions imposed the number of â€Å"game animals† and endangered species were increased. But this also became a problem; the wild animals became over populated and have to allow hunting again to regulate the amount of the animals. Since then hunting became legal and became a very popular sport. Hunting was considered a recreational activity and increased the tourism of the country. Fishing on the other is the same as hunting; it was known as a source of food. Ancient people use pieces of bones as hooks and the vines as line. The Egyptians, Greeks and Romans are the civilization that already uses fishing during those times. An Egyptian writer even wrote some tips on how to fish. In the 2nd and 3rd century a Macedonian wrote about the use of artificial flies to lure fish. In the 15th century â€Å"sport fishing† was introduced. It was not only become popular in America but also in Europe. When it was introduced as a â€Å"sport fishing†, there was already a written book about how to use a fishing rod, how to tie knots in fishing lines and using artificial lures and flies. Many people become very interested in fishing, and these written books made fishing more popular. The â€Å"sport fishing† was not a popular sport only for men but also for women. The participation of women in the â€Å"sport fishing† increased the people’s interest in it. Some organizations are even built to protect the fish habitats. Just like hunting, fishing also undergone the same evolution the hunting had gone to. Through Fishing the tourism and business of the country was increased. Both hunting and fishing was already a necessity in ancient times, people gained many benefits through these methods. It even becomes a tool for survival. Until now, even though hunting and fishing were already considered as a sport or recreational activity the society still gains many benefits from it. Hunting and fishing helps the government in protecting and conserving the wildlife habitat of the country. Because of the popularity of these two sports, the government managed to gain funds to maintain the wildlife reserve. Through the system imposed, taxes are imposed on the manufacturer of weapons used on these methods and on the fuels. There also hunting and fishing fees, these system helps in regulating the wildlife habitat of the country. It even attracted hunters and fishers to create a private group to protect the fishing and wildlife habitat. Because of the protection and conservation, the country managed to maintain an abundant wildlife habitat and increased the tourism of the country. Whether in past or present, hunting and fishing had really played a vital role in the society. In continues to help the country, first for survival and then became for tourism. Hunting and fishing became a part of the culture of the America. These two sports not only provide pleasure and enjoyment, but also protection to the wildlife habitat. Maintaining these two sports was really a great help, not only for the sake of an individual but for the whole society. Sources: The Legally Structured Role of Hunting and Fishing in the US and Abroad. Available at: www. huntingreport. com. Hunting. Available at: www. encarta. msn. com. â€Å"History of Fishing†. Available at: www. activeangler. com.

Looking At Classroom Etiquette English Language Essay

Looking At Classroom Etiquette English Language Essay A classroom environment is different from most social environments that a student may encounter in his academic life. What is expected of me? is a question most commonly asked by every student. Students who differ in personality, interests, learning styles, and levels of thinking can be seen in any class. In such a situation and for the smooth running of a class, certain rules, regulations, moral standards, and procedures are created and have to be strictly followed by students in classrooms. The guidelines that have to be followed by students to maintain acceptable classroom environment are known as Classroom Etiquettes. Classroom rules can be made by the institution or by the instructor; however, it is always helpful to maintain appropriate classroom situations. As a student, this is expected of you irrespective of: Who you are Where you are from What your ability is What your motivational level is What your personality is A student is expected to maintain and follow rules and regulations which are put forward for the best of all. Top Classroom Etiquettes Arrive to Class on Time There are always going to be days when a previous professor keeps you late, or you wake up late, or it takes you too long to find a parking space, but the point here is do not be habitually late to class. Whether you mean it or not, regularly arriving late to the class, signals a level of disrespect to the class and the teacher. If you have problems getting to class on time, find a way to solve them. And on those rare days when you do arrive late, remember to enter the room by excusing yourself softly and quietly and not make a big scene. Turn Off Your Cell Phone Most beepers and cell phones can be set to vibrate rather than produce a sound, so they should be less of a problem.   