ICAEW Banking Business Planning Assessment Answer

To enable students to apply technical knowledge and professional skills in the banking sector, so they can identify ethical issues that arise with preparing or auditing financial reports.

Prior Knowledge On Banking Business Planning Assessment

The task of business planning is to plan, design, and implement a successful business. It’s important to have a general understanding of the industry you are entering, your target market, what you’re offering, and how you’re going to Galloping horse into it. The use of prior knowledge will help you in all aspects of your business planning!

Method Of Banking Business Planning Assessment

Every business has a status symbol. A status symbol is an object or service that represents something as good or valuable. Status symbols can be things such as company directors, products, stocks, etc. When it comes to the assessment of a business, status symbols are number one! The perfect place to start your banking planning is with the list of status symbols that you have for your current situation and whether or not you want to change it all at once or just some of it.

Ethics And Specification Skepticism

Banking business planning is a process that involves many steps, and involves major changes. It is important to ensure that you have thought of all the possible consequences of certain actions. These consequences may not be apparent at first, but they will become apparent when the business starts functioning. For example, if you decide to hire a secretary in your company but do not have sufficient funds in your budget, you will find yourself struggling to pay her salary as she may ask for more money or even quit.

The reality is that even if there are no negative consequences at the beginning of your bank planning, eventually there will be consequences. The reality is that it takes a lot of time and money to start any new business venture, and these factors will have an impact on the success of your business. Therefore, it is important to think about all the possible consequences, and you should not take decisions lightly.

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Specification Grid

This grid provides a general guide as to the subject matter within this assessment coverage over time.

The following learning outcomes should be read in conjunction with the relevant sections of Technical Knowledge Grids at end of the document:

Financial Services: Institutions, Markets, And Products

Banking is a service industry. The banking industry is made up of several institutions, including commercial banks, check cashing services, credit unions, savings and loan associations (SLAs), money transfer companies, mortgage brokers and other financial services. Banks are regulated by the Federal Reserve Board and the Office of the Comptroller of the Currency (OCC).

Banking products include checking accounts, savings accounts, certificates of deposit, loans and credit cards. Banks also offer investment products such as bonds and mutual funds. Banks can also provide financial information on potential borrowers including credit reports and income statements.

The types of institutions in the banking industry include commercial banks: traditional banks that make loans to businesses or individuals for personal or business purposes. Check cashing services are companies that cash checks for a fee. They do not make loans to consumers and generally do not have federal deposit insurance.

Credit unions are financial institutions owned by their members, who have paid an annual fee to join. Savings and loan associations (SLAs) are financial institutions that specialize in making home loans to people with small down payments. Money transfer companies facilitate money transfers of funds between banks in different countries. Mortgage brokers help people buy or refinance homes and provide information on the value of homes and mortgages.

A student might be required to do the following in an assessment:

Communication Skills for banking business planning

Communication is critical to the success of any business. It is difficult to succeed in any business without good communication skills. You need to understand what people are saying, and you need to be able to express yourself clearly and concisely. Also, you need to be able to listen carefully, and take notes when necessary. You may have a lot of information at your disposal, but if you do not know how to organize it or present it in a way that is easy for others to understand, then your business will not succeed.

In addition, communication also involves being able to deal with people who have different personalities and different backgrounds. If you want your business plan writing services company or other organization that deals with customers or clients make a positive impression, then you have to be able to understand and respond appropriately to different personalities and backgrounds.

Finally, communication is an important part of any business. If you are unable to communicate with others effectively, then your organization will not succeed.

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Institutions, Markets, And Products for banking business planning

An institution is any entity that makes a product or provides a service. In the banking industry, institutions make and provide products and services to meet their customers’ needs. For example, financial institutions make loans to people who want to buy houses, cars, or other big-ticket items. The banking industry also provides other products and services, such as payment processing services for credit cards, wire transfers, and money transfers.

The various markets that banks serve are the individual households (or individuals), who each have different needs and wants in terms of products and services. For example, some people want to save money; others want to buy houses; still, others want to invest in stocks or bonds; while some are attracted by the idea of buying foreign exchange and forex trading.

The products and services that banks provide are loans, savings, investments, and other financial instruments. Banks also provide payment processing services for credit cards, wire transfers, and money transfers.

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Risk Management for banking business planning

Risk management is a process that ensures that an organization is able to handle the various risks associated with its business.

The main risks for banks are market risk and liquidity risk. Market risk refers to the financial losses that banks incur if their customers default on their loans, or if there is a loss of confidence in the value of the currency they use to make their transactions. Market risk can also be caused by changes in interest rates, changes in government policies, and other factors. Liquidity risk refers to the risks arising from changes in demand for a bank’s products or services and its ability to meet this demand.

The main purpose of bank risk management is therefore to ensure that banks are able to operate in a stable manner so that they are able to perform their job well.

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Financial And Regulatory Reporting for banking business planning

Financial reporting enables banks to be able to monitor their performance and ensure that they are able to run their business well. Banks prepare financial statements, which show the assets, liabilities, equity, and income of the bank. The main purpose of these financial statements is to inform investors about the bank’s operations and financial position.

