Applying Principles of Professional Practice in Financial Services

This assignment provides a comprehensive overview of professional practices within the financial services industry, focusing on accounting, insurance, banking, and financial planning. It discusses the roles and responsibilities of each sector, emphasizing relevant legislation, codes, and regulations. The assignment also explores industry and organizational security practices, internal administration systems, and the impact of the triple-bottom line on business legislative requirements. Furthermore, it examines the interaction between the insurance and financial planning sectors, the impact of interest rates and the Australian dollar's value, and the importance of adhering to Australian Accounting Standard Board (AASB) rules. The report concludes by highlighting the significance of professional development, legislative requirements, and the adoption of new technologies like blockchain and management apps in enhancing financial services.

APPLY PRINCIPLES OF PROFESSIONAL PRACTICE TO WORK IN THE FINANCIAL SERVICES
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APPLY PRINCIPLES OF PROFESSIONAL PRACTICE TO
WORK IN THE FINANCIAL SERVICES INDUSTRY

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Table of Contents
Introduction 3
Task 1: Financial Services Professional Practices 3
Part 1 3
Part 2 4
Part 3 5
Part 4 6
Part 5 7
Part 6 7
Task 2: Financial Services Professional Practices Application 8
Part 1 8
Part 2 9
Conclusion 11
Reference list 12
Appendix: Insurance Products 16

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Introduction
The principles of professional practice are essential for financial sectors to understand
financial sectors roles and responsibility. The purpose of this study is to understand the role of
Accounting, Insurance, Banking and Financial Planning in business industries. Additionally, the
present assignment has discussed the relevant legislation, codes and regulations of financial
practices. Finally, this assignment has presented a discussion about industry and organisation
security practices and internal administration system. This study has described the triple-bottom
line and its effect on business legislative requirements.
Task 1: Financial Services Professional Practices
Part 1
Accounting
The accounting sector helps business industries to management financial statements.
Using the country based accounting standard this financial sector suggests relevant format for
balance sheet statement, income statement and cash flow statement. In the opinion of
Schaltegger & Burritt (2017), the business organisation has to maintain relevant financial
statement format to present an acceptable annual report. Accounting sector helps to present a
common business language in their statement so it can be understandable to stakeholders.
Additionally, this sector helps to review all financial data to identify any type of frauds and
errors in the annual report. Therefore, the responsibilities of accounting sector are identified
audit risk, suggest relevant format and manage financial transactions.
Insurance
This sector helps the financial industries to reduce unnecessary loss due to any accidents.
In case of sudden accidents such as fire, natural disaster and transport accidents business
organisations can face huge loss. However, insurance coverage can help the business industry to
gain 50% to 60% of their loss in an accident. Therefore, the companies are able to maintain their
financial performance from year to year. In accordance to Michalski (2018), insurance coverage
helps a business to avoid market risks and sustain their position in the competitive market.

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Hence, the responsibility of Insurance sector is to provide relevant insurance policies for the
financial industries.
Banking
Banking sector has an important role in case of financial industries. Based on the
industries assets amount the bank provides loan to the industries during market or product
development. Additionally, the banking sector provides investment services to small industries.
According to Bai, Krishnamurthy & Weymuller (2018), bookkeeping services of bank helps the
business industries to categorize their expenses. Based on that, the responsibilities of this sector
are providing loan services, investment services and bookkeeping for the financial industries.
Financial planning
This sector helps the financial industries to manage their transaction and project future
performance. Financial planning evaluates the current business progress of the industries and
suggests a relevant budget plan. The budget statement forecast the industries future incomes and
expenses. Additionally, the forecast helps to understand the sales growth rate in future. Hence,
the business organisation is able to understand their selling capabilities. Financial forecast helps
the business organisation to be prepared for any type of financial risks (Bačová et al., 2017). The
responsibilities of financial planning are sales forecast, budget planning and financial risks
forecast.
Part 2
The Insurance sector and financial planning sector can interact with each other in the
financial industries. During a financial planning the industries are able to understand their risks
in future. Moreover, the organisations can be prepared for uncertainty and risks for the future.
Based on that, the financial industries can take relevant insurance policies to reduce their risks in
the future. The opinions of Egan, Hortaçsu & Matvos (2017) reflect that insurance money can
also help to reduce their unnecessary expenses in the budget statement. Therefore, the sales
growth can increase in the business and the financial industries can maintain high business
performance.
Interaction of Financial Planning and Insurance the benefits of the interactions have
been enlisted below:

