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Feedback can be really tough both for the giver and the receiver. If handled badly, with poor preparation and a total lack of emotional intelligence, it can do a lot of damage. However, constructive feedback delivered with integrity and a genuine intention can be the greatest gift you can give to another individual. It can provide significant development opportunities and specific insights into an individual reaching their full potential. Coaching and continuous feedback is listed as a key trend in the Deloitte Human Capital Trends 2017 report, and research conducted by Gallup into millennials (those born between 1980 and 1996) and reported in How Millennials Want to Work and Live highlights their requirement for continuous feedback in order to develop their strengths. Millennials are passionate about their career development and see their managers as coaches who care about it, too.  The relationship between manager and an employee represents a vital link in performance management. Communication and effective influencing is crucial for that relationship to succeed. Regular, constructive feedback is a key facet in leaders/managers developing and nurturing the talent in their teams which drives significant performance improvement. Too often, feedback is stored up and given in an end-of-year performance review as part of the feedback sandwich – praise/criticism/praise. Elements of successful feedback Frequency One of the most significant elements of successful feedback is the frequency. It is so important to keep it regular – ideally on a weekly basis. It does not have to be a very formal process; a simple check-in over coffee can be very effective. Be specific When giving feedback, aim to be as specific as possible. For example, you might refer to an instance where they didn’t participate in a meeting or listen to someone else’s point of view.  Focus on the behaviour, not the person. Refer to the behaviour exhibited only and be sure not to make it seem like a personal attack. Using the SBI model (situations, behaviour, impact) can be really useful and keeps the feedback objective. Trust High levels of trust and respect must exist to give and receive feedback. Be aware of how trust is being nurtured in the overall relationship. Intention The intention of feedback is for the recipient to learn, move forward and become a better employee. It’s rooted in genuine concern for the person – it is not to score points! Emotions  Be aware of emotions during the conversation. Be aware of how you are delivering your message and how the person receiving feedback is taking it. Are they defensive or upset? Acknowledge your intention and the reason for the feedback. Acknowledge their emotions. When an employer feels high levels of trust and the want to develop their career further, they are more likely to receive feedback in a positive way and learn from it. Mutual understanding The objective of providing feedback is to get to a mutual understanding – not to prove someone right or wrong. Identify your contribution to the issue. This will build trust and your ability to influence. BUT  Don’t use the word “BUT” when delivering constructive criticism. When “but” is used in a conversation, it negates everything that was said prior to it! Instead, try to end the conversation with positive reinforcement and a commitment to agreeing the next steps forward. Constructive feedback handled well is the greatest gift both for the giver and receiver. It takes commitment and practice but can be very rewarding.  Fiona Flynn will be delivering the course Improving your Influence Skills at Work in Chartered Accountants House on 4 October.

Chartered Accountants Ireland has today welcomed the publication of the Financial Action Task Force’s (FATF) Mutual Evaluation Report on Ireland’s compliance with international obligations aimed at the prevention of money laundering and terrorist financing. FATF is an internationally recognised body which sets standards and promotes effective implementation of legal and regulatory measures for combating money laundering, terrorist financing and other related threats. Commenting on the publication of the report, Aidan Lambe, Director of Professional Standards at Chartered Accountants Ireland said: “The overall conclusions of the FATF report demonstrate the significant progress that has been made in Ireland in recent years by all sectors, public and private, who are responsible for or are within scope of Ireland’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regime.  It demonstrates too that Ireland as a jurisdiction takes seriously its international responsibilities as regards the ever-increasing threats posed to the financial system by money laundering and terrorist financing.  The report concludes that Ireland has a generally sound legislative and institutional AML/CTF framework.  It also identifies a number of priorities where improvements are needed including: A deeper understanding of AML vulnerabilities and threats, particularly cross-border; More active pursuit of Money Laundering and Terrorist Financing prosecutions; Increased resourcing for monitoring of certain entities covered by AML legislation; Addressing a number of legislative technical issues – e.g. ‘Politically Exposed Persons’ and High Risk countries. “The accountancy sector is heavily involved in regulation in this area, and it is pleasing that the profession has been noted as being largely compliant in terms of the regulatory and supervisory activities within the industry. Practising accountants generally have a high degree of familiarity with their responsibilities and obligations in this area.  But the report emphasises the importance of accountancy bodies having effective and dissuasive sanctioning regimes for non-compliance. Mr Lambe further added: “However, the report also demonstrates that there is no room for complacency. It has identified a number of areas where improvements are needed and makes a number of recommendations in this regard. These recommendations essentially provide a roadmap for Ireland for improving and maintaining its AML/CTF framework in line with best international practice. These recommendations need to be prioritised by Government and resources found to support their implementation given that Ireland is a highly interconnected economy with a significant financial sector which, by its nature, is exposed to particular vulnerabilities and threats. Finally, Mr Lambe added: “This report is particularly timely given the proposed Criminal Justice (Corruption) Bill due to be published this Autumn and should provide valuable input to the development of that legislation. Chartered Accountants Ireland looks forward to working with all stakeholders in taking forward the report’s recommendations.” Ends Reference:  Aidan Lambe, Director, Professional Standards, Chartered Accountants Ireland T: 01 637 7307 / E: Aidan.lambe@charteredaccountants.ie Bryan Rankin, Marketing Manager, Chartered Accountants Ireland T: 01 637 7268 Notes to editors: FATF is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. The FATF has developed a series of Recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. They form the basis for a co-ordinated response to these threats to the integrity of the financial system and help ensure a level playing field. First issued in 1990, the FATF Recommendations were revised in 1996, 2001, 2003 and most recently in 2012 to ensure that they remain up to date and relevant, and they are intended to be of universal application. About Chartered Accountants Ireland: Chartered Accountants Ireland is Ireland's largest and longest established professional body of accountants founded in 1888. The Institute currently represents 25,500 members around the world. Photo of Aidan Lambe will be sent to pix desks separately.