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Flashcards in Professional Job Deck (10):

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


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


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


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


What is the problem?

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


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?



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



The methodology will need to be determined


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


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