International Relations theories Essay Example | Topics and Well Written Essays - 1000 words

International Relations theories - Essay Example In that NATO countries view an attack upon one member State as an attack upon all treaty members collectively, the legal justification for the use of armed forces in Afghanistan in self-defence is not a matter of legal dispute in international law in the manner that the Iraq war was under contention. As professor Patrick Thaddeus Jackson wrote in ‘Theories of International Relations’ (2006) â€Å"Realism is characterized by a concern with material coercive power. It treats states as the primary unit of analysis. Power is primarily viewed in military terms, and the military power of other states presents the greatest potential danger to an individual state. Economic leverage is also considered an important element of national strength, and Realist analyses of international economics assume that hegemonic actors define not just political but economic structures.† (Jackson, 2006) In evaluating the realist concern for global security, the US and NATO powers are the pr imary police force for international trade and commerce, which was threatened directly by the World Trade Center attacks. The costs of the attack led to $40 to $60 billion USD in insurable costs according to a Congressional study, plus a large drop in the stock markets, contraction of the economy, support for the airline industry, and militarization for the war on terror internationally. (Makinen, 2002) Where international trade and business was impacted in such a major way by terrorism, the realist argument is given as the primary justification for the deployment of military forces in a police action to secure this. Where the 9/11 attacks also harmed the perception of America internationally as a hegemonic power, it also required a realist response to restore the balance of power to hegemony in a â€Å"zero sum† game of national interests. The natural resource interest in Afghanistan is arguably in natural gas, minerals, or pipelines. Yet a greater interest can be seen in NA TO of a containment of Iran, arguably a major concern due to the Islamic theocracy in the country and nuclear program. In establishing bases in both Afghanistan and Iraq, this can be seen as part of a NATO-US led policy of containment of Iranian power as well as regime change in Sunni States with the goal of democratization. The democratization argument applies to realism when NATO, the US, and others decide it is in their best interests to promote democratic governments around the world to support global security and the expansion of their social and economic interests. Finally, a critical view of realism can be seen in the interest of the Military-Industrial Complex to deploy in Afghanistan to further the expansion of the contracts related to the war and Department of Defence as they relate to private profit, ownership, and control. Question 2- How does Marxist theory address poverty and land reform as global security concern? In the economic theory developed by Karl Marx, there w ill be no true peace or security in the status quo internationally unless or until the developed nations make a commitment to economic rights and shared, egalitarian, economic development on a humanitarian and moral basis. It is the landless poor who in many regions suffer the most at the lowest levels of global capitalism internationally. Many of these

Harry Potter And The Order Of the Phoenix Essay Example for Free

Harry Potter And The Order Of the Phoenix Essay J. K. Rowling is the author of the Harry Potter books series that began with the book Harry Potter and the Sorcerer’s Stone while Warner Bros. owns the rights to produce the movies based upon the book series. The latest outing of the movie version of the book series is the adventure filled â€Å"Harry Potter And The Order Of The Phoenix†, movie number 5 of a 7 series film outing. Released in the year 2007, the CGI heavy film stars Daniel Radcliffe in the titular role together with Emma Watson and Rupert Grint portraying the highly important support characters of Hermione Granger and Ronald Weasley respectively. The now more light colored movie setting, when compared to the previous directorial jobs of Chris Colombus and Alfonso Cuaron, was imagined and crafted by the imagination of first time Harry Potter director David Yates. In order to be able to follow the story as it unfolds throughout the movie, one must be an avid Harry Potter book or movie follower for the storyline of the movie is not for the uninitiated and will leave any viewer without a background in the story series feeling frustrated and left out of some of the seemingly inside jokes being thrown around in the movie (e. g.  Who are you and what have you done with Hermione Granger? ) The film picks up the story from where the prior movie, â€Å"Harry Potter And The Goblet of Fire† left off. Harry is coming to terms with the death of Cedric Diggory at the end of the previous movie while also trying to figure out who he really is as a person. Is he a bad person trying to be good or, as his Godfather Sirius Black told him â€Å"just a good person to whom bad things happen? † All of his personal doubts make him choose isolate himself from even his closest friends because of the way most of the school views him as a liar. As a character, Harry develops like any normal teenage boy. He dabbles in the typical first love, first kiss, and often rebellious streak that his main nemesis, Lord Voldemort, portrayed in the film by the superb British actor Ralphe Fiennes, often takes advantage of. I observed this particular movie to be, in a a way, the coming of age for the students of Hogwart’s School Of Witchcraft and Wizardry. Although the screenplay writer Michael Goldenberg took tremendous amounts of liberties in the retelling of the book, the main plot and lessons from the book still managed to translate well to the big screen. After all, it is no joke trying to translate an 870 page book to the big screen with a running time of almost 3 hours. Die hard fans of the book will probably scream â€Å"Sacrilege! † at the way certain key elements that were perceived in the book, such as the magic mirror Sirius gave to Harry on Christmas Day, or the jinxed DA coins that Hermione gave to the member of their little organization in order to prevent the members from telling about what they were up to in the Room Of Requirement. But I guess that one will realize that all the key elements were retained within in one way or another. The fans will also most likely not appreciate the way certain duties in the book seemed to have gotten reassigned in the movie. For example, in the book, it was a member of the DA who told Prof. Umbridge about where their organization meets, not Cho Chang. What did help the story to move along quite well on film is the total cutting out of the minor subplots in the book that really had no place in the movie version. The real magic of the Harry Potter movie series seems to lie in the way that author J. K.  Rowling has managed to write a book series that mirrors the problems facing teenagers in such a way that the readers and the movie viewers who grew up with the story will be experiencing the same things almost simultaneously in real life. The movie has real lessons to teach, such as standing up and fighting for what one believes in, believing in yourself and accepting the consequences of your actions, and finally, knowing that there is always an easier way out of things but that may not always be the right path to take.

