Managing Operational Risk In Financial Institution Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 2063 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Q1. Explain the internal control failures that allowed this fraud to occur and recommend what steps you would take to improve the risk framework at Caforilus to prevent similar loss events occurring? The fraud that occurred at caforilus was not due to one single factor but there were multiple factors which encouraged the fraud to occur. All three lines of defence failed to overcome the fraud the first line of defence, the business line failed to establish and maintain stronger risk controls, risk culture, risk appetite, on day to day responsibilities of business line second line of defence the oversight, which failed to monitor the risk guidance in the firm this involve compliance, legal and finance, IT security, HR functions and risk management functions, the third line of defence is the risk assurance where the internal Audit committee failed to provide independent assurance. Don’t waste time! Our writers will create an original "Managing Operational Risk In Financial Institution Finance Essay" essay for you Create order All three levels reports through to the board and are all responsible to it, so the fourth line of defence in a sense is the board but in caforilus it is the Board the Director of marketing and sales was corrupt and made a fraud so knowingly or unknowingly all three lines of defence failed to report the fraud. Firstly we will look at the Cause, Event and Effect. The Cause to the fraud was poor process, system, people, Technology. Event was internal fraud and Effect was scam of  £8 million, Jail to the sales and marketing Director, loss of reputation, effect on staff moral, possible fine by FSA, loss of shareholder wealth. There were plenty of indicators to the fraud at caforilus but everyone turned a blind eye. There were plenty of internal control failures which allowed the fraud to occur. People:- The internal fraud was created by the director of the sales and marketing mark Hughes, who created a miscellaneous account and solely authorised all the transactions. Helen Northcroft realised the fraud but due to the lack of training or knowledge wasnt sure of what action to take or who she should report to. HR department as the report doesnt say if there were any checks made on Mark Hughes before employing. Chief Internal Auditor Keith Garret, didnt took any action and just ignored to Helens suspicions. Kelly Feingold who worked in operational risk department wasnt sure about what action to take and thought Steve (Operational Risk Director) is a good friend of Mark so wouldnt take action so she did not reported but got James Bellamy from the fraud Department to look into. Finally James Bellamy got control of the situation and exposed Marks fraud. Process:- There were no internal audit checks carried out, even if there was audit then the audit team failed to pick up the fraud which was occurring. There was no oversight of invoices, all invoices were approved by the director of the sales and marketing, and were not back checked by the finance department. Top management had concentration of power, so for decision making no other department managers were consulted. Few invoice were raised for same amount under different company names for same date but yet not been noticed by the finance department. Daily transaction reports were not been produced in organisation, so no past records could be checked. Authorisation of payment was only by one person i.e. the marketing and sales director. Technology Caforilus did not had proper technology to prevent fraud, eg. Same amounts, same date, same services, invoices were paid, if caforilus had proper technology then the fraud would have detected at the very first. Environment Poor risk control culture as no one, apart from Helen or James took initiative to investigate the fraud. The culture was developed that everyone turned on blind eye, it could be said that directly or indirectly many other people were involved but all turned on blind eye to marks seniority. A culture was developed that director was a problem solver, a good guy, giving out freebies, get things done, so no one was ready to believe that such a person could create fraud. Staff member felt pressure and felt threatened to be fired if challenged somebody. There are plenty of loopholes into the system of caforilus which led fraud to occur, some recommendation that could be given to prevent the fraud to occur in future are. Training and Development:- It is very important in a firm that relevant training is given to each member to do their work efficiently. In caforilus we could say company lacked of training and development as the head of marketing and sales wasnt sure of who to report to about the fraud, when she came to know about the fraud she would have taken the step and could have had directly contacted the external company to check the invoice and the fraud could have had caught so more training is required to senior managers to detect fraud and how to solve it. Head of finance department to check the accounts at least once a month so if any fraud occurring could be noticed