Foundations of Quality Assurance in Banking
Expert-defined terms from the Professional Certificate in Quality Assurance in Banking and Finance course at London School of Business and Administration. Free to read, free to share, paired with a professional course.
Acceptance Criteria #
refers to the set of conditions that must be met in order for a product or service to be considered acceptable by the customer or end-user, often used in software development and testing to define the requirements that must be met. Related terms include Requirements Gathering, Test Planning, and Quality Assurance. In the context of Quality Assurance in Banking, acceptance criteria are essential to ensure that banking products and services meet the required standards and regulations.
Audit Committee #
a committee responsible for overseeing the audit process and ensuring that the organization's financial statements are accurate and compliant with relevant laws and regulations. Related terms include Corporate Governance, Risk Management, and Compliance. In the banking industry, the audit committee plays a crucial role in ensuring the integrity of financial reporting and compliance with regulatory requirements.
Banking Regulation #
refers to the set of rules and guidelines that govern the banking industry, including lending practices, capital requirements, and consumer protection. Related terms include Compliance, Risk Management, and Financial Stability. Banking regulations are essential to maintain stability and trust in the financial system, and quality assurance processes must be implemented to ensure compliance with these regulations.
Business Continuity Planning #
a process of developing strategies and procedures to ensure that an organization can continue to operate in the event of a disaster or major disruption, including backup systems, emergency procedures, and employee training. Related terms include Risk Management, Disaster Recovery, and Crisis Management. In the banking industry, business continuity planning is critical to ensure that essential services are maintained and customers are not affected by disruptions.
Compliance #
refers to the process of ensuring that an organization is adhering to relevant laws, regulations, and standards, including financial regulations, data protection, and consumer protection. Related terms include Regulatory Requirements, Risk Management, and Audit Committee. Compliance is a critical aspect of quality assurance in banking, as non-compliance can result in significant fines and reputational damage.
Control Self #
Assessment: a process of evaluating the effectiveness of an organization's internal controls, including risk assessment, control design, and control operating effectiveness. Related terms include Internal Audit, Risk Management, and Compliance. Control self-assessment is an essential tool for identifying and mitigating risks in the banking industry.
Customer Complaint Handling #
a process of receiving, investigating, and resolving customer complaints in a fair and timely manner, including communication with customers, root cause analysis, and corrective action. Related terms include Customer Service, Quality Assurance, and Regulatory Compliance. Effective customer complaint handling is critical in maintaining customer trust and confidence in the banking industry.
Data Quality #
refers to the accuracy, completeness, and consistency of data, including data validation, data cleansing, and data governance. Related terms include Data Management, Information Security, and Compliance. High-quality data is essential in the banking industry for risk management, regulatory reporting, and customer service.
Disaster Recovery #
a process of recovering from a disaster or major disruption, including backup systems, emergency procedures, and employee training. Related terms include Business Continuity Planning, Risk Management, and Crisis Management. Disaster recovery planning is critical in the banking industry to minimize the impact of disruptions on customers and the business.
Error Detection #
a process of identifying and detecting errors or defects in products or services, including testing and quality control. Related terms include Quality Assurance, Testing, and Defect Prevention. Error detection is an essential aspect of quality assurance in banking, as it helps to prevent errors and minimize their impact on customers.
Financial Regulation #
refers to the set of rules and guidelines that govern the financial industry, including banking regulations, securities regulations, and insurance regulations. Related terms include Compliance, Risk Management, and Financial Stability. Financial regulations are essential to maintain stability and trust in the financial system, and quality assurance processes must be implemented to ensure compliance with these regulations.
Governance #
refers to the system of rules, practices, and processes by which an organization is directed and controlled, including board of directors, executive management, and internal controls. Related terms include Corporate Governance, Risk Management, and Compliance. Effective governance is critical in the banking industry to ensure that the organization is managed in a responsible and ethical manner.
Information Security #
refers to the protection of information from unauthorized access, use, disclosure, disruption, modification, or destruction, including data encryption, access controls, and network security. Related terms include Data Protection, Compliance, and Risk Management. Information security is a critical aspect of quality assurance in banking, as it helps to protect sensitive customer information and prevent cyber threats.
Internal Audit #
a process of evaluating the effectiveness of an organization's internal controls, including risk assessment, control design, and control operating effectiveness. Related terms include Control Self-Assessment, Risk Management, and Compliance. Internal audit is an essential tool for identifying and mitigating risks in the banking industry.
