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Enterprise Risk Management Process Flow Chart

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By Liam Simcha at January 05 2019 08:54:28

In mathematics, method of solving a problem by repeatedly using a simpler computational method. A basic example is the process of long division in arithmetic. The term algorithm is now applied to many kinds of problem solving that employ a mechanical sequence of steps, as in setting up a computer program. The sequence may be displayed in the form of a flowchart in order to make it easier to follow. As with algorithms used in arithmetic, algorithms for computers can range from simple to highly complex.

All process instances are executed in a very similar way and it is easy to draw a flowchart detailing the sequence in which tasks are executed. It is also possible to formalize the business rules that guide decisions, normally based on the evaluation of some process variables. But recently other kinds of processes have caught the attention of process management specialists. They are known as knowledge processes, or knowledge-based processes. Knowledge processes can be defined as "high added value processes in which the achievement of goals is highly dependent on the skills, knowledge and experience of the people carrying them out". Some examples could be management, R&D, or new product development processes.

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In medicine, programs have been developed that analyze the disease symptoms, medical history, and laboratory test results of a patient, and then suggest a diagnosis to the physician. The diagnostic program is an example of so-called expert systems-programs designed to perform tasks in specialized areas as a human would. Expert systems take computers a step beyond straightforward programming, being based on a technique called rule-based inference, in which preestablished rule systems are used to process the data. Despite their sophistication, systems still do not approach the complexity of true intelligent thought.

In the last few years a lot has been written about Business Process Management, and about technologies supporting it such as BPMS, SOAP and Web Services. Most of these theories, tools and techniques refer to processes of a highly structured nature. Typically, BPM theorists and practitioners have focused on highly structured processes, like back-office processes of industrial or administrative nature. These processes are highly standardized and repeatable, produce a consistent output and are likely to be automated in part or end-to-end (STP).

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Only if you know what your retirement plan is all about, you can say that it is exactly the right plan for you. You also know precisely when you need to adjust it. Everyone needs one if they want to have a nice future. One should know how it works and what benefits you will get in the end. You should ask yourself these questions because they are too important not to be answered. Most of the employers these days offer some sort of retirement plan for their staff, this also means that someone is or some people are responsible for the management of these plans. There are a lot of rules that need to be followed and someone needs to keep the oversight.

Knowledge workers carry out these processes by taking into account multiple inputs (generally a wide set of unstructured data and information) to perform difficult tasks and make complex decisions among multiple possible ways of doing the work, each one implying different levels of risk and possible benefits. They are dependent on individuals and it is not possible to automate them. One example of a knowledge process is "Marketing a new product". The same steps are followed each time a new product is launched (benchmarking competitors, deciding pricing strategy, planning promotion, etc...), but it is the experience, knowledge and intuition of the people that drive the process to success.


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