Nobody wants to trifle with finance. This sector is not only complex but is always a ride down a slippery slope. That is why there is always more than one body that regulates the organisations working in this domain. Writing MGT547 assessment 2 answer is complex, needs help and expertise. Thus, this guide by management assignment help is for you.
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1. Define a topic to write about
The assignment file has given to you a statement. You need to read and understand that statement and then have to frame a topic that you are going to analyse critically.
2. Identify regulatory bodies
The assignment question also says that you have to identify the regulatory bodies. Your MGT547 assessment 2 answers will be based on the 5 major finance regulatory bodies in Australia –
Australian Securities and Investments Commission (ASIC)
Australian Prudential Regulation Authority (APRA)
Foreign Investments Review Board (FIRB)
Australian Takeovers Panel
Australian Transaction Reports and Analysis Centre (AUSTRAC)
3. Identify self-regulatory mechanisms
There are a number of self-regulatory mechanisms that you can mention in your MGT547 assessment 2 answers. These are used to address specific problems and adjectives.
These are –
The organisations working in the financial market should educate their customers. Such campaigns allow the clients of the company to be aware of the laws and other regulations that they should adhere to. Your MGT547 assessment 2 answers should include this one.
Internal complaints handling
Should any issue arise, the businesses prefer to solve it internally before it aggravates to a third party settler. The insurance companies use this type of self-regulatory mechanism. The companies establish their own compliance systems that the clients follow.
While writing the MGT547 assessment 2 answers, make sure that you are defining the self-regulatory mechanisms within the scope of regulatory bodies.
Quality assurance system
While delivering the clients any service, the organisations should be sure that they are giving them what they asked for. Compromising on the quality front does not end well.
The financial organisations in your MGT547 assessment 2 answers have to follow a procedure so that an external entity does not have to intervene with the delivery.
4. Discuss the role of these mechanisms
These self-regulatory mechanisms are not always the best. That is why you need to critically analyse them. That means you have to bring out how they are good and also mention how they are not suitable for use.
Your MGT547 assessment 2 answers should focus on the positives of all the self-regulatory mechanisms first. Their benefits can be discussed by the role they are playing in financial organisations.
For example, information campaigns can be a very powerful tool if properly used. There are instances where public information campaigns have affected the decision-making process significantly and the engagement was attributed to a planned information campaign.
5. Analyse the efficiency and effectiveness of these mechanisms
A good MGT547 assessment 2 answer is the one where you analyse whether the proposed self-regulatory mechanism is effective or not. These mechanisms have their roles defined and are always working to achieve some result. Thus, you can always see and analyse how effective these measures are. Read a couple of works of literature related to your topic and see if the mechanism you have defined is effective or not.
Your MGT547 assessment 2 answers will be analysing what makes the said mechanism great. At the same time, you will mention what downside do they have which might be a hindrance to the expected result.
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The students studying the unit MGT547 have to write assignments where you have to show a detailed evaluation of the issues in the financial world. Also, you have to analyse the assignment with respect to the laws, policies and guidelines. Sounds too complex? Don’t worry as you can reach management assignment help online by us and ask us to guide you!
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