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M92 > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

What do shareholders of public companies do

A

Appoint directors who form a board and then elect a chair from their members

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2
Q

What do shareholders of public companies Chair do

A

Ensure meetings are run correctly

Organisations representative to the outside world

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3
Q

A - What at the two types of director

A

Executive director

Non executive director

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4
Q

A - What is an executive director

A

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

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5
Q

A - What is a non executive director

A

Works part time
Chosen for their expertise
Attend board meetings

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6
Q

A - What are the five main responsibilities for the board

A
  1. Regulation of the executive directors and other members to uphold shareholder interests
  2. Approve the report and accounts
  3. Selecting and appraising the CEO
  4. Overseeing risk management process
  5. Ensuring company’s integrity and principles are upheld
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7
Q

What is corporate governance

A

Sets the standard of good practice in relation to issues such as:

Board composition
Remuneration
Accountability
Relations with shareholders

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8
Q

Which rules require listed companies to report that they are compliant with he uk governance code

A

UK Listing rules

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9
Q

A - What is the link between the board and the management company

A

The CEO or managing director

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10
Q

What idoes a a company secretary do

A

Filling returns
Maintaining books
Informing companies house of any changes

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11
Q

What is a chief actuary

A

Statutory appointment for life insurers. But can be employed both life and non-life business

They are responsible for calculating claim reserves and pricing

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12
Q

What are the four management actions

A

Planning
Organising
Leading
Controlling

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13
Q

What are the three business components

A

Physical resources
Financial resources
Human resources

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14
Q

What are physical resources

A

Include all the assets used by the organisation that are at their disposal of the business. These include office space IT and websites

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15
Q

What are financial resources

A

Cash, bank loans, share capital offense that are available to the managers of the business to allowed to carry out its day-to-day operations

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16
Q

What are human resources

A

People who work for the organisation on a permanent or semipermanent basis

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17
Q

What are common communication barriers of effective communication

A

The size of the organisation
Lack of confidence
Language problem

Time problem
Training

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18
Q

What is the benefits of efficient internal communication

A

Brings about change in the culture

Achieve the low turnover of employees
Facilitates decision-making
Encouraging staff to be cooperative
Insures all staff or helping to meet corporate objectives

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19
Q

What 3 things make the action centred leadership approach

A

The task, the team, the individual

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20
Q

Under the action centred leadership what do a task needs

A

The leader should:

Define the teams goals and objectives and development work plans

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21
Q

Under the action centred leadership what do the team needs

A

The leader should:

Set an agree standards and build and maintain teen spirit

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22
Q

In action centred leadership what should the individual needs be

A

A leader should:

Agree individual objectives and give appraisals

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23
Q

When it comes to Organisations corporate culture what are the three factors

A

Norms: Problem-solving, timekeeping the way meeting are run.
Beliefs and values: For example we stand for quality
Management style: the behaviour of the mangers

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24
Q

What are the six appropriate management styles

A
  1. Open Door
  2. Autocratic
  3. Paternalistic
  4. Hierarchal/militaristic
  5. Democratic/consultative
  6. Chaotic/laissez fair
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25
Q

What is the Open Door management style

A

Managers are approachable by staff at all times

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26
Q

What is the autocratic management style

A

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

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27
Q

What is a paternalistic management style

A

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

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28
Q

What is a democratic/consultative management style

A

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

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29
Q

What is a chaotic/laissez-faire management style

A

The manager is a mental any employees allowed to let their own ideas and creativity flourish

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30
Q

What are examples of support roles

A

Personal assistance, HR officers, facilities management

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31
Q

What are the two types of directors

A

Executive directors which are inside the company/sector

Non-executive directors which are outside the company advises there to challenge the processes of the company

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32
Q

Is a public limited company a quoted company

A

Yes

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33
Q

What do you quoted companies need to have

A

Non-executive directors

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34
Q

What is the role of the CEO

A

Most important decision maker alongside them would be the chairman

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35
Q

If you want to be floated what do you need?

A

you need a chair and non-executive directors i.e. two people at the top

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36
Q

What are the responsibilities of the board for a public company include

A

Overseeing the executive directors and other senior management to ensure they uphold the shareholders interest

Approving The companies report and accounts, annual budgets, strategy

Selecting, apprising and rewarding the CEO

Overseeing the process of risk management and ensuring the actions are taken

Ensuring the companies integrity and principles are upheld

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37
Q

Andy’s notes
Who would be responsible for this:

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

A

Finance director

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38
Q

Andy’s notes
Who would be responsible for this:

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

A

Finance director

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39
Q

Andy’s notes
Who would be responsible for this:

Proposals to the board on the form of capital

A

Finance director

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40
Q

Andy’s notes
Who would be responsible for this:

