Chapter 2 - Roles And Responsibilities Flashcards
What are the two types of director and how do they differ?
- executive directors. These work full time and are given management responsibility for running parts of the business. T
- non executive directors. Who work part time and are chosen for their particular area of expertise and do not perform an executive management role in the company.
Five responsibilities of the board of directors
- overseeing the executive directors and other senior management to ensure they uphold the shareholder interests and the laws governing the conduct of business
- setting strategy, budget and other plans
- select, appraise and reward the CEO
- oversee risk management process
- ensure company’s integrity is held in legal matters, regulatory, ethical and financial reporting etc.
The Companies act 2006 requires all public companies to have ????????????? Although a private company need not have one.
Company secretary.
In the UK, chief actuary is a statutory appointment for…?
Life insurers.
The Chief actuary will be responsible for…
- technical pricing of new and existing products
- calculation of claims reserves
- calculation of risk based capital requirements
- assessment of investment risk for funds supporting technical reserves
In addition to the standard senior executive positions, what senior positions exist in a typical insurance company?
- chief risk officer
- head of internal audit
- underwriting director
- claims director
- marketing director
- head of human resources
- head of information technology
- strategy director
- investment director
Define Management
Process of planning, organising, leading and controlling the material financial and human resources of an organisation.
What are the physical resources of an organisation?
These include office space, IT telecoms, websites and perhaps vehicles.
What are financial resources?
Resources that constitute the funds that area available to managers of the business to allow it to carry out its day to day operations. These include cash, bank loans, share capital,
What are human resources in an organisation?
The people who work for the company, permanent, temporary, full time or part time basis, working directly or indirectly for the company in an outsourced basis.
What makes insurance and other financial services different to manufacturing and other product services?
Insurance is an intangible product
What are the 9 barriers to effective communication?
- The problem of size
- Natural reserve, fear, lack of confidence
- Knowledge is power
- The language problem
- The problem of time
- Training
- The grapevine
- Failure to recognise the need to tell
- Inability to listen
In Dr John Adairs action centred leadership approach, the three key identified areas of leaders effectiveness are…
- the task, the primary need to get the job done
- the team, the need to build a cohesive unified team, a bunch of star players does not always equate to a team
- the individual, we all have a variety of needs which motivate us into action to satisfy them, to be wanted, to be useful, to have our way. If these needs are not met, we become frustrated, and this affects our performance.
Corporate culture relates to a a organisations day to day business in a certain way. The corporate culture is made up of three factors…
- Norms
- Beliefs and values
- Management style
In regards to corporate culture, what are norms?
The behaviour which is most acceptable to an organisation. For example, approaches to problem solving, timekeeping, the way meetings are run, the use of first names, dress standards and standards of performance.
