The best solution is to allow all these HIGH NET Worth clients to trade by authorizing the broking firm to deduct the amount traded automatically within T 2days by ECS with the clients bank. If client still defaults, positions can be sold, but all other options hamper the independence of the clients and penalization in the form of penalties can be easily overcome by branch managers when they collude. Other options decrease the risk taking ability of the client.
Do away with cheque payments and bring in direct debit sytem.That way u need not go for costly software updates,Alert systems,implementations issues, whistel blowers so on. If Exchage can be smart why not brokers.
Its is the similar problem where many of the Organizations are facing. ->Seriousness and scincearity towards the work should be developed in the employess of all the Branches.
->Develop awareness in the clients any wrong transaction found will be give high penalty.
->All transactions related to cheques should be monitored by a seperate department where any mallfunctioning over the Cheque details are serious charged over the employee who does it.
->The credit of cliet should not be given uncless the clients cheque is cleared in the bank.
Its is the similar problem where many of the Organizations are facing. ->Seriousness and scincearity towards the work should be developed in the employess of all the Branches.
->Develop awareness in the clients any wrong transaction found will be give high penalty.
->All transactions related to cheques should be monitored by a seperate department where any mallfunctioning over the Cheque details are serious charged over the employee who does it.
->The credit of cliet should not be given uncless the clients cheque is cleared in the bank.
i am not of this field but what i can make out clearly is both ur employee and company boss are working for themselves only and not for the company just like indian team inwhich every body plays forthemselves and not for the team 1st before finding the wrong person find the person who silently are doing there job with utmost honesty reward them make them feel that there honesty is recognised person whom u have caught doing these things dont punish rather discuss with them what are the things which urge them to do that put them under scrutiny.and discuss with them their faults and see how they behave most of the person get corrected with that make a way so that ur company has also part in their family life try to solve there problem nomatter how small they are if majority is with u some cunning mind will never have courage to do silly thing
Impose penalty as Rs 500 for RM. Incentive of the Branch Manager shold be calculated after considering this as some penalty should be imposed on Branch Manager. Most important try topen Bank Account ( Client ) in almost all the popular banks so that cheque can be deposited same day and HO can get the credit very same day. This way RMS can give limit on transfer cheques and not on clearing cheques, and in case of default the RMS can reduce that clients position on the very next day
The incentives of branch managers & franchisee commisions should be linked to the amount/Qty. of misinformation from the transactions under thier control.
This is a general problem which each and every broking firm is facing. The only solution to this problm can be :
-Only limited access to the RMS software. Each and every employe must not have access to this system to do entry of cheques and payment collection. -Employees having access to it will be liable for any wrong information entered. -All Franchisee and Branches have to maintain there outstanding details from clients and they also must have a credit limit set before hand. -Must maintain 20% of cash margin all time so that the loss can be minimised. -Franchisee and Branch Manager will be answerable for loss occuring from there client base.
This is a general problem which each and every broking firm is facing. The only solution to this problm can be :
-Only limited access to the RMS software. Each and every employe must not have access to this system to do entry of cheques and payment collection. -Employees having access to it will be liable for any wrong information entered. -All Franchisee and Branches have to maintain there outstanding details from clients and they also must have a credit limit set before hand. -Must maintain 20% of cash margin all time so that the loss can be minimised. -Franchisee and Branch Manager will be answerable for loss occuring from there client base.