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

A

Finance director

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41
Q

Andy’s notes
Who would be responsible for this:

Preparation of the financial information required by the FCA

A

Finance director

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42
Q

Andy’s notes
Who would be responsible for this:

Management of the investment portfolio

A

Finance director

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43
Q

Andy’s notes
Who would be responsible for this:

Management of debt, cash flow, liquidity and Treasury matters

A

Finance director

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44
Q

Andy’s notes
Who would be responsible for this:

Technical pricing of new and existing products

A

Chief actuary

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45
Q

Andy’s notes
Who would be responsible for this:

Calculation of claims reserves

A

Chief actuary

46
Q

Andy’s notes
Who would be responsible for this:

Calculation of risk based capital requirements

A

Chief actuary

47
Q

Andy’s notes
Who would be responsible for this:

Assessment of investment risk of funds supporting technical reserves plus modelling

A

Chief actuary

48
Q

Andy’s notes

What are the four management actions

A

Planning, organising, leading, controlling

49
Q

What are the two difference types of directors?

A

Executive director

Non executive director

50
Q

What is an executive director

A

Inside the company/sector

51
Q

What is a non-executive director

A

Outside the company advisors external challenge to the process of the company

52
Q

What is a public limited company

A

A quoted company

53
Q

What type of director do you quoted companies need to have

A

Non-executive directors

54
Q

What is the role of the chief executive officer

A

Most important decision maker in the business. Alongside them would be the chairman

55
Q

The main function of management in financial service sector is the facilitate a sustain the positive interplay between what

A

Do you organisation as a corporate entity
It’s employees
The external environment

56
Q

Does Lloyds syndicate have a managing director

A

No as it is not a legal entity

57
Q

What is the role of a chair

A

The chair board meeting. If you want to be floated you need a chair (and non-executive directors) two people the top

58
Q

What is an executive director

A

Appointed by the board to run the company full-time can also be known as a CEO or managing director

59
Q

What are non-executive directors

A

They work part time and are chosen for their particular area of expertise they can provide independent views on matters such as audit, management remuneration and risk management

60
Q

What are these examples of
Overseeing the executive directors at the senior management to ensure they have hold the stakeholders interests and laws governing to conduct of the business

A

The responsibilities of the board for a public company

61
Q

What are these examples of

Approving the companies report and accounts, annual budgets, strategy and other important plans

A

The responsibilities of the board for a public company

62
Q

What are these examples of

Selecting, appraising and rewarding the CEO and insuring succession planning is actively addressed

A

The responsibilities of the board for a public company

63
Q

Who is responsible for this

Overseeing the process of risk assessment and ensuring the necessary actions are adopted to mitigate against those risks

A

The responsibilities of the board for a public company

64
Q

What are these examples of
Ensuring that the company is integrity and principles are upheld on critical matters, such as financial reporting, accuracy, legal and regulatory compliance as well as idea to the company is stated ethical standards

A

The responsibilities of the board of a public company

65
Q

What is the main focus of the board for an insurance company

A

Underwriting strategy, financial management and capital management, risk management and operational effectiveness

66
Q

What is corporate governance

A

Regulatory requirements that are controlled internally through the board and executive management

67
Q

What does a UK corporate governance code set out

A

Board composition and development
Remuneration
Accountability and audit
Relations with shareholders

68
Q

How do trade associations such as the CII and BIBIA operate

A

They have no shareholders or board of directors but our council were the chairman

69
Q

Is this a responsibility for a finance director or chief actuary
The economic capital model to assist in the determination of the appropriate level of capital the company to hold

A

FD

70
Q

Is this a responsibility for a finance director or chief actuary
Stress and scenario testing to assist in a determination of the amount of extreme risk the company may be subject to

A

FD

71
Q

Is this a responsibility for a finance director or chief secretary
To the board on the form of capital to proposals hold in addition to equity capital such as subordinated debt

A

FD

72
Q

Is this a responsibility for a finance director or chief secretary
Preparation of papers for the board to assist in the determination of the appropriate level of dividend to pay to shareholders

A

FD

73
Q

Is this a responsibility for a finance director or chief secretary
Making recommendations to the board on the appropriate level of claims provisions to hold

A

FD

74
Q

Is this a responsibility for a finance director or chief secretary
Preparation of a statutory accounts of a company for approval by the board and shareholders

A

FD

75
Q

Is this a responsibility for a finance director or chief secretary
Making presentations to imagine the relationships with the investment analysts can you prepare a report of the company performance

A

FD

76
Q

Is this a responsibility for a finance director or chief secretary
Preparation of the financial information required by the PRA

A

FD

77
Q

Is this a responsibility for a finance director or chief secretary
Preparation of the management information for the executive team and the board

A

FD

78
Q

Is this a responsibility for a finance director or chief secretary
Management of debt, cash flow, liquidity and Treasury matters

