bluuebunny/crossref_metadata_2025 huggingface dataset:
Audiovisual accessibility: Evaluating workflows for transcribing and captioning digital archival content
Authors: Myntti Jeremy , Steed Molly Rose
Published: July 2024

Accessibility of content should be a major focus for all digital library projects. This article describes how the University of Utah’s J. Willard Marriott Library embarked on a grant-funded project to examine different workflows for creating captions and transcripts for archival audiovisual content. Although many institutions have experimented with various methods for creating captioning and transcripts, there is no perfect standard for effectively and inexpensively generating these for archival collections. While working with a diverse set of archival audio and audiovisual files, the J. Willard Marriott Library compared different captioning workflows based on the amount of time to transcribe, the cost of each workflow, and the quality of the final results. This article presents the findings from this study, with information about the different processes that were used to generate the captions for archival content.
Case study: Managing a meningococcal B outbreak at a university
Authors: Cuckow Justin , Smythson Laura
Published: July 2024

During the end of March and early April 2017, three University of Surrey students were confirmed as having contracted meningococcal B. The three cases were declared a cluster by Public Health England (PHE) and led to an urgent multi-agency response to protect 4,296 students in university residences identified as being at risk. This case study shows how the university had to arrange and communicate the need for two separate vaccinations, four weeks apart to more than 4,200 students. This timescale meant overlapping with examinations, and had to be complete before students went home for the summer. The immunisation, carried out by teams from Children and Family Health Surrey would be the largest meningococcal B vaccination programme as the result of an outbreak ever carried out in Europe, and achieved very high coverage rates. University staff worked closely with PHE, health and local partners, meningitis charities and the Students’ Union to set up the vaccinations, while also maintaining business-as-usual operations. The case study shares the learning and highlights some of the challenges involved in responding to protracted contagious and notifiable disease outbreaks.
The role of videoconferencing in crisis and emergency management
Authors: Chandler Robert C. , Wallace J. D.
Published: July 2024

This study considers the use of videoconferencing technology for emergency management communication during a crisis and compares it with other more common modes of communicating (eg telephone, radio, SMS, e-mail, etc). It investigates how the medium affects a number of variables including teamwork, participation, feedback and decision making. This is one of the first empirical research projects reporting the impact of this emerging technology on communication during emergencies, and perhaps most significantly, considering when videoconferencing communication options should be considered in emergency planning. This study was designed to learn more about the inherent advantages of videoconferencing technology as a crisis communication modality. The paper reports the cumulative summative findings of the research project, including the results of a research question looking at the fundamental differences between negligible and regular users of videoconference technology. While it is clear that no currently-existing technology can completely achieve the advantages and benefits of well-managed face-to-face team or co-worker interaction during a crisis or emergency, this study finds that videoconferencing is a potentially superior means of crisis and emergency management team interaction and should be preferred over lean channels (eg text or audio only) in a number of situations.
Leveraging influencers to tell an authentic brand story and drive return on investment: Case study of Travel Alberta and Expedia Media Solutions
Authors: Tratt Noah
Published: July 2024

Travel Alberta, the official tourism marketing agency of the Province of Alberta, was looking to increase awareness for the region by captivating the imagination of US and Canadian travellers through unique, compelling content. Together with Expedia Media Solutions, it built a campaign that showcased the diverse experiences that Alberta has to offer, increased general awareness for the region and drove consumers to engage and interact with the brand through social media and aspirational videos. The campaign combined high-impact and tactical brand placements on Expedia points of sale in the USA and Canada, a branded Expedia blog, social media outreach, customised video content and influencer engagement. Top travel bloggers were sent to Alberta, where they captured video content around tourist destinations to serve as blog and video ad content. The campaign was a huge success, resulting in more than 81,000 room nights and 22,250 airline tickets booked to and in Alberta. It also drove more than 4.1 million social media impressions across Facebook, Twitter and Google+.
Prospects and challenges of a pan-European post-trade infrastructure
Authors: Lannoo Karel , Valiante Diego
Published: July 2024

