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List the responsibilities of the Board of Directors:
- 1 . Upholding the shareholder interests and the laws governing the conduct of thebusiness
- 2 . Approving company reports, accounts, annual budgets, strategy and otherimportant plans
- 3 . Selecting, appraising and rewarding the CEO and ensuring successionplanning is actively addressed
- 4 . Overseeing the process of risk assessment
- 5 . Ensuring the company integrity and principles are upheld
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The Combined Code of Corporate Governance sets out standards of good practice for PLCs in relation to what issues?
- 1 Board composition and development
- 2 Remuneration
- 3 Accountability and audit
- 4 Relations with shareholders
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Outline the responsibilities of the Finance Director (Chief Financial Officer):
- 1 . Determine the appropriate level of capital for the company to hold (economiccapital model).
- 2 . Stress and scenario testing
- 3 . Propose to the board what form of capital to hold
- 4 . Prepare papers to assist the board in determining the appropriate level ofdividends.
- 5 . Recommend appropriate level of claims provisions
- 6 . Manage relationships with Investment Analysts and the company’s debtholders
- 7 . Preparation of statutory accounts
- 8 . Preparation of financial information required by FSA
- 9 . Preparation of management information
- 10 .Management of debt, cash flow, liquidity and treasury matters
- 11 .Manage the investment portfolio
- 12 .Manage financial planning
- 13 .Prepare for reviews by rating agencies
- 14 .Preparation & planning for statutory external audit
- 15 .Management of the reinsurance accounting process
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Responsibilities of the chief actuary
- 1 . Technical pricing of new & existing products
- 2 . Calculation of claims reserves
- 3 . Calculation of risk based capital requirements
- 4 . Assessment of investment risk for funds supporting technical reserves
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Key positions in an insurance company
- 1 . Managing Director / CEO
- 2 . Finance Director
- 3 . Chief risk officer
- 4 . Chief actuary
- 5 . Underwriting director
- 6 . Claims director
- 7 . Marketing director
- 8 . HR director
- 9 . IT director
- 10 .Strategy director
- 11 .Investment director
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Define management
The process of planning, organising, leading and controlling the material, financialand human resources of an organisation.
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Manager’s role…
- Structure and organise their team to meet the needs for the job
- Clarify accountabilities and authority of subordinates
- Organise staff training
- Set personal targets for staff and establish a system of performance and reward review
- Communicate regularly with staff
- Be a role-model
- Establish a system for monitoring results and performance
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Key management skills
- Earning respect of subordinates and colleagues (interpersonal skills)
- Customer focused
- Multi-tasking
- Mobility & global outlook
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Characteristics of effective communication
- Accuracy
- Relevance
- Reliability
- Clarity
- Credibility
- Timeliness
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Benefits of internal communication
- Bring about cultural and structural change
- Encourages staff to be co-operative and innovative
- Ensure that all staff are helping to meet corporate objectives
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What are the three key areas of team leader effectiveness in the Action Centred Leadership (ACL) model?
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According to the ACL model, what should the manager do for task needs?
- Define team goals & objectives
- Ensure the appropriate resources are available
- Develop work plans and define team tasks
- Allocate the work and resources
- Control the work rate & quality
- Check performance against plans
- Adjust the plans as necessary
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According to the ACL model, what should the manager do for team needs?
- Set & agree standards and maintain discipline
- Build & maintain spirit and morale
- Encourage, motivate and give a sense of purpose
- Ensure communication within the team
- Appoint sub-leaders
- Train & develop the team
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According to the ACL model, what should the manager do for individual needs?
- Agree individual objectives
- Attend to any personal problems
- Give praise and reward to individuals
- Train & develop individuals
- Recognise and use individual abilities
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List non-managerial roles
- PAs
- Training managers
- Recruitment officers
- Technical underwriters
- Claims specialists
- Accountants
- Procurement managers
- In-house solicitors
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List 5 management styles
- Open door
- Autocratic
- Paternalistic
- Militaristic/Hierarchial
- Democratic/Consultative
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