Abstract
This report includes the example of Deutsche bank in which the bank is accused of publishing a poor audit report with false figures and inadequate material to made analysis. The paper talks about the importance of the Risk, risk management, disclosure of the risk and the ways to disclose the corporate risk to decreases the impact of it.teh report includes the way through which the display of the information in the report affects the performance of the company. There are many ways through which good reporting can be achieved with even poor digits. The importance of the discloser in the financial for the management of the company and for the market as well as for the investors is also discussed in the paper. The report includes the way through which a report can be written in a way that betters its overall presentation and cover up the loss of confidence of the investors and the shareholders because of the poor performance of the company. The example shown in the report manages to inform the reader the way through which companies greatly denies the loss they made during the year. This report includes some recommendation through which the report writing can be made effective.
Risk Reporting In Financial Reports
Introduction
Risk reporting is an important phenomenon for the company as it relates to the disclosure of the negativity in the performance of the company. Risk reporting in the financial reports needs presentation in a way that greatly helps the company in mitigating the impact of the risk. There are several issues attached with the display of risk in the reports being presented by the company in their annual financial reports. Not only that, this includes the concern related to the company and the regulator as well as the investor or the readers of the report. Risk disclosure needs to be crafted with all the available skills and techniques in order to maintain the confidence of the investors over the company.
Discussion
Risk reporting includes a wider aspect of concern, and that is the reason of its importance in the annual reports. The world has confined to documents, which is why the presentation of the documents became critical for the organization as well as for the users of it. Along with that, the companies have been greatly in competition with each other in respect of the way they present their reports as it highly results in the confidence towards the company (David 2006 67).
Risk reporting has several issues that include the display of the information in such a way that keep the investors interested in the company. But with all these requirements, a company needs to adhere to the regulations of the regulators in respect of the disclosure of the risk in their audited accounts. In order to achieve that, companies sometimes went the wrong way and showed the information in such a way that totally misguides the investors and deteriorates the relation with the company. (Beaver William 1989 23) Regulators throughout the world are trying to secure the investors as much as possible so that the market of the country regulates in an effective way and keep the people motivated to trust the economy. The most important issue, now days, is the accuracy and the reliability of the information that is presents in the financial reports.
There are many companies that have been reporting to the regulators in a company, so it is almost impossible for the regulators to mitigate the risk of the investor to a negligible level. Not only that, the companies have been using the short comings of the regulations in their favor that lowers the quality of the financial reports and make the regulator to further tightens to secures which ensure coherence in the reporting. (Linsley Shrives Philip and Philip 2006 90) Recently, the Deutsche Bank has been warned for the low-quality reporting especially as it relates to the risk reporting. The company had warned for its low-quality financial reports in 2012 for the first time when according to the agency; the bank has used figures and facts that are not verifiable. The company has recently accused of such act and regulators have shown great concerns over the continued diversion from the regulation.
Risk Reporting
Before, going into the debate of the risk reporting and the issue the regulator has in relation to the Deutsche Bank, we first need to have information about the risk management, risk reporting and the display of the risk in the financial reporting in terms of its significance. Risk actually relates to the performance of the company, and it directly questions the ongoing concern of the company. It is something not healthy for both the investor and the company. The going concern of the company is very dear to the investor and for the company. That is why a company needs to present such information in a way that secures its investors from panic attacks which could result in more investment flight from the company. Not only that, Risk reporting is directly attached with the stocks of the company and the bad disclosure of the company could lead to the complete failure of the company.
Risk reporting in financials may undermine the healthy aspects of the company and lead it to face more severe consequences. In return to the need to report the risk by covering it into several layers, the companies search the ways through which they can minimize those risks. The investors are also very critical in judging the risk of the company. The obvious reason for that lies in the fact that investors look for the companies to invest where they can secure their capital in a way that balance the decrease in value of the currency as well as earn something for them. The investors in search of quick profits usually prefer to work in stocks of the company rather than investing in it (Kothari 2000 89).
Risk reporting is also important for a company to make it face the deficiencies that it is facing in time. The risk reporting to the management will enable them to look with more concern into the company and to able them to find a solution. Risk is important for every stakeholder in the business world because of the risk that completes the circle of business. A loss to one is the gain for other in reality. Not only that the company concerns with the risk, the economies of the countries greatly depends on the risk. As the phrase goes, with more risk comes the great returns, the economy that has higher risk will more likely to have a greater return.
