METHODIST UNIVERSITY COLLEGE GHANA
RESEARCH PROPOSAL
RISK MANAGEMENT AND INTERNAL CONTROL SYSTEMS IN ADB BANK LIMITED – GHANA
BY EDEM HODO (MBAA/WD/166110)
MASTER OF BUSINESS ADMINISTRATION (ACCOUNTING OPTION)
SUPERVISOR JAMES N. DOKU
1.1 Background of the Study
The aim of every profit-making organization is to earn profit, stay in business for a long
time, meet customers’ demand and expectations, pay their debts when they fall due and
satisfy the aims of stakeholders. According to Baek, Kang and Park (2004), risk
management is essential for any business that desires to make significant strides into the
future. This is because the future, in as much as researches can give an idea of what it
would look like, is still unknown. Anything unknown comes with many uncertainties as
well, and uncertainties are what make risk a challenge (Anderson, Mansi, & Reeb,
2004). It would be assumed that risk management and internal control systems will vary
from organization to organization based on their size or industry sector[ CITATION
Bas042 \l 1033 ]. It is therefore logical to assume that every business organization has
put in place a strong risk management structure and internal control systems to help
achieve its goals. These are fundamental to the successful operation and day-to-day
running of a business and assist a company in achieving its objectives[ CITATION
Bas03 \l 1033 ].
Saunders and Linda (2002) argues that financial risk affects all the things which are core
to the success of a business. As a consequence, measuring, monitoring and managing
risk have become increasingly important and the field of finance is the axis in many
decision-making processes. The weaknesses of many companies’ control systems have
been highlighted due to the big financial scandals of recent years and as a result
increased attention on risk management, internal controls, internal audit and their role in
Risk management is “a process of understanding and managing the risks that the entity
is inevitably subject to in attempting to achieve its corporate objectives. For
management purposes, risks are usually divided into categories such as operational,
financial, legal, compliance, information and personnel (Hussein & Faris, 2007). In the
view of the State Bank of Pakistan, risks are usually defined by the adverse impact on
profitability of several distinct sources of uncertainty. The sources of uncertainty can
either come from the market, the customer or from operations. The ineffective
management of these sources can lead to the creation in reduction of a firm’s value
(Saunders & Linda, 2002).
Effective risk management involves risk assessment, risk evaluation, risk treatment and
risk reporting[ CITATION Bas042 \l 1033 ]. The focus of good risk management is the
identification and treatment of these risks in accordance with the organization’s risk
appetite. These risks need to be managed and controlled in order to prevent vibrant
organizations from catastrophic losses and help them achieve their goals and objectives.
Internal control on the other hand, is “the whole system of controls, financial and
otherwise, established in order to provide reasonable assurance of:
effective and efficient operation
internal financial control
compliance with laws and regulations [CITATION CIM05 \l 1033 ]
The formality, structure and nature of a company’s system of internal control will
generally vary with the type of sector or industry, size of the company and the level of
public interest in it. Since profits are in essence the reward for successful risk-taking, the
rather than to eliminate it as indicated in the Turnbull Report (ICAEW, 2005). Thus,
control mechanisms should be incorporated into the business plan and embedded in the
day-to-day activities of the company.
1.2 Statement of the Problem
Risk is inherent in every economic activity and every organization has to manage it
according to its size and nature of operation because without risk management no
organization can survive in the long run[ CITATION Mun04 \l 1033 ]. This is because
businesses today are faced with far greater challenges than before due to the fact that
economical, technological and legal interdependence are becoming more prevalent and
pronounced. Internal control is designed to provide reasonable assurance regarding the
achievement of an organization’s objectives in terms of effectiveness and efficiency of
operations, reliability of financial reporting, and compliance with applicable laws and
regulations[ CITATION Mun04 \l 1033 ]. A major problem that organizations face
nowadays is that these objectives may not be met due to some factors. These include, but
not limited to:
Management override of internal control systems for the purposes of
manipulating financial reporting.
Collusion by personnel to overcome controls.
Human error and cost-benefit considerations (Deshmukh, 2004).
There can be no growth or creation of value in a company without risk-taking. However,
if risks are not properly managed and controlled, they can affect the company’s ability to
attain its objectives. Risk management and internal control systems play a key role in
managing risks. The presence of effective internal control system and their use is very
vital to banks which engaged in broader financial, economic and social roles[CITATION
Fri12 \l 1033 ]. According to Etuk (2011), a proactive preventive approach to the
problem requires a critical evaluation of existing risk and internal control structures of
firms and making the needed adjustments to ensure that the organization’s internal
control system is up to date. Having an up to date internal control system is desirable.
