Risk Management in the United Kingdom Internet Banking - Dissertation Example

The paper "Risk Management in the United Kingdom Internet Banking" is a great example of a dissertation on management. Risks to internet banking exist and United Kingdom customers are aware of this. The level of these risks is low in the United Kingdom and customers have reported satisfaction with risk management. Risk avoidance that has limited the scope of internet banking in the United Kingdom seems to be the reason for the perceived satisfactory risk management. The study sought to identify prevalent risk among the internet banks in the United Kingdom, applied risk management strategies, and effectiveness of the strategies.   

Methods: A survey design was used to collect quantitative and qualitative data. A sample of 22 employees, with knowledge and experience in their banks’ risk management, from five internet banks, where the research participants. Descriptive statistics and test of hypothesis results were generated for the data analysis.

Results: Four risks to internet banking are identified. Risk management strategies are also identified, in three categories that are mutually exclusive. The three categories are risk assessment, mitigation, and monitoring strategies. Strategies in the categories were effective, though their levels of effectiveness differed. The use of more effective strategies was prevalent and risk management teams had a supportive risk management environment. Recommendations are made for use of the risk management strategies that the investigated banks are using and review and use of the strategies that the participants recommended.  

Discussion and conclusion: The results are consistent with existing literature. They identify dynamism in internet banking that requires a dynamic approach to the use of management strategies. The identified risk management strategies, which are effective, are recommended for use in the United Kingdom’s internet banking sector, in other regions, and in other e-commerce sectors. 

Technology has changed consumer behavior and influenced service providers to modify their products to suit the changing behavior. Associated with the emerging behavior is the need for convenience that can shift demand among competitors with a competitive advantage to a service provider who can offer the convenience (Clifford, 2011, p. 61).