Reference no: EM131619015

Task 1 - General Financial Industry questions

Question 1 - Provide at least three examples of external forces that may impact on the operations of the financial services industry.

• Economic Climate
• Value of the dollar
• Media

Question 2 - What are some of the main sectors of the financial services industry? List at least five.

• Accounting
• Insurance
• Superannuation
• Banking
• Financial Planning

Question 3 - List 3 examples of relevant legislation, regulations and industry codes of practice that companies in the finance services industry must comply with.

• Licenses & permits
• Finance & tax
• Workplace health & Safety

Question 4 - List five organisational policies, guidelines and procedures that organisations in the finance services industry may implement?

• Code of conduct
• Recruitment policy
• Internet & email policy
• Discipline & termination policy
• Health & Safety policy

Question 5 - List two ethical standards that should be applied in the workplace, particularly when making organisational decisions.

• Policy on using the phone in the workplace for personal calls.
• Completing personal projects on company software programs

Question 6 - Identify five sustainability policies and strategies that may have an impact on the finance services industry?

• Reducing environmental footprint
• Assist customers by providing solutions to environmental challenges
• Assist culstomers in meeting financial goals in retirement
• Provide access to financial services in the Pacific
• Assess future requirements of ageing and culturally diverse customers
• Provide an open, safe, ethical and unprejudiced workplace in which our employees can achieve their full potential.

Question 7 - Provide a brief explanation of the principles of each of the following:

• Anti-discrimination legislation
• Anti-Money Laundering and Counter Terrorism Financing Acts
• Business Names legislation
• Corporation Act (including Accounting Standards)
• Credit Act
• Electronic Funds Transfer (EFT) code of conduct
• Finance code of conduct
• Financial Services Reform Act (FSRA)
• Financial Transaction Reports Act
• Industry codes of practice
• Legislation covering competition, prudential regulation
• OHS Legislation
• Privacy Act
• Tax Agent Services Act 2009

Question 8 - Briefly discuss triple bottom line principles.

Question 9 - When formulating a master budget for the business, what data will need to be collected?

• Direct labor budget
• Direct materials budget
• Ending finished goods budget
• Manufacturing overhead budget
• Production budget
• Sales budget
• Selling and administrative expense budget

Question 10 - As an account manager, what customer service strategies should you implement in order to ensure customer satisfaction in relation to products and services?

Question 11 - Briefly discuss what kind of feedback you can provide to your team in the planning process.

Question 12 - How do you make sure that business documents meet the organisational standards in relation to presentation of information to the audience?

Question 13 - List at least two security practices observed by entities and the rationale of these.

Question 14 - Working as an accountant requires you to use various internal administration systems and databases. Provide examples of three of these.

Question 15 - How do you ensure you adapt to changes in work technology?

Question 16 - Briefly explain how you would review your work practice regularly in line with legislation, regulations and code of practices and organization policies, guidelines and procedures.

Question 17 - Review the following questions and undertake the necessary calculations:

a) Suppose the exchange rate for the One Australian Dollar is currently trading at $0.934566 against the US dollar.  If you wish to buy $500 US dollars, how much Australian dollar would you need to spend for it?

b) Jennifer signed a 12 month, $40000, 8% loan on December 1 2012. The amount of interest to be accrued on June 30th, 2013 is... (Rounded to the nearest dollar)

c) Suppose you have just bought software for your business. How much GST component have you paid if the total invoice of the software including GST is $5000.00.

Task 2 - Assessment:  Case Study 1

Student instructions

For this assessment, you are required to understand and analyse the case study provided. Questions relating to the case study should be answered with appropriate detail to demonstrate the necessary understanding required.   This assessment activity aims to measure the competencies in terms of knowledge and skills of the finance services industry.

Resources required for this assessment

• Access to the Internet
• Access to textbooks and other reference materials.
• Working in the Financial Services Industry Textbook [supplied].

