...The three banks that were researched for their money management services were, Citi Bank, Chase, and Banner Bank. These three institutions gave a wide view of the services that they would be able to provide to a potential customer and how it would best serve their business. Citi Bank states that with their, “cash management products, you can collect payments faster, optimize the timing of payments to suppliers, vendors and employees, and stay on top of your accounts and balances more easily.” This is followed by a wealth of information about the different services that are provided under cash management. They have services that include, speed up receivables that are merchant services, remote check deposit, and business lockbox. Merchant services are a faster alternative to allowing customers to purchase your goods or services. Remote check deposit shows you electronic images of deposited checks with easier reconciliation of discrepancies. Business lockbox allows Citi Bank to receive checks on your behalf and deposit them according to your specific instructions. Their cash management services also include control payments, which are, payroll manager, business credit cards, business debt master cards, wire transfers, controlled disbursement, and business online automated clearing house origination. Payroll manager allows you to quickly and efficiently calculate your businesses payroll so you can pay your employees and file payroll taxes. Business credit cards and the business...
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...Cash Management Services name HCA/270 September 04, 2011 teachers name Cash Management Services Cash management services are ideal for most if not all businesses. These services provide businesses with the tools they need in order to ensure that their money is being handled properly. I am going to compare the cash management services that are offered at three banks: Old National Bank, Fifth Third Bank and Chase. Old National Bank I chose Old National Bank firs because this is a bank that I am very familiar with. We have our auto loan through Old National and my previous auto loan was through them as well. They have excellent customer service and are always willing to help their clients out any way that they can. Old National Bank has one hundred and seventy locations in four states: Indiana, Illinois, Kentucky and Ohio with their headquarters located in Evansville, Indiana. Old National has a great online banking system. The site is very easy to navigate with many tutorials and demos provided. Under the business tab I am able to find out information regarding receivables, payables, information and money management along with fraud protection. Under each of these titles I am able to find out what services this bank provides while in the comfort of my own home. Receivables management states that they can help accelerate and improve my cash position. (Old National, 2011) Services offered include: express deposit, retail lockbox, wholesale lockbox, consumer direct debit...
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...A PROJECT ON STUDY OF CASH MANAGEMENT AT STANDARD CHARTERED BANK SUBMITTED IN PARTIAL FULFILLMENT OF BACHELORS OF MANAGEMENT STUDIES L S RAHEJA COLLEGE OF ARTS AND COMMERCE UNIVERSITY OF MUMBAI ACADEMIC YEAR 2010-2011 SUBMITTED BY: BINAY ROY PROJECT GUIDE: PROF. NAVEEN ROHATGI DECLARATION This is to certify that the project report ‘Study of Cash management at Standard Chartered Bank’ is submitted by me in partial fulfillment of the requirement of Bachelors of Management Studies in the academic year 2010-2011. The information it comprises of is true and original as per my research and observation. ----------------------------- Signature of the Student (Name of the Student) CERTIFICATE This is to certify that Mr. Binay Roy has completed the project ‘Study of cash management at standered chartered bank’ under the guidance of Prof. Naveen Rohatgi in the academic year 2010-2011 and has submitted the same to the University of Mumbai in partial fulfillment of the requirement of the Bachelors of Management Studies courses. -------------------------------- ---------------------------------- Signature of the Principal Signature of the Project Guide (Dr. Ms. M.B.Madlani) (Prof. Naveen Rohatgi) ------------------------------------------ Signature of the External Examiner. ACKNOWLEDGEMENT I would...
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...Financial Performance Management Discover how to invest in opportunities that allow you to control costs, determine the best strategy, and use real-time data to make immediate adjustments. o Make better financial decisions faster using real-time data o Cascade your strategy across all levels of the banking organization o Deliver accurate costing information to make more informed decisions Less • Risk and Compliance Management Proactively monitor risks and internal controls to align strategy and operations, improve predictability, and sustain profitable growth. o Access all data via other systems, resulting in fewer disparities and lower costs o Manage risk proactively across multiple business lines with on-time, compliant monitoring o Reduce costs and improve efficiency with simple, integrated reporting interfaces Less • Sustainability Set sustainability strategies and execute against your objectives of minimizing risk and improving opportunities. o Tap into data companywide with analytics, dashboard, and reporting - for easier compliance o Reduce energy consumption by consolidating IT assets o Minimize e-waste with sustainable sourcing, recycling, and contamination prevention Less • Customer Service Contact Center Effectively manage call center activities and connect with your entire banking organization. o Track customer requests through multiple channels, for more "one and done" tickets o Provide call agent scripting and knowledge management tools to up-sell...