Financial reporting also enables banks to comply with various regulations, such as those imposed by the Central Bank of Nigeria (CBN). The CBN is responsible for setting a framework for the regulation and supervision of the banking industry. Banks must therefore report their financial results according to these regulations. In addition, banks must also report information about their lending activities in order for depositors to have a better understanding of the bank’s financial position.

Banks also prepare other types of reports that are required by regulators or government agencies. These reports supply information that is relevant to an organization’s activities, such as the Board of Directors’ report, which describes the activities and achievements of the Board during a given period.

Banks must also file annual financial statements and other reports with the Securities and Exchange Commission (SEC) in order for their shares to be listed and traded on a stock exchange. Stock exchanges are places where companies provide investors with information about their operations and financial performance. Investors can use this information to decide whether or not to purchase shares or sell their shares if they have made money from buying them.

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Audit And Assurance Services

Banks have a system of internal control in place so that they are able to protect their assets and meet the requirements of regulators. This is achieved through an audit and assurance system. The audit is carried out by external auditors who come from outside the bank and carry out an objective, independent examination of its financial statements, policies, and procedures.

The assurance function is carried out by internal auditors within the bank who monitor the effectiveness of the bank’s internal controls. Internal auditors must also be able to perform their duties without hindrance from senior management or other employees, in order to ensure that they are able to perform their duties effectively.

Banks also have a corporate governance policy that sets standards for the conduct of business. This policy is usually included in the bank’s bylaws and is designed to ensure that the bank’s management is able to carry out its duties effectively.

Banks are also required to have a code of ethics, which sets out standards for ethics and proper behavior on the part of employees. Banks must also have a system of risk management and control, which involves identifying risks facing the bank so that it can take appropriate action to manage them. This can be achieved through internal controls or through insurance policies taken out with external companies.

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Ethics And Compliance

Banks are responsible for ensuring that they adhere to the law, and this involves adhering to ethical standards. The code of ethics must be followed by all employees, and they must also adhere to a code of conduct that is designed to ensure that they behave in a professional manner in the course of their work.

The most important thing is to have internal controls in place so that the bank can meet its regulatory requirements. This is achieved through an audit and assurance system, which ensures that senior management and other employees are able to carry out their duties effectively. Internal auditors must also be able to perform their duties without hindrance from senior management or other employees, in order to ensure that they are able to perform their duties effectively. This is achieved through a system of checks and balances in place within the bank.

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Skills Assessed

Assimilating And Using Information

  1. Understand the situation and the requirements

The goal of banking business planning is to ensure that you will have a successful journey into and through the industry. It will help you understand your current status and potential, as well as identify new opportunities that may be available in the future. In order to make the most out of this process, it is important to understand the key steps involved in each part of the process: from beginning to end.

  1. Identify and use relevant information

This will be done by examining the organization’s current state, as well as its current and future needs. It is also important to understand the organizational structure of the bank so that you can identify the roles and responsibilities of each employee. This will help you to understand what each individual does in order to better utilize your time in order to achieve your goals.

  1. Identify and prioritize key issues and stay on task

This is where you will be required to prioritize and identify the most important issues that need to be addressed. This will help you determine which issues are most critical and should be dealt with first. It is also important to stay on task, even when the initial tasks may seem boring or repetitive.

  1. Structure data

To complete a project, one must be able to organize information from various sources into suitable formats. They need to identify any gaps in the data and frame questions so as not to have confusion while using multiple types of sources for analysis purposes if instructed by criteria set forth before starting work on this particular assignment or task force!

  1. Develop solutions

The ability to identify and apply relevant technical knowledge is an important skill for any professional. You can use your skills in analyzing a specific problem, identifying creative solutions within the business environment with structured information about how it works or what might happen if you do this instead of that, anticipating potential problems upon which decisions have been made already by considering ethical dimensions before selecting appropriate courses of action based on accepted criteria such as being most beneficial towards meeting objectives while still being ethically acceptable.

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Applying Judgement

  1. Apply professional skepticism and critical thinking

It is important to be able to identify the flaws in your argument and those of others. We all have a tendency, even if unconsciously at first glance-to rely on certain pieces of information over others when forming an opinion or coming up with new theories about something we’re interested in as humans beings which can lead us into some trouble later down the line because there might not exist any evidence for it after all so its best just stay skeptical from day one!

  1. Relate issues to the environment

One of the most important aspects of investing is how you communicate and interact with others. It’s not just what your say but also when and where, so they can best hear it! These skills help us identify related issues before we make decisions about them which will lead to better outcomes for everyone involved.


With the help of technical knowledge, professional experience, and evidence you can apply logic to reach conclusions that are supported by reasoning. You’ll also be able to use various skills like mathematics or engineering for formulating opinions about topics relevant to these fields.


A consultant needs to make accurate, reliable, and well-based recommendations to support their clients. They must present these within the context of instructions given as well as defined criteria so that they can create solutions that are appropriate for specific individuals or entities with unique needs depending on time frames involved; this may include forming opinions based on valid evidence when necessary but always maintaining objectivity throughout the process.

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