Chapter 10 Flashcards
What is ‘exception reporting’?
- This is a system that makes a report on performance
- That falls outside the acceptable standards.
- Performance could be above or below the acceptable standards.
What are the benefits of ‘exception reporting’ to the supervisor?
- Can highlight potential problems /
underperformance. - Identify trends over time.
- Can identify training needs.
- Recognises better than expected performance.
- saves times and allows more time to focus on solutions.
State what it is important for MI to measure in relation to the fair treatment of customers.
- How the firm is delivering effective consumer outcomes.
- Rather than just measuring the process.
List the factor that contribute to making a MI system effective.
- Relevant and up to date information only.
- Accurate.
- Timely.
- Can be accessed quickly & efficiently.
- Cost effective for the business.
State the purpose of the Investors in People Standard.
- To recognise good practice for improving an organisations performance.
- Through the training and development of its people to achieve business goals.
Identify the 3 performance headings the Investors in People standard use.
- Leading.
- Supporting.
- Improving.
List four main areas that management information should cover.
- production/targets;
- costs;
- compliance; and
- good customer outcomes.
State three characteristics of an effective management information system.
- It allows information to be accessed quickly and efficiently.
- It does not involve having to process large amounts of information, particularly irrelevant information.
- It does not cost more to produce the information than its value to the business.
- It is accurate.
- It is available on a timely basis.
Most businesses now recognise the importance of managing quality within their business. Describe the activities a business should focus on to achieve this.
- Viewing work colleagues and the people who buy products as customers.
- Develop a culture of continuous improvement.
- Emphasise the importance of quality and getting it right first time.
- Identify areas of potential weakness in systems and rectify them before they can have an impact.
- Adopt a more inclusive and collaborative management style.
Briefly explain what the Investors in People award is designed to achieve and identify the three areas it uses to determine performance.
- leading;
- supporting; and
- improving.
Briefly explain the FCA concept of ‘operational resilience’ and state three actions senior management might take to minimise the impact of these.
Operational resilience refers to risks that are ‘severe, but plausible’ such as catastrophic fires, wholesale system failures and cyber risks.
Three actions senior managers might take include:
* Identifying any vulnerabilities with critical business services.
* Testing the impact of these types of event/ establish the potential impact of the customer.
* Testing any gaps and taking remedial actions.
* Minimising the impact of such events as part of the business plan.
Explain the benefits of the BS 8453.
- effective risk management processes;
- undertaking risk assessments;
- monitoring compliance; and
- internal and external reporting.
Explain the benefits of the ISO 27001.
It is designed as a benchmark for to help organisations achieve best-practice in information security. It does so by focusing on:
- people;
- processes; and
- technology.
List the key indicators an organisation must evidence for ‘LEADING’ to attain the Investors in People accreditation.
- Leading and inspiring people
- Living the organisation’s values
- Empowering and involving people
List the key indicators an organisation must evidence for ‘SUPPORTING’ to attain the Investors in People accreditation.
- Managing performance
- Recognising and rewarding high performance
- Structuring work
