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Flashcards in Professional Job Deck (10):
1

Being a Professional

• Need to be reliable – in particular delivering the work that meets the clients requirements in terms of detail, quality and timeliness
• What level of detail/information is required?
• Does the timescales look reasonable – when does client want the info?
• Need to also recognise other stakeholders and what is in the public interest

2

Know your client

Need to have sufficient background about client
• What products does it sell
• What is it looking to buy
• What expertise does it have

3

Conflicts of Interest

• Need to consider whether consultancy advises any of the possible counterparties
• It is important that there are different advisors who are independent particularly if they are analysing the same data
• Consider whether “Chinese walls” or other procedures could reduce the possible conflicts
• Need to ensure that any price sensitive information is correctly protected
• Also need to consider the incentives for the consultancy – i.e. is commission based on selling the targets, leading to them suggesting the targets that could generate the most revenue for the consultancy

4

The Task

• Need to consider how recommendations will be presented back to the insurance company (i.e. formal presentation of possible actions in a report)
• What resources are required to assess counterparties/variables?
• What will the implications of the results be and for whom – will this lead to impacts on the customers and/or job losses

5

What is the problem?

The consultant needs to understand the scope of the task: contraints, definitions.

6

Answering the Questions

• The consultant needs to have access to all the relevant factors.
• Where sufficient facts are not available – will need to mention to client when giving recommendations
• Also needs to understand who will review the work – will suitable client team review internally?

7

Assumptions

Any assumptions made on the possible targets need to be determined and explained to the client (e.g. growth expectations)

8

Methodology

The methodology will need to be determined

9

Communication of the answers

• Client needs to understand the recommendations, hence the results need to be clear
• Assumptions, areas of risk and uncertainty should also be clearly presented
• Need to consider any professional guidance and regulation
• Need to ensure that they are answering questions within their expertise
• And seek guidance from others if required
• Ensure that adequate documentation is kept on the work being done

10

Checking the answers

• Answers will need to be reviewed to ensure the decisions look reasonable.
• Will a range of possible solutions be offered with differing sensitivity analysis attached