Internal controls and financial risk management in selected private bank institutions in Mogadishu, Somalia
Loading...
Date
2014-05
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Kampala International University, College of Economics and Management.
Abstract
This research investigated the relationship between internal controls and financial risk management in selected private bank institutions in Mogadishu, Somalia. with the major objectives of the study; to determine the of level internal control; to determine the level of financial risk management; and to establish if there is significant relationship between internal controls and financial risk management. The target population was 320 workers; using judgmental sampling the researcher selected 177 respondents in two banks operating in Mogadishu; from 102 employees includes managers and functional staff for Salam Somali bank while 75 employees includes managers and staff from Amal bank. The data was analyzed using SPSS to determine the mean of the two variables; the Person’s Linear Correlation Coefficient was used to determine the correlation between independents and dependent variables. The findings of this research revealed that r0.782 and there is strong positive relationship between internal control and financial risk management; while null hypothesis rejected. Based on the findings, the researcher recommended that: the private bank institution in Mogadishu should impalement Effective and strong internal control policy should be communicated to all levels of the bank’s l) apartments and Divisions for managing different types of risk; and the management’s philosophy and operating style of the hank’s business strategies should be Formal for their integrity, ethics, and competence of personnel.
Description
A thesis submitted to the college of higher degrees and research in partial fulfillment of tile requirements for the award of the degree master of business administration (banking and finance) of Kampala international university
Keywords
Internal controls, Financial risk management, Private bank, Mogadishu, Somalia