Risk Management and Control Measures for World Remit Ltd.

This report analyzes the risk management strategies of World Remit Ltd., a global online money transfer service. The report begins with an introduction outlining the problem of cyber-attacks in online money transfers and the aim to analyze World Remit's risk management strategies. It reviews the concept of online money transfer, its advantages and disadvantages, and identifies a literature gap. The methodology section details the data collection methods, including primary data through surveys and interviews and secondary data from online sources. It also describes the data analysis methods, incorporating both qualitative and quantitative approaches, and the research approach, which combines inductive and deductive methods. The report addresses ethical considerations. The report aims to find out risk management strategies to ensure secure dealing and sending money online across the globe, the evaluation methodology of the risk management strategies and to evaluate the risk reduction after adopting risk control measures by World Remit.

Running head: RISK MANAGEMENT OF WORLD REMIT LTD.
RISK MANAGEMENT OF WORLD REMIT LTD.
Name of the Student
Name of the University
Author Note

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Abstract
The online transfer offers many facilities to its user such as instant money transfer to any
corner of the world without physically going to that place. However online money transfer
increases the risk and vulnerability of many cyber-crimes which collapse the system and
result in loss of money. Proper risk management strategies and control measures can decrease
the threat and risk associated with it and can make the money transfer safer.

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Table of Contents
Introduction................................................................................................................................3
Aim and objective..................................................................................................................3
Literature review........................................................................................................................3
The concept of Online money transfer...................................................................................3
Critical analysis of the advantages and disadvantages of online money transfer..................4
Literature Gap........................................................................................................................4
Research Methodology...............................................................................................................4
Data collection method..........................................................................................................4
Data analysis method.............................................................................................................5
Research approach.................................................................................................................5
Ethical issues..........................................................................................................................6
References..................................................................................................................................7

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Introduction
The online money transfer increases the threat of cyber-attack as cybercriminals can
easily hack electronic data (Shanthi and Desti 2015). World Remit provide a service for
online money transfer that gives remittance services globally to exile communities around the
world. Catherine Wines, Ismail Ahmed and Richard lgoe, founded this in the year
2010: (Worldremit.com, 2019). In the year 2018, the company had 3 million
users: (Worldremit.com, 2019) .
Aim and objective
This paper aims to analyse risk management strategies of online money transfer facility
provided by World Remit throughout the world. The purposes of the article is as follows:
1. To find out risk management strategies to ensure secure dealing and sending money
online across the globe.
2. To find out the evaluation methodology of the risk management strategies.
3. T evaluate the risk reduction after adopting risk control measures by World Remit.
Literature review
The concept of Online money transfer
Online money transfer is the process by which money is transfer from the account of
one user to the other electronically (Alsayed and Bilgrami 2017). There are many banking as
well as a non-banking organisation throughout the world that offer this service safely and
conveniently. The process of sending money include entering the mobile number of that
individual or choosing the address if there are past transactions. Then the amount that needs
to be transferred is entered, and the MPIN number of the sender and the money is sent. There
are several money transfer application for android mobiles like Venom, Western Union,

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World remit, Pay Pal and many others (Vlasov 2017). World Remit is one of the safest
money transfer application over 140 countries throughout the world: (Worldremit.com,
2019) . The process of transferring cash between accounts or to pay the monthly bills
whenever needed by the user gives advantages over checks and cash exchange.
Critical analysis of the advantages and disadvantages of online money transfer
The account holders can willingly send and receive money with their account without
going anywhere. Electronically transferring the money allow the customer to make cashless
payments by using their mobile phones. This provides timesaving, reduce cost transaction
cost and also increase sales. It offers hassle free transaction of cash throughout the world.
Online money transfer is getting enormous popularity and many banking and non – banking
organisation, started offering this facility. However online money transfer brings a threat to
the user because it becomes prone to cyber-attacks (Khan et al. 2017). It gives an opportunity
to the cyber-criminal to exploit the weakness and developing strategies of perpetrating fraud.
This disadvantage can limit the experience of the user of the online money transaction.
Transferring money also increases the operation of cryptocurrency, and it becomes an easy
target for hackers to demand payment (Brenig, Accorsi and Müller 2015).
Literature Gap
The previous researches are done on finding the risk, threat and vulnerability of the
cyber-attack. This research will be done to find out the risk control management, which is
done before the attack hit an individual or organisation and the method of implementing
those.

