Made available in DSpace on 2016-03-15T19:32:54Z (GMT). No. of bitstreams: 1 Edmilson Casagrande Ricca_NAO AUTORIZADO PARA DIVULGACAO (2).pdf: 1604795 bytes, checksum: f06462c7036409e7701977bb66df9910 (MD5) Previous issue date: 2015-02-04 / In a global scenario, where transparency and trustworthiness have become more and more mandatory for financial institutions, the proper operational risk management has been the main concern of the financial sector due to the huge loss potential, the reputational risk and the consequences of financial scandals, with special mention to the financial crisis in 2008. Under these circumstances, this study s goal was to identify operational risks in a financial institution by setting a model of self-assessment for risks and controls - RCSA. The model was based on the concepts of ERM framework of COSO and was made feasible through the use of an interventionist approach. The research sought to diagnose the operational risks of the investigated company, providing data to the senior managers about each department, in order to enable them to do the proper mitigating actions in relation to those risks. As a consequence, an important supporting grind has been built for the corporation to strengthen its operational risks management before its headquarters and regulating offices. It is believed that the proposed stages applied during this study have contributed to the theoretical and practical model, making it a valuable tool for identifying the potential operational risks in the segment of the financial market. / Num cenário global, onde a demanda por transparência e confiabilidade em relação às instituições financeiras atinge proporções nunca antes alcançadas, o adequado gerenciamento de riscos operacionais tornou-se a maior preocupação deste segmento em razão do potencial de perdas elevado, risco de imagem e consequências de desastres financeiros recentes, com destaque para a crise de 2008. É nesse contexto que o presente estudo teve como objetivo principal fazer um diagnóstico de riscos operacionais em uma instituição financeira, através da construção de um modelo de autoavaliação de riscos e controles RCSA. O modelo foi fundamentado nos conceitos do framework ERM do COSO e viabilizado com a utilização da abordagem intervencionista. A pesquisa buscou identificar os riscos operacionais da empresa investigada, dando visibilidade à alta gerência sobre a exposição de cada departamento, permitindo que ações mitigadoras pudessem ser tomadas em relação àqueles. Consequentemente, foi construído um importante pilar de suporte para a instituição fortalecer seu gerenciamento de riscos operacionais perante sua matriz e regulador. Acredita-se que as etapas propostas aplicadas no decorrer do trabalho agregaram contribuição teórica e prática ao modelo, tornando esta uma valiosa ferramenta para identificar potenciais riscos operacionais no segmento do mercado financeiro.

abstract: Chinese commercial banks have experienced a period of fast and stable development since 2007. The adoption of a comprehensive enterprise risk management (ERM) system based on the Basel Accords was a significant event for the banking supervisory authority and the commercial banks during this period. This study investigates the impact of ERM adoption on the financial performance of the commercial banks as well as the underlying mechanisms using longitudinal data of 96 commercial banks from 2007 to 2016. Results from quantitative analyses suggest the following findings. First, ERM adoption had a positive impact on commercial banks’ financial performance after controlling for the negative impacts of factors such as macro economic conditions and fiscal and monetary policies. Second, although this positive impact was partially attributed to increased risk appetite after the adoption of ERM, results show that ERM adoption also increased risk-adjusted financial performance. Lastly, ERM adoption improved commercial banks’ competence in risk management, as indicated by their sensitivity of financial returns to risk exposures. The above findings also received support from interviews and surveys of senior executives of commercial banks and officials of the banking supervisory authorities. This study contributes to the understanding of how the adoption of ERM influences the financial performance of Chinese commercial banks, and has important practical implications. Based on the empirical findings, I recommend all commercial banks in China to adopt and implement ERM so that they can better cope with the challenges presented by macroeconomic uncertainty, marketization, and internationalization. In the process, it is critical for them to understand the mechanisms through which ERM influences their performance. Meanwhile, they shall be aware of the operational costs associated with the initial adoption of ERM, learn from the experiences of those that have already adopted ERM, and have a long-term orientation about performance effect of ERM adoption. Supervisory authorities can also play a key role in guiding commercial banks to be more effective and efficient in the adoption of ERM. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2018

