Question 1
These days, banks play great role in our today`s life. Even we cannot imagine our life without bank transactions. Imagine that what would happen if banks did not work for a month? Almost all our daily works would stop working. Or, if the stability, safety and flexibility of monitory and financial system lost its strength, what would happen. In order not to face such problems Central banks established. For example: in 1913 the Federal Reserve System was created by U.S Congress to serve as the central bank of United States. The purpose of creating central banks is to keep stable the monetary system of the government and to secure constant the integrity of the nation`s payment system. Furthermore, the central banks are created as government`s lender of last resort. It means that Central banks help to financial intuitions during difficult economical times. They do it by making low rate loans or discounts under other programs to financial institutions till the problems come out. As far as Standard Chartered Bank case, the regulators of Central Bank (The Monetary Authority of Singapore) can decrease the level of risks by organizing some possible programs. By implementing following actions, Central Bank can mitigate the risks.
New regulations to use outsourcing activity
To put some restrictions for outsourcing activities
Establish new department only for controlling the outsourcing activity
In other words, the Monetary Authority of Singapore ought to place some regulations, restrictions for utilizing outsourcing activity in order not to confront with the problems which occurred between Standard Chartered Bank and Fuji Xerox. And, it would be better if the central bank create a department that controls the outsourci...
... middle of paper ...
...problems as a result of following key issues:
Bad security in Fuji Xerox server
Negligence of Fuji Xerox and regulators of Standard Chartered Bank
Protection of bank clients data were not taken into serious consideration
Lack of Fuji Xerox staff experience
In other words, both Standard Chartered Bank and Fuji Xerox had mistakes in that case. It can be seen that the security of Fuji Xerox server were not so protected. Thus, it results in stealing the privacy of 647 clients of Standard Chartered Bank through the server of Fuji Xerox by hackers. And this was the negligence of the regulators of Fuji Xerox. Protection of bank clients’ privacy was one of the main duties of the Bank. However, bank did not take into serious consideration and regulators of the bank had to check the service provider and its risks which come out after using outsourcing service.
Prior to Fuller’s transfer, management at the Carson’s location was poorly run using the classical approach. While this approach can be successful, management has to find a good middle ground between caring for the company and caring about their employees. A traditional classical approach recognizes that there are five important factors to running a successful business (Miller, 19). According to text, these factors are planning, organizing, command, coordination and control (Miller, 19-20). These factors can be seen when you look at Third Bank as a whole. In the study, the CEO saw the issues in his company and put a plan together to improve. He had meetings with management, like fuller, to organize a solution. He then commanded all locations
managers to leave them more time to get/retain clients (which was already being done in
Use monetary action to mitigate fluctuations in the general level of production, trade prices, and employment.
Since the concept of outsourcing was introduced it has been a subject of debate between politicians and citizens of the United States. Remarkably, it was the United States who supported outsourcing and now it is the United States that feels its economic progress is being threatened by outsourcing. One may argue that the financial situations that existed two decades earlier are not the same as they are today, thus the change of time, business priorities of economies have also changed.
What the world needs now is Money Sweet Money"; that is not the way the song goes however that is surely the way our world and economy does. Money and its importance relative to the US Government have always been difficult to figure out especially when it comes to interest rates. Due to our Federal Reserve System, its chairman Alan Greenspan, and his Board of Governors dedicated to seeing that our economy blossoms, those doubts have become a thing of the past, for now.
The seventh chapter asks, ‘Why Do Central Bankers Have Power over the Economy?’. In this chapter, the authors evaluate the power of central banks during normal and tough times and question whether central banks ‘have the power to control something as huge as the macroeonomy’ (p.74).
Before we begin our investigation, it is imperative that we understand the historical role of the central bank in the United States. Examining the traditional motives of this institution over time will help the reader observe a direct correlation between it and its ability to manipulate an economy. To start, I will examine one of its central policies...
The Federal Reserve is the main hub of all the nation’s money while also doing the 5 main tasks we need in order for effective operation of the country’s economic stability. The 1st task is to manage the unemployment rate , create standard prices for goods & seeing where to invest long term interest rates to promote economic growth. Secondly is the minimization of systematic risk due to active monitoring as well as foreign engagement with imports and exports ; this is important because if we invest resources in creating ties with the wrong country , we could end up in economic or even political deficit. The 3rd is to promote & insure the safety of individualized financial institutions & how to properly mentor the effects of their actions on
The banking system in Panama makes use of the advanced modern technologies. In Panama City, there are approximately 100 internationally renowned banks. The presence of strict regulations regarding the banking sector by the government has seen the banking sector grow tremendously (Arboleda & Martín 152). For instance, the Panamanian government has come up with strict banking rules and guidelines, to scrutinize all the banking practices so that the banks can give good banking services to all people. To ensure this occurs, the government has ordered the submission of monthly auditing reports from all the banks to the National bank of Panama and to the Panama’s National Banking Commission. All the depositors in any bank need sureties of their securities,
Another problem prior to the establishment of the Federal Reserve System was the inelasticity of bank credit and the supply of money. Small banks placed their excess reserves in large central reserve banks. Whenever a bank’s depositors wanted their funds, the smaller banks would be covered by the central banks. The system worked well during normal conditions. Some banks would draw down on their reserves as other banks would be building up their reserves. In times of excessive demand, however, the problem became quite serious. When the public wanted large amounts of currency, the
Outsourcing has been around for many years. In this paper I will discuss some of the history of outsourcing, the goods things about outsourcing, and the bad things about outsourcing.
In this case study it was stated that there were a problem happen in the outsourcing for the Royal Bank of Scotland. What happen was there were an error that happen during the routine software upgrade that cause million of that bank customer cant access to their account. The error happen when one junior technician in India was accidently wiped all the information during the routine software upgrade. The member of staff that was working under the program for the Royal Bank of Scotland, NatWest and Ulster Bank and it was based in Hyderabad, India.
It is a known fact that the banking industry plays a huge role in today’s society, the industry has grown rapidly of many decades and still growing. The banking sector is that sector of the society that is actually responsible for the handling of financial assets for other sector of the economy, they do this by investing the financial assets in order to create more wealth in the society while regulating all the activities involved in the process. (What is the banking Sector 2015)
Ecobank encourages its work force to be creative. This is because it is through innovation that the bank can survive in an environment which is now being characterized by cut throat competition. Unproductive habits are not encouraged at all.
Banks sector is playing an important role in economies. The banking industry, as the classic and the most influential of financial intermediaries, facilitates economic operations. Financial sector in the worldwide country has been changes over these years by looking the changes of financial structure environment and economic conditions. Thus, banks are a very important point to financial system and play an important role as control and contribute growth to the economic sector.