A STUDY TO INVESTIGATE HOW THE RULES THAT GOVERN FINANCIAL INSTITUTIONS AFFECT RISK MANAGEMENT AND INTERNAL CONTROL SYSTEMS

Abstract

This research investigates the development and implications of a "financial organizations affect risk management along with internal control systems" through the lens of sensemaking, utilizing quantitative methodologies to assess their impact on risk across all data sets. The imperative to enhance data utilization and bolster FIAR’s capacity to support financial institutions in influencing risk-all decision-making serves as the fundamental impetus for the project. Educators, administrators, along with legislators represent a selection of the stakeholders whose abilities are influenced by the design and functioning of FIARs, which researchers meticulously examine during their development phase. Employing a sensemaking methodology, scholars assess the FIAR's impact on stakeholders' interpretation of data and its strategic application. In order to achieve this, it is essential for researchers to scrutinize the manner in which users engage with the system and evaluate its capacity to facilitate data-driven insights or informed decision-making. The research concurrently examines the influence of financial institutions on risk data sets managed by the FIAR through the application of quantitative methodologies. Assessing the accuracy, thoroughness, and applicability of the gathered data is a crucial aspect of this endeavor, as is understanding how these quantitative evaluations contribute to the enhancement of financial institutions, influencing risk outcomes and policy decisions. The focus is placed on metrics such as data relevance, reliability of data, and the impact of data-driven decisions on educational methodologies.