Giving or receiving a financial or other advantage in connection with the improper performance of a position of trust or a function that is expected to be performed impartially or in good faith.

Wrongful or criminal deception intended to result in financial or personal gain

The act of disguising money obtained from illegal activities to make it appear legally obtained

Suspicious Activity Report (SAR)

A report compiled by the MLRO and sent to the NCA when money laundering is suspected.

Stages of Money Laundering

Placement, Layering, Integration

Professional Scepticism

Critically assessing information to question and evidence its validity

A business owned and run by a self-employed individual with unlimited liability for debts

A business owned by 2 or more individuals who share profits, losses, and responsibilities

Limited Liability Partnerships (LLPs)

A partnership where partners have limited liability for the debts of the business

Limited Companies (LTD)

A business that is a separate legal entity from its owners, with limited liability for shareholders

Not-for-Profit Organisations

An organisation that exists to provide services with social, environmental, or charitable objectives, rather than to generate profit

Individuals or organisations with an interest or 'stake' in a business, including internal stakeholders like employees and external stakeholders like customers and suppliers

The possibility of losses or negative outcome due to known factors and their probabilities

Situations where the outcomes and their probabilities are unknown

The possibility of losses arising due to changes in a business's financial conditions, such as interest and exchange rates

Risks that threaten the day-to-day running of an organisation, including risks related to processes, systems, people, and events

Stakeholders with a direct financial impact on an organisation, vital to it's existence

Secondary Stakeholders

Stakeholders with an indirect impact or influence on an organisation

The process of identifying, evaluating, and deciding what action to take to manage risks

A collection of unorganised facts or figures that requires processing

Processed data that can be used to enhance knowledge and be a basis for decision making

The understanding and insights gained from information

Large, diverse collections of data that are growing at ever-increasing rates

The process of examining data sets to draw conclusions about the information they contain

Characteristics of Big Data

Volume, Value, Variety, Velocity, Veracity

Key Responsibilities of the Finance Department

Ensuring accurate financial information, compliance with legal frameworks, supporting other business functions, producing financial statements

How does the finance function support operations and production?

By managing supplier relationships, inventory control, budgeting, and expense reimbursements

A system where accounting software is accessed via the internet, allowing real-time data access and remote usage

Data Protection Principles

Used fairly, lawfully, and transparently, accurate and up-to-date, handled securely

Business Functions Responsibilities Finance

Ensuring accurate financial information and compliance

Business Functions Responsibilities Operations

Managing the way products and services are delivered

Business Functions Responsibilities Marketing

Developing strategies to promote and sell products

Business Functions Responsibilities HR

Managing staff welfare and recruitment

Business Functions Responsibilities IT

Overseeing hardware, software, and data security

As prices increase, demand contracts. As prices decrease, demand expands.

Price point where the quantity supplied equals the quantity demanded

Goods for which demand increases as income rises and decreases as income falls

People, Profit, Planet Social, ecological (environmental), economic (financial)

Corporate Social Responsibility Involves being accountable to stakeholders and the public, often documented in ethical and sustainability policies

As prices increase, the quantity supplied will increase. As prices decrease, the quantity supplied will decrease.

Products that are used together, so if the price of one increases, demand for both will fall

P.E.S.T.L.E Examples Political

Government policies, taxation, tariffs, public spending

P.E.S.T.L.E Examples Economic

Interest rates, exchange rates, disposable income, inflation

P.E.S.T.L.E Examples Social

Cultural norms, population growth rates, age distribution, health consciousness

BUAW Flashcards Flashcards

Student preview

54 questions

Show all answers

1.

FLASHCARD QUESTION

Front

P.E.S.T.L.E

Back

Political, Economic, Social, Technological, Legal, Environmental

2.

FLASHCARD QUESTION

Front

Integrity

Back

Being honest, transparent, and fair in all professional dealings

3.

FLASHCARD QUESTION

Front

Objectivity

Back

Not allowing bias, conflict of interest, or undue influence to affect professional judgements

4.

FLASHCARD QUESTION

Front

Confidentiality

Back

Not disclosing information obtained through professional work unless authorised or required by law

5.

FLASHCARD QUESTION

Front

Professional Competence and Due Care

Back

Maintaining professional knowledge and skill, and acting diligently in accordance with applicable standards

6.

FLASHCARD QUESTION

Front

Professional Behaviour

Back

Complying with laws and regulations and avoiding actions that discredit the profession

7.

FLASHCARD QUESTION

Front

Fundamental Ethical Principles

Back

Integrity, Objectivity, Confidentiality, Professional Competence and Due Care, Professional Behaviour

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