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Scott Tominaga – The Importance of Compliance in Banking

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Compliance in Banking

Throughout the years the world of banking has gone through a number of changes as it has sought to modernize, offer a better and more secure service. One key area of this is the compliance of a banking institution, essentially the set of rules which are in place to ensure honesty, transparency and integrity. This area of banking is the spine to which all activities are carried out and it is a critical area of the finance industry on the whole. Scott Tominaga is an expert in the field of financial compliance and he has been speaking recently about exactly why, in the modern age more than ever before, compliance is absolutely critical to the success of the baking sector.

Customer Trust

Banks of course, are nothing without customers and they must ensure that they can promise maximum trust and security to those customers. Customers want to know that their money is safe in the bank’s care and in order to do that a bank must show that it is more than responsible enough to keep that money and to always have their best interests at heart. This is why it is essential that compliance is a critical tool in customer service.

Limits

Compliance is there to set limits which the banks must adhere to in order to protect the institution and to protect those working within it. Let’s take the case of Barings Bank for example, one of the UK’s oldest banks, this was brought downy a single stock trader who was allowed to run up enormous debts based on trades which went wrong. Because of a lack of compliance in this situation, the trader was allowed to continue to trade the bank’s money and the result was that it was forced to close its doors. Banks and those working within it must have limits as to what they can and cannot do, otherwise this is the risk that they run.

Transparency

Another reason for compliance is to ensure that banks remain completely transparent around their operations. Unfortunately working in an industry which involves money, be it banking or cash transport, will tempt those working within it to aim to bend the rules or defraud their employers. Compliance such as internal audits are the perfect way in which to ensure that there is absolute transparency and that nothing can go unnoticed.

Deterrent

Compliance also acts as a deterrent to anyone who is considering doing something unlawful. Whilst these situations may still occur, they only serve to help banks to increase their compliance and ensure that all of their operations are water tight. Compliance is very much there to deter anyone from unlawful actions within the baking world, and they have certainly worked well in recent years to reduce the amount of crime within the industry.

Compliance is in place to protect everyone, the banks, the employees and most importantly the customers who place their trust and their money in their bank.

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The Comprehensive Approach To Evaluate Solutions In Online Hackathons

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Online Hackathons

An online hackathon is a virtual event where participants come together to collaborate and build creative solutions to a given problem or challenge. These events can be focused on specific industries or technologies, and often involve participants from around the world.

Hackathon judging criteria can vary depending on the event and its goals, but generally include factors such as the creativity and originality of the solution, the impact it has on the problem or challenge at hand, and the feasibility of the project. Other criteria that may be considered include the team’s ability to present and explain their solution, the user experience of the project, and its technical complexity.

One key thing to keep in mind with online hackathons is that virtual events require a different approach to the way participants present their ideas and demonstrate the solution. The platform and tools used for virtual presentation and demonstration should be chosen with care and teams should practise beforehand. This is crucial to effectively convey the solution to the judges.

The importance of flexibility and adaptability in online hackathon solutions

Overall, the objective of a hackathon is to identify and support the most promising and innovative solutions, so the judging criteria should be designed to help achieve this goal.

In addition to the core criteria mentioned above, some hackathons may also include additional factors in their judging process. For example, a hackathon focused on sustainability may include criteria such as the environmental impact of the solution, while a virtual hackathon focused on a specific industry may include criteria related to the potential for commercialization or scalability.

Another important aspect to consider in hackathon judging criteria is the overall diversity and inclusivity of the event. Many hackathons are trying to encourage diversity and inclusivity by including criteria such as representation of underrepresented groups among the teams, and the accessibility and user-friendliness of the solution for diverse populations.

Judges for hackathons typically consist of industry experts, entrepreneurs, and thought leaders, who are well-versed in the specific topic or industry of the event. The judging panel will be responsible for evaluating the submissions based on the established criteria and providing feedback to teams.

It’s also important to note that judging criteria should be transparent and easily understood by all participants. Having clearly defined and communicated criteria not only helps teams understand what they need to focus on in their solutions, but also ensures that the judging process is fair and unbiased.

Overall, hackathon judging criteria are an important aspect of any event and should be carefully designed to identify and support the most innovative and impactful solutions. Through a combination of creativity, feasibility, impact and other related criteria, the judging panel can evaluate participants’ solutions and choose the most promising teams to advance.

Another important aspect of online hackathons is the flexibility and adaptability of the solutions presented. With the current uncertain and changing environment, it’s important for hackathon solutions to be flexible and adaptable to changing circumstances. A solution that can adapt to different situations and changing requirements can be more valuable than a solution that is only effective in a specific set of conditions.

