Question

Accounting

Bookkeeping

Insurance

Banking

Risk Management

Write a brief description of the role they play in the financial industry and list the responsibilities each of the 5 selected sectors has.

Answer 1

Accounting :- Accounting is a system which helps to measure and summarise the day to day transactions of the business which helps to make easy to understand for the stakeholders , share holders.

The Responsibility of Accounting is to summarise the data and make it easy to understand.

Book Keeping :- The role of book keeping is to recording the day to day transactions and make it comparable time to time with the specified budgets.

The Responsibility of Book Keeper is to Keep on track the expenditures of the company and financial record keeping.

Insurance :- The Insurance play a very vital role it helps to overcome from the risks or losses . The insurance helps to reduce the fear of non recovery of debts etc.

The Responsibility of insurance is to make a fiancial stability , promoting the trading related business activities , mitigate the losses etc.

Banking ;- The Role of Banking in financial industry is of collecting the money , accepting the deposits and providing the loans etc. Banks helps to allocate or disbursements of the funds from the savers to the depositors.

The Responsibility of Banking is to make the safety of teh money and provide the interest on the money of saving accounts also.

Risk Management :- The role of risk management is to make the security of the funds , arranging the funds on the basis of their own financial statements

The Responsibility of Risk management is to make a growth and future stability of the financial institutions. And also the responsibilty of risk mitigation