研究和風險管理的概述
Study And Overview Of Risk Management
 

在當今的企業世界中，管理風險是企業經濟中的一個重要組成部分。“風險”是指不確定的未來的情況或可能產生不利影響的情況下，組織的項目或過程中可能出現的情況（Ridley和錢寧1999）。里德利J和Channing J（1999）風險管理，Butterworth Heinemann，牛津。在任何企業，由于它重要的是要強調參與風險管理的各種措施，全球風險不斷在全球競爭中提高并購，如：控制、識別、規劃、觀察、定量分析和定性（Dickson 1991）迪克森G（1991）風險分析（第二版）威瑟比，倫敦。通過有效地處理風險，這個過程可以減少不良事件的發生。風險管理是任何組織計劃策略的主要骨干。這是一個可重復的，有組織的程序，識別和分析的解決風險，以減少其后果的過程。然而，在當今世界，技術的發展已經影響了風險管理在獲取大量知識跨部門（Singleton和霍夫登島1987）單W T和霍夫登島J（1987）風險與決策，約翰威利和兒子，紐約。

風險管理工具識別出風險的正面和負面的特點而采取的法律風險措施（惠普爾1987）惠普爾（1987），科學出版社，倫敦。我的研究主要集中在今天的投資銀行公司在資產管理過程中，如何使用風險管理工具。然而，資產在任何組織中扮演一個非常重要的角色，其中包括股票、債務、債券、外匯交易、臨時信貸、證券、抵押貸款等，對本組織至關重要。在研究過程中，我想討論的過程中所涉及的各種風險和采取的措施，作出正確的決定。

In today’s corporate world handling management risk is a key component in the business economy. The term ‘risk’ denotes to uncertain future situations or situations that may unfavorably affect an organizations project or within the process if they arise (Ridley and Channing 1999).Ridley J and Channing J (1999) Risk Management, Butterworth-Heinemann, Oxford. In any corporate world risk constantly keeps merging with the raise in global competition because of which it is important to emphasis on the various measures involved in risk management such as: controlling, identifying, planning, observing, analyzing quantitative and qualitative (Dickson 1991) Dickson G (1991) Risk Analysis, (second edn) Witherby, London. By handling the risk effectively, the process can reduce the happening of an adverse event. Risk management is considered to be one of the main backbones for any organizations to plan a strategy. It is a repeatable, organized procedure which identifies and analytically addresses risks to reduce their consequence on process. However, in today’s world, growth in technology has impacted on the risk management in acquiring vast knowledge across the sectors (Singleton and Hovden 1987) Singleton W.T and Hovden J (1987) Risk and Decision, John Wiley and Sons, New York.

CONCEPTUAL UNDERPINNINGS——概念上的基礎

Risk Management tool identifies both positive and negative features of risk while taking the measures (Whipple C 1987) Whipple C (1987) De Minimis Risk, Plenum Press, London. My research mainly focuses on how the Risk management tool is used in today’s investment banking companies within the Asset management process. However asset plays a very important role within any organization which involves shares, debts, bonds, foreign exchange dealings, interim credits, securities, and mortgages etc.; which are crucial to the organization. During the research I would like to discuss about the various risk involved within the process and the steps taken to make the right decision. Also to analyze the practical problems faced when implementing any new risk management tool control within the business. The concept mainly talks about the risk management tools, planning, identifying the risk and how is risk monitored within in the asset management process. Analyzing the cost controls while implementing the risk methods into the process. However, it is very much essential to have a planned risk management approach for every business or to a particular process.

LITERATURE REVIEW——文獻綜述

From the earlier days managing of risk is a very difficult issue in any administration.

Today’s economy has been affected by the recession, as a result there is a huge change in the global world. Risk is likelihood of anything which happens unkind or happening of unplanned loss or destruction.

Risk = (the possibility of any event occurring) X (the significance when it occurs)

However, by utilizing using Risk Management methodologies and control steps within the Organizations or in any process they can overcome these uncertain risks. Risk management is nothing but a handling the risk efficiently which enhances importance to the organization or to any particular process. Risk management tool is not only used for reducing the risk, it also helps to predict the forthcoming risks (Dickson C 2003) Dickson C (2003) Risk Analysis, Witherby, London. It is also known to be one of the vital parts of any business such as investment banking arena.

In simple words any individuals or organization which performance as a guarantor or mediator for any companies supplying securities including shares, debentures, bonds, dealer operations with merger and acquisition, corporate shaping and do not admit deposits or provide loans to individuals is known as Investment banks (Gordon A 1992) Gordon A (1992) Risk and the Business Environment, Witherby, London. Investment banking in today’s financial global economy is considered to be the vibrant segment which includes many advanced innovated procedures and many clients fluctuating from small business proprietors and individual investors to administrations and MNC’s, investment banking has relished extraordinary growth in current years. Almost all major business projects and civil ventures need the services of investment banks. It has become extremely complex commercial for persons who work on behalf of it! The top investment banks are Goldman Sachs, JP Morgan Chase, Deutsche Bank, Bank of America. These banks deals with mergers and acquisition, client relationship management, equity and debts capital market and third-party asset management which involves high risks with in the invest bank arena. There are various departments within the investment bank such as asset management, derivatives, corporate action, cash operations, information technology and many more.#p#分頁標題#e#

To have any kind of tractions with the business Asset management department plays are very important role because it includes client’s investments in the form of shares, bonds, cash assets etc. with high risks.

The term ‘Asset management ‘is a process which monitors the attainment of assets along with their usage and clearance in order to maintain the potentials of the assets of each invested clients (X). It is not approximately what we buy; it is rather a discipline to be followed to maintain the assets. It does include the areas of skills which involve high risk such as merger and acquisition, management operations, realization of multi-currencies, equities (X).

