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Explain the concept of management?
Management is the coordination of activities a business uses to achieve results. According to management expert Peter Drucker, this includes both marketing and innovations.
Explain the role of ethics in risk management?
monitoring the opportunity for loss for a business, requires transparency. To do so, take appropriate actions on behalf of a client and at all times conduct transactions in a fair and balanced manner. Avoid any appearance of a conflict of interest and do the utmost to disclose all facts required.
Explain the role of ethics in human resource management?
Ethics are standards set by organization that help ensure that people are treated fairly and honestly. In human resources management this includes making decisions that promote workplace cohesion, establishing standards and procedures that assures in all situations that individuals are treated equally. Ethics policies in the area of human resources can include discrimination, sexual harassment and treatment of employees. Ethical breaches in this area can damage a company’s reputation, reduce employee loyalty and create litigation.
Explain the role of finance in business?
The role of finance in business is to help capital move from investors to businesses. Businesses need finance to assist with operations. This is possible through financial markets and various investment vehicles including loans, and short and long term financing. Finance can also include roles in business development and corporate governance.
Explain the nature and scope of the financial information management function.
The purpose of the financial-information management function is to oversee the financial resources of an organization. This includes determining what a company needs for capital (which funds should be used for investment), cash (what purchases should be made and at what time) and control (providing analysis of financial statements).
interpret securities table?
A securities table provides information on a public auction of securities. In 2013, the U.S. Treasury Department also held 267 public auctions issuing $7.9 trillion in securities. The securities table provides an investor with information about an auction including: what security is available, the issue date, maturity date, terms and conditions of the sale and various bid closing times.
Explain the role of business in society?
“to innovate and deliver products and services, to use resources efficiently so that the value is created and to conduct operations so that they are performed profitability and accepted by society.” In summary, “the role of business in society is a coherent way of thinking about a company’s impact and interaction with society.” Niall Fitzgerald KBE and Mandy Cormack, The Role of Business in Society: An Agenda for Action; Harvard John F. Kennedy School of Government
Explain health and safety regulations in business.
In 1970, the Occupational Safety and Health Act was passed that created the Occupational Safety and Health Administration (OSHA). A business is responsible for protecting the safety, health and welfare of all employees. Therefore, a business must create procedures to manage risks that could cause injury and/or damage to employees, property and the environment.
Identify sources that provide relevant, valid written material.
When evaluating material, determine if content is fact, opinion or marketing information. Other factors can include validity of research, relevance, timeliness, authority of the author and evidence offered to support a claim. If you are validating written material, ensure that you have cross-checked information that is provided by the source.
Discuss the nature of human resource management?
Human resource management is a process of bringing people and organizations together so that the goals of each are met. This includes a focus on: results rather than on rules; helping employees develop his/her full potential; encouraging employees to give his/her best to the organization; assigning people to jobs in order to produce good results; helping the organization meet its goals in the future by providing for competent and well-motivated employees; building and maintaining positive relations between people working at various levels in the organization.
Explain the nature of positive customer relations?
Customers are the life of any business; any interaction should be positive, courteous, and respectful. Positive customer relations can include showing appreciation, delivering timely service, training employees effectively to interact with clients, and appeasing any concerns brought forward.
Exhibit cultural sensitivity
A cultural sensitive employee will value diversity, be willing to adapt communication and behavior to be compatible with another’s cultural norms and be willing to learn traditions and
Describe the concept on insurance?
a promise of compensation for specific potential future losses in exchange for a periodic payment (premium). This protects the financial standing of an individual or company in the case of unexpected loss. A policy holder can be responsible for paying part of a loss (a deductible) and the insurer pays the rest.
Handle difficult customers
customers who are angry, impatient, demanding and indecisive. To handle these, first maintain control over your personal emotions and behavior by staying calm and listening closely to the customer. Acknowledge their concerns, maintain eye contact and demonstrate compassion for the situation. Try to solve the problem or identify someone who can act on the customer’s behalf. Whenever possible, offer choices.
Explain marketing and its importance in a global economy?
As the global economy has expanded, brands must use technology and communication to establish themselves in a variety of markets.Marketing is a tool that is used to persuade customers and must be employed in order for businesses to sell their products.
Discuss the nature of customer relationship management?
The goal of customer relationship management (CRM) is to maximize the value and effectiveness of all opportunities that businesses have to connect with customers; provide outstanding service to customers; maximize customer satisfaction; attract and retain loyal customers; cultivate and maintain positive, profitable relationships with customers and develop individualized relationships with customers.
Describe the relationship between economic conditions and financial markets.
The financial markets of a country can reflect the current state of an economy but they are not always linked. However, if an economy is growing, business profits will increase as consumers spend discretionary income. If an economy is headed toward a recession, and consumers are less likely to make purchases, a businesses’ profits could decrease which reduces the businesses’ value in a financial market.
Describe the nature and scope of financial globalization?
the worldwide development of economic, financial, trade and communication integration. This pushes business executives to consider broad views in the global marketplace as countries, and their economies, become interconnected and interdependent.
Identify desirable personality traits important to business?
Your personality is a set of characteristics that relate to a person’s emotions, motivations, interpersonal interactions and attitudes. Highly desired personality traits most often include professionalism, being “high-energy”, confidence, the ability to work independently and intellectual curiousity.
Explain types of business ownership?
There are three types of business ownership: sole proprietorship, partnership and corporation. A sole proprietor owns and operates a business by oneself. A partnership is owned and operated by two or more people and is jointly responsible for the businesses outcomes. A corporation is operated by several people and owned by stockholders.
Discuss legal considerations in the finance industry?
One of the recent legal actions taken in the finance industry was the 1999 Gramm-Leach-Bliley (GLBA) Act that protected consumer information and prevented data breaches. Consumer privacy as described in the GLBA act will continue to evolve as consumer privacy needs are addressed. Another recent legal action taken is the U.S. Securities and Exchange Commission (SEC) wanting to impose fees on market data (information on trades in U.S. financial markets). While the SEC’s responsibility is to keep trade fair and equitable, many financial institutions are against this added cost to investment.
Evaluate quality and source of information
Information is widely accessible in today’s market so evaluation tools can be used to determine validity. A reader should determine who the intended audience is, if the data provided is fact or opinion and if a credible author is attached to the information. Further, factual documents should be supported with evidence including primary and secondary information. Quality information should be timely.
Explain the responsibilities of finance professionals in providing client services?
A financial professional, who works with clients to create budgets, retirement plans, investing strategy, must first have exceptional knowledge of the industry to respond to client needs. Additionally, communication skills are paramount as clients are discussing sensitive financial matters including marriage and planning for death. The ability to listen to clients and show empathy while being responsive to a client’s needs will build trust and establish a long term relationship.