immediately. No authorisation/signage of cheque by one person two signatures required on any payment and that too both authorised person need to be from different department. So in case of caforius one sign from director of sales marketing then other sign from the head of finance department. Regular Internal Audit to be taken. Audit staff to take independent audit and not to make any judgements on person nature. Audit committee to be independent and any relationships that unduly influence the professional judgement should be avoided. Create a climate of discipline and control which would help to reduce the opportunity of fraud. Oversight of any payment no matter even if authorised by director. Stronger corporate governance structure. No one person decision but should be group involvement. Director to conduct meeting with the head of the department before any contracts been given out, and to update to staff of any decisions taken solely, Director to report to NED. Q2. Discuss why financial institutions are vulnerable to people risks and recommend how Caforilus could reduce its exposure to these risks? Managing people risk plays a very important role in any company. (Blunden T, and Thirwell J, 2010) says, Most operational risks are ultimately the result of people failure whether at strategic, managerial, or operational level. Financial institutions specifically are very vulnerable to people risk we could see this form the events that have occurred in past and which have led many financial institution to collapse for eg. Incident at Barings due to one person Nick Leeson a rouge trader who concealed unauthorised trading activities and made a fraud of $1 billion and led Barings to Bankrupt. (www.erisk.com) Similar fraud have occurred with Daiwa Bank, Natwest, Allied Irish Banks, which have faced huge losses due to people, so for any event and losses or failure ultimately people are going to be the cause unless its any natural cause of god, (Martin. P, 2009) says, there are two causes to operational risk event, one is an act of God and other is the people. People design and maintain processes and system and cause operational risk events by either doing something they should not be doing or not doing something they should be doing. T. Blunden, (2010) says People are essentially honest they do not come to work to defraud or to cause disruption. It is often true but the system which has some loopholes or process that are ineffective, motivate people to do fraud, or even due to lack of training, competence, experience, stress, bereavement, unemployment, health problems etc, many lead to errors and losses. So to overcome from these people risks there are some key controls such as, Training and development, Appraisal and rewards, effective management, openness and transparency, selection, rewards, staff retention, system update, etc, are some controls which could help and reduced people risks. In Caforlius the loss of  £8 million was encountered of people risk. There was one person who created the fraud but there was involvement of many other, who either turned a blind eye or just didnt bother to challenge the director for his fraud. Some recommendations could be given to reduce such a risk in future. There was no culture of openness and transparency in Cafarilus, many knew about the fraud but didnt report due to Marks seniority. So a culture needs to be developed to challenge the fraud and report it either a system to be developed where losses/events could be reported anonymously. Need of effective management structure, an effective system where communication could run freely from up and down, clearity of the roles and responsibilities to individually. Getting friendly with the staff, knowing them, rewarding them, are good sign of motivation but when it obstructs individual from taking professional duties then it could be a risk for the company, so from Caforilus the chief internal auditor director, operation manager, missed to take their professional duties and so such a pattern of bribe should be avoided. Financial companies are vulnerable to risk so training and development plays a key role to avoid risks. In Caforilus we see lack of training and development, head of department to be made aware of what fraud could occur and what action to take to overcome them. Staff appraisal to be conducted quarterly, which would help to know the employees better, openly taking suggestions from the staff, help to know what training could be required to developed and perform the duty better. Q3. Explain the importance of risk culture, critically analyse the risk culture at Caforilus and recommend how this could be improved? Risk culture plays a very important role in any organisation. A favourable culture is essential for the effective management of operational risk. The institute of operational risk, (2010) says a firms organisational culture it values and valued behaviours will under pin the risk culture, the openness, trust, honesty and integrity from a strong risk culture of an organisation. The openness and transparency encourage people to risk reporting, encourage challenging debate at all levels, increases the risk awareness helps to understand the duties motivates