IT innovations have reshaped banking and will continue to do so. They are a manifestation of indispensable progress, yet risks emerge from IT innovations. Historic data and accounts of emerging risk experiences are rather scarce. Hence, they present a special challenge to risk management as they are hard to identify. Moreover, traditional risk management practices, relying on historic data, may not be fully adequate. What solutions can be offered by risk management to manage these risks? When is an uncertainty understood as an emerging risk? Who needs to be involved in the risk management process?The research asks the seemingly obvious question, yet this important topic has been regularly neglected in academics as well as in practice. Both literature and theoretical basis have only recently developed so as of yet there is little availability of varying viewpoints and reliable theories. 70% of the banks interviewed do notactively consider emerging risks in their risk management process. The banks take a reluctant position in general, waiting to see how things develop. Only three banks have a proactive approach and manage emerging risks from IT innovation in using an enterprise-wide approach such as Enterprise Risk Management (ERM).Therefore, this work develops a conceptual framework which aims to fill the research gap between ERM as an approach to holistic portfolio risk management and the lack of academic and practical work on emerging risks. The conceptual framework explores how banks can apply ERM to manage emerging risks in the future. Researching this topical phenomenon, extending today's common application and understanding of emerging risks and ERM in practice and academia is one of the most challenging tasks confronting future risk management (Bromiley et al., 2015).To the author's knowledge, this project is one of the first to take this challenge.

壽險業作為經營風險的特許行業，承擔著穩定社會、資金的聚集和供給，以及促進經濟成長等重要功能。近年來由於低利率、匯率變動及國內外經濟環境日益惡化，保險業的本業利潤逐年降低，壽險業的經營面臨重大的挑戰。 保險公司倒閉在國外並不是新鮮事，根據統計，1978～1994年，不到20年間，全球共有648家保險公司破產。導致保險公司破產的原因很多，其中美國在2000～2001年破產的公司大部份是準備金不足；日本保險公司的破產原因則多為投資損失。此外，一些無法意料的天災及人禍之理賠，例如美國911恐怖事件以及卡翠那風災，使得各國保險公司對於企業風險管理更加重視。標準普爾信用評等公司於2006年起，正式將企業風險管理（ERM）制度列入保險業的信用評等項目，更加速保險公司執行企業風險管理的速度。目前國內保險業風險管理制度之實施，則仍屬於起步階段。 保險業屬於高度競爭及高度監理之行業，因此，如何在保持領先的競爭地位及提供優質的客戶服務的同時，亦能恪遵法令、落實內部控制制度及企業風險管理制度，進而創造出屬於自身的藍海策略，以期追求穩定持續成長的獲利，實為壽險業者必須重視的議題。 本研究探討目前保險業所面臨的風險及挑戰，分析金管會對保險公司重大裁罰之種類，並描述及探討個案公司實施內部控制、沙賓法案及企業風險管理制度之狀況與歷程，以及其可能遇到的瓶頸與障礙。本研究結果對於國內保險業實施內部控制、沙賓法案及企業風險管理的過程，可提供助益。 / Life insurance industry conducts business that requires approval from its regulatory authority. The industry provides an array of functions, such as managing risks, maintaining social stability, pooling and supplying funds, etc. In recent years, life insurance industry has faced with serious challenges due to its decreasing operating profit margin caused by low interest rates, volatility of foreign exchange rates, and deteriorating economic environment around the globe. The bankruptcy among insurance companies is nothing new over the world. There were as many as 648 companies going bankrupt during 1978 to 1994. The causes of the aforementioned bankruptcy were many. For example, Japan companies became insolvent mostly due to investment losses; those in the U.S. were caused by insufficient reserves. Huge insurance claims for unpredictable natural or man-made disasters, such as 9/11 terrorist attack, hurricane Katrina, and the subprime mortgage crisis in the U.S., have attracted most companies’ attention worldwide to “enterprise risk management (ERM)”. Hence, Standard & Poor’s started in 2006 to apply the ERM analysis to its credit rating for the insurance industry, and this measure propels insurance companies into the implementation of ERM. Nonetheless, Taiwanese insurance companies are just at the inception of ERM. Insurance industry must comply with stringent regulations while confronting keen competition. An insurance company must take a lead in competition, provide quality services to its customers, abide by regulations, and implement internal controls and ERM in an integrated fashion. In doing so, an insurance company can develop its own blue ocean strategy and maintain sustainable growth and profit. This research probes into the risks and challenges faced by Taiwan insurance industry in dealing with various risks and challenges, including the serious sanctions by the Financial Supervisory Commission. We present a case study of local life insurance company with respect to its process of integrating internal control systems, compliance to Sarbanes-Oxley Act and implementation of ERM. A number of deficiencies, bottlenecks and obstacles were identified and analyzed, followed by related suggestions. Our results provide insights and helpful suggestions to the integration of internal controls, Sarbanes-Oxley compliance, and ERM for Taiwan insurance industry.

