206 /302
分析台灣金控公司之關鍵風險因子：以風險平衡計分卡結合決策分析實驗室法為基礎之分析網路法
206
1. Introduction
Financial firms in Taiwan have recently been transformed into financial holding
companies (FHCs) through mergers and acquisitions and integration. Since the first FHC
was found in December 2001, the number of FHCs has been growing, reaching 16 in
2014. As the need for wealth management increases in Taiwan, stakeholders have focused
considerably on how FHCs systematically develop competitive policies to enhance their
competitiveness and risk management capabilities. Most of Taiwan’s FHCs assess risks
and evaluate capital requirements according to the New Basel Capital Accord (Basel II).
Risk management has become a crucial aspect in evaluating the overall operations of the
financial industry (McAllister and McManus, 1993; Hughes and Mester, 1993). Thus, risk
indicators have garnered substantial attention in the evaluation of various operational
decisions in the financial industry, including FHCs in Taiwan. The degree of risk affects
earnings volatility and operational risks. Therefore, the ultimate goal of risk management
is to assist FHCs in standardizing risk management and business implementation, as well
as in maximizing shareholder benefits. To decrease stock volatility, companies should
engage in corporate social responsibility activities (Chen, Shiu, and Chang, 2015).
Most previous studies have used the balanced scorecard (BSC) as an assessment tool
for evaluating business performance in the financial industry (Davis and Albright, 2004)
by focusing on financial indicators and business operations (Szilagyi, 1984; Maisel, 1992).
The purpose was to prevent the managers of a financial firm from hindering its evaluation
of its overall development plans effectively. In other words, the main indicators of the
BSC were financial indicators based on statistical approaches, and risk management
performance has not been considered in the evaluation results of the BSC, preventing
financial firms from planning their operational strategies on the basis of BSC results.
Unlike companies in other industries, FHCs tend to involve diverse and complex
operational risks, because their main trade instruments are currencies and credits. FHCs
must also address an increasing number of operational risks resulting from the emergence
of new financial products and services. Through the combination of the BSC and risk
management, risk factors should be integrated into the BSC to establish an operational
performance evaluation system of FHCs. Therefore, this study aimed to fill the research
gap by integrating risk management into the BSC, which would facilitate risk
management implementation rather than mere adherence to risk management policies.
Tseng, Yu, and Chiang (2011) proposed a combination of risk management with the
BSC (i.e., RM-BSC), which is an essential model that links performance strategy