ken sing ton file

7/31/2019 Ken Sing Ton File

1/43

1

Index

CHAPTER 1: INTRODCUTION

1.1 Title:

1.2 Objectives:

1.3 Rationale and Justification:

1.4 Introduction of the subject:

1.5 Introduction of the company

1.6 Significance of the study

1.7 Risk Options

1.8 Chapter wise division:1.9 Conclusion

CHATPER 2: LITERATURE REVIEW

2.1 Introduction:

2.1 Risk:

2.2 Risk Management:

2.3 Process of Risk Management:

2.4 Risk Analysis:

2.4.1 Risk Identification

2.4.2 Risk Description:

2.4.3 Risk Estimation

2.4.4 Risk analysis techniques and methods:

2.5 Risk Reporting and Communication

2.6 Risk Treatment

2.7 Critical Analyses

2.7.1 Reviewing and monitoring the risk management process


2/43

2

2.8 Administration and Structure of Risk Management

2.8.1 Policy of Risk Management:

2.8.2 Role played by the board:

2.8.3 Role Played by business units

2.8.4 Role played by risk management function

2.8.5 Role Played by Internal Audit

2.9 Resources and implementation

2.10 Asset and Investment Risks

2.10.1 Asset Liability Management:

2.11 Various kinds of risk

2.11.1 Schedule Risk

2.11.2 Budget Risk:

2.11.3 Operational Risks:

2.11.4 Technical risks:

2.11.5 Programmatic Risks:

2.12 Comparison and Contrast on Various studies:

2.12.1 Risk Retention

2.12.2 Risk Transfer:

2.13 New Theory:

2.13.1 Derivatives:

2.13.2 Investment Committee:2.14 TECHNICAL AND LIABILITY RISKS

2.15 Reinsurance

2.16 Purpose of Capital Adequacy/ Solvency Requirements

2.17 Objectives of the minimum statutory solvency requirement:

2.18 Types of Statutory solvency Requirement

2.19 Risk based supervision2.20 Performance Evaluation Systems:


3/43

3

2.20.1 Early Warning Systems

2.20.2 Statistical Analyses:

2.21 Classification of Insurers

2.22 Onsite Inspection

2.22.1 Development of infrastructure requirements

2.22.2 Appointed actuary systems:

2.22.3 Information technology and Management Information Systems:

2.23 Conclusion

CHAPTER 3: RESEARCH METHODOLOGY

3.1 Introduction

3.2 Research design

3.3 Step 1: Research philosophy: Positivistic.

3.4 Step 2: Research Approach: Deductive Analyses

3.5 Step 3: Qualitative and Quantitative Analyses

3.6 Quantitative Research:

3.7 Face to Face Interview

3.8 Step 4: Time Horizons: Cross Sectional

3.9 Step 5: Data Collection

3.9.1 Secondary Sources

3.9.2 Primary Sources

3.10 Ethics involved in the research program

3.11 Ethics involved in the research

3.12 Limitation within the research:

3.13 Reliability, validity and decreased bias within the research

3.14 Conclusion

CHAPTER 4: DATA ANALYSIS


4/43

4

4.1 Introduction

4.2 Presentation of data

4.3 Major Findings

4.4 Comparison of risks pertaining to Mo-Sys and Sonata software India

4.5 Interpretation

4.6 Qualitative analyses with respect to primary and secondary data

4.7 Qualitative and Quantitative Risk Analysis

4.7.2 Risk Management and its Principles in the context of Mo-Sys

4.8 Primary Qualitative Data

4.9 Primary Quantitative Data

4.10 Conclusion:

CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS

5.1ntrodcution

5.2 Findings

5.3 Conclusions

5.4 Recommendations

5.5 Final conclusion

6 REFERENCES

7 APPENDIX


5/43

5

Abbreviations:

ALM- Activities of Liability Management

ABS Asset Based Security

HRO- Human Resource Outsourcing

LPN Loan Participation Note

HR- Human Resources

PF Pool Factor

ESS- Employee self-service and

SIV Structured Investment Vehicle

MRF Match Rate Funds

PO Principle only strips

MSS- manager self-service systems

CRA Community Reinvestment Act

MBS Mortgage Backed Securities

IPS- Inflation Protected Note

QSFE Qualifying Special Purpose Entity

ROI Rate Of Return

SF Structured Finance

ALMS Asset Liability MismatchWBS- World Business Securitization

CMO- Collateralized Mortgage Obligation

ISDA International Swaps and Derivatives Association

ART Alternative Risk Transfer


6/43

6

ABSTRACT

In terms of an individual or organisation, risk management can be considered as a desirable

attribute. The demand of the risk management process has grown steadily and all the

organisations have incorporated the process in to their regular activities. This report mainly

deals with the risk management and the liabilities associated with it. In the technique of risk

management, receivables and financial assets will be identified, packaged in the form of

transferable securities and finally sold to the investors. This technique has superseded the

traditional banking system which comprises of monitoring, originator, server and funding.

Different techniques for risk assessment are also included in this report in which some of

them are applicable for the risk management scenario at Mo-sys ltd. The main factor stressed

in this document is about the legal risk corresponding to the bankruptcy remoteness which is

not considered seriously by courts and this leads to increase in the interest rates and lowering

the efficiency and performance of the organisation which impact the ABS investors. This

project on the risk management process will explore various facets. Data extracted from

primary and secondary sources will be thoroughly examined. Corporate strategies for various

operations related to risk management process have been developed. There are four

objectives of this dissertation work on risk management process which are related to liabilitymanagement and risk assessment. Various aspects and issues are deeply focussed by means

of authentic information gathered from all the available sources. In the final stages, strategies

are documented, recommendations are given and conclusions are also included. This report is

going to be a knowledge base for the readers who are not familiar with the risk management

process. The different chapters included in this report are Data Analysis, Literature review

and research methodology. Data fetched from various resources are analysed using the

theoretical, mathematical and statistical methods appropriately.

Key Words: Asset management, Deductive analyses, Mo-Sys Ltd, Modern constructivism,

Securitization, Onion approach, liability management, Mathematical analyses.


7/43

7

CHAPTER 1

INTRODUCTION


8/43

8

CHAPTER 1: INTRODUCTION

1.1 Title: Risk Management: a desirable attribute for any Information technology company

(case study of Mo-Sys Ltd, London).

1.2 Rationale and Justification:

The importance of risk management gained its utmost prominence at the time of recession

and it is stretching its popularity all over the globe. The significance of the risk management

appears to be concrete when issues like the financial crisis arise, there are many cases in

present day financial world where the markets have seen financial debacles drastically. To be

precise and clear an inappropriate strategy can lead to a financial debacle that is irreparable.

The money or the assets or the goodwill of the company cannot be retrieved in some

circumstances, so there is every need for risk management in this dynamic financial world.