Task 1 - Case Study 1

NO CLAIMS Limited is an insurance company operating in 30 countries. It has 3,500 employees catering the needs of 100,000 policy holders. In its 2012 financial report, it stated an income of $100M which shows a 20% decrease from its 2011 income. It has not invested in a centralized information technology infrastructure to aid its operations and it is still using its year 2003 system. You have been working with the company for the past 10 years as Finance Specialist and you have seen the loopholes of its operations. You have a task to evaluate the company's current operations and give your recommendation for any proposed improvements.

Using the case study above, answer the following questions:

1. What is the scope of your company's operations?

2. Identify two external forces that may impact on your company.

3. Identify three main sectors of the financial services industry that may relate to your company's operations. 

4. Identify the roles and responsibilities of other finance services companies to your company and in carrying its activities.

5. Identify the key issues in the case study and give your recommendations to the company on how to rectify these.

Task 2 - Case Study 2

You have been hired as a new account manager by NO CLAIMS Limited to head a team of 5 account specialists. As an account manager you have been tasked to oversee the responsibilities and performance of each account specialists.

After 6 months of working with the team, you have noticed that two of your account specialists have diminishing performance in terms of sales. Both of these staff members have been reported as spending too much time 'standing around chatting' and have been reported for inappropriate language in the office and with clients. They have both been contributing very well at team meetings and supporting other staff with their workloads when required however they are not meeting the standards required in regards to their own sales performance and conduct.

As a team leader, prepare an Evaluation Report in Microsoft Word, Calibri Font 12, about your team containing the following information.

6. Your feedback about your team members' performance

7. A reward system that you would like to implement in order to encourage and show value for the efforts and contributions of your team.

8. Recommendations on how to:

a) Encourage team members to participate and take responsibility for team activities and communication processes

b) Identify and resolve problems in order to increase productivity

c) Motivate team members to exceed organisational expectations

d) Set yourself as a role model for the team members ensuring that you are enhancing the organisations image within the work group and with clients/customers

Task 3 - Assessment: Research

Read through the information on Commonwealth Bank Sustainability report in the link given below and based on your research; answer the questions in your words.

Resources required for this assessment

• Access to the Internet
• Access to textbooks and other reference materials.

Sustainability means building a successful business today and delivering value over the long term and for the commonwealth bank it is core of the business. The Commonwealth Bank is Australia's leading provider of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, investment and share broking products and services. The Group is one of the largest listed companies on the Australian Securities Exchange and is included in the Morgan Stanley Capital Global Index.

The key financial objective of the Group is to have Total Shareholder Return in the top quartile of our Australian listed peers over each rolling five-year period. Total Shareholder Return is calculated as the growth in the value of the investment in the Group's shares, assuming all dividends are reinvested in shares at the point dividends is paid.

The strategic strengths of the Commonwealth Bank are its:

• brand
• scale
• diversified business mix

The Commonwealth Bank brand is the most recognised brand in the Australian financial services industry. Other award-winning brands within the Group include our wealth management business Colonial First State, our online broking service CommSec and Bankwest.

In terms of scale, the Group has a strong domestic presence with the largest customer base of any Australian bank and operates the largest financial services distribution network in the country with the most points of access.

1. What are the core focus areas for the bank in the area of sustainability?

2. How does the Commonwealth Bank support the principles of Triple Bottom Line (People, Planet and Profit) and incorporate these into their work plans and practices?

3. In what ways does the Commonwealth Bank incorporate environmental sustainability in their business plans and how do they promote this in their organisation?

4. Has the bank been able to successfully meet their environmental sustainability goals yet? Give some facts and figures to support your answer.

5. What is included in the Commonwealth Bank's environmental policies and procedures?

6. Analyse the benefits the Commonwealth Bank's gains from taking a sustainable approach to its operations.

7. What are some of the relevant legislations, regulations and codes of practice that the bank has to comply with?

8. What are the relevant organisation policies, guidelines and procedures that the bank must comply with in its daily operations?

Task 4 - Assessment: Project

Student instructions

In this project activity, make sure that you are able to present information that is relevant to job performance in a financial services work environment.