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a) Financial industries can collect approximately 50 to 60% of their loss from the
insurance money. Therefore, the cash assets can increase in the business. The insurance money
can help the organisations to expand their productivity. Therefore, the industries are able to
sustain their position in the competitive market.
b) These financial sectors can help the industries to reduce their potential market risks in
the business. Additionally, with help of proper financial planning, the organisation is able to
maintain high financial growth in the market. Hence, the cash assets can increase in the budget
statement and market sales can grow from year to year.
Part 3
The current interest rate of Australian banks is 1.5% (Ft, 2018). This interest rate has a
huge impact on banking sector as the financial industries can receive loan benefits. The business
organisations have to pay low interest money on their loan amount. Therefore, financial
industries are capable to pay back their bank loan and maintain low cash expenses. This helps to
reduce cash expenses and avoid financial risks. In addition to that, as stated by Rehan et al.,
(2015), high annual assets help the industries to reduce market liabilities in the market.
Accordingly, financial industries are able to meet their short-term and long-term obligations.
In case of insurance sector, the value of Australian dollars effects highly as financial
industries receive low amount money. In the international market, 1 Australian dollar equals 0.72
US dollars (Xe, 2018). Based on that, the international industries cannot be able to expand their
financial performance in international market. As studied by Brounen, Koedijk & Pownall
(2016), financial industries have to expand their capital amount in the international market to
expand their business in the market. However, the current value of Australian dollar is low and
international industries cannot collect high profit from Australian insurance policy. However,
local financial organisations are able to gain profit from the insurance policies. Value of
Australian dollar cannot have high impact on the local business industries. Based on relevant
insurance policy the companies can collect approximately 60% profit in the business.
Accordingly, the financial performance can increase from year to year.

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Part 4
In case of accounting sector, the employees have to understand the rules and regulation of
Australian Accounting Standard Board (AASB). AASB rules have clearly mentioned the
working practices and accounting format of financial statement. Collecting proper knowledge
about the IFRS rules can help the sector to provide proper guidance to the financial institution.
Additionally, the rules of AASB stated that the financial industries can take legal action on their
employees in case they do not follow relevant standard. Disobeying the accounting standard can
increase financial calculation errors. Hence, board of directors has to set a strict policy to follow
AASB rules in their financial statement. In addition to that, Brandon & Jones (2015) stated that
following triple-bottom line can help financial institution to improve their work practices.
Additionally, financial industries can maintain Corporate Social Responsibilities based on triple-
bottom line.
Basically, triple-bottom line measure financial industries social, economic and
environmental impact in their business. The organisations are able to understand codes of
business by using triple-bottom line. Therefore, the accounting industry can understand
customers’ requirement and provide proper guidance regarding financial reporting. Based on
that, accounting sector can gain stakeholders trust and attract more investors in the business. In
the opinion of Gouchev et al., (2017), the triple-bottom line helps financial organisations to
advance goal of sustainability in work practices. Therefore, the companies are able to follow
relevant format of income statement, cash flow statement and balance sheet. Based on that,
organisations can improve their services in the market. Accordingly, with help of Accounting
sector financial industries can reduce number of frauds and mistakes in their financial statement.
Triple-bottom line helps to improve economic health of the organisations. Due to cost
benefit analysis financial sectors are able to present a relevant business plan for the future.
Hence, business organisations are able to expand their market share in Australia. This helps
accounting sector to improve their goodwill in Australian market. As argued by Sarkis &
Dhavale (2015), triple-bottom line ultimately leads to improve market share, improve employee
motivation and reduce labour turnover in financial industries. Therefore, accounting sector can
help to expand financial industries market reputation in international market.