So this rationale has led me select this topic and I am doing this in the context of IT industry

and most importantly on the company named Mo-Sys Ltd which is located in the South East

London, and they deal with the embedded systems and robotics which are revolutionizing the

movie technology world now a days. Risk management is one of the emerging discipline in

the global business environment and many companies like Mo-Sys Ltd look to transfer their

risk in many way and it is also useful for achieving competitive advantage. Moreover the

research investigates the phenomenon of socio-technical issues in the perspective of risk

management insights. This will not only contribute for the future companies to reduce their

risk but also serve as a concrete strategy to the financial world irrespective of the size of the

organization. Its worth to point out in this context that all the companies undergoing risk have

neglected risk management and are not aware of how to manage the risk and the other

companies have not been satisfied with the domestic profits they are achieving currently and

have preferred expansion thereby increased cost and finally resulted to land in the risk factor

zone. The case studies available from the secondary sources itself reveal the significance and

rationale of this topic. So all those problems are tackled one by one and are applied to real

time applications. All the guidelines provided will be practical in the real world and can be

achieved by following simple financial principles. The strategies are developed in such a way

that they serve the companies to know the importance of risk sharing, risk management and

risk transfer and these all can be applied to their business interests to get considerably highROIs and services.


9/43

9

1.4 Introduction of the subject:

According to ISO standards Risk management is defined as the process of identifying,

assessing and prioritising the risks. Monitoring and Controlling the resources from the impact

of unfortunate events also come under risk management. Risks may arise due to uncertainties

in different areas like legal liabilities, natural calamities, accidents, credit risks, project

failures and financial markets. The goals of the risk management strategy will not be

common to all the scenarios. The strategies that come under risk management include risk

transfer, risk avoidance and accepting the risk and the consequence it creates. There are many

issues that have to be addressed through the risk management program. The principal risk

should describe the approach for managing, controlling and measuring the risk, mechanism

for controlling the risks, contingency planning, role of stress testing and vulnerabilities in the

organisation. Supervisor can be provided with the risk profiles of the legal entity, company

and the approach of the company in managing the risks pertaining to the structure of legal

entity. The information corresponding to the program of risk management should include the

procedures and policies for addressing the business lines and new products introduced into

the market. The information about the new product will enable the supervisors in finding out

the risks associated with introducing the new products and also the supervisors can design

and implement the suitable strategy. The program should also include the liquidity risk

management and funding profile of the entity that is under supervision or being supervised.

Through the profile maintained for funding and liquidity the cash needs can be determined by

the supervisor for covering the obligations of settlement and liabilities. The supervisor can

easily get familiar with generating cash flow from the existing assets.

1.5 Introduction of the company

ABOUT THE COMPANY MOSYS:

MO-SYS limited is a medium scale organisation for manufacturing versatile and simple

camera technology in the sectors of broadcasting and movies. Innovations in the company are

through German engineering and cover different areas like broadcast robotics, green screen

pre-visualization, virtual tracking, motion control and remote heads.


10/43

10

The products that the MO-SYS design and manufacture are known for their accuracy and

precision. They understand that the prominence of the organisation will be improved by

providing the clients with a cost effective solution. This strategy has enabled the organisation

to globalise within a short period of time. Their prosperity has risen quickly and they were

able to deliver their products to Disney, BBC and Warner Brothers. In the year 2003, MO-

Sys was founded by three people a software developer, an electronics expert and an

entrepreneur. They were driven by their passion towards the movie industry. In the film

industry, MO-SYS has flourished in the areas of encoding and control systems. So, demand

for the camera tracking technology designed by the MO-SYS has grown in the areas of VFX

and broadcasting industries. The organisation has developed a product called MO-SYS

Lambda which was used in many famous films like Blades of Glory, The Departed, Prisoner

of Azakaban and Harry Potter. In order to meet the increasing demands of the visual effects

production, the company has designed and developed new pre-visualisation technology.

Partners of Mo-sys ltd:

CARTONI

Mo-sys feels very proud working in cooperation with CARTONI. Mo-sys has been maintain

relation with CARTONI from a very long time who manufactures highly engineered camera

products for the industries of broadcasting and filming.

BRAINSTORM

They provide a virtual set of broadcast graphics and software. The company mainly depends

on the software in pre-visualization and also has the requirement of many other transition

softwares, so they have tie ups with the major companies in Europe like Brainstrom and

ORAD which provide the virtual set in the broadcasting graphics. When a client offers fewspecifications the company co-ordinates with its partners and will prepare a proof of concept

along with the co-smaller companies to achieve the contracts.

RT SOFTWARE

They provide 3D broadcast solutions in real time. It is a well know fact that many of the

Hollywood companies now a day are gaining lot of profits with the 3D technology, so in


11/43

11

parallel even the companies offering these services are gaining lot of profits and Mo-Sys is of

no exception as they have tie-ups with many of such companies.

VIZRT

They provide a virtual set of broadcast graphics and software. The companies now provide

virtual sets where the news readers have a customised background and the screen changes

according to that specific news telecasted, Mo-Sys consistently is holding a minimum of 23%

rise of profits every year in this aspect and even the Hybrid MC are also providing special

effects hardware and virtual set solutions.

Through the high quality of services they provide, MO-SYS was able to build its reputation

worldwide. The organisation is always committed in meeting the requirements of clients and

customers before the deadline. As, Mo-sys ever strives to provide a cost effective solution to

its clients and customers, many of them show keen interest in purchasing the products that the

Mo-Sys manufactures. The Clients of Mo-Sys belong to the industries of broadcasting and

filming. Mo-Sys have followed many strategies in the past for managing the risks and are still

trying to evaluate a new and effective strategy. The issues that have occurred in the past and

the strategies and techniques used in the past are well documented.

1.6 Significance of the study:

This research is going to be performed at the embedded systems leading company Mo -Sys

ltd which is located at Dept ford Bridge, London. The key reason to select the Risk

management is because of it emerging discipline in current worlds business environment,

and it usefulness to achieve competitive advantage. The research investigates in the

perspective of socio- technical phenomenon which deals with the insights of Risk

management for reducing the risks for future contributions. Added to that, recently the

researcher has studied many books and articles and has founds many interesting aspects

which can contribute to the organization if followed a strategic architecture to manage the

risk. Since then the researcher has gone through many case studies upon this subject and

found many problems and issues that are faced by the companies in the real world. It serves

future generations which enables to give practical guidelines to develop their strategies


12/43

12

making them to create, share the risk as well and to support the risk management process

which can thereby create business interest for the products and services.

1.7 Risk Options

There are various risk options and these are usually considered important in formulating

measures for risk transfer. Some of the major options are as follows:

1. A process of new business should be designed by having sufficient containment

measures and built-in risk control right from the beginning

2. Re-assessment of the risks which are accepted in the ongoing processes as a common

feature in the business operations should be done timely and the mitigation measures

should be measured.

3. The business operation should be ready all time to transfer their risks to an external

body or agency like the insurance agency, etc.

4. The company should avoid taking high risks or be ready to shut down the specific

extreme risk project in order to protect its company from its demise.

Potential risk treatments

The risk that is being faced should first be identified and then be assessed. There are certain

techniques to manage the risk and they fall into any one of the following four types:

Avoidance (not involving)

Reduction (limit involvement or mitigate)

Sharing (out sourcing or transferring)

Retention (budget and accept)

It is not practically possible to use these strategies always. Some of them may involve trade-

offs and may not be accepted by the organizations in taking the decisions during risk

management.