However, the implementation of such systems is usually challenging to management and
staff[ CITATION Placeholder1 \l 1033 ]. If internal control systems are not tactically
implemented, it may affect customers’ perception of the quality of services of firm. This
is because internal control systems will usually require management, staff, and
customers to following laid down procedures and processes in one way or the other. The
problem of this study is whether internal control poses some challenges on the
day-to-day operations of employees of ADB Bank Limited and whether the risk controls
procedures and processes affect customers’ perception of the quality of service the bank
renders. Risk may affect many areas of activity, such as strategy, operation, finance,
technology and environment. In terms of specifics, it may include, for example, loss of
key staff, substantial reductions in financial and other resources, severe disruptions to
the flow of information and communication, fires or other physical disasters, leading to
interruptions of business and or loss of records. More generally, risk also encompasses
issues such as fraud, waste, abuse and mismanagement.
In light of this, this study finds it expedient to find out more about the risks that threaten
1.3 Objectives of the study
The general objective of the study was to assess risk management and internal control
systems in ADB Bank. Specifically, to:
Investigate risks that threaten the operations of ADB Bank.
Examine the risk management and internal control systems put in place by ADB
Bank.
Identify control systems that have mitigated the risks in the operations of ADB Bank.
1.4 Research questions
To achieve these objectives, the following questions needed to be answered:
1. What kind of risks is ADB Bank exposed to?
2. What kind of risk management structures and internal control systems exist in ADB
Bank to control these risks?
3. Has the internal control system mitigated the risks in the operations of ADB Bank?
1.5 Significance of the study
This research work will provide the basic guidelines necessary in improving the risk
management and internal control systems in financial institutions.
The research work can be used for further research on the topic for academic
purposes.
Also, the research work will assist management of the ADB Bank to identify the
risks in their operations and implement measures to correct them.
Furthermore, the management of ADB Bank can use it as a policy tool in
redesigning policies aimed at reducing or eliminating risks in operations of the bank
1.6 Literature Review
This section reviewed the relevant findings of other researchers. It consists of definitions
in the area of study and the theoretical and empirical literature underlying the work. The
literature review points out ideas and principles of authors who have written on risk
management and internal control systems in the financial sector.
The Financial sector
The Ghanaian Financial markets are mainly made up of money markets and the capital
markets. Out of these markets, are other markets like the derivative markets, foreign
exchange markets, the bond markets, the equity markets and their institutions and
operational instruments. There are both domestic and international capital and money
markets. Transactions in these markets are mainly on wholesale basis. Due to different
regulations and economic developments of different countries, there are different market
structures, pattern of growth and different instruments traded in these markets.
The financial markets in Ghana are made up of the bond markets, equity markets,
foreign exchange markets and the derivative markets which just started in the late
1990's. The money markets dominate the financial markets in Ghana. The size of both
the capital and money markets in Ghana is small relative to that of the UK for instance.
The dominance or larger size of the money markets is due to the volatility and
unattractive nature of the capital markets. The more developed a country’s financial
system, the greater the economic investment and growth of that country (Patrick, 1966).
The financial sector is not well developed and is bedeviled with huge trading losses and
high bad loans profile. The sector has a special role, as it mobilizes resources and
capital. The better the financial sector can fulfill this role, the better the economy will
perform in the long run.
The major banking risks identified by Pyle (1997) are as follows as:
Market risk is the change in net asset value due to changes in underlying economic
factors such as interest rates, exchange rates, equity and commodity prices.
Credit risk is the change in net asset value due to changes in perceived ability of
counter parties to meet their contractual obligations.
Operational risk results from costs incurred through mistakes made in carrying out
transactions such as settlement failures, failures to meet regulatory requirements, and
untimely collections.
Performance risk encompasses losses resulting from the failure to properly monitor
employees or to use appropriate methods including (“model risk”)
The focus of this research would be in exploring the first two risks identified by Pyle,
that is, Market risk and Credit risk.
Risk Management
Risk management is a dynamic system, defined and implemented under the company’s
responsibility. According to Autorite Des Marches Financiers (2010) risk management
encompasses a set of resources, behaviours, procedures and actions that is adapted to the
characteristics of each company and that enables managers to keep risks at an acceptable
level for the company. Risk represents the possibility of an event occurring that could
affect the company’s personnel, assets, environment, objectives or reputation. Risk
management is the entire process of policies, procedures and systems an institution
ensure that they are within the bank's risk appetite [ CITATION Hol06 \l 1033 ]. In some
organizations, risk management work is carried out by independent risk management
units rather than specially-named risk control sections.