Volatility of the economy attracts the investors to the great extent towards an economy and will more likely to help the country in getting good name around the world. The risk although being bad has many benefits for the company as well as the country. But talking about the Risk is not enough but in fact the management of the risk is what helps the companies, countries and the investors in getting benefits from it. (Botswana Christine 2005 45) The risk management has several aspects that need to be considered to ensure that company has been performing well using the benefits of the risk. Risk management becomes very vital when it comes to a company facing a risk to its going concern.
Along with so many ways to help using the risk in their benefit, the company tries to ensure the reporting medium to its maximum extent in order to ensure the risk management tool helping the company in getting benefit from the risk. The reporting for a company is very critical, and that is the reason the companies are so concerned with their reporting styles and formats. The companies within an industry greatly depend on reporting style to gain as much business as possible from the industry investors (ZÃ Lajili Kaouthar and Daniel 2005 335). Not only that, the company needs to get the private placement. Most of the times, other companies are in need to place their bulk capital in liquid institution from where they can retrieve their money within few hours (Roulstone Darren 1999 784).
The question related to why risk should get investigated is very important to get a fair play in the market and the industry. A risk is something that greatly changes the dimension of the market. The risk should get investigated in order to ensure that the company is going on the right path, it is important to ensure that the players in the market, are on the right path and they are not up to unfair means of achieving more and more profit. Not only that, it greatly impact the performance of the market and if it is not investigated to the approximate level, the market will get affected with the news in the market. Not only that the time when the economy is going through uncertainty, the investment in the company will greatly falls as the people would not be ready to believe in any measures taken by the company to avoid risk. The people will doubt as they are unable to trust the risk level on which they compare the adequateness of the risk mitigating factors.
The risk should get measured as it kept the players exploiting the panic in the market, the speculators, out of the market. Even the risk measurement may not be effective in keeping the players out of the market completely; the effort will enable the market to minimize the influence of such people to a considerable low level. The matter of the fact is that, risk measurement is important not only for the company and for the investors and on a greater scale on the whole market. The reason for the measurement of the risk factor lies in the fact that greater players or companies in the market are more likely to play with the market because of the influence. Along with that, they are more in a position to get the money of the common people and can manipulate the market through minimizing their risk and enhancing returns. (Dan Hayne Givoly and Carla 2000 90)
Risk Elements:
Elements of risk are very important to identify before posting any material on the financial reports. There are several elements of risk that needs to evaluate before finalization of its disclosure. This includes the identification of the risk at first hand. The identification is very necessary as the experts needs to evaluate every statement they quote in the financials. The next important element includes the measurement of the risk. Source of risk is another important element that needs to be identified. Source of risk is from where the potential risk to be disclosed is extracted. Measurement of the risk is important in regard as the experts have to identify the possible impact of the risk so that only the necessary stress and efforts are imposed on them. The next element includes the evaluation of the risk as high priority, medium or lower priority risk. After evaluation, comes the mitigation of the risk where the experts need to be very careful as they have to balance the impact of the disclosure and the compliance regulations. (Jim DeLoach, 2012)
Risk Measurement
The risk measurement has a great relation with the evaluation of the profit. The minimization of the risk takes great importance as the companies earning handsome profits tries to lower their risk through the effective use of reporting that enables them to be more vulnerable for the investors. The competition in the market has already saturated the companies and the critical thinkers of the industry in terms of the strategies that can enhance their profits and investments while keeping within the limits. The pressure to think out of the box pushes the people to do things with drastic consequences in case of failure, the need for evaluation of the risk at every level is must and different intervals to ensure that investor’s money is in safe hands even in dire consequences.
These higher-level goals reflect administration's decision of how the association will try to make, save, and acknowledge values for the organization’s stakeholders. Such goals should focus around the entity's remarkable operations needs, regulations and the standards enforced by exterior parties, or merger of the two parties. Setting goals is an essential element to internal control and risk management and a key piece of the administration’s process regarding strategic forecasting. Administration needs to comprehend the general procedures set by the association. As a component of internal control, administration points out the targets that are planned so that risk to the accomplishment of those goals could be recognized and evaluated.
