Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

M92 - andy > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

What are the two types of director

A

Executive and non-executive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is an executive director

A

Works full-time in a company
Given management responsibility for running parts of the business
Usually a CEO or managing director

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a non-executive director

A

Works part time
Chosen for their expertise
Attend board meetings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the five main responsibilities for the board

A
  1. Regulation of the executive directors and other members to uphold shareholder interest
  2. Approve the report and accounts
  3. Selecting and appraising the CEO
  4. Overseeing risk management process
  5. Ensuring companies integrity and principles are uphelled
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the link between the board and the management company

A

The CEO or managing director

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a chief actuary

A

Statutory appointment for life insurance. Because we both employed for life and non life business. They are responsible for calculating claim reserves and pricing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the four management actions

A

Planning, organising, leading, controlling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the open door management style

A

Managers are approachable by staff at all times

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the autocratic management style

A

Control and power rests with a single individual usually the chief executive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a paternalistic management style

A

The company looks after its employees in a family way and employees respect organisations management. This is sometimes perceived as to be interfering

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the Democratic/consultative management style

A

Decisions are taken with prior reference to his many staff members as possible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a chaotic/laissez-faire management style

A

The Manager is a mentor and any employees are allowed at their own ideas and creativity flourish

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Who would be responsible for this:

Economic capital model to assist in determining the capital to be held by the company

A

Finance director

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Who would be responsible for this

Stress and scenario testing to assist in a determination the amount of extreme with the company may be subject to

A

Finance director

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Who would be responsible for this

Proposals to the board on a form of capital

A

Finance director

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Who would be responsible for this

Preparation of a statutory accounts of a company for approval for the board and shareholders

A

Finance director

17
Q

Who would be responsible for this

Preparation of financial information required by the FCA

A

Finance director

18
Q

Who would be responsible for this

Management of investment portfolio

A

Finance director

19
Q

Who would be responsible for this

Management of debt, cash flow, liquidity, and Treasury matters

A

Finance director

20
Q

Who would be responsible for this

Technical pricing up a new and existing products

A

Chief actuary

21
Q

Who would be responsible for this

Calculation of claim reserves

A

Chief actuary

22
Q

Who would be responsible for this

Calculation of risk based capital requirements

A

Chief actuary

23
Q

Who would be responsible for this

Assessment of investment risk of funds supporting technical reserves plus modelling

A

Chief actuary

24
Q

What are the four management actions

A

Planning, leading, organisation, controlling

25
Q

What are the three business components

A

Material resources, financial resources, human resources

26
Q

What are the four key new skills required of a manager

A
  1. Earning the respect of team members and colleagues
  2. Focusing on customers
  3. Multitasking
  4. Mobility and global outlook
  5. New management concepts
27
Q

What are the characteristics of effective internal communication (in exam)

A

Accuracy, clarity, relevant, reliability, credibility and timeliness

28
Q

What are the benefits of efficient internal communication

A
  1. Brings about change in a culture and structure of the business more quickly
  2. Encourage staff to be cooperative and innovative
  3. Insures that all relevant staff a helpful to make corporate objectives
29
Q

Under Dr. John Adair what are the three things under action centred leadership

A
  1. The task- The primary need to get the job done
  2. The team - we need to build a cohesive unified team
  3. Individual - where individual needs need to be met otherwise people can become frustrated
30
Q

Under Dr John Adair action centred leadership what do the tasks need

A 
Team goals and objectives
Ensuring appropriate resources are available
Developing work plans and define tasks
Allocate the work and resources
Control the work rate and quality
31
Q

Dr. John Adair the action centred leadership what does a team needs

A

Set an agree standards and maintain discipline
Builds and maintains team spirit and morale
Encourages communication and motivation
Appoints sub leaders
Train and develop the team

32
Q

Under Dr. John Adair action said leadership what does an individual need

A 
Agreed individual objectives
Attend personal problems
Gives praise and reward to individuals
Train in develop
Recognise the news individual abilities
33
Q

What are the six appropriate management styles

A
  1. Open door
  2. Autocratic
  3. Paternalistic
  4. Materialistic/hierarchal
  5. Democratic/consultative
  6. Chaotic/laisser faire

M92 - andy (27 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions