Chapter 2 Flashcards
State four key ways a manager can benefit an organisation.
- Supporting Consumer Duty requirements by delivering good customer outcomes.
- Help to meet FCA requirements and manage risk.
- Manage people so that resources are focused on delivering the needs of customers and business.
- Manage information and take relevant steps.
List eight typical activities of a manager.
- workplace coaching
- performance management
- providing feedback
- demonstrating best practice
- briefings
- training
- team meetings
- collating/assessing relevant MI
- budgeting
What should a firms culture be?
Culture at a firm should be fair treatment of consumers and delivering good outcomes.
How can fair treatment of consumers and delivering good outcomes be achieved?
- Competent staff
- Appropriate standard of conduct
- Supervision that operates with an appropriate culture
What are 3 examples of good procedures and standards that will enable their staff to deliver good consumer outcomes?
- Providing service in line with the client preferred level and method. E.g. face to face, zoom, email.
- Staff displaying appropriate conduct and/or demonstrating the firms values.
- Competent and knowledgeable staff
To achieve good consumer outcomes, what types of people does an employer need?
People who can:
* Set the standards of service required.
* Identify training needs.
* Train the employees.
* Monitor and assess how well the services are delivered.
* Determine shortfalls.
* Coach individuals to improve performance.
* Keep records of activities.
List 5 areas of ‘knowledge’ a manager needs.
- Data protection.
- Anti-money Laundering.
- Firm business procedures & processes.
- FCA regulations.
- Effective people management & leadership skills.
List 5 areas of ‘Skill’ a manager needs.
- Building relationships.
- Prioritising tasks.
- Decision making.
- Good communication.
- Solving customer problems.
List 5 areas of ‘knowledge & skills’ a T&C supervisor requires
- Judge the level of supervision that is appropriate relative to the employee’s experience and skills.
- Assess and review the employee’s work.
- Pass the appropriate qualifications relevant to the role being assessed.
- Demonstrate an appropriate level of technical knowledge.
- Demonstrate relevant coaching skills.
- Monitor ongoing activity.
What are the 4 high-level competencies of a manager/overseer?
- Personal effectiveness
- Working with others
- Creating solutions
- Managing the team
What are ‘values’ within a business?
Values are types of behaviours that are important to a business.
They express the ingrained principles of how a business operates and treats its customers.
Values tend to be more high-level principles rather than specific elements of behaviour.
What are 4 examples of ‘values’
- Integrity
- Excellence
- Simplify
- Growth
Identify the activities and frequency of a typical supervisory regime for a trainee adviser.
Roleplays - Quarterly
KPI’s - Monthly
Knowledge tests - Quarterly
121’s - weekly or monthly
File reviews - 100%
Identify the factors which could affect the span of control a manager has within a T&C scheme.
- The experience of the manager.
- The experience of the employees.
- Geography
- Other responsibilities.
- Degree of risk.
Explain the FIRST line of the ‘three line model’ of risk management.
- Provision of products and services/managing risk
- Should have clear procedures and processes
- specialist staff embedded within business units.
- Should have clear targets and strategies.
Explain the SECOND line of the ‘three line model’ of risk management.
- Provides functions that monitor the first line.
- Provides expertise, support, monitoring.
- Challenge on risk-related matters.
Explain the THIRD line of the ‘three line model’ of risk management.
- Responsible for auditing first and second line.
- Provide independent assurance to governing body.
Provide one example of a team in each line of defence, in accordance with the three lines model.
- First line: operational teams
- Second teams: risk / compliance
- Third line: internal / external audit
State two criteria for the ‘Personal Effectiveness’ competency which a supervisor may be required to demonstrate.
- Striving for excellence
- Taking initiative
State two criteria for the ‘Working with others’ competency which a supervisor may be required to demonstrate.
- Customer focus
- People focus
- Influencing skills
State two criteria for the ‘Creating Solutions’ competency which a supervisor may be required to demonstrate.
- Seeking information
- Understanding issues
- Problem solving
State two criteria for the ‘Managing the team’ competency which a supervisor may be required to demonstrate.
- Leadership
- Communication
- Managing performance
What are examples of monitoring methods?
- Testing
- Qualifications
- Work checks
- Observations
- Role plays
- 121’s
- Performance reviews
- Appraisals
- KPI’s
- CPD
- Staff surveys
- Individual development needs
- Performance measures
