Hongkong and Shanghai Banking Corporation and Barclays - Essay Example

? Critical Analysis of Research Sources Introduction In order to investigate a hidden aspect of a real life situation, there is a need of some intensive and in-depth research. The prime motive of any research work is to retrieve authentic and applicable results of the research work. With respect to this, the success of the work in the research depends heavily on the quality of information and data collected from various sources because only on the basis of timely and relevant information, a feasible and fruitful data analysis can be taken into account for retrieving the most applicable solution of the research problem. In this respect, it is quite essential to reassess all the data collection sources, which the researcher wants to incorporate in his research work. There are several different types of data collection sources which are directed to reveal different type of information related with the research context. I have used primary and secondary data collection mythologies in the research. For using such methods, it is quite crucial for me to reveal merits and demerits of different types of data sources and align them with his objectives of the research so that the work related to the current research can be performed and conducted in the most efficient and effective manner. The presented paper is aimed to reveal the importance and effectiveness of different research methods taken into account for the purpose of undertaking a competent research work on the topic, i.e. ‘the risk management strategy of HSBC and Barclays’. This research topic is selected for the research work as it is a comprehensive research topic, which contains some crucial and effective insights into risk management theories and practices undertaken by different business organizations. However, the span of this research topic is so comprehensive that different types of data collection sources seem to be in need. Research Methods Data Sources Used in the Research In order to reveal the differences and similarities between the risk management strategies undertaken by HSBC and Barclay’s banks, there is a need of different types of data of existing operational and strategic practices undertaken by both banks. In order to obtain such important and relevant information, I have considered two methods of data sources. These two methods are relevant Internet sources and review of 'hard copy' books and journals. In addition to this, with the help of measure of reviewing 'hard copy' books and journals, an intensive library research has been conducted, in which different books and journal articles available in the library in hard copy have been reviewed. These both methods have been used for the purpose of extracting some secondary type of information. A secondary type of information can be said to be the information which has already been gathered and collected and used by previous scholars in their research work. A brief discussion regarding these two different data collection methods and their usability and applicability are presented as below: Critical Analysis of Secondary Sources for Data Collection The first and foremost method undertaken by me for collecting data regarding operational policies of both banks is Internet. In this method, the website of both banks, their annual reports and other online available sources have been taken into account for the purpose of collecting information regarding differences and similarities between risk management strategies of both banks. This method used in the research work has been proved quite helpful for retrieving the desired information. Internet is a vast source of information through which different types of information can be retrieved without investing significant amount of time and efforts. This research work based on the usage of Internet sources was quite efficient as the research problem can be resolved by retrieving some of internal information related with bank’s policies and operations. The internet search has been done for this purpose as this is the place where interviews with banks officials, reviews of customers, different point of views of other scholars, and news related with banks policies and strategic changes can be retrieved (Saunders, 2003). In the process of searching desired data and effective information, a search engine (e.g. Google) has been proved quite helpful. With the help of using search engines, the search has become quite effective and less time consuming. In this regard, there are different key words such as ‘risk management in HSBC bank’ and ‘risk management in Barclay bank’ have been used quite intensively. The search results retrieved with the help of these key words were quite helpful for the researcher. Through the Internet, a number of different and crucial sources such as online books, online journal articles, e-newspapers, magazines, different news portals, soft copy of annual reports of both banks and official websites of the banks can be browsed and some crucial and desirable information can be retrieved from them. The main website of the company was the prime source of information regarding policies of the banks. The official websites of both banks also have also been used to explore different news and actions undertaken by the management of the banks for the purpose of reducing their risk in the recent period of time. All this information has been used quite intensively in order to retrieve effective and authentic results of research problem (Bergh and Ketchen, 2009). The usage of Nexis UK and Mintel sources in this research process have made this research work quite comprehensive and effective. The first and foremost benefit availed through using this method for data collection is that the method is quite time saving. As the lack of time is the major constraint associated with the research process, this method has allowed me to browse some different types of effective and data in a very short period of time. All the information has been availed through desk research only by using Nexis UK and Mintel. In addition to this, with the help of Google, the researcher has become able to take reference from previous different research works undertaken on a similar kind of topic, which are easily available on the Internet. Google (Internet) is an effective and efficient source through which research papers published in various parts of world and in different periods of time can be browsed quite easily. These past research papers have proved quite effective in understanding the way through which an effective research paper can be constructed. In relation to this, Google has also provided one of the easiest and cheapest ways of the data collection as with the help of Google different types of information can be browsed with just one click. As per the requirement of the research work, there is a need of some detailed information related with both banks. In this regard, the Internet has helped in retrieving comparative data regarding both banks, which is quite useful in the context of this research work. Along with such crucial benefits, some issues are also associated with this method. The first and foremost issue is related with the authenticity of data collected with the help of Internet sources. In the process of undertaking research work, a number of different websites