After more than a decade of indecision, the European Union (EU) is finally now set to implement a consistent regulatory architecture for clearing and settlement. Following the agreement on a European market infrastructure regulation (EMIR), the European Commission has proposed harmonised rules for centralised settlement depositaries (CSDs), while the European Central Bank (ECB) is moving forward with its plans for a central eurozone settlement engine. After the regrettable circumvention of the 2006 Code of Conduct, the EU now will have a consistent framework allowing cross-border provision of services by and competition among clearing and settlement entities in the EU, with rules ensuring open access and interoperability. This situation will bring about a sea change in the sector, leading to further consolidation at the European level, as has also been witnessed in the area of trading platforms since the adoption of the investment services directive in 1993 and the Markets in Financial Instruments Directive (MiFID) in 2007. But important challenges remain in striking a balance between market efficiency and financial stability.
Evaluating DAM vendors through customised scenario demonstrations while keeping stakeholders engaged
Authors: Herz Kristina
Published: July 2024

This paper summarises the digital asset management (DAM) evaluation and selection process as conducted by the Royal Botanic Gardens, Kew. The Royal Botanic Gardens, Kew successfully chose the best suited DAM provider and product by inviting vendors to conduct customised scenario demonstrations. This case study will focus on five important evaluation steps to consider including: (1) market analysis leading to a vendor shortlist; (2) choosing the right level of vendor evaluation; (3) creating realistic scenarios and a robust scoring mechanism; (4) vendor considerations; and (5) keeping stakeholders engaged during the evaluation process.
The challenges of implementing effective regulatory decision-making provenance
Authors: Arnason Brock
Published: July 2024

Financial institutions face significant challenges in implementing and enforcing regulatory data, specifically in transaction reporting and point-oftrade decision making. The lack of understanding and adherence to correct reporting procedures often leads to compliance breaches and subsequent fines. In this paper, the author provides a comprehensive explanation of regulatory data and how implementation poses challenges such as managing numerous source systems, constructing accurate decision logic, ensuring auditability and handling regulatory changes effectively. The paper also examines the benefits of adopting a best-practice framework, covering examples of transaction reporting and point-of-trade decision making. Finally, the paper underscores the imperative for financial institutions to embrace a best-practice framework for regulatory decision-making provenance which involves automating compliance, reflecting industry consensus and implementing control processes to address regulatory changes. By doing so, companies can ensure compliance, mitigate risks and adapt to the evolving regulatory landscape.
Hospital Incident Command System: Preparedness and application for COVID-19 response in California’s Central Valley
Authors: Matear David , Hunter Rejeanna
Published: July 2024

This paper describes the types of emergency and disaster events that could potentially impact the healthcare system and the need for healthcare executives to be knowledgeable and able to respond to emergencies quickly and appropriately. It discusses the barriers to the engagement of hospital and healthcare senior executive teams in emergency preparedness activities and proposes a pragmatic approach for the engagement of healthcare executive teams. Drawing on the experience of hospitals in California’s Central Valley, the article hypothesises that a full implementation of this programme would have supported hospital executive teams to provide a more effective and efficient response to the management of COVID-19.
Enterprise-wide packaging optimisation
Authors: Ampuja Jack T.
Published: July 2024

This paper focuses on the often overlooked process of packaging optimization which can deliver outstanding efficiency improvement for any business receiving or shipping products in corrugated boxes; this would include manufacturers, importers and distributors.
Privacy and security concerns: A systematic review of older adults' perceptions surrounding the use of technology
Authors: Knight Thora , Yuan Xiaojun , Gayle Deedee M. Bennett
Published: July 2024

The COVID-19 pandemic catalysed the adoption of technology in every facet of our lives. With growing reliance on technology, it is vital to ensure that efforts to promote or enhance older adults' use, adoption or interaction with technology remain salient. Using a systematic review and a search of five databases bounded over a five-year period, this review summarises the state of the literature on older adults' interactions and perceptions of technology, emphasising the interplay between privacy and types of technology. The antecedent-privacy concern-outcome (APCO) model was used to frame the findings and type of technology was proposed as an associated privacy-related research factor. The review reveals older adults' privacy perceptions align with the principles underlying the APCO model including their awareness, experiences and demographic differences and their willingness to use a particular type as a privacy outcome spotlights contextual relationships that calls for exploration.
Investigating the differences in the impacts of redevelopment and building rehabilitation on house prices: A Hong Kong case study
Authors: Yau Yung
Published: July 2024