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...pharmacist offers advice on medication and a pharmacy technician helps package the prescription. Today, added services are being offered by most pharmacies while some also have their own health and food convenience stores. Some medicines that can be bought from pharmacies don’t require prescription. Handling a business is not easy as one two three. An interested owner that deals with selling of pharmaceutical products need determination to operate business, the guts to get it going, the power to motivate his employees and the financial commitment to make it happen. You should also be competitive, a positive thinker and a goal minded person in order for you to make the business successful. One of the ways to be successful in business is to manage the cash properly and wisely. Cash management is a marketing term for certain services offered primarily to larger business customers. It may be used to describe all bank accounts (such as checking accounts) provided to businesses of a certain size, but it is more often used to describe specific services such as cash concentration, zero balance accounting, andautomated clearing house facilities. Sometimes, private banking customers are given cash management services. Cash management is a broad area having to do with the collection, concentration, and disbursement of cash including measuring the level of liquidity, managing the cash balance, and short-term investments. If at...
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...of New York and Henry C. Lucas, Jr. Graduate School of Business Administration New York University November 1986 Center for Research on Information Systems Information Systems Area Graduate School of Business Administration New York University Working Paper Series CRIS #I41 GBA #86-109 Center for Digital Economy Research Stem School of Business IVorking Paper IS-86-109 IMPLEMENTING STRATEGIC INFORMATION SYSTEMS ABSTRACT This paper presents a framework for the implementation of strategic information systems. The framework draws on past research on implementation and takes into account the unique circumstances of strategic applications. The framework is illustrated with a case study of a money-center bank's cash management system based on a microcomputer. microcomputer provides a powerful front end to the bank's traditional transactions processing system for a corporate treasurer who is a client of the bank. The impact of the The system appears to be positive and the framework offers one model for viewing the implementation of strategic systems. INTRODUCTION A 1982 paper proposed a classification of information systems into three different categories: those which support the business, applications which support strategic planning and s y s t e m s w h i c h a r e a p a r t of a f i r m ' s Turner, 1982). s t r a t e g y (Lucas and This third type of system has received a Books and great deal of attention in the past five years. papers...
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...lending arrangements with banks, yet they add to the cost of financing for the borrower. Why, then, borrowers agree to such terms? What other types of alternative financing are available? The borrowers agree to such terms because they use the compensating balance to pay for non credit bank sources such as cash management services must major firms have now negotiated for banks to use the corporations collected funds for compensation and use fees to cover any short fall. The other types of alternative financing that available is letters of credit that common arrangement in International Finance, account receivable financing, a secured short-term loan that involks either the assignment or the factoring of receivables. Inventory loan, a secured short-term loan to purchase inventory. QUESTION 2 (15 MARKS) KKRE Company is producing customized cardboard boxes in a variety of sizes for different customers. The company currently has a cash balance of RM 8,000 and it plans to purchase a new machinery in the next month (November) at a cost of RM 50,000. In order to take advantage of the discount offered, purchasing of the machinery will be made in cash. KKRE maintains a minimum cash balance of RM 6,000 for unforeseen contingencies. Following is the information regarding company’ projected sales. | |August |September |October |November |December | | |RM |Rm ...