Literature Review of E-Banking

Literature Review of E-Banking CHAPTER 2. LITERATURE REVIEW This chapter is the literature review; the purpose of this chapter is to investigate past publications by different authors. This will include textbooks, articles and online publications that could enlightened the readers more on the area of banking and internet security measures, the standard and policy used for internet banking security in the United Kingdom and more importantly, the synergistic impact of online banking and information security in the UK banking sector. Since the invention of information technology and the internet, people of different calibre are using it to improve the services efficiently and effectively. In the retail banking sector, most of the businesses have moved majority of their physical transaction processes to online transaction process. A good example of this, I own an account with the HSBC bank for over 4years now and I cannot remember the last time I went into my branch to transact business. Most of my bill payment and transfers are done through my online banking.) Irrespective of this, Lassar et al. (2005) also affirmed that financial institutions should be able to forecast and figure out how such technology will be applied by customers. Banks and Financial institutions rely upon mostly on Information Technology for their everyday activities; therefore the Information acquired by financial organisation is not used only by the organisation and their employees but also by their customers and stake holders and partners. The users who rely on these services anticipate constant possibility of direct access to organizational information (McAnally, et al 2000). Comment..Your idea is good but you are not using well structured sentences and paragraphing. We need to talk about this asap! DEFINITION OF E BANKING. The growing tendency of e banking transaction has really signalled issues on information security that are to be noted and stringently taken care of. To get this security managed, it must be a combined effort and relationship between the customers and the financial institutions. (Re-structure the above paragraph) In general, e-banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels. E-banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network, including the Internet which is an integral part of e-banking. (FFIEC handbook, 2006). This new development as drastically changed the phase of internet business in the United Kingdom and it is a welcome phenomenon. WHAT IS INTERNET BANKING. For quite some years now, internet banking levels have been executed to be more fficient approach through which the banking transactions are made without having o leave your place of abode or your place of work. Some of the customers have been ecognised to turn to internet banking as a result of frustrations with conventional tandard of operation and practices. Anand, (2008) said further that while some ustomers want human interaction in transaction, some of them turned to the internet acilities for security reasons. The reason is that the customer are given assurance that heir transactions are safe and secured and most of these transactions are made via the nternet explorer interface. In its report in 2009 (what report?.This is not Harvard standard of referencing), he said online bankinghas risen. 25% of all the people who responded as regards to the most preferred way to bank.Mobile bankinghas not started at all. Only 1% of the people make transaction via mobile. The figure below s hows how they stand: Online banking: 25% Branches: 21% ATM: 17% Mail: 9% Telephone: 4% Mobile: 1% Unknown: 23% Comment Can you represent this figures or percentage with a pie chart/graph or something more comprehensive? He went ahead and said more people visit the bank branch than using the online banking . The term internet banking can then be referred to as the use of internet as a secluded way of doing banking services. These services comprise the conventional ways such as account opening or funds transfer to different accounts and new banking services like payments online that is customers permission to receive and pay bills on their website. Having understood the significant importance of IT and e banking and amount of risks and threats involve in driving the business process, therefore there is need for consistent continuation of security in business, which brings about the understanding of Information security. It is a continuous process. Information security, is the process of protecting information and information system from unauthorised access, use, disclosure, disruption, modification, destruction or bombardment, it involves confidentiality, integrity and availability of various data irrespective of the form the data takes. E.g. electronic, print, written verbal or in any other forms. (ISACA and CISA Review Manual, 2006). Comment You are not given your headings titles figures e.g. 2.0, 2.1, 2.2 etc You did not give your tables title and figures either. An Overview Of Online Banking Environment in UK An increasing competitions among the financial institutions have forced many of the competitors to offer similar prices on deposits and loans, the effort for gaining competitive advantage were shifted towards no priced-factors (Akinci et.al 2004). customers and financial institutes have noted the recent revolution in UK retail banking. The conversion from traditional banking to internet banking has been effective (kolodinsky and Hogarth, 2001). Although some researchers have bated that online banking has not lived up to expectation e.g Sarel and Marmorstein (2003) and Wang et al. (2003), a lots of studies still say that internet banking is still the most wealthiest and profitable means to transact business(Mos,1998;Sheshunoff, 2000).Online banking has come to stay no doubt about that and financial institutions are ready to move on with it. Luxman (1999) for example predicted that in the nearest future that the importance of internet banking will be felt most especially in the remote areas where some bans have closed their branches Going by the survey carried out for alliance and Leicester by (VOBS survey, 2004), 2,395 UK adults were interviewed, more that half of them now bank online. 61 percent now used it more than the previous couple of years. However, visiting the baking hall is very much popular with respondents preferring to go to banking and deal face to face with the banking staff for activities like paying cheques 73 percent, 20 percent withdraw cash over the counter and 20 percent will lodge on one complaints or the other. Mike Warriner (2008).said in a recent report from Forrester stated that only 31% of British adults bank online despite 75% regularly shopping online to quote Benjamin Ensor, principal analyst at Forrester Research, By international standards, the U.K. is an online banking laggard. He then goes on to say that The U.K. also has a relatively large number of quitters, with about two million people saying that they used to use online banking but have given up. WHAT IS WRONG WITH UK INTERNET BANKING According to a survey carried out by Darrell R. (2009) Medium size organizations all over the world are very much concerned about cyber threats. The number of incidents reported really justifies their doubts. At the close of mid 2009, McAfee discovered a new malware as they did in 2008 which could cause a lot of havoc in the internet world..Irrespective of this discovery; most organizations still cut their IT security budget instead of increasing it. A threat up budget down, McAfee called it security paradox. Ron C. (2009) reports that most companies in the UK are lagging behind the rest of the world in information security management practices, according to a new study from PriceWaterhouseCoopers. 7,000 security professionals all over the world was surveyed, mainly in large companies consisting of 455 in the U.K. The survey found out that British organisation emerges to be less prepared to fight the risks that tackle them in their information systems. The table below shows that U.K. lags in quite a few key areas of information security. Organisations have smaller amount CISOs in place; only 37% have a clear idea of where their data is stored. Then, nearly half (49%) do not know the number of security incidents they experienced in the preceding year. INTERNET TRANSACTION Transactions online help customers with the competence to conduct transactions via the website of the institution by introducing banking transactions or buying products and services. There are lots of transactions customers can engaged in on the internet which can be a small as basic retail account balance to a very big business funds transfer. Internet banking services, such as the ones carried out through some other means are categorised based on the type of customers they support. The following table shows some of the common retail and wholesale internet banking services offered by financial institutions. (FFIEC, 2006) Since transactional websites typically enable the electronic exchange of confidential. Customer information and the transfer of funds, services through online banking makes the financial institutions to be vulnerable to higher risk than basic. ADVANTAGES OF ONLINE BANKING. Convenience According to (Gerlach, 2000), internet banking services allow customers handle their habitual banking transaction without visiting the bank building or meeting any banks staff. No need to wait until 8 or 9 in the morning before you can get answer to your bank account request or details Customers can handle their transactions anywhere they like as long as they are connected to the internet or where there is availability of internet. However, since most banks offers 24 hours online banking services 7 days a week, internet banking can allow you to view and work with your account no matter what time or day it is. Thus, they can make payments, check balance, transfer money etc at the comfort zone of their homes or offices. Hence online banking has broken the limitations of the conventional way of banking thus provides customers swiftness and convenience. Time Saving and Money. When you visit banks, you will discover that most banks branches are always engaged with one activity and customers have to wait for a long time before attended to. This is a waste of time and energy. Luckily, some banking transactions can be handled at home or in office or anywhere that is convenient for the customers. In other words, customers do not need to wait for a long time in a long queue or go to their respective banks branch to carry out their banking business. Online banking therefore helps can help customers to save time and cost of travelling. Ease and Efficiency As long as they adhere to the simple steps to be followed by login in their information and clicking the right button, customers can able to check their accounts and