2.3 Rationales for Applying Risk Management
Businesses with history of mistakes, damages or individuals with risk prone profile pays
higher premium due to high risk because the premium vary with the profile of insurance
taker. A lot of concern focuses on calculating and controlling the risk in various ways so
that it can set premium at the levels which are necessary to make the money. For
example, a company, which is not utilizing insurance, opens the door to lower
premiums. The main purpose of risk management for a manager is to avoid contractual,
tortuous or statutory liability (Ashby & Diacon, 1996). Ashby and Diacon (1996) found
that the drivers for using risk management are primarily negative and the aim is to avoid
risk outbreaks. They also found that companies have not set their common risk
management objectives. There were no associations between the risk management and
firm’s financial characteristics or operating behaviour. This is also emphasized by
Hillson and Murrey-Webster (2007), who stated that the influence of individual attitudes
and corporate culture is probably more important than the actual risk management tools.
Risk management is a lever for managing the company that helps:
The Risk Management Process
The risk management process is a continuous activity as illustrated in Figure 1.1.
Source: Institute of Risk Management Annual Report (2002)
The process involves these basic steps: understanding the mission of the organization,
performance of risk assessment to identify the risks associated with the mission,
categorizing and prioritizing the risks, design processes, training and checks (controls)
for top level risks, monitoring internal control effectiveness and making improvements
as required and repetition of the steps as shown in Figure 2.1. Understanding the mission
of the organization is the first step to effective risk management. It is important that an
organization clearly articulates its mission. In this way, risks associated with the mission
can be easily identified.
The next step is to start listing the risks. These risks could be categorized into human
error, fraud, system or process weakness or problems. Once the risks are listed, the
would be able to address all the risks listed; therefore, it would be important that a
company identifies high priority risks and focuses on them first. This leads to creating
internal control systems. It is difficult and exhausting to envisage, predict and prevent
every single risk associated with a business activity [CITATION Jam04 \l 1033 ]. A
company can therefore be successful in managing its risks by breaking it down into
stages that are manageable. Companies must identify and mitigate high priority risks
first and then continue to review, prioritize and address the rest of the risks according to
the needs of the organization (Institute of Risk Management Report, 2002). The risk
management team, risk manager or internal control committee could rank the risks to
determine its severity. The idea is to first attend to all risks with the greatest probability
of occurrence and greatest loss [ CITATION Asa10 \l 1033 ].
However, the number of risks addressed at a time depends on the size and ability of the
entity. The next step is to find the best way of mitigating these risks [ CITATION
Bas042 \l 1033 ]. A well-defined process is then used to minimize the risks and then
communicated to all personnel at all levels of the organization through procedures,
policies, instruction and training.
Finally, these processes should be monitored on regular basis to make sure that they are
functional and effective. Corrections are then made as and when necessary. The
company then repeats the risk assessment or risk management process so as to attend to
the next level of risks [ CITATION Blo09 \l 1033 ].
The structure of modern banking system, the high expectation from the investors and the
society as a whole called for a more tightened internal control system. Internal control
has held inconsistently described. In his opinion Princeton (2008),
In the words of Okozie (1999), Internal Control is the whole the system of checks,
financial and otherwise, established by the management to carry on the business of every
enterprise in tidy and efficient manner, ensure adherence to control procedures,
safeguard the assets and secure as far as possible the completeness and accurate records.
A sound, internal monitoring system should provide the platform for recording and
processing transactions in such a way that it forms an adequate basis for the preparation
of the financial statement. An efficient internal control system connected a precise point,
separation of duties for various employees or groups within a company. The intent of
separating the tasks is to protect against fraud, waste, abuse and mismanagement of
resources [ CITATION Moo07 \l 1033 ].
Active constitutional control serves to assure some accuracy of reports to
superintendence numerous inspecting agencies. According to Asuquo (2005), Internal
Control is made up neurological tests, internal audit, accounting controls and other
forms of controls such as budgetary and physical control.
Risk Management versus Internal Control System
Leitch (2004) published an article on Risk Management versus Internal Control. In this
article, he noted that there is no difference between these two topics in principle. He
went on to point out that the scope of each phrase seems to be getting wider. However,
there are big differences in emphasis, with many practical implications. In the
inseparable. First, risks must be identified, assessed, then managed and mitigated by
putting in place or implementing a strong system of internal control.
As a result of separation of ownership from control, both the corporate world and
governments turn to risk management and internal controls to give calm and reassurance
(Collier et al., 2007).