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...International Financial Management – 6E - 2011 Chapter 19 1. An effective cash management system should be based on a cash budget that projects expected cash inflows and outflows over some planning horizon. It provides for the orderly receipt and disbursement of cash. It also provides for funds organization, where cash shortages are covered by borrowing at the most promising rates and surplus funds are invested at the most beneficial rates. Within an MNC the complexity of the cash management process is compounded because the firm does business in a variety of currencies and the cost of foreign exchange transactions. is an additional measurement to be accomplished. 2. Under a centralized cash management system, the cash manager will have a global view of the cash necessities of the MNC. There will be less chance that funds will be misallocated, like, denominated in the wrong currency. Additionally, under a global view, transaction exposure for the MNC can be more professionally managed. A centralized system readily allows for investing excess cash at the most beneficial rates and borrowing to cover cash shortages at the most favorable rates. Under a decentralized system, the local cash manager is given more responsibility for managing the cash needs of the affiliate than under a centralized system. Consequently, the local cash management position serves as good training for higher level positions within the affiliate or MNC. Also, under a decentralized system, local bank...
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...engineering and high accuracy analysis. On the other hand, the Letsgo Travel Trailer Company is experiencing challenges with quality, cash flow and a performance review and reward system. This is happening due to lack of integrative planning across different functions. Each functional unit is trying to maximize their own performance, which in turn is hampering the overall performance. The current appraisal and reward system is increasing this isolated and non-cooperative working of the different functional units. ▪ The sales department to improve their sales want to have high finished goods inventory ▪ The production department wants to have high inventory of raw material to have uninterrupted production schedule. They are not interested in implementation of Just-in-time inventory methods to reduce the overall cost. ▪ The current control and reporting system does not provide enough good quality data to guide management decision process. For example, no record for work in process is kept in the company. ▪ The accounts department is making the budget without getting any information from functional units. This way the budgets are not realistic and reflect only an accounting necessity rather than a decision making and control tool. ▪ The cash management system of the company is not good and company is facing the cash management problems. Validity and Reasonableness of Letsgo’s Sales Projections: Table-1: Actual and Projected Sales Growth | ...
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...primary focus for any business hoping to create sustainable growth. Lawrence Sports, a fictional company, is presently in need of capital management analysis and methodology overhaul. Included in this paper is a discussion of the issues, opportunities, values and solutions that the firm should be considering. The 9 step problem solution model is the format used to take the reader through critical identification, evaluation and implementation of elements that will transform a problem into new growth opportunity. Lawrence Sports is a $20 million dollar revenue company that assembles and distributes sporting goods. The focus of the scenario is to provide the opportunity for the student to develop solutions to trade off issues, thus establishing stability for the firm. Mayo, who is a retailer responsible for 95% of sales, is hindering Lawrence from paying raw materials suppliers. Unfortunately, this cash positioning problem is direct result of the Lawrence credit policy and the Mayo request to delay payment until the week of April 14-20. Borrowing money to deal with supplier payables is not an option, due to the $1.2 million dollar maximized bank limit. Therefore, this paper will strategize from the perspective of a financial manager who will turn a working capital problem into the chance to design a new credit policy, implement cash management models and introduce risk mitigation techniques. A credit policy that is too liberal will continue to cause damage to Lawrence Sports...
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...SMS Model, a Service Management System The SMS model is invented by Richard Norman and it illustrates a Service Management System consisting of five elements closely connected together. None of the elements can be viewed uniquely. You may even consider the arrows as glue. However, for the sole purpose of explaining each of the elements they are separated below. Service Management System by Richard Norman (1972) John Wiley & Sons, edition 1 page 58 The Market Segment: Consists of both existing customers and potential customers. The Service Concept: Are the benefits (service package) offered to the client as well as the efforts of how benefits are designed, marketed, delivered and perceived both by the client, by the employee and by others. The Image: The information tool whereby management can influence staff, clients and other stakeholders. The Culture and Philosophy: Are the overall principles of how the social process leading to the delivery of the service benefits are controlled, maintained and developed long term. The Delivery System: Is a triad consisting of personnel, client and the technical and physical support. * Personnel: As a service is co-produced together with the client, the personnel’s appearance, education, training and attitude matter greatly to the quality of the entire service. * Client: Equally as the client contributes to the service they are receiving their role is vital to the quality of the outcome. *...