know what their balance is, transfer funds and also carry out other valuable transactions. The timely check can help customers overdraft charges and also to know if the transactions they made was successful and completed. Hence, banking online helps customers to manage their account more easily and conveniently. On Time Gain and Update Information Online banking systems also provide the customers a timely updates about both their existing and new products and services, banking news and other vital information that the customers need to know or be updated with. Therefore customers can benefit some relative information at the appropriate time for them to make quick and right decisions. Profitability Fewer banking building will be maintained as a result of online banking and fewer employers will be involved there is a much lower over head with online banks. The saving they get as a result of this process allows them to give greater interest rates on savings account and lower lending rates and service charge. Cost Effective Internet banking cost less, this is because there are only few buildings to maintain and salaries paid to employees will be reduced as well. Since they have more to safe now and this allows them to increase their interest rate on savings account and lower lending rate and charges Easier To Catch Fraudulent Activities Since you have the opportunity of viewing your account details at anytime, it is easier to know if any fraudulent activities have gone through your account before much damage is done. Once you log into your account, you will see immediately whether there is anything wrong when you check your deposits and debits. If you do not make any transaction and you see any strange details in your account, you will see it write away and make necessary alarm to the financial institution While the internet offers miscellaneous advantages and opportunities, it also presents various security risks. Having this in mind, banks take wide measures to protect the information transmitted and processed when banking online. This comprises ensuring confidential data sent over the internet cannot be accessed on modified by unauthorised third party. But banks dont normally have influence of the systems used by the customers. The choice is entirely up to them. More over a system connected that is a pc connected to the internet for example will usually be used for a number of other applications as well. The systems used by the online banking customers are therefore exposed to risks beyond the banks control. For this reason, the bankers cannot be liable for them. Berlin, (2007). Some Dangers Faced When Using the Internet. Berlin, (2007) Third party gaining access to information transmitted or getting information under false pretences, this can be done with the aid of the following: Virus and warms: Programmes that are sent over the internet that can damage your pc when they replicate. Trojans: programmes that intercepts passwords that is not known to users that compromise computer security. Phishing: Using a fake name, website or address for fraudulent purposes. Pharming: Users being redirected to fraudulent server Root kits; An unauthorized administrative level access without the real administrator noticing through a malicious software. Their feature is almost as Trojans. Hacking: Having access to a PC via the internet when not authorised. Banks now have some numbers of measures in place that gives effective protection against attacks when information are processed by the bankers server or when information is sent over the internet. SOME SECURITY RULES WERE ALSO GIVEN Rule 1: Install security software including an up to date scanner. Additional security software has to be installed. your normal operating system standard tools alone cannot solve some security problems. F your security is not adequately in place, you run the risk of unauthorised persons gaining access to your data.e.g never save you PINs and TANs on your PC. A firewall can protect you from such attack Rule 2: Protect sensitive data when sending it over open network. Data sent over the internet may be intercepted or viewed by an unauthorised third party when the network is not secured. Banks have now taken some measure to ensure that data sent via the internet is encrypted before transmission. Rule 3: Be sure you know who you are dealing with. Not everyone on the internet are not who they claim they are. Check the URL you are in and make sure that your banks internet address is correctly spelled. Hackers impersonate someone in a position of trust to get the information they needed. This is called PHISHING. It is another technique to steal confidential code. This works by redirecting you to their own rogue server. Rule 4: Be careful with sensitive data and access media Your access code and media must be protected e.g. (PINs, chips) from unauthorised use. Do not save sensitive data such as Passwords PINs, access code, credit card numbers on your hard drive especially if the PC is not been used by you alone. This could allow third party to view your data. Rule 5: Choose a secure password. A combination of upper case and lower case letters , numbers and symbols is a typical example of a good password usually of six to eight characters. It will be difficult for anyone to guess your password. Rule 6: Only use a programme from a trustworthy source Dont download from the internet any programme into your hard drive unless you are sure of the source and that its reliable. Rule 7: Use up-to-date programme version Use your preferred internet browser and PC operating system version that is up-to-date. Rule 8: Run security checks on your PC Take a few moment to run a personal security checks before using your PC to bank online. Make sure the entire security feature that protects your computer are on. Rule 9: The security setting on your internet browser must be activated. Use Block ActiveX Control and let Java applet to run after confirmation. Do not make use of browser auto-completion function which is able to save your user name and passwords you enter and suggest matches. Rule 10: Do not make your current account available for fraudulent financial transaction. Any offers that is asking you to make your current account available for payment and other financial transaction for unknown firms and individual must be suspicious especially if they are located not within your country SOME ONLINE BANKING SCURITIES AVAILABLE Internet Security: Internet security refers to the methods used in protecting data and information in a computer from unauthorized persons. It is a serious issue in the world wide today. People who use internet should be using the internet should be well conscious of the trouble aroused as a result of it. A familiar methods used by people to guarantee information in internet are Encryption of the data Encryption of data deals with packaging up the original information into an unintelligible form that can be decoded using a certain technique. This is called cipher text. Usage of passwords -Passwords are used to avoid illegal entry of data so that the entire system is protected. Creation of passwords must be in a way that the other people do not simply guess it. Methods: There are some several methods that helps in internet security. They are listed below; Firewalls:This is software that filters unlawful access in a network. It must have a correct configuration and has to be combined with proxy firewall for a protected system. Taking Backup of Data: backup of the data from the system should be taken regularly. If the computer unexpectedly crashes down or the operating system failed to boot due to virus attack, by taking the backup data will reduce the penalty. Preventing Virus Attack: Viruses can affect computer, Trojan horse, worms etc as a result of some infected files downloaded from the internet. They are programs that are installed by itself and run at any time the host programs run and cause malicious attack. Baleful Links:Those who use the internet can avoid their system from getting affected by the virus by avoiding needless links and emails.Links may lead to download files suddenly. These cause a problem to the security of the computer and therefore must be avoided. File Sharing:Both original and pirated files are joined when files are shared on the internet thereby reduces the speed of the computer. This must be prevented. Routers:Some connections are prevented by certain routers from outside from the computer. NAT (Network Address Translation) is software that does this function and its of low cost and smallest amount complexity. Preventing Spy-Ware: Internet securities are threatened by several software. Without the permission of the user some software runs along with other application. Insider threat detection sill a challenge Threats detection from inside has always been a problem, but most investments in information security still tend to focus on keeping out viruses and intruders. The possible danger of a rascal employee can regularly be discounted, mistreated or just take the risk of doing business. A new survey conducted among 600 office workers in Canary Wharf, London and Wall Street, New York, revealed that many employees have no qualms about mishandling information. One-third of them said they would steal data to help a friend find a job, and 41% admitted they had already taken data, just in case they needed it in some future employment. Ron C. (2009) The study, which was commissioned by security company Cyber-Ark Software Inc., found that customers and their contact details were the favourite files to steal, followed by plans, proposals and product information. CUSTOMERS ATTITUDE Understanding of the impact of technology based transaction system on customers perceptions and behaviour is essential. (Moutinho et al. 2000).If banks are willing to integrate new technology into their existing relationship buildng activities Asher (1999) argued that cooperate customers seems to be willing to use internet as a key medium in banks dealings. He said the evidence suggest that coperate clints have shown a preference for online banking, due to the perception of being more cost effevtiv thah conventional channels Financial institutions use this technology in service delivery may often compromise bank business relation. (Keltner 1995) in terms of higher degree of convinience and accessability. (Devlin 1995) Therfore customers perception is very high in the delivery of the electronic banking. According to Nexhmi et al.(2003). Customers participate typically is the process of enabling customers to make their services, products. It can be diversified between the types of serv ices offered, even the services providers within the same market place for intance. Meuter et al.