4 Ways to Revolutionize Risk Management

In an uncertain climate where risk is rife, the call for a more holistic approach to risk management has never been greater.

Despite new risks having emerged amid the volatile global environment, existing risks such as cybercrime and climate change haven’t gone away. Compounding this are new regulations on the horizon, such as those recommended in the Brydon Review in the U.K., where it’s likely we’ll see increased scrutiny over risk management, compliance and internal controls in the coming months.

The rapid pace of change in the past year has undoubtedly created significant short-term challenges for organizations worldwide, but only now are the long-term consequences beginning to manifest themselves.

Arguably, Covid-19 has highlighted deficiencies in risk management that otherwise might never have been brought to light. What’s clear is that those who have taken a more dynamic and frequent approach to their risk practices have been better able to future-proof their business and tackle the ongoing turbulence initiated by the pandemic.

Here are some ways organizations can enhance their performance in four of today’s key risk areas, while maintaining rigorous compliance and agility:

Innovation risk,..

As innovation rises, so too do risks. Yet conversely, the risk of not innovating can be just as high. This places a considerable onus on risk managers to help their organizations strike the right balance between risk and reward.

Due to the nature of innovation, propositions are often in a constant state of development, rendering point-in-time engagement from risk executives impractical. For risk management to be effective, it must be embedded throughout the development process, with continuous interaction between risk and innovation teams. Furthermore, risk controls should be an integral part of product design, especially in the face of regulations such as GDPR, which maintains “privacy by design” as one of its leading principles.

Innovation risks undoubtedly alter the risk profile of an organization and potentially fuel other technology-related risks such as cybercrime and fraud—creating another strong case for implementing new risk controls and a wider discipline of digital conduct.

One prime example of innovation risk managed well is offered by e-commerce giant JD.com, whose radical advances in mitigation technology and robotics have increased the retailer’s stock price by 97% in the past year.

Cybersecurity risk

At the same time that organizations are expanding their digital footprints, cyber threats are growing exponentially in their sophistication. Although this has largely made traditional risk management frameworks unworkable, a data-driven approach can help businesses to better quantify cyber risk and sense check their cyber-response capabilities.

Data can be derived from multiple sources including audit findings, threat intelligence tools, asset life cycles and defect management to help build a real-time picture of risk, while providing key insights to the security team and senior leaders for more informed decision-making.

That said, a cyber-risk framework is only as good as an organization’s first line of defense: its valued employees. An all-hands-on-deck style is the surest way to instill a culture of cybersecurity accountability at all levels of the business, supported through training courses and robust policies to raise awareness of today’s ever-evolving cyber risks.

By identifying and addressing vulnerabilities before they become an issue, risk professionals can reduce the likelihood of their organization being a sitting target and thus protect their end clients as they continue their digitalization journey.

ESG risk

Rising expectations from stakeholders in recent years have indicated that high environmental, social and governance (ESG) performance can lead to improved profitability and business opportunities.

Microsoft is one such case in point, becoming the first company in its sector to target a “carbon negative” status by 2030. Since creating a $1 billion fund to reduce emissions and carbon usage, Microsoft received the highest ESG rating (AAA) from MSCI ESG Research in 2019.

A failure to incorporate ESG—covering a wide set of issues—into enterprise risk management practices could see businesses lagging behind their peers, particularly if they do not make the connection between ESG and materiality.

While laws and regulations mandating disclosure are a key driver for putting forth a robust ESG strategy, businesses should adopt an approach that transcends simply meeting compliance requirements. A critical starting point is to develop a purposeful culture around ESG that is exemplified at the top and instilled throughout the organization.

Board oversight is also crucial to the effective integration of ESG risk management and subsequent long-term sustainability. Senior leaders should work closely with risk teams to monitor ESG performance against the company’s goals, making activities such as megatrend analysis, media monitoring and regular ESG materiality assessments a core part of the wider ERM framework.

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Regulatory risk

With the regulatory landscape changing rapidly, businesses that rely on antiquated, reactive ways of managing compliance risks could open themselves up to a host of negative repercussions, from both a financial and reputational standpoint.