These devices should be turned off if they cannot be set to a silent mode.   Some phones are pretty noisy even on vibrate.   Of course, you should not answer your cell phone during class.   If you are expecting a really important call (e.g., wife going into labor, call for an interview), then it might be a good idea to inform the instructor before class so its less of a distraction if you leave the classroom to take the call. You should also sit near a door so you can make an unobtrusive exit. Computers and recording equipment Few students ask permission to take their class notes on a laptop or to record the lectures.   This depends on the circumstances and you should definitely ask the instructor in advance.   Researchers have found that it has been impractical in most cases to use a computer to take meeting notes and it would not be allowed to record most meetings.   Thus, learning to take good notes is an important skill to have even outside the classroom.   More students seem to be using laptops for class.   Unfortunately, if a wireless connection is available in classrooms, the students may surf websites or perform tasks other than taking class notes with their laptops.   Again, such activities are likely distracting to those around the student (e.g., those sitting behind who see something unrelated to the course on the computer screen) as well as the instructor.  Ã‚  Ã‚   Be Attentive in Class If you are going to make the effort to arrive on time and be in class, you should also make the effort to stay actively engaged in class. Some professors report observing students reading the student newspaper or even reading a textbook for a different class; some report seeing students completing homework for their next class. Flaunting your boredom or disinterest in the class is rude and very inappropriate. Finally, avoid falling asleep in class or staring out the window. Sitting in the Class Inappropriate ways of sitting is another poor etiquette shown by students. Some students stretch as if they are out of bed. Putting legs apart is very annoying. Laying with the head on the desk, as if somebody is reading a bedtime story. Yawning, is equal to saying to the instructor, please cut off I cannot stand your boring class. Do Not Bring Food or Drink to Class In many classroom buildings, food is not even allowed, so youre not only displaying poor etiquette, but actually breaking a rule. Make time outside of class to have a meal or a snack not in class. Many professors do tolerate drinks, such as water, coffee, soda but make certain of the professors policy before bringing your drink to class. Contribute to the Class Discussion When Appropriate Just about all professors appreciate a strong dialogue in the classroom, but not when the comments are unwanted or inappropriate. Do respond when the professor seeks input or asks for questions or discussion. Dont interrupt the professor or another student, and dont dominate the discussion let other people have a chance to talk and contribute to the dialogue. Talking in Class   There are two aspects to this.   First, conversations need to stop when the instructor is ready to begin class.   This certainly doesnt mean that there has to be dead silence the second the instructor enters the room.   Most instructors take a few moments to arrange books and notes, check or prepare computer or other equipment, or have brief conversations with teaching assistants or students.   Even so, when the instructor makes it clear that class is starting, other conversations should be quickly finished.   Second, there may be times when one needs to ask a question of a person sitting nearby.    Brief, and quiet, comments along the lines of What was that point? or Was that argument correct? are certainly understandable.   You should not, however, carry on conversations in class.   This is true even if they happen to be related to the topic.   Even if such conversations are relatively quiet and do not seem to disturb anyone nearby, they can be distracting to the instructor, not to mention rude. Dress code There are particular problems in classes related to the dress. This is not always about the fashion, but about the local culture. No dress that may disrespect the culture and values of the nation should be worn by a student. The dress should not signal any disrespect to the instructor. No micro/minis or revealing clothes for the females and no boxer shorts or shorts above the knees and half selves tea-shirts revealing their arm pits are allowed in the classrooms. ADU has a clear dress code that students must follow. Therefore, any style of dress that violates the Universitys dress code policy should be avoided. Addressing the Professor Properly Many faculties are insulted when students do not address them properly. Many full-time university faculty members have a doctorate degree and have earned the right to be addressed as Dr. Smith rather than Mr. or Ms. Smith, but Mr. or Ms. should mainly be used for those without a PhD or other doctorate.   