(2000) points out that self service technologies are increasing the way in which customers interact with their providers in the creation of service outcomes and are a typical example of a market place transaction that require no personal interaction FINANCIAL INSTITUTION AD MANAGERS ATTITUDE AND APPROACH Internet banking was still in a very young stage and its entire benefits has been realised.(Nath et. al 2001). In this case, managers of financial institutions attitude towards the perceptions of electronic channels were of significant importance.(Akinci et .al( 2004). Mols (2001) state that management support and future orientation were the two most important factors which driving the introduction and expectation of the new e-channel In another study, Mols (2000) grouped the bank managers according to their attitude towards internet banking: The sceptics the nervous, the positive and the reluctant groups. In Scotland, Moutinho et.al (2002) emphasized he scotish bank managers efficiency and enhancement of customer services as to perceive advantages of internet banking. Faster easier and more reliable service to customer and the improment of the competitive position were highlighted. (Aladwani ,2001). Based on the UK evidence,Li 2001 claimed that: the integrated banking model, aroun d which traditional banks have built their strategies in the past were showing sign of fragmentation In this sense, he sumerised four emerging internet model in the UK. The first was based on accepting internet banking as a new delivery channel that was integrated with existing model. The second model is called e-banking, was based on multibanking in which the internet was the integrative component. The third model consisted of creating baby e-banks with their own e brand name and product range. The last model was seen as entirely a new business model without a physical network. Laws, Directives, Regulations and Standards Shon Harris All in One Certified Information System Security Professional Exam Guide, Fourth Edition, 2008 Different laws, directives, regulations and standards were enacted for different reasons which include data protection, software copyright, data privacy, computer misuse as well as controls on cryptography. Health and safety, prevention of fraudulent activities, personal privacy, public order, intellectual property, environment protection and national security are reasons why the regulations can be implemented in governments and private sectors. The violation of these regulations has a severe punishment attached to them which may range from fine to jail term of up to ten years or more depending on the gravity of the crime committed. Examples of the regulations that governs information usage and protection are discussed briefly below The Sarbanes-Oxley Act (SOX) The SOX was enacted in 2002 as a result of the corporate scandals and fraud that threatened the economy of United States of America. This is also known as the Public Company Accounting Reform and Investor Protection Act of 2002 that applied to companies that publicly trading on United States market. How organizations must track, manage and report on financial information was provided for in the SOX requirements. Processes and controls must be in place to protect data because of the organizations reliance on computer equipment and electronic storage for transacting and archiving data, the section 404 of SOX is directly applied to information technology. Chief Financial Officer (CFO), Chief Executive Officer (CEO) and others can be jailed if the law is violated. The Computer Fraud and Abuse Act This act is the primary U.S federal antihacking statute that was written in 1986 and amended in 1996.Prohibition was made on seven forms of activities and was made federal crimes: The knowing access of computers of the federal government to obtain classified information without authorization or in excess of authorization.. The intentional access of computer to obtain information from a financial institution, the federal government, or nay protected computer involved in interstate or foreign communications without authorization or through use of excess of authorization. The intentional and unauthorized access of computers of the federal government, or computers used by or for government when the .access affects the governments use of that computer. The knowing access of a protected computer without authorization or in excess of authorization with the intent to defraud. Knowingly causing the transmission of a program, information, code, or command and, as a result of such conduct, intentionally causing damage without authorization to a protected computer. The knowing trafficking of computer passwords with the intent to defraud. The transmission of communications containing threats to cause damage to a protected computer. The penalty for breaching this act ranges from felonies to misdemeanors with corresponding small to large fines and jail sentences. Employee Privacy Issues For a company to be adequately protected, various employee privacy issues must be considered within the organization. Organization must understand what it can and cannot monitor as a result of different state with different privacy laws. Organization must state it in its policy that monitoring in any form are done within the organization to prevent being sued by employee for invading their privacy. This is considered the best way in which organization can protect itself. Payment Card Industry Data Security Standard (PCI DSS) The advent of internet and computer technology led to the increase in identity theft and credit card fraud which gives opportunity to millions to be stolen at once. Stabilizing customer trust in credit card as a safe way of conducting transaction and to curb the problem, a proactive step was taking by the credit card industry. The standard affects any entity that processes, transmits, stores or accepts credit data. The PCI Data Security Standard is made up of 12 main requirements that are broken down into six major categories. They are A Secured Network must be built and maintained. Requirement 1: To protect cardholder data, a firewall configuration must be installed and maintained Requirement 2: Ensure that systems passwords and other security parameters are not in vendors supplied defaults. Data of Cardholder must be protected. Requirement 3: Stored data of cardholder must be protected. Requirement 4: Across open and public networks, cardholder data must be encrypted in transmission Vulnerability Management Program must be maintained. Requirement 5:Anti-virus software must be used and updated regularly. Requirement 6: Secured systems and applications must be developed and maintained. Access Control Measures must be strong in its implementation. Requirement 7: Based on Business need-to-know, cardholder data access must be restricted. Requirement 8: Every individual having access to computer must be given a unique ID. Requirement 9: Physical access to cardholder data must be adequately restricted. Monitoring and Testing of Networks must be carried out regularly Requirement 10: All access to network resources and cardholder data must be tracked and monitored. Requirement 11: Security systems and processes must be regularly tested. An Information Security Policy must be developed and maintained. Requirement 12: A policy that addresses information security must be maintained The violation of the standard does not lead to jail term but may result in financial penalties or revocation of merchant status within the credit card industry because PCI DSS is a private sector initiative. 2.5 Database Security, Compliance and Audit by Charles Le Grand and Dan Sarel. Information Systems Control Journal Vol 5, 2008. Grand and Sarel (2008), states what it takes to adequately protect the database to ensure that compliance is met. It also provides information for auditing purposes. The objectives for ensuring database access control were also exploded by the authors. On the conclusion note of the article the authors said that the simple goal of ensuring database security is to ensure that only authorized individuals have access and all access is monitored. To limit access to only people whose jobs require it, access protection must apply to identifying the sensitive data elements: the methods for managing user credentials and access rights: and the records of who accessed what, when and what they did with it. Insider

Essays --

Oedipus the King Oedipus Rex is believed to be one of the best classical examples of the Greek classical order and what tragedy represents. Many Greek tragedies include a central character that is known to be the â€Å"tragic hero†. In Oedipus Rex by Sophocles, Oedipus the main character plays this role. This paper will give a brief summary of some of the characteristics of a tragic hero, while also analyzing all the major events that lead to Oedipus rise and downfall. Oedipus, the king of Thebe’s tragedy modelled Aristotle’s theorizing’s of what tragedy is in his book the Poetics. The play has a very well-constructed plot that follows Greek classical order. Aristotle and subsequent critics have labeled Oedipus the ideal tragic hero. A brief summary of the play: Oedipus is the son of the King and the Queen of Thebes. The king Laius learns from an oracle that his son will grow up to murder him and marry his wife. Horrified at the prophecy Laius sends his son to be killed to avoid the prophecy from becoming true. The servant pity’s the baby and gives the child to someone else who then gives it to their king and queen who were unable to have children. Oedipus grows up and goes to the oracle who then tells him about the prophecy. Afraid of what might happen he leaves the kingdom trying to avoid the prophecy as well. While on the road he crosses paths with a group of males and get into a confrontation, the fight escalates and Oedipus kills them not knowing that one of them is Laius his father. He continues and arrives at Thebes and sees that a sphinx has taken the city hostage. He resolved the riddle of the sphinx, which had been killing the young men of Thebes. By solving the riddle he became highly praised b y the city of Thebes. As... ... parents. His initial intention was to relieve Oedipus from his fears of the prophecy; instead the results prove to be contradictory to his initial intent. The messenger provides him with critical information that immediately reveals to Oedipus that he was not successful in preventing the prophecy his actions lead him right into it. As Aristotle recommends, this is directly connected to the anagnorisis, for the messenger and the herdsman are the missing link to Oedipus true story. The messenger enables him to â€Å"recognize† his true identity, he gains the initial knowledge he lacked. The peripeteia and anagnorisis changes Oedipus fortune. His good fortune turns out to be a catastrophe that leads to suffering. His actions will be considered a setback of his intentions, and each of them will give him more insight of the truth that will eventually lead to his downfall.