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Part 5
Financial institution has to understand the importance of professional development and
legislative requirement in the management. According to Golombek & Johnson (2017), a
financial industry is able to meet their obligations based on advance professional development.
Based on above discussion it is clear that other members of a work team can maintain the
following steps to appraise their obligation.
a) Leadership development: Using triple-bottom line can help financial industries to
improve their leadership skills in their management. Based on that, financial industries can
achieve their business target in the business. Financial organisations are able to improve their
service quality in the market. As opined by Stewart (2014), improving leadership skills can help
financial companies to establish a collaborative working environment in the business. Hence,
employment obligations can be reduced in the business. Business organisations are able to
improve employee performance based on high leadership skills in their business.
b) Growth Incentives: Gaining economic health in business can help the organisations
to perform incentive programs. Based on these programs financial institution can increase their
capital fund and reduce their labour turnover. Additionally, most famous incentive program
regarding professional development is tuition reimbursement. This program helps to develop the
team members’ skills and reduce member’s issues in their business.
Applying professional development skills can help the companies to be fit and proper for
licensing. Additionally, in accordance to Kennedy, (2016), tuition reimbursement programs can
help the employees to understand their requirements and gain high business knowledge. Based
on that, the organisations are able to reduce team obligation from their management.
Additionally, team members’ performance can increase as they can meet their obligations.
Part 6
As the world has changed and new technologies have introduced in market financial
industries can meet their requirements by using relevant technology. The financial organisations
have improved their services by using the following technologies
a) Block chain: In 2017, block chain service has gain popularity in the business. This
helps to transfer currency by electronic devices. Based on that, the organisation can be able to

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transfer currency online by using crypto currency. The opinion of Audretsch et al., (2016),
reflects that block chain technology has helped the business organisation to provide better
services to their customers and investors. The work practices have developed based on this
technology. Additionally, the organisation can be able to increase their market reputation based
on unique quality services in the business.
b) Management apps: Due to new and advance mobile technologies the financial
industries can be able to expand their services in their market. Based on new management app
work practices can be performed easily in their management. New stock exchange app,
budgeting app, money saving app and banking apps helped to maintain quick and better service
to the customers. Abate, Rashid, Borzaga & Getnet (2016) stated that the financial organisations
can be able to expand their market reputation by using this new mobile app in the business.
Therefore, the organisations can be able to meet their legislated requirements based on these
requirements.
c) Storage devices: In the recent time, new storage devices such as cloud computing
device and fog computing device have helped to secure financial data. Based on the new storage
devices financial industries can securely store business information and financial transaction.
Hence, third parties cannot access their personal data and industries can sustain their position in
the competitive market. As argued by Rolffs, Ockwell & Byrne (2015), new next generation
technologies can help the business industries to improve their security protocols. Based on that,
the companies can be to gain competitive advantage over rival industries in Australia.
Task 2: Financial Services Professional Practices Application
Part 1
Industry and organisation Security practices and rationale: The security practices
help business organisations to maintain to store their personal data in advance storages devices.
In recent times advance storage devices have helped the business organisations to introduce
advanced security protocols in the business. These security protocols helped business
organisations to gain competitive advantage over their rivals. Additionally, security practices
help the business organisations to reduce the third party and hackers’ access to their personal

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data. Accordingly, number of frauds can be reduced in their financial statement. Business
organisations can be able to improve their financial performance from year to year. In the
opinion of Ion, Reeder & Consolvo (2015), business industries are able to avoid unnecessary
losses in the business based on advanced security practices. This can also help to improve
management operations in the business.
In case the business organisations fail to maintain advance security protocol in their
management then they can face market risks. Third party and hackers if receive access on
business organisations financial data it can easily manipulated by third parties. Based on that,
business organisations can face market risks in the business as assets can reduce. Additionally,
financial industries can increase their market liabilities in the business low security protocols.
According to McGregor et al., (2015), advanced security protocols can help financial business
industries to stabilize their market position and maintain high business performance.
Internal administration system (Accounting system and database): The financial
organisations can expand their business by improving their internal administration system.
Therefore, employees have to understand the country-specific accounting standard rules. Proper
rules can help the business to maintain relevant format and calculation of income statement,
balance sheet statement and cash flow statement. Proper accounting system can help the
organisations to understand their current financial health. Based on that, financial organisations
can take relevant business strategies regarding their future financial progress. As studied by
Groomer & Murthy (2018), after evaluating financial performance of the organisations
management can store their financial data in an electronic device. This can help their
stakeholders and customers to understand the industries financial performance from year to year.
Therefore, financial organisations can be able to expand their market share and expand their
industry in the international market.
Part 2
Based on the given case study it is clear that the Hairdressing salon in Carlton is a small
business that requires relevant insurance coverage. As the Hairdressing salon is a small business
it should seek for a cheaper insurance deal to reduce business risks in the future. Therefore, this
salon can take Work cover Insurance in the business since there is an apprentice. In accordance