Disclosure of Risk to Organizations
In terms of the disclosure of the risk in the annual report, there is no debate that it as important as the display of the performance of the company for the year in the annual report. The performance of the company can be greatly access with the efforts and the successes of the efforts in mitigating the risk that the country is facing in the year. The importance greatly enhances as the market deteriorates and runs in depressions pushes the companies to change their strategies from being profit makers to risk mitigation. The companies in such situation will look to present their strategies related to their risk minimization as much effective as possible. (Healy Palepu Paul M and Krishna 2001 34)
The disclosure of the risk is important to help people in the market to make effective decision in relation to their capital (Gibson 2013 89). The disclosure helps the market to throw out the companies that are unable to use the money and to run a business with appropriateness. It has become so concern of the investor from the day, the term economic bubble has come to the surface. The economic bubbles reflect the artificial boom or enhancement in the company that may burst out at any time leaving the question of flexibility that the company has to face the music (Cohen Daniel 2008 275).
The disclosure of the fact is also important as it took out the liberty from the management of playing at their field and made them depict the performance of the company in terms of the number. The disclosure of the risk is the segment that makes the management conscious as it decides the faith of the management and helps the shareholders in evaluating their performance in numbers. The better displays of the risk in the report raised the confidence of the investor over the company as they see it them confident for the next session.
The disclosure of the risk has been gaining importance since the day the economy has seen the depression. The depression enhances the need of the investors to look at the vulnerability of the company to respond to the shocks of the economy. It also aware the company of its performance throughout the business year, Not only that, it is an important factor in depicting the true profits of the company. Take for instance if a company is making profits slightly more than the average industrial profits it is preferable. But with the risk more than the average industrial risk, the attraction of the investor to the company and the position of the company in the market will be greatly evaluated in terms of the risk that it can bear rather than the profit that it can make (Debreceny Gray Rahman Roger Glen and Asheq 2003 678).
There is no question that financial reports should have a risk measurement disclosure. The annual financial reports have a changed dimension with the increasing competition in the market. With the complexities in the business, it is not simply about making money through investing some company rather a complex model of investment in comparison of profit versus risk. The channels used to make money has risen to such an extent in terms of complexity that it is unable for a person to do investment without knowledge. That is the reason brokers and the investment companies have grown so well in the last decade. Even these investment companies are dependent on the financials published by the companies annually or periodically.
So the investment companies with so much dependence over the document, to ensure the analysis used to make decisions related to the investment, there is no way that denies the importance of the risk assessment in the financial reports. These risk assessments have been done by the companies themselves. The regulators have put the legislation of making these financials audited to ensure that the risk assessment, other analysis and figures are assessed by the third parties. After the removal of their concern, the reports should be published so that it gives a valid reason to the people to believe in the truth and fairness of the report (Beaver William 1989 54).
Risk Assessment & Financial Reports
The risk assessment and another analysis in the financial reports, verified by the third parties, enhance the credibility of the company and its financial report and help the regulator in ensuring healthy reporting practices in the market. The markets are greatly dependent on this document and most of the time the information provided in these documents is the only information the whole market has even increases the need to have risk assessment analysis in the report. The risk assessment analysis has provided many opportunities to the market investor. It provides opportunity to see the company without reading the whole financial reports. It secures them from getting to the whole procedure of financial ratios and figures (Business Recorder 2014 78).
As the need of risk assessment increases, included in the financial reports, one needs to be very accurate in order of writing it as billions of rupees could be at stake with a slight slip of words (BBC 2014 1) Not only that, the reputation of the company comes to the stake as misrepresentation may make the people to believe it as the intentional effort to misguide him/her. That is the reason regulators have done so much effort in ensuring the credibility of the risk assessment and other such statements in the financials.
Regulators Sensitive to the Information
The regulators in any country are very sensitive to the information provided in the risk assessment and the analysis of the company done by its financial team as it may lead to consequences for the economy. The healthy financial practices are the mean of attracting people to the country. To ensure that the regulators have devised many regulations for those third parties responsible for an assessment of the financial reports. It made them valid to get published for the public. The effort of the regulator towards the statement further reiterates the need to include the risk assessment statements in the financial reports (Reuters 2014 23).
There is a recent event in which the Deutsche Bank is criticized for its failure to comply to the reporting standards prevailing in the market. It has greatly raised the question over the credibility of the banking industry in relation to the financial reporting done by them. The reason lies in the fact that the bank is one of the important institutions in the American banking industry. Its failure to comply the reporting standards raised certain allegation over the credibility of the whole banking industry in relation to the business ethics. The banks, as we all know are the instruction that depends on the investments made to them are more needed to be affiliated with the business ethics (Daniel SchÃfer 2014 89).
