Business Finance 2018 News Trends

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Business Finance 2018 News Trends

ANZ drives visibility into its financial advice business

Creates a unique view of the consultant and practices as a regulator circle.
ANZ is using a new "snapshot" of financial advisors, both salaried and self-employed, to monitor their precedents and identify more quickly cases where their advice leads to complaints or the need to pay compensation.

The head of solutions and business initiatives of the bank, Matthew Peterson, told iTnews that the Adviser Hub project started about two years ago.

"We came to a point in time when the world was changing and I think that the consulting firms in many banks have not gone through the journey," said Peterson in the margins of Salesforce's Dreamforce 18 conference.

"Many other banks' operational areas have moved quickly enough.

"The processes at the bank [that provided financial advice] were really solid, but we really had nothing to do with the points.

"We had to do something to connect everything together just to be able to wrap our arms around the business."

Advice on the crackdown

Financial advice has been a reform issue for the Australian Securities and Investments Commission (ASIC) for some years, and this year's Royal Commission has brought renewed attention to space.

In particular, the authorities have expressed a keen interest in delays between financial institutions that recognize problems and fix them.

"The regulator was really interested in what was happening with our consultants on the market," Peterson told the Dreamforce 18 conference.

ANZ has about 270 financial planners dependent on the bank. Another 650 consultants are autonomous and use their own independent technological systems.

Before 2018, the bank did not have "a holistic view in all its consulting activity" - and tracing information internally could be a long process.

"Like many banks, we had some fantastic processes, but what we did not have was all kept in one place," Peterson said.

"In practice, we would take the phone and talk to someone about a complaint in a department, or a consultant who was going to another department, but we did not have this connection."

The lack of a central data resource was particularly problematic when the bank ran the governance forum to deepen audit data on its advisors and senior management would have questions about what they were seeing.

"Historically, how it would work, we would sit in a governance forum and someone would see a 50-page slide and a static chart and say" someone can leave and tell me which state in Australia has the highest error rate "[ for a question asked during an audit], "said Peterson.

"The following month, someone would come back and answer this question", and from there the process will be repeated with the increasing number of questions and the search for data.

Centralization of data

In October 2017, the bank gathered all relevant data on financial advisors in Adviser Hub, a new instance of Salesforce that is functionally separated from other instances in other parts of ANZ.

The Adviser Hub acts as "a central repository of practice and counseling data, allowing us to strengthen our knowledge and insights of ANZ's consulting channels," said a deck of slides accompanying Peterson's presentation.

"We did not change any of our processes and we kept all our teams the same way, but what we did was linking all the data," Peterson said.

"A couple of years ago, if I had to call a senior executive and ask how many consultants we had in the business, they would take the phone and call someone in a department and someone else would send the human resources to find out that information.

"On our homepage now, we have things like the number of consultants for practice and licensee, you can see the number of complaints, how much money we are paying, the number of incidents and our onboarding tendencies to a really high level for our leaders seniors who have access to this information. "

Each financial advisor now has its own page where the "key information" about them is stored.

"Anyone [in the ANZ backoffice] can come in and take a look at their last check score, he has passed or failed, has received complaints throughout their business at the time and we have paid those complaints or any incidents" Peterson said.

"What we have now is essentially a snapshot of that consultant who is essentially all in one place to which everyone has access, and this information is then brought to a level of practice, so we do not just want to know about a particular individual consultant, but

Understanding of audits

Data backup, especially those collected during audit processes, are analysis functions that help ANZ to identify individual problems and trends.

Whereas before the backoffice staff of 200 people would have used Excel or Access for the purpose, this type of functionality is "now essentially at hand for everyone in the back office" through the Salesforce platform.

The 200 backoffice staff includes people in a series of operational and supervisory roles whose job is to "report, govern and monitor counseling".

"When we look at a particular consultant, we essentially monitor and pass through a series of questions about a client file to make sure they're giving the right advice to a particular client," Peterson said.

"The votes range from one to five, one is a big score and five is a failure, so now we can see the whole country in relation to how they are going or fail and we can analyze this information."

ANZ has four years of data in relation to the transition and bankruptcy rates of consultants when it answers each of the 30 questions asked in a review.

Now, when the audit results are discussed in internal governance forums, the graphics used in the slide logs point directly to the support data held in Salesforce.

"We started having dynamic conversations in those governance meetings," said Peterson.

"Rather than taking two or three months to get to the root cause, we are going in two or three minutes in a governance forum and the actions come out of our meetings.

"Having high-level information that a claim costs you $ 10,000 is great, but going back to look at the platform with senior leaders and actually seeing what the root cause was, how long it took to find it, what we did to remedy and how fast we are doing those things - essentially those conversations happen much more quickly. "

Peterson also said that the use of the consultant's unique vision has "intensified very rapidly" within ANZ.

"It's starting to change the culture ... [a] something that many people thought was not possible in the business risk and compliance sector," he said.