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Research Methodology
Data collection method
For this research purpose, data will be collected by both primary and secondary
means. The first data will includes survey, observation. Questionnaires, focus groups,
documents, record and interviews that will be arranged for the user of World Remit. The
interviews will be conducted over phone and the questions asked will be focused and clear.
The interviews that will be arranged will be structured. The secondary data is collected from
internet sources, magazines and journals that are available in online sites and printed form
that will be accurate for this research (Johnston 2017). Good source for secondary data will
be used that will give information about a particular group needed. Primary data and
secondary information both will be used for conducting the research.
Data analysis method
For analyse, purpose qualitative and quantitative data will be gathered. Four steps
analyze the quantitative data. The first step will be data validation, which ensures that while
collecting the data there will be no biasness and the data is valid for the research. There are
four step for data validation that include fraud, screening, procedure and completeness. The
next step is data editing that will ensure that there is no errors in the data. To ensure this the
necessary steps will be checking the basic data, checking outliers and editing the data
collected from the research. This is an important step to fill all the fields that are empty. The
third step will be data coding where the responses collected from the survey are grouped ns
assigned.
There are two methods for analysing qualitative data that are descriptive
statistics and inferential statistics. The descriptive statistics will include Mean, median, mode,

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range, frequency and percentage. Absolute numbers comes out after descriptive statistics
(Johnston, 2017). Inferential statistics ill not be required.
Research approach
Research approach consists of plan and procedure of data collection, data analysis, data
interpretation. The research approach will be based on the problems of the research that is
addressed. There will be two type of data under data collection that are qualitative and
quantitative. The data analysis method include inductive and deductive method. An inductive
approach will be followed for the qualitative data and deductive approach will be followed
for the quantitative data. There will be mixed data type for this research so both inductive and
deductive approaches will be used. The inductive approach will include combining the
secondary data in the summary, creating link between research objective and result obtained
from raw data and will develop a theory based on experience. In the deductive approach there
will be theory exploration, developing a framework for theory, recording the result through
statistical hypothesis and confirming the conclusion that is drawn logically.
Ethical issues
The research will be conducted by considering the various ethical issues that can
arise. No participant will be forced to express his or her viewpoint on the topic. The
participant needs to have proper knowledge about the aim and objective of the research. The
decision of the participants will be not to be altered. There will be no biased conclusion of the
study.

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References
Alsayed, A. and Bilgrami, A., 2017. E-banking security: internet hacking, phishing attacks,
analysis and prevention of fraudulent activities. Int. J. Emerg. Technol. Adv. Eng, 7(1), p.110.
Brenig, C., Accorsi, R. and Müller, G., 2015, May. Economic Analysis of Cryptocurrency
Backed Money Laundering. In ECIS.
Johnston, M.P., 2017. Secondary data analysis: A method of which the time has
come. Qualitative and quantitative methods in libraries, 3(3), pp.619-626.
Khan, B.U.I., Olanrewaju, R.F., Baba, A.M., Langoo, A.A. and Assad, S., 2017. A
compendious study of online payment systems: Past developments, present impact, and
future considerations. International journal of advanced computer science and
applications, 8(5), pp.256-271.
Khan, B.U.I., Olanrewaju, R.F., Baba, A.M., Langoo, A.A. and Assad, S., 2017. A
compendious study of online payment systems: Past developments, present impact, and
future considerations. International journal of advanced computer science and
applications, 8(5), pp.256-271.
Krippendorff, K., 2018. Content analysis: An introduction to its methodology. Sage
publications.
Shanthi, R. and Desti, K., 2015. Consumers' perception on online shopping. Journal of
Marketing and Consumer Research, 13, pp.14-21.
Vlasov, A.V., 2017. The evolution of E-money. European Research Studies Journal, 20(1),
pp.215-224.

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Worldremit.com (2019). [online] Worldremit.com. Available at:
https://www.worldremit.com/en/account/login [Accessed 6 Apr. 2019].