While redevelopment is a common approach to housing improvement or urban renewal, increasing numbers of scholars, urban managers and sociologists started promoting the use of building rehabilitation, which is more sustainable. In Hong Kong, public administrators have been facing challenges in choosing between redevelopment and building rehabilitation when executing urban renewal projects. For more informed policymaking, it is necessary to know and compare the benefits generated from different housing improvement projects. The literature suggested that redevelopment and rehabilitation could add values to the nearby properties, yet it is still unclear whether there are any differences in the positive externalities posed by the two processes, for example in terms of magnitude of price change and affected distance. In this regard, this study aims to investigate the differences in the effects between redevelopment and building rehabilitation on house prices in Hong Kong. Two housing improvement projects in the old urban area are targeted for investigation, using hedonic price analysis. Yet no significant positive net externalities are identified from both redevelopment and rehabilitation. The findings of this study offer valuable insights to the public administrators into the policy formulation regarding urban renewal in the city.
Methodology for realising ESG performance of corporate real estate assets through digital data architectures
Authors: Sridharan Kaliyur , Maddern Christopher R.
Published: July 2024

From investors, to governments, to tenants and end-users, stakeholder needs around building data are profoundly changing, putting a greater emphasis on performance on environmental, social and governance (ESG) key performance indicators (KPIs) alongside traditional financial returns. This environment necessitates building owners and property managers to look at the ESG data they have today, assess how this data will be used differently in the future, and predict what gaps may need to be filled in order to create a dynamic building data management ecosystem that is responsive to investor, manager, tenant and the wider regulatory demands of tomorrow’s commercial real estate (CRE) assets. This paper explores the importance of advanced data collection and management in accelerating the ESG performance of buildings. A solid data strategy and system modelling is the gateway to understanding, calculating and mitigating the environmental impact of buildings and creating resilience in an increasingly uncertain and volatile landscape. The paper defines the types of data required and explains how this data feeds into a modelling and simulation software. It also discusses considerations for the tools needed to make a model more representative of the property and varied future scenarios. It then illustrates these best practices using real customer examples and examining critical KPIs that many CRE managers and building owners need to track and manage today.
Impact of the EU General Data Protection Regulation on the public sector
Authors: Blume Peter
Published: July 2024

This paper considers the consequences of the EU General Data Protection Regulation (GDPR) for public administration. It is observed that the private and public sector in many ways are treated differently. The starting point for data processing in public administration is that it should have authority in statutory law and use of consent is viewed with much caution. There are increased responsibilities related to the goal of transparency with respect to information to data subjects and also in respect to documentation of processing procedures. Data security requirements are also increased. Although the GDPR first comes into effect in May 2018, authorities should prepare for it now.
Maintaining momentum of accelerated digital transformation created by the pandemic
Authors: Coleman Jeff
Published: July 2024

Like many financial services firms, Mercer, an investment management company, started planning and kicking off several digital transformation initiatives in the early winter of 2020. These projects ranged from the creation of a data management repository to the migration from a proprietary on-premises trading system to a third party hosted system. The latter will be the focus of the comments in this paper. The goal of these projects was to increase operational efficiencies and to transform data into information and make that information more accessible and useable. And then, everyone went home. In this paper, the challenges, learnings and unexpected benefits resulting from managing large-scale digital transformative projects during a pandemic will be discussed, and how that momentum can be maintained as teams return to the office, at least in some form. The intent of this paper is not to be a technical deep dive into the specifics of any projects, but rather a discussion of experiences. The goal is to provide the reader with additional considerations when undertaking a digital transformation project, real-life examples of unexpected considerations and how focusing on people, no matter what the initiative, should yield positive outcomes, even in unexpected ways.
Challenges and opportunities to improve customer experience for existing airport assets: Case study of Amsterdam Airport Schiphol T1 refurbishment
Authors: Aulman Joeri , Goor Michiel Van , Van Der Veer Gerard
Published: July 2024

