Lawrence J. Gitman has defined finance as ‘an art and science of managing money’. It implies that finance is Both art and science. Finance is a matured science since it provides knowledge as to how and at what time a firm should invest to outstrip other firms. Private Banking and Wealth Management is a module targeted at students who wish to build upon their previous knowledge of financial markets and products by analysing and evaluating the core financial service of wealth management. The module aims to both broaden students’ knowledge and understanding of the financial services industry and further develop their intellectual and practical skills via the analysis and evaluation of the wealth management process.
A client server application called RIP (Risk Information Profile) was created whose goal was to provide a tool to conduct the risk assessment of a potential customer and also to re-evaluate the risks involved with a current customer. This tool involves authenticating the customer, checks current credit limit and previous credit lines, payment history, fraud history, business history, frequency of credit card usage, etc. This system was designed for user-friendliness for the company employees and for optimizing the efficiency of the company’s risk analysis system.