1.8 Chapter wise division:

The research mainly concentrates on all the essentials attributes of risk management and the

information will with respect to the company selected ie, Mo-Sys lid, The research also


13/43

13

focuses on the design of strategies for effective risk management and it is mainly classified in

to 5 sections introducing knowledge, evaluating knowledge, generating knowledge,

leveraging knowledge and sharing knowledge. So the chaoter wise division of the research is

as follows

Chapter-1: Introduction

Phase 1 deals wit h introduction to the topic and the companys profile (Mo -Sys Ltd), where

the background of the study has been presented and the research aims and objectives are

stated with a brief knowledge of the methodology used in the later stages. This data is mainly

collected from various secondary sources and the questions will be later documented in the

Appendix sections and are used for data analyses

Chapter-2: Literature review

A topic pertaining to Risk Management always needs side by side analyses of the views of

the authors this research is similar so the phase 2 will compare the opinions of various

authors and the researcher will present in a critical analyses format where the contrasting

views are discussed to provide a balanced data with in the report , This facilitates the author

to gain in-depth knowledge on the concept of risk management. The discussions have acontextual referencing.

Chapter-3: Research methodology

Phase 3 has comparatively more prominence in this research as the authenticity of data

collected from primary and secondary sources is highly dependent on the methodology

selected and a best methodology which is appropriate can make a huge difference with the

conclusions made so the phase 3 deals with the methodology which is articulated and thestatistical hypothesis is designed to analyse the reliability and validity of the collected data.

Chapter-4 Data Description and Analysis

Phase 4 deals mostly with the quantitative data where the results and findings are discussed in

detail with respect to literature review and the research methodology and moreover the

limitations in this research are mentioned in this phase. Various analyses like the qualitative

and quantitative analyses is done in this phase of project and the key findings pertaining to

Risk management are documented.


14/43

14

Chapter-5 Conclusions and Recommendations

From the literature review and the data analyses done conclusions will be drawn and the

recommendations will be make with respect to risk management and the Mo-Sys in specific.

References

Harvard style referencing is used within the context but all the references are documented at

the end and they include various books, journals and scholarly articles collected from various

websites.

1.8 Conclusion:

This chapter dealt with the introduction of the subject and the company selected (Mo-Sys

ltd), then the significance of the study with research aims, objectives, questions and

methodology is explained in detail.


15/43

15

CHAPTER 2

LITERATURE REVIEW

2.1 Introduction:

This chapter contains the details about the views and opinions given by different authors

along with the gaps in the literature. In this chapter, different theories are compared and

discussed and critical analyses are also provided. The following are the list of different

research questions of the researcher:

According to Paul Phoenix (2009) the process of risk management is defined as the method

of identifying, analysing and prioritising the risks which means that the companies need toidentify the risk according to their situations and analyse them but the main step is to


16/43

16

prioritise them so that the most important risk is handled first. Even controlling and

monitoring the company resources in order to protect them from the impact of events that are

unfortunate like the recession will fall under risk management category as well. There are

many forms of risks which arise in the organizations like the natural calamities, credit risks,

liabilities that are legal and project failures, but the objective of the risk management remains

the same for all the above risks where the strategies are similar but not exactly the same. To

be even more specific on this context the risk management can be in the form of risk share,

risk avoidance, risk transfer, giving risk or accepting the risk. All these types depend on the

case study we consider for the research and they differ from organization to organization. So,

all these concepts will be addressed during tenure of the project. The research starts with the

principal risks which describe the strategy of measuring, managing, and controlling risk, then

the mechanisms will be discussed in the context of contingency planning, controlling the

risks, vulnerabilities within in the company and role of stress while testing. The risk profiles

in many companies who consider a legal entity have strategies to control the risks as well.

According to this author the data pertaining to the risk management strategy must comprise

of polices and procedures which can address the new products and business lines. This will

enable the experts of that particular company to find the risks related to the introduction of

the products that are new to the market. The procedures must also comprise of the entity of

funding profiles and management of liquidity where the supervision should be easy in

parallel. The procedures should comprise of obligations which can settle the liabilities and

make the cash flow familiar to the existing assets.

2.1 Risk:

According to Rejda (2008) &Elliott (2007) , risk is defined as an unfavourable event which

creates serious negative consequences in the organisation. There are some cases where risks

have created many opportunities for the companies, but the problems created by risks should

also be seriously considered.

2.2 Risk Management:


17/43

17

According to Hyun Song Shin , Tobias and Adrian (2008) , risk management is very crucial,

which is a part of strategic management. In the risk management process, risks are addressed

depending on the activities performed daily in the organisation. The main focus of the

organisation here will be on the areas of identification and mitigation of risks. The risk

management objective is to add a maximum sustainable value to the organisational activities.

The aim of risk management is to reduce the probability of failure while increasing the

success rate in achieving the organisational goals. The process of risk management as a

central part of risk management should be continuous and should be integrated into the

organisational culture. Then the translation of organisational strategy should be doneinto

tactical and operational objectives. Operational efficiency will be promoted by the risk

management which supports performance measurement, accountability and reward.

Both, the internal and external factors are the sources of risk in the organisation. Risks are

classified into hazard, strategic, operational and financial risks.

2.3 Process of Risk Management:

According to Rejda (2008) &Elliott (2007), the risk management process will add value to

the stakeholders of the organisation. The goals and objectives of the organisation can be

reached effectively through the process of risk management. The risk management

framework will control all the activities consistently in the organisation. The main advantages

of the risk management process are that risks can be prioritised, effective planning is ensured

and there will be improvements in the decision making. Through that framework, capital and

resources can be effectively allocated in the organisation. Also, the optimisation of efficiency

can be achieved, assets can be protected and reduction in volatility is achieved through the

risk management framework.


18/43

18

CHAPTER 3

RESEARCH MEHTODOLOGY


19/43

19

3.1 Introduction:

This chapter illustrates about the justification, design, research approaches, limitations and

ethics involved in the research program. According to Saunders and Thornhill (2003),

selection of research methodology is bit confusing and lots of effort needs to be put by the

researcher in selecting the right methodology and in collecting reliable and authentic data.

Every research should be performed in a structured way in order to get the desired results as

the topics and their specifications differ from each scenario and moreover a non

methodological approach can always be a risk in the point of the researchers to achieve their

objectives.

3.2 Research design:

Source: Ghauri and Gronhaug (2009)


20/43

20

The research design of this research mainly deals with six phases, there is a specific reason

for following this design, it facilitates the readers and the researcher to deal the research in a

deductive fashion. Mainly most of the qualitative information collected for this topic is based

on the theory of risk management. They are majorly classified into theory development and

theory application where the steps involved are structured to help the researcher to achieve

the objectives mentioned. The objectives mentioned in this research are based on the SMART

principles where they are confined to an achievable boundary.

3.5 Step 3: Qualitative and Quantitative Analyses

Qualitative Research: This approach investigates deeply about the solution to a specific

problem with the help of predefined procedures systematically for fetching the evidence,

giving answer to various questions and produce new findings. In order to evaluate different

strategies in reducing the risks, the techniques of participant observation and in-depth

interviews will be used.

In-depth interviews:

In this qualitative technique, in order to explore different aspects is a specific area, interviews

will be conducted intensively. The following are the steps involved in these techniques:

a) Plan: In this stage of planning, researcher will select the people for interviewing them

in order to get the responses and the respondents are taken from the Mo-sys in tow

categories namely the generalists and the specialists. While asking the employees

different questions, ethical guidelines will be strictly followed by the researcher.

b) Development of Instruments and Materials: In order to conduct the interview, the

researcher has to set up the protocol. The materials here are providing instructions for

the interviewees, actions to be taken in recording the responses given by the

interviewees and how to speak with the interviewees. So all the a guidelines will be

followed when doing the face to face interviews, most probably the gaps identified in

the literature will be framed in the form of questionnaire.

c) Giving Information to the interviewees: The researcher will explain the

interviewees about the reason for conducting this interview and the permission will be

taken from the companys top administration.