This will mostly apply to TAs or new faculty who may not have finished their degree.   Doctor will be correct for anyone with a doctorate. Professor is correct for anyone with a doctorate on the faculty.   That will include all ranks of professor (assistant, associate, full, and visiting).   The choice between Doctor and Professor is mainly a matter of personal choice.   Your best clue will likely be how the person lists his or her name on the syllabus or during an initial introduction.   Also, many TAs will invite you to refer to them by their first names. (Professors might as well.)   Thats fine, but until you are invited to do so be a bit more formal.   Better to b e invited to be less formal than to be corrected for being overly familiar. Stay for the Entire Class There may be times when you need to leave class early, but do not make a habit of doing so. If you do need to leave class early, the best solution is to alert the professor ahead of time and then discretely leave the classroom so as not to disturb the other students. If you do need to leave early pick a seat close to the door to make a quick and quiet exit. Avoid Signaling, Sending Signs That Class Time is up Students must not attempt to signal that class is over by shutting their books loudly, unzipping and zipping their bags and otherwise making noises that class time is complete. Some students actually get up and walk out of class. Of course, some professors make a habit of going over class time, but most of them know how to tell time and most of them have a watch or other ways to tell time. It is presumptuous and rude for the student to tell the professor that class is over. If your professor does seem to have a problem with ending class on time, chat with him or her outside of class especially if it is making you late for your next class. Contact the Professor When You Have to Miss Class When you have to miss class for legitimate reasons or when you miss class because of illness, try to contact the professor and inform him/her of your absence. You may even be able to obtain copies of lecture notes or schedule a meeting during office hours to discuss what you missed. Do not, however, ask the professor in class to go over material you missed (for whatever reasons). And when alerting the professor about having to miss a class, do not begin the conversation with the awful question, are we doing anything important in the next class because I have to miss it? (If the professor was not planning to do anything, the class would probably be canceled, right?) Proper classroom etiquette should be common sense for most students. Being courteous will predispose the professor to like/respect you and set an example for other less-informed students. *******************************************

The Namib Desert :: essays research papers

The Namib Desert   Ã‚  Ã‚  Ã‚  Ã‚  The Namib Desert is a parched and rippled desert, an endless expanse. It stretches along the wouthwest coast of Africa from Angola in the north, through Namibia, into South Africa. The name Namib means â€Å"emptiness.† About 1,700 km (1,060 mi long and 100 km (60 mi) wide, the desert is bordered on the west by the Atlantic Ocean. The Namib has an approximate area of 170,000 sq km (65,640 sq mi). It rises from sea level 914 m (3,000 ft). Temperatures average 16 deg C (60 deg F). Sands, varying from yellow to red in color, form dunes reaching 240 m (800 ft) in height. The annual rainfall averages only 25 mm (1 in), but high humidity results in fog and dew. In the north deeep canyons have been cut by streams. The area's main rivers, the Orange and the Cunene, follow the southern and northern borders, respectively, of Namibia. One river, the Queeseb, is made of water collected from over 160 km (100 mi) inward. The Queeseb causes water holes, for which many organisms rely on for water besides the actual river itself. Acacia trees grow along the rivers, and short grasses and succulents thrive everywhere. One of the most important animals of the area is the baboon. The baboons excavate for underground water that many other animals depend on. There are many other animals that have adapted to live in the Namib desert farther away from the rivers and streams including 45 species of lizards and more than 200 species of beetles. The nocturnal gecko, like many other animals, burrows in the sand to escape the days heat, 77 deg C (170 deg F). The palmado gecko drinks the moisture that forms on its own body from the fog and dew, as does the sidewinder snake. The sidewinder has adapted a special way of moving in the loose sand which gives it its name.