people to better do their job. But this culture must come from CEO, senior manager who must motivate and form a relevant culture in organisation, it could be said that culture is strongly influenced by its leadership. Developing and maintaining the right risk culture is highly influential in the effectiveness of the risk management. A favourable culture is essential for the effective management of operational risk. The favourable cul ture develops. High degree of personal responsibility and empowerment to take appropriate risk. It motivates employees to better do their jobs and enhances the organisation performance. It helps to built up staff morale. It develops high level of staff integrity. It develops positive environment where no staff are intimidated on their mistakes. It makes a continuous improvement of organisation where people take challenge and responsibility for being more effective and efficient. It makes aware about the risk. It brings stronger communication throughout the organisation. It brings expertise into organisation. However for a culture to be effective it is important a strong risk culture is embodied by the Boards and senior managers. In caforilus we see a poor culture through the organisation. There was loss of staff morale, weak communication between the departments; duties were not fulfilled by Audit committee or the operational risk department, finance de partment not overseeing the pay outs. Which all lead to a scam of  £8million so its very important that the Boards and senior managers play a positive role and develop a strong risk culture. Some recommendations that could be given are: Making people aware about the risk, educating them about the risk and risk controls. Making people understand about the importance of their duties and how it relates to risk if not fulfilled. Developing stronger controls throughout the organisation and letting people know of what is expected of them. Creating openness and transparency to the organisation which will develops a stronger culture. Provide better understanding of the organisation risk appetite. Segregation of duties and periodically rotation of senior staff so that would give a better understanding throughout the organisational functions to seniors, and even as in case of caforilus it would avoid developing internal contacts for personal benefits. So could be conclu ded that the risk culture at cafotilus wasnt strong so it increased the vulnevability of organisation.

Is Outsourcing Bad Or Good The Us Economy - 898 Words

A) Why is outsourcing so bad or good to the US economy? In general, the outsourcing is hiring the foreign workers/company to do a particular task, as opposed to hiring domestic workers/company. Besides the outsourcing, the international purchase is an essential activity of companies. In the trend of a booming global economy, a company only focuses on its core value and hire suppliers to supply the necessary product and service. The relationship between companies are complicated and interdependent. In that context, the increasing of outsourcing in the US is inevitable. The 2016 presidential candidates mentions about the negative effect of outsourcing to the US due to exporting of jobs to over-sea vendors. The outsourcing opponents claim that outsourcing is having a negative effect on the American economy, as one problem is solved by creating another problem. The jobs were taken away from the US, double the unemployment ratio and seriously impact to Americans, especially the disability. In my point of view, it is a misconception when claim that outsourcing is bad to the US. The following reason can show how the outsourcing positively affect to the US. Superficially, the GDP of USA increases every year from 2006 to 2015 except 2009 when the economic recession takes effect on the US economy. The US is structuring its economy and got positive benefit that reflects on its GDP. Moreover, the booming global economy changes the global value chain. It enables the emerging andShow MoreRelated Outsourcing Essay1680 Words   |  7 PagesOutsourcing Outsourcing has become a very popular issue, and it has reached an all-time climax. Firms are starting to do this a lot more than than in the previous decade. What is outsourcing? Outsourcing is defined as â€Å"The procuring of services or products, such as the parts used in manufacturing a motor vehicle, from an outside supplier or manufacturer in order to cut costs.