have been browsed for retrieving information related with the risk management strategies of both banks. However, among such websites, there were different websites which could not be considered authentic and the information retrieved from such websites could not be considered reliable. Different blogs and non-academic websites such as Wikipedia cannot be considered as a reliable source of information as the information provided by such sources is not backed by any authentic and acceptable evidence. In the research process identification of reliable and authentic Internet source has proved one of the most critical tasks. Along with this, through Internet sources only unprocessed and raw data regarding risk management strategies of both banks have been extracted. I had to invest my time in refining such raw data and convert them into meaningful information for using in the research process (Rubin and Babbie, 2010). These are some of the crucial merits and demerits of using the Internet as a source of information and data in the research work. Critical Analysis of 'Hard Copy' Books and Journals for Data Collection Along with the Internet, the second method used in the research process is library research method in which an intensive review of different 'hard copy' books and journals on the topic of risk management has been taken into consideration. This method is used in the research work as there are some intensive benefits availed by me as a researcher in this research work. The usage of this method has allowed me to collect authentic data related with the research work. All the books and journals reviewed in hardcopy were written by highly knowledgeable and regarded writers and scholars, and published by well known publishers. Owing to this, there is less scope for lacking reliability of the information provided by such sources. This method has enabled me to retrieve a reliable and authentic solution of the research problem (Sapsford and Jupp, 2006). In addition to this, such type of data collection sources has also enabled me to obtain the information which has been collected and furnished by the previous researchers already. Thus, I had not to waste time in collecting the data and then making it of high quality. As all the books and journals available in the library are new and contemporary, information provided by such sources are quite applicable in the existing scenario. In addition to this, for the purpose of investigating the conceptual and theoretical aspects of the research work, this method of data collection is best suitable as it has been proved quite easy and less tiring to study literature in hardcopy in comparison to that in softcopy. The explanation of different concepts and models related with risk management in books and journal articles is quite effective and comprehensive, which is quite useful in presenting the research topic in the most efficient manner (Maxwell, 2005). As every coin has two different sides, this method of data collection also has some critical limitations. The availability of hard copy of books and journal articles are limited within the library. Due to the constraint of time, space and cost, it is not feasible to have a vast pool of books and journals in a library, which has restricted the span of the investigation done on the subject. In the research process, I had to invest a significant amount of time and efforts in the finding of the most relevant and applicable literature for this research work. In relation to this, as the time has been regarded as the utmost constraint for this research work, the method has presented some of the critical problems before me as a researcher (Denzin and Lincoln, 2000). Conclusion On the basis of the evaluation and review of different findings of the paper, it can be concluded that for collecting different types of information in the research process, several crucial methods can be used. Using two different types of methodologies for data collection, it has been revealed that there are some differences in the risk management practices undertaken by both banks. Although on the theoretical account, some similar types of theories related with risk mitigation and resources optimization have been revealed for both organizations, on the practical account some differences between risks mitigation strategies have been revealed. Moreover, because of different external environmental conditions, both banks are required to change their risk management strategy accordingly. References Bergh, D. D. and Ketchen, D. J., 2009. Research methodology in strategy and management. Emerald Group Publishing. Denzin, N. and Lincoln, Y., 2000. A handbook of qualitative research. 2nd ed. London: Sage. Jackson, S. L., 2008. Research methods: a modular approach. Mason: Cengage Learning. Maxwell, J. A., 2005. Qualitative research design: an interactive approach. SAGE. Sapsford, R. and Jupp, V., 2006. Data collection and analysis. London: Sage. Saunders, M., 2003. Research methods for business students. 3rd ed. Pearson Education. Rubin, A. and Babbie, E. R., 2010. Research methods for social work. 7th ed. Cengage Learning. Appendix Internet sources: Barclays risk management strategy, 2012. [Online] Available at: http://reports.barclays.com/ar11/riskmanagement/riskmanagementstrategy.html [Accessed on: 28th October 2012]. Internal control, 2012. [Online] Available at: http://www.hsbc.com/1/2/investor-relations/governance/internal-control [Accessed on: 29th October 2012]. Managing risk at HSBC, 2012. [Online] Available at: http://www.hsbc.com/1/content/assets/investor_relations/101007_mngrisk_br.pdf [Accessed on: 29th October 2012]. Risk management and governance - strategic report – Barclays, 2012. [Online] Available at: http://reports.barclays.com/ar10/files/pdfs/barcar10_riskmanagementandgovernance.pdf Accessed on: 28th October 2012]. Risk management, 2012. [Online] Available at: http://www.hsbcprivatebankfrance.com/english/risk-management.asp [Accessed on: 28th October 2012]. Specialist unit helps Barclays improve risk management of outsourcing arrangements, 2012. [Online] Available at: http://www.computerweekly.com/feature/Specialist-unit-helps-Barclays-improve-risk-management-of-outsourcing-arrangements [Accessed on: 28th October 2012]. The Hong Kong and Shanghai Banking Corporation Limited, 2012. [Online] Available at: http://www.hsbc.co.in/1/PA_1_083Q9FFKG80E20RA9Q00000000/content/website/pdf/rbi/basel_disclosure_march11.pdf [Accessed on: 29th October 2012]. Books and Journals: Adam, T., 2002. Risk management and the credit risk premium. Journal of Banking and Finance, 26, pp. 243-269. Hahn, F. D., Doh, J. P. and Bunyaratavej, K., 2009. The evolution of risk in information systems offshoring: the impact of home country risk, firm learning, and competitive dynamics. MIS Quarterly, 33 (3), pp. 597-616. Harner, M. M., 2011. Barriers to effective risk management. Seton Hall Law Review, 40 (2), pp. 1320-1363. Luo, J., Meier, S. and Oberholzer-Gee, F., 2012. No news is good news CSR strategy and newspaper coverage of negative firm events. Harvard Business School, pp. 1-27. Petersen, M. A. and Thiagarajan, S. R., 2000. Risk measurement and hedging: with and without derivatives. Financial Management, 29 (4), pp. 5-30. Stulz, R. M., 2002. Derivatives, financial engineering & risk management. Mason, Ohio: South-Western College Publishing. Read More