However, an integrated compliance framework facilitated by technology can not only enable companies to be more risk-intelligent, but can also help keep compliance standards in check, ensuring that policies are adhered to at all levels of the organization.

Coupled with a best-practice strategy for managing regulatory compliance risk, today’s advances in automation and regtech can provide a 360-degree view of compliance while delivering meaningful insights and highlighting gaps in processes or deviation from policy.

Moreover, as authorities place increased focus on the quality and completeness of regulatory data, businesses will need to show that they have systematic controls and tools in place to provide accurate regulatory and compliance reporting. By putting transparency at the heart of regulatory risk management through digital means, organizations can have the confidence that their regulatory obligations are being met, mitigating the chance of them falling afoul of noncompliance.

With a focus on high-level risks as well as the more granular impact of risk across the board, businesses will not only benefit from a competitive advantage in future, but also greater resilience and compliance in times of extreme disruption. Are you ready for a risk management revolution?

Discover Ideagen’s market-leading Pentana Compliance solution and how it can help to protect your financial services organization from regulatory risk.

Gordon McKeown

Gordon McKeown, Head of ARC Product, Ideagen

This article originally appeared on Business Reporter. Image credits: Header image: iStock 1181145608. Headshot: Courtesy of Ideagen.

Source: 4 Ways to Revolutionize Risk Management

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5 Time Management Myths That Affect Your Workplace Productivity

Any phenomenon that becomes “fashionable” instantly acquires its own mythology. This mythology forms a system of concepts that are accepted and not questioned. At the same time, the vast majority of people do not think about whether it corresponds to reality.

This paradox has existed as long as humanity. Some such misconceptions are harmless and cute. But misconceptions about any management, especially time management, lead to real mistakes in life and work, reduce motivation, and kill faith in oneself. Time management games and activities increase motivation, engagement, and problem-solving skills. They also improve resource management, speaks creativity, and enhances teamwork abilities.

So, what is the history of time management?

History of Time Management

The history of time management goes back to the distant past. As far back as 2000 years ago in ancient Rome, the famous thinker Seneca proposed to divide all time into time spent with benefit and useless.

Seneca also began to keep a permanent record of time in writing. The thinker said that when living a certain period of time, one should evaluate it in terms of occupancy. In the later history of time management, these ideas formed the basis of such a concept as “personal efficiency.

Leon Battista Alberti, a writer and Italian scholar who lived in the 15 century, said that those who know how to manage time usefully will always be successful. To do this, he suggested using 2 rules:

  1. Make a to-do list every day in the morning.
  2. Arrange things in decreasing order of importance.

For centuries, all of these principles existed only in theoretical form, and only since the 1980s, this topic has begun to move from theory to practice. For teens, it will be useful to read time management tips.

Time management is necessary not only for executives and business owners: each of us must be able to manage our own assets to enjoy the process of life in its entirety. Of course, not everyone needs time management. If a person has nothing to do in his or her life, and his or her main task is “to kill time”, then time management is an irrelevant and unnecessary discipline for such a person.

In other words, you should first decide whether you really lack time and where you would like to spend your free minutes, hours, and days when they appear.

Time management consists of several components:

  • Strict time management.
  • Optimization of time resources.
  • Planning a day (week, month, or another period of time).
  • Organization of motivation.

Time Management Myths That Affect Your Workplace Productivity

Time management is important not only for work: people who have mastered the art of time management are more cheerful, healthy, and successful in professional and personal life. Effective time management allows you to think about all your actions and decisions in terms of their appropriateness for your own development and improvement.

Myth Number 1: You can’t be a Successful Person Without Time Management

The main danger of this myth is that it equates being organized with being successful. This is not the same thing. It is the substitution of the essence with a tool.

At first glance, this myth seems very plausible. How can you be successful if you can’t consciously and systematically manage your time and activities? It seems like you can’t.

However, any success is first of all decision-making. And only in the second place is their execution. If you don’t make decisions or make the wrong ones, then no time management will help you at all. You will do a lot of things that lead you nowhere.