† And it has become a big issue in our country. There are thousands of articles and books written on it, and you can attendRead MoreCase 1 Who Makes The Apple Iphone769 Words   |  4 Pagesï » ¿February 4, 2015 Who Makes the Apple iPhone 1. What are the benefits to Apple of outsourcing the assembly of the iPhone to foreign countries, and particularly China? What are the potential costs and risks to Apple? There are many benefits for Apple in outsourcing their assembly line to China. Although Apple claims that the decision wasn’t about the cheap labor, it all comes down to the money. The decision was rooted in the fact that it would save Apple a lot of money. It is understandable thatRead MoreWhat Major Trends Do You See Affecting The Roles Of Purchasing Managers During The Next Decade?1447 Words   |  6 Pages As emerging markets assume a greater role in the global economy, the traditional demand and supply poles that have shaped global commerce over the last 50 years will change dramatically. More and more global company will have their purchasing managers based in China, India or Brazil. The procurement teams need to start developing expertise in local emerging market sourcing in China, Brazil, and India, as well as other developing economies. Sustainability is an essential strategy to business, especiallyRead MoreImpact Of Globalization On The Economy1530 Words   |  7 PagesThe impact that globalization has and will have on the U.S economy continues to be one of the most debated economic issues of our times. Many people believe that due to the international trade there are less jobs and lower wages for people. International trade is important to the America economy, and to the economy of the world as whole, because neither the United States nor any other country in the world has everything that its people need and want. Globalization and international trade, come withRead MoreEthics of Outsourcing Essay1500 Words   |  6 PagesEthics of Outsourcing What is ethics and how is it related to todays world of business? Merriam-Websters Online Dictionary defines ethics as the discipline dealing with what is good and bad with moral duty and obligation. In todays globalized society, it seems as though monetary profits are valued higher than making ethical decisions. Outsourcing has become an unavoidable result of globalization. From General Motors to IBM, we can experience the effect of outsourcing in many different sectorsRead MoreAmeric Top Dog Or Underdog?1556 Words   |  7 Pagesauthors Barbara Ehrenreich and Fareed Zakaria. This is about to be the most fascinating adventure of your life. Outsourcing, international relations, and foreign policy all combined into one paper. Barbara Ehrenreich’s article â€Å"Your Local News--Dateline Delhi† explains the economic pressures that America is facing such as outsourcing. Fareed Zakaria takes on the global effects of outsourcing in his article â€Å"The Rise of the Restâ₠¬  in which he focuses on the shift of power to other nations while AmericaRead MorePros and Cons for Outsourcing1710 Words   |  7 PagesThe Pros and Cons of Outsourcing services in the US By Berend Schoute (1713035), student of the VU university Amsterdam. INTRODUCTION Hillary Clinton, I dont know what reality the Bush administration is living in, but its certainly not the reality I represent, from one end of New York to the other. This response came on the statement of the head of U.S. President George W. Bushs Council of Economic Advisers, Gregory Mankiw. He said: outsourcing is just a new way of doing international Read MoreGlobalization Of The United States Essay1744 Words   |  7 Pagesthat have free market (or free trade) economies are far richer than countries with mostly government-controlled economies (Wheelan 273-274). Outsourcing and free trade are opposed by many, and they have their negative effects. However, the United States as well as developing countries can benefit by furthering globalization, free trade, and integration into the world economy. The dictionary defines globalization as â€Å"the process in which people, ideas and goods spread throughout the world, spurringRead MoreOutsourcing, The Key to Globalization Essay examples995 Words   |  4 PagesThe concept of outsourcing in the Unied States goes back to 80s. But it was in the 90s that really companies began to use it more and more and they found out that this is something that really works for them. Outsourcing is defined as the practice of subcontracting manufacturing work to outside and especially foreign or nonunion companies. This concept became very widely used in practice today in the United States. Firms such as IBM, Sprint, ATT, Dell Hewlett Packard, and Novell are someRead More Outsourcing American Jobs Essay1630 Words   |  7 PagesOutsourcing American Jobs Outsourcing, no word in todays workforce is so loved or hated. Depending on who you are it is the greatest thing ever or an evil act by money hungry businesses at the expense of American workers. But what is the truth? Is it good? Is it bad? Is it both? Perhaps more importantly, what is it exactly? Many people think that outsourcing is jobs that were held in this country going somewhere else. That is not entirely accurate. Outsourcing is actually one company paying

Leadership and Change Free Essays

