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Operational Risk Has Been Often Underestimated Finance Essay - Free Essay Example

Operational risk has been often underestimated and set aside in relation to other risks by many insurance companies during the past, especially in insurance and banking industry. Nowadays, operational risk has been given more attention, as it has been realized that proper and effective operational risk management can significantly reduce unnecessary operational losses. It can also result in enhanced productivity and more effective and efficient business processes that are crucial for every organization. Managing operational risk is not an easy task, and companies are constantly dealing with difficulties in creating a suitable integrated system how to asses, reduce and manage their risks in an adequate way. The main problem is that operational risk has been for many years neglected and experiences have shown that consequences of that type of risk have frequently resulted in large capital losses and liquidation of companies. Other also important problems are lack of quality information, traditional approaches in quantifying risk and unreliability of these types of approaches. However, large numbers of insurance companies have turned towards using scenario analysis, which is eased by development of modern and advanced information technology. All this problems, concerns and activities are referred to one of the main principles of every insurance company, and that is, insuring solvency. Solvent insurance company is perceived as capable of covering and redeeming all claims, regardless of their size and number, without any difficulties towards its clients. Also, it is considered being able to pay its financial obligations towards state, other companies and employees in maturity deadlines. In making all this possible, insurance company need to adequately allocate and manage their capital and risk. That means, insuring an adequate level of capital for covering all risks that they are facing in their business activities with the final goal of creating value. Being and staying solvent is for insurance companies extremely important, not only because of the facts mentioned above, but also due to regulatory institutions that demand and enforce companies to be solvent and require level of capital needed for maintaining solvency. The most important forthcoming regulation, for insurance company, is called Solvency II. It represents a new set of regulatory rules that should, besides protecting insurers, ensure long term stability of the financial and insurance sector. Sol vency II implies narrow engagement in risk management and risk recognition in companys business activities. In that way, companies would be properly capitalized according to all undertaken risks. Also, they would adapt business policy and desired profitability towards their own risk exposure. Nowadays, companies are increasingly putting effort in complying with all of the Solvency II regulations. It is a long process that requires a lot of work and faces various difficulties. Implementation of Solvency II has been postponed for a couple of times so far and it is supposed to be put in charge on beginning of 2015. As companies progress through their implementation programmes, some aspects that had hitherto taken a backseat are now starting to receive more attention as it is realized that they may have more impact than previously thought. One of such areas is Operational Risk. It is often seen as just a catch-all for other risks, and especially those that are not conveniently tra ctable; the fundamental importance of operational risk is increasingly being realized, as recognition spreads that this is where many of the insurance industrys killer risks can tend to lurk. Management of operational risks, and crafting companies that are ever more robust to these risks, are now seen as key aspects of sound insurance management. Operational risk is also moving up companies agendas, as the capital charge under the Solvency II Pillar I standard-formula calculation is a rather crude measure, essentially based on business volumes. Whilst this has the benefit of simplicity, in some situations it is leading to what are seen as excessive capital requirements.  [1] There has been also a new wave of demand for the quantification of operational risk. For insurance companies, current Solvency II requirements are triggering the development of internal operational risk models. At first glance, the less explicit requirements of Solvency II regarding methodology choice seem to be an advantage. However, the lack of insurance industry benchmarks and regulatory rules can result in lengthy and difficult-to-manage approval processes. Operational risk extends well beyond the confi nes of a risk model or formula-based quantifi cation. It encompasses a companys business activities and is an integral part of an efficient enterprise-wide risk management framework.  [2] Over the past few decades many insurers have capitalised on the market and have developed new business services for their clients. On the other hand, the operational risk that these insurers face have become more complex, more potentially devastating and more difficult to anticipate. Although operational risk is possibly the largest threat to the solvency of insurers, it is a relatively new risk category for them. It has been identified as a separate risk category in Solvency II.  [3] To date, most of the controversy over Solvency II has foscused on the draft directive, the calculation o f technical provisions and the formulas used to calculate the Minimum Capital Requirement (MCR) and the Solvency Capital Requirement (SCR). These initiatives have focused on measurement of insurance and asset risks. Many have the view that there are still numerous issues concerning operational risk that must be resolved under Solvency II.  [4] The purpose of this thesis is to provide a better insight on how to effectively manage operational risk (OpRisk) and what are the implications from the new regulatory rules of Solvency II. It is designed as a management perspective in dealing with operational risk, but all of the aspect of that type of risk has been included in the work. Due to the broad area of operational risk management (ORM), the thesis is focused on main aspects of the risk, its definitions, features, measuring and quantifying. Framework for managing OpRisk will be thoroughly described and Solvency II demands and considerations will also be stated and explained. Sour ces used for the thesis are mostly external and precisely selected. An interview will also be undertaken with a risk manager in a company in which the writer is currently doing an internship. This will surely help me, as a writer, to better understand the subject and be more competent in explaining and bringing closer the topic developed in my thesis to anybody who reads it or has some questions regarding the subject. I decided for this topic because I was astonished by the fact that large number of insurance companies, especially in Croatia, are losing significant amount of time and money on simple every day processes. In other words, operative tasks are a factory of a big number of errors and losses due to poor process control or human error caused by too much workload. That is because I see a need to better understand and mange operational risk in order to achieve better overall results in all business sectors and diminish losses and errors to a minimum. In the thesis, Chap ter 2 is regarding defining and properly explaining operational risk, and mentioning its features, categories and dimensions. Chapter 3 is concerning measuring and modeling of OpRisk, its taxonomy and problems that arise from these types of processes and how do company face them. Chapter 4 explains the Operational Risk Management Framework, its stages, challenges and difficulties. Possible risk transfers are also mentioned in this chapter as a way of protection from unwanted events. In Chapter 5, it is discussed about the Solvency II and its implications, most of them regarded by the Pillar I. Benefits and concerns that are expected in the future from the new regulatory rules will also take a part in this chapter. After chapter 5, there will be a thorough conclusion about the whole process of managing operational risk, with respect to the insurance industry and the effect that Solvency II will