You are required to review the below scenarios and answer the questions listed. You must provide the relevant documents to your assessor as part of your assessment evidence for this task.

Resources required for this assessment

• Access to the Internet
• Access to textbooks and other reference materials.

Scenario 1 -

NO CLAIMS LIMITED BALANCE SHEET For the Period 1 July 2012 to 30 June 2013
ASSETS ($)		LIABILITIES ($)
Cash at Bank	22,500	Accounts Payable (Creditors)	6,975
Stock On Hand	8,750	Short-Term Loans	10,000
Petty Cash	1,100	GST Collected	9,885
Plant & Equipment	110,750	Bank Loan	75,000
Less Depreciation For Plant & Equipment	(12,540)	Bank Overdraft	0
Accounts Receivable (Debtors)	950
GST Paid	15,249
		OWNER EQUITY
		Capital	30,000
		Retained Profit	14,899
TOTAL ASSETS	146,759	TOTAL LIABILITIES PLUS OWNER EQUITY	146,759

As an assistant accountant at NO CLAIMS Limited, the senior accountant has asked you to check the calculations of each item shown in the financial report above to ensure that all computations are correct. Following review of the calculations, you must complete the following tasks and for submission to your Assessor:

1. Create a Balance Sheet (developed using MS Excel) with classification of each account. You must ensure that you present the information in an appropriate company format for the Board members.  Save the document as 1st Assessment Balance Sheet [student name and number] and attach to this assessment.

2. Analyse the above Balance Sheet for the business and create a short report in the form of a Memorandum to the senior accountant regarding any implications. You should also include any recommendations you may feel relevant in order to improve operations.  Attach the memorandum to this assessment and save as 1st Assessment Memorandum [student name and number]

Scenario 2 -

As a retail business banker at ABC Local Bank, you have been given two new business clients. Your new clients have provided you with a deadline of two days to prepare the documents they require and would like their accounts to be open as soon as possible. Signing up these two new clients means a substantial income for the business, so this becomes priority for the business. In two days' time, your clients would like to meet up with you to open their business accounts. In the meantime, you and your three other team member's needs to prepare the relevant documents for signing, identify bank requirements and prepare for your meeting with them.  Before you meet the clients, you plan to organise a meeting with the other team members to discuss the situation.

1. Plan your work schedule including time and resources required for the tasks in accordance with current situation [for this purpose for this task prepare this in an Excel spreadsheet and attach to this assessment for submission and name it 1st Assessment Work Schedule [student name and number]

2. Send an intranet email for the meeting to the 3 team members (for the purpose of this task you can  prepare this meeting invitation and all relevant information in your email, print to pdf and submit this with your assessment.  Save this as 1st Assessment Email [student name and number]

3. Develop an agenda for the meeting in Microsoft word, print to pdf and submit this with your assessment.  Save as 1st Assessment Agenda [student name and number]

4. Develop a Team Responsibility Matrix in Excel for this intended meeting and print to pdf and attach to this assessment submission and name it 1st Assessment Team Matrix [student name and number]

5. Send an email to the two new business clients confirming the date of the meeting, time, location and the documents required.   Print to pdf and submit this with your assessment.  Save as 1st Assessment Confirmation meeting [student name and number]. 

In addition, you must also submit a response to the following question:

1. What strategies can you put in place to manage any team issues and improve performance before you start working on the accounts of your new clients?

Scenario 3 -

After 2 years working at NO CLAIMS Limited as an assistant accountant, you have been given the chance to update your skills by commencing a Certificate IV in Bookkeeping. You goal is to become an Account Manager/Bookkeeper  after completing your Certificate IV in Bookkeeping and join some other professional organisations for career development.

You are required to complete the following tasks as part of your assessment for this scenario.

1. Complete a personal SWOT analysis (strengths, weaknesses, opportunities and threats) using the template below.

Strengths

• What advantages do you have?
• What do you do really well?
• What personal resources can you access?
• What do others see as your strengths?