ISO 9001 #
a quality management standard that provides a framework for organizations to demonstrate their ability to consistently provide products and services that meet customer and regulatory requirements, including quality policy, quality objectives, and quality management system. Related terms include Quality Management, Quality Assurance, and Certification. ISO 9001 is widely adopted in the banking industry as a framework for quality management.
Key Performance Indicators #
a set of metrics used to measure an organization's performance, including financial metrics, customer metrics, and operational metrics. Related terms include Performance Management, Quality Assurance, and Strategic Planning. Key performance indicators are essential in the banking industry to measure and evaluate the effectiveness of quality assurance processes.
Operational Risk #
refers to the risk of loss resulting from inadequate or failed internal processes, systems, and people, or from external events, including error detection, error correction, and process improvement. Related terms include Risk Management, Quality Assurance, and Compliance. Operational risk is a significant concern in the banking industry, as it can result in significant financial losses and reputational damage.
Process Improvement #
a methodology for identifying and improving processes, including lean principles, six sigma, and continuous improvement. Related terms include Quality Assurance, Operational Excellence, and Change Management. Process improvement is essential in the banking industry to improve efficiency, reduce costs, and enhance customer satisfaction.
Quality Assurance #
a systematic process of ensuring that products or services meet specified requirements, including testing, inspection, and certification. Related terms include Quality Control, Quality Management, and Certification. Quality assurance is critical in the banking industry to ensure that products and services meet customer and regulatory requirements.
Quality Control #
a process of monitoring and controlling products or services to ensure that they meet specified requirements, including inspection, testing, and certification. Related terms include Quality Assurance, Quality Management, and Certification. Quality control is essential in the banking industry to prevent errors and defects in products and services.
Regulatory Compliance #
refers to the process of ensuring that an organization is adhering to relevant laws, regulations, and standards, including financial regulations, data protection, and consumer protection. Related terms include Compliance, Risk Management, and Audit Committee. Regulatory compliance is a critical aspect of quality assurance in banking, as non-compliance can result in significant fines and reputational damage.
Risk Management #
a process of identifying, assessing, and mitigating risks, including risk assessment, risk prioritization, and risk mitigation. Related terms include Compliance, Internal Audit, and Control Self-Assessment. Risk management is essential in the banking industry to identify and mitigate risks that can impact the organization's financial stability and reputation.
Service Level Agreement #
a formal agreement between an organization and its customers that specifies the expected service levels, including response times, resolution times, and service availability. Related terms include Customer Service, Quality Assurance, and Service Management. Service level agreements are critical in the banking industry to ensure that customers receive high-quality services and support.
Six Sigma #
a methodology for improving processes, including define, measure, analyze, improve, and control. Related terms include Process Improvement, Quality Assurance, and Operational Excellence. Six sigma is widely adopted in the banking industry as a framework for process improvement and quality assurance.
Stakeholder Management #
a process of identifying, analyzing, and responding to the needs and expectations of stakeholders, including customers, employees, shareholders, and regulators. Related terms include Customer Service, Quality Assurance, and Corporate Governance. Stakeholder management is essential in the banking industry to ensure that the organization meets the needs and expectations of its stakeholders.
Testing #
a process of evaluating products or services to ensure that they meet specified requirements, including unit testing, integration testing, and user acceptance testing. Related terms include Quality Assurance, Quality Control, and Certification. Testing is a critical aspect of quality assurance in banking, as it helps to identify and detect errors and defects in products and services.
Total Quality Management #
a management approach that emphasizes continuous improvement and customer satisfaction, including quality policy, quality objectives, and quality management system. Related terms include Quality Management, Quality Assurance, and Certification. Total quality management is widely adopted in the banking industry as a framework for quality management and assurance.
Vendor Management #
a process of managing vendors and suppliers, including contract management, performance management, and risk management. Related terms include Supply Chain Management, Quality Assurance, and Compliance. Vendor management is critical in the banking industry to ensure that vendors and suppliers meet the required standards and regulations.
Quality Management System #
a framework for managing quality, including quality policy, quality objectives, and quality management system. Related terms include Quality Assurance, Quality Control, and Certification. Quality management system is essential in the banking industry to ensure that products and services meet customer and regulatory requirements.
