Business Report: ANZ BANK

Table of Contents From Sample of Business Report On Anz Bank

ANZ BANK 3

  • 1.INTRODUCTORY STATEMENT 3
  • 1.1 HISTORY:- 3
  • 1.2 MISSION, VISION AND GOALS 3
  • 1.3 SPECIFIC PROJECT 3
  • 2.APPLICATION OF THE PROJECT MANAGEMENT PROCESS BY THE LEADER 4
  • GANTT CHART 5
  • 2.1 GOALS OF THE PROJECT ALIGNED TO THE STRATEGIC VISION 5
  • 2.2 COMPLETING FINANCIAL FORECASTING 6
  • FINANCIAL FORECASTING 8
  • 2.3 QUALITY AND COMPLIANCE CONTROL 9
  • References 12

INTRODUCTORY STATEMENT

1.1 HISTORY:-

Australia and New Zealand (ANZ) Banking Group Limited is the second largest banking group among the biggest four banks leading in Australia with its headquarter situated in Melbourne. It lists among the best 100 financial services firms throughout the world. The banking group operates in Australia and New Zealand and serves a full range retail banking service to about four million customers around the world. It has got 900 branches and more than 1500 ATMs to serve all the customers smoothly and function properly. The banking group also has additional retail banking operations in Asia-Pacific region including Indonesia and Hawaii. The other services of the organization includes consumer financing, corporate banking for firms of every size, investment banking, mortgage financing, foreign exchange and commodity training, vehicle and equipment financing and rental services. The banking group along with the ING Group of Netherlands runs a partnership in insurance and funds management, which is also known as ING Australia Limited. ANZ was established when ANZ made a coalition with Scottish, English and Australian Bank Limited in the year 1970. ANZ Bank is formed by the joint venture of Union Bank of Australia and Bank of Australasia. The principal competitors of this banking group are Commonwealth Bank of Australia, Westpac Banking Cooperation and National Australia Bank Limited (ANZ, 2018).

1.2 MISSION, VISION AND GOALS

The strategic priority of the bank includes delivering a purpose and transformation of the bank led by values. The values of this bank mean to care about the customers and colleagues and to contribute in the society by their actions. The company cares the most about respect, excellence, integrity, accountability and collaboration. The organizational culture includes values, purpose and code of conduct to ensure that the company is constantly adapting and improving for the customers. The organization is highly customer centred and hence uses the latest technology for faster service and customer satisfaction. The company always has an urge to learn more and hence do not step back from taking up new challenges. The banking group has an objective to focus on outcomes and not on the process or hierarchy. Therefore, it always tries to make things simpler, creating boundaries and allowing freedom to the employees to act freely within that boundary (ANZ, 2018).

 Related report sample: Z Energy, BP

 

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1.3 SPECIFIC PROJECT

For this specific assignment the project that has been chosen is the start-up project of ANZ. The Australian arm of the ANZ bank has been restructured with an aim of leaving the division of the 150 teams to look more like start-ups and not like the traditional parts of a bank with a large scale. The bank expected cuts in the staff as a result of the changes undertaken earlier in this year. This was done to increase the flexibility of the bank in its response to the rivals in the field of technology. ANZ as a banking group has always been under pressure to cut off expanses and manage the disruption in the digital sector. Hence, it would have to renovate and repair the already existing management structure by adopting and training dexterous teams. The main motive behind recruiting or training teams which are agile is to break the long term bureaucracy and hierarchies. An active and advance team will be able to respond to threats more quickly and in return decide and implement the best possible resolutions. The changes are being executed in the Australian business, where the frontline workers and branches are being excluded. As per the bank’s objectives, the huge changes if implemented properly will shorten the time of launching new products and services and will make the bank more flexible to adapt to turbulent shifts in markets, regulation and technology. The organizational structure is indeed complex and by bringing right resources and implementing more efficiency will tremendously help the organization to negotiate with the complexities. However, the organization has incurred losses with this huge change in the management process. More than 7000 jobs have been cut and the employee numbers have also been decreased to expand investments in the digital market and to enhance savings (Business Insider Australia, 2017).

This Is A Sample Business Report Of ANZ BANK Organization 

APPLICATION OF THE PROJECT MANAGEMENT PROCESS BY THE LEADER

Project management process emphasizes on the planning and work required for initiating and completing a project. The bundles of work often seem to be overwhelming and need to be started and completed on time in a proper sequence. An initiated project is generally divided into five phases for its successful completion.

