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In summary, the four dimensions in the RM-BSC indicated a strong causal
relationship between the goals and performance indicators of the dimensions. When
confronted with substantial pressure from competition and diverse customer needs, large
organizations require effective driving power, both horizontally and vertically, to provide a
thorough presentation of corporate strength. FHCs require appropriate goals and
performance evaluation indicators to be established through strategic thinking and
blueprinting. Customer orientation should be used for establishing operational goals,
determining corporate development directions, and prioritizing company tasks. Positive
communication and execution are used as management and controlling tools in financial
holdings. Thus, inside-out and top-down links can be strongly established.
4.2 Discussion and Implications
Theoretically and practically, BSC performance evaluation indicators should be
established through a rigorous process that is in accordance with organizational strategies
and goals. In this study, the BSC performance dimensions were not established in line
with current practice, which requires the participation of senior managers. The results of
this study can be applied only to FHCs and their employees. The proposed risk
management model serves as a reference for professionals. Explicit programs are
unavailable in current performance evaluation systems for FHCs. Rather, performance is
typically analyzed according to the numbers and results associated with indicators. In
other words, most such data are partial because the indicators are designed to meet higher
authorities’ requirements within certain periods, and thus, do not reflect overall
performance. Therefore, the primary objective of this study was to establish a BSC-based
performance evaluation model that contains risk factors.
Choi and Mueller (1992) asserted that financial and nonfinancial factors as well as
quantitative and qualitative indicators warrant equal attention. Ulrich, Zenger, and
Smallwood (1999) indicated that leadership risks should explicitly link leader attributes to
company performance in identifying attributes correlated with performance. According to
the
Glossary of Performance Terms
, performance management includes organizational
performance and relevant concerns at any level that require an in-depth understanding and
instant action. Kotter (1996) asserted that senior managers’ primary responsibility is to
establish appropriate goals, strategies, and designs when organizations must address
changes. On the basis of the mentioned elements and purposes, we conducted a review of
the relevant literature and implemented the RM-BSC in our study of financial holdings.