Root Cause Analysis #
a methodology for identifying the underlying causes of problems or errors, including cause and effect analysis, and corrective action. Related terms include Error Detection, Quality Assurance, and Process Improvement. Root cause analysis is essential in the banking industry to identify and address the underlying causes of problems and errors.
Business Process Re #
engineering: a methodology for improving business processes, including process mapping, process analysis, and process redesign. Related terms include Process Improvement, Quality Assurance, and Operational Excellence. Business process re-engineering is widely adopted in the banking industry as a framework for process improvement and quality assurance.
Continuous Improvement #
a methodology for improving processes and products, including plan, do, check, and act. Related terms include Quality Assurance, Quality Control, and Certification. Continuous improvement is essential in the banking industry to improve efficiency, reduce costs, and enhance customer satisfaction.
Customer Relationship Management #
a process of managing customer relationships, including customer segmentation, customer profiling, and customer service. Related terms include Customer Service, Quality Assurance, and Marketing. Customer relationship management is critical in the banking industry to ensure that customers receive high-quality services and support.
Data Governance #
a process of managing data, including data quality, data security, and data compliance. Related terms include Data Management, Information Security, and Compliance. Data governance is essential in the banking industry to ensure that data is accurate, secure, and compliant with regulatory requirements.
Enterprise Risk Management #
a process of identifying, assessing, and mitigating risks, including risk assessment, risk prioritization, and risk mitigation. Related terms include Risk Management, Compliance, and Internal Audit. Enterprise risk management is critical in the banking industry to identify and mitigate risks that can impact the organization's financial stability and reputation.
Financial Reporting #
a process of preparing and presenting financial statements, including balance sheet, income statement, and cash flow statement. Related terms include Financial Regulation, Compliance, and Audit Committee. Financial reporting is essential in the banking industry to provide stakeholders with accurate and timely financial information.
Internal Control #
a process of managing and controlling internal processes, including control environment, control activities, and control monitoring. Related terms include Internal Audit, Risk Management, and Compliance. Internal control is critical in the banking industry to ensure that internal processes are effective and efficient.
Operational Excellence #
a management approach that emphasizes continuous improvement and customer satisfaction, including process improvement, quality assurance, and customer service. Related terms include Quality Management, Quality Assurance, and Certification. Operational excellence is widely adopted in the banking industry as a framework for quality management and assurance.
Process Mapping #
a methodology for mapping and analyzing business processes, including process flow, process analysis, and process redesign. Related terms include Process Improvement, Quality Assurance, and Operational Excellence. Process mapping is essential in the banking industry to improve efficiency, reduce costs, and enhance customer satisfaction.
Regulatory Risk #
refers to the risk of non-compliance with regulatory requirements, including regulatory fines, regulatory penalties, and reputational damage. Related terms include Compliance, Risk Management, and Internal Audit. Regulatory risk is a significant concern in the banking industry, as non-compliance can result in significant fines and reputational damage.
Service Quality #
refers to the quality of services provided to customers, including service level agreements, service level management, and customer satisfaction. Related terms include Customer Service, Quality Assurance, and Service Management. Service quality is critical in the banking industry to ensure that customers receive high-quality services and support.
Supply Chain Management #
a process of managing suppliers and vendors, including contract management, performance management, and risk management. Related terms include Vendor Management, Quality Assurance, and Compliance. Supply chain management is essential in the banking industry to ensure that suppliers and vendors meet the required standards and regulations.
System Development Life Cycle #
a methodology for developing and implementing systems, including planning, analysis, design, implementation, and maintenance. Related terms include Quality Assurance, Quality Control, and Certification. System development life cycle is critical in the banking industry to ensure that systems are developed and implemented to meet customer and regulatory requirements.
Technology Risk #
refers to the risk of technology failures or disruptions, including system crashes, data breaches, and cyber attacks. Related terms include Information Security, Risk Management, and Internal Audit. Technology risk is a significant concern in the banking industry, as technology failures or disruptions can result in significant financial losses and reputational damage.
Training and Development #
a process of providing training and development opportunities to employees, including training needs analysis, training design, and training delivery. Related terms include Human Resources, Quality Assurance, and Operational Excellence. Training and development is essential in the banking industry to ensure that employees have the necessary skills and knowledge to provide high-quality services and support.
