...Assessment Task 1 <Written Complaint with reply> * Customer complaint (name : Hong, 23 / 07 / 2013) Dear. Customer service manager I am writing to complain about my address information. About 1 month ago, I required to change my address to other one. But it wasn’t done. So I couldn’t get some letters from bank. And I needed to pick them up myself. It was very bothering on me. Can you explain why it wasn’t changed? And change my address to 35 railway TCE Lewisham please! I don’t want to waste of my time again. I anticipate your swift response. Hong * Commonwealth Bank response (manager, 24 / 07 / 2013) Dear. Hong Thank you for taking time to contact Commonwealth Bank. I confirmed your problem. It happened because of a computer error. It was obviously our fault by the person in charge who didn’t recheck the data. We apologize for the error and regret any inconvenience it may have caused. I made assurance doubly sure to change your address. Once again, please accept my apologies for not providing you with the service you expected on this occasion. If I can be of any further assistance, please do not hesitate to contact me at 9455-7789. Thank you for giving us the opportunity to assist you. Yours sincerely, John Krey. <Verbal Complaint written script> A : Hello, how can I help you? B : I would like to make a complaint. A : What’s the problem? B : One month ago, I required to change my address...
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...Narasimham Commitee • From the 1991 India economic crisis to its status of third largest economy in the world by 2011, India has grown significantly in terms of economic development. So has its banking sector. • During this period, recognising the evolving needs of the sector, the Finance Ministry of Government of India (GOI) set up various committees with the task of analysing India's banking sector and recommending legislation and regulations to make it more effective, competitive and efficient.[1] • Two such expert Committees were set up under the chairmanship of M. Narasimham. • They submitted their recommendations in the 1990s in reports widely known as the Narasimham Committee-I (1991) report and the Narasimham Committee-II (1998) Report. • These recommendations not only helped unleash the potential of banking in India, they are also recognised as a factor towards minimising the impact of global financial crisis starting in 2007. • Unlike the socialist-democratic era of the 1960s to 1980s, India is no longer insulated from the global economy and yet its banks survived the 2008 financial crisis relatively unscathed, a feat due in part to these Narasimham Committees. Recommendations of Narasimham committee The 1998 report of the Committee to the GOI made the following major recommendations: Autonomy in Banking Greater autonomy was proposed for the public sector banks in order for them to function with equivalent professionalism as their international counterparts...
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...of the financial sector * The protection of investors * Strengthening the influence of France on the European and international scene IB wants to provide investment services to investors in France and Europe, so we will look for areas of application that represents the European Economic Area. The directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 is about the applicable prudential rules to credit institutions as discussed here, but also the rules governing their activities in the European Economic Area. Since its entry on 1 January 2007, the Directive has obviously been revised at various times. A. Prudential supervision of credit institutions Directive introduced into European law the adequacy of capital established on the basis of Basel II and maintains the principle on Basel I requirement a minimum coverage of risk-weighted assets by equity, up to 8%,...
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...those actions are right which bring about the most good overall. Jeremy Bentham identified good consequences with pleasure, which is measured in terms of intensity, duration, certainty, propinquity, fecundity, purity, and extent. John Stuart Mill argued that pleasures differ in quality as well as quantity and that the highest good involves the highest quality as well as quantity of pleasure. Herbert Spencer developed an evolutionary utilitarian ethics in which the principles of ethical living are based on the evolutionary changes of organic development. G. E. Moore, in hisPrincipia Ethica (1903), presented a version of utilitarianism in which he rejected the traditional equating of good with pleasure. Sarbanes Oxley Act-high light The legislation came into force in 2002 and introduced major changes to the regulation of financial practice and corporate governance. Named after Senator Paul Sarbanes and Representative Michael Oxley, who were its main architects, it also set a number of deadlines for compliance. An act passed by U.S. Congress in 2002 to protect investors from the possibility of fraudulent accounting activities by corporations. The Sarbanes-Oxley Act (SOX) mandated strict reforms to improve financial disclosures from corporations and prevent accounting fraud. SOX was enacted in response to the accounting scandals in the early 2000s. Scandals such as Enron, Tyco, and WorldCom shook investor confidence in financial statements and required an overhaul of regulatory standards...
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...Framework 10 - 11 Test 2 Ppt 14 Banking products & services 11 - 12 (15%) Ppt 15-16 Banking regulation and management 12 - 14 9 2 Chapter Outline NO. 1. LOGO CONTENT Asset quality – loan portfolio and problem loan management Bank credit process (loan life cycle) Problem loan detection (red flags): (i) accounts operation, (ii) business operations and (iii) external factors Loan recovery techniques – Collective workout agreement, collateral liquidation and bankruptcy 2. Performance evaluation of banks – financial statement analysis Ratios – Profitability, Liquidity, Asset Quality, Capital Adequacy (calculation and analysis) 3 Scope of Bank Management 5) Financial Ratios of Financial Institutions 4) Assets Quality LOGO 1) Capital Adequacy 2) Liquidity Management 3) Assets and Liquidity Management 4 4) Assets Quality LOGO Assets quality refers to the level of credit risk associated to a particular asset. For example of...
