FNSINC301 Work Effectively in the Financial Services Industry : Free S

Question 3

Employee’s non-compliance with the legal, legislative or regulatory guideline can result into various consequences depending on the intensity and degree of violation. Five significant consequences for violating the above can be as follows:

• The employee can be put under surveillance unless she or he learn to act accordingly with the legal and regulatory guideline. The employee can receive termination on the violation legal, legislative or regulatory guideline as they are polluting the work culture and workplace environment.
• The employee can be put behind bars on serious non-compliance of the above.
• The employees can be charged for the violation of the legal, legislative and regulatory guideline. The amount of the fine can depend on the intensity of non-compliance.
• The event can mark a bad reputation in the career of the employee. This can cause trouble for the individual in finding jobs in the future as no organization wants to hire someone who tends to violate the legal, legislative and regulatory guideline of the organization (Tukamuhabwa, 2012).

Question 4

The finance sector requires maintaining a degree of confidentiality with their client’s data. The confidentiality is important for securing the interests of their clients. This is their fundamental duty towards their clients for providing security. The free flow of the cline’s’ data may result into theft. Someone other than the client might gain access to the clients account transfer funds according to their interest. This will considerably decrease the reliability of the bank’s performance and result into loss of client’s trust. The confidentiality includes all the information related to the client starting from personal information like address to the information related to the monitory balance available in the account (Platt, 2015).

Question 5

The consequences to the organization due to non-compliance with the legislative or regulatory guidelines can be as follows:

Wage Issues – The organizations neglecting to pay the appropriate wages to its employees may face legal issues with the state. Paying the employees less than the minimum wage set by the state will result into the violation of employee rights, which will be chargeable to the state and the employee.

Hiring – Companies are not bound to hire every individual apply for the positions offered. However, they need to follow a guideline of accurate question and considerable in the process of hiring. Violation of such will result in discrimination for which the organization will be questionable. They might have to pay a considerable amount as compensatory and punitive damages depending on the size of the offending company.

Hiring Underage Employees – It is illegal for any business to hire the minors as worker in the business. Minimum age at which an individual can be hired is different according to the law of the country. Non-compliance of this law can cost a business thousands of dollars fines.

Licensing – Staying compliance for any organization requires them holding various licenses and permits. Operating without a trading licensing is a direct violation of state law that can into shut down of the business permanently.

Workplace Safety – Any business organization needs to maintain the workplace safety for ensuring the well-being of the employees. Violation of this can impact of value proposition ad customer loyalty of the organization (Tukamuhabwa, 2012).

Question 6

Meeting the standard is common to all business organization. The companies require monitoring the quality of their work to identify if the business is meeting the standard or not. The performance management tool is perfect for monitoring the standard of the work. It not only identifies the performance of the employees but also identifies the standard of their work. The process involves various components in the organization related to the employee performance. Hence, this single tool can identify the overall performance of the organization (Pollitt, 2013).

Question 7

Various tips can be offered for becoming a good listener. Ten most significant tips are as follows.

Face the Speaker and maintain Eye Contact – It becomes hard for the speaker to communicate if the listener is distracted. Hence, it becomes important for the listener to maintain eye contact with the speaker to have a quality communication.

Be attentive – Paying attention is the primary criterion for becoming a good listener. Maintaining eye contact was just an process to reflect the attention of the listener. However, the listener has to be actually attentive to the speaker.

Keep an open Mind – The listener has to be broad minded and listen to the speaker without any biasness.

Try to picture the saying – It asks the listener to formulate a mental model of the information being communicated

Don’t Interrupt – Try not to stop the speaker in the process of deliverance.

Wait for the Speaker to Finish – Allow the speaker to finish as it might clarify the detail one might have in the middle of the speech.

Ask question only to understand – One should only ask question to understand the speaker and not to posing one’s point of view.

Try to feel the speakers within the speech – It is important to understand the feeling of the speaker to properly understand what the speaker wants to say.

Provide the speaker feedback to keep the communication going – Communication without feedback will be dull.

Pay attention to the non-verbal cues – Listener should also focus on the non-verbal cues for completely understanding the theme as they are also a part of the communication (Forbes.com, 2017).

Question 8

Electronic Spreadsheet – This particular software is utilized for analyzing, planning and modeling. It helps in performing calculations. The computer stores the rows and columns where the data and formulas are entered. The computer then calculates the figures based on the entries.

DBM – Database management helps in storing, maintaining and utilizing the data in a database, which is shared by multiple users.

Oracle EBS – This is a popular ERP system used in the banking industry. The software dominates the industry with their highly process oriented and secure application flows.

Apache Hadoop – This is the best big data tool used in the finance sector for updating the data processing and storage. It helps the organizations to process extremely large data in both structured and unstructured formats. It also helps in replicating chunks of data to nodes and making it available on the local processing machine.

Multiview – This accounting software offers financial solution to the finance organizations. The company can gain visibility over corporate data. It includes financial reporting and analytics, general ledger with budgeting, order entry and many other features (Softwareadvice.com, 2017).

