University : Charles Darwin University UniLearnO is not sponsored or endorsed by this college or university.
Subject Code : ACT302
Assignment Task:

Introduction 

Strategic Performance Measurement Systems (SPMSs) have long been recognized as  a crucial element for improving business performance. Maxims such as “What Gets  Measured Gets Done” reflect the view that implementing appropriate SPMSs ensures  that actions are aligned to strategies and objectives.  

The heavy focus on traditional accounting measures within the financial services  industry has been identified as the possible cause of many problems within the  industry, from the cause of the Global Financial Crisis of 2007-2008 to other recent  failures within the financial services sector. Poorly designed performance  measurement systems that focus solely on short-term financial performance result in  managers emphasising short-term financial performance metrics, in the interest of  current profitability, to the detriment of endeavours that can result in long-term  benefits, including new product development, process improvement, human resource  development, information technology, and customer and market development.  Attempting to resolve the problem by supplementing standard financial practices with  additional indicators that can help a firm evaluate its long-term performance, Kaplan  and Norton introduce the balanced scorecard to integrate these factors into the  business performance assessment of a company.  

Research Activity 

The Purpose 

To undertake a search of the relevant literature to determine what are the major issues  related to the implementation of Strategic Performance Measurement Systems  (SPMSs), such as the Balanced Scorecard (BSC), in the Financial Services Sector.

Task Outline 

Choose one of the major banks in Australia, discuss their current1 Balanced Scorecard and provide comprehensive analysis on: 

• the benefits of BSC in reaching strategic objectives of that bank

• the issues related to implementation of the BSC in that bank 

• common barriers to successful scorecard implementation in the Financial  Services sector in general.  

Your report should be written in fluent grammatical English. It should include a  bibliography of referenced sources. Internet resources used should be acknowledged  and fully referenced. All references and sources must be properly acknowledged. A  copy of the final assignment should be retained by the author.  

 

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  • Posted on : October 05th, 2018

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