Law and Order in the First Part of the Nineteenth Century :: Papers

Law and Order in the First Part of the Nineteenth Century In the first part of the nineteenth century crime was one of the biggest social problems. Crime was made worse by widespread poverty, many people wanted proper law enforcement. May crimes were punishable by death, so the criminals adopted the phase â€Å"better to be hung for a sheep than a lamb†. When Sir Robert Peel became Home Secretary in 1825, he made a properly organised police system his propriety. Up to now towns had only their caped night watchmen, with warning bells and rattles. Peel’s major concern was preventing crime rather than punishing it. For this reason, in 1829 he established the first regular police force. Large towns such as London were often particularly lawless, and authorities often used troops to keep the peace, which was a much-hated practice. In 1829 Peel established a regular police force in London and the suburbs. At first there were 300 ‘Bobbies’ recruited and controlled by the Home Office. Their presence soon forced many criminals of the capital. Finally in 1856 every county and borough had to maintain a police force. The Metropolitan police force had many different duties. The man on the beat was there to stop disorderly behaviour. So this meant the Metropolitan Police Force were to deal with beggars, drunkenness, vagrants and prostitutes. In the second half of the nineteenth centuary London’s streets became more orderly, but as a consequence of this the number of burglaries went up. Another of the Metropolitan Police Forces duties was to deal with major disturbances. Police constables received very little training in the late nineteenth century and often learnt their trade â€Å" on the job†. Police constables worked seven days a week and up to fourteen hours a day. In London in the 1870’s and 1880’s, a beat during daytime was seven and a half miles long whilst at night it was two miles. Pick pocketing was rife in London in the late nineteenth century. Pickpockets were generally around the age of 6-10 years old and had

Expansion and the Evolutionary Lottery :: Evolution Essays

Expansion and the Evolutionary Lottery For a young scholar learning the basic concepts of science and biology, evolution was this grand theory of past life becoming more like present life over time via the utilization of such complicated and foreboding means as "natural selection" and "survival of the fittest." I came to understand that there was endless diversity of life, and variation was a result of the interactions of organisms with their environments. Natural selection placed pressure on the organisms forcing adaptations to be made, hence new species to arise over time. The oversimplified image of evolution that began to form in my head involved one single organism adapting to its environment and undergoing change in its own life span, therefore that one organism experiences evolution in action. I didn't think evolution was a process of becoming more "perfect" necessarily, but "better suited for more diverse situations," which boiled down to being better. Obviously this picture I was conjuring up was far from the mos t scientifically logical, and I was surprised and impressed to hear a better explanation. Evolution is depicted as an inconceivably time- consuming and expansion-driven process; it is not about "survival of the fittest" or being perfect, rather the most able to produce genetically variable offspring (less likely to be eliminated by natural selection). The major discrepancy between the two (oversimplified and clarified) formulations of evolution is the importance of random innate expansion, which arguably is a quality assigned not only to energy and matter on Earth, but also to evolution and as the entire universe. One of the simpler discrepancies in my illogical view of evolution merely involved timescale and the mechanism of change. A single organism cannot evolve within its own life span because of environmental pressure. The very first of Mayr's seventeen principles of inheritance states, "genetic material is constant ('hard'); it cannot be changed by the environment or by use and disuse of the phenotype... Genes cannot be modified by the environment... There is no inheritance of acquired characters" (Mayr, 2001, p. 91). Therefore, one organism cannot possibly experience evolution in action as a result of environmental interactions. The term adaptation creates some confusion here because it is so often coupled with evolutionary change and expresses a change suited for certain environmental conditions. The fact of the matter is evolution, as well as adaptation, occur over many generations and changes are not directly related to the conditions of the environment.

Root

40 International Journal of Management Vol. 30 No. 1 March 2013 The Impact of Bank Board Composition, Top Management Equity Interest and Audit Committee Effectiveness on Top Management Transparency Udoayang Joseph Offiong University of Calabar, Nigeria Uket Eko Ewa Cross River University of Technology, Nigeria The aim of this study was to determine the impact of bank board composition, top management equity interest and audit committee effectiveness on top management transparency on the performance of Banks in Nigeria.Data were collected from thirteen Nigerian banks using a Four Point Scale Likert questionnaire and analyses using percentages and ratios. Multiple regressions were used in testing the hypotheses. The study revealed that top management equity interest influences the level of correct financial disclosures and transparency that Audit Committees are not effective and independent of management and members’ appointments are not based on integrity, competence and expert ise of individuals.The study concluded that forensic accounting practice if incorporated in the banking operations will improve top management transparency and good corporate governance in the Nigerian banking sector which ultimately will improve the performances of Nigerian Banks. Based on the findings, we recommend independence of bank’s audit committees as well as integrity, competence and expertise as pre-requisite for appointment as Audit Committee membership. IntroductionBusiness failures have an economic implication which is disastrous to the economy of any nation. In fact big investment frauds and trading scams have resulted in the loss of billions of dollars from gullible people. Nigeria is not an exception. There are various advanced fee frauds in Nigeria and other investment frauds that have bedeviled the Nigerian economy and the world. Bernard Ma doff, a former chairman of Nasdaq Exchange was arrested for running a $50 billion Ponzi scheme.It is alleged that his o peration is the largest ponzi scheme in history. (Nikhil, 2009). In Nigeria, we have experienced many failed banks and finance houses in the late 1980s and 1990s. Many of the banks chief Executives absconded abroad while some were tried due to their involvements in employee related frauds and money laundering scams. Nigeria has witnessed corruption in all facets of her polity and economy which includes the banking sector.Ajayi, (2005) as cited in Adegbaju and Olokoyo, (2008) maintained that banking sector reforms in Nigeria are driven by the need to deepen the financial sector and reposition the Nigerian economy for growth; to become integrated into the global financial structural design and evolve a banking sector that is consistent with regional integration requirements and international best practices. It also aimed at International Journal of ManagementVol. 30 No. 1 March 2013 41 addressing issues such as governance, risk management and operational inefficiencies which forensic accounting practices is geared towards achieving. After the appointment of Sanusi Lamido as Governor of the Central Bank of Nigeria, the Nigerian banking sector experienced turbulent crises as a result of the reforms introduced by him. Most banks that hitherto were adjudged liquid were declared insolvent.The management boards of many quoted banks were dissolved by the Central Bank of Nigeria and some top management staff were reported to the Economic and Financial Crime Commission for prosecution for fraud and mismanagement of funds and so constituting economic crimes. The Banks’ overall risk management was questionable. Against this background, the research is geared towards ascertaining the impact of bank board composition, top management equity interest and audit committee effectiveness on top management transparency.Theoretical Framework Fraud or intentional deception is a strategy to achieve a personal or organizational goal or satisfy a human need. A threat to survival or satisfy a need may cause one to choose either dishonest or honest means. The fraud triangle theory propounded by Donald Cressey states that every fraud has three things in common: (1) Pressure sometimes referred to as motivation and usually a â€Å"un-shareable need†; (2) Rationalization of personal ethics; and (3) Knowledge and opportunity to commit the crime.Pressure according to Singleton et al (2006) in their work on the fraud triangle theory stated that pressure or incentive or motivation refers to something that has happened in the fraudster’s personal life that creates a stressful need for funds and thus motivates him to steal. This motivation centers on some financial strain but it could be the symptoms of other types of pressures. Other types of pressures or motivations include; social and political survival (egocentric and ideological motives) and psychotic.Kenyon and Tilton (2006), Management or other employees may find themselves offered incentives or pl aced under pressure to commit fraud. They sighted as an example that when remuneration or advancement is significantly affected by individual, divisional or company performance, individuals may have an incentive to manipulate results or to put pressure on others to do so. Likewise, pressure may come from the unrealistic expectations from investors, banks or other sources of finance.They therefore stated that incentives or pressures may take a variety of forms within an organization. These include; bonuses or incentive pay representing a large portion of an employee or group’s compensation, triggers built into debt covenants tied to share price targets and levels, significant stock option awards throughout the organization but particularly to top management, and aggressive earnings-per-share and revenue targets set by top management and communicated to analysts, investment bankers, and other market participants, ith resultant pressure from these groups. Rationalization and att itude according to Kenyon and Tilton, (2006) in their write up on Potential Red Flags and Fraud Detection Techniques stated that some individuals are more prone than others to commit fraud. That all things being equal, the propensity to commit fraud depend on people ethical values as well as on their personal circumstances. 