RBA Role

What are the RBA’s main responsibilities?

Reserve bank of Australia (RBA) is the main body or organization to run an Australian Economy. It helps to make sustainability in a country. The main responsibilities of the RBA are explained below:

1. To improve or to stay constant Australian currency.
2. To avoid or tackle unemployment in a nation
3. To work for welfare of a nation.
4. RBA needs to be contact with government at all time to make or implements new policy in a country.
5. RBA is responsible for monetary policy in Australia like money stability, employment Status and so on

Describe the place of ethical principles, behaviors and cods in the financial services industry.

The financial services industry (FSC) is made up for superannuation,
investments on different areas; how we manage our funds are the vital area with which FSC is related. The FSC is Help in maintaining sustainability and stable our economic structure. The codes show a common relation between the FSC members and how it implemented on the FSC member and its employee’s.

There are two main codes of business of ethics.

1) The FSC staff conducts themselves for dignity and work for their self-reputation and abstain others to be a part of humiliation things for the company.
2) FSC members take risk under the law and codes of compliance practice.

Codes of conduct

1) FSC members must maintain interest of their customers. They must not deprive from their laws and duties to help customer.
2) FSC members must provide clear and effective feedback at the end of conversation, so that they would use this to take an effective step in their business.
3) FSC member should be equitable with all other industry participants. They should not be discriminate with other contenders.

Why is the way that information is presented and communicated important?

Communication is important skill in every field in this earth. It is the way from which we express our thoughts or ideas to the others. Communication skills is more effective in business, especially when we dealing with customers or distributors to endorse our product. If we have good communication skills than we explain such as financial bar chart, bill paying, payment roll and others things with proper and meaningful way to the customers. Otherwise, it is very difficult to complete our job
adequately.
In addition to above, communication skills help to take a good decision from the meeting or conference because if anyone understand problem then they would be able to give some suggestion.
Why is it helpful to have an internal locus of control?

An internal locus of control means that the person thought that they can control their life. It is very helpful to believe in ourselves before on others. If we have lack of internal locus control it would be affect our decision making power on our job as well. Internal locus person has following qualities;

1) Think positively and optimistic way
2) Responsible for their success and failure
3) Health-conscious
4) Open-minded

Why do you need to identify you current skills, both in the work place and personally?

We need to identify our skills in the workplace and in personally because to become effective on a workplace or in our daily life. If we are recognizing our skills that in which area we are superior than others and how adequately we completed that task. It is very important to consider our skills before any work that which skills you have and which you need to gain.

Why do governments intervene in maintaining the value of their currency?

Currency intervention is a monetary tool which is based on the foreign currency exchange of the nation. The government needs to be maintaining the value of their currency because it should be impact on the economy of the nation. If the economy of a country goes down, it would be effect on its currency at international level. The value of the currency depends on the difference between the import and export of the country.

What responsibilities do employees have in regard to security procedures?

There are following steps for employees in regard to security procedures
1) Comprehsion: Employee’s must be following all procedures and training policies which are implemented by security team and management in a building.
2) Vigilence: Employees must be responsive. If they see any suspicious things, they must be report to management.
3) Personal space: Everyone needs some private space like locker, cabin and so on in a workplace to complete their job comfortable.
4) Procedures: All staff member should obey safety and emergency procedure. For examples use stairs in case of fire rather than lift.
5) Health and safety: Before start any work employee should be aware about its procedure and safety measures.

What must you consider when providing information to clients?

When providing information to clients we need to consider the following option;
1) We must be speaking in simple language avoid jargon, so that they understand properly.
2) We need to recognize the main area of interest of customer that where they force more.
3) Options which meet their needs
4) Main purpose of meeting
5) It must be relevant to them, whatever we said to them.

What does effective operation’s information ensure?

Operation information is a process which kept business practice or some information confidential and protect from other sources. Good business practice will be helpful to make a future plans and strategy, so that others team members should work on plan to achieve organization goals. Effective operation’s management need to be obeyed following rules:
1. Design
2. Focus on plan
3. Focus on long and short term plan

What services does the financial sector provide? List at least 5.

Financial sector are the monetary service which is provided by finance industry.
It is surrounded by a number of business features that manage money in different fields such as credit unions, banks, credit-card companies, insurance companies and so on.

What is the political and economic climate and how do they affect the market?

Political and economic climate affect directly to the market. Adverse political and economic climate affect adversely to the market. First of all, political environment effect on business, if business is in more than one country and the relation between that countries should be effect on business to transfer things from one nation to other. On the other hand, economic climate has a lot impact on market because people purchase things from market if they have money in their accounts.

What is negotiation? What do successful negotiators do?
Negotiation is simple an agreement between two or more person or organization or even countries at particular issue or conflict. Negotiation is most productive weapon of peace. A person who helps to make agreement between different organizations is called negotiator. A successful negotiator has following
qualities:
1. Empathy: Negotiator must have capability to imagine them on the place of other and chose a way which is good for both sides.
2. Integrity: They should be honest and trustworthy, so that they never play with customers feelings.
3. Fairness: Negotiator should be fair to the both parties. They helps to make deal between two groups without any discrimination.

Why should teams be made up of people with individual differences?

It is interestingly seen that team with diversity perform well as compared with same background person. Moreover, group who has more diversity has more ways to solve the problem because they are from different background and think about same issue with different way. Along with this, team performance always enhanced with they are attention even on a single person. Last but not least, different diversity also provide diversity in distributing different jobs to different person according to their effectiveness in different task.

What is formal organizational environmental policy? What might be covered by or included in an organization’s environmental policies and procedures? List at least 5 issues.

A formal organizational environment policy is an organizational environment place and practicality. It is define as the organization environment about its staff and management.
There are some policies of formal organizational environmental policies are explained below:

• Determination to improve environmental policy
• Determination to work on policies to run them to effectively
• Take care of their business partners like shareholders, stockholders etc.
• To provide regular training to their employee’s.
• Make sure your minimum environment policy should be match with achieving point of our goals.