The element of change remains a factor in everyday life within the organization. How to handle change begins with a decision to embrace the implications into an organization’s vision. Incorporating change and a healthy attitude toward change as a core value begins with leadership. We will write a custom essay sample on Leadership and Change or any similar topic only for you Order Now A good leader like John Welch provides vision and clarity for the employee. He even instills inspiration in the employee allowing them the freedom to explore and create out of their every day job tasks. Such a leader will be able to communicate issues of change and create a bond with their team. This creates a comfort level that allows for creative thinking resulting in an environment that easily accepts change as a factor. This connection begins at a fundamental level of human sociology where the use of story is central. Howard Gardner reflects, â€Å"the ultimate impact of the leader depends most significantly on the particular story that he or she relates or embodies, and the receptions to that story on the part of the audiences† (14). By telling stories, allows for a certain level of openness or vulnerability on the part of the leader and makes them human. By opening the line of communication, gives the employee knowledge of their environment and develops trust. The leader’s role is to sell the idea of commitment within a culture. Odiorne suggests, â€Å"if employees knows what is expected, and what help and resources are available, they can then be relied upon to govern their actions to achieve the commitments they have made† (138). This sets the stage for goals and achieving high performance. The culture in turn feeds off this energy and excitement. There are three reasons why leaders are important. First they are responsible for the effectiveness of organizations. Second, the change and upheaval of past years has left us with no place to hide. We need anchors in our lives as a guiding purpose. Third, there is a national concern about integrity of our institutions. Being mindful of own context is difficult for us. (15-16) Managers with a keen understanding of leading represent these three key attributes and create a foundation from which to act. A leader must also display curiosity and have the guts to be daring. They must be a dominant force within the team. Bennis reflects, there are two kinds of people â€Å"those who are paralyzed by fear, and those who are afraid but go ahead away. Life is not about limitation but options† (185). A healthy culture inspires options and the innovations that grow out of creativity. Still one cannot ignore times of fear. Management sometimes creates fear on purpose or misuse to work employees harder. From personal experience, fear can drive an employee to try harder at a better job or completely kill worker confidence. This does not create positive outcomes but promotes conflict and an unstable team. It is clear for management to be successful, it must communicate its vision but also create positive reinforcement. Once key members understand people’s needs, then action can be taken to improve management’s role. Only then will a leader be taken seriously. Recognizing positive traits in a team member builds trust, integrity and also meets an important need. Finally, there are many things a leader can do to motivate their team members and inspire excellence. From personal experience there are many recommendations that come to mind. At a company wide level, a recognition or awards program is effective in maintaining culture by motivating employees. Being noticed for a job well done instills pride. How to cite Leadership and Change, Essay examples

Impact Of Globalization On Frozen Food - Myassignmenthelp.Com

Question: Discuss about the Impact Of Globalization On Frozen Food. Answer: Introduction The frozen food industry is one of the popular markets in Australia. A growth of 6.1% in a year has shown better availability of frozen food products in the Australian market (agriculture.gov.au, 2017). Most of the frozen foods are good in hygiene and they contain maximum vitamins and minerals. There are some facilities via online marketing in the frozen food industry and increasing more customers attach to that service (Navickas, Baskutis Gruzauskas, 2015). There are some positive influences like this market will only customize food that is available in next eight years. Foods like meat, vegetables, poultry, seafood, soups come under the frozen food sector and people from Australia and UK people are happy to consume these kinds of food. This is one of the developing markets in Asian countries like India and China. There are hypermarkets and supermarkets in Australia where frozen food demand in high in nature. Frozen food market There are some major companies that adopt acquisition of new products in frozen food and get a competitive advantage from other food companies. The product type depends on the user and geographical need of people. Nestle is one the leading companies in Europe. Aryzta is another one. The traditional food habit has been changed by consumption of these kinds of foods and the report forecasted comprehensive understanding over the market. Frozen Food Market is expected to reach $306 Billion by 2020 and that growing food culture changes consumers lifestyle and food habit (Ravuvu et al., 2017). From the geographical point of view, there are four segmentations like North America, Europe, Asia-Pacific and LAMEA in the frozen food industry. The market dynamics are also changing the business opportunity and most of the online food suppliers companies added those frozen foods to their delivery list. As per the Australian food news in 2010, the foremost customer advocacy company, Choice, research over frozen foods and provide a report that resulted in the better nutritional value of food (Ausfoodnews.com.au, 2010). All those foods