Globalisation :: Economics Capitalism Economy Essays

Globalisation Introduction To begin with, tell them that they will need to look at the essay questions today Later we will be doing a trial reflective exercise Let’s look at Globalisation My story When my colleagues and I were faced with redundancy we were placed in a unique position. Or perhaps it wasn’t quite so unique, just unspoken; ‘experts’ are not renowned for publicly applying their own theories to themselves. After years working as labour researchers or workplace change consultants we found ourselves in the position of having the stories we told other workers and their managements about why change was happening being reflected back to us by our managers and the people employed to facilitate our departures. We shifted from being purveyors of the discourses and narratives about why change was necessary to sitting in judgement of whether these very discourses and narratives applied to us, made sense to us, or were believable. Armed with more information than the average potentially redundant worker, we gathered around photocopiers, water coolers, staff room dining tables, coffee shop booths, each others desks - and discussed, argued, complained, questioned. As labour researchers we turned on labour theories, as change consultants we turned on theories of workplace change, and asked ourselves and each other, â€Å"Is what I’ve been saying for the last ten years really the case in my case? Now that I’m down there amongst it all instead of looking at it from the safety of an analyst’s lofty heights, does the story look and sound the same?† The Globalisation Story The stories we told the workers went generally like this: Globalisation led to economic and industry restructuring which leads to organisational change which means jobs change which means you have to do things differently to how you did them before and if you do not change, you won’t be able to give your customers what they want and you and your company and your country are gone† (hereafter called The Globalisation Story). Simple. Logical. Inexorable. Until we started telling it to ourselves and to each other. Then, with remarkable alacrity, we shifted from a reliance on causal explanation to an emphasis on interpretive understanding. Putting yourself inside the picture With many of us ‘experts’ in different stories - some were macroeconomists who understood globalisation theory, some of us were labour or industry economists who understood the theories of work and industry change, some were organisation researchers who knew about change management - we started to pick holes in other people’s stories and they picked holes in ours, many with the preface, â€Å"Your story doesn’t work for me because .

The Battle of Bunker Hill Essay -- War, Power, Turmoil

Taking place in 1775, at the start of the Revolutionary War, the Battle of Bunker Hill was a needed victory early in the war to get the soldiers to believe in themselves. Many soldiers in the beginning of the war did not believe that the lowly colonists could defeat and declare independence from a superpower; Britain. Although outnumbered and with little confidence, the continental army stood their ground at the Battle of Bunker Hill and proved that they could win the war. The colonies were in a state of turmoil. They had to pay extravagant taxes, but they also were not counted as Britain’s â€Å"people.† The colonies tried to obtain peace with documents such as the Olive Branch Petition, but were refused many times. So after many attempts at peace and tolerating many unfair taxations plus having to house British soldiers without having a voice, the colonists rendezvous at the 2nd Continental Congress debated whether or not to attack the British Redcoats; they were sick and tired of having to tolerate this tyranny. In the 1st Continental Congress, the leaders of the colonies, minus Georgia, met at Carpenter’s Hall, Philadelphia, Pennsylvania, in response to the Intolerable Acts passed because of the Boston Tea Party. The outcome was for peace, and so, King George was offered an olive branch. King George refused the proposal and the colonists became angry. On April 19 of 1775, the colonists’ minutemen and the redcoats, whi ch were soldiers on the British side, clashed at Lexington and Concord. The first bullet fired was â€Å"The shot heard around the world.† The war had begun. On May 10, Ethan Allen and the Green Mountain Boys seize Fort Ticonderoga. Then after the Second Continental Congress on the same day, George Washington, the new... ...nd and stood up to the full might of the British army and caused them severe casualties, the British finally acknowledged them and declared a full-out war. In the beginning, most colonists didn’t want to fight due to this battle, they were ready. They were ready to win the war and gain what they wanted the most; independence and a voice. Works Cited "Battle of Bunker Hill Begins." History.com. A&E Television Networks, n.d. Web. 17 Oct. 2013. . "11d. Bunker Hill." Bunker Hill [ushistory.org]. N.p., n.d. Web. 17 Oct. 2013. . Deverell, William and Deborah Gray White. United States History. Orlando: Holt, Rinehart and Winston, 2006. Englar, Mary. The Battle of Bunker Hill. Minneapolis, MN: Compass Point, 2007.

