PART A
Question one
The RBA is the central bank in Australia. It conducts the monetary policies and issues the currency of Australia. Moreover, it seeks to foster the financial system stability as it promotes the safety and efficiency of the system of payments. RBA offer banking services to the Australian government.
Question two
Professional work is conflicting with the demands of the company. For instance, faulty reward systems can encourage unethical conduct. Therefore, several codes of practices have been created in the financial sector such as the ASIC that has the power to approve codes in the financial service industry.
Question three
The presentation of information is important because communication represents both employees and the employers. For instance, when one wants to make a good impression on the employer, he will need to pass a positive image. Therefore, in any organization, professionalism and attention will show a real set of success.
Question four
Personal locus can be internal or external. It is important to maintain personal locus because when one has such controls, he will think for himself (Hale, 2012). That is if you succeed, you will take the credit. But in the event of failure, he will also blame himself. Additionally, the locus of control makes one helpless. That is it will be easy to point a finger at everyone but yourself.
Question five
The security of personal information is more concerned than ensuring compliance with the requirements of the privacy act of the employees. In any case, an employer mishandles personal details of the customers or employees; it can cause a financial or reputational loss to the clients. They include respect for private life, protection of data, security, confidentiality of personal bank accounts, and opinions in the place of work.
Question six
When providing information regarding products and services, you need to consider how to communicate with the clients, how effective you will respond to the customers’ demands, and how you will gather and act on their responses. Therefore, the involvement of the customers will make them more satisfied. Consider the appointment of key account managers for key clients to measure the service level of the customers.
Question seven
The financial sector provides the following services:
Commercial banking services such as keeping money safe for withdrawals when needed.
Capital market services such as underwriting debt and equity
Foreign exchange services such as exchange of currencies
Investment services such as management of hedge funds
Insurance underwriting services for individuals, and stock brokers.
Question eight
It is essential to have a good understanding of the environmental legislation because breaking the law can lead to serious financial penalties as well as generating poor business publicity. Thus, good management of the environment can bring a substantial cost saving in raw materials, disposal of waste products, energy, and transport. Moreover, maintaining environmental ethics can minimize the modification costs or replacing equipment and updating working practice. The environmental code of practice is the practical guide that assists one in complying with the health and safety duties. The main aim of the codes of practice is to make it easy for the people to understand what is required and comply with the duties.
PART B
The effective teamwork has assisted my company to achieve unbelievable results. Therefore, people who are united at the workplace are more likely to engage in their jobs. The organization is seeking feedback on the delivery methods, assessment strategies, learning outcomes, and resources. Moreover, we seek feedback from the customers, employees, managers, third parties, and colleagues. Similarly, we normally seek feedback through interviews, surveys, questionnaires, focus groups, and formal or informal meetings. The processes that are implemented especially an employee has come up with a good idea are the suggestions where rules are not enforced, positive feedbacks, quick reaction, ability to brainstorm, and rewarding the best suggestion.
The bank is committed to business lending where it reduces its impacts through the products and services it offers to the customers. Regarding the change of climate, the statement of ANZ confirms its support to the international agreement to reduce the average global warming to no more than 2°C above the industrial levels (Anz.com, 2016). In the workplace of the Australia and New Zealand (ANZ) Bank, it identifies, controls, and improves its environmental performance. That is it has an online environmental system of reporting that provides a consistent method of assessing the environmental influences on the physical footprint. This helps in setting targets to improve the performance of the ANZ. Lastly, the financial institution has managed both social and environmental impacts of its procurement decisions while working in partnership to influence the performance of its supply chain. Therefore, my example seems to be an integral part of the organization planning because it shows a commitment to managing the environmental impacts of the activities of the company by mounting solutions to reduce the environmental influences and costs.
PART C
Project 1
Structure of the organization
Immediate supervisor
Conducting work in the financial service sector:
Operate within financial service industry rules, procedures and legislation
The guidelines, procedures and codes of practice applicable to the financial sector need to be identified and their effects on everyday work.
Follow the workplace procedures and instructions for sustainable environment practices, and any other improvements that are suggested appropriate to personnel.
Carry out work tasks under the specific policy, guidelines, and procedures of the organization
The undertaken tasks should meet the philosophy, values, and aims of the financial sector in relation to service of the customers, professional conduct, and ethical principles.
Provide assistance to the application of the guidelines, procedures, and laws sought from the relevant personnel where appropriate.
Communicate in the workplace
Practice effective listening and speaking skills in verbal communication.
Ensure that the written presentation meets the standards of the organization with good format and accuracy.
Work safely
Follow the procedures of the organization and while responding to any emergency, apply workplace technology.
Access the relevant information management systems as per the procedures of the firm.
Communication skills:
Ensure that the recruits are capable of confirming work requirements through active listening.
Liaise with others colleagues, share information, listen and understand.
Apply appropriate language and concepts to cultural differences.
Concerning IT skills, show them how to undertake basic financial calculations, how to apply appropriate software such as Excel and databases, and how to access and use internet information.
They should be responsible for ethical practices that apply to work in the financial service industry.
Relevant knowledge of industry and codes of practice
Relevant environmental and resource efficiency and procedures for self-working area.
Should be responsible for questioning and listening techniques.
It is important to conduct induction to new employees in the organization because it starts them off with the required information for maximum productivity as quick as possible. It also fulfils the legal obligation of the employer to train the new employees in safe work practices.
Project 2
Guidelines, procedures, legislation and codes of practice
This choice will promote my professional development in the sense that it will provide for different working conditions at any situation that may influence the performance of the financial company.
References
Anz.com. (2016). Environmental sustainability | ANZ. [Online] Available at: http://www.anz.com/about-us/corporate-sustainability/environmental-sustainability/ [Accessed 14 Jul. 2016].
Hale, E. (2012). How Your Locus Of Control Impacts Business Success. [Online] Fast Company. Available at: http://www.fastcompany.com/1840496/how-your-locus-control-impacts-business-success [Accessed 14 Jul. 2016].