have been vacuum packed with nitrogen and carbon dioxide. The continual development in the frozen food market could be accredited to the increasing consumer perceptive that frozen can often equivalent fresh. Internal and External contextual factors Globalization is the procedure in which communities come to know the gradual enhancement in general financial, communal and cultural atmosphere. The business environment is depending on the internal and external matter of globalized system and influenced by the market structure. A more integrated world community has got influenced by this process and food distribution in all over the world makes a statement of right perspective and change. In case of global understanding, internal factors like opening of new market of frozen food company or providing customer service or implementation of marketing strategies are important. External factors like new market environment are not always fruitful for frozen food companies in terms of business expansion (Baker Friel, 2014). Health and fitness is the key benefit of the frozen food industry and there is no use of preservatives. The clean and healthy atmosphere is sustained in these foods and these are protected from food spoilage case. So consumers are attracted by the packaging or by brand of the company. Company branding is another factor that presents a global image of business by aligning their logo (Hendrie et al., 2016). Most of the cases new approach is taken by a new company so their product or service needs a unique strategic plan so that they can sustain their business in this competitive business market. External factors like promoting the company and need a promotional strategy for that company is important for globalization. Consumer analysis is important for this kind of business as there are several business markets or trends in business which is good for consumers. Frozen food companies convince their customers about the necessity of those foods and state the level of hygiene consumers can get from those foods (Zia, 2017). Frozen food industry selects their packaging technology in an attractive way so people are attracted by these kinds of packaging and better consumer reviews can be gathered. Another section in globalization is the market analysis, which is depending on the people need, market size, product availability and probable enhancement in market and all these are considered as an internal factor as this is controlled and monitored by the company (Webster et al., 2014). On the other hand political barriers, cultural activity and communal problems consider as external issues. Impact of Globalization on product segmentation There are different segmentations in the Frozen food industry. Readymade meals attract more people and people love to consume that as they have not put their effort into cooking those materials. Beef production in Australia is incredibly high in 2013 and this amount of beef cannot be stored in a right way and almost 95.5% of that mature beef needs to be frozen so that those beef can be used for further occasions (Brown, 2018). Australian Sheep meat production is almost over 150000 tonnes and lamb production is also high, so the concern matter for Australian Food industry to store those foods for future use and this is the reason behind frozen food industry (Evans et al., 2015). These foods are distributed globally and reach in the different market. There are some issues like transport, market opportunities all these are externally handled by the company. Products have to go through between tariffs, regulations and customs but multinational companies are eager to have those products ( Augustin et al., 2016). There are different food safety laws in different nations so the parental company has to change their law over food and all those imported food products sell at high price (Hafting et al., 2015). Most of the nations want to update their organic food and for this reason, globalization is important for those nations. To introduce those organic products a particular frozen food market is needed for the development of economy over the nation (Olson, 2016). Frozen potatoes, frozen vegetables and frozen soups all these product types help to enhance preservation process in the market and also assist food service industry of Australia for their future uses. Globalised production and Foreign Direct Investment In case of globalization, change in the economy in Australia is quite natural as increasing number of population enhances extra GDP and that affected nations economy. Globalization supports to enhance trade opportunities and negotiate with other countries for better business dealing. In case of frozen food, a high rate in foreign market embrace the business of frozen food and by default, Australia national economy enhances (Bucchini et al., 2016). Frozen potatoes are one of the globalized products that acclaimed by all over the world and the product extension market allows foreign business companies to take those opportunities to introduce them in market. There are some local crops are also exported in China, India and Northern America and Australian companies invested their money in these countries so that better business