Chapter 2 Flashcards
Executive Directors
• works full time in the company
• given management responsibility for running parts of the business
• usually appointed by the board to be accountable for the running of the company
• CEO/managing director appoints the company management
Non-Executive Directors
• works part time in the company
• chosen for their particular area of expertise
• does not perform an executive management role
Responsibilities of the Board
• regulate executive directors and senior management
• approve reports, budgets and plans
• select and reward the CEO, plan for succession
• oversee risk management
• ensure integrity in financial reporting and compliance with laws and ethics
UK Corporate Governance Code
• board composition and development
• remuneration
• accountability and audit
• relations with shareholders
The Financial Reporting Council (FRC) new 2018 Uk Corporate Governance Code
Revised guidance on Board Effectiveness
Came into effect on January 1, 2019
CEO/Managing Director
Responsible for business functions, day-to-day activities, formulating objectives and leading culture
Finance Director
Manages capital, stress testing, financial reports, investments and audits
Company Secretary
Maintains records, files returns, arranges meetings and advises on compliance
Chief Actuary
Handles pricing, reserves, capital requirements and investment risks
Senior Positions
• chief risk officer
• head of internal audit
• underwriting director
• claims director
• marketing director
• head of HR
• head of IT
• strategy director
• investment directir
Roles and Responsibilities of Managers
Planning, organising, leading and controlling resources affecting business components such as products, finances and human resources
Individual Manager’s Role
Hiring, training, coaching, performance management, goal setting, expense control and reporting
Internal Communication
clear communication with staff leads to motivation, commitment and support for management decisions
Effective Communication
accurate, clear, relevant, reliable, credible and timely
Effective Communication Barriers and Benefits
Barriers - organisation size, withholding information, language issue, time constraints, lack of training
Benefits - faster cultural change, low employee turnover, better decisions, increased cooperation
Team Leaders
Provide direction, understand team strengths, organise tasks, uphold vision and resolve conflicts
Open Door Management Style
Managers are approachable by staff
Autocratic
Control and power rest with a single individual
Paternalistic
The company looks after it’s employees in a fatherly way, and employees respect the organisation’s managers
Militaristic / Hierarchical
The management is structured in a formal way
Democratic / Consultative
Decisions are taken with proper reference to as many staff members as possible
Chaotic / Laissez-faire
The manager is a mentor and the employees can let their own ideas and creativity flourish in specific areas
Managing Remote Teams
• deliver effective online meetings
• maintain communication
• ensure health and safety
• recognise poor mental health
• control workloads
The Chartered Institute of Personnel and Development (CIPD)
Published a series of top tips to help managers and their team make the most of remote working
Agile Working
Work is an activity, not a place
Combines people, processes, technology, time and place for effective task completion
Non-Managerial Staff Roles
• actuary
• risk analyst
• solicitor
• claims adjuster
• assistants
• training officers
• HR officers
• procurement managers
• facilities management
• business recovery planners