For example, Konstantin is a successful businessman. When I first met him and his style of doing business, I fell into a stupor. He was the epitome of anti-time management. Absolute unpredictability in his thoughts, actions, and decisions. Nevertheless, he has outstanding business accomplishments. Due to what? First of all – due to enormous experience, brilliant intuition, ability to make the most accurate decisions under conditions of lack of information, not to get lost in difficult situations, to be flexible and fearless.

And this is not an isolated example. Neither Konstantin nor others like him did not need the classic system of time management or rules for improving productivity. They succeeded without their help.

Myth Number 2: There are Universal Time Management Systems That Suit all People

Most books on time management inconspicuously carry the idea that time management systems are not personal. After all, this is management! And it is a universal thing. At best, the authors divide people into rationalistic and intuitive (orderly and chaotic).

A greater stupidity is hard to imagine. A time management system is built into a person’s way of life and changes it (and the image, and the person). If it does not do this, it is ineffective. And a person’s lifestyle depends on his or her values, beliefs, cognitive filters and strategies, life situation, type of nervous system, peculiarities of character, activity, etc.

Trying to change your lifestyle by copying techniques developed by someone else is like trying to transplant someone else’s organ. Your body will accept it only under conditions of suppressed immunity, i.e. partial destruction of your identity. The same happens when you copy someone else’s way of life. It disorganizes you. Basically, there are only three possible alternatives:

  1. It will destroy your identity if you follow it fanatically.
  2. You abandon it or modify it beyond recognition (but this is a rare option).
  3. By chance, it will coincide with your personality traits and you will be able to apply it permanently (this is even rarer).

Myth Number 3: Time Management Doesn’t Work

The number of people who have tried living by time management and given up on it is greater than those who have succeeded.

In order for you to manage your time really effectively and without violence to your nature, you must construct a time management system for yourself. This requires a prior analysis of the characteristics of your personality, activities, lifestyle, and situation. If you set up a time management system for yourself – it doesn’t mean that all your time will be spent on work, the development of yourself, and your skills. You should also make time in this system for primitive things like watching movies using VPN for Amazon Prime or playing video games on PS4 or PC as well as other activities that help you relax and reboot.

The same about Konstantin, or rather about his sad experience of implementing time management.

Konstantin liked to attend all kinds of training, seminars, and other developmental events. At one of them, some charismatic person managed to plant in Konstantin’s head the bacillus of time management.

Konstantin decided to give it a try and hired himself a guru of time management. This teacher was the exact opposite of Constantine in temperament and most of his personality traits. However, he possessed great persuasiveness. The experiment of introducing time management into Konstantin’s life lasted about seven months.

Konstantin began to trust his intuition less and began to base his decisions on more formal and rational methods. As a result, for the first time in the last 14 years of his business career, he incurred serious losses (several tens of millions) and found himself on the verge of bankruptcy.

Now, being with Konstantin, it is better not to talk about time management.

Myth Number 4: Time Management Guarantees Personal Development

Many time-management techniques include blocks devoted to goal-setting. This is very correct and appropriate. But here lies a dangerous trap.

It lies in the fact that having reached a certain stage of development, people find themselves in a crisis associated with the need to rethink themselves and their life. He or she must make a kind of quantum leap. Instead, within the framework of time management, he or she is presented with rather primitive technologies of goal-setting.

In the vast majority of cases, these technologies are good in themselves. However, they allow you to choose goals based on meanings and values that are already familiar to you. And they do not work at all when you are experiencing an existential crisis.

If you fall into this trap, then instead of doing inner work on yourself and making a kind of quantum leap, you will move toward goals that are no longer relevant to you. You will lose time and exacerbate your own crisis.

For example, Elena is a talented person who worked for a long time as a top manager of a large company and finally opened her own business.

At the same time, Elena was always aware that the area of her professional development was not really interesting to her either when she was working as a hired employee or when she opened her own business. She was successful and highly professional. But all these years she was plagued by the feeling that she was out of place.

