10 - MI & quality standards Flashcards
MI to show good consumer outcomes
T&C records
Performance management
Customer retention
Behavioural insights (consumer interaction/ drop off rates)
Consumer feedback & complaints
Compliance and audit reports
Business monitoring of advice
Vulnerable customers
Collect MI in 4 key areas
- Income targets
- Costs
- Regulatory compliance
- Consumer outcomes
Characteristics of an effective MI system
- Allows info to be accessed quickly and efficiently
- It does not involve having to process large amounts of information that may be irrelevant or out of date
- It does not cost more to produce than its value to the business
- It is accurate
- It is available on a timely basis (frequency)
RAG ratings and the benefits
Red - performance below standard, potential risk to the business. immediate action required.
Amber - some level of risk. A trend of deterioration or further monitoring and or action required.
Green - Meets the standard, no risk and no action required.
Benefits
- business can define their tolerances they are prepared to accept for each colour. Agree risk appetite - how much risk do they feel comfortable taking.
- RAG ratings widely used and understood
- clearly identify areas of risk & urgent of action required
Exception reporting & the benefits
Avoid information overload that makes if difficult or time consuming to pick out the key points.
Only reports on data that falls outside of acceptable standards. Reports both below and above standards.
Benefits
- used to highlight a potential problem/ underperformance
- used to identify trends over time
- identify a training need or differences in performance
- recognise better than expected performance
- saves time - allows more focus on solutions
Managing quality - key concepts
- Customers are not just the people outside of the organisation - employees are the customers of fellow colleagues by using the goods or services they produce in their work. Employees both the supplier and the customer.
- A culture of continuous improvement. All employees encouraged to contribute. Permanent feature of the organisation.
- Quality should be built into the processes and systems used by the company. Everyone responsible. Quality in, quality out.
- Process designed so that complaints never occur. Identify potential failings before they happen & engineer the process to avoid. Test and build controls.
- Ongoing preventative action to break the loop of reoccurring actions. Less fire fighting, corrective action to stop happening again.
- Consideration given to leadership and management style - collaboration encourages emoloyee engagement and input.
Quality standards - International and British
Benchmark against recognised national and international standards. Be the best!
Investors in People (IiP)
International organisation for standardisation (ISO)
British Standards Institute (BSI)
IiP
British - recognise good practise for improving organisations performance through training and development of its people.
It sets a standard approach for firms to follow to set and communicate business objectives. Aims to help businesses:
- Increase business growth
- improve staff engagement
- improve productivity
- attract better talent
- stand out from other employers
IiP explores the businesses practises and outcomes in 3 areas:
1. leading
2. supporting
3. improving
9 key indicators under each heading, which is scored as
developed
established
high performing
then an overall award or silver, gold or platinum is given.
4 stage process for IiP
- Discover phase - online self diagnostic assessment and meeting to discuss results with IiP practitioner.
- Online survey to gather staff views
- Face to face interviews with staff to obtain soft facts
- An accreditation report demonstrating the standard achieved with evidence and feedback.
ISO900
Internationally recognised standard.
A framework that enables firms to continuously improve products and services.
Includes:
- a defined org structure
- internal quality audits conducted on a regular and systematic basis
- clearly defined processes
- management review meetings - 3 - 6 months where issued raised and solutions discussed.
- a formal training system - managers have abilities to perform and ensure staff are trained too.
The standard helps demonstrate a business has reliable systems in place.
ISO 27001 information security
International standard for information security. Focuses on:
People
Processes
Technology
DP legislation requires firms to adopt appropriate processes, policies and procedures to protect the personal data they hold.
FCA also expects this through its rules on systems and controls.
ISO 27001 helps firms comply and reduce risk of a breach.
Growth of cyber crime, malware , ransomware & data theft.
BS 8453
British Standards.
Recognise appropriate systems, procedures and quality for firms.
Standard for managing compliance and risk management within regulated firms.
These include:
- effective risk management
- undertaking risk assessments
- monitoring compliance
- internal and external reporting
Operational resilience
FCA definition
” the ability of firms, & the financial sector as a whole, to prevent, adapt, respond to, recover and learn from operational distuptions”
Focus on preventing future harm.
FCA & PDA expect firms will have:
- identified important business services that could cause intolerable harm to consumers or risk market integrity.
- set impact tolerances
- carried our mapping and testing
- conducted lessons learnt exercises
- developed internal & external communication plans
- prepared self assessment documentation
3 areas scored against for IiP accreditation - what do they look at in each?
Leading
1. Leading and inspiring people
2. Living the organisations values and behaviours
3. Empowering and involving people
Supporting
4. Managing performance
5. Recognising and rewarding high achievers
6. Structuring work
Improving
7. Building capacity
8. Delivering continuous improvement
9. Creating sustainable success
Examples of unsatisfactory performance in the workplace
Constant failure to achieve personal objectives / KPIs / appraisal objectives
Quality of work regularly below the acceptable standard
Persistent disruptive/ anti social behaviour in the workplace
Inappropriate conduct e.g. making promises to clients that cannot be met/ receiving negative customer feedback