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...Modification and Justification of SLA Finman Acount Management, LLC, Datanal, Inc., and Minertek, Inc. Recommendations Background and Rationale The physical protection of Finman’s data will need to be protected by proper configuration and setup of data network infrastructure. Both thirds parties will need to ensure ACL systems are set and configured to ensure access and data flow is running properly. There is to be granted access to only privilege user’s assigned and agreed upon. Authentication and authorization is to be set in place to ensure protection with Finman’s data resources along with network resources. Authentication and authorization can be applied by enforcing Group Polices. Each third party will need to have proper verification set in place otherwise known as Third Party Verification (TPV). TPV will provide both parties to meet industry standards such as Federal Communication Commission and Federal Trade Commission. Backup solutions for data storage will need to be set in place to ensure integrity of Finman’s data and meets industry standards. Statement of Intent Auditing, encryption and threat management will need to be set in place to ensure no misuse of Finman’s resources are allowed. IT Security Management guidelines will need to be followed to ensure customers are educated and no misuse or abuse to Finman’s IT services or resources are allowed. Finman’s Intellectual property such as patents, copyrights, and trademarks are to be protected by identifying...
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...benchmarks 15. Compliance with internal policies • Number of incidents related to non-compliance to policy • Percent of stakeholders who understand policies • Percent of policies supported by effective standards and working practices P121 P23 of itil 3 vs cobit 4.1 COBIT 5 COBIT 5 provides a comprehensive framework that assists enterprises to achieve their goals and deliver value through effective governance and management of enterprise IT. •COBIT 5 helps enterprises to create optimal value from IT by maintaining a balance between realising benefits and optimising risk levels and resource use. 5 Principles to build an effective framework to practise governance: Meeting stakeholder needs Covering the Enterprise End to end Applying a single integrated framework Enabling a holistic approach Separating governance from Management 7 Enablers to optimise information and technology investments and minimize IT risks Principles, Policies and framework Processes Organisation structure Culture, ethics and behaviour Information Services, infrastructure and applications People, skills and competencies ITIL ITIL provides a consistent, and coherent framework of best practices for ITSM and related processes, which promotes a quality approach for...
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...able to access the EHR system. HIPAA has included provision in the Security Rule that allows for remote access, but with certain limitations. I have included provision that restricts remote access based on Job Role and Job Necessity(ISO 27002:2005, 7.1.1), and restricted to assets that are owned by the hospital which have enhanced security (ISO 27002:2005, 7.1.1) (NIST, 164.312(a)(1))(ISO 27002:2005, 11.4.2). The Application Deployment policy aims to close security loop holes that appear to have been open for months before the EHR system was even deployed. There were no check on accounts when importing, and no alerts when permissions were escalated. Some of the key standards that I see as aiding in creating this policy is better change management (ISO 27002:2005, 10.1.2) (NIST, 164.308(a)(5)(ii)), operating system auditing after patching (ISO 27002:2005, 12.5.2), a better separation of development systems (ISO 27002:2005, 10.1.4)(ISO 27002:2005, 11.4.5)(ISO 27002:2005, 12.4.2), and better security on the production system (NIST, 164.312(a)(1))(NIST, 164.308(a)(5)(ii)(D)). The Routine Maintenance policy aims to take care of the...
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...Service Strategy Meghna B. Patel Illinois Institute of Technology, Chicago Service Strategy ITIL (Information Technology Infrastructure Library) framework is considered as a set of best practices for IT Service Management (ITSM). This framework is widely used by many IT service providers to deliver quality IT services that adds value to customer and aims at attaining the business objectives. It consists of different processes and functions which are divided among five stages of service life cycle. Service Strategy is the first stage in this life cycle. “ITIL Service Strategy provides guidance on how to view service management not only as an organizational capability but as a strategic asset” (Cannon, 2011). It helps in designing, development and implementation of IT services that aligns with the business strategy and thus allowing service providers to think and act in a strategic manner. Service Strategy Principles Utility and Warranty Value of service consists of two components: Utility (fitness for purpose) and Warranty (fitness for use). According to Cannon (2011), Utility is the functionality offered by a product or service to meet a particular need. It refers to those characteristics of a service that contribute to tasks associated with achieving business outcomes. It is used to improve performance of these tasks and/or to remove constraints that prevent the task from being carried out sufficiently. Warranty is an assurance that a product or service will meet its agreed...
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