have regarding that specific type of risk. OPERATIONAL RISK AS A TERM Risk represents the probability of a potential event happening and resulting in harmful consequences. In the evaluation of the risk size, major factor taken in consideration is the severity of consequences produced by the risk itself. Hence, risk stands as a measure of probability of an unexpected outcome. International Organization for Standardization defines risk as a ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾probability combination of an event happening and its effectsadding that ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾effects can be positive or negativeand suggests also that ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾in some situations, risk represents a degree of deviation from what is expected. If we look at the term risk from the insurance industry perspective, we can determine risk as danger of a negative financial outcome from a possible future event. Insurance industry has a key role in society when it comes to risk management, simply because insurance provides the mechanism of risk dispersion throug h forming a risk community. It allows individuals and legal entities (business subjects) to accept the risk that would be unacceptable without the existence of insurance. Whole industry is focused mainly on the identification, evaluation and determination of the risk price and, by default, on risk management.  [5] 2.1. Defining operational risk Operational risk has multiple definitions. All of them can be used as a reference in defining this type of risk. It is possible to define it as, the risk arising from inadequate or failed internal processes, people and systems or from external events. This definition, which is based on the underlying causes of operational risk, includes legal risk but excludes business and reputational risk. Based on this defi nition, the concept of operational risk was subsequently developed to take into account the distinction between causes, events and the resulting operational losses (consequences or effects).  [6]  Moreover, there are other operational risk definitions which can represeent different perspectives of looking towards risk, such as: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾OpRisk is the risk of everything other than credit and market risk ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾OpRisk is the risk associated with the Operations department ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾OpRisk is the r isk that deficiencies in information systems or internal controls will result in unexpected loss. The risk is associated with human error, systems failure and inadequate procedures or controls  [7] C:UsersFilipDesktopfinal thesis- MIRM13pictures for final thesisWindowsLiveWriterFridaysMovieOperationalRiskPart12007FRM_CD5Aimage_2.png Figure 2.1. Segregation of causes and effect of operational risk; and other risk types All the definitions imply and emphasize the components and/or causes of operational risk. We can also call them risks or effects and they are: Processes/Policy, such as inefficiencies or ineffectiveness in the various business processes within the firm. For example like, accounting mistakes, value-supporting processes such as IT, HR, non-compliance with internal policies or external regulation or failures and other. People, such as employee error, employee misdeeds, employer, conflict of interest or from other internal fraudulent behaviour, health and security, etc. Technology, risks arising from defective hard- or software, failures in other technology such as networks or telecommunications, as well as breaches in IT security, system failures caused by breakdown, data quality and integrity issues, inadequate capacity, and poor project management. External, such as loss caused by the actions of external parties (for example, external fraud, competitor behaviour and regulatory changes) as well as macroeconomic and socioeconomic events, money laundry, lack of physical security for the institution and its representatives, etc. Looking at the various definitions and causes, it is obvious that defining operational risk is very demanding and challenging. But, it is also very important because if we want to manage and measure something, first we need to define it. Defining operational risk is problematical because it is so diverse. To get a feel of how diverse it is, we need to examine the kinds of loss events that can be class ified under operational risk. 2.2. Features of operational risk Characteristics of operational risk that distinguish it from other risks are that it is diverse, very peculiar, one-side and hard to manage. One also important fact that separates it from other risks is that operational risk is not taken directly; it is present inside normal business activities which undoubtedly make operational risk management very challenging and demanding. The diversity of the scope of operational risk is one feature that distinguishes it from the relatively narrowly defined market risk and credit risk, which are more widely understood and appreciated (by fi rms and regulators) as risk types. The diversity of operational risk (ranging from legal concerns to technological issues to behavioral matters to acts of God) makes it diffi cult to limit the number of dimensions required to describe it. Operational risk encompasses the types of risk emanating from all areas of the firm: front office to the back office and support areas.  [8] It is embedded in all othe r business risks and also intertwines with them, it is directly connected with human factor and hard to quantify. Hence, identifying operational risk is more difficult than identifying any other risk. Another specific feature of operational risk lies in its presence in all business processes. It can be considered as a by-product of everyday business activities and it can derive from business complexity, system and human errors, etc. That is why we can say that it is one-sided and driven solely by its role as an undesired effect of increasingly complex business operations. In this sense, the risk-return trade off associated with market risk has no equivalence in the case of operational risk, meaning that exposure to operational risk can cause losses without boosting the potential rate of return on capital and assets.  [9] To argue that point, it could be wrong to think that operational risk is one-sided in that sense. Insurance companies, other financial institutions and firm s in general are taking that risk on purpose with the aim of realizing potential return. So, if it was one-sided, then every firms objective would be to eliminate it completely, thus this can be done most effectively by shutting down your business. We all think that doing such thing would be a drastic, unwanted and not right minded action. By taking on operational risk, companies earn income while being exposed to the risk of incurring operational losses when they materialize. This is a basic example of a risk-return tradeoff. Hence, the fact is that operational risk should not be perceived as being entirely associated with the cost of doing business. Instead, it has to be seen as an integral part of the bundle of risks that are taken to generate profit. Operational risk, as mentioned before differs from market and credit risk, is peculiar in the sense that when it strikes one firm, it does not spread to other companies, implying the absence of contagion or system-wide effects. T hat means it is firm-specific and not systemic like some other risks. We can believe that operational risk is so specific also because it is considered that operational losses tend to have no correlation with general market forces. This is not a characteristic of market risk and credit risk. Market downturn affects all companies, and a default by the customers of one firm affects its ability to meet its obligations towards other companies. 2.3. Operational risk categories and dimensions As mentioned in the chapter before, operational risk comes from different sources. It is hard to control their effects which can result in operational losses. Therefore, important thing is to thoroughly understand these causes, in other words categories, and properly manage activities that are part of them. Basically we can divide operational risk sources into 5 categories: Organisation Policy Technology Human External events The 5 suggested categories are major and they present a valid base for solving problems for management. They represent a cluster of sub-categories which had to be created in order to allow the adding of new OpRisk aspects and the subtracting of obsolete ones. They allow one to be more specific on firm relevant risk drivers which require focus and responsibility assignment. Important is the intellectual, organizational and continuous discipline in categorizing the risks and in doing something reasonable about them.  [10]  There are many su b-categories which are divided among 5 mentioned major categories. ORGANISATION: Governance, Structure, Culture, Communication, Project Management, Outsourcing, Business continuity, Security POLICY: Policy and process, Compliance, Product, Client TECHNOLOGY: Communications, Hardware and Software, IT Security HUMAN: Employee, Employer, Conflict of interest EXTERNAL: Physical, Litigation, Fraud It is important that this sub-categorisation relies on a root analysis, i.e. causation of OpRisk loss events. By linking causation to relevant business activities, it is intended to use this structure as a tool with which to act upon OpRisk, thereby providing management with an OpRisk framework. The structure also lends itself to possible quantification by drawing upon data sources relevant for modeling as well as for qualitative reporting.  [11] Good risk management is crucial in order to sustain profitable and high returns and depend also a lot on managing operational r isk. It is not a new term in insurance but it is not also yet well known and sophisticated like management of other type of risks (credit and market risk). But, companys management does realize that understanding risks has always been fundamental management process. Hence, good risk management can produce and add value in 2 dimensions: Control: Independent risk assessment, compliance, business continuity planning, supervisory requirements, limits, progress reporting, escalation, corrections, etc. Shareholder value creation: efficiency, correct risk evaluation and pricing, duplicate control avoidance, rational economic capital allocation, reduction of regulatory capital, product enhancements, competitive strategic advantage, improved reputation, etc.  [12] The dimension 1. Control covers the following: avoiding accidents, catching non-compliance and illegal actions, complying with rules and regulations, complying with usual management needs. The dimension 2. Shareholder va lue creation adds a further stage which treats OpRisk more like a real business. OpRisk management also deals with quality management, efficiency management and the concept of opportunity cost. Naturally, the line between control and shareholder value creation is difficult to draw. The important thing is the direction to be chosen. MEASURING AND MODELLING OPERATIONAL RISK Operational risk management, in terms of modeling and measuring the risk, is not new to financial institutions: stability of information technology systems, client claims, acts of fraud, or internal controls failures have been closely monitored for years. However, these elements have historically been treated separately. More than one century ago, an Irish mathematician and physicist Lord Kelvin (1842-1907) made the following statement: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾I often say when you can measure what you are speaking about, and express it in numbers, you know something about it; but when you cannot measure it, when you cannot express it in numbers, your knowledge is of a meager and unsatisfactory kind. He remarked this to science, which is by default more precise than trying to measure operational risk. We can argue about, whether it will ever be possible to accurately measure this type of risk. In accordance to operational risk, the word ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾measurement has also some similarities with the word ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾assessment. But, we should distinguish these two words, in sense that risk measurement refers to the quantification of risk, whereas risk assessment represents a wider concept, hence refers to the interpretation of non-qualitative pieces of information. No matter how we call it, this process remains an important one for the purpose of developing the skills and expertise for its proper management.  [13]  The accuracy of risk measurement methods crucially depends on the soundness of risk model and the availability of data. Proper risk modeling requires a thorough understanding of recurrent patterns that underlie the risk under consideration. The appropriateness of those risk models is inherently linked to data availability and thus the occurrence of events. Not only do incidents help better understanding the underlying risk structures but they also provide the ground for statistical test ing of risk models. Furthermore, the accuracy of risk models depends on the measurability of outcomes and thus goes hand in hand with a sound definition and understanding of effects.  [14] Importance of risk modeling and measuring has definitely increased over the years due to changing environments of the insurance companies and banks. In order to remain stable and ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾in shape, the companies need to adapt to this new surroundings which is more complex, demanding. Operational risk modeling is also needed to serve the companys management as a tool for bringing and making better business decisions and solutions on the wanted level of taking operational risk (risk appetite). Many operational risk experts agree on the fact that the only feasible way to properly manage operational risk is it successfully identify and minimize it, which on the other hand requires development of adequate quantification techniques.  [15] 3.1. Operational risk model taxonomy Creating an operational risk model is extremely important because it identifies companys exposures to that type of risk, especially the financial impact of these exposures. Firms over the time change their strategies, distribution channels and product offerings. Due to that, management of the firms should also be interested will be, which is another aspect of the issue that the model should deal with. Last, but not least, the model should provide information that enables the management to compare the situation with those of other firms.  [16] The first step in any model development is to define the model scope and motivation. Besides the obvious purpose of quantifying operational risk, it is important to determine if the need arises from internal requirements (e.g., earnings at risk or scenario analysis for risk appetite) or if model development is also driven by regulatory requirements (e.g., Solvency II internal model or standard formula approach). The basic scope definition is the first step to develop key information for a suitable model design, for example, the appropriate percentiles of measurement, the calculation frequency and eventual constraints in the choice between different approaches. Thorough operational risk model building requires both an overarching governance framework and a robust basis of components. Model inputs, calculations and outputs are embedded in a governance framework that defines all key elements for the sound development, use and maintenance of the model.  [17] Identifying the core principles that underlie the operational risk process is the fundamental in deciding on the optimal model to be used. In general, operational risk models are classified into Top-Down Models and Bottom-Up Models, both of which rely on historical data. Bottom-up models are based on an analysis of loss events in individual processes, whereas top-down models require the calculation of the capital charge at the firm level and subsequently alloca ting it to the business lines, often using a proxy such as expenses or a scorecard approach.  [18] Top-down models quantify operational risk without attempting to identify the events or causes of losses. That is, the losses are simply measured on a macro basis. The principal advantage of this approach is that little effort is required with collecting data and evaluating operational risk. Main types of Top-down models are: Multifactor models for pricing equity CAPM approach Income-based models Expense-based models Scenario analysis Risk indicator models Bottom-up models quantify operational risk on a micro level being based on identified internal events, and this information is then incorporated into the overall capital charge calculation. The advantage of bottom-up approaches over top-down approaches lies in their ability to explain the mechanism of how and why operational risk is formed within an institution.  [19] C:UsersFilipDesktopslika3.PNG Fig ure 3.1. An example of modeling methods of operational risk Main bottom-up models are: Process model Factor model Actuarial model Process model focuses mainly on individual processes that are undertaken to perform operational activities. It basically means that, process approach models can be also characterized as bottom-up models. All processes are divided into components and each component is examined in order to identify the operational risk associated with it. It includes these techniques: Causal Networks (performing scenario analysis and simulations using historical data), Statistical Quality Control and Reliability Analysis (similar to causal networks) and Connectivity Analysis (estimating potential losses using connectivity matrix). Factor model can be understood as an attempt to identify the major determinants of operational risk, on institution level or on lower levels such as individual business lines or processes. This type of approach encompasses these techniques: Risk Indicators (regression-based technique used to identify risk factors), CAPM-like Models (arbitrage pricing models used to relat e the volatility of returns), Predictive Models (operational losses are identified using discriminate analysis and similar techniques). Actuarial model focuses on the loss distribution associated with operational risk. It covers the following techniques: The Empirical Loss Distributions Technique (plotting data on losses in a histogram), The Parameterized Explicit Distributions Approach (smoothing the distribution choosing an explicit distributional form, and The EVT-Extreme Value Theory (used to describe the distribution of extreme values in repetitive processes).  [20] 3.2. Measuring operational risk Because risk cannot be eliminated completely, risk measurement is the key to, and an essential prerequisite for, effective risk management. And it is not only about the amount of risk, but also where it resides, what contributes to it and the impact of mitigation strategies. All of these dimensions are important for companies that aspire for the implementation of effective risk management practices. And while there is nothing wrong in principle with using a capital buffer for any sort of risk, the resulting capital charge will only create unsound incentives if the calculation method is poor. Currently, efforts are directed at the improvement of the techniques used for operational risk measurement and consequently management. The accuracy of risk measurement methods crucially depends on the soundness of risk model and the availability of data. Proper risk modeling requires a thorough understanding of recurrent patterns that underlie the risk under consideration. The appropriateness of those risk models is inherently linked to data availability and thus the occurrence of events. Not only do incidents help to better understand the underlying risk structures, but they also provide the ground for statistical testing of risk models. Furthermore, the accuracy of risk models depends on the measurability of outcomes and thus goes hand in hand with a sound definition and understanding of effects.  [21] To ensure a credible outcome of the quantification, it is thus necessary to look at each element of OpRisk one by one, as each might require a specific quantification method. Measurement of operational risk involves looking at its four different aspects within an organisation: its size, severity and intensity its frequency its context dependency its interaction The size describes the observed extent of a move. The frequency describes the number of times a move of a given size occurs within say a given time period or a given organisational unit. The context dependency describes whether the move size is different in different situations or not. This tells whether every operational risk event is unique in itself or shows regularities in occurrence as drivers do not alter. Context dependency is high for operational risk as its major drivers, people and organisation, are unique and change permanently. This is why the use of databases of industry operational risk events has limited relevance for the specific firm. Also, the higher the context dependency, the less the past will be a good indicator for the future. The interaction describes the interlinkages between moves. In the area of operational risk it is very important as several risk elements are highly interrelated.  [22] Operational risk encompasses events with very differin g frequencies and possibly patterns of occurrence and severities. Very important step in determining the applicability of statistical analysis is to appropriately and qualitatively categorize potential incidents based on probability, frequency and severity of events, using experience and experts opinion. In measuring operational risk, it is also important to be clear about the purpose it should serve. In other words, it needs to be compatible with the business needs of the company. It means that the quantification output should be geared for management demands and ensuring that measurement makes the most efficient use of existing resources and is relevant and credible.  [23] C:UsersFilipDesktopslike.PNG Figure 3.2. Operation risks segregated between the Probability of Event and Severity of Impact After the operational risk has been properly modeled and measured, it is also essential to calculate the adequate capital charge for it. In general, the capital charge is in m ost cases calculated from the total loss distribution by using the concept of VAR (Value at Risk). The use of the concept of VAR to measure operational risk capital requirements has been the target of some criticism. Most of the critics refer to stipulating that although VAR models have been developed for operational risk, questions remain about the interpretation of the results. Another problem is that VAR figures provide an indication of the amount of risk but not of its form (for example, legal as opposed to technology).  [24] 3.3. Problems in measuring and modeling There are a lot of difficulties that companies face during their actions to quantify and model operational risk. Since there are a number of models and techniques that can be used in performing these processes, it does not necessarily mean that all of them can suit every companys needs. Therefore, it is important to understand thoroughly firms internal processes in order to adequately choose the best suited quantification model. Measuring risk has been always a challenge, especially in terms of operational risk. That does not mean we should put more effort in other type of risks and neglect it. While persisting to measure and model operational risk effectively, one should first distinguish these two terms. Modeling operational risk is essentially an exercise that is conducted with the objective of arriving at the best-fit distribution for potential operational losses over a given period of time (normally a year). Typically, the distribution of operational losses is obtained by c ombining the loss frequency and loss severity distributions. The measurement of operational risk amounts to arriving at a single figure that tells us how much the underlying firm is likely to lose with a certain probability, so that a correspondingly adequate amount of capital is held for the purpose of protecting the firm from insolvency. Measurement can be based on modeling and on ad hoc methods (without using modeling).  [25] The nature of operational risk is very different from other types of risks. In fact, operational risk losses share many characteristics with insurance claims, suggesting that most actuarial models can be a natural choice of the model for operational risk, and models that are well developed by the insurance industry can be almost exactly applied to operational risk for other industries. Most serious problems that companys encounter while attempting to model and measure their risk is: Problems of definition and data availability Cyclicality of risk and loss events Problems of correlation Problems of definition and data availability refer to finding the right definition for operational risk. Experts argue that this problem derives from the fact that definition of operational risk is too elastic to be useful for developing a proper measurement model. Data availability is another big concern for the companies, in other words data unavailability. For proper development of operational risk management data quality and the amount of information is crucial. This is due to the lack of reliable internal operational loss data which impedes further progress in managing and measuring operational risk. Scarcity of available historical data, data-arrival process and loss severity process are also parts of the mentioned problem, Data Availability. Shortage of relevant data means that the models and conclusions drawn from the available limited samples would lack sufficient explanatory power. This, in turn, means that the estimates of the expected loss and VaR may be highly volatile and unreliable. In addition, complex statistical or econometric models cannot be tested on small samples. The problem becomes amplified when dealing with modeling extremely high operational losses. One cannot model tail events when only a few such data are present in the internal loss database.  [26] One of the solutions to the data availability problem is to augment internal data with external data on the operational losses incurred by other firms. One problem here is that external data must be scaled to fit the size and business mix of the underlying firm to make it suitable for the estimation of operational risk for that firm. Another problem here emerges because in scaling external data it is not clear if an increase in the scale of operations results in a proportional increase in operational risk, which leads to the issue of size and how to measure size. Cyclicality of risk and loss events is another problem in measuring and modeling operational risk. Using past risks data to measure future risk can be a problem if there are cyclical factors that impact operational risk measures. Historical data on operational risk gathered during an economic expansion may not be relevant for a period of recession. Loss events incorporate cyclical components that are correlated with systematic risk factors such as macroeconomic fluctuations and regulatory shifts. It is typical, however, to ignore cyclical factors and extend an unadjusted trend line into the future. Problems of correlation regard with assumptions that need to be made about the correlation of operational loss events. If the assumption of correlation across risk types and business lines is accepted, capital charges by risk type and business lines should be summed together, leading to a higher capital charge than in the standardized approach given by the regulatory directives. However, it is difficult to assess the level of correlation between different risk types and business units because of the lack of historical data.  [27] OPERATIONAL RISK MANAGEMENT-ORM Risk management provides number of benefits for companies because it enables identification of all existing risks and their interdependencies. It enables also proactive identification of new risks that can occur in business activities and helps companies to be prepared for the catastrophic events. All this is a big benefit for firms because risk management ensures underwriting of risks that is based on knowledge and synchronized with previously determined risk tolerance. It is considered that the harmful consequences for financial industry following after the terrorist attack on 11. Of September would not be so significant if insurance companies had implemented aggregated risk management. The management of operational risk is not a new idea, neither is it an activity that firms have not indulged in. On the contrary, firms have always striven to manage the risk of fire through insurance and fire safety measures. Furthermore, they have always had specialists who managed other kind s of operational risk, such as the lawyers and other legal specialists who are involved in managing legal risk and the structural engineers who look after buildings and structures. This is typically done both proactively (for example, by providing advice to management prior to signing a contract and by maintaining buildings) and reactively (by providing legal representation in a court of law, representing the firm in out-of-court settlements of disputes, and doing repair work on damaged structures).  [28] There is definitely growing tendency to promote the perception of operational risk management as a discipline ranking alongside credit and market risk management and one that is necessary for an integrated risk management framework. This requires clear borders between operational risk, on the one hand, and credit risk and market risk on the other. One of the objectives of establishing the operational risk management function is to help the co-ordination of the application of s pecialist skills because co-ordination encourages greater communication and transparency. A question arises as to who is responsible for operational risk, and this question might be interpreted to mean two different things. The fi rst interpretation is that the question refers to the risk owners, the risk takers who indulge in activities that lead to operational risk. The second interpretation is that it refers to who is responsible for managing operational risk, whether it is the risk owner or a more centralized corporate body. This is, therefore, a corporate governance issue. In the broadest sense, risk management should be integrated into the activities of the risk-takers in the firm. But for an independent risk management structure to operate, there has to be an oversight activity that works independently of the risk takers.  [29] C:UsersFilipDesktopCapture.PNG Figure 3.1. Stages of Operational Risk Management Development  [30] In the past, insurance companies ha ve almost completely lean on internal control processes of their own business activities. Although these processes are still relevant, lately specific structures and models have emerged that put more emphasis on managing operational risk. Companies understand that having a clear strategy of managing risks they achieve better business performance and overall results. Operational risk management 4.1. ORM Framework Effective operational risk management is unthinkable without establishing a framework which serves as a guideline for adequate treatment of operational risk in companies. Implementing operational

Type Two Diabetes Epidemic An Issue For The Pacifica...

Type 2 diabetes Why is having type two diabetes epidemic an issue for the pacifica community? Type two diabetes is a huge problem in the pacifica institution, as early studies have shown that while diabetes was virtually non-existent in populations aboriginal to the Pacific, maintaining a traditional lifestyle, this position was true for the metropolitan pacific population. Statistics show that over time type two diabetes prevalence has rapidly increased indigenously over time within the pacifica community. There was also epidemiological evidence which indicates that prevalence is generally lowest in traditional Pacific environment s or in other words type two diabetes is most commonly found within the pacifica community this is because of two main reasons which are genetics and lifestyle. It is proven that Pacific people experience greater morbidity and more complications than white people diagnosed with type two diabetes. Genetic factor alone cannot yet prove or explain reasons to these patterns or as to why pacifica people diagnosed with type two diabetes suffer more , o r a more likely to have type two diabetes than white people. Which are also due to rapid changes in lifestyle and risk factors, such as unhealthy diets, obesity and physical inactivity that have become widespread within the region. We now know that type two diabetes epidemic is a big risk factor for our pacifica community, this leads to bad health habits and issues which means genetically this could beShow MoreRelatedMarketing Mistakes and Successes175322 Words   |  702 Pagesand Issue Boxes are included in each chapter to highlight relevant concepts and issues, or related information, and we are even testing Profile Boxes. Learning insights help students see how certain practices—both errors and successes—cross company lines and are prone to be either traps for the unwary or success modes. Discussion Questions and Hands-On Exercises encourage and stimulate student involvement. A recent pedagogical feature is the Team Debate Exercise, in which formal issues and