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to Babcock (2015), work cover insurance can help a business organisation to protect against the
losses that the business has caused their customers. Therefore, in case the business has
encountered losses for customers, it can avoid high amount of loss in the business. However, the
Business Interruption Insurance of GIO insurance company claims to cover any high amount of
loss regarding losses for customers. On the contrary, the insurance package of GIO offers
provision of claim due to loss in income due to compensations that are required to be paid to
clients.
In addition to that, Hairdressing salon can take fire insurance in their business. In recent times
new machines used in hairdressing salons. Hence, the chance of short circuit and fire accidents
has increased in the business. This insurance also includes the special provision of other
indemnity coverage. AAMI property damage insurance is covers all payments regarding property
damage. This insurance package claims to provide a better payment and insurance benefits to
this company. This organisation can avoid loss of assets during a fire accident in the future.
Hence, the company can maintain high financial performance from year to year. Additionally,
this organisation can reduce unnecessary losses in their business. In case any short of fire
accidents in the future the business organisations can collect approximately 60% profit in their
business. Based on that, the company can be able to expand their sales growth rate in the future.
Finally, the business organisation can take liability insurance to reduce loss regarding
property damage. In case the employees of Hairdressing salon damage the property then they can
collect relevant insurance money to repair this damage. A significant insurance proposition of
ALLIANZ insurance package is regarding inventory loss. Property damage can increase
financial risks in the business. Additionally, the business cannot be able to increase their cash
assets in the market due to high liability in the business. According to Serpa & Krishnan (2016),
with help of liability insurance, the business organisation can reduce their liabilities in the
business. Hence, cash assets can increase and Hairdressing salon can sustain their position in the
competitive market. In case of Commercial Property Insurance, the ALLIANZ insurance
company is providing a better insurance deal to this Hairdressing Saloon. The insurance covers
loss regarding business vehicles, tools & equipment and building. Hence, the company can
reduce their business risks by using Commercial Property Insurance [Refer to Appendix].

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The Insurance package of GIO claims to cover losses regarding business interruption.
However, this company’s insurance package requires provision of claim. Hence, the customers
may not receive a unique quality service from GIO. Additionally, the fire insurance of AAMI
covers all property damage regarding fire accident. AAMI also provide high compensation for
the hairdressing salon. The Commercial Property Insurance of ALLIANZ claims to cover all
damage of commercial tools and provide high insurance benefit. Hence, customer can reduce
their business risk based on the insurance package of ALLIANZ.
Conclusion
It can be concluded from the above findings that financial sectors help business
organisation to gain market share in the business. The accounting sector guides business
industries to management financial statements. Applying country based accounting standard this
financial sector suggest relevant format for balance sheet statement, income statement and cash
flow statement. Insurance sectors help business organisation to reduce their unnecessary loss due
to sudden accidents. Financial planning evaluates the current business progress of the industries
and suggests a relevant budget plan. The budget statement forecast the industries future incomes
and expenses. Finally, banking sector provides loan, investment services and bookkeeping
services to financial industries during market or product development. Triple-bottom line helps
to improve economic health of the organisations. Due to cost benefit analysis financial sectors
are able to present a relevant business plan for the future.

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Reference list
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Appendix: Insurance Products
COMPANIES TYPE OF
INSURANC
E
Product
details
COVERS QUOTE Top 10 Best
insurance
Compare the
market
Business
Insurance
Business
insurance
protect the
business
from
different
risks If staff
gets ill or
injured, if a
customer has
an accident,
or if vital
equipment is
stolen or
destroyed;
the right
insurance
policy covers
costs that
normally be
unable to
pay, and can
shield you
from the high
costs of
Loss and
damage to
property,
legal costs,
injury to a
third party,
others acting
on your
behalf
Due to the
hairdressing
Salon is a
small
business it
should pay a
cheaper
premium
because it
can result in
less risks.
4

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litigation.
AAMI Business
Insurance
All the
business
insurance
include
property
damage and
public
liability
Property
Damage,
public and
products
liability, back
in business,
theft, glass
damage,
portable and
valuable
items,
equipment
breakdown
and so on.
3
ALLIANZ
Small
Business
insurance
Public
liability,
business
vehicles,
tools &
equipment,
injury &
sickness,
business
building &
contents and
business
protection 2
GIO Small
Business
GIO Offers a
range of
Covers go
from
1

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insurance
small
business
insurance
cover so you
can find the
cover that's
right for the
business
needs. From
public
liability to
business
interruption
cover and
more
vehicles,
office
devices, fire
and storm
damage.