A year and a half after opening her business, this feeling became very strong. And then Elena went to training on goal setting and time management. Being an emotional and enthusiastic person, Elena came out of the training elated and with a list of new goals in her hands.

For eight months, Elena worked on achieving her new goals and got her way. What was the result? Severe disappointment and depression. Loss of meaning and motivation to move forward.

When I asked Elena why she thought this was the case, she said that the goals she had set in the training were totally artificial and superficial. With the shortage of time and group work, she formed pacifier goals: superficially attractive and appealing to the approval of others, but completely unresponsive to her deepest needs.

Myth Number 5: Time Management Immediately Starts Saving Your Time

This myth has probably caused the most casualties among time management recruits. Here is what a typical story of a victim of this myth looks like.

Vasily is a mid-level manager. He is promoted and made head of a division. The volume of tasks and responsibilities increases dramatically. Vasily ceases to have time and cope. But he does not give up and buys a hyper-popular in managerial circles book on time management.

Why does Vasya do this? Stupid question. To have more time. However, with amazement and irritation, Vasya notes that in an attempt to apply the great wisdom in the book, he gets less time, his life becomes more difficult, and the free time does not increase. And, funnily enough, all these phenomena only worsen over time.

After a little floundering in this situation and having exhausted his willpower reserves, Vasya powerfully forgets about any kind of time management. And later, upon hearing this magic word, he reacts aggressively and profanely.

What Happened? A tragic conflict between myth and reality.

Mythological time management is a magic pill that quickly and forever gets rid of your time problems. Real-time management is a painful process of changing your lifestyle and developing completely new and unfamiliar skills.

As soon as you start implementing a little bit of sophisticated time management in your life, your efficiency goes down dramatically instead of going up! And it remains low until new skills and habits are developed. And developing them takes extra time, motivation, and energy.

Because human is a lazy and fairy tale-believing creature, few people make it all the way to the end. Nevertheless, everyone should know how to avoid burnout.

A Practical Task

If you have never tried to implement time management in your life, please write for yourself on the sheet of paper:

  • What goals would you like to achieve with it, what desires to realize?
  • What in your way of life now prevents you from achieving these goals?
  • What in you/your character prevents you from achieving these goals?

If you have tried any of the time management systems but were not successful in it, please answer the following questions:

  • What time management systems have you used?
  • How would you characterize the features of that system/s?
  • What goals did you want to achieve by using them?
  • What prevented you from achieving those goals?
  • What didn’t suit you about the time management system you were using?

If you have tried any of the time management systems, implemented them, and are still using them, please answer the following questions:

  • What are the main features of your time management system?
  • Is there anything in your time management system that you find inconvenient or not fully effective? If yes, describe it.
  • What would you like to improve in your time management?

P.S. When answering the questions, please do not limit yourself to such general and meaningless concepts as “laziness” or “procrastination”. They do not explain anything, but only close the road to possible positive change. These questions will help you to understand what you really want.

The post 5 Time Management Myths That Affect Your Workplace Productivity appeared first on Calendar.

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Source: 5 Time Management Myths That Affect Your Workplace Productivity

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Critics:

Time management is the process of planning and exercising conscious control of time spent on specific activities, especially to increase effectiveness, efficiency, and productivity. It involves a juggling act of various demands upon a person relating to work, social life, family, hobbies, personal interests, and commitments with the finiteness of time. Using time effectively gives the person “choice” on spending or managing activities at their own time and expediency.

Time management may be aided by a range of skills, tools, and techniques used to manage time when accomplishing specific tasks, projects, and goals complying with a due date. Initially, time management referred to just business or work activities, but eventually, the term broadened to include personal activities as well. A time management system is a designed combination of processes, tools, techniques, and methods.

Time management is usually a necessity in any project management as it determines the project completion time and scope. It is also important to understand that both technical and structural differences in time management exist due to variations in cultural concepts of time. The major themes arising from the literature on time management include the following:

 

How to Diversify Your Portfolio: Strategies and Benefits

There’s a reason manufacturers make different product lines, and stores carry a range of goods: It protects their profits. If one item suffers a seasonal decrease in demand or is an outright flop, they may still be ok if the majority of the other items do well.