Faith in Development Theory

Question: Does Faith have a place in Development Theory? Answer: Introduction Within the sphere of psychology, religious development has always been a major topic of interest since the beginning of this domain. Several researches have been done focusing on the developmental theory that has indicated a severe change in the complexity in both the behavioral and cognitive growth (Andrade 2014). However, the Faith Development Theory of James Fowler has been considered to be the most powerful framework with this field. The concept of the development debate was initially introduced in 1949, but has always been debated until a single explanation as to its meaning came (Nicholas 2014. In the initial stage, the term development was considered to be a concept in the economic field. Over the course of time, the concept of development has evolved and outgrew from the economic concept and included other concepts under an umbrella term. Later, the term development has been described as the procedure of enlarging the choice of people. However, the debate continued around hav ing an exact definition of development. The concept of faith have included with the developmental theory in later times. In this essay, the place of the concept of faith in the development theory has been critically discussed. Discussion In the early stages, the theory of development has been introduced by the president Truman in 1949, since then the concept was a topic of continuous debate (Bloch and Richmond 2015). The terms underdeveloped and developing have always been associated with the economic field. In the early stage, development and progress both were interrelated terms and progress was related with the economic growth. Later, several other concepts started getting included with the term development and evolved not only as an economic term but also as the quality of life that cannot be assessed only in terms of economic term. Concepts such as literacy, health care, infant mortality were associated with the concept of development (Heist and Cnaan 2016). Also, the identification of the needs of the needy and who exactly has the right to identify those needs were very much emphasized. Thus a traditional top down approach have started developing and it led to the grass root approach with the much popularized c oncepts like empowerment and participation. However, the continuous debate with the concept of development had been going on, there was a major lack in the thought of the development. Several researchers have called the term development as a polished variety of colonization and bringing westernization in all the other countries (Stewart and Shamdasani 2014). The initiatives with developmental theory and the developmental interventions have failed numerous times, and that was the primary reason for the debates regarding the developmental theories. As a result of development, there have been times, where in order to sustain true development, the bio centric norm of progression should be more specified and concerned than the human centric norms (Streib, Wollert and Keller 2016). Development should take into account that the sustainability of the earth is much more important, but also it needs to recognize that human is a little part of the huge interest and should acknowledge that even if human has achieved much more sophistication than the other beings, it still will be a small part of the universe. This growing belief with the concept of development, the developmental theory and the interventions took the account of spirituality and faith of the society as the concept of faith plays a significant role in the daily lives of individuals and the community life (Kelcourse 2015). According to some academicians, for most of the people the spirituality is an integral part of their understanding of the community and the development. Therefore it is very much expected that those concepts will find their way to the developmental theory. Many suggest that there is a strong belief in the human being that no development can be possible without the spiritual advancements and mist people across the world believe in this concept. According to the Director of the Church and Society Program of the Zimbabwe Council of Church, the development is supposed to be related with the values, choice making and confidence and this adherence is quite natural (Matthews 2017). Thus, it can be said, in many li teratures and discussions development is presented as a more spiritual and holistic concept in understanding the deepest longing and aspiration of life. Before getting into the discussion of faith in the developmental theory, it is important to look at the areas of religion and spirituality and its relation with faith. According to researchers, the spirituality acts as the major factor that drives the human beyond the natural beings and it refers to the transcendence (Ager and Ager 2015). An individual transcend the space and time in his imagination; he transcends the earthly limits of the body in speech; and religion and faith makes the individual transcend the humanity. Psychologists state that spirituality takes the individual in a specific context of time frame which is larger than the present one and provides a meaningful connection between the collective and the individual. Spirituality puts the individual in a meaningful place in the universe and unites the individual to that which will succeed him. Therefore the individual spirituality makes the connection with the broader picture or the God, whom no one can transcend. On the other hand, religion is very much God centric concept that involves the specific official as transmitted by the authorities and it is preserved by the traditional concepts. Therefore, faith is the response of the spirituality and the religious beliefs, although both of the concepts vary in a high degree (Crain 2015). Spirituality is a concept that incorporates the faith; however, faith incorporates the concept of religion. An individual might have faith with religious beliefs but cannot have religion without the faith, although this might happen on a surface level. Few academics say that, if religion can act as the instrument, the spirituality acts as the goal and faith acts as the trust through which the instrument travels to the goal. Faith is a formless concept that can extend beyond the established form of religion. It may include few political philosophies and the religious elements and the traditional beliefs that can blend the factors of mainstream religion with traditi onal and local practices (DeFilippis and Saegert 2013). Therefore, faith explains a more fluid concept than the religion and it crosses all the academic and other boundaries of the specific person. Consequently it can be said that faith and spirituality are both synonymous words which deal with the personal experience and the connection with the God. As long as the historical background of the role of faith in developmental theory is concerned, both the concepts were not related at their early stage. Mostly in the late nineteenth and the early twentieth century, the faith based organizations, or the FBOs go together with the colonial state in terms of education and health services in the developing countries, educational sector, hospitals, care homes etc (Casimir, Mathew and Nwankwo 2015). The time of 1945-1980 was the time of state supremacy and FBOs played an ambiguous role in the developmental procedure. In the recent time, faith and religious beliefs have redeveloped their role in the developmental discourse as a much prominent one, although it is quite minor. There can be found ample number of documents on the significant of incorporating the concept of faith into the development theory and distinguishing it as an element of development if it is succeed. Several post developmentalists suggest that the traditional outlook of development as the economic improvement had contributed to most of the destruction of many structured communities, as it had imposed many cultural values and norms of the development organizations on the communities (DeFilippis and Saegert 2013). However, no such programs can bring positivity and long-term outcomes until the concept is justified in the cultural norms and the