21/43

21

d) Data Collection: By taking the approval from the organisation, the researcher will

conduct the interview. The key information will be audio taped and verified.

e) Data Analysis: The next step after gathering the data is analysing it. This comprise of

mathematical analyses and histograms with in it.

f) Dissemination of the findings: The different steps that need to be followed by the

researcher here are feedback solicitation, revision and report writing.

3.6 Quantitative Research:

The quantitative research aims at developing and employing mathematical models for a

specific or particular phenomenon. Verification of hypotheses that the qualitative methodsgenerate will be done by the quantitative methods. In quantitative methods results will be

displayed through tables, statistics and graphs. For the purpose of data acquisition, dace to

face interviews techniques will be used.

3.7 Face to Face Interview:

The face to face interview here will be semi structured which will be used to gather therequired information related to the areas of risk management. The interviewees can be

prompted in order to explore more in the area of interest. The steps followed in conducting

the semi structured face to face interview are as follows:

a) Briefing the interviewee: The interviewees have to be initially explained about the

purpose of interview and how the information they provide will be used. So the risk

management questions will be explained prior to the interview and he will be clearly

told that they will be documented for the research purpose in order to make sure that

he trusts the researcher. The researcher has to explain the interviewees about the

duration of the interview in order to gain confidence from them. The researcher has to

make sure that the right equipment is with him during the interview.

b) Body Language: The researcher should be more attentive and comfortable while

conducting the interview for getting the best answers.

3.8 Step 4: Time Horizons: Cross Sectional:


22/43

22

Within a definite frame of time, decisions have to be taken at MO-SYS. In the phases of

testing and exploration, data collected will be used for amendments and developments. In the

phase of exploration researcher can clearly identify about how to prioritise the risks. So, it

can be clearly said that the time horizons in conducting the research program at MO-SYS is

cross sectional.

3.9 Step 5: Data Collection

The methods related to the data collection and data analysis will be explained briefly in the

next chapter.

3.9.1 Secondary Sources:

According to Vincent Pellissier and Prof. Dr. M. Badoux (2009), websites and scholarly

articles should be used for extracting the grey literature. All the information gathered will be

documented in the chapter of literature review. The gaps in the literature are identified by

comparing the primary data with the grey literature. The secondary sources may not provide

reliable data in some cases but the sources can help in saving a lot of time for the researcher.

The sources used by the researcher under this category mainly comprises of books preferred

by the supervisor, IEEE journals, magazines and articles and most importantly all the

information is tested for authenticity as the secondary sources which deal with the financial

analyses are mostly outdated on the websites so I will make sure that they provide authentic

data pertaining to Mo-Sys and risk management.

3.9.2 Primary Sources:

Face to Face Interviews are conducted for extracting the primary data from the MO-SYS.

Another method that will be used for collecting the primary data is passing questionnaires to

the employees. This section is explained in the earlier phase but to be precise and

conspicuous the researcher will use open ended questions for the data anlyses.


23/43

23

3.11 Ethics involved in the research:

The data gathered from the company is highly confidential. Researcher has taken care

appropriately in securing the data. In the survey, many people have participated and the

interviews are conducted legally by taking the approval and authorisation from the company

and there is no scope for malpractices in the research program. The best example in this

context is the high level of security and confidentiality maintained by banks in transferring

the credit ratings. Prior to conducting the research program, the researcher has studied many

books that describe the ethical guidelines to be followed. In every organisation, managers

will be having rights to authorize the personnel. (Ghauri and Gronhaug2002). Researcher has

given high preference to the volunteers who actively participated in the surveys and

interviews. The researcher is very thankful to the supervisor in proving valuable guidance in

getting the primary data.

3.12 Limitation within the research:

a) As the risks and related statistics are not mentioned in the official website of Mo-Sys

the researcher has taken a lot of time in getting the primary data which is highly

reliable compared to the data from secondary sources.

b)

In the grey literature, the information related to risk management is limited, and priorto confirming the effectiveness of data gathered its authenticity needs to be tested.

c) It is very hard to conduct the surveys and the researcher has to put more effort than

the usual in getting the accurate information about the company because managers

there are reluctant to reveal the statistics of business process and financial data.

d) Some of the information sources cannot be easily trusted as authentic. So, in order to

give recommendations data needs to be tested. Strategic measures have to be designed

for the risk factor they are vulnerable to expected or unexpected changes.

e) The recommendations given are based on predictions up to some extent and the data

interpretation is not meant for long tem solutions and it is not easy to predict.

3.13 Reliability, validity and decreased bias within the research:

Documentation has been done for the protocol in case study which provided reliable data.

The authenticity of data from secondary sources is also checked. Similar kind of results are


24/43

24

produced, though the same methodology is applied for different data. We cannot trust the

data gathered easily and prior to conforming it as authentic it needs to be testes.

According to (Kidder & Judd cited in Yin, 2003), if the number of sources referred are

more, the more will be the reliability and authenticity in the data. For the purpose of reducingor totally avoiding bias in the research, outcomes are acknowledged with respect to every

phase of the research program. If the researcher finds some bias in the research program, the

respondent has to be interviewed again by the researcher. The collected transcript should be

analysed again if possible for avoiding the bias.

3.14 Conclusion:

This chapter has provided a clear knowledge on the method used in order to achieve theobjection mentioned with respect to risk management. When a company selected as a case

study it is always required to handle the research strategy in a systematic way to get the best

results, so based on the case study of Mo-Sys and the theoretical concepts the methodology is

designed and explained in this chapter, the research ethics along with the limitations are also

discussed in this chapter. The sources of data collection namely the primary and secondary

data is also discussed critically in this chapter. To precise and clear this chapter is a blue print

of what this research is all about and how it will be achieved.


25/43

25

CHAPTER 4

DATA ANALYSES


26/43

26

4.1 Introduction:

This chapter deals with analyzing the primary and secondary data collected from various

sources. The data will be presented in the form of tables and charts and it will be acquired

from primary and secondary sources. Qualitative and Quantitative analyses will be performed

on the data gathered from primary and secondary sources for drawing conclusions. The grey

literature provided by secondary sources and the primary data gathered at Mo-sys will be

compared.

4.2 Presentation of data:

According to Vincent Pellissies & Prof Dr. M. Badoux (2009), the economic recession which

occurred two years ago has created a big shock for the business community. From then

onwards risk management was considered as crisis management which has turned out to be

main focus of all the organizations. The significance of risk management as a forward

looking and enterprise approach in mitigation or alleviation of risks was not recognized by

the managers. Risk management for incorporating into the organizational strategy was still in

the initial stages. According to Accenture Global Risk Management Study (2007),

organizations have started to realize the significance of risk management in their daily

business operations. Compared to the previous years, the risk management has been increased

in its priority. The executives and officials in risk management are relying on the practices of

risk management for taking competitive advantage in the market competition. Organizations

began to make investments in the risk management process because they have recognized the

strategic benefits and importance of that process. In 2011, Accenture has invested $27.3

million in the process of risk management and was able to stand as one of the top 10companies. Many organizations are comprehensively implementing the enterprise risk

management programs. Presently, the oversight of all the organizations is at C-level in

improving the visibility of risks and making sure that organization is inclined to achieve their

objectives aims and goals. The executives of Accenture have stated that the organization is

planning to make more investments in the process of risk management. The organization can

navigate from market volatility and complexities through the investments they make which

will address the associated risks in the daily business operations and supply chain.