Importance of Risk Management and Internal Control System
Risk is defined as the combination of the probability of an event and its consequences
[CITATION IRM02 \l 1033 ]. According to Institute of Chartered Accountants in
England & Wales(2005), risk is defined as real or potential events which can reduce the
likelihood of achieving business objectives. The term involves the potential for both gain
and exposure to loss. Risk management and internal controls are means by which
businesses’ opportunities are maximized and potential and material losses are reduced.
An organization sets strategic and operational objectives and then manages the risks that
threaten these objectives. Internal control is put in place to help manage risks and
increase shareholders ‘value. Risks can be managed by transferring them to third parties
such as an insurance company (Woolf, 2004).
The environments in which organizations operate are evolving constantly and as such,
the risks facing these organizations change too. Therefore, a company’s systems of risk
management and internal control must be responsive to these changes in order to be
successful. Important elements of a sound internal control system are effective financial
controls, including the management of proper accounting records. Since risks exposed to
a company cannot be completely eliminated, the role of internal control is to help
manage and control these risks appropriately. They make sure that organizations are not
company and by the public is accurate and reliable. Therefore, a company’s internal
control systems play a key role in the management of risks that significantly affect the
achievements of operational, financial reporting and compliance objectives.
Risks assessment in financial institutions and banks
All financial institutions including banks, insurance agencies and mutual funds face a
certain level of risk exposure (Dominic, 1993). Among commercial banks, risk
exposures credit and liquidity risk are the main causes of bank failures (The Economist,
1993; Uyemura & Van Deventer, 1993; Greuning & Bratanovic, 2003; Bluhm et al.,
2002; Kealhofer, 2003). Between the two risks, credit risk causes severe bank failures.
When a customer fails, there is nonpayment of both interest and principal whereas when
there is an interest rate risk, there is only parity between the two interest rates which are
relatively small. To limit the severity of credit risk requires proper customer
classification in terms of both their repayment probabilities as well as their risks.
1.7 Research Methodology
This study would adopt the case study design using both quantitative and qualitative
approaches which is most appropriate for the study because, this qualitative design
would enable the researcher to gain an in-depth understanding of the phenomenon under
study. The study would be carried out on ADB Bank Limited, which is an organization
in the banking industry of Ghana. Since the population of the branches all over the
country will be too large for the study, the researcher would purposely target and choose
employees. For this research work, the researcher would select a sample size of one
hundred (100) from the research population. A purposive sample method would be
adopted. Purposive sample is a non-probability sample that is selected based on
characteristics of a population and the objective of the study [ CITATION Yin09 \l
1033 ].
Questionnaires would be used to obtain relevant information from the respondents. The
questionnaire would be structured. Closed ended-questions would be used. The
interviewer would brief the respondents and assure them of the confidentiality of any
information that they would provide. In all, one hundred (100) questionnaires would be
administered to the target population. The study would use both primary and secondary
data.
In order to draw a meaningful, valid and relevant recommendation a combination of
qualitative and quantitative procedure would be used.
1.8 Scope of the Study
The scope of this research is limited to the Head office of ADB Bank is a leading
quasi-public bank in the financial sector of the Ghanaian economy. The study is concentrated
on accounts/finance, internal control, administration, human resources and insurance
departments. The reason for choosing these departments is that they are more
1.9 Definition of Terms
Risk - According to Mun (2004) “risk is any uncertainty that affects a system in an unknown fashion whereby the ramifications are also unknown but bears with it great
fluctuation in value and outcome”. For our thesis work, Risk can be defined as the
combination of the probability of an event and its consequences [CITATION IRM02 \l
1033 ]. In order words, how likely it is that an event will happen and how bad it will be
if it happens.
Internal Control - Internal Control is a process begun by an organisation's structure, work and authority flow, people and management information system, designed to help
the team accomplish specific goals or objective. From the definition, the aim of any
internal control should be directed towards the attainment of the organisational
objectives.
1.10 Organization of the Study
This study is presented in five (5) chapters with each chapter addressing a major theme.
In chapter one, the study provides a background to internal control and the risk
management in the financial industry in Ghana. This chapter also sets out the statement
of the problem, research questions, objectives of the study, significance of the study and
scope and limitation of the study as well as the study disposition.
Also, chapter two presents a review of relevant empirical and theoretical literature on
risk management in the financial industry in Ghana.
Furthermore, the third chapter addresses the methodology which includes the Research
Collection instrument (Primary data and Secondary data), Administration procedures
and Data Analysis.
Chapter four presents the findings of the study and discusses the findings relative to the
literature review whiles Chapter five will summarize the findings of the study, the
conclusions that will be reached and relevant recommendations while will be made
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