values of the society. The spirituality is regarded as the prerequisite for the accomplishment of the developmental theories, as till now the scientific theories and other efficient concepts could not bring an end to the severe problems of the society such as malnutrition, hunger and poverty and human being is still left with inequality, social inj ustice and creeping depressive thoughts with death (Corey 2015). On the other hand, developmental programs with faith and spirituality encourage the general people in finding the meaning of life in the awareness of their deepest spiritual being which signifies the divine spark for some people. The most interesting concept about the faith in the developmental theory, that it can represent different belief systems and does not give any kind of supremacy to any one of the religions, however, it draws relevance from the common factors of them (Mitchell 2017). As an element of development, faith builds on the deepest sense of identity within the individual empowerment. It can be clearly recognized that the issue of faith and spirituality is being incorporated in developmental theory with the course of time. In a literature produced by World Bank 1998, a dialogue began between the Churches of Africa and the World Bank. This also indicates that the mainstay of modernism, World Bank conside red that there is a place of faith in the development theory. Academicians also say that if the faith inspired objects are introduced to the development theory, it becomes authentic and more successful. The objects that are based on faith, if they are introduced to the development theory, it becomes a mutual venture, where issues related to its logical applications become irrelevant (Ware, Ware and Clarke 2016). Thus the development theory has evolved to the response of individual beliefs and faith. The believers in the concept state that, development theory is a joint venture of love and faith which is concerned with the assurance that how long it will stay. Not only in the under developed countries, faith has also played an important role in the developed countries like UK, where faith has made a huge difference in the homeless services. The services in Manchester and London were severely influenced by the faith based organization. However, there are several arguments that the concepts of religion and faith can work as an obstruction to development. If it is historically concerned, the concept of development was first brought by the missionaries with the idea of improving the native countries they visited. The carnage that was committed with their specific goals of the visitation, spreading religion, have left several bitter implications with the concepts of missionary because most of the people have reacted against it. Not only this, development was secularized for a lot of other reasons too (Casimir, Mathew and Nwankwo 2015). There are three primary reasons that can show that religion and faith can be an obstruction to development theory. The first of them is that religion is a disruptive concept; secondly the religious politics can be much complex, thirdly religion can be risky while few religious beliefs work towards the basically diverse agenda that are driven by diverse tradition (Corey 2015). Spirituality and faith both deal with dark and sacred things that give an individual a specific identity and an interpretation of the world. Another reason that can enhance the idea of faith as an obstruction to development, that due to the work of the different faith institutions that are provoked by the wish to have more converts. As a result to that developmental sectors have been more associated with the similar faith groups. Conclusion In the previous sections, it can be seen that faith and spirituality have occupied a dichotomous position as an element of faith on one hand, and on the other hand it can work as an obstacle to the development theory. While faith may act as a highly compatible component of faith and can work as a motivating factor, it may also be a contradictory element to the specific aims of development and can be used to create divisiveness and inequality. In order to overcome this dichotomy, the early stage of development needs to be considered and it is necessary to find out what exactly the term adheres to. Many academicians have stated that history does not deal with the whole universe; rather it distinguishes it in different sectors. In that way, science and humanities can be treated as two independent spheres. If a discourse that is interdependent of all creations can be initiated, perhaps faith would not be used as something that can be used either negatively or positively, rather it can be treated as something that is a link between the scientific and the human experience. Reference List Ager, A. and Ager, J., 2015. The Place of Faith in Humanitarian Engagement with Displaced Communities. InFaith, Secularism, and Humanitarian Engagement: Finding the Place of Religion in the Support of Displaced Communities(pp. 31-54). Palgrave Macmillan US. Andrade, A., 2014. Using Fowler's Faith Development Theory in Student Affairs Practice.College Student Affairs Leadership,1(2), p.2. Bloch, D.P. and Richmond, L., 2015.Connections between spirit and work in career development: New approaches and practical perspectives. Routledge. Casimir, A., Mathew, C. and Nwankwo, A., 2015. Partnership between the State and the Church: Contextualizing Nigerian Faith-Based Vehicles as Poverty Reduction Tools in the Millenium.Open Journal of Political Science,5(02), p.58. Corey, G., 2015.Theory and practice of counseling and psychotherapy. Nelson Education. Crain, W., 2015.Theories of development: Concepts and applications. Psychology Press. DeFilippis, J. and Saegert, S., 2013.The community development reader. Routledge. Heist, D. and Cnaan, R.A., 2016. Faith-based international development work: a review.Religions,7(3), p.19. Kelcourse, F.B., 2015.Human development and faith: Life-cycle stages of body, mind, and soul. Chalice Press. Matthews, S., 2017. Colonised minds? Post-development theory and the desirability of development in Africa. Mitchell, B., 2017.Faith Based Development: How Christian Organizations Can Make a Difference. Orbis Books. Nicholas, S., 2014. Peacebuilding for faith-based development organisations: informing theory and practice.Development in Practice,24(2), pp.245-257. Stewart, D.W. and Shamdasani, P.N., 2014.Focus groups: Theory and practice(Vol. 20). Sage publications. Streib, H., Wollert, M. and Keller, B., 2016. The Faith Development Interview: Methodological Considerations. InSemantics and Psychology of Spirituality(pp. 239-249). Springer International Publishing. Ware, V.A., Ware, A. and Clarke, M., 2016. Domains of faith impact: how faith is perceived to shape faith-based international development organisations.Development in Practice,26(3), pp.321-333.

The Physics Of Scuba Diving Swimming with the Fish Essay Example For Students

The Physics Of Scuba Diving: Swimming with the Fish Essay The Physics Of Scuba Diving: Swimming with the Fish Essay Have you ever wondered what it would be like to swim with the fish and explore the underwater jungle that covers two-thirds of the earths surface? I have always been interested in water activities; swimming, diving and skiing, and I felt that scuba was for me. My first dive took place while on a family vacation. I came across a dive shop offering introductory dives, which immediately caught my interest. After much convincing (my parents), with my solemn assurance that I would be careful, I was allowed to participate in a dive. I was ready, or so I thought. We will write a custom essay on The Physics Of Scuba Diving: Swimming with the Fish specifically for you for only $16.38 $13.9/page Order now The slim basics such as breathing were explained and I was literally tossed in. Sounds easy enough, right!, well WRONG!!. From the moment I hit the water, my experience was much less than fun. I quickly sank to the bottom into a new world, with unfamiliar dangers. I really wasnt ready for this experience. I was disorientated, causing me to panic, which shortened the length of my dive, not to mention my air supply. Lets just say I would not do that again. To start exploring the underwater world, one must first master a few skills. Certification is the first step of learning to dive. From qualified professionals one must learn how to use the equipment, safety