The matter comes to the surface when in 2012, the regulator for American banking industry first warn the bank for the disclosure that it makes in its financial statements which are not credible nor verifiable. The bank is asked to look into the matter and as it promises to better the presentation, the figures used for the operational risk are not true and fair in a review. The regulator further raised its concern over the statements made in terms of the regulatory compliance efforts that the company has been making. The concern further rose when the regulator in a mild report revealed that many banks have been doing the same with less magnitude that lowers their detection level (The Wall Street Journal 2014 89).
“The Bank also published today preliminary restated segmental financial data arising from the establishment of the NCOU and implementation of its new segment structure in its core business divisions. That includes a refinement of coverage costs between Corporate Banking & Securities (CB&S) and Global Transaction Banking (GTB). The reallocation of these costs resulted in EUR 83 million of additional costs for GTB in 2011 and a corresponding reduction in CB&S costs during that period, in each case as restated to reflect the new segment structure” (Annual Report Deutsche Bank 2012 24-87).
Analysis
Analyzing the statement, one comes to know that the company has either budget the new unit to a significant low level at the start of the project or have made loss in the operation that will reflect the negative impact over the other financial figures of the company. The fact lays the same that the amount may not affect the performance of the bank in the ordinary scenario, but it greatly affects the performance of the company in times when the market is going through bad phase. Not only has that, the regulators worsen the situation by declaring their concerns about the report from which the part is quoted. Not only that, the company has been accused of using wrong financials, especially in their reports related to the operation.
Risk reporting in this scenario greatly reveals the importance of assessment statements in the financial reports. The current statement, if considered to be true reflects the fact, that there is not much worry for the company in relation to the loss that it has faced in its operations although its new unit is not functional yet. But the matter of the fact is that, not only the market situation makes the figures alarming, the inaccuracy and weak credibility of the report decreases the investors’ confidence over the bank (Business Insider 2014 243).
Accuracy and the Credibility
The accuracy and the credibility of the figures presented in the reports is very important so if a question is raised on something related to the figures, the credibility of the whole reports get to the stake as the analysis based on these figures are not credible as well. The company tries to under present the losses that it made during these operations, and hence it showed a lower risk in its report while the actual scenario was different.
“This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based, on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements, therefore, speak only as of the date they publish, and we undertake no obligation to update publicly any of them in light of new information or future events” (Disclaimer Annual Report, 2012 309).
The disclaimer made in the report clearly shows that the management is not confident on the figures they have presented in the report. In the later segment of the report, the company has tried to mitigate the understated risk by saying that company does have difficulty in making up to the level where it can match its operational profit with the expenses. The reporting, especially when it comes to risk reporting greatly defines the company capability to see through the negative time without getting to some false assumptions (Dictatorship. 2014 89). Not only that, the company is accused of inadequate auditing that further deteriorates the credibility of the report published by the bank. The concerns of the authorities have a lot to do with the performance of the bank. In the coming economic session so the company made arrangements to ensure that the stated risk to its operation can be avoided to the extent they can. The later years have shown success of the company but regulators are still concerned over the reporting issues still exists in the financial reports of the company.
The risk assessment and the financial reports are greatly important for the performance of the company. In the coming season, this is the reason why companies are so conscious in relation to their progress in reporting risk in their annual financial statements. The bank has made its reporting in a way that tries to make up to the confidence of the investor. They use the management affirmation and confidence, in relation to the progress of the bank in the coming year and making up of the losses of the current year. The declaration of the regulators impact badly over the company and reduces the interest level of the investors. In order to make up to the losses being faced in the current year, the company decides to raise its tier 1 capital to ensure that its gets the operational funds going.
“The Financial Report contains Bank’s audited Consolidated Financial Statements for the 2013 financial year, prepared in accordance with International Financial Reporting Standards (IFRS) and includes the Compensation Report. As per the audited results, net revenues for the year 2013 were EUR 31.9 billion, down by 5% versus 2012. Noninterest expenses were down 9% to EUR 28.4 billion versus the prior year. Income before income taxes was up 79% to EUR 1.5 billion while net income was EUR 681 million, an increase of 116% versus 2012. As previously reported, Bank’s CRR/CRD 4 pro forma fully loaded Common Equity Tier 1 ratio at the end of 2013 was 9.7%, up from 7.8% at the end of 2012 (Annual Report Deutsche Bank, 2012 45).
The above mentioned statement showed the negative impact of the reporting done by the company in the previous year. It is a statement taken from the management’s overview of 2013 when they declares a negative income from the previous year. The performance should be read in context of the tier one capital they raised during the year. The risk reporting throughout the financial report has been trying to mitigate the negativities of the losses that are made during the year. The lack of adequate audit report even reiterates the company’s confidence over the financial statements that it has presented to the market (BidNessetc 2004 67).
