Table of Contents
Evaluate the role of the Supranational Financial Body and consider to what extent it has been successful in achieving its goals
a) Discuss with examples, fundamentals, and dynamic risks
b) Discuss with examples, the three main hazards
c) The officer for Student regulator is compiling a register of higher education providers that will require them to demonstrate financial sustainability and have an approved student protection plan in the event of failure. In terms of a/b what should this student protection plan contain?
Evaluate the role of the Supranational Financial Body and consider to what extent it has been successful in achieving its goals.
Supranational financial bodies are those companies which are present in multiple different countries as supranational describes the international administrative bodies or quasi-government business organizations (Farlex, 2020). In other terms, a supranational financial institution defined as an entity, which formed by the two or more than two national governments by the international treaties. The main reason for creating or building a supranational financial institution is to advance the financial improvement for the part nations (iotafinance, 2020). Examples of supranational Financial Institutions are the United Nations, International Monetary Fund, and the New Development Bank. However, in this working selected supranational financial body is the International Monetary Fund (IMF).
International Monetary Fund is a supranational financial body which has an aim in accomplishing the number of different goals as it includes the decrement in global poverty, offers the encouragement to international trade as well as promotes the financial stability along with the economic growth. The IMF manages and administers the international monetary system as well as monitors the financial and economic policies of its members (IMF, 2020). It aids in keeping track of economic development on a different basis, whether it is national, regional, or global, and regularly consult with the various member countries.
Moreover, the IMF provides different policy advice with the member countries in terms of macroeconomic along with the financial policy. The main mission of the IMF is to assist in ensuring stability in the international system. IMF has done in three ways, which include keeping track of the global economy as well as also economies of other member countries, lending or borrowing to countries with the balance of payment difficulties, and last is giving practical help to the members (IMF, 2020).
There are different areas on which IMF conducts the research activity that include the international monetary system, capital markets, inflation, and economies in transition, fiscal issues, exchange rate policies, structural issues, stabilization policies, and monetary and financial sector issues (IMF, 2020). In addition to this, the main functions of IMF are to foster global monetary cooperation, facilitate international trade, sustainable economic growth, secure financial stability, promote high employment as well as decrement in poverty in the whole world.
In each work, companies face advantages and disadvantages. Some advantages of IMF include that it offers assistance in promoting the international monetary co-operation along with the financial stability in the whole world. In addition to this, it offers temporary help on a financial basis to countries who are in debt especially those are facing problems associated with the balance of payments. Apart from this, it offers encouragement for the growth of the economy and offers financial advice to other countries related to how to run their economies (Oxfam, 2020).
The supranational financial institutions offer permission to the people, which have great power as well as having an impact on their respective national boundaries. These institutions provide assistance, which helps in easing of trade, but the same may be subject to various political requirements. The main goal of the IMF is to ensure the stability of international monetary along with the financial system. It assists in resolving the crisis with its member countries so that they can promote the growth as well as alleviate poverty. IMF has three main tools to carry out the necessary functions that are surveillance, technical assistance and lending (IMF, 2020).
IMF assists the member countries who are facing the economic crisis by using the three main tools, which stated above, for managing the economic policies. The money related to the fund of IMF's activities comes from the various member countries who pay according to quota and it depends on the size of each country's economy along with its importance in terms of world trade and finance. There are some achievements of the International Monetary Fund, which denotes the success in attaining the goals includes
Establishment of monetary reserve fund as it helps in fulfilling the requirements associated with the foreign exchange of other member countries.
Monetary Discipline and Cooperation in this IMF has exposed the sovereignty in managing the monetary discipline along with the cooperation among the member countries. To attain this objective, the IMF has offered help to those countries who input the stimulus efforts to resolve their problems (Suman, 2020).
Another achievement is to check on competitive currency devaluation as it assists in boosting the exports of the countries. Therefore, it generates disharmony in their relations whether it is economic and political. However, with the working of IMF, entire circumstances change as part nations cannot devaluate their monetary standards without getting the authorization of IMF.
Moreover, achievement is the stability of the foreign exchange rate, as, after the establishment of IMF, rates are not fluctuating because IMF used to work on this and promote the flow of international trade in the other member countries.
IMF gives incredible endeavors in the extension of the world market as it offers the credit offices to other part nations, which diminishes the burden of control (Suman, 2020).
As the above-stated achievements denote that IMF works effectively and considers the different activities, which has been successful in attaining its decided goals.
a) Discuss with examples, fundamentals, and dynamic risks.
Risk demonstrated as a possibility of something, which can be bad happening. As the risk includes the uncertainty related to effects as well as implications of an activity, which is associated with the human values such as health or poverty, often focusing on negative as well as undesirable consequences.
Fundamental Risk: It is a type of risk that has an impact on the whole economy or in other terms it affects a large number of people within the economy. It said to be a non-discriminatory in its attack along with the effect. A particular individual does not cause the losses that flow from fundamental risk and the impact of their effects decreases on a wide range of individuals for example, a bad economy, inflation, unemployment, political instability, or any type of pandemic (Insurance, 2011).