It’s a business strategy called diversification. And just as diversification is important in industry, it’s important for your investment portfolio as well.

The primary goal of diversification isn’t to maximize returns; it’s to limit risk. When you diversify your portfolio, you reduce your risk of experiencing massive losses when a few of your investments underperform. Read on to learn more about the benefits of diversification and for a step-by-step guide to diversifying your own portfolio.

Understanding risk

At its most basic level, risk refers to the chances that a particular investment or portfolio could suffer financial loss. Beyond this definition, risk can be broken into multiple categories:

  • Company risk: What is the financial strength of the company or government entity that you’re looking to invest in (often through stocks) or loan money to (often through bonds)? Does it have a low, moderate, or high chance of bankruptcy?
  • Volatility risk: On average, how often does the particular asset that you’re looking to invest in have losing years? For example, large-company stocks lose money once every three years on average.
  • Liquidity risk: How easy would it be to get your cash back out of the investment if you needed the money to cover an emergency expense?
  • Interest rate risk: How would your investment be impacted by a rise or fall in interest rates? Bond values, for example, tend to go down as interest rates go up.
  • Inflation risk: Is your portfolio’s rate of return at risk of being outpaced by inflation? This could be a legitimate possibility for portfolios that are invested solely in cash equivalents.

All investments involve some level of risk.

If safety is your ultimate goal, however, look to bank or credit union deposit accounts (savings accounts, CDs, money market accounts, etc.). Since these accounts are insured up to $250,000 by the federal government, they offer the closest thing to an investment “guarantee.”

How diversification benefits you

Diversification involves owning a mix of investments to reduce risk and volatility. Here a few common ways to diversify:

  • Company diversification: Owning shares of multiple companies so that your portfolio won’t be significantly harmed if one stock declines or goes bankrupt.
  • Industry diversification: Owning stocks from a variety of industries (technology, healthcare, energy, consumer staples).
  • Size diversification: Investing in companies of different sizes, or market caps, such as small-cap, mid-cap, and large-cap companies.
  • Global diversification: Investing in a mix of domestic and international stocks
  • Asset class diversification: Moving beyond stocks and bonds, the traditional financial assets, to invest in additional types: real estate, commodities, private equity, and cash.

The more diversified your portfolio becomes, the less of a chance you’ll have of experiencing a huge loss in any given year.

Downside to diversification

Unfortunately, with investments, the chance of big losses usually goes hand-in-hand with the possibility of big wins. Diversification’s benefits often come at a cost: diminished returns.

To illustrate: a recent study, using historical data from 1970-2016, which compared the performance of three hypothetical portfolios:

  • Conservative: 30% stocks, 50% bonds, 20% cash
  • Moderate: 60% stocks, 30% bonds, 10% cash
  • Aggressive: 80% stocks, 15% bonds, 5% cash

If avoiding declines was your only goal, the conservative portfolio would be the clear winner. The maximum one-year loss it suffered was 14%, vs. 32.3% for the moderate, and a whopping 44.4% for the aggressive.

But when it came to annualized returns for each portfolio, the conservative gained 8.1%, the moderate, 9.4%, and the aggressive,10%.

Those slight differences may not seem like a big deal. But over a 40-plus year investment horizon, they add up. For example, if each portfolio had begun with $10,000, their final account tallies would have been:

  • Conservative: $389,519
  • Moderate: $676,126
  • Aggressive: $892,028

Riskier investments tend to offer higher potential returns. So, smoothing out the risks, as diversifying does, means no sickening drops — but no exhilarating lifts, either. Most investors are willing to accept the tradeoff.

How to diversify your investment portfolio

Ready to start building a diversified portfolio? Here are four diversification tips to guide you along the way.