27/43

27

4.3 Major Findings:

The research finding will be put forward in this paragraph:

Due to the increasing volatilities and complexities, risk management has turned out to be a

central part of the organizations business process. The survey conducted has given the

evidence and result that 88% of the companies have said that the process of risk management

will be will help them in combating with volatilities and complexities. Over the last 2 years,

risk management has gained its prominence and has become wide spread. 97% of the

respondents have stated that risk management and its significance is fair and where as 60% of

the respondents have stated as excellent. In the financial organizations, risk management has

gained in to prominence by 74% and in insurance firms the increase is by 69%.

According to Vincent Pellissies& Prof Dr. M. Badoux (2009),executives are considering the

risk management process and its capabilities as very vital for improving profitability and in

making further developments. Based on the survey report, the finding is that 49% of the

organizations consider risk management as critical in the long term prospectus where as 43%

of the organizations treat risk management as important. In terms of profitability, 48% of the

organizations view risk management as critical and 46% view the process as important.

Organizations were able to improve their profitability and performance through risk

management bur some gap exists between the functioning of risk management and business

agenda. The view of many executives is that profitability can be improved in future through

risk management which is not going on at the moment. Even, there exists some gap between

the alignment of risk to the business strategy. In some cases, there will be low delivery rateand high level of expectancy.

Presently, companies are implementing comprehensive enterprise risk management

programs. By taking into consideration the technology and structure, companies are making

plans for investing in the risk management programs for increasing the durability. In the

survey, 84% of the respondents have said that all the companies are going to include the

Enterprise Risk Management Program in to their strategy in the future which is around 2


28/43

28

years. In Europe, incorporation of ERP in to their business strategy will be by 56% and where

as in North America the value will be 62%.

The trend has changed presently in the organization when compared to the past. They are

employing CRO (Chief Risk Officers) for designing a strategy in order to mitigate the risks

and this was done previously by executives. Now, 49% of the companies are having CROS

employed and previously only 35% of the companies have CRO. In Europe 72% of the risk

managers report issues to the CEOS and average value in percentage is 79.

The findings reveal the fact that the risks are escalating with costs. As the investments are

taking place in risk management structure, technology and infrastructure, the organizations

are vulnerable to business, regulatory and operational risks. In any organization, officials and

executives are not gaining visibility on business because of the structural and governance

issues. As they are far from visibility, it has become very difficult for them in identifying and

mitigating the risks. Risks fluctuate with changes in market conditions and in this scenario

organizations are facing challenges in designing and redesigning of strategies accordingly for

risk management. Market conditions have to be monitored regularly by the organization as

they are susceptible and vulnerable to change.

4.4 Comparison of risks pertaining to Mo-Sys and Sonata software India.

The risk analysis helps to identify the factors which can jeopardize the influence of

achieving a project or a goal. This process facilitates to define the preventive measures in

order to lessen the probability the aspects to occur and point out countermeasures in order to

deal successfully with the constraints thereby developing to avert the negative impacts

possible with respect to competitiveness of the company. There are also methods to increase

the accuracy in this modern world. The systems are helping the researchers to analyze various

segments and business processes at a time, they are also assuming that the additional efforts

in order to develop a precisely quantified risks might not be cost effective, but according to

my views it is also clear that they are very time consuming and these estimates will be very

voluminous to practically use and specific losses estimate are not required if controls are

needed.


29/43

29

The risks should be identified and categorized, but in Mo-sys there is no such categorization

identified where as in Sonata software it is very evident that the company is categorizing the

risks and prioritizing the risks according to their financial ability. Sonata also maintains a

team where the controls are made in order to mitigate the risks after they are identified. Here

the structure also follows a clear cut picture of the risks as the business manager is

undertaking the controls where the types of risks that exists are identified and the controls are

strictly documented with respect to the action plan of the implementation throughout the

organization.

When comparing both the companies there are three types of risks mainly identified, these

are very common in both Mo-sys Ltd and Sonata software solutions, the first risk is theunexpected changes in the revenue, as it is very evident from the financial statement of Mo-

Sys Ltd the source of investments differ every year where the costs coming from the

budgeted amount differs every year and the specialization of the softwares planned will also

differ by their priority. There are many risks which are further identified namely the

intellectual property risks, unanticipated competition risk where the privacy is reduced and

the risks related to the rights of the company arise, unanticipated competition is very common

in both the companies as both the companies had their ups and downs in the recent past, bothbelonging to a software industry the issues are very common where the competition is very

high when compared with the other fields. All these risks also arise when there is a decreased

unit sales and this is also one of the problems in both the companies. There are few examples

in the last decade where both the companies have undergone unexpected development costs

where the project specifications are suddenly changed and the resulted in more rework than

anticipated although privacy invasions and security holes are very common in both the

companies.

There are many other issues identified in Mo-Sys Ltd and Sonata software solutions, for the

research and development and for a narrow specialization a large amount of money has been

spent but it has increased the unit costs and the customers or the clients found it to be too

costly to offer and this has given rise to the technological and business risk in both the

companies, for example, if the development of pre-visualization software is considered with

respect to Mo-Sys Ltd the unit cost becomes high if they build a video quality of High

definition but if the clients or customers find it worth they will not hesitate to buy thesoftware but if in case it does not reach the interests of the customers the companies of


30/43

30

smaller size cannot bare the loss, so in the initial stages itself the companies should think of

the investments of a particular built software, as it is very obvious that the specialization of

any product will raise the price and the demand in the future is unpredictable, so the

companies find it risky to invest on newer projects where the projects is unknown. It is also

evident that if there is decrease in the potential customer base, then there is every chance for

specialization risk to play a key role. All these factors will help the companies to understand

the probability of various scenarios that can be calculated with risk management analysis and

this will surely help to manage the risk. There are also various methods pertaining to the

introduction of procedures to adjust subjective probabilities and calculate the value of

additional information which are thereby used to solve portfolio problems.

4.5 Interpretation:

Risk Management Framework:

According to Hyun Song Shin, Tobias and Adrian (2008), based on the results gathered

through survey, the risk management framework should be designed. In this research

program, the framework represents the primary findings. There are many forces and factors

that drive the risk management. Risk management practices are correlated to size and

structure of organization and are not linked with environmental uncertainty and competitive

factors. Risk management practices will be at systematic and heuristic levels, but in corporate

level domination of heuristics takes place. The respondents state that risk occurs at all the

levels in life cycle of business process and in every step strategy for risk management has to

be designed. In the process, marginal role is played by accountants. Nowadays, organizations

are considering the risk management process as very vital in enhancing the performance and

profitability.

4.10 Conclusion:

In Mo-sys, there is limitation of long term liabilities and there are more current liabilities.

This is an indication that company is ready to take risks in order to gain momentum. The risk

manager in the interview told that the organization is aiming at designing enhanced products

as the trends in technology are changing continuously. The organization is ready to invest

more on the technology for automating the business processes. Mo-sys has taken loan of


31/43

31

345,000 GBP from HSBC bank and the signs are that the organization can clear its loans

soon as the shareholders, performance and profitability are increasing.


