1. What are the important learnings you got in this subject?
This course taught me a lot of new things and concepts regarding governance,
risk, and control. I find those concepts important because I know that in the future, I
can apply it in my chosen career. Some of the learnings I got is that, in every business
there is always a risk. It is just a matter of how an entity will handle it, there are risk
that can result to a good outcome or the other way around. Also, risk is part of
everyone’s life, once in a while we should also try taking risk because we will never
know what change might happen if we will not try new things. “No risk, no fun,” we
should let ourselves to explore more rather than staying in our comfort zones. Another
important learning I got is that to be able for businesses to operate smooth and
achieve its objectives it should be manage by good governance. Senior management
of firms should monitor the overall operations of the business to ensure that everything
is in right place. And lastly is control, if there are risk that is present there should be
also existing control that can either mitigate or prevent a certain risk. We can identify
the effectiveness of the control if it is properly used. Controls are useless if it is not
utilized well.
2. How will you apply in real life the topics that you learned in this subject?
Those concepts I learned are not only applicable in businesses and firms, but it
can actually also use in real life. First, I can apply it by identifying and analyzing risks.
Life is full of uncertainties so we should be wise enough when to take risk. We should
learn how to calculate if the benefit that we will get is worth the risk. Also, I can apply
the concept of control process. There are things in life that need to put a limit for us to
achieve our goal or objective. Control is very important because it regulates us to
prevent doing wrong things. By knowing the right control, it gives us a higher
percentage that we can achieve our goal. For example, my goal is to finish my studies,
for me to achieve this I need to control myself from things that can cause me
distraction.
3. One topic that you enjoyed the most and why?
Risk and control matrix are one of the topics that I enjoyed the most and find
interesting. Although this concept is new to me, I really find it interesting because this
matrix helps in analyzing risk and control in a specific field. This matrix is very helpful
especially in large businesses for them to know what risk should be prioritize and what
adequate control should be implemented. This matrix serves as a guide on how they
can change the operations of their business for it to run effectively.
4. One topic that you will never forget and why?
I think one of the topics that I will never forget is about the Three Lines of Defense
which is one of the first topic. I think this concept is quite interesting because it talks
about what are the groups that participate in helping to prevent the entering of risk in
a company. In this model we learn about the various responsibilities of the senior
management and the role of internal and external auditor. The defense model is
important to clearly identify the responsibilities of each group. The front-line
management are the ones who first oversee and try to mitigate the risk. And if the
front-line fail, there is the time which the risk and control management take in charge.
There is also internal audit in which their job is to identify if the controls of the company
are adequate. Lastly is the external audit which is also part of the defense model. They
are not substitute in any of the three line of defense, their role is to prepare financial
statements and to examine if an entity is abiding with the laws and regulations.
5. Favorite topic in this subject and why?
My most favorite topic is certainly about business ethics. This topic provides
theories and concepts about what is right and what is wrong while doing a business. I
learned a lot in this topic because it taught me that a business should not just aim of
producing more profit but also, they should not forget to be ethical while doing their
business. Their decision to be ethical or not will soon affect the operation of the
business in the long run. Businesses should take in consideration about their
employees not just the operation itself. It is important that businessmen know what
business ethics is. It will help them know what are the ethical issues that they can
possibly encounter. This also provides solutions on how they can cope with conflicts
between their personal values and those of the organization in which they are in.