Initiation of the project – This is the first phase where the feasibility and valuation of the start-up project has to be calculated. The leaders generally use two business tools to decide whether the project should be initiated or not. First is the “Business Case Document” which justifies the need of undertaking a particular project. The second is the Feasibility study which takes in consideration the expanses and the cost and the timeline and decides the valuation of the project.

Planning the project – After receiving the green signal for the start up project a solid plan has to be framed out and conveyed to the employees properly with explanation of minute details. Framing of the plan will definitely include the timeline for the project and the budget structure has to be determined. A perfect plan will allot sufficient columns for obtaining the resources, finance management, and collecting the required materials. The plan will act as a directory to the employees for producing quality services and products, creating acceptance, risk handling, conveying the benefits of the project to the stakeholders and managing suppliers. The project plan will also include proper training of the workforce to prepare them for any upcoming hurdles.

Executing the project – This is the phase which is deeply associated with the management of the project. Execution of the project is all about delivering the needed products and services for the customer satisfaction. It is the responsibility of the leader to allocate the resources properly and motivate and engage the workforce to ensure the achievement of the desired objective. 

Controlling and monitoring the project – Controlling and monitoring often falls in line with the execution of the project because they occur almost at the same time. While executing a project plan, the team should ensure that they keep an eye on the progress of the project. This forms a part of monitoring and controlling. Team should calculate the indicators of the key performance, track the variations from a plotted time and cost, and prevent the creeping of scope and all these needs proper measurement of monitoring and controlling.

Closing the project – After the team has been able to deliver a finished project as a service or product to the customers as per the promise made by the company, the process reaches its final phase of closing the project. At the same time the stakeholders have to be communicated about the same and the company have to keep on releasing their resources to other projects that has to be further initiated (Villanova University, 2019).

Related report sample: Z Energy, BP, Zepri .

 

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GOALS OF THE PROJECT ALIGNED TO THE STRATEGIC VISION

The people involved in project managing and setting goals often have to face problem regarding the setting of the goal and achieving the target. It is important to realize the important aspects of the project. Many a times they lack the motivation to achieve the goals. The problem lies within which includes inefficiency in planning future activities. The leader of ANZ initiating the project of structure management has to set plans and define the main course of action. In the course of the action the leader might see that there are many works to be done but very less amount of time to complete them. This might require learning ways of setting proper project goals by the leader for the successful completion of the undertaken project.  To achieve the goal of restructuring the management structure the best option is to set three project goals by the leader and then work accordingly. 

Identification of the important – The first step is to identify what is important for the project. In this case of structure management, it is of course increasing efficiency of the current workforce and recruiting new team members who will be highly efficient to work in a digital area and field with use of the latest technology. The theory of project management says that every part and aspects of the project have to be treated with utmost priority. The leader has to communicate with the project sponsor about the necessities of the project. The three most important aspects of a project are completing the project on time, under a fixed budget and according to specifications. The company has to keep in mind that one of its target has always been to cut off expenses. Therefore, the decisions have to be taken from this point of view. By using the decision making techniques the leader and the sponsor might get other ideas of developing the project which will be aligned with the vision of the organization as a whole.

Setting critical goals – It is necessary to determine critical aspects of the project and set them as goals. The project goal management has a efficient technique called SMART which means specific, measureable, attainable, realistic and timely. SMART therefore allows having these features included while achieving a target within a limited timeframe. Although the goals have to be short, yet they must cover all the expectations of the stakeholders as well as the leader. Management techniques can be different but the goals have to short and achievable.

Sharing the goals – The project goals cannot be achieved well if the team members are not well-informed about them. Restructuring the management of the ANZ Bank will be only possible if the workforce know about the upcoming changes of the company. If they have clear concept about the start-up, they will work hard for achieving the results. The workforce must be informed about the long-term benefits that can be achieved by completing the project. Once they are well informed they will also understand what is to be done within the given time limit. At the kick-off meeting the goals have to be described and during the course of the project the leader has to monitor the current status of the goals by arranging meetings at regular intervals. If the goal is explained well to the team members, the workforce might more than often suggest more solutions for the arising problems during the course. Once the issues get mitigated the functioning will run smoothly, thus allowing the company to achieve the output at a faster rate and with perfect closure.