precautions, and the best places to dive. This paper is designed to help give a general understanding of the sport and the importance that physics plays in it. Self- contained Underwater Breathing Apparatus, or SCUBA for short, is a hell of a lot of fun. However, there is considerably more to Diving than just putting on a wetsuit and strapping some compressed air onto ones back. As I quickly learned, diving safely requires quite a bit more in terms of time, effort, and preparation. When one goes underwater, a diver is introduced to a new and unfamiliar world, where many dangers exist, but can be avoided with proper lessons and understanding. With this knowledge the water is ours to discover. The Evolution of Scuba Diving Divers have penetrated the oceans through the centuries for the purpose of acquiring food, searching for treasure, carrying out military operations, performing scientific research and exploration, and enjoying the aquatic environment. Bachrach (1982) identified the following five principal periods in the history of diving which are currently in use. Free (or breath-hold) diving, bell diving, surface support or helmet (hard hat) diving, scuba diving, and, saturation diving or atmospheric diving (Ketels, 4) SCUBA DIVING The development of self-contained underwater breathing apparatus provided the free moving diver with a portable air supply which, although finite in comparison with the unlimited air supply available to the helmet diver, allowed for mobility. Scuba diving is the most frequently used mode in recreational diving and, in various forms, is also widely used to perform underwater work for military, scientific, and commercial purposes. There were many steps in the development of a successful self-contained underwater system. In 1808, Freiderich yon Drieberg invented a bellows-in-a-box device that was worn on the divers back and delivered compressed air from the surface. This device, named Triton, did not actually work but served to suggest that compressed air could be used in diving, an idea initially conceived of by Halley in 1716. (Ketels, 9) In 1865, two French inventors, Rouquayrol and Denayrouse, developed a suit that they described as self-contained. In fact, their suit was not self contained but consisted of a helmet-using surface-supported system that had an air reservoir that was carried on the divers back and was sufficient to provide one breathing cycle on demand. The demand valve regulator was used with surface supply largely because tanks of adequate strength were not yet available to handle air at high pressure. This systems demand valve, which was automatically controlled, represented a major breakthrough because it permitted the diver to have a breath of air when needed. The Rouquayrol and Denayrouse apparatus was described with remarkable accuracy in Jules Vernes classic, Twenty Thousand Leagues Under The Sea, which was written in 1869, only 4 years after the inventors had made their device public (Ketels, 10). .u1d3fd824d50aefd9786968c2551b74cc , .u1d3fd824d50aefd9786968c2551b74cc .postImageUrl , .u1d3fd824d50aefd9786968c2551b74cc .centered-text-area { min-height: 80px; position: relative; } .u1d3fd824d50aefd9786968c2551b74cc , .u1d3fd824d50aefd9786968c2551b74cc:hover , .u1d3fd824d50aefd9786968c2551b74cc:visited , .u1d3fd824d50aefd9786968c2551b74cc:active { border:0!important; } .u1d3fd824d50aefd9786968c2551b74cc .clearfix:after { content: ""; display: table; clear: both; } .u1d3fd824d50aefd9786968c2551b74cc { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u1d3fd824d50aefd9786968c2551b74cc:active , .u1d3fd824d50aefd9786968c2551b74cc:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u1d3fd824d50aefd9786968c2551b74cc .centered-text-area { width: 100%; position: relative ; } .u1d3fd824d50aefd9786968c2551b74cc .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u1d3fd824d50aefd9786968c2551b74cc .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u1d3fd824d50aefd9786968c2551b74cc .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u1d3fd824d50aefd9786968c2551b74cc:hover .ctaButton { background-color: #34495E!important; } .u1d3fd824d50aefd9786968c2551b74cc .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u1d3fd824d50aefd9786968c2551b74cc .u1d3fd824d50aefd9786968c2551b74cc-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u1d3fd824d50aefd9786968c2551b74cc:after { content: ""; display: block; clear: both; } READ: A Sad Day EssaySemi-Self-Contained Diving Suit The demand valve played a critical part in the later development of one form of scuba apparatus. In the 1920s, a French naval officer, Captain Yves Le Prieur, began work on a self-contained air diving apparatus that resulted in 1926 in the award of a patent, shared with his countryman Fernez. This .

goals of psychological research essays

goals of psychological research essays III. The four goals of psychological research are to describe, explain, predict, and control the issue. The first goal of psychological research is the method to describe each behavior and the circumstances it brings about. The goal following describe is the goal to explain. The need to know why the behavior occurs is essential. Another psychological research is to predict. Comprehending a behavior is to know when it will happen or what are the results. The final goal of psychological research is the goal to control behavior (Heiman, 1999). IIIB. Heiman (1999) discussed that scientific evidence is obtained through empirical, objective, systematic, and control research. Empirical is types of evidence that can be obtained by observation. Observing of events will bring upon knowledge of this evidence. Everyone will partake is having the same beliefs regarding these observations. Objectivity is type of scientific evidence is obtained through the observation of the same event but still have different impression. Observations must be free from bias. Systematic is the ideas that research observation are obtained in a methodical, step-by-step fashion. The use of systematic determines the role of each factor and combination of factors as they apply to a behavior. Controlled research is another way to simplify the situation by eliminating any extraneous factors that might influence the observed behaviors, which in turn, creates confusion. Create a clearly defined situation in which to observe only the specific behavior and the relevant factors that interest them are the main importance (Heiman. 1999). VI. Scientific hypothesis must be testable, falsifiable, precise, rational, and parsimonious. Testable, which means that the test can show that the hypothesis is false. Precise is the requirements that a scientific hypothesis should hold terms that are distinctly defined. Rational is the necessity that a scientific hypothesis should rea ...

To Build A Strong Brand Within The Fashion Industry Essay

To Build A Strong Brand Within The Fashion Industry - Essay Example The essay "To Build A Strong Brand Within The Fashion Industry" explores how to build a strong brand in the fashion industry. The adoption of multiple case studies design in the analysis is because the design produces more compelling evidence than single studies, in addition to providing stronger basis for construction of the theory. Zara is a Spanish retailer of clothing and accessories that is part of Inditex group with its base in Arteixo, Galicia. Since its debut in the fashion industry, the company has risen to the top and is currently one of the main stakeholder brands in fashion worldwide. Contrary to the fashion industry product development period of six months, the company has found efficient production processes that enable it to come up with a new product and release it to the store shelves in just two weeks. This has been one of the key strategies to its growth worldwide. With such an approach, the company has so far won the war of transferring its production aspects to l ow cost countries like China that is currently the wide trend by top fashion brands in the industry. The company currently has a large distribution network with 1751 stores worldwide trading as Zara and an extra 174 doing business as Kiddy’s class stores; the company’s branch for children’s clothing. The company sells 50% of its products within Spain, 26% in other European counties with the remaining 24% destined for Asia, Africa and the rest of the world. Table 4.2.2 shows how Zara has succeeded in building its brand name.