 
PURPOSE OF THE RESEARCH——研究目的

Risk management was introduced only in the recent years before which in the early 50’s it had a mere opportunity which affected the business, however they unnoticed it since people did not recognize or understand the sever threats for the business (X). Due to the advance technology in recent 70’s risk management was introduced as a main subject in the project management subject (X). This helped the business to understand the importance of the risk management and their achievements. Hence, in today’s corporate world it plays a crucial role within any area. Risk is always uncertain which is common in all the business irrespective of the any kind of business structure and their area of skills and risks may be product or specific service (X). Various organizations use various risk management methods to identify or to reduce or to forecast the risks. The main aim of the research is to understand the risk involved investment banking company and what are their outcomes using risk management tools within Asset management department. To have a clear knowledge I have taken the top investment companies i.e.; Deutsche Bank, Goldman Sachs and JP Morgan Chase to know their risk management tools used within the asset management departments. To research and understand the risk treatments, types of risk involved in the process, risk plan and its implementations to reduce the risk. However, investment banking is known to have extreme risks involved since banking is concerned with risk.

RESEARCH QUESTIONS——研究問題

As mentioned earlier risk is always uncertain and to reduce these uncertainty risks management tools are used. To know what the measures are taken to decrease the risk, this research concentrates on Investment banks i.e.; Deutsche bank and Goldman Sachs implementing the risk management tools within their asset management department or process.

The research study looks into the various risk controls and techniques used by these companies.

Research aims at specific sector and specific department how the two companies overcome their risks, identifying the risk management tools and are their methods effective.

Research scope includes the positive and negative aspects of the risk management of these companies and analyzing to what extend risk management is mandatory in the field of investment bank.#p#分頁標題#e#

The companies which I have considered for the research are the top players in the Investment banking. However the research also includes the following topics:

How are the risk management tools controls implemented?

Influences of the risk management within the asset management process.

Risk policies within the three companies.

Cost control during implementation of risk management.

Who are the major stakeholders involved to implement the risks?

What is the time and size constraints while analyzing the risks and implementing the measures?

TOPICS COVERED FOR THE RESEARCH——研究主題

The outline contents in this research pertaining to Risk management topics and area which are going to be covered are:

What does Risk management mean?

Introducing the two companies.

The scope of Risk management within the asset management process.

Identifying the key stakeholders and their objectives.

The groundwork upon which the risks will be evaluated.

Observing the case studies.

SCOPE

The research is examined within the three companies, which are from the same sector investment banking within the asset management processes. The information which will be collected is particularly from these companies. Minimum of one manager will be communicated through phone or e-mails that are the part of the research. The main scope of the research is to focus on the risk management tools and the risk management processes its risk treatments.

RESEARCH STRATEGY——研究策略

To do a dissertation research strategies are very important; however there are various types of strategies like quantitative, qualitative, questioners, interviews and many more. Pertaining to this particular research topic i.e.; Risk management in investment banking deals with qualitative, quantitative and interview research strategies. Topic contains non-numeric data as wells as numeric data in case of recent case studies. Interview strategy plays additional role in this research because researcher has to ask questions to the managers or to the responsible person to obtain the techniques and plans used within the company through telephonic or E-mail’s. By using these strategies it is easier to cover the research questions.

SAMPLING RESEARCH——抽樣研究

In today’s corporate economy there are several Investment banks dealing with assets. However, most of the companies use the same kind of process to reduce or to solve the risk issues within the organization or process. On behalf of various investment banks I have considered the top companies i.e.; Deutsche Bank and Goldman Sachs as a sampling data for my research topic on Risk management tools and techniques used within Asset management. This sampling will give us the clear picture of strategies used in the overall investment banks.#p#分頁標題#e#

DATA COLLECTION——數據收集

Primary Data

Data will be collected through E-mail or through telephonic conversation with the process managers or with the responsible person who deal with risk management. Questions asked through e-mail will be clear to get correct information. Permission has been taken from the people to get the details regarding the risk processes and methodologies followed by them.

Secondary Data

Secondary data for my research is collected through the company’s website to get exact evidence. Information will be collected through various risk management related books through library, journals and many others through online data like JSTOR, EBSCO and various other educational sites. Information will be clearly utilized to justify on my research topic.

DATA ANALYSIS——數據分析

The information collected through primary research from e-mails and telephonic conversation will be analyzed and only required data will be utilized for the research. However, data collected through company websites and from other educational sites will be carefully observed and only the appropriate and latest data will be included. Data analysis will include current scenarios with an effective way to get the correct information and to conclude in a systematic way.

RELIABILITY AND VALIDITY——信度和效度

Reliability and validity are the two major aspects to conclude the research. Since risk management topic is very crucial and confidential it will be very difficult to obtain the exact procedures followed in the organization. This can be prevailed over by assuring the organization that data will be kept secured and will not be shared with anyone and also giving a copy of the dissertation to the concerned companies. While in the telephonic or e-mail research the questions will be pertained only to the topic related issues and however, a copy of e-mail’s and if possible recorded conversation would be attached to the dissertation. To the end conclusion would be done by researcher through validating the collected data.

ACCESS——方法

To research on any topic term Access plays a very important role to get the correct information. However, there is many data regarding risk management in investment banking it is not so difficult to get the information for the secondary research or we can also access company website. Since I worked in Deutsche bank for two years (Appendix A) I have the access to get the information and for other two companies I can get the information through the concerned person who is responsible for the risk management projects.