1. Determine your risk tolerance

Your risk tolerance is how much money you are willing to lose in the short-term in exchange for the potential for higher long-term growth. There are various factors that can affect your risk level. These include your:

  • Time horizon: How soon will you need to take your money out of your investments? Someone who won’t be retiring for another 30-40 years may be willing to take on more risk than someone with a retirement window of 5-10 years from now.
  • Income needs: If you’re still working, you may decide to invest in higher-risk, growth-oriented investments. But if you’ve already reached retirement, you may prefer to focus on lower-risk investments that can provide a stable income, such as bonds, dividend stocks, and CDs.
  • Portfolio size: As your portfolio grows, you may choose to raise your risk tolerance since you’ll have more capital available to sustain short-term losses.

The investments you select should be guided by your risk tolerance. Those with a high tolerance for risk may invest a large percentage of their portfolios in equities. Conversely, the percentage of bond and cash holdings will typically be higher for investors with lower risk tolerance levels.

How can you determine your risk tolerance? Many investing brokers and robo-advisor websites offer free risk- level questionnaires. Some will even offer asset allocation recommendations based on your answers. You can also work with a financial advisor or money manager to build a portfolio that’s customized to your individual risk level.

2. Take advantage of mutual funds and ETFs

Once you’ve determined your risk tolerance, it’s time to begin buying the investments that will comprise your portfolio. And it’s at this stage of the game that baskets of securities such as mutual funds and exchange-traded funds (ETFs) can really come in handy.

Let’s say, for sake of illustration, that you want an asset allocation of 70% stocks, 25% bonds, and 5% cash. To truly build a diversified portfolio with that asset allocation, you’d need to buy dozens (at the very least) of stocks and bonds. And for the stock portion of your portfolio, you’d also want to make sure that you were investing in companies of different sizes, industries, and geography.

Even if you had enough capital at your disposal to invest in such a diverse set of stocks of bonds, how would you go about choosing your individual investments? Most non-professional investors simply don’t have the time that this kind of market research would require.

But by investing in mutual funds and ETFs, you can eliminate these problems. Funds make it easy to invest in hundreds or thousands of stocks, bonds, or alternative investments at once, even with limited capital (getting the variety of assets diversification requires can be expensive). And some mutual funds even offer a predetermined mix of stocks and bonds to serve as a “one-stop-shop” for all your asset allocation needs.

3. Consider moving beyond stocks and bonds

When financial professionals talk about asset allocation, they’re often referring to your ratio of stocks to bonds. But it’s worth noting that with both of these assets, your money is heavily invested in companies.

To increase your diversification, you may want to consider investing a portion of your portfolio in additional asset classes as well. For example, you may want to consider investing in raw materials by buying shares of a commodity mutual fund.

If you want to gain more exposure to real estate, you could invest in a real estate investment trust (REIT). Other alternative asset classes worth considering include private equity, collectibles (like stamps, art, or antiques), cryptocurrency, and hedge funds.

4. Regularly reevaluate your asset allocation

How do you know when you’re properly diversified? The reality is that diversification is an ever-evolving process that will change as your time horizon shrinks.

To estimate your ideal asset allocation for your age, some experts recommend subtracting your age from 110 to 120. The result is the percentage of your portfolio that should be in stocks.

Using this rule of thumb, a 30-year-old would look to invest 80% to 90% of his or her portfolio in stocks, with the rest invested in bonds and/or cash equivalents. But an 80-year old would reduce his or her stock holdings to 50% to 60%.

The estimates above are just that…estimates. To determine your own ideal ratio, you’ll need to take your specific financial situation and investment needs into consideration.

Even if your portfolio’s asset allocation is perfectly matched to your age and needs, it can become out of alignment as certain assets outperform others. That’s why it’s important to monitor your portfolio and rebalance your original asset mix when necessary.

The financial takeaway

Investing is a game of risk and returns. Take on too much risk and you could lose big, especially in the short-term. Take on too little risk (like, say, by only investing in cash equivalents) and you could really hurt your long-term returns.

Diversification is the best way for investors to find their own personal balance of risk and reward. To build a diversified portfolio that works for you, consider your risk tolerance, time horizon, and investing goals.

Related Coverage in Investing:

What is an index fund? A low-cost, low-risk way to invest in the stock market

ETFs and mutual funds can instantly diversify your portfolio, but they differ in how they’re traded, managed, and taxed. Here’s what you should know.