Dynamic Risk: This risk brought about the variations in the economy as this risk said to be a result of adjustments associated with the misallocation of resources. This risk influencing a large number of individuals and it does not occur regularly. These risks are not easily predictable and for example, variations in the level of price, income, technology, tastes of consumers may bring the financial losses in the economy (Insurance, 2011).
b) Discuss with examples, the three main hazards
Hazard can be described as a source of potential damage, harm along with the adverse health effects on someone or a worker. Different type of hazard includes:
Biological: This type of hazard include the disease-causing organisms, which infect the site personnel. It said to be a biological substance, which poses a threat to the health of living organisms, especially humans. It may include a sample of microorganisms or any type of virus, which may influence human health. This type of hazard includes the harmful substance to the other animals. Sources of hazards include bacteria, viruses, insects, plants, and animals as these sources create health effects such as skin irritation, allergies to infection, cancer, and so on (Gislason, 2018).
Chemical: This type of hazard refers to the occupational hazard caused by exposure to the chemicals in the workplace. It can cause acute or long-term detrimental health effects. This hazard occurs when a worker exposed to any type of chemical preparation in the workplace in any type of form that is solid, liquid, or gas. In this hazard, an individual should beware of liquids such as cleaning products, or any type of gases as well as flammable materials such as gasoline or solvents, and another example is pesticides (Gislason, 2018).
Physical: This hazard said to be an agent factor along with the circumstances, which may cause harm without any type of contact. It includes the factors within the environment, which may harm the body without touching it. This type of hazard classified as an occupational hazard or any type of environmental hazard. There are different sources of this hazard include radiation which includes ionizing and nonionizing such as microwaves or radio waves. Another is high exposure to the sunlight along with the ultraviolet rays, extreme temperature whether it is hot and cold, and last is a loud noise, which is constant in nature (Gislason, 2018).
c) The officer for Student regulator is compiling a register of higher education providers that will require them to demonstrate financial sustainability and have an approved student protection plan in the event of failure. In terms of a/b, what should this student protection plan contain?
The student protection plan alludes to the record, which endorsed by the Office for Students, which each University ought to have. It incorporates the various measures to ensure the hazard, which happens while proceeding with the investigations. There are different risks and hazards, which may face by the students.
Risk includes a bad economy or any type of unemployment and changes in technology.
Hazards include any type of viruses such as the Corona Pandemic or chemical issue.
This plan incorporates that the provider must have in compel and distribute an arrangement endorsed by Office for Students for the evaluation of risk and hazards that is introduced by the provider. Another thought is that find a way to execute the arrangements of the plan if any sort of danger occurs and last is to educate the workplace for Students regarding occasions that require the usage of the arrangement of the plan (University of Birmingham, 2020).
Aside from this, it incorporates a few contemplations too and that is:
If a supplier is deregistered or suspended due to above-stated risks and hazards then students cannot finish the course and the student insurance plan needs to trigger. Subsequently, the government assistance and advantage of the student's office for Students present this plan.
In the occasion of progress in the provider's conditions, that is dangers and risks then they have to work intimately with the provider and interests of students need to secure by doing the various changes (Office for Students, 2020).
This plan must be effectively accessible to the students whether it is present and planned. This plan likewise addresses the particular dangers to the continuation of study for that provider's students however in a proportionate manner. At the point when the plan once enlisted then it is vital that providers ought to team up with students to survey and in like manner invigorate the plan all the time. As a provider of advanced education, college ought to distribute an assurance plan, which incorporates that how students can proceed and deal with the nature of study if understudy faces any sort of hazard or danger.
Farlex, 2020. Supranational Organization. [Online] Available at: https://financial-dictionary.thefreedictionary.com/Supranational+Organization
Gislason, E., 2018. Type of Hazards. [Online] Available at: https://naspweb.com/types-of-hazards/
IMF, 2020. How we do it. [Online] Available at: https://www.imf.org/external/about/howwedo.htm
IMF, 2020. Information and Online learning activities about IMF, money and macroeconomics. [Online] Available at: https://www.imf.org/external/np/exr/st/eng/index.htm
IMF, 2020. Our work. [Online] Available at: https://www.imf.org/external/about/ourwork.htm
IMF, 2020. The IMF at a Glance. [Online] Available at: https://www.imf.org/en/About
Insurance, 2011. Types of Risk. [Online] Available at: http://insrancetrusts.blogspot.com/2011/12/types-of-risk.html
iotafinance, 2020. Supranational Institution. [Online] Available at: http://www.iotafinance.com/en/Financial-Definition-supranational-institution.html
Office for Students, 2020. Students Protection. [Online] Available at: https://www.officeforstudents.org.uk/advice-and-guidance/student-wellbeing-and-protection/student-protection/student-protection-plans/
Oxfam, 2020. The International Monetary Fund.
Suman, S., 2020. 15 Major Achievements of International Monetary Fund. [Online] Available at: http://www.economicsdiscussion.net/international-monetary-fund/achievements-international-monetary-fund/15-major-achievements-of-international-monetary-fund/13183
University of Birmingham, 2020. Student Protection Plan. [Online] Available at: https://www.birmingham.ac.uk/study/birmingham/student-protection-plan.aspx
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