32/43

32

CHAPTER 5

CONCLUSIONS AND

RECOMMENDATIONS


33/43

33

5.1 Introduction:

In this chapter, conclusions, recommendations and key findings related to risk management at

Mo-sys are given and presented. The findings obtained from the critical literature and

primary data collected is documented along with the conclusions drawn from the findings and

analysis, later the findings and conclusions are considered as the authentic sources to

recommend the best possible strategic risk management for Mo-Sys Ltd in the context of

various risks involved in the company.

5.2 Major Findings:

F1) According to Vincent Pellissier & Dr M. Badoux (2009), risk management has gained its

popularity and prominence and it turned out to be a major element of corporate governance

and the process of risk management is applicable for all the organizations. Recently, system

risk occurred in Mo-sys due to failures in risk management in implying to future projects.

Though social costs and externalities are not associated, company is not able to manage their

risks efficiently. In United Kingdom, the only problem is that the standards of national risk

are very high and they are not properly guiding the investors, stake holders and companies.

F2) Corporate strategy is integral to risk management which can avoid losses in the business

operations. Mo-sys is able to make the best use of available opportunities. Emphasis has been

put excessively on financial risk and internal controls corporate reporting and board

responsibilities by means of audit committee. . When linking the risk management to that of

the strategies also appears to be more forward oriented and is leading to an important role for

the stress testing.

F3) The indication put by gathered secondary data is that financial crisis in the risk

management should be undertaken at enterprise level. This is not being followed by some of

the product lines and markets. The finding has proved that in the current outsourcing trend,

legal form may not be as wider as firms economic border.

Conclusions:


34/43

34

C1) In Mo-sys organization, the primary responsibility of board is to design a strategy for

effectively managing the risks. The researcher has identified that the risk management

practices needs to be evaluated and presented. The board of directors in Mo-sys should

monitor the organizational culture and structure and ensure that communication sources are

readily available for everyone in the organization. Based on the reliable and authentic data

gathered, it should be analyzed and strategy should be designed.

C2) Mo-sys should create a separate channel for reporting risk and its related issues to Chief

Risk Officer. The chief risk officer is taking the responsibility to report the risk through

various channels, the designation is warranted in a same fashion as that of the internal audit

reports, this is helping Mo-Sys to identify the risks in advance but it is not completely clear

that the risk management solely belongs to the CEO or to the employees along with the audit

committee as well.

C3) Honestly speaking, the standards in Mo-sys are not adequate and which makes the

organization vulnerable to various risks. The organizational culture and mechanisms of risk

management should adequately disclosed.

C4) Based on the statistical figures, it is evident that the approach followed by Mo-sys is very

defensive and protective with investments.

C5) As the investments are going on in remuneration and incentive systems there will be

some associated risks. So, organization has to regularly monitor the business activities which

are prone or vulnerable to risks.

Suggestions and Recommendations:

The next step after giving conclusions is providing recommendations in order to make

improvements in the process of risk management at Mo-sys. This will improve the

performance and profitability of Mo-sys.

R1) Mo-sys should look in to the risk management process in holistic view. Instead of being

defensive and proactive Mo-sys should consider the factors of risk return and trade off. Theappropriate tools must be selected by considering the factors like experience, intuition and


35/43

35

judgment. Proactive techniques must be followed in risk management rather than relying on

traditional techniques. Risk awareness should be promoted in the organization. Employees

should be assigned responsibilities after they are trained adequately.

R2) Mo-sys should follow the practices and techniques of CIMA in effectively managing

different kinds of risks. Strategic role should be played by accountants and it should add

value to the organization. Training should be provided to the employees prior to assigning

them with tasks.

R3) The policy of risk management should be systematic and well-structured and must suit

the scenario in organization. The top administration should lay down the risk management

policies and must assign the responsibilities to the employees accordingly. The policies of

risk management should follow the rules and regulations set by health, safety and legal

authorities. The tools and techniques should be selected appropriately for managing the risks

in organization. The risk management program will be successful if the level of commitment

shown by executives in Mo-sys is high. The organization has to ensure the availability of

resources and should allocate to the employees whenever requested.

R4) Responsibility holds on the board in determining the strategic direction of Mo-sys. The

board has to create the environment and structures for managing the risks such that smooth

flow of business operations will be ensured. They can be performed by non-executive

committee and audit committee. So, they can approach for enhanced systems for managing

risks.

R5) The focus of Mo-sys is presently only on current liabilities and they should concentrate

more on long term liabilities. The business operations are good in the countries Canada andUnited States of America. So, they have to plan for introducing new products in to the

market.

R6) In Mo-sys, the board should evaluate their internal control systems. The recommendation

that the researcher provides is that the organization should determine many attributes in their

business such as nature of risks, risk tolerance, potential future risks, designing an effective

risk management strategy, alleviating the risks along with the impact they create and costreductions.


36/43

36

R7) Business units have to manage their risks regularly and should promote the awareness of

risks. Managers in Mo-sys should explain the objectives of risk management to their

employees. Risk management should be a part of overall organizational strategy.

R8) All the above recommendations provided are specific to the scenario of Mo-sys. The

researcher is now going to provide general recommendations for not only Mo-sys but also to

the other organizations. The functioning of risk management should include setting and

policy of risk management, efficiently managing the risks at strategic and operational level,

creating the awareness of risks in the organization, establishing the internal risk policy and

structures and redesigning the risk management strategy accordingly. Apart from these

functions, others include coordinating the risk management activities, risk reports and

business operations.

Final conclusion:

The concept of risk management in the sector of information technology and to understand

the in the risk management in the context of Mo-Sys is critically analysed and the current

position of Mo-Sys in the terms of risk management and identify the challenges that the

organisation is facing in combating with the risks that aroused are critically analysed.

The implemented methodology is critically discussed to provide a clear picture on how the

research is performed during the tenure of the project. The established risk management

systems in the company for controlling the operations with the available current trends are

critically scrutinized along with the identification of factors to reduce the complexity of risk

management which includes technological and socio management and find the strategies formitigating and managing the risks. Lastly conclusions are drawn and recommendations are

made for improving the risk management systems for reducing the risk factor at Mo-Sys Ltd.


37/43

37

REFERENCES


38/43

38

References:

7.1 Books:

[1] Acharya, Viral, and Tanju Yorulmazer, 2008, Cash -in-the-Market Pricing and Optimal

Resolution of Bank Failures, Review of Financial Studies 21, 2705-2742.

[2] Adrian, Tobias, and Hyun Song Shin, 2008, Liquidity, Monetary Policy, and Financial Cycles, Current Issues in Economics and Finance 14, FederalReserve of New York.

[3] Allen, Franklin, and Douglas Gale, 2000, Financial Contagion, Journal of PoliticalEconomy 108, 1-33.

[4] Ashcraft, Adam, Paul Goldsmith-Pinkham and James Vickery, 2009,MBS Ratings and Mortgage Credit Boom, Federal Reserve Bank of New York, unpublished paper.

[5] Benmelech, Efraim, and Jenifer Dlugosz, 2009, The Alchemy of CDO Ratings, Journal of Monetary Economics 56, 617 -634.

[6] Benveniste, Lawrence, and Paul Spindt, 1989, How Investment Bankers Determine the O ff er Price and Allocation of New Issues, Journal of Financial Economics 24, 343-361.

[7] Bolton, Patrick, Xavier Freixas and Joel Shapiro, 2008, The Credit Rating Game, unpublished paper. [8] Boot, Arnoud, an d Anjan Thakor, 2001, The Many Faces of Information Disclosure, Review of Financial Studies 14, 1021 -1057.