How to invest in mutual funds and grow your money for retirement, a bucket-list trip, or any other long-term goal

Investing for income: 7 money-generating assets for your portfolio and how to get started

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Source: How to Diversify Your Portfolio: Strategies and Benefits

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Understanding Branch Managers: A Demanding and Highly Visible Job

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A branch manager is an executive who is in charge of a particular location, or branch office, of a bank or other financial services company. Branch managers are typically responsible for all of the functions of that branch office, including hiring employees, overseeing the approval of loans and lines of credit (LOC), marketing, building a rapport with the community to attract business, assisting with customer relations, and ensuring that the branch meets its goals and objectives in a timely manner.

Key Takeaways

  • A branch manager is an employee who oversees the operations of a branch of a bank or financial institution.
  • Branch manager’s responsibilities include managing resources and staff, developing and attaining sales goals, delivering exceptional customer service, and growing the location’s revenues.
  • In prospective branch managers, employers look for someone with experience, proven success, and leadership skills.
  • Academically, branch managers typically have undergraduate degrees in finance, accounting, or related fields of study.

Understanding Branch Managers

A financial institution’s executives place great confidence in the company’s branch managers, expecting them to run their locations as their own businesses. A branch manager’s job description includes assuming responsibility for virtually all functions of their branch—including growing that location’s customer base and elevating the community’s perception of the company’s brand.

Branch managers also have the responsibility of delegating tasks to skilled workers and are responsible for their successes and failures. In fact, the branch manager is responsible for the success or failure of the branch they manage. Excellent multitasking and organization skills are necessary to accomplish tasks in a timely and efficient manner, not only for the branch manager but also for the people they manage. The branch manager will also oversee the performance of subsidiaries, such as bank tellers, loan officers, and back-office workers.

Requirements for Branch Managers

Because branch managers’ responsibilities include developing and maintaining good relationships with customers and employees, they should possess strong sales, people-management, and customer-service skills. Other attributes required of a branch manager are diligence, strong analytical skills, and the ability to prioritize, multitask, and focus on detail.

Branch managers are expected to be proactive about networking to bring in new business and increase revenue. A new branch manager might join the local chamber of commerce and attend business and networking events, where one often can meet influential community members. For example, a branch manager might meet a local hospital administrator and work out a deal to provide the branch’s services to the hospital’s employees.

Branch Manager Qualifications

Branch managers usually have undergraduate degrees in finance, accounting, or related fields. Some financial institutions will look at a branch manager job candidate with a non-finance-related bachelor’s degree as long as they have a master’s degree in a finance-related field.

Financial institutions hiring for branch manager positions look for candidates with both prior financial experience and proven leadership experience. They also seek candidates with a track record of increasing the number of a bank’s accounts, and hiring banks expect branch managers to be deeply knowledgeable about banking-industry regulations. Once hired, branch managers have the freedom to choose their teams, but they also must be able to ensure their teams’ success.

Source: Branch Manager Definition

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14 Best Online Team Management Tools For Productive Teams

Boosting team morale and productivity could be considered as the number 1 goal for every project manager. The term team management isn’t just about allocating tasks to be checked off by your team before the end of the day. Key factors that contribute to the concept of effective team management are teamwork, collaboration, and recognition.

Without them, a company’s overall performance is at risk. This is where team management tools come into play. Unfortunately, no matter how hard a project manager tries or how many expensive tools she/he invests in, something or someone is often left behind. And here in-lies our problem…and where there is a business-related problem, there is a Process Street solution.

You see, not all team management tools are meant for you. Without the right approach and the right tool, your chances of keeping each team member productive and satisfied, are next to impossible.

You need to find a tool that works best for you and your team and you need to find it soon. In this article, we will explain the importance of effective team management. We will then present you with our 14 top team management tools so that you can find the right one for you.

Click on the relevant subheader below to jump to that section. Alternatively, scroll down to find the information you need to evaluate the best team management tool for you.

We’ll start with the basics of team management. What it is and why it is important? Team management is the coordination of a group of individuals to perform a specific task. Team management is a subset of the broader discipline: project management.