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...ASSIGNMENT ON BANK FUND MANAGEMENT ----------------------------------------------- Submitted to- Md. Ashraful Ferdous Choudhury Assistant Professor Dept. of Business Administration Shahjalal University of Science & Technology Sylhet-3114. Submitted By- Lipi Rani Dey M.Phil Reg No-2012751003 Dept. of Business Administration Shahjalal University of Science & Technology Sylhet-3114. Date of Submission- July 14, 2013 Topic: - CAMEL Rating in Banking Sector, Bangladesh; it’s Procedure, its Mechanism and its Impact. Introduction:- Banks are very old form of financial institution that channel excess funds from surplus unit to deficit unit in consideration of a price called Interest. Banking business definitely established on a relationship of Debtor-Creditor between the surplus unit called depositors and the bank and between the deficit unit called borrowers and the bank. Here, opportunity cost of money works as interest is considered the price of the credit. For the development of an economy, bank furnishes a huge contribution and modern economy can not be imagined without the services of bank. Economic development of a country requires a well organized, smooth, easy to reach and efficient saving-investment process. The function of a single bank is not limited to its geographical region only rather it has reached beyond the border of the country. So, banking business has been shaped as global business and...
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...A FRAMEWORK FOR PRUDENTIAL REGULATION AND SUPERVISION OF THE FINANCIAL SECTOR BY DR. OWEN JEFFERSON Recent developments in the financial sector has catapulted the issue of the safety and soundness of the financial system into the forefront of discussions in Jamaica. While not necessarily providing any consolation for us, it is important to note that this issue has also been plaguing many other countries and has become a matter of international concern. The number of countries experiencing significant banking problems has increased substantially in recent years - hitting industrial and developing countries alike - and the high costs and macroeconomic disruptions caused by banking crises have become a matter of increasing concern to the international financial community. Not since the Great Depression of the 1930's have so many banks failed as in the 1980's and the 1990's. A recent survey by the International Monetary Fund reported banking problems in 131 of its 181 member countries over this period, ranging from outright systemic crises to isolated causes of failing banks. We all remember the collapse of the Bank of Credit and Commerce International (BCCI) in 1990. There was the much publicised savings and loan debacle in the United States which cost some $150 billion. In Latin America, banks in four countries - Venezuela, Brazil, Mexico and Argentina - have recently had to struggle with crises of varying degrees of severity....
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...make new capacities with enduring focus and to react to updates in nature's domain. This angle is about "doing the right things". • Development and execution angle that is concentrated on interior productivity. Organizational capacities of this sort are retrospective and internal looking and advertise unoriginality and responsibility. It is about streamlining the existing operations with fleeting center and reacting to foreseeable possibilities. This angle is about "doing the things right”. In this paper, the main challenge was that the administration forms and control instruments of IT legislation are deficient for all encompassing influence of endeavour construction modelling. Although IT administration fundamentally concentrates on running every day IT operations, EA is basically concentrated on outlining what's to come state of construction modelling in backing of business. IT legislation structures, for example, COBIT...
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...Enron, Arthur Andersen, WorldCom, and Tyco, these corporate names are heard and scandal is what it thought. When corporate names become associated with scandal and greed, public confidence begins to falter. The Sarbanes-Oxley Act (SOX) came to be in July 2002 and introduced major changes to the regulation of corporate governance and financial practices. Also like other regulatory requirements, some sections of the act are more pertinent to compliance than others. Sarbanes-Oxley has been called by many the most far-reaching U.S. securities legislation in years. Now, all companies required to file periodic reports with the Securities and Exchange Commission (SEC) have new duties for reporting and corporate obligation. Non-compliance comes with significant penalties. Compliance with the legislation is not a difficult task, it should be addressed with a method using proper analysis and study. Compliance should be part of the plan and implemented as a norm. The SOX is arranged into eleven titles. Within these titles the most important sections that have to deal with compliance are considered to be 302, 401, 404, 409, 802, and 906. According to "A Guide to the Sarbanes-Oxley Act" (2003)” Section 404 of the Act requires publicly traded companies to include the following information in their annual financial reporting: • A statement of management's responsibility for establishing and maintaining an adequate internal control structure and procedures; • Management’s assessment, as...
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...been gathered from the British Virgin Islands jurisdiction from sources such as Financial Services Commission, British Virgin Islands Government and internationally, from the International Monetary Fund, the Organization for Economic Co-operation and Development and the text, International Compliance Training Ltd. The research is basically theoretically driven to ascertain if the industry would be better off with regulation or left for participants to operate freely. Introduction: Scandals (such as Enron, WorldCom), the September 11 attack and financial crisis of 2007 and 2008 brought attention to loopholes of legislation that market participants have been taking advantage of for years. It was never the intention of regulation to cause market abuse, insider dealings or loss of investments or tangible properties. This paper details the shortcoming of legislation but also highlights how an effective regulatory environment can be achieved. What is Regulation? Regulation is defined according to the International Compliance Training Ltd as a set of binding rules by a public or private body with the necessary authority to supervise compliance and apply sanctions, penalties etc. for non-compliance (International Compliance Training, 2015). All financial services industry operates within a regulatory environment at many different levels. Different countries maintain their own financial services industries, for example in the British Virgin...