Report Requirement
“The directors of a company must prepare a strategic report for each financial year of the company (2) Subsection (1) does not apply if the company is entitled to the small companies exemption (3) For a financial year in which— (a) the company is a parent company, and (b) the directors of the company prepare group accounts” the above mentioned statements in the amended companies act applicable from 1st of October, 2013 clearly indicates that directors are required to present strategic reports with the financial report. The section 414 B highlights the exemption available to small companies while 414C states the content of strategic report required to be posted with the financials. (Companies Act 2006)
Conclusion
Companies are more likely to fall prey to misrepresentation than any other stakeholder of the financial statements. These misrepresentations put the reputation of the company as well as the future performance greatly at risk. To put the risk in a way that mitigates the impact, one needs to divide the risk into its segments that will help the company in reporting to the people with the real reflection. There are several types of risk that are reported in the financial reports; these include the market risk, financial risk, operational risk, investment risk and others. The handling of the risks at the individual level helps the company in acknowledging their lack of performance. The display of performance to the market in this way further, raises the confidence of the investor over the company (Gibson 2013 89). Financial risk reporting in the financial statements can be made effectively if the company compares the digits with the low performing digits of the industry and its own figures for the previous year. The market research for the behavior of the customers or their movement to the other product of the company can be used to define the lower performance of the bank in a specific segment. Another way with which the company can mitigate the impact of the poor performance lies in its better performance in the later segment of the year. The segment of the financial year closer to the annual report shows good signs to invest in the company. Such thing will change the overall image of the company and will make the investor believe in whatever the company’s management says in their management’s overview.
References
BBC. 2014. Deutsche Bank in mis-reporting fine. [ONLINE] Available at: http://www.bbc.com/news/business-28964837. [Accessed 05 September 14]
Beaver, William, 1989. "Financial reporting, supplemental disclosures, and bank share prices.”. Journal of Accounting Research, [Online]. 30, 157-178. Available at: http://www.jstor.org/discover/10.2307/2491230?uid=3738832&uid=2&uid=4&sid=21104125960771 [Accessed 05 September 2014].
Beaver,, William , 1989. "Financial reporting, supplemental disclosures, and bank share prices." . Journal of Accounting Research, [Online]. 30, 157-178. Available at: http://www.jstor.org/discover/10.2307/2491230?uid=3738832&uid=2&uid=4&sid=21104125960771 [Accessed 05 September 2014].
BidNessetc. 2004. Deutsche Bank: Faces Trouble for Its Financial Reporting Structure. [ONLINE] Available at: http://www.bidnessetc.com/23262-deutsche-bank-faces-trouble-for-its-financial-reporting-structure/. [Accessed 05 September 14].
Botswana, Christine A., 2005. The Accounting Review. American Accounting Association Article Stable, [Online]. 72.3, 323-349. Available at: Http://www.jstor.org/stable/248475 [Accessed 05 September 2014].
Business Insider. 2014. REPORT: Deutsche Bank Has Made 'No Progress' In Fixing Reporting Problems — It's A 'Systemic Breakdown' Read more: http://www.businessinsider.com/r-ny-fed-found-serious-problems-at-deutsche-banks-us-arms. [ONLINE] Available at: http://www.businessinsider.com/r-ny-fed-found-serious-problems-at-deutsche-banks-us-arms-wsj-2014-22. [Accessed 05 September 14].
Business Recorder. 2014. Deutsche Bank fined for mis-reporting. [ONLINE] Available at: http://www.brecorder.com/money-a-banking/198/1218583/. [Accessed 05 September 14].
Cohen, , Daniel A, 2008. "Does information risk really matter? An analysis of the determinants and economic consequences of financial reporting quality." . Asia-Pacific Journal of Accounting & Economics , [Online]. 15.2, 69-90. Available at: http://www.tandfonline.com/doi/abs/10.1080/.VAnuS8WSwik [Accessed 05 September 2014].
Dan, Hayne. , Givoly, and Carla 29.3 , 2000. "The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative?." . Journal of Accounting and Economics, [Online]. 29.3, 287-300. Available at: http://www.sciencedirect.com/science/article/pii/S0165410100000240 [Accessed 05 September 2014]
Daniel Schäfer. 2014. Deutsche Bank fined £4.7m by FCA over reporting blunders. [ONLINE] Available at: http://www.ft.com/cms/s/0/03621630-2eae-11e4-afe4-00144feabdc0.html#axzz3CSsLy1uI. [Accessed 05 September 14].