Project management versus team management

Project management explains how the resources of a project are organized and implemented for successful project completion. With successful project management comes the delivery of expectations: what can be delivered, when this can be delivered, and the cost of delivery. Resources are maximized, the project cost is controlled, change is managed, and teamwork and collaboration are enforced.

Drawing on the latter point – teamwork and collaboration are enforced – it is clear that team management is a management skill vital for project success.

Team Management: An essential management skill

Management skills are certain attributes or abilities a manager should possess to be effectual in their duties and to deliver the needed project results. A team that goes through the motions, will not care for the success of your project or even your company. Effective team management is essential in maintaining a positive company culture, an environment that promotes project completion and to retain employee engagement.

What is a team management tool?

A team management tool is an application that assists the user in managing their team and project. There are hundreds of handy team management tools in the market boasting their effectiveness by:

  1. Boosting collaboration
  2. Promoting recognition
  3. Ensuring employee satisfaction

With this in mind, it can be difficult to select the right tool for you. However, with our list of 14 top team management tools, choosing just got a lot easier.Team management tools: Our top 14 picks.In this article, we present our top 14 team management software picks. We summarize the pros and cons of each tool so that choosing the right tool is easier for you.

Best team management tool for process management: Process Street

Process Street is a robust and straightforward business process management solution. It’s designed to help you manage repeating business procedures, minimize mistakes, save money, and collaborate easily within your team. With Process Street, you can create recurring checklists, collaborate around them, track their progress, and complete projects as planned.

What the users like:
With Process Street, project and team management become a breeze. Simply:

  • Document every step of your project.
  • Transfer your documented project into a Process Street template.
  • Add features such as task due dates, stop tasks and role assignments to adapt and refine the management of your project and team.
  • Activate the template once the project commences. Once activated the template is termed as a checklist. You can have more than one checklist running from the same template at a time.
  • Track the progress of your team members in terms of their assigned tasks.
  • Receive regular email updates for each project, keeping you in the loop.
  • Collaborate with project members in one space.

At Process Street, we have a wealth of free template resources stored in our template library.

You can access our template library here

To help you get started with your projects, check out Process Street’s Project Management Process Template.

This template is free and ready for you to use right away. In this template, you will find features such as:

  • Stop tasks to ensure task order.
  • Dynamic due dates, so no deadline is missed.
  • Conditional logic, creating a dynamic template that caters to your needs.
  • Role assignments, to ease task delegation within your team.
  • Approvals, to sign tasks off within your team. Tasks can be assessed by the relevant team member/s. The assigned approver can easily open the checklist. Information from the tasks is then used to either approve or reject, or reject with a comment.

It is with these features that Process Street checklists are deemed to be superpowered, and can superpower the management of your team.

What the users dislike:
Process Street is a great tool, but there’s no mobile app yet.

Pricing:

  • Process Street Business – $12 .50 per user per month
  • Process Street Business Pro – $25 per user per month
  • Process Street Enterprise – Available by quote

Sign up to Process Street here. All plans start with a 14-day FREE trial..

Best team management tool for scalable remote collaboration: Proofhub

ProofHub is an online project management and team management software that helps businesses organize projects, people and get work done. The software delivers basic and advanced features for refined project or team management under one roof. This includes:

  • Task management software
  • One-on-one group chats
  • Discussion topics
  • Gantt chart tool
  • Kanban boards
  • File management systems
  • Online proofing tool
  • Time tracking tool

Read more…

 

By: Jane Courtnell

 

Source: 14 Best Online Team Management Tools for Productive Teams | Process Street | Checklist, Workflow and SOP Software

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If you want to grow your business you will need to start bringing on staff to help you get there. But how do you manage them? In this video, I will go over 6 apps that I have found to manage teams and projects. Here is the list: Trello https://trello.com GitScrum https://site.gitscrum.com/ Plutio https://plutio.com Clubhouse https://clubhouse.io Notion https://www.wpcrafter.com/notion ClickUp https://clickup.com
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