The New IFSB Guiding Principles Were Meant to Replace the Existing

question 120

True/False

The new IFSB guiding principles were meant to replace the existing framework of Basel Committee on Banking Supervision BCBS. guidelines used in all the banks and financial institutions across the world.

---

Definitions:

Specialization of Labor

The division of labor where each worker or group of workers focuses on a specific task or job to increase efficiency and expertise.

Division of Work

The allocation of different tasks and responsibilities to various members or groups within an organization to increase efficiency.

Information Overload

Occurs when an individual is exposed to more information than they can process, leading to overwhelm or decision paralysis.

Management Knowledge

The body of understanding and skills that managers use to effectively run organizations, including strategic planning, leading, organizing, and controlling.