Assessment 3: Project – Outline of the job role of finance employee

Job Description

Working in a finance sector is different from other industries. The employees of finance sectors are liable to follow certain roles, responsibilities and obligations. They are to keep accurate records for all the daily transactions, prepare balance sheets, prepare invoices, record accounts payables and accounts receivables, update internal system with financial data, prepare monthly quarterly and annual financial reports, reconcile bank statements, participate in financial audit and many others. As an employee in finance department, he or she must perform their task on time without piling it for later. They continuously need to update their data for to support the management and provide accurate update when required (Gitman, Juchau & Flanagan, 2015).

Responsibilities

The responsibilities of an employee working in finance sector considerably vary over a wide range. The responsibility starts from the bookkeeping. The employees are responsible fr accurate record keeping, which incorporates recording expenses and revenues, paying bills, billing customers and clients, keeping a general ledger and performing monthly bank reconciliations.

Budgeting is one of the major responsibilities for the finance employees. They are to prepare both company’s annual budget and departmental budget. It helps the management to identify the need to cut costs , increase price, drop specific services, secure financing and better manage the working capital. Moreover, this contributes in determining the cost overhead, administration and sales.

Cash flow is management another critical responsibility of a finance employee. The employee needs to synchronies the timing of the bill arrival and payment receiving from the customer’s for achieving success in the business.

The final and most important role of the employee working in the finance industry is to analyzing the performance of the business. It comes at the end as the worker needs to properly prepare their data, budget and cash flow that facilitate the employee in analyzing the data. One has to regularly analyze the variation occurs in the business and verify if the business is on track with its projection. This will help the employee in tracking the performance of the business and its ability to clear the bills. The employee further needs to check the assets and liabilities at any given time to reflect the company’s current value (smythecpa.com, 2017).

Legal and ethical Obligations

The legal obligation of the employees in finance sector is to track the legal compliances for the company. It is to make sure that the company is meeting all the legal obligations, such as claiming only legitimate deductions, paying sales, payroll and income taxes.

The employees in finance sector need to be more conscious with regarding the legal and ethical consideration as they are directly handling their clients’ money. The employees are bound to keep their work confidential and vow not to pass any information outside the office. The confidentiality of the client’s records is the key to success for any organization operating in the finance industry. The client’s trust and value line on the thin line of trust. Hence, violation of this ethical consideration will result into failure of the business and have direct impact on the business reputation.

Expectation

The employee is expected to have the knowledge of the tools used in the finance sectors. It is assumed that the employee is accustomed with the tools and has proficient skills to operate them in developing data, input, and extract data when required and analyze it. The company will put the employee under provisional period to test the accuracy and performance of the employee as claimed in the selection process. Only then he or she will become eligible for receiving confirmation from the company.

Moreover, the employee is expected to be bound by the legal and ethical norms set by the company and the government. It is to maintain the reputation and work environment of the organization. Violation of these ethical and legal considerations will led to termination of the employee from the organization.

The employee is further expected to cooperate with the company and work accordingly. He is expected to perform the task given to him without complaint.

Importance

The company is bound by the importance of these information and need to deliver it to the employees at the time of joining. This will help the employee to clarify his or her position in the company.  The responsibilities communicated in above will help the employee to understand his duties in the company and the type of tasks he or she needs to perform in the organization. The job description on the other hand is important to be conveyed to the employee as it provides idea about the skills he or she requires performing the task. The company on the other hand needs to convey the ethical and legal obligations to the employees to make him understand his or her limitations in the company. Moreover, it also communicates the interests of the organization that the employee needs to consider while working in within. He or she must consider them as their own for the success of the organization.

Expectation on the other hand is communicated on the other hand to make the employee understand what he or she is supposed to do. It also communicates that the failure in these grounds may lead to termination of the employee form the organization.

References

accc.gov.au. (2017).  Legislation. Retrieved 14 November 2017, from https://www.accc.gov.au/about-us/australian-competition-consumer-commission/legislation

Brewster, C., Hegewisch, A., Mayne, L., & Tregaskis, O. (2017). Employee communication and participation. Policy and Practice in European Human Resource Management: The Price Waterhouse Cranfield Survey, 154.

Forbes.com. (2017).  Forbes Welcome.  Retrieved 14 November 2017, from https://www.forbes.com/sites/womensmedia/2012/11/09/10-steps-to-effective-listening/2/#3056a67f36bf

Gitman, L. J., Juchau, R., & Flanagan, J. (2015). Principles of managerial finance. Pearson Higher Education AU.

Platt, S. (2015). Criminal capital: How the finance industry facilitates crime. Springer.

Pollitt, C. (2013). The logics of performance management. Evaluation, 19(4), 346-363.

smythecpa.com. (2017).  Roles and responsibilities. Retrieved 14 November 2017, from https://www.smythecpa.com/news-insights/roles-and-responsibilites-of-a-finance-department/

Softwareadvice.com. (2017).  Best Bank Accounting Software - 2017 Reviews & Pricing. Retrieved 14 November 2017, from https://www.softwareadvice.com/accounting/banking-mortgage-software-comparison/

Tukamuhabwa, B. R. (2012). Antecedents and consequences of public procurement non-compliance behavior. Journal of Economics and Behavioral Studies, 4(1), 34-46.