Business Skills Required as Financial Management

Added on -2020-02-14

| 8 pages| 2205 words| 157 views

Trusted by 2+ million users,
1000+ happy students everyday

Showing pages 1 to 3 of 8 pages

BUSINESS SKILLS(REPORT)
Table of ContentsINTRODUCTION...........................................................................................................................1TASK ...........................................................................................................................................1Bankers bonuses were to blame for financial crisis of year 2008. .............................................1CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................6
INTRODUCTIONBusiness skills is the important to have in business man. It provides effective growth anddevelopment to corporate. It is required to make the necessary improvement in this regard so thatsuch organisation can attain their goals and objectives. There are many skills that are required asfinancial management, marketing, sales and customer service, communication and negotiation,leadership skills, time management, problem solving, networking etc (Gorman, 2011). This isimportant task for every company and nation to have effective mechanism of management offunds so that financial crises can not be raised. In year 2008, these crises arise due to banker'sbonus. There are many reason that were behind this problem and it has vast impact over theeconomy. TASK Bankers bonuses were to blame for financial crisis of year 2008. Financial crises of 2007-08 is also known as global financial crisis. It has beenconsidered by many economist and identified that this is the worst part that has impact over theeconomy of the nation. This began in year 2007 with sub-prime mortgage market and developedinto banking crisis. Excessive risk accepting by bank has vast impact over global financialsystem. The corruption in UK banking sector has vast impact over the 2008 crisis. These are theelements that affected whole country (Gardiner, 2012). There is a wider list of the person whoare to be attempted to blame for this crash as bankers, politicians, regulators and credit ratingagencies. Many economist believe that banks provide support to deregulations. Financial crash in this year took place and Financial services authority(FSA) chairmanbelieves that inappropriate incentives structure is the key point that has played important role inthis and it encouraged such behaviours and finally resulted in financial crisis. Dodd-Frank Wall Street Reform and consumer protection act, have focus on effectiveregulation of financial institutions and this act introduced provisions of corporate governance. InUK, FSA is divided into two parts as one sector is financial Conduct Authority and second one isPrudential Regulatory Authority (subsidiary of bank of England). FSA introduced remunerationcode which is consistent with EU's Capital Requirements Directive. 1

Found this document preview useful?

You are reading a preview
Upload your documents to download
or
Become a Desklib member to get accesss

Premium

$45

Q&A Library Access

Chat support

12

Document Unlocks

4

Answer Unlocks

Students who viewed this