Compare/Contrast essay on Republicans and Democrats Essay

Anti-slavery individuals who believed that the government should grant western lands to settlers free of charge founded the Republican Party in the 1850’s. The first official meeting was held on July 6, 1854 in Jackson, Michigan. The republicans became a national party in 1856. Abraham Lincoln was the first republican president. A few credits to the republican party include: the signing of the emancipation proclamation by President Lincoln, the 13th amendment which outlawed slavery, the 14th amendment which Guaranteed rights Privileges and Immunities of Citizenship, Due Process and Equal Protection, and the 15th amendment which gave all citizens the right to vote no matter what color, race or indifference they might have. In 1917, a Republican from Montana named Jeanette Rankin was the first woman elected to congress. The basic principles of the Republican Party are: all people are entitled to equal rights, individuals, not government, and decisions are best make close to home. The elephant is the symbol of the Republican Party. It was by a cartoonist for Harper’s Weekly named Thomas Nast. Many significant Republican presidents served our nation with great leadership and integrity these include Abraham Lincoln, Ulysses Grant, Herbert Hoover and Dwight D. Eisenhower. Between those men we ended slavery, war and depression to bring our country into a great civilization where every man, woman and child is free to achieve the hopes and dreams as they please. In 1792, Thomas Jefferson founded the Democratic Party. It was formed as a congressional caucus to fight for the Bill of Rights and against the Federalist Party. Thomas Jefferson was the first democratic President elected to office. There is a lot to be said about the past leaders of the Democratic Party, the first word that comes to my mind is dreamers. There were great strides taken for our country when democrats were in office. Roosevelt ended the depression, brought water to California and saved many of countless farms in the Midwest. Truman integrated the military and helped to reconstruct Europe by establishing the North Atlantic Treaty Organization. And in the 1960’s President Kennedy created the Peace Corps,  banned atmospheric testing of nuclear weapons and spoke these famous words whose echo still resonates in the ears of many Americans â€Å"ask not what your country can do for you–ask what you can do for your country.† And finally, President Clinton who reduced unemployment, lowered the crime rate and reduced the national debt significantly. The former Chairman of the Democratic party Ron Brown once said,† The common thread of Democratic history, from Thomas Jefferson to Bill Clinton, has been an abiding faith in the judgment of hardworking American families, and a commitment to helping the excluded, the disenfranchised and the poor strengthen our nation by earning themselves a piece of the American Dream. We remember that this great land was sculpted by immigrants and slaves, their children and grandchildren.† In my opinion, no truer words have ever been spoken about the principles of the Democratic Party. There are many differences between republicans and democrats. Republicans are known as the conservatives and democrats are known as the progressives or liberals. Democrats believe that tax cuts should go to working families to increase their purchasing power, which in turn increases the economy. Republicans believe that tax cuts should go to the wealthy so they can invest more. Through all the studying and research, that I did there is one sentence that sums up everything â€Å"democrats are for the working man and republicans are for the businessman†. Since doing this essay, it has enlightened me on the vast differences between each party. I did not know a lot of the information that I read about and I enjoyed it immensely. I have a newfound respect for each of the parties. It took a lot of hard work and ingenuity to break from England and start this great country of ours, and it takes a lot more to keep it going year-by-year and decade by decade. I am very proud to be an American and can only hope to do half of what our Founding Fathers have done for us. Reference Page Langan, John. College Writing Skills. New York: McGraw-Hill Companies, Inc. Hardin, Richard. â€Å"Difference between Democrat and Republican Parties.† 20 Aug.2008 http://www.rahardin.com/DemocratRepublican.htm.

