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External Environmental Issues In Financial Services Organizations

1759 Words8 Pages

External environmental issues which impact the financial services organizations, strategic Planning have been vital to make any financial service organization survive for long term. External environment comprises of all the elements which are present outside the boundary of the organization and have the capacity to affect either part or the whole organization. IN order to understand any financial organization we need to analyse its domain which exists in the external sectors of the organization (RamaRao, 2010). The niche of the organization forms the organizational domain and also defines all the externals sectors which with the organization will interact in order to accomplish its goals.
The external environment of every financial organization …show more content…

Compliance to these laws and regulations will cause extra cost, additional taxes, legal fees or development of new technology for the financial service organizations. Like in case of Green environment where the organizations are striving to lower the carbon emissions (Gupta, 2009).
The major issues which have been found as the biggest challenges in the financial service organizations are:
• The appetite for risk is again on the rise for the financial institutions
• Managing the complexity is one of the biggest challenges which the financial services organizations will face, because during 2011 the turbulent global economy had great impact on the financial sector.
• The technology of social media has not been accepted as it should have been by the financial services organization.
• There is great amount of room for improving and getting skilled labour in the financial services …show more content…

The major issue over here was the knowledge skills of the staff which was already employed in the financial services sectors.
Thus an extensive analysis of the employee’s qualifications was indispensible, so that all the employees which went to meet the customers should have minimum training as desired. If the employee did not have the required skills then the organization needed to establish proper training courses, so that the employee standards could be met. Thus the General Insurers a financial services organization had to reorganise the duties of employees after merger and legislative changes were brought in the company in relation to FSRA (McDonald and Jackling, n.d.).
The changing regulations and the market operations will impact highly the financial planning, Investment, taxation and superannuation. The future skills which would be critically required by the financial services organizations would be:
• Supervision and

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