Vendor Risk Management #
a process of managing vendor risk, including vendor assessment, vendor monitoring, and vendor mitigation. Related terms include Vendor Management, Quality Assurance, and Compliance. Vendor risk management is critical in the banking industry to ensure that vendors and suppliers meet the required standards and regulations.
Quality Policy #
a document that outlines an organization's quality objectives and principles, including quality mission, quality vision, and quality values. Related terms include Quality Management, Quality Assurance, and Certification. Quality policy is essential in the banking industry to ensure that the organization is committed to quality and customer satisfaction.
Risk Assessment #
a process of identifying and assessing risks, including risk identification, risk analysis, and risk prioritization. Related terms include Risk Management, Compliance, and Internal Audit. Risk assessment is critical in the banking industry to identify and mitigate risks that can impact the organization's financial stability and reputation.
Service Level Management #
a process of managing service levels, including service level agreements, service level monitoring, and service level reporting. Related terms include Customer Service, Quality Assurance, and Service Management. Service level management is essential in the banking industry to ensure that customers receive high-quality services and support.
System Maintenance #
a process of maintaining and supporting systems, including system updates, system backups, and system recovery. Related terms include Information Security, Risk Management, and Internal Audit. System maintenance is critical in the banking industry to ensure that systems are available and functioning properly.
Testing and Validation #
a process of testing and validating products or services, including testing plans, testing scripts, and testing results. Related terms include Quality Assurance, Quality Control, and Certification. Testing and validation is essential in the banking industry to ensure that products and services meet customer and regulatory requirements.
Training Needs Analysis #
a process of identifying training needs, including training needs assessment, training needs analysis, and training needs prioritization. Related terms include Human Resources, Quality Assurance, and Operational Excellence. Training needs analysis is critical in the banking industry to ensure that employees have the necessary skills and knowledge to provide high-quality services and support.
Vendor Assessment #
a process of assessing vendor risk, including vendor evaluation, vendor monitoring, and vendor mitigation. Related terms include Vendor Management, Quality Assurance, and Compliance. Vendor assessment is essential in the banking industry to ensure that vendors and suppliers meet the required standards and regulations.
Quality Objectives #
a set of specific, measurable, achievable, relevant, and time-bound objectives that an organization seeks to achieve, including quality metrics, quality targets, and quality benchmarks. Related terms include Quality Management, Quality Assurance, and Certification. Quality objectives are critical in the banking industry to ensure that the organization is focused on quality and customer satisfaction.
Risk Mitigation #
a process of mitigating risks, including risk mitigation plans, risk mitigation strategies, and risk mitigation tactics. Related terms include Risk Management, Compliance, and Internal Audit. Risk mitigation is essential in the banking industry to minimize the impact of risks on the organization's financial stability and reputation.
Service Quality Management #
a process of managing service quality, including service quality metrics, service quality targets, and service quality benchmarks. Related terms include Customer Service, Quality Assurance, and Service Management. Service quality management is critical in the banking industry to ensure that customers receive high-quality services and support.
System Security #
a process of securing systems, including system access controls, system authentication, and system encryption. Related terms include Information Security, Risk Management, and Internal Audit. System security is essential in the banking industry to protect sensitive customer information and prevent cyber threats.
Training Evaluation #
a process of evaluating training effectiveness, including training evaluation metrics, training evaluation targets, and training evaluation benchmarks. Related terms include Human Resources, Quality Assurance, and Operational Excellence. Training evaluation is critical in the banking industry to ensure that employees have the necessary skills and knowledge to provide high-quality services and support.
Vendor Management System #
a system for managing vendors and suppliers, including vendor registration, vendor assessment, and vendor monitoring. Related terms include Vendor Management, Quality Assurance, and Compliance. Vendor management system is essential in the banking industry to ensure that vendors and suppliers meet the required standards and regulations.
Quality Metrics #
a set of metrics used to measure quality, including quality metrics, quality targets, and quality benchmarks. Related terms include Quality Management, Quality Assurance, and Certification. Quality metrics are critical in the banking industry to ensure that the organization is focused on quality and customer satisfaction.
Risk Monitoring #
a process of monitoring risks, including risk monitoring plans, risk monitoring strategies, and risk monitoring tactics. Related terms include Risk Management, Compliance, and Internal Audit. Risk monitoring is essential in the banking industry to identify and mitigate risks that can impact the organization's financial stability and reputation.