Coso and Basel

Financial Collapses and Regulations New England College of Business In an era of risky investments and failed financial institutions, additional importance is being placed on businesses implementing Enterprise Risk Management (ERM) plans. ERM is defined by the Institute of Internal Auditors (2012) as an approach designed to â€Å"identify, quantify, respond to, and monitor the consequences of potential events implemented by management. † Without an ERM plan, transparency to shareholders and internal accountability are nearly impossible to achieve.COSO and Basel are both reactive frameworks to increased regulatory changes that forced institutions to show more transparency to their financial reporting, in order to manage operational risks, mitigate the likelihood of a collapse, and ensure stability in volatile market conditions (Farnan 2004; Balin 2008); these measures increase confidence in investors. This comparative analysis of COSO and Basel seeks to indentify common measure s that are necessary to form a functional ERM plan, the most important being the accountability of management and its communication with the Board (The New Basel Accord 2003).A Comparative Analysis of ERM Guidelines: COSO I/II and Basel I/II Introduction Due to the epidemic of failed financial systems seen over the past decade, agencies and private organizations (e. g. , Securities and Exchange Commission, NICE, etc. ) have set in place guidelines for the standardization of reporting and evaluating risk in an effort to eliminate â€Å"surprise† collapses in the future (NICE Systems Ltd. 2012).Alexander Campbell, Editor, Operational Risk & Regulation, states that â€Å"regulatory approaches are changing† and requiring companies to streamline processes for monitoring internal risks at a company, such as fraud (NICE Systems Ltd. 2012). Common goals of organizing committees trying to tackle regulatory challenges are to improve communication between the board and management , increase shareholders' confidence, and most importantly, for entities to thoroughly evaluate their liquidity so that in the event of a crisis, investors' assets are secured (Bressac 2005; Decamps,Rochet, & Roger 2003). This comparative analysis of COSO and Basel identifies the standards these documents set for institutions to maintain an Enterprise Risk Management (ERM) plan, as well as the affects these documents' shortcomings and constraints have on entities which apply either COSO or Basel. Enterprise Risk Management (ERM) is defined by the Institute of Internal Auditors (IIA) (2012) as an approach designed to â€Å"identify, quantify, respond to, and monitor the consequences of potential events implemented by management. It is important for all parties affiliated with an institution's ERM plan to clearly identify and understand the events that impact a company's value in order for the entity to achieve its objectives (IIA 2012). The frameworks COSO and Basel both attempt to b e reactive solutions to public events in which lack of an adequate ERM plan has contributed to a collapse of a major institution or market which had a detrimental affect on the public (Farnan 2004; Lall 2009).Both documents have been explored by many key opinion leaders in the financial industry, and while each provides a set of guidelines for developing successful ERM protocols, each also fails to be foolproof. Shaw (2006) provides the argument that â€Å"while the COSO standard was groundbreaking at the time, it was not meant to be a marking guide for controls. † Moreover, in regards to Pillar 3 of the Basel Accord which depicts methods of Value-At-Risk (VAR) calculations, Standard and Poor's noted that although these VAR methods â€Å"appear to offer mathematical precision†¦they are not a magic bullet† (Lall 2009).COSO and Basel can be seen as â€Å"a significant step forward† for the times (Saurina and Persaud 2008). Basel In 1974, the Basel Committee o f Banking Supervision (BCBS) was created (consisting of the G10 plus Luxembourg and Spain) in light of the challenges from an increasingly internationalized banking system (Lall 2009). In the 1980s, it became clear (post-Latin America Debt Crisis, 1982) that a process was needed regulate the international banking system to mitigate risk and manage losses (Lall 2009).The first Basel Accord and Basel II, referred to as â€Å"Basel,† is a method of risk management, specifically for financial institutions operating on a multi-national level, that sets minimum capital requirements (â€Å"8% of adjusted assets† (Decamps, Rochet, & Roger 2003)) that these institutions must uphold to minimize the risk of a collapse in the international banking system (Lamy 2006).Basel I, the first international accord on bank capital was established in 