THE BENDIGO AND ADELAIDE BANK ADMINISTRATIVE SYSTEM Essay Example

  • Category:
    Management
  • Document type:
    Assignment
  • Level:
    College
  • Page:
    2
  • Words:
    1208

The Bendigo and Adelaide bank administrative system

The Bendigo and Adelaide bank administrative system

Introduction

The Bendigo and Adelaide Bank is the fifth largest bank in Australia, and one of the oldest. The shareholders in the bank are more than 99 000 and the assets under the management of the bank are more than 65.7 Billion Dollars. The market also has the market capitalization of 4.6 Billion dollars give or take. The retail bank has more than 7 200 staff members and 1.6 million customers. The vision of the bank is to be the bank that is most connected to its customers[ CITATION Ben16 l 1033 ].

There is the frequent involvement of the regional training organizations (ROTs) within the company whenever there are new strategies in place. New employees also get into contact with the RTOs for the sake of learning about the operations and systems of the company. According to information from the members of staff at the bank, the merge of the Bendigo and the Adelaide was accompanied by numerous training sessions for the sensitization of all the members of staff regarding the operational systems of both banks[ CITATION Ben15 l 1033 ].

The Leave Approval Systems

The expense approval systems of the bank is under the control of the entire board which determines the limits of expenditure authorization. The responsibilities include the annual review of the rationale and assumptions that underlie the annual financial forecast. There is also the need to approve the subsequent strategic priorities. The allocation of resources for the continued efficient operation of the group is another essential responsibility.

The management conducts monitoring procedures to confirm the adherence in meeting the objectives. That includes the financial position assessment for the group. The board also ensures that the investments, strategic commitments, and divestments that have potential material effects on the assets. The managing director can delegate his management power to the executive management. The director is, however, remains accountable to the entire board for the delegated roles.

The Bank accommodates a maximum of twelve managing directors and a minimum of five depending on the state of the bank and the urgency of management issues. The adherence is in conjunction with clause 55 Act section 201P of the constitution. The board decided that a majority of the directors are better left independent in reference to the independence policy of the Bendigo and Adelaide Bank. The Board must meet a minimum of twelve times every year. The non-executive directors also have the obligation to hold a minimum of one meeting every year.

Remuneration System

The remuneration within the company is as recommended by the governance and Human Resource Committee. It is the duty of the HR to management risk among the employees and the remuneration procedures. There are regular reviews on the remuneration policy that take the company strategy, shareholder interests, objectives, regulatory requirements, and market developments into consideration. That includes the obligation to adjust the performance-based remuneration requirements and the STI thresholds capable of triggering deferrals. Annual recommendations for the salaries of the employees and the responsible persons who could be the CEO.

The company includes remuneration consultants in the entire remuneration planning process. The board also ensures that it makes an annual remuneration report that considers regulation protocol and the practices of corporate governance. The report also ensures transparency in the explanation of the alignment of the remuneration policy with the objective, risk profile, and strategy of the company. Such transparency also explains the performance-based remunerations[ CITATION Ben12 l 1033 ].

Accounting Systems

The accounting systems of the bank have transformed from the once evaluation system that took place only once a year to an administration that is more comprehensive and with more reliable advice solution. The containment of the administration costs is made easier for the trustees and their accountants because of the Super Astute. The new self-management superannuation fund (SMSF) administration has a consolidated characteristic of contributions, investments, funds, and pensions. The SMSF dashboard is designed for the easy automation of management and administration to allow the financial advisers to invest, manage, establish, report, and audit the financial state of their accounts[ CITATION Ben161 l 1033 ].

There exists a written and confirmed declaration regarding the accounting. All the financial statements that are released by the bank are in compliance with the international accounting standards. The accountants also ensure that the financial records of each fiscal year are well Section 286 of the Corporations Act of 2001[ CITATION Ben162 l 1033 ]. The most recent plan is the transformation of customer service through Appian as a tool. The tool makes it faster and more convenient to market all the financial proceeds through the distribution of the relevant balance sheets and related information by the accountants. With the new administrative system, the bank makes it easier for the accountants to focus on client needs without becoming over-burdened with administrative tasks. The bank is also focused on transparency with its customers and shareholders. The financial performance, for instance is clearly stated with the loan rates posted in the records and on the websites[ CITATION App151 l 1033 ].

Recordkeeping Systems

The Bendigo and Adelaide Bank collects valuable information about their clients for record-keeping and tracking purposes, and in compliance with the anti-money laundering laws. The information collected is importance for the confirmation of the identities of all who are affiliated to the bank in one way or the other. However, the same information is protected under the Privacy Policy of the company. The personal information collected by the bank is sometimes obtained from the customers directly or third parties such as credit reporting bodies. Consent is sought before the collection of the sensitive information of the customers such as their health status. Information from shareholders and other suppliers that are non-corporate is also collected for future enquiries.

The information is used by the bank to provide the customers and shareholders with any available financial services and products. Assistance with financial and legal advice is also available. The information may also be released in compliance with legal obligations on the bank. These policies because engrained in the policies of the Bendigo and Adelaide Bank after the merge. In conclusion, the Bendigo and Adelaide Bank is one example of a bank run successfully and effectively through the careful planning of change, regard for the management and the advisory board, and the importance of all-members sensitization on new information. As one of the largest and oldest banks in Australia, it is taken with much regard by the shareholders and the customers.

Bibliography

Appian, 2015. Bendigo & Adelaide Bank Selects Appian to Transform Customer Experience. [Accessed 17 10 2015].
Available at: http://www.appian.com/about/news-item/bendigo-adelaide-bank-selects-appian-to-transform-customer-experience/
[Online]

Bendigo and Adelaide Bank, 2012. Governance and HR Committee Charter. [Accessed 17 10 2016].
Available at: http://bendigoadelaide.com.au/public/corporate_governance/board_committees/governance_and_hr_committee_charter.asp
[Online]

Bendigo and Adelaide Bank, 2015. Welcome to Bendigo and Adelaide Bank Staff Super Plan (BASSP). [Accessed 17 10 2016].
Available at: http://www.bendigostaffsuper.com.au/homepage_standard_pages/organise_my_super
[Online]

Bendigo and Adelaide Bank, 2016. About Us. [Accessed 17 10 2016].
Available at: https://www.bendigoadelaide.com.au/public/about_us/index.asp
[Online]

Bendigo and Adelaide Bank, 2016. Bendigo and Adelaide Bank Risk Principles & Systems Descriptions. [Accessed 17 10 2016].
Available at: https://www.bendigoadelaide.com.au/public/corporate_governance/risk_management_systems.asp
[Online]

Bendigo Bank, 2016. SuperAstute — Bendigo Wealth launches new SMSF administration service. [Accessed 17 10 2016].
Available at: https://www.bendigobank.com.au/public/news-and-media/news/news-archive/superastute-bendigo-wealth-launches-new-smsf-administration-service
[Online]