The Connected Transaction Control Commission Business Essay Example

operate in different locations.

The hierarchical structure of managerial positions is called "Level of Management". It consists of three levels: strategic level management/cooperative management, executive management/intermediate management, and supervisory management/lower management. All three levels contribute to the overall operations of a company. Strategic management, which includes the board of directors (BOD) and the Chief Executive Officer (CEO), mainly makes important decisions. The CEO, also known as the General Manager (GM), represents the company's shareholders who elect them.

The responsibility of strategic direction in an organization includes determining goals, policies, and programs. They also allocate resources and prioritize planning and organizing efforts. Strategic management is responsible for creating long-term plans that span 5 to 20 years. For example, a commercial bank's strategic management focuses on providing different types of loans such as home loans, personal loans, educational loans, and professional loans. The maximum loan amount for each category is determined by the strategic management team. Once the loan decisions are finalized, middle management takes over the responsibility with less authority than senior directors but overseeing specific parts of the organization.

Middle level management includes departmental heads (HOD), division managers, and junior executives such as finance managers and purchase managers. They are chosen by strategic level management. The main responsibilities of middle level management can be summarized as follows: providing recommendations to strategic management, implementing the policies and programs determined by strategic management, coordinating the activities of all departments, and spending more time on organizing and similar tasks. An example of this is when the strategic management of a commercial bank wants to provide loans.

The strategic direction sets the criteria for each loan type. For instance, in the

case of a Home Loan, the applicant must have a consistent monthly income either individually or jointly with a partner. This income should be sufficient to cover both the monthly loan payment and living expenses along with other costs. The loan amount available in this category varies from Rs.750,000 to Rs.

The amount given to applicants is 5 million, which is dependent on their monthly income. Applicants have the option to choose between 2 refund periods, either monthly installments that are equated or fixed. These decisions are made by the middle degree direction. Other responsibilities fall under the lower degree direction.

The middle direction is responsible for selecting and implementing the first line of direction. They perform various activities, including directing and commanding workers, developing morale in workers, and maintaining a connection between workers and the in-between degree direction.

Comp aerating place loans from commercial bank, the lower direction must have minimal certification and fast approval, longer repayment period, and attractive interest rates to compete with other bank loans. Proper degree of direction in an organisation is valuable for making organisational decisions.

1.2 Information and knowledge

It is important to clarify the definitions and differences among data, information, and knowledge at the beginning.

Datas, "Data is natural facts and measurings". -By Fellow- Information, "Datas that has been processed and presented as meaningful context". - By William B.Rouse- Cognition "Information within people's head". - By IEEE- (Appendix 1) Decision-making is the toughest portion for a direction squad, as one false move or incorrect determination can take the squad to catastrophe in its undertaking. Hence, information and cognition play an important role in the determination

devising procedure. Without any kind of information or cognition, the direction squad will not be able to make right decisions, which can result in numerous problems and challenges for the organization. The decision-makers for any organization are its managers.

When partnering with a commercial bank, the bank director must make important decisions to open a new subdivision. These decisions will enhance the bank's performance, particularly in customer service. In any organization, there are three levels of management involved in decision-making and information gathering. For instance, when the management of the commercial bank decides to establish a new subdivision in Kandy, they must initially acquire the required licenses and develop a budget - both strategic decisions. Moreover, managers at an operational level need to identify the main target market for the new branch. Ultimately, employees need to be hired for the bank.

Operational degree direction is responsible for making the main decisions, while lower degree direction handles marketing decisions. These decisions include offering dot.com cards for younger individuals, home loans, personal loans, educational loans, and professional loans as well as debit cards, credit cards, and more for individuals in their middle age. Additionally, there are specific offerings such as the Arunalu kids' savings account for children and Anagi for women.

Within all this information and cognition (best thoughts), proper and valuable determinations can be made by the direction.

1.3 Internal V. External information beginnings

1.3.1 Internal and External beginnings

Internal beginnings are necessary for all degrees of direction. They relate to activities performed within the organisation, such as administrative undertakings, the production of merchandises and services, or the sale of those merchandises. When defining internal beginnings, they are considered "Hard, focused and

closely aligned to operational demands".

- Swash, 1997:313- When it comes to commercial banks, their internal sources of information are extensive. These sources include staff members such as the General Manager, Managing Director, and officers. Additionally, departments such as sales sections also provide valuable information regarding purchasing habits of clients and potential clients, as well as payroll systems and accounting documents. Gathering internal information within a company is relatively easy. Managing these internal information sources is crucial, as the focus lies on effectively managing their life cycle. Although internal sources of information are highly valued, the costs of managing them are often overlooked due to their invisibility. On the other hand, external sources of information can be both formal and informal. Formal sources include statements from the organization, published documents, and company advertisements. Informal sources consist of interactions with other business associates.

According to Swash (1997:313), external information sources refer to information that is typically found in publications such as books. When it comes to commercial banks, external information sources include clients, providers, pressure groups, stockholders, rivals, economic system, and government policies. Compared to internal information sources, traditional external information sources are more difficult to gather and manage. This is mainly because analysis and interpretation are required to determine the value of these information sources. Only information that has potential strategic value to the organization is acquired.

