Finance Assignment: Accounting, Anti-Money Laundering and Feedback

This assignment addresses several key areas within the field of finance. It begins by outlining the best practices for implementing new procedures within the accounting department, emphasizing the importance of clear communication, employee involvement, and documented processes. The assignment then explores the significance of attending training sessions related to Anti-Money Laundering (AML) and Counter-Terrorism Financing for financial advisors, highlighting the critical need to stay updated on regulatory changes. Furthermore, it explains the purpose of the Green Office program in promoting environmental sustainability within office settings, emphasizing the reduction of ecological footprints and energy consumption. Finally, the assignment discusses the importance of providing feedback to team members for continuous improvement, focusing on timeliness, clarity, and the guiding role of feedback in the learning process.

Question 3: Short answer – Please use this assessment template (10 Marks)
(a) You are the Accounting team Manager of a medium business, and have just found out a new
procedure for the accounts section that should be implemented ASAP. What would be the best way
to instruct the employees in a verbal way?
For quick implementation a new system in Accounts department need to be deployed in an
efficient manner to make it understandable to the staff and involving thier suggestions for thier
active participation. Best practices followed for verbal communication are using board and markers
and explaining the process thereupon for clear understanding and repaetimng the important points
which needs to be considered by the employees while working on the new system or procedure.
After the communication or meeting is over document involving the detailed procedure should be
mailed and communicated to all the employees.
(b) Adam is a financial advisor who specialises in managed funds and superannuation. He has been
working in the industry for a number of years and has a large portfolio of clients. He has just found
out there have been changes in the Anti-Money Laundering and Counter-Terrorism Financing rules.
His organisation required him to attend a 3 hour seminar on the impact of these new rules to his
role. Adam is really busy at the moment and doesn’t see the point of spending all this time training,
particularly as he needs to prepare for 2 clients interviews after the seminar. He is considering not
going.
Do you think Adam should go to the seminar? Why / why not?
Yes, Adam should definitely go for seminar as updations and changes in the Anti-Money
Alundering and Counter Terrorism is crucially important for providing his services as portfolio
manager or financial advisor. Since these crimes are negatively affecting the world's economy strict
complaince to same is suggested. If Adam remains unaware about such changes he will loose
customer's confident in his services. However can postpone the interviews and reschedule them at
any later date.
(c )What is the purpose of Green office program?
The Green office program is an environmental management of offices. As office utilises
resources from environment it is equally responsible for reducing the ecological footprints on
environment and emission of green house from offices. Offices are major energy consumer and
therefore green office program motivates employees to incorporate environmental friendly ways
into day to day activities and raising their awareness and knowledge.
(d) Why is giving feedback to a team member important? What are the important things to
remember when giving feedback?
Feedback refers to reaction on any products or performance or tasks performed. Giving
feedback is a important task to know about the quality of work performed by the concerned team
member so as to promote continous improvement and appraisal. While giving feedback it should be
kept in mind that feedback is given within reasonable time and written in easy language which is
undwerstandable without involving extra efforts. Feedback should guide learning process.
TAFE NSW – Western Sydney Institute
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