Action plan has to be developed – Having the project plan is necessary, but equally important is to develop an action plan to achieve the goals. Project plan never gives any idea about how to achieve specific goals. This always requires developing a course of action. Creating an action plan means identifying all the tasks and setting the pace of action. Action plan should not only identify the tasks, but also should set the high-priority tasks. This would ensure that the tasks of high-priority are given focus with utmost care and completed sooner. Again completion of the high-priority tasks includes assigning the tasks to the best resources. 

Keeping the project on track – The leader will have to diversify own efforts and set the priorities. As the leader focuses on the tasks of high priority, the other team members will focus on the other tasks. The leader has to take immediate action if any issues arise during completing the task. If the leader cannot keep a track on all the tasks at a time, the assistants can be useful to segregate the work and do the monitoring by dividing tasks between them. If the tasks of high priority are achieved within the scheduled time then achieving the goals will be easier and the project of structure management will automatically run towards success. Keeping the project on track and taking immediate steps in times of necessity means the project goal management was successful in its own way (McConnell, 2011).

 

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  1. COMPLETING FINANCIAL FORECASTING

TIMELINE

ACTIVITIES

EXPECTED COST

COST BREAKDOWN

  1. Team building

              $500

Cost on creating and building team

  1. Training and development

              $400

Cost for technical skills and knowledge

  1. Expenses on resources

              $300

Cost for bringing in new resources

  1. Implementing latest technology

              $500

Cost for updating and generating the latest version of technology

  1. Improving the quality of service

            $300

Cost on delivering the best quality of service

  1. Risk assessment

            $300

Cost on taking up challenges and resolution

  1. Recruiting new workforce

            $400

Cost on hiring new employee and paying them

  1. Campaigning on digital marketing

            $200

Cost on promoting the new services on a digital arena

Team Building – A building of team is necessary to initiate a project. A good team building will help in making a solid base plan for the all upcoming expenses. Team building is a set of techniques to help the workforce grow, learn, and develop into effective teams. This will at first require a self-assessment. Then the further need will be to understand the behaviour of the team. The next step will involve meeting with individual team members. Furthermore the information has to be synthesized and analyzed. The team has to be brought together for setting goals and objectives. All the members from the workforce have to be assigned with their roles. Next the ongoing process has to be controlled and monitored. With each success the team members have to be recognized and awarded. All these will incur expenses for ANZ and the amount will be something about $500.

This Is A Sample Business Report Of ANZ BANK Organization 

Training and development – Professional training and development is a one time investment and is a continuous process. With each new project there might be the need of training and developing the workforce as per the need of the situation. It is necessary to assess and improve the skills of individuals and that will in turn increase the value of the output. All these include arrangement of seminars, hiring registered education providers, and involving the employees in online courses. This will also bring expenses of $400 to the company (Project Management Institute, 2019).

Expenses on resources – Resources have to be identified before being implemented in the project. It requires identifying and calculating the type of labour required, roles and responsibilities of each type of labour, number of labours required to fulfil each job responsibility, items of equipment that needs to be used, types and quantities of the same equipments and requirement of total amount of materials which will be in and around $300.

Implementing latest technology – Technology has made things faster and easier. Therefore, for running any type of business and creating the best output it is necessary to implement the latest form of technology. ANZ has made a plan of implementing the best version of technology in restructuring the management body. This will ensure an improved way of communication, efficiency in cloud, decentralized and mobile teams for projects, provide real times reporting and update and will also enhance collaboration of the society. The company has to incur an expense of $500 for this specific function (Clarizen Blog, 2016).

Improving the quality of service – ANZ as a banking group has always set its objective to bring the utmost customer satisfaction by improving their quality of service. Hence, it always takes necessary steps in the project management process to give special attention on how the quality of service can be improved and improvised. Improving the quality of service will definitely gain them more customers. However, the company has to incur expenses in the initial stage of improvement. The costing for the same will be around $300.

Risk assessment – The last thing one has to face in any project is the sudden arrival of risks. But at the same time one has to be prepared to take up challenges and mitigate the risks arising during the ongoing process. The steps involved in risk assessment are – identifying the risk, categorizing the risk, qualifying the risk, giving necessary response to the risk and documentation of the risk. A risk assessment meeting has to be held and the manager has to assign roles to members for eliminating the risk factors. Individual expenses as well as expenses on the team as a whole will stand approximately around $300 (Chandana, 2017).