Weaknesses

• What tasks do you usually avoid?
• What do others see as your weaknesses?
• What are your negative work habits?
• Do you have unhelpful personality traits?

Opportunities

• What new technology can help you?
• Do you have a network of contacts?
• What trends do you see emerging?
• Is there a need that no one is filling?

Threats

• What obstacles do you currently face?
• Is anyone competing with you?
• Is your job changing?
• Does changing technology threaten you?

2. Create a Personal development plan with goals, objectives and action plans with timeframes using software such as MS word or Excel.  Attach to this assessment.  Print to pdf and save as 1st Assessement PD Plan [student name and number]

3. Identify how you would regularly review your professional development?

4. List 3 professional development activities you have participated in within the last 12 months. These may be simple activities such as workshops, industry or magazine subscriptions, attending new meetings, skill development training or larger activities such as completion of a Certificate or other qualification.  If you have not completed 3 professional development activities within the last 12 months then identify those that you may be able to completing as part of your participation in this course.

5. According to the Corporations Act what kind of license would you be required to obtain in order to provide advice on 'financial products' and or deal with financial products in Australia? What are the key requirements to obtain this license and what does this license authorise you to do?

Task 5 - Business Documents

General

1. Give reasons why a spreadsheet would be the most suitable application for recording your weekly, fortnightly, monthly and annual budgets?

2. List some of the advantages of using a Powerpoint presentation.

3. Describe how a template can help ensure consistency within an organisation.

4. The process of producing and designing business documents requires a logical step-by-step process.  Outline the steps from start to finish in design and production of a business document.

5. Give 3 reasons why you need to discuss format and style with the person requesting a document.

6. Indicate which applications you would consider the most suited to the production of the following documents:

Documents:	Application
a. A catalogue of books in a library.
b. Display of the end of year figures which have been calculated for an organisation
c. The minutes of a meeting
d. A list of paintings for sale
e. A petty cash budget allocation
f.  A demonstration of the steps required to introduce a fire drill
g. A leaflet advertising  new product for sale
h. The comparison of interest rates between banks.

7. Give three reasons why security is important in regard to financial information?

8. Give a reason why you might wish to set AutoRecover to a more frequent time in Microsoft word.

9. Describe the purpose of the Autosave function.

10. Spelling and grammar checkers are only of use if the correct language is used. To ensure the spelling of words is checked appropriately documents must be based on English [Australia] and not English [United States].   It should be noted that while language settings are set for a computer, these settings do not always flow through to documents.  Explain how to change these settings.

11. Explain the command 'Mark it as Final' in relation to a Powerpoint presentation.

12. As a retail business banker at ABC Local Bank you are inviting your most valued clients to an exclusive presentation on a range of insurance products to be held on Friday, 27 November in the pm to be held at The Sofitel, 300 Turbot Street, Brisbane.

Confirmation of acceptance is required by 14th November as this is a one-off special presentation.  Please prepare a draft of this invitation on your company letterhead with left and right margins 2.5cm with main body using Calibri font 11 and the appropriate closing line.  Ensure you include your email address. Save this draft invitation and attach it to this assessment named as 1st assessment Draft invitation letter [student name and number]

13. What manuals, training booklets and/or help-desks would assist you to overcome basic difficulties with general document design and production?

14. What are the functions and features of the following software applications.  Insert your answer in the table below.

Software application:	Functions and Features
Microsoft Excel
Microsoft Powerpoint
Microsoft Access
Microsoft word

15. You have changed your draft invitation [as above] as follows:

RSVP:  20 November

Time: 11am

Venue: Hilton Hotel, 190 Elizabeth Street Brisbane.

16. Prepare a Powerpoint presentation on the insurance products offered by your bank with a maximum of 5 slides.  Ensure your Powerpoint presentation is consistent theme with the bank's, corporate logo use of colours and insert any pictures or graphics to suit.  'Mark it as a final' document.

Attachment:- Assignment File.rar