Purpose The purpose of the research was firstly, to determine the competencies required of risk managers and secondly, to consider the implications of such competencies in determining possible modules for inclusion in the design of a specialised undergraduate qualification in Risk Management. Methodology A qualitative research approach was followed, involving focus group interview sessions as part of an Interactive Qualitative Analysis (IQA) research study. Focus Group 1 comprised of academics teaching risk management at public universities in South Africa, and Focus Group 2 comprised of risk management practitioners in South Africa. Findings The competencies identified are business management and risk management knowledge; attributes such as assertiveness and courage; values such as ethics and integrity; as well as people, business and technical skills. Research implications The unique contribution of the current research was the innovative use of IQA for data collection, the removal of subjectivity and the rigour in analysing and presenting the results. The results are a starting point or foundation for the design of a specialised undergraduate degree in risk management that will both meet the requirements of the risk management profession and will equip learners with the best possible combination of knowledge, skills, attributes, values and attitudes to effectively manage risk in organisations. The implications for further research are that a study of the design, benchmarking and validation of a curriculum framework for a specialised undergraduate degree in risk management could be conducted. The development of a curriculum framework or curriculum did not form part of the scope of this study. / Okokuqala inhloso yocwaningo, ukuthola amakhono adingekayo kubaphathi bezinhlekelele kanti okwesibili, ukubheka imiphumela yalokho kusebenza ekunqumeni amamojuli angafakwa ekwakhiweni kweziqu ezikhethekile ezingakaphothulwa ngabafundi ku-Risk Management. Kwalandelwa indlela yocwaningo efanelekile, ebandakanya izikhathi zokuxoxisana zamaqembu njengengxenye yocwaningo lwe-Interactive Qualitative Analysis (IQA). I-Focus Group yoku-1 inabafundi abafundisa ukulawulwa kwezinhlekelele emanyuvesi vi kahulumeni aseNingizimu Afrika, kanye neFocus Group yesi-2 inabasebenzi bokulawulwa kobungozi eNingizimu Afrika. Amakhono ahlonziwe ukuphathwa kwebhizinisi nolwazi lokulawulwa kobungozi; anezimpawu ezinjengokuzethemba kanye nokuba nesibindi; ubugugu obufana nokuziphatha nobuqotho; kanye nabantu, amakhono ebhizinisi nezobuchwepheshe. / Die doel van die studie was eerstens om die bekwaamhede waaroor risikobestuurders moet beskik te bepaal, en tweedens, wat die implikasies van sodanige bekwaamhede inhou vir die modules vir insluiting in die ontwerp van ‘n gespesialiseerde voorgraadse kwalifikasie in Risikobestuur. Die studie het ‘n kwalitatiewe navorsingsbenadering gevolg deur gebruik te maak van fokusgroepsessies as deel van ‘n Interaktiewe Kwalitatiewe Ontleding (IKO) navorsingstudie. Fokusgroep 1 het bestaan uit akademici wat risikobestuur by openbare universiteite in Suid-Afrika doseer, en Fokusgroep 2 het uit risikobestuurpraktisyns in Suid-Afrika bestaan. Die bekwaamhede wat identifiseer is, is kennis van ondernemingsbestuur en risikobestuur; eienskappe soos selfgeldendheid en moed; waardes soos etiek en integriteit; asook mense, sake en tegniese vaardighede. / Finance, Risk Management and Banking / M. Com. (Risk Management)