With teams participating from all over the world, online hackathons require a different approach to collaboration and team dynamics. Solutions should be designed to be executed remotely, and teams should be able to communicate and collaborate effectively to bring their solution to fruition.

Evaluating the use of new technologies in online hackathon solutions

Furthermore, with the advance of technology, online hackathons are incorporating new tools and technologies such as Virtual reality and Augmented Reality, that allows teams to present their solution in an immersive and interactive way. This is another factor to consider in the judging criteria, to take into account the teams that use new technologies to enhance their solution.

In summary, online hackathons are an important way to bring together people from around the world to collaborate and build creative solutions to a given problem or challenge. Hackathon judging criteria should be carefully designed to identify and support the most innovative and impactful solutions. These criteria should take into account aspects such as the flexibility and adaptability of the solution, the ability to work and collaborate remotely, the use of new technologies and the representation of underrepresented groups among the teams.

Another key aspect of online hackathons is the level of engagement and participation of the community. Many hackathons not only focus on solutions but also on building a community of like-minded individuals who can come together to share ideas, knowledge, and resources.

In order to encourage community engagement, hackathon organisers may set up virtual platforms and communication channels where participants can network and collaborate with each other before, during and after the event. The judges may also consider the level of community engagement when evaluating submissions, as solutions that are created with input and feedback from the community are more likely to be successful in the long term.

Additionally, hackathons also give an opportunity for participants to learn new skills, and many events include workshops, training, and mentorship opportunities. The judges may also take into account the level of learning and growth the team members have accomplished throughout the event.

Furthermore, when running an online hackathon, it is important for the event organisers to ensure that the event is accessible for everyone. This includes providing accessibility options for people with disabilities and offering translation services for non-native speakers. The judges may also consider the accessibility and inclusivity of the solutions presented during the event.

Conclusion

In conclusion, online hackathons are a great way to bring people together from around the world to collaborate and solve challenges, while also fostering a community of like-minded individuals. Hackathon guide criteria should take into account factors such as community engagement, level of learning and growth, accessibility, and inclusivity to ensure that the event is inclusive, accessible and successful for all the participants.

Mercer Mettl is a company that provides a comprehensive solution for organisations looking to organise and execute virtual hackathons. Their platform includes a range of features that make it easy to create and manage challenges, evaluate and score submissions, and provide support and communication to participants.

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Popular Sales Commission Structure Types

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Sales Commission

Commission structures differ between industries and even between teams. The model you select must also be profitable in the long run. Here are some of the most popular sales commission models to consider:

1. 100% Jobs on commission or only on commission

The entire salary of the salesperson is their commission in this manner. Their income is solely determined by the outcome—the number of deals they close—rather than the activities that precede it.

Pros:

Because the commission percentage for such a model is typically high, up to 30-40%, the salesperson is more motivated to close deals quickly. It increases the accountability of your sales team while requiring no additional monitoring.

Cons:

Because there is no fixed pay to fall back on, this commission model is extremely stressful for sales teams. The risk is high, and salespeople may mislead a client into purchasing a high-ticket size product in order to earn an additional commission. Both the customer and the sales team experience high attrition.

How do you compute?

The salesperson receives X% of the deal value based on the percentage of commission. For example, with a 30% commission and a $1000 deal value, the salesperson will receive $300.

Where can it be put to use?

  • Start-ups that are rapidly expanding
  • Real estate business products with a well-defined sales cycle
  • Products that cannot be customized

2. Commission + Base

This model is suitable for the majority of businesses. This model allows for both capped and uncapped commissions. The fixed to variable ratio in this model is typically between 40:60 and 30:70. The commission percentage varies depending on the industry and role and can be maintained on various Sales Compensation Software.

Pros:

Salespeople have a steady income to fall back on during difficult times. This protects the team members, and the commissions encourage them to work harder. It is also a competitive model that attracts the most talented individuals. This model ensures effective payroll management for the company. It motivates salespeople to cross-sell and upsell services.

Cons:

The capped commission model limits the salesperson’s activities, and they may not strive for more. Your company may also suffer losses if underperformers do not pick up the slack and continue to draw their monthly fixed pay.

How do you compute?

When a salesperson’s basic pay is $500, and they make a sale of $20,000 with a 10 percent commission, their salary is sanctioned at $2,500.

Where can it be put to use?

  • In most B2C environments, such as Edtech or financial services,
  • Retail Outlets for small and medium-sized businesses

3. Commission Structure

This structure for tiered commissions is flexible and commission percentages vary according to level. Each tier is defined by an outcome. If the salesperson meets the benchmark, he or she advances to the next tier, where the commission percentage is higher.

Pros:

This structure benefits the entire team, including low, average, and high performers. The first tier is usually attained by all, but high performers are encouraged to advance to the next slab. Salespeople will also prioritize their prospects based on higher-value transactions.

