Summary of Business Research
Over the years, financial institutions have faced a lot of risk including financial loss e.g. customer defaulting as well as the channeling of resources in projects or initiatives that make them loose their valuable resources and probably don’t add value to their organization (McNeil, Frey, & Embrechts, 2015). The effects of these risks have made the financial institutions fail to achieve their objectives and decrease in performance as well as maintain their market share. The end results show that the organization is not able to sustain its capabilities. The study is to investigate the effects of risk management on the performance of the financial institution.
The research design of the survey was detailed design; this was done to accelerate the amount of information needed when data analysis will be done. Qualitative and quantitative approach were used to analyze the findings for the sustainable achievement of correct objectives of the research opted to investigate. Stratified random sampling was implemented to assist in the provision of equal opportunity to respondents in this process. The target population was 44 respondents, and the sample size was 30 respondents. There was the use of open and closed questionnaires and interview as methods of collecting the required information. An observation was an important aspect in dealing with respondents and even in analyzing the situation in financial institutions.
It was determined that credit control affected the performance of banks. The members' shares that were put in investment or other activities affected service delivery. Cash flow too was found to affect overall performance as money movement in and out of their organization was very crucial for the operation of the organization (McNeil, Frey, & Embrechts, 2015). The business strategy implemented also affected the performance of strategies employed by the organization determined how competitive advantage the bank was, however, a joint venture was found not to affect as much. Conclusions and recommendations were composed to help in solving the challenges ascertained by the research.
Unethical research practices that should be avoided
Ethical issues in all industries affect every person. Arguments about ethical conduct are still primarily accompanied by various cases of ethical misbehavior (Trevino & Nelson, 2011). According to Bryman and Bell (2015), one element of unethical practice in the study above would be the anonymity and confidentiality issues. The researcher may be forced to give information regarding a particular bank's financial abilities to its competitors or disclose a client’s financial status to third parties which are considered to be infringing their rights of privacy. The primary objective here is to give an appropriate description of what information is to be accessed as well as establish what is to be and is not to be disclosed by the company or participant. This connotes that there is a form of agreement that information gathered will not be disclosed to another third party.
Trust and mutuality interest is another element. During research, it is important to maintain trustworthiness and openness when facilitating communication to acquire comprehensive information (Bryman & Bell, 2015). In some cases, the researcher may use misleading information to receive some useful or confidential information. Such occurrences may limit investigator’s ability to obtain full cooperation and support for future potential research respondents. It would, therefore, be ideal for the researcher to communicate the intention and the objective of the research beforehand to the respondent. Similarly, the researcher must ensure that information collected will be solely used for the research purpose and that both parties have agreed to conform to the set rules, standards, and ethical requirement provided therein.
Parties involved in the research that could face injury
Practicing unethical acts may have a significant repercussion on the participants involved including the organization, the employees, and the customer. The organization can keep extensive information of data into their system files. Such vital information can only be accessed by authorized personnel hence any likelihood of that information including financial capabilities or loopholes being accessed by the third party e.g. industry rivals will pose a significant risk to the organization (Bryman & Bell, 2015). Employees may be required to give some information regarding their actions or involvement in cash flow management or ways of sustaining risk management or any topic of concern. Mixed reactions will be exhibited as some workers may not provide all the necessary information because of the generalized fear of being misquoted or losing their jobs. Some clients may be required to participate in the research. Here, the researcher may not exercise confidentiality agreement and anonymity; therefore, expose the customer’s financial status and even identity to third parties.
Ways in which unethical practices may affect parties involved
Debates about ethical principles while conducting business research with a large emphasis on misconduct tend to rotate around particular concerns that persist in different semblances (Trevino & Nelson, 2011). When an entity or a researcher is conducting his research, there is a possibility that he may transfer harm to participants i.e. employees and clients. Conducting research that has the tendency to hurt parties involved is deemed to be highly unacceptable. In the case of the organization, when competitors have access to its most valuable financial information with the intention of putting the company down, there is a likelihood of the company to face adverse public image. In the employees' case, there is a possibility that unethical practice involved may interfere with his career development and future employment security prospects. Infringing client’s anonymity and privacy concerns may subject the customer to undesirable personal growth, intense emotional reactions e.g. Self-esteem issues, stress, and anxiety, in some cases, translate to mental incapacities.
Methods by which unethical behavior can be monitored or resolved
Many are the times when researchers are faced with quite many ethical requirements. This implies that they must exercise professionalism and conform to the institution and the ruling authority standards while conducting research (Trevino & Nelson, 2011). One of the fundamental principles is to maintain respondent’s privacy and anonymity. Here, researchers must establish robust mechanisms in that they can enquire from the participants whether they are willing to chat about topics of sensitive nature without necessarily exposing them to uncomfortable situations. It would also be wise for researchers to select participants carefully since they have the liberty to choose how much information they can reveal about themselves or regard the topic under study (Bryman & Bell, 2015).
Another common principle would be for the researchers to follow the stipulated consent rules. Every person or an entity is governed by a particular code of ethics that are to be conformed to (Trevino & Nelson, 2011). Concealing certain facts or information with the notion of obtaining crucial information is considered unethical. Respondents have the right to access comprehensive information regarding the nature and extent of the research and its probable ramifications. When investigators strictly follow the informed agreement rules it significantly assures them that the participants will voluntarily contribute to the research process having the pertinent knowledge and information of possible risks or benefits that may emanate (Bryman & Bell, 2015). It would be of great importance for the quantitative and qualitative investigators to consistently advocate for and promote ethical practices throughout research study as a vital unit in the research process to obtain sufficient and reliable information (Trevino & Nelson, 2011).
References
Bryman, A., & Bell, E. (2015). Business research methods. Oxford University Press, USA.
McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts, techniques and tools. Princeton university press.
Trevino, L. K., & Nelson, K. A. (2011). Managing business ethics: Straight talk about how to do it right. New York: John Wiley.