42 International Journal of Management Vol. 30 No. 1 March 2013 They asserted that ethical behavior is motivated both by a person’s character and by external factors.External factors include job insecurity such as during a downsizing or redundancy or a work environment that inspires resentment such as being passed over for promotion. Also external environment includes the tone at the top – the attitude of management toward fraud risk and management’s response to actual instances of fraud. They posited that when fraud has occurred in the past and management has not responded appropriately, others may conclude that the issue is not taken seriou sly and they can get away with it.Instances may exist that create opportunities for management or other staff to commit fraud. When such opportunities arise, according to Kenyon and Tilton, (2006), those who might not otherwise be inclined to behave dishonestly may be tempted to do so. They stated that absent or ineffective controls, lack of supervision or inadequate segregation of duties may provide such opportunities. Also according to Cressey’s research (i. e. , the Fraud Triangle), fraudsters always had the knowledge and opportunity to commit the fraud.Tommie and Singleton et al stated that the ‘Report To The Nation (RTTN) (2004) research carried out by Association of Certified Fraud Examiners showed that most employees and managers who commits fraud tend to have a long tenure with a company. A simple explanation deduced by the scholars is that employees and managers who have been around for years know quite well where the weaknesses are in the internal controls and have gained sufficient knowledge of how to commit the crime successfully.Skalak, Alas, Sellitto (2006) in their contribution ‘Fraud: An introduction’ in the book â€Å"A Guide to Forensic Accounting and Investigation† stated that, the increased size and impact of financial reporting scandals and the related loss of billion of dollars of shareholder value have rightly focused both public and regulatory attention on all aspects of financial reporting fraud and corporate governance.They postulated that some of the issues upsetting investors and regulators – for example, executive pay that could be considered by some to be excessive are in the nature of questionable judgments, but do not necessarily constitute fraud. On the other hand, there have been more than a few examples of willful deception directed toward the investing community via fabricated financial statements, and many of these actions are gradually being identified and punished.They stated that t he investing public may not always make a fine distinction between the outrageous and the fraudulent – between bad judgment and wrongdoing. However, they stated that professionals charged with the deterrence, discovery, investigation and remediation of these situations, a systematic and rigorous approach is essential. They therefore formulated what they called ‘Fraud Deterrence Cycle’ which they opined without an effective regimen of it, fraud is much likely to occur.They acknowledged that even with fraud deterrence regimen effectively in place, there remains a chance that fraud will occur. Thus absolute fraud prevention is a laudable but unobtainable goal. Fraud deterrence elements include establishment of corporate governance, implementation of transaction-level control processes often referred to as the system of internal accounting controls, retrospective examination of governance and control processes through audit examinations and International Journal of M anagement Vol. 30 No. 1 March 2013 43 investigation and remediation of suspected or alleged problems.Corporate governance is an entire culture that sets and monitors behavioral expectations intended to deter the fraudster. In order to execute effective governance, boards and management must effectively oversee a number of key business processes including strategy and operation planning, risk management, ethics and compliance, performance measurement and monitoring, mergers, acquisitions, and other transformational t ransactions, management evaluation, compensation, and succession planning, communication and reporting, governance dynamics.Transaction-level controls or system of internal accounting Controls: They are accounting and financial controls designed to help ensure that only valid, authorized, and legitimate transactions occur and to safeguard corporate assets from loss due to theft or other fraudulent activity.These procedures the authors stated are preventive because they m ay actively block or prevent a fraudulent transaction from occurring. Retrospective Examination: According to Skalak, Alas, Sellitto (2006), the first two elements of the Fraud Deterrence Cycle are the first line of defense against fraud and are designed to deter fraud from occurring in the first place.Oyejide, and Soyibo, (2001) in their paper â€Å"Corporate Governance in Nigeria† cited (Rwegasira, 2000) stated that Corporate governance, as a concept, can be viewed from at least two perspectives: a narrow one in which it is viewed merely as being concerned with the structures within which a corporate entity or enterprise receives its basic orientation and direction; and a broad perspective in which it is regarded as being the heart of both a market economy and a democratic society (Sullivan, 2000).The narrow view perceives corporate governance in terms of issues relating to shareholder protection, management control and the popular principal-agency problems of economic theo ry. In contrast, Sullivan (2000), a proponent of the broader perspective uses the examples of the resultant problems of the privatization crusade that has been sweeping through developing countries since the 1980s, and the transition economies of the former communist countries in the 1990s, that issues of institutional, legal and capacity building as well as the rule of law, are at the very heart of corporate governance.Hamid, (2009) in his article ‘The impact of the Composition of Audit Committee on organizational and physical controls of Banks in Nigeria’ stated that there is no generally accepted definition of corporate governance which enjoys a consensus of opinion in all settings and countries of the world. That the concept is defined and understood differently in different parts of the world depending on the relative powers of the owners, managers and providers of capital.Klapper and Love (2002) as cited by Hamid, suggested four components of an effective Corporat e Governance; Board Composition, Board Size, Power Separation and Audit Committee composition. In its preface on the Code of Corporate Governance in Nigeria document, the Securities and Exchange Commission (SEC) in collaboration with the Corporate Affairs Commission stated as follows: †¦ Long before the highly publicized corporate scandals and failures worldwide, the global community has shown increasing concern on the issues of corporate 44International Journal of Management Vol. 30 No. 1 March 2013 governance. The reason for this trend is not far to seek. There is growing consensus that corporate governance, which has been defined as the way and manner in which the affairs of companies are conducted by those charged with the responsibility, has a positive link to national growth and development. The Commission further stated that the importance of effective corporate governance to corporate and economic performance cannot be over-emphasised in today’s global market pla ce.Sir Adrian Cadbury Committee set up in May 1991 in its report â€Å"Report of the Committee on the Financial Aspects of Corporate Governance† on 1 December 1992 in an effort to stem the financial scandals and generally improve corporate governance of United Kingdom companies gave rise to accompanying Code of Best Practice which was adopted by the London Stock Exchange on 30 June 1993 and proposed a system of self regulation by listed companies.Ramaswamy, (2005) further stated that the failure of the corporate communication structure has made the financial community realize that there is a great need for skilled professionals that can identify, expose and prevent weaknesses in three key areas: Poor corporate governance, flawed internal controls and