Cons:

During a period when deals are closing quickly, the majority of your team will be earning commissions on higher slabs. This could have an impact on your overall profitability. To implement this model, you’ll need tools that track salespeople’s progress and calculate their monthly pay. A lack of a suitable tool will result in complicated payroll calculations.

How do you compute?

Slabs are defined, and each slab is assigned a specific commission. For an instance, if a salesperson generates up to $10,000 in revenue, his commission percentage is 5%. The commission rate increases to 8% when he moves into the $10,000 to $20,000 range.

Where can it be put to use?

  • For well-established businesses with the financial means to pay higher commissions.
  • Products with small ticket sizes and high volume.

The best platform to manage your company’s sales compensation structure and take care of sales leads with the help of Sales Commission Structure Templates is Elevate HQ, visit the website now.

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The Essential Tarp Guide

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Essential Tarp

Tarps a simple and ingenious solution first developed in Europe during the late 1800’s. Consider the many basic uses most homes and businesses use tarps for.  From safeguarding automobiles to motor homes to sailboats, many use them to cover tractors, mowers, generators, garden equipment and grills.  Contractors and builders frequently use them for building projects, to control the intrusion of particles and mud, to protect and wrap lorry beds, cover carpeting and sidewalks, among many other uses.

In the context of camping or survival situations, tarps can be used to create a makeshift shelter or even a hammock.  Indeed, it’s wise to keep a tarp among the things you ought to keep at home or in your vehicle for emergency situations. You rarely know whether you will require a tarp to cover a gaping hole in a roof from storm damage, a broken window, or even for protection when stranded.

Around the home, Mesh Tarps have a number of great applications that can improve quality of life, as well as home safety.  Mesh Tarps are frequently used to enclose patio areas, gazebos or to create low cost breezeways between home and garage.  Mesh tarps creates natural shade, allows air to pass through and prevents large insects, reptiles and animal life from gaining access to your surroundings.

Noting there are many types of tarps in the market, choosing the best tarp can be challenging. This article discusses essential things to consider when purchasing tarps.

Tarp Quality

Tarps are frequently utilized outside, mostly to protect various items, including automobiles, business products, building supplies, machinery, gear, etc. As a result, you definitely need to pay heed to the tarp’s durability when you purchase it. To handle it easily, you need a lightweight and strong device to survive fluctuating climate conditions. Regarding endurance, examining the breadth and the kind of fabric used in the construction will help you identify the perfect tarp for your specific needs.

Stock size tarps come in a wide range of sizes. In addition, manufacturer Tarps Now is well known for producing custom giant sized tarp coverings.  In both circumstances, you can choose from a wide range of weights and thicknesses.

Tarp Colors

Tarp colors are often used to distinguish between particular uses, each with a preferred style, texture, and durability.

The red, yellow, and purple tarps are utilized in areas where significant exposure is necessary. In contrast, cyan, emerald, and brown tarps are typically employed in building projects or environmental care. You will probably need a high-quality tarp at some stage, whether you are a householder, a camper, hiker, or a manufacturing business. To get the greatest possible return on your investment, select suitable colors and quality for your application. The secret to finding the best tarp in the industry is determining the environment and uses the tarp will be subjected to.

Effortless Utilization of Your Tarp

When purchasing a tarp, convenience of usage is a crucial component to take into account. Some prefer choosing a tarp with grommet perforations so you can quickly insert or connect it to the appropriate location. You will require a quick and simple method to fix the tarp and ensure it does not collapse, whether erecting a canvas or a sudden cabin.

Tarp Sizes

Size is essential when it concerns tarp. Whenever you plan to use the tarp to make a shelter or to protect your car, you should typically choose a size that will provide you with sufficient protection. Fortunately, the tarp is available in a variety of sizes. The best tarp specialist firms will alter the size to suit the customer’s requirements.

Tarp Hems and Grommets

Tarps, hooks, and stakes can be fastened using grommets, which offer solid constructions. Ropes and cables are some additional features. Grommets are crucial when preparing to tarp down to goods to make walls while building a pool, safeguarding items during a move and other protective covers, or when using machinery. How well something can be worn down depends on the distance between things. Sections of the folder are adhered to the remainder of the tarps using the reinforced edges of the tarps. To make it simpler to attach the tarp to other aspects for security reasons, some tarpaulin has grommets added to the hems. To make a sturdy border that will not rip or unravel with time, folded edges are sewn together.

Conclusion

It is integral to ensure you buy a high-quality tarp for your needs. When buying your tarp, be sure to pay attention to the fabric type and weight. It’s often best to select sturdy, impermeable, waterproof tarp that can resist rainfall, snow, and hail. The above are the top things to consider when buying tarps.

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