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Looks at the importance of management in fire safety and the range of issues it covers. Covers organisation, procedures, structural provisions, maintenance, staff training, external contractors and tenants. Concludes that all provisions for fire safety ultimately depend on the quality of management.
The obligation to seek best execution on behalf of clients is not a new issue for investment advisers but one which has received increased scrutiny by the SEC's Office of…
The obligation to seek best execution on behalf of clients is not a new issue for investment advisers but one which has received increased scrutiny by the SEC's Office of Compliance Inspections and Examinations (OCIE). This article discusses an adviser's duty to seek best execution and offers suggested guidelines from regulators and industry advocates when developing and implementing best execution policies and procedures. It also illustrates different trading analyses and sample controls that advisers may wish to consider when establishing a best execution monitoring program.
Describes ICL′s business process management approach to prevention. Discusses how designing, manufacturing and marketing a product involves thousands of processes. Asserts that to achieve total success each process must do what is required at the right time and in the right order. Looks at process modelling. Concludes that benchmarking establishes goals which bring customer satisfaction levels equal to or better than the competition.
The private sector has traditionally subsumed the issue of fraud within a general acceptance that there are certain costs relating to any commercial activity and, even if…
The private sector has traditionally subsumed the issue of fraud within a general acceptance that there are certain costs relating to any commercial activity and, even if they are expensive to deal with, provided they do not rise at a rate faster than the rise in profits, they are not given a high priority. However, the current slump in profits, a reaction to the politics of the 1980s, and an increasingly competitive marketplace are now encouraging more attention to be paid to costs. In the public sector there is no performance indicator of profit. Much of the focus has been on the cost of the delivery of the goods and services and the value for money that it represents. Public sector fraud is therefore often a matter for media or parliamentary attention. In considering how such awareness develops, the problems of dealing with long‐established evidence of fraud and corruption and the multi‐faceted nature of any reform package, this paper considers the recent developments within the Property Services Agency. This case study offers a salutary warning of the need to tackle fraud and corruption earlier rather than later and also underlines the fact that, whether the fraud and corruption occurs in a public or a private sector organisation, it is management's responsibility to deal with it.
Expansion of large international hotel chains into the Polish hospitality market has radically changed hotel management practices in Poland. The article investigates the…
Expansion of large international hotel chains into the Polish hospitality market has radically changed hotel management practices in Poland. The article investigates the impact of these changes on hotels’ economic performance. This impact is assessed by monitoring changes in the break‐even point, the percentage share of variable costs in sales, margins of safety, operating leverage, and other indicators reflecting economic effects of applied management methods. The research results indicate that cost reduction resulting from the introduction of new management methods must in the future be replaced by measures aimed at stimulating revenue growth.
ALTHOUGH the lowering cloud of increased charges for stamps and fewer collections and deliveries of mail faces the Post Office it will still, according to Mr. Jackson, general secretary of the Union of Post Office Workers, suffer a deficit of £130 million by 1973. The context in which he made his remarks to the union delegates, assembled at a conference in Bournemouth, is of special interest to this journal's readers.
This paper draws attention to a number of significant differences in the approaches adopted by regulators around the world and, more specifically, in the approach adopted…
This paper draws attention to a number of significant differences in the approaches adopted by regulators around the world and, more specifically, in the approach adopted by European regulators in the implementation of the Capital Adequacy Directive. It comments on the tools available for regulators in their oversight of financial markets, and argues for significant changes in the approach presently adopted: regulators should devote far more attention to the quality of internal controls and risk management procedures exercised by financial services institutions, and should encourage the public disclosure of meaningful information about the risks undertaken by financial services institutions and the ways in which they manage such risks. The paper discusses the skills required of regulators if they are to be effective in the changing financial services industry, with particular implications for their training, development and remuneration. Finally, the paper suggests that the exchange of information between regulators on individual financial services institutions and groups must be improved.
A RECENT ‘Dixon of Dock Green’ television episode portrayed a Time and Motion consultant in a very unfavourable light. The script writers did not attempt to explain his work, being too intent on creating credible circumstances for an attempted murder. All they needed was to build up a situation which made the workers' hostility to his activities obvious. It is to be hoped that homicide is not now an added occupational risk of consultants or Work Study men!
The purpose of this study is to evaluate the application of quality management systems (QMS) based on international standards of quality in education (ISO 9001:2008) and…
The purpose of this study is to evaluate the application of quality management systems (QMS) based on international standards of quality in education (ISO 9001:2008) and ascertain the influence of this quality model on primary and secondary schools in Spain.
The study was conducted in 26 publicly funded, private schools in Spain. The research design was a three-phase, mixed-methods evaluation. In all, 809 teachers answered the main survey questionnaire in Phase 3, which was validated through expert reviews and exploratory factor analysis against two theoretically derived dimensions of quality. The total scores of the two dimensions demonstrated Cronbach’s alpha reliability estimate > 0.95. A discriminant function analysis was applied next to compare three groups of schools based on teachers’ QMS ratings, using students’ achievement and other school quality indicators as predictors.
The QMS model was perceived to have contributed to improvements in documentation and management through evaluation, continuous improvement processes, the schools’ external image, management of resources and user satisfaction levels. Some of the improvements lasted over time. The schools rated as “high” by teachers on QMS implementation levels had better educational outcomes, as well as user perception and satisfaction levels, as compared to schools rated as “low”. Drawbacks of the QMS model were perceived as high bureaucratic workloads and a top–down management culture.
The findings suggest that ISO standards of QMS can be adopted in primary and secondary education institutions successfully, and that they are suitable for improving schools and educational systems overall.
The study’s originality lies in the demonstrated outcomes of the QMS approach, originally created for industrial environments, in a large Spanish primary and secondary education institution using a three-phase, mixed-methods design.
The collapse of Barings Bank in February this year provided a stark illustration of the need for adequate systems and controls in managing trading risks. This paper…
The collapse of Barings Bank in February this year provided a stark illustration of the need for adequate systems and controls in managing trading risks. This paper reviews the current advice on best practice from regulators, industry groups and government agencies. It emphasises the importance of strong corporate governance, the need for a strong risk management infrastructure, and suggests ways in which the incentives for excessive risk‐taking generated by existing systems of bonus payments might be corrected. The paper also recommends each firm perform an annual risk control assessment under the direction of its audit committee. It concludes by arguing that enhanced public disclosure has an essential role to play in providing an additional discipline on the board and senior management to ensure the adequacy of systems and controls.