1988, by the BCBS (Finance & Development 2008), with the goal to â€Å"arrive at significantly more risk-sensitive capital requirements† with the primary objective in line with ensuring stability in the international banking system (Lamy 2006). In 2004, Basel II was introduced, with amendments in response to the Quantitative Impact Study, QIS 3, (published in May 2003), an increase in the amount of capital banks must set aside for â€Å"high-risk exposures,† and changes from feedback from banks on Basel I (Finance & Development 2008; Lamy 2006).The Basel framework is focused on three â€Å"pillars†: â€Å"a minimum capital adequacy requirement, supervisory review, and market discipline† (Decamps, Rochet, & Roger 2003). Basel I was highly criticized for having a â€Å"one size fits all† approach to formulating institutions' risk-weighted assets (with insensitivity to emerging countries), in addition to unrealistic capital requirements that discouraged even reasonable risk taking (Kaufman 2003). In response to these critiques, BCSB began to draft Basel II, in which the amendments to Pillar I (310 out of ~350 pages of the document (Balin 2008)) were most notable.Balin (2008) describes the â€Å"menu† of various options that Basel II encompasses for Pillar I, which allow institutions to choose the most suitable options dependent on a series of factors (i. e. , size, rating, etc. ). The minimum capital requirement pillar focuses on the least amount of capital a bank must maintain to be protected from credit, operational, and market risks (Ahmed and Khalidi 2007). In Basel II, the highly critiqued credit risk requirements were modified to decrease the â€Å"one size fits all† stigma of Basel I (Kaufman 2003).Additionally, Basel II takes into account loopholes found in Basel I that enabled banks to maintain their desired level of risk â€Å"while cosmetically assuaging to minimum capital adequacy requirements,† which was done mainly through a transfer of assets to holding companies and subsidiaries (Balin 2008). Similar to COSO framework, the first pil lar of Basel seeks to unite various types of risks into an overall evaluation of capital requirements to safeguard shareholders and investors. Pillar 2, theSupervisory Review, is meant to â€Å"insure that banks have adequate capital to support all the risks in their business† including, but not limited to, the calculations in Pillar 1 (Kaufman 2003). This Pillar clearly defines of obligations of supervisory oversight against extreme risk taking; of note in this Pillar is line 680, which states: â€Å"Supervisors are expected to evaluate how well banks are assessing their capital needs relative to their risks and to intervene, where appropriate.This interaction is intended to foster an active dialogue between banks and supervisors such that when deficiencies are identified, prompt and decisive action can be taken to reduce risk or restore capital† (The New Basel Capital Accord 2003). The four principles of Pillar 2 seek to hold the supervisors responsible for implicati ng processes, reviewing, setting expectations, and intervening when warranted in regard to management of capital risks (The New Basel Capital Accord 2003). Pillar 3 seeks to protect against changes in asset prices (market risk) (Balin 2008), which is an addition to the credit risk factors of Basel I.Using the Value-At-Risk (VAR) model, banks were able to determine the probability of a portfolio's value decreasing by more than a set amount over a given time period (Lall 2009). Critics of the VAR model, such as the International Monetary Fund (IMF), claim that it fails to account for â€Å"extreme market events† and assumes that the â€Å"processes generating market events were stable† (Lall 2009). COSO In July 2002, the Sarbanes-Oxley Act (SOX) was passed with the goals of increasing investor and public confidence â€Å"in the post-Enron era† and increasing management accountability, among others (Farnan 2004).Section 404 of SOX states that effective for some lar ge companies, beginning December 31, 2004, a â€Å"separate management report on internal control effectiveness and audit by the organization's external financial statement auditor† is required (Farnan 2004). COSO's framework lays out a path for developing efficient operations and regulatory compliance methods, and has been established as the framework recommended by agencies such as the SEC for public companies to base their financial reporting on (Farnan 2004).The Committee of Sponsoring Organization of the Treadway Commissions (COSO) is comprised of five private organizations in the financial industry (COSO Web site 2012). The COSO organization was established in 1995 with the mission to â€Å"provide thought leadership through the development of comprehensive