I am training online with the RSM company in Kuwait as an internship and the website of the company is https://www.rsm.global/kuwait/ Final report is for online internship with the company, and I am g

Journal 2

This week on the online internship at RSM company, we learned about risk management in general and how can we deal with it. But in the beginning. We defined risk management as the possibility of an event occurring that will have an impact on the achievement of the objective. And mostly, this impact would be hurting the company if we do not know how to act before or when it occurs. So, before any action taking in place, we called the risk as an inherent risk, and we call it after action occurred as a residual risk. Inherent risk has more effect than the residual risk because inherent risk is measuring the risk before taking any action would affect the company negatively. but residual risk is harder to control. and the reason for that is the decision is already in-action and the solutions to avoid risk from this action will be limited.

So, what are the benefit of a company to take risk if this risk might affect the company negatively? The companies who are willing to accept risk and succeeded by avoiding it will increase their financial returns and will have a huge advantage over their competitors. On the other hand, a company who fails will have a negative impact on the financial profit. Despite all that, we took all this information on a meeting which was a relatively long and fruitful in my opinion. The meeting occurred in 13th of July at 4 pm, personally I didn’t find any issue with the meeting but it would be more beneficial if we did two meeting instead of one to get more time to ask questions and do some discussions with my other fellow trainees. Moreover, the subject that we took made me think about the current situations with the pandemic that we are facing. Because most of the business sectors around the world were progressing regularly. and without any notice, they are forced on lockdown since most of the people who are the consumer of a product or a service that been provided from these companies are not paying because they are quarantined. However. Some companies were ready for the Corona virus seeing that they consider pandemics as an inherent risk which would make them take necessary precautions and will be inflicted as little harm as possible.

finally. We got a group assignment to do and we got notice about it on July 15th. The group assignment was basically to review a task that been made by RSM workers and our task is to make sure that everything is right, and it fallow the rules of the Capital Markets Authority in Kuwait. Before I checked who is my group member, I thought it will be my brother since we are on the same major and we can interact face to face. However, I got someone other than my brother. my group member was really helpful and active all the time and his name is Mohammed. He is a double major student in AUK that specializes in marketing and accounting which the latter is my major. I learned a lot through this task because it was new stuff for me. especially that we might not find anything to fix in the task. However, we found five point to fix and hopefully it will be useful for them. Also, I asked my group member about the double major since I am a transfer student and I have a lot of marketing subject done from my previous universities. and some of them are counted to me as an elective subject because I exceeded the requirement of marketing at AUK. so, the first thing I will do when I attend AUK is that I am going to ask more about the double major. because now I am interested, and I am looking forward to meet with my advisor to discuss it further.