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...Independence of Board members All of the members of the Board of Directors are executive members dependent on the Company and its shareholder (OP Cooperative). All Board members are members of the Executive Board of OP Cooperative, the parent institution: Reijo Karhinen, CEO, Chairman of the Executive Board, OP Cooperative; Tony Vepsäläinen, Executive Vice President, Operations, OP Cooperative; Harri Luhtala, CFO, OP Cooperative; and Jari Himanen, Executive Vice President, Group Steering, OP Cooperative. Board duties The Board of Directors is responsible for the Company's administration and appropriate organisation of operations and for the duly organisation of the supervision of accounting and financial management. It deals with far-reaching and important matters in principle from the perspective of the Company's and its consolidation group's operations. The Board of Directors and the President and CEO shall manage the Company and its consolidation group professionally following sound and prudent business practices. The Board of Directors has confirmed written rules of procedure defining the duties and meeting procedures applying to the Board of Directors. In this respect, the Board of Directors shall, among other things, . decide on the Company's business strategy, in line with the principles adopted by the central cooperative Executive Board, and supervise its implementation; . confirm the core values applied in the Company's business in line with principles adopted...
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...accurate financial disclosure. The signing officers must certify that they are responsible for establishing and maintaining internal controls to ensure that material information relating to the company and its consolidated subsidiaries is made known to such officers by others within those entities, particularly during the period in which the periodic reports are being prepared. The officers must have evaluated the effectiveness of the company’s internal controls as of a date within 90 days prior to the report and have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date. Section 404 of the Act requires management and the external auditor to report on the adequacy of the company’s internal control over financial reporting (ICFR). This is the most contentious...
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...Program Title Agency/Office Type of Assistance Comprehensive Community Mental Health Services for Children with Serious Emotional Disturbances (SED | Department of Health and Human Services Substance Abuse and Mental Health Services AdministrationWebsite Address (153): http://www.samhsa.gov | 93.104 B - Project Grants (Discretionary) | | | | Objectives (050): To provide community-based systems of care for children and adolescents with a serious emotional disturbance and their families. | Criteria for Selecting Proposals (180): The following review criteria will be used in evaluating proposals: (1) Potential significance of the proposed project; (2) appropriateness of goals and objectives; (3) adequacy...
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...‘Explain within which context how can we adopt the contract of Murabaha in Mauritius “ Islamic Banking in Mauritius In 2007, the Banking Act in Mauritius was amended to cater for Islamic banking activities. The Bank of Mauritius issued the first Islamic banking license in October 2009 to cater for the approximately 18 per cent of the 1.2 million Mauritian population that is Muslim. According to the Governor of the Central Bank it would have been a big task to build a sustainable Islamic retail banking model that is profitable to service just over 200,000 Muslims in the Indian Ocean Island if it were not for the Bank of Mauritius’s plans to introduce short term liquidity instruments. Governor of the Central Bank said that it is a major step in translating the vision of the Authorities to provide an alternative mode of financial intermediation, thus enhancing the options available to bank customers. Use of Murabaha contracts in Mauritius With the sub-prime crisis challenging conventional banking and financial products, there is mounting interest in Islamic products which comply with the principles of shariah law. According to report, the size of the global market for shariah compliant products is estimated at $800 billion. The increase in wealth in Islamic countries (especially in the Middle East with its accumulation of petrodollars), the growth in the Muslim population, the huge capital requirements for infrastructure projects across the Muslim world as well as...
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... both accords have helped harmonize banking supervision, regulation, and capital adequacy standards across the eleven countries of the Basel Group and many other emerging market economies. On the other hand, the very strength of both accords—their quantitative and technical focus—limits the understanding of these agreements within policy circles, causing them to be misinterpreted and misused in many of the world’s political economies. Moreover, even when the Basel accords have been applied accurately and fully, neither agreement has secured long-term stability within a country’s banking sector. Therefore, a full understanding of the rules, intentions, and shortcomings of Basel I and II is essential to assessing their impact on the international financial system. This paper aims to do just that—give a detailed, non-technical assessment of both Basel I and Basel II, and for both developed and emerging markets, show the status, intentions, criticisms, and implications of each accord. Basel I Soon after the creation of the Basel Committee, its eleven member states (known as the G-10) began to discuss a formal standard to ensure the proper capitalization of internationally active banks. During the 1970s and 80s, some international banks were able to “skirt” regulatory authorities by exploiting the inherent geographical limits of national banking legislation. Moreover, internationally active banks also encouraged a regulatory “race to the bottom...
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