POLCA Functions

Presented by:M.Raza AliM.Junaid AbbasMadiha AminSyeda Wajiha Zaidi

FINANCE DEPARTMENT

Askari Bank was incorporated in Pakistan on October 9, 1991, as a public limited company. It commenced operation on April 1, 1992, and is principally engaged in the business of banking. The Bank is listed on Karachi, Lahore and Islamabad Stock Exchanges.

Since inception, the bank has concentrated on growth through improving service quality, investment in technology and people, utilizing its extensive branch network which includes Islamic and Agricultural banking

Main Functions Of Finance Department

To prepare the budget Financial management Management of investments of

company Management of taxes Management of financial risks Merge and acquisition decisions

POLCA In Finance Department

Functions performed by the finance department , it goes through the entire POLCA functions. Lets assume only one activity to analyze the application of POLCA, in this case we take “Budgeting”

POLCA FUNCTIONS BY FINANCE DEPARTMENT

PLANNINGORGANIZING

LEADINGCONTROLLING

ASSURANCE

Management function that involves the process of defining goals, establishing strategies for achieving those goals. And developing plans to integrate  and coordinate activities.

PLANNING

in alignment with the goals of company

plans budget for all departments,› by analyzing the requirements of the

department and given resources › which involves meeting with the departmental

heads to determine and analyze their periodical requirements for money

analysis of historical data

forecasting and projecting the budget needs of departments

ORGANIZING

Management function that involves the process of determining what tasks are to be done. Who is to do them, how the tasks are to be grouped, who reports to whom, and where decisions are to be made.

Organizing Budget

Finance Department

consults

Head of Departments

Delegate work of need assessment

Subordinates

Final report

Head of departments

LEADING

Management function that involves motivating  subordinates, influencing individuals or teams as they work, selecting the most effective communication channels, or dealing in any way with employee behavior issues.

Leading Budget

department is involved in the budget making process is also performing leading role.

leading this activity would be the main role of finance department

Giving guidance in budget making process gives directions to get the desired outcome update the team regarding any changes in

policies

CONTROLLING

Management function that involves   monitoring actual performance,  comparing actual to standard and taking corrective action, if necessary.

Controlling Budget

determine the deviations of the actual outcome with the desired results.

monitored by the finance department on periodical basis.

To analyze the deviations from actual performance

corrective measures are to be taken to achieve desired results

Assurance

Quality function which demands from every manager that he/she ensures that prior management support& management processes are in place before POLCA management functions are executed.

Assurance of the budget

Done in two phases, before implementation of budget and after implementation of budget.

CONCLUSION

The POLCA approach will be used in every other functions of the finance department