Debreceny, Gray, Rahman. , Roger, Glen L.and Asheq , 2003. "The determinants of Internet financial reporting." . Journal of Accounting and Public Policy, [Online]. 21.4, 371-393. Available at: http://www.sciencedirect.com/science/article/pii/S0278425402000674 [Accessed 05 September 2014].
Dictatorship. 2014. Deutsche Bank Suffers From Litany of Reporting Problems, Regulators Said. [ONLINE] Available at: http://www.directorship.com/deutsche-bank-suffers-from-litany-of-reporting-problems-regulators-said/. [Accessed 05 September 14].
Financial Times. 2014. NY Fed hits at Deutsche Bank unreliable able regulatory reports. [ONLINE] Available at: http://www.ft.com/cms/s/0/00ffbe76-11dd-11e4-a17a-00144feabdc0.html#axzz3CSsLy1uI. [Accessed 05 September 14].
Gibson, Darril. 2013. Managing Risk in Information Systems, Jones & Bartlett Publishers, pp 89.
Healy, G. Palepu., Paul M., and Krishna , 2001. "Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature." . Journal of accounting and economics , [Online]. 31.1, 405-440. Available at: http://www.sciencedirect.com/science/article/pii/S0165410101000180 [Accessed 05 September 2014].
Linsley, Shrives, Philip M and Philip J., 2006. "Risk reporting: A study of risk disclosures in the annual reports of UK companies.” The British Accounting Review, [Online]. 38.4, 387-404. Available at: http://www.sciencedirect.com/science/article/pii/S0890838906000461 [Accessed 05 September 2014].
Kothari, S. P, 2000. "The role of financial reporting in reducing financial risks in the market.” CONFERENCE SERIES-FEDERAL RESERVE BANK OF BOSTON. , [Online]. Vol. 44, 198. Available at: http://www.bostonfed.org/economic/conf/conf44/cf44_6.pdf [Accessed 05 September 2014].
Mary E, R. Landsman, Barth, and Wayne, 2010. "How did financial reporting contribute to the financial crisis?”? European Accounting Review, [Online]. 19.3, 399-423. Available at: http://www.tandfonline.com/doi/abs/10.1080/09638180.2010.498619#.VAnwdcWSwik [Accessed 05 September 2014].
Reuters . 2014. NY Fed found serious problems at Deutsche Bank's U.S. arms: sources. [ONLINE] Available at: http://www.reuters.com/article/2014/07/23/us-deutsche-bank-usregulators-idUSKBN0FR2BU20140723. [Accessed 05 September 14].
Roulstone, Darren T, 1999. "Effect of SEC financial reporting release No. 48 on derivative and market risk disclosures.” Accounting Horizons, [Online]. 13.4, 343-363. Available at: http://aaajournals.org/doi/abs/10.2308/acch.1999.13.4.343 [Accessed 05 September 2014].
Venkatachalam, Mohan, 1999. "Value-relevance of banks' derivatives disclosures.” Journal of Accounting and Economics, [Online]. 22.1, 327-355. Available at: http://aaajournals.org/doi/abs/10.2308/acch.1999.13.4.343 [Accessed 05 September]
Weil, David, 2006. "The effectiveness of regulatory disclosure policies.” Journal of Policy Analysis and Management, [Online]. 25.1, 155-181. Available at: http://onlinelibrary.wiley.com/doi/10.1002/pam.20160 [Accessed 05 September 2014].
Zéghal, Lajili, Kaouthar, and Daniel , 2005. "A content analysis of risk management disclosures in Canadian annual reports.". Canadian Journal of Administrative Sciences, [Online]. 22.2, 125-142. Available at: http://onlinelibrary.wiley.com/doi/10.1111/j.1936-4490.2005.tb00714.x/ [Accessed 05 September 2014
The Wall Street Journal. 2014. Deutsche Bank Suffers From Litany of Reporting Problems, Regulators Said. [ONLINE] Available at: http://online.wsj.com/articles/deutsche-bank-suffers-from-litany-of-reporting-problems-regulators-said-1406058151. [Accessed 05 September 14].
Jim DeLoach. 2012. Key Elements of the Risk Management Process. [ONLINE] Available at:http://www.corporatecomplianceinsights.com/key-elements-of-the-risk-management-process/. [Accessed 17 September 14].