fraudulent financial statements.The author further said the recent corporate scandals came as a shock not just because of the enormity of failures like the Enron, Adelphia communications, WorldCom, Lehman Brothers, Stamford Group and AIG in the US, Cadbury in Nigeria and Parmalat in Italy, but because of the discovery that questionable accounting practice was far more insidious and widespread than previously envisioned. A definite link between these accounting failures and poor corporate governance is thus beginning to emerge.According to Ramaswamy (2005), presently an increasing number of researchers are finding that poor corporate governance is a leading factor in poor performance, manipulated financial reports and unhappy stakeholder. In their research on corporate governance and bank performance in the US, Spong, and Sullivan, (2007) stated that individuals with much of their wealth concentrated in a bank are likely to have a strong incentive to put forth greater effort and also to be more careful in the risks they choose to take than managers with significant motivations and financial incentives.They asserted that the separation between management and ownership in financial theory is referred to as pri ncipal-agent problem which may lead hired managers to maximize their own utility rather than that of the firm. Glassman and Rhoades (1980) compared financial institutions controlled by their owners with those controlled by managers and found that the owner-controlled institutions had higher earnings. Allen and Cebenoyan (1991) found that banking holding companies were more likely to make acquisitions that added to firm value when they had high inside stock ownership and more concentrated ownership.Cole and Mehran (1996) discovered higher stock returns at thrifts that had either had a large inside shareholder or a large outside shareholder. In Nigeria in the contrary, Orogun, (2009) citing Adedeji stated that bank failures in Nigeria are attributed to inadequate capital base, fraudulent, self serving and corrupt practices of the owners and managers, meddlesome interference of board members in the day to day running of the institution and regulatory laxity. On the application of Audit Committees as components of good International Journal of Management Vol. 0 No. 1 March 2013 45 corporate governance in Nigeria, Hamid (2009) citing Wilson (2007) stated that Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, the Central Bank of Nigeria (CBN) Act of 1991, the various prudential guidelines issued by the Central Bank of Nigeria, the listing requirements of the Nigeria Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) rules and Securities and Exchange Commission code of corporate governance 2003, the Central Bank of Nigeria code of corporate governance for banks 2006 must be abided by banks.Hamid (2009) in his research published and titled, ‘The impact of the composition of audit committee on organizational and physical controls of banks in Nigeria’ observed that a number of banks did not adhere to the composition requirement for good corporate governance in the Banks and thus affects the quality of control mechanisms that are i nstituted to safeguard operations in the banking industry. Also the study revealed that unrestricted appointments of executive directors on audit committees decreased the monitoring provided by the committees and it’s effectiveness in checking management scandal and sustaining the effectiveness of ccounting and internal control systems. The study also revealed that the composition of audit committees have an impact on physical control of banks in Nigeria. This result is consistent with earlier findings by Uzun, Szewezyk and Varma (2004) which indicated that a higher degree of independence of the audit committee is associated with a higher control thus lower likelihood of corporate fraud. Transparency and accountability has been a hot debate in the management of businesses and governance all over the world. In fact it is a barometer for measuring business competitiveness among nation states.According to Oladoyin,, Elumilade, and Ashaolu, (2005), the issue of transparency and a ccountability in financial institutions is one that cannot be readily glossed over. That transparency and accountability constitute pivotal features of any respectable public official or professional practitioner. In recent years, there has been great concern on the management of banks’ assets and liabilities because of large scale financial distress. Adam,(2009). The banking sector has been singled out for the special protection because of the vital role banks play in an economy.Bank supervision entails not only the enforcement of rules and regulations, but also judgments concerning the soundness of bank assets, its capital adequacy and management. Volcker,(1992). In Nigeria, the rising cases of bank distress have also become a major source of concern for policy makers. McNamara, C (2009) stated that performance management is a relatively new concept to the field of management. That performance management reminds us that being busy is not the same as producing results. It re minds us that training, strong commitment and lots of hard work alone are not results.That the major contribution of performance management is its focus on achieving results — useful products and services for customers inside and outside the organization. Despite the recent attention to achieving maximum performance, McNamara (2009) stated that there is no standard interpretation of what 46 International Journal of Management Vol. 30 No. 1 March 2013 that means or what it takes to get it. However having stated what people are suggesting that it takes for organizations to achieve maximum performance he stated that, we should be aware of the various views and be able to choose our own.The efficiency and competitiveness of financial institutions cannot easily be measured, since their products and services are of an intangible nature. Idialu, and Yomere, in their article â€Å"Stochastic frontier analysis of the efficiency of Nigerian Banks† cited Berger, Hunter and Timme (1993) as defining efficiency as the ratio of the minimum costs that could have been expended to produce a given output bundle to the actual costs expended. Arshadi and Lawrence (1987) on the other hand, measures bank performance using normal correlation analysis.Srinivane (2009) capsulate that banks are exposed to credit risk, liquidity risk, interest risk, market risk, operational risk and management/ ownership risk. He stated that it is the credit risk which stands out as the most dreaded one. Considering the Nigerian banking history and customers attitude to credit obligations, this is the most dreaded risk in Nigeria. Though often associated with lending, credit risk arises whenever a party enters into an obligation to make payment or deliver value to the bank.Srinivani (2009). The nature and extent of credit risk, therefore, depend on the quality of loan assets and soundness of investments. Based on the income, expenditure, net interest income and capital adequacy one can comm ent on the profitability and the long run sustenance of the bank. Research Methodology The study employed the survey research method using the technique of interview to complement the questionnaire administration and review of documentary sources.The questionnaire was structured in a four point likert scale model where strongly agreed was assigned 4 points, agreed assigned 3 points, disagree assigned 2 points and strongly disagreed assigned 1 point. Scope of Research Area Thirteen publicly quoted commercial banks were selected as the study population from the twenty four commercial banks operating in Nigeria. The selection covers both the first generation Banks, second generation Banks and Banks that emerged from mergers of more than one bank during the recent bank consolidation in Nigeria. Their choices are premeditated on their size and their banking coverage.Model Specification To examine the impact of bank board composition, top management equity interest and audit committee eff ectiveness on top management transparency in the Nigerian banking sector, hypothesis formulated was developed into models and was subjected to empirical test using multiple regression analysis, percentages comparison and ratio analysis. y = ? 0 + ? 1x 1+ ? 2Ãâ€"2 + †¦+ ? nxk +? ijk Where ? 0 = Regression Constant and ? 1, ? 2, ? 3 †¦ ? n are = regression coefficients Where ? 0 and ? 1 are obtained by solving simultaneously the equations: International Journal of Management Vol. 30 No. 1 March 2013 47 y = ? 0N+ ? 1? X ?XY = ? ? X + ? ?X2 0 1 Where y = Dependent variable, x = Independent variables Estimation and validation To determine the use-ability of the questionnaire on the Impact of Bank Board Composition, Top Management Equity Interest and Audit Committee Effectiveness on Top Management Transparency in the Nigerian banking sector, the questionnaire was built on a four point Likert scale on one hundred and forty eight respondents. To determine the use-ability, item-te st correlation coefficient were computed. All item-test correlation lie in the range r=0. 6  ±0. 1. They were considered significant and useable.Analysis of Data Table 1 shows that 50(34%) respondents strongly agreed that their top management equity interest in their banks influences their level of financial disclosure. 