A

Fd

79
Q

Is this a responsibility for a finance director or chief secretary
Management of the investment portfolio and the financial aspects of the planning process, the budgetary process and forecast process

A

Fd

80
Q

Is this a responsibility for a finance director or chief secretary
Preparation for the reviews by rating agencies and planning for the statutory external audit conducted by the independent auditors

A

FD

81
Q

Are all public companies obliged to have a company secretary

A

Yes as a result of the companies act 2006

82
Q

Is this a responsibility for a finance director or chief secretary
Maintaining the company is statutory books

A

CS

83
Q

Is this a responsibility for a finance director or chief secretary
Filing annual returns at companies house

A

CS

84
Q

Is this a responsibility for a finance director or chief secretary
Arranging meetings of the directors of the shareholders

A

CS

85
Q

Is this a responsibility for a finance director or chief secretary
Informing companies house of any significant changes in a company structure or management

A

CS

86
Q

Is this a responsibility for a finance director or chief secretary
Establishing and maintaining the company is registered office as the address for any formal communications

A

CS

87
Q

Is this a responsibility for a finance director or chief secretary
Ensuring the security of the company’s legal documents

A

CS

88
Q

Is this a responsibility for a finance director or chief secretary
Deciding on the companies policy for the filing and retention of document

A

CS

89
Q

Is this a responsibility for a finance director or chief secretary
Advising directors on their duties and ensuring that they comply with current legislation

A

CS

90
Q

What is the chief actuary responsible for

A

Technical pricing of new and existing products. Calculation of claims reserves. Calculation of risk base capital requirements. Assessment of investment risk for fund supporting technical reserves. Plus modelling

91
Q

What are the senior executive positions in a typical insurance company

A 
Chief risk officer
Head of internal audit
Underwriting director
Claims director
Marketing director
Head of HR
Head of IT
Strategy director
Investment director
92
Q

A - What are the four management actions

A

Planning, organising, leading, controlling

93
Q

A - What are the three business components

A

Material resources, financial resources, human resources

94
Q

What are physical resources

A

Office space, IT, telecoms, website and motor vehicles

95
Q

What are financial resources

A

Funds are available such as cash, bank loans, share capital

96
Q

What are human resources

A

People who work for the company

97
Q

What are managers responsibility is

A 
Hiring and training new employees
Coaching employees
Dealing with performance problems and terminations 
Monitoring performance
Controlling expenses and budgets
98
Q

A - what are the four key new skills required of a manager?

A 
Earning the respect of team members and colleagues
Focusing on customers
Multitasking
Mobility and a global outlook
New management concepts
99
Q

What does it mean by managers earning the respect of team members and colleagues

A

Need to develop interpersonal skills and empathy with other staff to treat everybody on an equal basis

100
Q

What does it mean for managers when I have to focus on customers

A

They must be aware of the impact that the decisions have and acknowledge that their management policies must now be customer facing

101
Q

What is meant by managers multitasking

A

Important skills for managers today include awareness of IT management, finance, accounting, human resources and sales and marketing

102
Q

What does it mean by mobility and a global outlook for managers

A

Managers are expected to be able to travel and conduct business in different economic, cultural and financial environment

103
Q

What is meant for managers new management concepts

A

Keeping abreast of new concept is an important skill

104
Q

A - (In exam) What are the characteristics of effective internal communication

A

Accuracy, clarity, relevance, reliability, credibility and timeliness

105
Q

What are the common barriers to effective communication

A 
Size of organisation
Natural reserve, lack of confidence
Knowledge is power
Language problem
Problem of time
Training
The Grapevine
For you to recognise the need to tell
Inability to listen
106
Q

A - What are the benefits of efficient internal communication

A
  1. Bring about change in the culture and structure of the business more quickly
  2. Encourage staff to be cooperative and innovative
  3. Ensure that all relevant staff are helping to meet corporate objectives
107
Q

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

A

The task- The primary need to get the job done
The team- we need to build a cohesive unified team
The individual- where individual needs need to be met otherwise people can become frustrated

108
Q

A - Under Dr John Adair’s 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
109
Q

A - On Dr John Adair the action centred leadership what do the team needs

A

Set an agree standards and maintain discipline
Build and maintain team spirit and morale
Encourage communication and motivation
Appoint sub leaders
Train and develop the team

110
Q

A - Under Dr John Adair action centred leadership what does an individual need

A 
Agreedindividual objectives
Attend personal problems
Give praise and reward to individuals
Train and develop
Recognise and use individual abilities
111
Q

A - What are the six appropriate management styles

A 
Open door
Autocratic 
Paternalistic 
Militaristic/hierarchical 
Democratic/consultative 
Laissez faire

M92 (12 decks)

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