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The Balanced Scorecard & Problems Of Financial Measures

3028 words - 12 pages

1. Executive SummaryWestpac Banking Corporation (Westpac) is one of the four major banking organizations in Australia; Westpac offers banking and financial services such as retail, corporate, commercial and institutional banking and also provides wealth management advisory services. In this report, we are focusing on personal banking segment.This report had completed research and identified the problems associated with solely using financial measures how and why the Balanced Scorecard overcome those problems actually used in Westpac company.This report overviews our design and implementation of a Balanced Scorecard specifically to the client based on those problems in WestpacThis report also discusses the impact on human behavior with the implementation of Balanced Scorecard. Its able to explore how people most likely to react and why they behave in that particular way (both positive and negative)2. Introduction2.1 Company backgroundWestpac Banking Corporation has a long and proud history as Australia's first and oldest bank. It was established in 8 April 1817 as the bank of New South Wales and changed its name to Westpac in 1982. The Westpac's mission is to be No. 1 in customer service and at the heart of its strategy. Definitely, Westpac continues to maintain one significant vision, "To be a great Australian Company". This vision applies to:Staff: as a great place to workCustomers: as a great experience every timeShareholders: as superior returnsCommunity: as a good corporate citizen2.2 Description of the key operation activities and processesWestpac provides a full range of retail and commercial financial services including home and business lending, funds management and treasury services. We offer financial services to our corporate and institutional customers through Westpac Institutional Bank, including finance, mergers and acquisitions, capital raising, financial markets, transaction and international trade services.2.3 Background to the balanced scorecard & problems of financial measuresProblem of Financial MeasuresInformation ages companies' success by investing in and managing their intellectual assets. Functional specialization must be integrated into customer value. The financial accounting model that describes performance of business or investment according to financial statement disclosure uses financial measures. Weakness of the financial measure is non-given sufficient information or unrelated entities in the financial statement to measure the correct financial results.In case, WESTPAC BANKING CORPORATION (WBC) disclosed some problems occurred on the financial measures:* Intangible and intellectual assets or liabilities are not disclosure - consider case of WBC is not profitable for customers. The statement of financial performance did not cover intellectual assets such copyright, patent, brand, trademark and private information, which they often give company greater competitive advantage than premise and property of WBC.*...

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