46(31%) respondents also agreed that their top management equity interest in their banks influences their level of financial disclosure while 52(35%) respondents strongly disagreed that their top management equity interest in the bank influences their level of financial disclosure. Table 1. Top Management transparency, Banks Board composition, Top Management equity interest and Audit Committee effectiveness Research Question Whether top anagement equity interest in the Bank influence her level of financial disclosures. Whether Audit Committees are effective, efficient and independent of management. Whether the composition of Bank boards is based on director’ s individual integrity, knowledge of industry and competence high? Whether top management is transparent in her decision making? Opinion of Respondents Strongly (%) Agreed (%) Disagreed (%) Strongly (%) Total Agreed disagreed 50 34% 46 31% 52 35% 0% 148 0 0% 50 34% 98 66% 0% 148 4 3% 48 32% 96 65% 0% 148 0 0% 35 24% 113 76% Source: Data from questionnaire analysis based on responses 0% 0% 148 48International Journal of Management Vol. 30 No. 1 March 2013 In a related matter, 35(24%) respondents agreed that their top management is transparent in her decision making process as it affects the bank and their personal interests. 113(76%) respondents however disagreed that their top management is transparent in her decision making process as it affects the bank and their personal interests. 50(34%) respondents agreed that their banks audit committees are effective, efficient and independent of management while 98(66%) respondents disagreed that their banks audit committees are effective, efficient and independent of management.Also, 4(3%) respondents strongly agreed that the composition of their Bank Boards is based on the fact that the individuals’ integrity, knowledge or expertise of the industry and competence are very high. 48(32%) respondents also agreed that the composition of their Bank Boards is based on the fact that the individuals’ integrity, knowledge or expertise of the industry and competence are very high. However, 96(65%) respondents disagreed that the composition of their Bank Boards is based on the fact that the individuals’ integrity, knowledge or expertise of the industry and competence are very high. HypothesisNull (N0): Top management transparency does not depend significantly on Bank board composition, top management equity interest and audit committee effectiveness. Alternate (N1): Top management transparency depends significantly on Bank board composition, top management equity interest and audit committee effectiveness. Let y = represent dependent variable and Let x1-3 = represent independent variables Variables in the Hypothesis Dependent Variable (y) = Top management transparency Independent variable (x1) = Top management equity interest. Independent variable (x2) = Audit Committee effectiveness Independent variable (x3) Bank board composition To test the hypotheses, multiple regression analysis was used with top management transparency variable as the dependent variable and bank board composition, top management equity interest and audit committee effectiveness as independent variables. The means are not equal, at least among the predictor variables suggesting that they may not have the same predictive ability. The standard deviation though small gives us the assurance that there is variation in the variables as we move from bank to bank as reflected in table 2. The inter-variable correlations were computed via the Pearson product moment formulae.These correlation coefficients are given in tabl e 3. From table 3, we observed that the three independent variables correlates significantly International Journal of Management Vol. 30 No. 1 March 2013 49 with the dependent variable (first row and column) since the associated probabilities are all less than the chosen level of significance. The inter correlations among the independent variables are also significant. Though this phenomenon is desirable in a multiple regression analysis, it validates our claim that they are all elements of the one variable called good corporate governance in forensic accounting practice.The significance of their correlation with the dependent variable suggests that they may be significant predictors of top management transparency. To test the significance of their predictive ability collectively, the prediction model parameters were estimated and tested for significance using the F-ratio test. The results are presented in table 3. From table 4, the estimated F-value (77. 233) is greater than the cr itical F-value (2. 600) with 3,144 degrees of freedom and at 0. 05 levels. Also, the probability associated with the observed F-value (0. 000) is less than the chosen level of significance.Consequently the null hypothesis is rejected in favor of the alternative. This means that top management transparency depends significantly on top management equity interest, audit committee effectiveness and bank board composition as elements of good corporate governance in forensic accounting practice. The R-squared value of 0. 617 and its adjusted form of 0. 609 together indicate that between 60. 9% and 61. 7% of the total variation in top management transparency is accounted for by top management equity interest, audit committee effectiveness and bank board composition with a standard error of estimate of 0. 67. Table 2. Mean and standard deviation of the four variables Variable Top management transparency Top management equity interest Bank Boards Composition Audit Committee effectiveness Mea n 2. 237 2. 987 2. 378 2. 338 Standard deviation 0. 426 0. 833 0. 540 0. 475 Source: Data from questionnaire analysis based on responses Table 3. Inter correlation among Top Management transparency, Management equity interest, Board composition and Audit Committee effectiveness. Variable Y X1 X2 X3 Y 1. 000 0. 680* 0. 779* 0. 762* X1 0. 680* 1. 000 0. 872* 0. 829* X2 0. 779* 0. 872* 1. 00 0. 932* *Significant at 0. 05 level, p < 0. 05 Y = Top management transparency X1 = Top management equity interest. X2 = Audit Committee effectiveness X3 = Bank board composition Source: Data from questionnaire analysis based on responses X3 0. 762* 0. 829* 0. 932* 1. 000 50 International Journal of Management Vol. 30 No. 1 March 2013 The relative contribution of each of the independent variables to the prediction of top management transparency is estimated as regression coefficients and tested for significance using the t-test. Table 5 is summary of the results.From the table, the computed t-value for the regression constant (5. 336) and audit committee effectiveness (3. 320) are greater than the critical t-value (1. 976). Their associated probabilities (0. 000 and 0. 001) for the regression constant and audit committee effectiveness respectively are less than the chosen level of significance. This means these are the significant contributors to the prediction of top management transparency. The contribution of the other two variables: top management equity interest and bank board composition do not contribute significantly to the prediction of top management transparency.All the same, the obtained prediction model is: y= 0. 616 – 0. 009Ãâ€"1 + 0. 487Ãâ€"2 + 0. 215Ãâ€"3 Where y= x1 = x2 = x3 = Top management transparency Top management equity interest Audit Committee effectiveness Bank Board Composition. Table 4. Model summary and ANOVA for the prediction of top management transparency. R R-Square 0. 785 Source of variation Regression Residual Total 0. 617 Sum of S quares 16. 480 10. 243 26. 723 Adj. R-Square 0. 609 Df. 3 144 147 Std Error 0. 267 Mean Square 5. 493 0. 071 R. Square Change 0. 617 F Sig. 77. 233* 0. 000 * Sig. at 0. 05 level. F(3,144) = 2. 600Source: Data from questionnaire analysis based on responses Table 5. Regression constant and coefficients for the prediction of top management transparency. Variable Constant Top Management equity Audit effectiveness Bank Board Composition Un-standardized Coefficients B Std Error 0. 616 0. 115 -0. 009 0. 054 0. 487 0. 147 0. 215 0. 113 Standard Coefficients Beta * Significant at 0. 05; p < 0. 05. Source: Data from questionnaire analysis based on responses -0. 02 0. 542 0. 272 T Sig. 5. 336* -0. 172 3. 320* 1. 903 0. 000 0. 864 0. 001 0. 059 International Journal of ManagementVol. 30 No. 1 March 2013 51 Findings The study revealed that top management equity interest in the banks influences the level of correct financial disclosures of the banks and their level of transparency. This ran contr ary to recent research findings in the United States where it was revealed that individuals with much of their wealth concentrated in a bank are likely to have a strong incentive to put forth greater effort and also to be more careful in the risk they choose to take. Audit Committees are not effective, efficient and independent of management of the banks.Likewise, the appointment of the committee members is not based on integrity, competence and expertise of candidates. Conclusions The Nigerian Banking sector which constitutes over 70% of volume trading in the past four years being the most active sector in the capital market will strive for better if the issue of good corporate governance and ethical conduct by bank directors and management is addressed. The study therefore recommended that the composition of banks audit committees should be based on integrity, competence and knowledge or expertise of individuals and it should be independent of management.Those banks should have as one of their reporting requirements a statement on compliance to good corporate governance. References Ademola, T O and Soyibo A (2001), Corporate governance in Nigeria. Paper presented at conference of Corporate Governance, Accra, Ghana. 20-30 Adegbaju, A. 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