The Dali Model in Risk-Management Practice: The Case of Financial Services Firms
2. Aim of the Study
3. Literature Review
3.1. Basis for Tool Development
3.2. 8 Thematic Elements
- Front-line service
- Intense environment
- Organisational structure
- Public service resources
3.3. Emergent Themes: Process Improvement, Training, Policy Feedback
4.1. The Research Instrument
- Connection to the system;
- Resource allocation and capacity;
- Governance and structural formation;
- Service output (standards);
- Network team;
- Process improvement;
- Policy feedback;
4.2. Research Questions
- Are the factors (themes) and statements provided by Dalli Gonzi (2019) in the Dali model empirically valid and reliable when used for financial services firms of small EU jurisdictions?
- Is there a relationship between the Dali model on financial services firms of small EU jurisdictions and better understanding and management of their risk?
- Does this relationship change as an effect of different demographics?
4.3. Sampling Procedure
4.4. Sample Characteristics
4.5. Data Analysis Procedures
6. Limitations of the Study and Further Studies
7. Discussion and Significance of Findings
Conflicts of Interest
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|Q5 Connection to the system: I can connect with the change my department is experiencing||0.979|
|Q6 Connection to the system: We are aware of the impact of change on our department||0.859|
|Q7 Connection to the system: We are currently experiencing a crisis||0.801|
|Q8 Connection to the system: The crisis requires a re-thinking of our organisation||0.903|
|Q9 Connection to the system: The crisis requires new operational guidelines for the department to cope||0.890|
|Q10 Resource allocation and capacity: Resources are being used at maximum capacity||0.550|
|Q11 Resource allocation and capacity: Fast-track additional resources can be easily mobilised||0.588|
|Q13 Resource allocation and capacity: Staff coping capacity is at a maximum||−0.512|
|Q15 Governance and structural formation: Current governance set-up is not functioning well||0.890|
|Q16 Governance and structural formation: A temporary team is required to be set up to respond to the crisis||0.794|
|Q17 Governance and structural formation: A new team leader is needed||0.633|
|Q18 Governance and structural formation: Current responsibility roles are not defined well enough||0.952|
|Q19 Governance and structural formation: Management is not effectively carrying out decisions||0.903|
|Q20 Service output (Standards): We know what is expected of our customer service strategy||0.906|
|Q21 Service output (Standards): We easily identify the vital (critical) needs of our customers||0.929|
|Q22 Service output (Standards): We know what dissatisfies our customer||0.906|
|Q23 Service output (Standards): We carry out operations improvement to ensure any mistakes are mitigated||0.933|
|Q24 Service output (Standards): We have a consistent service output standard||0.836|
|Q26 Network team: When a response is required from all stakeholders a centralised system communicates all information two-way||−0.785|
|Q27 Network team: Business continuity management exists for the organisation||−0.812|
|Q28 Network team: Strong communication exchange exists in all networks, two-way||−0.807|
|Q31 Process improvement: When a crisis occurs, top management are immediately informed of any changes to operational processes||0.654|
|Q32 Process improvement: The department can handle normal day to day operations alongside a crisis, efficiently||0.656|
|Q33 Process improvement: Data collected at front-line operations is communicated to top management immediately||0.652|
|Q35 Policy feedback: All changes to processes are directly fed into departmental policy during a crisis||−0.918|
|Q36Policy feedback: A specialised group of advisors handle the processof policy preparation A specialised group of advisors handle the process of policy preparation||−0.784|
|Q37 Policy feedback: When policy-makers are not experiencing the situation as is, someone in the department gets directly involved to take over||−0.916|
|Q38 Policy feedback: A leader is visible and accountable to any changes during a crisis||−0.921|
|Q39 Policy feedback: A leader is contactable for policy feedback and improvement during the entire changeover||−0.923|
|Q40 Training: Specialists handle crisis situations||0.802|
|Q41 Training: There is a rapid deployment for staff training when crisis happens||0.840|
|Q42 Training: Training is an integral part of any business continuity plan||0.808|
|Q43 Training: Training needs are always identified before any response strategy||0.870|
|Q44 Training: Resources from other departments are easily deployed when staff requirements fall short||0.758|
|Factor||Item||Mean||Standard Deviation||Cronbach’s Alpha|
|Valid N (listwise)||2343|
|Model||R||R Square||Adjusted R Square||Std. Error of the Estimate|
|Model||Sum of Squares||df||Mean Square||F||Sig.|
|Model||Unstandardized Coefficients||Standardized Coefficients||t||Sig.|
|Q45 Identifying and Managing Risk: The company is able to identify the appropriate risks and effectively manage them to reach objectives||0.016||0.005||0.051||3.461||0.001|
|Q1 Type of Financial Services Firms||−0.584||0.022||−0.558||−27.137||0.000|
|Q2 Number of Employees||−0.248||0.029||−0.293||−8.550||0.000|
|Q3 Number of Personnel in Internal Controls (Legal Risk Management, Internal Audit, Compliance)||0.390||0.027||0.469||14.240||0.000|
|Q4 Continent in which the Financial Services Firm Operates||0.342||0.017||0.339||20.181||0.000|
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Dalli Gonzi, R.; Grima, S.; Kizilkaya, M.; Spiteri, J. The Dali Model in Risk-Management Practice: The Case of Financial Services Firms. J. Risk Financial Manag. 2019, 12, 169. https://doi.org/10.3390/jrfm12040169
Dalli Gonzi R, Grima S, Kizilkaya M, Spiteri J. The Dali Model in Risk-Management Practice: The Case of Financial Services Firms. Journal of Risk and Financial Management. 2019; 12(4):169. https://doi.org/10.3390/jrfm12040169Chicago/Turabian Style
Dalli Gonzi, Rebecca, Simon Grima, Murat Kizilkaya, and Jonathan Spiteri. 2019. "The Dali Model in Risk-Management Practice: The Case of Financial Services Firms" Journal of Risk and Financial Management 12, no. 4: 169. https://doi.org/10.3390/jrfm12040169