Recruiting new workforce – With implementation of latest technology workforce with technical knowledge have to be hired. Next they will have to be trained and educated about the company policies and work process. Developing their skill also falls under the same banner. Thus recruiting and entire new workforce will require expenses from ANZ to successfully implement the change and the bearing of the company will be something around $400.

Campaigning on digital marketing – Promotion of services and products are necessary for a company to educate the customers about the new features and policies. Similarly, ANZ after publishing a new service or new facility is bound to communicate the same to the customers. In age of digitalization the best of promoting services and products is to opt for digital marketing. People these days always have a phone or tablet in hand. Digital marketing in this case will enhance the process of educating the customers. The cost of campaigns on digital marketing and advertisement will be around $200.

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FINANCIAL FORECASTING

Income Statement

History (In millions $)

Future (In millions $)

2017

2018

2019

2020

2021

Operating Income

4523

5317

5832

6100

6536

Net Interest Cost

14875

14514

14230

13980

13756

Operating Expense

8967

9248

9536

9876

9954

Operating Income

19398

19831

19930

20250

20560

Impairment charge

1198

688

612

597

545

Income tax and profit before impairment of credit

10431

10583

10654

10783

10865

Non controlling interests 

15

16

17

18

19

Tax expenses 

2874

2784

2675

2580

2435

Profit before Income Tax

9233

9895

9987

10430

10659

Loss/ Profit on discounted operation 

62

695

720

87

565

Continuing operation profits 

6344

7095

7299

7590

7687

Profits 

5805

6400

7456

8654

9876

 

SOURCE: (ANZ, 2017)

2.3 QUALITY AND COMPLIANCE CONTROL

Quality Control:-

Quality control is a part of project management focussing on fulfilling the requirements of the quality. In banking group management of quality control is basically dependent on the quality of service that the bank provides to the customers. Applying the techniques of quality control to improve marketing, finance and trading will be considered as the most important services in a banking system (ASQ, 2019). ANZ bank as such to improve the quality of their services has to keep this in mind and frame policies accordingly. It is always better to communicate with the customers and know their demand of services. Customer satisfaction is the ultimate effect of quality control (Jumah, 2012). 

ANZ as a bank should implement online banking facility which would allow the customers to save their time and manage their transactions without having the need to go to the branch. They can manage their transaction and finances while sitting at home or while working at office. Improving the quality of the online website will allow the customers do their transactional activities swiftly. And a website with no technical glitch will enhance the quality of online transactions which form a part of the services, the bank provides to the customers.

Improving the service of credit card facilities will also provide satisfaction to the customer. A minimum amount of credit money if provided to the customers will help them to complete transactions even at times when they are running out of money. Customers will get more attracted towards having a credit card, if the bank allows the system of giving rewards and points on each dollar spent. At times, credit card saves a customer’s entire financial breakdown.

Increasing the number of ATMs will allow the customer to withdraw money at any point of time thus decreasing the need of visiting the branch. Moreover, there is certain banking hours, when a customer can visit the branch to withdraw or deposit money. At times, urgency forces people to arrange money at odd hours of the day. ATMs will work the best during those times. So, to enhance the easy access of ATMs, ANZ should try to provide debit card facility and ATM machines at every bustling street of the country.

All these steps should be undertaken for quality analysis and if implemented into the process of quality control will help the bank achieve the goals and objectives successfully.

This Is A Sample Business Report Of ANZ BANK Organization 

Compliance Control:-

The process by which managers of a company controls, organizes, plans, and leads activities to ensure compliance with company’s standards, laws and regulations is known as compliance management. All these activities include security process and control, internal audits, third-party audits, framing and executing policies to ensure compliance and preparation of reports and providing documentation with support. It is always necessary to have a legal compliance and a compliance with other standards as well (PEARSON, 2019). 

Internal control– Management skills is one of the important forms of internal compliance. It is defined as the abilities or attributes possessed by an executive to fulfil specific tasks in an organization. The executive body of the ANZ bank as such, should have management skills to complete the undertaken responsibility of reframing the organizational structure. These include the capacity to perform duties related to execution while avoiding crisis and mitigating them properly. The skills help the leader to understand the fellow co-workers and also teach how to deal with them properly. This in turn helps the organization to ensure easy flow of the activities. The type of management skills are –

Technical skills – this involves the skills of the leader or the manager to use a technological variety to achieve their objectives. But these are not just limited to software and operating machine, tools of production or equipment pieces but also the need to increase sales, designing several new types of services and marketing of the same services newly produced.