[9] Brennan, Michael, Julia Hein and Ser- Huang Poon, 2008, Tranching and Rating, unpublished paper.

[10] Brunnermeier, Markus, 2008, Deciphering the 2007 -08 Liquidity andCredit Crunch, Journal of Economic Perspectives, forthcoming.

42 [11] Brunnermeier, Markus and Lasse Pedersen, 2009, Market Liquidity

and Funding Liquidity, Review of Financial Studies, forthcoming. [12] Commit tee on the Global Financial System, 2005, The Role of Ratings in StructuredFinance: Issues and Implications, Bank for International Settlements, January.

[13] Coval, Joshua, Jakub Jurek, and Erik Stafford, 2008, Re -Examiningthe Role of Rating Agencie s: Lesson from Structured Finance, Harvard Business School,unpublished paper.

[14] Doherty, Neil, Anastasia Kartasheva, and Richard Phillips, 2009,

Competition Among Rating Agencies and Information Disclosure, Wharton School, unpublished paper.


39/43

39

[15] Dow, James, Itay Goldstein, and Alexander Guembel, 2007, Incentives for InformationProduction in Markets where Prices A ff ect Real Investment, Wharton School, unpublishedpaper.

[16] Farhi, Emmanuel, Josh Lerner and Jean Tirole, 2008, Fear of Rejection? TieredCertication and Transparency, NBERWorking Paper No. 14457. [17] Financial Stability Forum, 2008, Report on Enhancing Market and InstitutionalResilience.

[18] French, Kenneth, and Robert McCormick, 1984, Sealed Bids, Sunk Costs and the Process of Competition, Journal of Business 57, 417 -441.

[19] Freixas, Xavier, Bruno Parigi, and Jean- Charles Rochet, 2000, Systemic Risk,Interbank Relations, and Liquidity Provision by the Central Bank, Journal of Money, Credit and Banking 32, 611-638.

[20] Fulghieri, Paolo, and Dmitry Lukin, 2001, Information Production, Dilution Costs, andOptimal Security Design, Journal of Financial Economics 61, 3-42.

43 [21] Glosten, Larry, and Paul Milgrom, 1985, Bid, Ask, and Transaction Prices in a Special ist Market With Heterogeneously Informed Traders, Journal of Financial Economics 14, 71-100.

[22] Goel, Anand, and Anjan Thakor, 2003, Why Do Firms Smooth Earnings?, Journal of Business 76, 151-192.

[23] Goel, Anand, and Anjan Thakor, 2010, Credit Ra tings and LitigationRisk, Olin Business School, Washington University, unpublished paper.

[24] Gorton, Gary, 2008, The Panic of 2007, inMantaining Stability in a ChangingFinancial System, Proceedings of the 2008 Jackson Hole Conference, FederalReserve of Kansas City.

[25] Gorton, Gary, 2009, Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007, paper prepared for the 2009 Conference on Financial Innovation and the Crisis, Federal Reserve Bank of Atlanta.

[26] Hennessy, Christo pher, 2008, Security Design and the Information Role of Prices, London Business School, unpublished paper.

[27] Holmstrom, Bengt, 2008, Discussion of The Panic of 2007 by Gary Gorton,in Mantaining Stability in a Changing Financial System, Proceedings of the 2008 Jackson Hole Conference, Federal Reserve of Kansas City.

[28] IMF, 2008, Global Financial Stability Report, Washington.

[29] Johnson, Kathleen, Oliver Faltin-Traeger and Christopher

Mayer, 2009, Securitizers and Bond Performance, work in progress, Columbia Business School, February.


40/43

40

[30] Kashyap, Anil, Raghuram Rajan, and Jeremy Stein, 2008, Rethinking Capital Regulation, unpublished paper.

[31] Kavajecz, Kenneth, and Donald Keim, 2005, Packaging Liquid ity: Blind

Auctions and Transaction E fficiencies, Journal of Financial and Quantitative Analysis 40, 465-492.

[32] Kenney, Roy, and Benjamin Klein, 1983, The Economics of Block Booking, Journalof Law & Economics 26, 497-540.

[33] Kim, Oliver, and Rober t Verrecchia, 1994, Market Liquidity and Volume AroundEarnings Announcements, Journal of Accounting and Economics 17, 41-67.

[34] Lizzeri, Alessandro, (1999). Information Revelation and Certication Intermediaries,RAND Journal of Economics 30, 214-231.

[35] Moodys, 2007, Moodys Revised US Mortgage Loan -by-Loan Data Fields, Special Report, April 3.

[36] Rajan, Uday, Amit Seru and Vikrant Vig, 2008, The Failure of Models That Predict Failure: Distance, Incentives and Defaults, unpublished paper .

[37] Rock, Kevin, 1986, Why New Issues Are Underpriced, Journal of Financial Economics 15, 187-212.

[38] Skreta, Vasiliki, and Laura Veldkamp, 2009, Ratings Shopping and Asset Complexity: A Theory of Ratings Ination, NBER Working Paper No. w14761.

[39] Spatt, Chester, Francesco Sangiorgi and Jonathan Sokobin, 2008,Credit-Rating Shopping, Selection and the Equilibrium Structure of Ratings, unpublished paper.

[40] Vickery, James, and Joshua Wright, 2010, TBA Trading and Liquidity in the Agency MBS Market, Sta ff Report 468.

[41] Wagn e r , Wol f, 2006, Diversication at Financial Institutions and Systemic Crises, Journal of Financial Intermediation, forthcoming.

[42] The Securitization Markets Handbook: Structures and Dynamics of Mortgage- andAsset-Backed Securities by (Charles Austin Stone and Anne Ziss).

7.2 Websites:

42) The security of the HSBC is explained in http://www.hsbc.co.uk/1/2/online-security

43) The secondary information is detailed in http://www.vinodkothari.com/ secindia.htm
http://www.amazon.com/Securitization-Markets-Handbook-Structures-Asset-Backed/dp/1576601382/ref=sr_1_7?s=books&ie=UTF8&qid=1283310314&sr=1-7http://www.amazon.com/Securitization-Markets-Handbook-Structures-Asset-Backed/dp/1576601382/ref=sr_1_7?s=books&ie=UTF8&qid=1283310314&sr=1-7http://www.hsbc.co.uk/1/2/online-securityhttp://www.hsbc.co.uk/1/2/online-securityhttp://www.hsbc.co.uk/1/2/online-securityhttp://www.vinodkothari.com/%20secindia.htmhttp://www.vinodkothari.com/%20secindia.htmhttp://www.vinodkothari.com/%20secindia.htmhttp://www.vinodkothari.com/%20secindia.htmhttp://www.hsbc.co.uk/1/2/online-securityhttp://www.amazon.com/Securitization-Markets-Handbook-Structures-Asset-Backed/dp/1576601382/ref=sr_1_7?s=books&ie=UTF8&qid=1283310314&sr=1-7http://www.amazon.com/Securitization-Markets-Handbook-Structures-Asset-Backed/dp/1576601382/ref=sr_1_7?s=books&ie=UTF8&qid=1283310314&sr=1-7


41/43

41

44) The papers related to securitization are from http://www.nber.org/papers/w15223

45) The ethics of securitization are studied from http://www.frankelsecuritization.com/

46) The survey results are extracted from http://www.createsurvey.com/demo/templates.html

47) January 2008, online at:www.newschool.edu/cepa

48) http//eco.bus.utk.edu/davidson.html

http://www.u21global.edu.sg/PartnerAdmin/ViewContent?module=DOCUMENTLIBRARY&oid=157437http://www.ogc.gov.uk/documentation_and_templates_risk_management_strategy_.asp http://bolton.nhs.uk/Library/strategies/Risk_Management_Stratergy.pdf http://ibeton.epfl.ch/person/anciens/Pellissi/articles/framework.pdf

7.3 E-books:

49) Introduction to securitization by Frank J. Fabozzi and Vinod Kothari 2004 presents thefeasibility study and deals with the ifs and buts of securitization.