Service Management #
a process of managing services, including service level agreements, service level management, and service level reporting. Related terms include Customer Service, Quality Assurance, and Service Quality. Service management is critical in the banking industry to ensure that customers receive high-quality services and support.
System Development #
a process of developing systems, including system design, system development, and system testing. Related terms include Quality Assurance, Quality Control, and Certification. System development is essential in the banking industry to ensure that systems are developed and implemented to meet customer and regulatory requirements.
Training Delivery #
a process of delivering training, including training delivery methods, training delivery channels, and training delivery formats. Related terms include Human Resources, Quality Assurance, and Operational Excellence. Training delivery is critical in the banking industry to ensure that employees have the necessary skills and knowledge to provide high-quality services and support.
Vendor Registration #
a process of registering vendors and suppliers, including vendor registration forms, vendor registration processes, and vendor registration requirements. Related terms include Vendor Management, Quality Assurance, and Compliance. Vendor registration is essential in the banking industry to ensure that vendors and suppliers meet the required standards and regulations.
Quality Policy Statement #
a document that outlines an organization's quality policy, including quality mission, quality vision, and quality values. Related terms include Quality Management, Quality Assurance, and Certification. Quality policy statement is critical in the banking industry to ensure that the organization is committed to quality and customer satisfaction.
Risk Prioritization #
a process of prioritizing risks, including risk prioritization plans, risk prioritization strategies, and risk prioritization tactics. Related terms include Risk Management, Compliance, and Internal Audit. Risk prioritization is essential in the banking industry to minimize the impact of risks on the organization's financial stability and reputation.
Service Level Reporting #
a process of reporting service levels, including service level reports, service level metrics, and service level benchmarks. Related terms include Customer Service, Quality Assurance, and Service Management. Service level reporting is critical in the banking industry to ensure that customers receive high-quality services and support.
System Maintenance Plan #
a plan for maintaining systems, including system maintenance schedules, system maintenance procedures, and system maintenance budgets. Related terms include Information Security, Risk Management, and Internal Audit. System maintenance plan is essential in the banking industry to ensure that systems are available and functioning properly.
Training Needs Assessment #
a process of assessing training needs, including training needs analysis, training needs evaluation, and training needs prioritization. Related terms include Human Resources, Quality Assurance, and Operational Excellence. Training needs assessment is critical in the banking industry to ensure that employees have the necessary skills and knowledge to provide high-quality services and support.
Vendor Selection #
a process of selecting vendors and suppliers, including vendor selection criteria, vendor selection processes, and vendor selection requirements. Related terms include Vendor Management, Quality Assurance, and Compliance. Vendor selection is essential in the banking industry to ensure that vendors and suppliers meet the required standards and regulations.
Quality Manual #
a document that outlines an organization's quality management system, including quality policy, quality objectives, and quality procedures. Related terms include Quality Management, Quality Assurance, and Certification. Quality manual is critical in the banking industry to ensure that the organization is committed to quality and customer satisfaction.
Risk Management Plan #
a plan for managing risks, including risk management strategies, risk management tactics, and risk management budgets. Related terms include Risk Management, Compliance, and Internal Audit. Risk management plan is essential in the banking industry to minimize the impact of risks on the organization's financial stability and reputation.
Service Quality Metrics #
a set of metrics used to measure service quality, including service quality metrics, service quality targets, and service quality benchmarks. Related terms include Customer Service, Quality Assurance, and Service Management. Service quality metrics are critical in the banking industry to ensure that customers receive high-quality services and support.
System Security Plan #
a plan for securing systems, including system security policies, system security procedures, and system security budgets. Related terms include Information Security, Risk Management, and Internal Audit. System security plan is essential in the banking industry to protect sensitive customer information and prevent cyber threats.
Training Program #
a program for providing training, including training program design, training program delivery, and training program evaluation. Related terms include Human Resources, Quality Assurance, and Operational Excellence. Training program is critical in the banking industry to ensure that employees have the necessary skills and knowledge to provide high-quality services and support.
Vendor Contract #
a contract between an organization and a vendor or supplier, including contract terms, contract conditions, and contract requirements. Related terms include Vendor Management, Quality Assurance, and Compliance. Vendor contract is essential in the banking industry to ensure that vendors and suppliers meet the required standards and regulations.