Conceptual skills – These are the skills possessed by leaders to have abstract thinking and ability to formulate new ideas in terms of knowledge. The leader should have the ability to understand a concept, analyze and mitigate a problem and finding creative resolutions for the same. 

Human or interpersonal skills – This includes the skills of the leader to communicate, relate or work efficiently with the workforce of the company. With this skill the leader can utilise the human potential within the company and motivate the workers to perform better (Corporate Finance Institute, 2019).

ANZ would need technical skills to restructure the organization in an innovative way. For implementing new technologies the company will require workforce who are technologically skilful and advanced. The leader has to ensure not only the implementation of new software and operating machine or tool and equipments but also have to engage a technically skilled workforce to increase sales and promote marketing of the services to the customers.

External Control – Government regulations often form a part of the external compliance in a company, because these rules and regulations tend to have an effect on running the business in an organization. These regulations are often cited as a hindrance to business and profits and also a waste of effort and time, many at times these are rejected or side-stepped by several companies. But often governmental policies help in improving the business and maintain the goodwill of the customers from being ditched by a certain company or financial sector (Investopedia, 2018). 

ANZ to maintain its smooth functioning and keeping a check on both the employees and the customers have to comply with the governmental rules and policies. For example ANZ have to maintain a rate of interest as per the regulations of Reserve Bank of Australia and Reserve Bank of New Zealand. The policies of the bank should be maintained in accordance with the banking policies framed by the government. This would make the customers and employees both feel safe and secure while forming a professional relationship with the company.

 

This is a sample business report of ANZ BANK Organization From our experts get your report right now

References

ANZ. (2018). Culture and conduct. Retrieved July 30, 2019, from https://www.anz.com.au: https://www.anz.com.au/about-us/sustainability-framework/fair-responsible-banking/culture-conduct/

ANZ. (2017). OUR 2018 REPORTING SUITE. Retrieved July 30, 2019, from https://shareholder.anz.com: https://shareholder.anz.com/sites/default/files/anz_2018_annual_report_final.pdf

ANZ. (2018). Our company. Retrieved July 30, 2019, from https://www.anz.com.au: https://www.anz.com.au/about-us/our-company/

ASQ. (2019). QUALITY ASSURANCE & QUALITY CONTROL. Retrieved July 31, 2019, from https://asq.org: https://asq.org/quality-resources/quality-assurance-vs-control

Business Insider Australia. (2017, September 10). The ANZ Bank wants to operate more like a startup. Retrieved July 30, 2019, from https://www.businessinsider.com: https://www.businessinsider.com/the-anz-bank-wants-to-operate-more-like-a-startup-2017-9?IR=T

Chandana. (2017, March 15). Risk Assessment in Project Management. Retrieved July 30, 2019, from https://www.simplilearn.com: https://www.simplilearn.com/risk-assessment-project-management-article

Clarizen Blog. (2016, July 28). 5 ways technology has changed project management. Retrieved July 30, 2019, from https://www.clarizen.com: https://www.clarizen.com/5-ways-technology-has-changed-project-management/

Corporate Finance Institute. (2019). Management Skills. Retrieved July 31, 2019, from https://corporatefinanceinstitute.com: https://corporatefinanceinstitute.com/resources/careers/soft-skills/management-skills/

Investopedia. (2018, October 5). Government Regulations: Do They Help Businesses? Retrieved July 31, 2019, from https://www.investopedia.com: https://www.investopedia.com/articles/economics/11/government-regulations.asp

Jumah, J. A. (2012). An Exploration of Quality Control in Banking and Finance. International Journal of Business and Social Science , 273-277.

McConnell, E. (2011, October 19). How to Set and Achieve Goals of a Project. Retrieved July 30, 2019, from https://mymanagementguide.com: https://mymanagementguide.com/five-essential-tips-for-managing-project-goals-how-to-set-and-achieve-goals-of-project/

PEARSON, S. (2019). What is Compliance Management & Why It’s Important. Retrieved July 31, 2019, from https://tallyfy.com: https://tallyfy.com/what-is-compliance-management/

Project Management Institute. (2019). Training & Development. Retrieved July 30, 2019, from https://www.pmi.org: https://www.pmi.org/learning/training-development

Villanova University. (2019, March 14). Five Phases of the Project Management Lifecycle. Retrieved July 30, 2019, from https://www.villanovau.com: https://www.villanovau.com/resources/project-management/5-phases-project-management-lifecycle/

 

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