Date: October 3rd, 2010
Our group’s experiences with team work come from a variety of sources. There were examples of self-directed teams, cross functional teams and virtual teams. Self-Directed Team
Working in a bank as part of the finance group, team work is essential in the day to day function as well as periodical reporting. The team consists of 12 persons assigned to different areas of work like financial accounting & reporting, financial analysis, regulatory reporting, MIS and accounts payables. The controller oversees the entire finance function and is essentially part of all core groups within the finance team. The prime responsibilities of this team are preparation of financial statements, managing different reporting requirements at senior management level, board level and group/parent level, coordinating with internal and external auditors, and compliance with all kinds of government regulation and filing requirements including Income tax, provisional tax and other related matters. One of the most important functions of the team is preparation of financial statements on a monthly basis and presenting to the senior management within a deadline. It requires inputs from various sources, internal and external, so the team starts planning ahead of time to ensure we receive the inputs in time. There are various components of financial statements which need to be verified, reconciled and compiled in order to generate the statements. Each member of the team is assigned their part with a deadline to meet. The team members share responsibility for the outcome. The team believes that being an effective team member starts and ends with communicating. It is crucial to be able to communicate openly and honestly about ideas, recommendations and concerns with other team members. It is just as important to be able to listen attentively and respond objectively with helpful feedback.
The effectiveness of the teamwork is also based on the...