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CIMA - E3 > 5.Generating Strategic Options > Flashcards

5.Generating Strategic Options Flashcards

1
Q

What is corporate governance?

A

The system by which companies are directed and controlled, objectives are set and means of attaining and monitoring are determined

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2
Q

What is the main objective of corporate governance?

A

To contribute to improved performance and accountability in creating long term shareholder value

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3
Q

What are the 4 main aims of corporate governance?

A
  1. Increased disclosure
  2. Running legally and ethically
  3. Confidence to investors
  4. Increased transparency at board level
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4
Q

What are the 5 commonly accepted principles of corporate governance?

A
  1. Leadership (chairman/CEO)
  2. Effectiveness (balance skills/non exec)
  3. Accountability (position)
  4. Remuneration (transparent)
  5. Relations with shareholders
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5
Q

What 4 elements of corporate governance will improve strategy?

A
  1. Balance
  2. Diversity
  3. Control
  4. Investor confidence
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6
Q

What are the 4 ethical stances?

A
  1. Short term shareholder
  2. Long term shareholder
  3. Multiple stakeholder
  4. Shaper of society
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7
Q

What are the 5 fundamental principles of CIMA’s code of ethics?

A
  1. Confidentiality
  2. Integrity
  3. Professional competence and due care
  4. Objectivity
  5. Professional behaviour
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8
Q

What are the 4 types of threat to the fundamental principles?

A
  1. Self interest
  2. Self review
  3. Advocacy
  4. Familiarity
  5. Intimidation
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9
Q

What are 5 types of internal safeguard to ethics?

A
  1. Reporting guidelines
  2. Ethical, open culture
  3. Tone from the top
  4. Disciplinary procedures
  5. Internal audit
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10
Q

What are 5 types of external safeguard to ethics?

A
  1. Education/training
  2. Corp governance regulations
  3. Professional standards
  4. Monitoring
  5. External audit
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11
Q

What are the 4 steps to responding to an ethical dilemma?

A
  1. Awareness (consider all)
  2. Application (context of fundamental principles)
  3. Ask (internal procedures)
  4. Alternative options
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12
Q

What are the 5 stages of alternative options when responding to an ethical dilemma?

A
  1. Consult line manager
  2. Consult CIMA
  3. Seek counsel
  4. Cut off from assignment
  5. Resign
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13
Q

What is the main benefit and drawback of a rules based approach to ethics in an organisation?

A

Pro - Easy to follow and consistent
Con - May be possible to find loopholes

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14
Q

What is the main benefit and drawback of a framework based approach to ethics in an organisation?

A

Pro - cannot legislate for all eventualities
Con - May leave to inconsistency and confusion

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15
Q

What is an organisation’s mission?

A

It’s fundamental objective expression in general terms (why do we do what we do?)

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16
Q

What are the 4 considerations when setting detailed objectives from the mission, in relation to strategy?

A
  1. Goal congruence between objectives and strategy
  2. Need to be SMART
  3. Financial and non financial
  4. Conflicting interests of stakeholders
17
Q

What are vision statements?

A

The ideal state that the company wishes to achieve

18
Q

What 4 elements should mission statements contain?

A
  1. Purpose
  2. Strategy
  3. Behavioural standards
  4. Values
19
Q

What are objectives?

A

Specific outcomes that are to be achieved

20
Q

What are goals, in relation to objectives?

A

Objectives are the quantification of goals

21
Q

What 3 things do objectives need to be effective?

A
  1. Consistent over time
  2. Horizontally consistent
  3. Vertically consistent
22
Q

What are the 3 E’s of objectives for not for profit organisations?

A
  1. Efficiency
  2. Economy
  3. Effectiveness

CIMA - E3 (10 decks)

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