standard and flow in froze food can sustain (Yusoff et al., 2015). In this time, there is a worldwide demand for frozen food which can only possible due to globali zation. FDI also reduce transaction cost, access and develop foreign market and overcome all the trade barriers so that better business outcome can be drawn (Ferguson et al., 2016). The expansion in business of frozen food and their stable and adequate supply from Australia and other countries adopt people behavior to intake frozen food in a large amount. The foods are high in vitamins so basically there is no such problem to globalize those foods. The increasing demand for frozen foods consumption is the major need of globalization and even that is growing in many developing countries. Trade opportunities Business trade opportunities are huge in case of frozen food business as products start to form milk powders and end in confectionaries. So a huge amount of food globally transferred to different nations. In case of market entry, e-commerce in urban sector is impacted by revenue generation for the company due to the sealable ability of frozen food. Online food sale in urban sector and their current market fresh food scarcity also help frozen food to establish their market in e-marketing (Milc et al., 2016). There are multiple distribution channels for frozen food industry and transportation, management all these are linked with that. Depending upon the combined population of the country, trade opportunities are also increasing in number. GDP over more than $13 trillion has earned through this trade and that showcases as the greatest potential growth of Australia. Conclusion Therefore, it can be concluded that Globalization is important for the development of Frozen food industry. The process is not only featured in Australia but also in global aspect. There are many developing counties, imported frozen foods and enhance their business market. Consumers love to acquire those foods and that is the reason a global market of frozen food sustain. In Australia, a major market is based on Frozen food so economic development in terms of GDP is extracted from this process. In this report, all possible economic change and product distribution of frozen food has been discussed and also analyze the income growth in the external market and pointed to the relationship between globalization and frozen food. References Agriculture.gov.au (2017) Australian Food Statistics Retrieved from: https://www.agriculture.gov.au/ag-farm-food/food/publications/afs [Accessed on 9th January, 2017] Augustin, M. A., Riley, M., Stockmann, R., Bennett, L., Kahl, A., Lockett, T., ... Cobiac, L. (2016). Role of food processing in food and nutrition security.Trends in Food Science Technology,56, 115-125. Ausfoodnews.com.au (2010) Hot food trends for 2010 Retrieved from: https://www.ausfoodnews.com.au/2010/01/01/hot-food-trends-for-2010.html [Accessed on 10th January 2017] Baker, P. Friel, S., (2014). Processed foods and the nutrition transition: evidence from Asia.Obesity reviews,15(7), pp.564-577. Brown, A. C. (2018).Understanding food: principles and preparation. Cengage learning. Bucchini, L., Guzzon, A., Poms, R., Senyuva, H. (2016). Analysis and critical comparison of food allergen recalls from the European Union, USA, Canada, Hong Kong, Australia and New Zealand.Food Additives Contaminants: Part A,33(5), 760-771. Ferguson, M., O'dea, K., Chatfield, M., Moodie, M., Altman, J., Brimblecombe, J. (2016). The comparative cost of food and beverages at remote Indigenous communities, Northern Territory, Australia.Australian and New Zealand journal of public health,40(S1). Hafting, J. T., Cornish, M. L., Deveau, A., Critchley, A. T. (2015). Marine Algae: Gathered Resource to Global Food Industry. InThe Algae World(pp. 403-427). Springer Netherlands. Hendrie, G. A., Baird, D., Ridoutt, B., Hadjikakou, M., Noakes, M. (2016). Overconsumption of energy and excessive discretionary food intake inflates dietary greenhouse gas emissions in Australia.Nutrients,8(11), 690. Lin, B. Lei, X., (2015). Carbon emissions reduction in China's food industry.Energy Policy,86, pp.483-492. Milc, J., Caffagni, A., Ronga, D., Francia, E., Pasquariello, M., Laviano, L., ... Pecchioni, N. (2016). Evaluation of Cucurbita pepo germplasm for staminate flower production and adaptation to the frozen food industry.Scientia Horticulturae,213, 321-330. Navickas, V., Baskutis, S. Gruzauskas, V., (2015). Logistic cost optimization in the food industry of small countries.Journal of Management,26(1). Olson, R. L. (2016). Objective tests for frozen food quality.Low temperature biology of foodstuffs, 381-397. Ravuvu, A., Friel, S., Thow, A. M., Snowdon, W., Wate, J. (2017). Monitoring the impact of trade agreements on national food environments: trade imports and population nutrition risks in Fiji.Globalization and Health,13(1), 33. Webster, J., Trieu, K., Dunford, E., Hawkes, C. (2014). Target salt 2025: a global overview of national programs to encourage the food industry to reduce salt in foods.Nutrients,6(8), 3274-3287. Zia, M., (2017). Impact of Product Attributes on Purchase Decision: A Study of Processed Food Consumer in India.Proceedings of The 10th MAC 2017, p.42.