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Essay / Research Paper Abstract
A 4 page paper. The first section of the paper discusses control mechanisms at this bank. There is one specific mechanism reported and the others are more general. The second part of the paper discusses how these mechanisms affect the four functions of management. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: MM12_PGbofa.RTF
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Unformatted sample text from the term paper:
their mechanisms, they would not be controlling their risk factors. What we must rely on in gaining any of this type of knowledge are regulations and SEC 10-K reports along
with any of the very slim specifics we can find. The Web site for this bank does not offer the user any information about controls. In fact, the last SEC
10-K report offered on that site is for 2005. In 2008, Bank of America "created a portal solution based on Microsoft(r) Office SharePoint(r) Server 2007" (Microsoft, 2008). They did
this to comply with specific regulations in the Basel II Accord (Microsoft, 2008). This Accord deals with the amount of capital banks are required to have on-hand to guard against
certain kinds of risks (Microsoft, 2008). To implement the new system, BofA first gathered information from employees about their perceptions of operational risks the bank faces (Microsoft, 2008). They then
compiled and collated the data to determine the operational risk at the corporate level (Microsoft, 2008). This systems "data input mechanism is based on the Office InfoPath(r) information-gathering program" (Microsoft,
2008). In order to provide the greatest amount of security for this data, the designers created customized controls and views (Microsoft, 2008). The system provides a highly sophisticated yet transparent
way for authorized personnel to document and position the bank to mitigate operational risks (Microsoft, 2008). In Bank of Americas 2008 SEC 10-K report, we read that the banks "control
processes and methods are designed around "three lines of defense": lines of business, enterprise functions and Corporate Audit" (SEC Filings, 2008, p. 40). Their control mechanisms are designed at
the business level and at the enterprise level because each faces different challenges regarding risk management. Each line of business prepares and evaluates risk issues, this same tactic is used
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