Business & Finance Awards Programme launches Business for Good Initiative


The Business & Finance Awards, hosted in association with KPMG, announced a new Business for Good initiative with the aim of involving charities with companies and companies with charities

Ireland's longest-running Irish business awards, the Business & Finance Awards, have announced the launch of a new Business for Good initiative, which will seek to provide charitable and non-profit social enterprises with greater access to the appropriate companies at the highest level through the Business & Finance Awards program, which is now in its 44th year.

The initiative includes every year a series of access and strategic value elements that include both the charitable / corporate commitment through the activities of the program, and the recognition of the most effective Corporate Social Responsibility initiatives by companies and charities. . It will also help charities with strategic communications and engagement strategies to ensure and execute the most appropriate business partnerships.

The 2018 Business & Finance for Good Business Business created the Elevation scholarship that will select and fund the students with an entrepreneurial enterprise for Social Enterprises each year through the awards program.

Enterprise Ireland collaborates with Business & Finance Awards to support new and rapidly growing companies

It was also announced that Enterprise Ireland will be associated with a new category within the Business & Finance Awards in association with KPMG. This new award will recognize fast-growing Irish companies with significant potential to continue to grow globally, focusing on Irish companies with a market capitalization of up to 500 million euros. The award will be flanked by the well-established Company of the Year award which recognizes Irish companies above this market capitalization threshold. The inaugural calls for the Elevation Award will be published at the end of October in advance of an evaluation process that will take place in November to select the final winner. The award will be presented by Julie Sinnamon, CEO of Enterprise Ireland, in the context of the Business & Finance Awards, in association with KPMG.

The Business & Finance Awards also hosts the FDI of the year in collaboration with IDA Ireland and this award will be presented by the CEO of Martin Shanahan IDA Ireland.


Rewarding good business and sustainable development: £80,000 available in microentrepreneurship awards



Micro-entrepreneurs in the UK can win "transformative" financial awards in the Citi Microentrepreneurship Awards, now open for applications.

The UK's most attractive premiums for micro-entrepreneurs are back in the UK to celebrate the impact and results of responsible financial service providers and the stimulating entrepreneurs they support.

The Awards are turning the spotlight on an enterprising sector by rewarding large companies and finance that supports it and bring together micro-entrepreneurs and responsible finance providers across the UK. As in previous years, British micro-entrepreneurs who have access to "responsible" business funding can compete for a share of £ 80,000.

Four prizes of £ 7,500 each are available to micro-entrepreneurs in categories that recognize their growth and environmental sustainability. Prizes will also be awarded to the social entrepreneur who has created a significant social or environmental impact and to the young micro entrepreneur of the year. For the first time, these awards will be aligned with the United Nations Sustainable Development Goals, celebrating those whose businesses are contributing to economic growth, social and environmental well-being.

Responsible lenders - the leading financial institutions offering funding accessible to many small and micro-businesses - can also apply for rewards, covering their impact and their resilience. The prizes will also be awarded to an industry leader and to the person responsible for the loan of the year.

Launched in 2005 (and in 2013 in the United Kingdom), the Citi Microentrepreneurship Awards were established by the Citi Foundation to recognize the best micro-entrepreneurs in the class and celebrate the responsible finance sector and their contribution to national economies. The Citi Foundation is committed to supporting the responsible finance sector and youth entrepreneurs through the Pathways to Progress initiative.



The number of micro-enterprises continues to grow in Great Britain, with the UK's micro-enterprises of 1.1 million people employing over 4 million people - 17.6% of the workforce.

One third of micro-enterprises have access to external sources of funding and "advice, mentoring, business support and skills development that the responsible financial service providers offer to their clients' businesses and social enterprises is as important as funding that provide, "according to Jennifer Tankard, Chief Executive of Responsible Finance, who added,

"The Citi Microentrepreneurship Awards celebrate the innovation and drive that underpins local economic growth.

"The responsible lenders support this success, not only with fair and cost-effective financing, but through the development of their clients' entrepreneurial abilities.They last year have supported over 5,000 small and social enterprises, which have created and saved over 12,000 jobs ".

To be eligible to participate in the Citi Microentrepreneurship Awards, which are provided in partnership by Responsible Finance and Citi Foundation, a company must have benefited from an affordable loan from a responsible finance provider and contributed to local economic growth in the UK .

"The Citi Microentrepreneurship Awards are a celebration of local businesses and businesses that represent the backbone of our communities: year after year, we see the growing value of micro-businesses in the UK, from companies that have created jobs for marginalized young people, businesses that provide low-cost charitable services, or the development of innovative and sustainable food sources, "said Bob Annibale, Global Director, Citi Inclusive Finance and Community Development.

"This year we will align the awards with the agenda of the United Nations sustainable development goals and we will recognize the responsible companies and finance providers who contribute positively to the economic growth and social and environmental vitality of their communities.

"We are proud to support the Citi Microentrepreneurship Awards for the seventh year and we are thrilled to see the new workers this year and the innovative companies that drive."


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