frameworks and guidance on enterprise risk management, internal control and fraud deterrence,† and attempts to enhance success and leadership, and minimize fraud in company reporting (COSO Web site 2012).Since its establishment, COSO has published frameworks â€Å"aimed at helping publicly traded companies cope with tough new monitoring requirements mandated by the Sarbanes-Oxley Act† (Shaw 2006), and to help businesses manage risk, by looking at business units as an entire entity, designed to improve organizational performance and governance and to reduce the extent of fraud in organization (COSO Web site 2012).The COSO framework is a cube comprised of four (three in COSO I) company objectives perpendicular to eight (five in COSO I) factors that together form a risk assessment program for which companies can reduce risks by realizing the amount of capital needed for consequences (Bressac 2005). Similar to Basel, COSO dictates that â€Å"the board is responsible for overseeing management's design and operation of ERM† (Bressac 2005).One factor that COSO framework includes is the measurement of a company's risk appetite, â€Å"the amount of risk, on a broad level, an entity is willing to accept in pursuit of value† (Rittenberg and Martens 2012). Many objectives that management sets for their company (i. e. , increase market share, win competitive tenders) include a substantial amount of risk, and COSO's strategic decision-making framework allows managers to present the objectives in relation to appetite to the Board for approval (Rittenberg and Martens 2012).Conclusions Both COSO and Basel were drawn to effectively respond to new implications (Sarbanes-Oxley Act (Shaw 2006) and new laws capital requirements for banks (Lamy 2006), respectively), and each have principles that can help institutions manage ERM more effectively. For example, The New Basel Capital Accord (2003) clearly articulates that setting a minimum amount of available capital resources is â€Å"a vital element of the strategic planning process,† and the three pillars devise a plan to do this.Bressec (2005) claims that COSO II framework articulates a way for managers to eff ectively deal with the events that create uncertainty for entities and create responses to minimize potential losses. COSO and Basel were both released in the infancy stage and flawed. Samad-Khan (2005) observed that COSO's creditability is diminished because consequences are predicted to occur much more frequently than had been historically recorded in the past.Supporters acknowledge that Basel II has â€Å"arcane† ideas, but defend that â€Å"it's still a step in the right direction because it increases financial oversight and makes sure banks won't be doomed by crises of confidence† (Coy 2008). It is important to note that while COSO and Basel offer much protection against quantitative risk assessments, they must be coupled with the knowledge and insight of senior risk managements to be most efficient (Lall 2009; Samad-Khan 2005).Moreover, both COSO and Basel also provide constraints that limit the amount of risks institutions can endure, sometimes excessively. Pall (2009) discusses one failure in Basel II as the ability for developed-nation banks to skew their reports to their desired results, â€Å"at the expense of their smaller and emerging market competitors and, above all, systemic financial stability. † Samad-Khan (2005) emphasizes that historical data is still the most reliable way for companies to determine the probability for risk to occur.Start-ups will not have this historical data, therefore may overestimate their probability of risk using the â€Å"likelihood x impact = risk† calculation (Samad-Khan 2005) and miss out on potentially positive opportunities. Others against the provisions claim that both documents (e. g. , Basel in the Emerging markets) implement concessions that constrain potential growth by overcompensating for potential consequences and depleting lending capital for banks, which in the 1930s contributed to the Great Depression (Coy 2008). Historical events depict the need for more stringent regulato ry guidelines in this era of financial market uncertainty.The most important common factor of Basel and COSO are that each clearly states that it is management's responsibility to have a functional ERM plan in place, and be in communication with the Board about potential risks that the company faces (Bressec 2005; The New Basel Capital Accord 2003). Holding management accountable for the risks the business takes, while making sure that the Board is in agreement with management's plan creates a necessary harmony of a checks and balances system, in turn creating a â€Å"safer† landscape for shareholders and the public to place faith in. When properly executed,