Although not typically seen as valuable on a daily basis, the strategic importance of these information sources is growing. External information sources are often considered costly due to their estimated purchase price. However, both internal and external information sources are vital for an organization's alignment with company processes.

1.4 Business Relationships with

Stakeholders

1.4.1 Definition of stakeholders: "Groups/individuals that are affected by or have an interest in the operations and objectives of the business".

-Author: Jim Riley- Stakeholder groups in businesses can be broadly categorized as Government, Local, Community, Pressure groups, Media, Stockholders, Customers, Suppliers, Advisers, Rivals, Directors,
Employees (both Internal and External), and those Connected to the business. These stakeholder groups have varying levels of involvement in business activities and their ability to influence decisions. A commercial bank provides a clear example of this concept.

Stakeholders for a commercial bank include Customers,
Shareholders,
Regulators,
Employees,
Government,
Vendors,
and Credit Rating Agencies. It is crucial for the bank to maintain close cooperation with these stakeholders in order to gain support for its policies and programs and enhance confidence in its actions.
Neglecting active cultivation of strong relationships with stakeholders poses the risk of misunderstandings and doubts about the bank's actions.
Ultimately this could result in public loss of confidence and trust in both the bank itself as well as its processes.
The collective power, influence, and involvement of each stakeholder can be defined as their stakeholder value relative to the policies and practices implemented by the bank.

Stakeholder value is the foundation upon which a bank can establish a suitable strategy for cultivating strong relationships with each stakeholder. The bank may not need to focus so heavily on its relationships with low-interest/low-power stakeholders who have only a peripheral involvement in its activities. There are several fundamental actions that a commercial bank can take to maintain good relationships with its stakeholders. These actions include:

• Engaging in open, two-way communication with stakeholders.
• Being responsive to stakeholder needs and concerns.

Seriously considering stakeholder perspectives when making decisions.

Operating transparently, with meetings open to scrutiny and follow-ups.

Treating stakeholders fairly, ensuring that none are unfairly advantaged or disadvantaged by the bank's activities.

1.4.3 Stakeholders contribute to the company's growth.

The commercial bank has seven primary stakeholders as described in the previous paragraph. They also contribute to the bank's growth, as outlined below:

Stockholders

: - Contributing to profit growth, share price growth, and dividends.

Employees:

- Salaries; A; Wages, JS; A; motive.

Customers:

- Customer service, Value for money etc.

Government:

- operate lawfully, revenue enhancement grosss; A; occupations. More than these stakeholders can be involved for the bank decision-making procedure.

2.3 Information sources and stakeholder engagement

The decision-making process in an organization involves stakeholders. While working with stakeholders is a common practice, often only specific stakeholders are involved.

However, it is important to involve all different types of stakeholders throughout the whole procedure. Stakeholders include information sources in an organization; commercial banks also have different purposes in working with/ involving stakeholders. There are direct benefits and indirect benefits.

• Direct benefits
• Communicate about our work.
• Knowledge for target groups.
• Evaluate work with them.
• For organizational aid.
• Indirect benefits
• Dissemination of consequences.
• Spread awareness of importance of inclusion.
• Make inclusion possible.

Commercial bank stakeholders are acquiring information sources by financial intelligence, stock market and from the annual report, strategic and business development advisors,

etc. The above paragraph described the recommendations for improvement in information sources and stakeholder engagement.

3.1 Communication in the organization

Communication is more valuable for a business environment as there are several parties involved. Various stakeholders, whether they are clients, employees or the media, are always sending important information to each other at all times.

There are various types of communication methods that have emerged over the years to aid effective communication in organizations. These methods include email, notice boards, faxes, SMS, calls, television advertisements, and letters. Commercial banks also utilize these communication methods to interact with their clients and stakeholders. Additionally, opening a website for a commercial bank makes it convenient for customers to access information such as interest rates, banking loans, and new accounts.

The website of Commercial Bank is www.commercialbank.net. It offers various advantages such as fast and economical communication, the ability to send difficult transcripts, worldwide direct communication, and the capability to fix and share complex documents and messages. These methods are mostly used for internal operations in Commercial Bank, such as sending meeting reminders and engagement reminders. Although there are other communication methods available like notice boards, facsimile, SMS, calls, and television, Commercial Bank utilizes notice boards in restrooms for purposes such as inviting staff to join a netball match.

) commercial bank creates numerous TV advertisements since the majority of people watch television. Every organization has a communication system to facilitate communication.

3.2 Enhancing Effective Communication

There are three main steps to enhance effective communication within the organization. These steps include organizational culture, which is a crucial element for a highly successful organization and an exceptional workplace.

When defining organizational culture, it is referred to

as the collection of shared beliefs, truths, assumptions, and values that function within organizations. It has been described as how individuals behave when they are not being observed. Organizational culture is essential within an organization as it encompasses what occurs behind the scenes in the daily lives of both employees and the organization itself. It directly influences the organization's outcomes. This can be seen in the case of a commercial bank, where their culture is evident in how they communicate with customers and prioritize aspects such as politeness, customer satisfaction, and appearance.