Link: http://books.google.co.uk/books?id=ialROWDBOa4C&pg=PA2&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=3&ved=0CEYQ6AEwAg#v=onepage&q&f=false

50) The questionnaire for the manger is critically analyzed and the question format is givenin the following E- book.

Link :http://books.google.co.uk/books?id=5xT8qG7tv2gC&pg=PA126&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=5&ved=0CFMQ6AEwBA#v=onepage&q&f=false

7.4 Journals, Newspapers and articles:

[51] Falters, New York Times, p. D1. February 15.

[52], New York, New York University Press, pp. 123-43

[53] York Times, p. D4, February 15.
http://www.nber.org/papers/w15223http://www.nber.org/papers/w15223http://www.frankelsecuritization.com/http://www.frankelsecuritization.com/http://www.frankelsecuritization.com/http://www.createsurvey.com/demo/templates.htmlhttp://www.createsurvey.com/demo/templates.htmlhttp://www.createsurvey.com/demo/templates.htmlhttp://www.newschool.edu/cepahttp://www.newschool.edu/cepahttp://www.u21global.edu.sg/PartnerAdmin/ViewContent?module=DOCUMENTLIBRARY&oid=157437http://www.u21global.edu.sg/PartnerAdmin/ViewContent?module=DOCUMENTLIBRARY&oid=157437http://www.ogc.gov.uk/documentation_and_templates_risk_management_strategy_.asphttp://www.ogc.gov.uk/documentation_and_templates_risk_management_strategy_.asphttp://bolton.nhs.uk/Library/strategies/Risk_Management_Stratergy.pdfhttp://ibeton.epfl.ch/person/anciens/Pellissi/articles/framework.pdfhttp://ibeton.epfl.ch/person/anciens/Pellissi/articles/framework.pdfhttp://www.amazon.com/Frank-J.-Fabozzi/e/B000APU14K/ref=sr_ntt_srch_lnk_1?qid=1283310314&sr=1-1http://www.amazon.com/Frank-J.-Fabozzi/e/B000APU14K/ref=sr_ntt_srch_lnk_1?qid=1283310314&sr=1-1http://www.amazon.com/Frank-J.-Fabozzi/e/B000APU14K/ref=sr_ntt_srch_lnk_1?qid=1283310314&sr=1-1http://books.google.co.uk/books?id=ialROWDBOa4C&pg=PA2&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=3&ved=0CEYQ6AEwAg#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=ialROWDBOa4C&pg=PA2&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=3&ved=0CEYQ6AEwAg#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=ialROWDBOa4C&pg=PA2&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=3&ved=0CEYQ6AEwAg#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=ialROWDBOa4C&pg=PA2&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=3&ved=0CEYQ6AEwAg#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=ialROWDBOa4C&pg=PA2&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=3&ved=0CEYQ6AEwAg#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=ialROWDBOa4C&pg=PA2&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=3&ved=0CEYQ6AEwAg#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=5xT8qG7tv2gC&pg=PA126&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=5&ved=0CFMQ6AEwBA#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=5xT8qG7tv2gC&pg=PA126&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=5&ved=0CFMQ6AEwBA#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=5xT8qG7tv2gC&pg=PA126&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=5&ved=0CFMQ6AEwBA#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=5xT8qG7tv2gC&pg=PA126&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=5&ved=0CFMQ6AEwBA#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=5xT8qG7tv2gC&pg=PA126&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=5&ved=0CFMQ6AEwBA#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=5xT8qG7tv2gC&pg=PA126&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=5&ved=0CFMQ6AEwBA#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=5xT8qG7tv2gC&pg=PA126&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=5&ved=0CFMQ6AEwBA#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=5xT8qG7tv2gC&pg=PA126&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=5&ved=0CFMQ6AEwBA#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=5xT8qG7tv2gC&pg=PA126&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=5&ved=0CFMQ6AEwBA#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=5xT8qG7tv2gC&pg=PA126&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=5&ved=0CFMQ6AEwBA#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=ialROWDBOa4C&pg=PA2&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=3&ved=0CEYQ6AEwAg#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=ialROWDBOa4C&pg=PA2&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=3&ved=0CEYQ6AEwAg#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=ialROWDBOa4C&pg=PA2&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=3&ved=0CEYQ6AEwAg#v=onepage&q&f=falsehttp://books.google.co.uk/books?id=ialROWDBOa4C&pg=PA2&dq=manger+questionire+in+banks&hl=en&ei=9mF-TOrRB4-CswbM8LWVCQ&sa=X&oi=book_result&ct=result&resnum=3&ved=0CEYQ6AEwAg#v=onepage&q&f=falsehttp://www.amazon.com/Frank-J.-Fabozzi/e/B000APU14K/ref=sr_ntt_srch_lnk_1?qid=1283310314&sr=1-1http://ibeton.epfl.ch/person/anciens/Pellissi/articles/framework.pdfhttp://bolton.nhs.uk/Library/strategies/Risk_Management_Stratergy.pdfhttp://www.ogc.gov.uk/documentation_and_templates_risk_management_strategy_.asphttp://www.u21global.edu.sg/PartnerAdmin/ViewContent?module=DOCUMENTLIBRARY&oid=157437http://www.u21global.edu.sg/PartnerAdmin/ViewContent?module=DOCUMENTLIBRARY&oid=157437http://www.newschool.edu/cepahttp://www.createsurvey.com/demo/templates.htmlhttp://www.frankelsecuritization.com/http://www.nber.org/papers/w15223


42/43

42

[54] Davidson, P., (2007). John Maynard Keynes (Great Thinkers in Economics Series),

[55] Palgrave/Macmillan, London and New York, 2007.

[56] The hearings and conflicts is studied from the Hearing on Protecting

Homeowners: Preventing Abusive Lending While, Preserving Access to CreditNovember 5, 2003, all the legal aspects of securitization is explained briefly in this article.

[57] Davidson, P.(2008b) Is the Current Financial Distress Caused By The SubPrimeMortgage

[58] Crisis A Minsky Moment or Is It The Result of Attempting to Securitize illiquid non

[59] Commercial Mortgage Loans, Journal of Post Keynesian Economics , 30, Summer .

[60] Kim (2009) , Jane J. and Anand, Shefali (2008), Some Investors Forced To HoldAuction Bonds:

[61] Market Freeze Leaves Them Unable To Cash Out Securities That Were Pitched AsSafe Wall

[62] Street Journal February 21, P. D1.

[63] Morgenson, Gretchen, (2008),Arcane Market Is Next To Face Big Credit Test, NewYork

[64] Times, February 17, p. A1.

[65] Raghavan, Anita, Pulliam, Susan and Opdyke, Jeff, (2001). Team Effort: Banks and14


43/43

ken sing ton file

Documents