Airports are faced with changing requirements for their existing airport assets and are under significant budget, sustainability and customer expectation pressures. This paper shares insights from Schiphol Amsterdam Airport and its consultant Benthem Crouwel NACO (BCN/NACO) on the redevelopment of Terminal 1 as a case study on meeting changing requirements in the aviation sector by smart use of existing infrastructure, retaining buy in from the wider airport organisation and stakeholders and meeting the new standards in sustainability and customer experience.
ESG information integration into portfolio optimisation
Authors: Cao Haoming , Wirjanto Tony S.
Published: July 2024

A growing number of investors in recent years has focused on environmental, social and governance (ESG) factors in carrying out investment activities and the COVID-19 pandemic has only driven such trends of ESG investing at an accelerated rate. Many studies have examined the relationship between ESG scores and corporate financial performance, along with the effectiveness of ESG portfolios. This paper discusses various approaches to incorporate ESG factors into a portfolio optimisation and critically compares and contrasts the efficacy of these approaches on the Dow Jones Industrial Average constituents. It finds that thematic investing appears to be the best performer. In addition, it is also found that there is no evidence that ESG portfolios underperform the market.
Wealth management requires a 360-degree compliance programme
Authors: Cowley Jeffrey
Published: July 2024

While the tsunami of regulation following the 2008 financial crisis has receded, compliance for wealth management companies continues to grow more complex. In recognition of the difficulty of meeting evolving standards and obligations, the US Government now offers incentives to companies that adopt technical solutions. RegTech that surfaces issues in a timely manner and holistically across an institution’s book of business is seen as directly correlated with transparency and accountability. It is also good business. Today’s solutions empower companies to streamline account management, reduce risk, lower cost and strengthen client relationships. The author shares best practices and important questions to consider when designing and implementing a 360-degree compliance programme. The key to success is synergy among people, processes and technology. Successful compliance starts with stakeholders across the front, middle and back offices. With guidance and best practices gained from interactions with regulators, consultants and technology providers, the company establishes the procedures to ensure the programme properly addresses its investment management business and its regulatory risk. With the right people and procedures in place, thoughtful RegTech serves as the glue that enables proactive, efficient, 360-degree compliance. With the breadth of data and volume of regulations that companies contend with today, a 360-degree compliance technology platform should employ comprehensive and accurate data; exception-driven rules to eliminate false positives; well-designed workflows that distribute tasks logically across the front, middle and back offices; and efficient oversight tools. Technology cannot replace sound, human-driven policies and procedures but when combined with customer relations and portfolio management into a 360-degee programme, RegTech provides vital protection against regulatory, operational and reputational risks and gives investment managers an understanding of their businesses they could never achieve before. This paper discusses the evolution of 360-degree compliance programmes and share best practices for designing and implementing them. It analyses how, when applied across all investable accounts and business segments, technology can transform compliance from a reactive to a proactive process.
Determining environmental and social risk rating in a multilateral development bank
Authors: Ronza Cristiane , Brackmann Stefanie
Published: July 2024

The Inter-American Development Bank (IDB) is committed to managing environmental and social risks in all banking operations. To meet this commitment, the IDB applies a risk-based approach to environmental and social management for project development and execution to prioritise its interventions. The purpose of this paper is to describe the key concepts involved in determining the environmental and social risk rating of IDB operations and its value to the bank's overall risk management framework.
The social economy: Monetising the transactional nature of social media
Authors: Shreffler Melanie , Mccullough Amber
Published: July 2024

The value proposition of social media for the many people who spend time on such platforms has evolved from being spaces to find, follow and interact with one’s friends to being platforms that provide acceptance and a sense of closeness among strangers. This shift became more apparent in the face of the COVID-19 pandemic; with loneliness on the rise, social media has become the de facto answer to a looming crisis by offering a welcoming virtual community at one’s fingertips. Influencers and individual creators are capitalising on this shift, building businesses and monetising their followings — and brands have the opportunity to do the same with their communities. Gone are the days of finding it strange to pay for social content or ‘chip in’ to a creator — apps like Venmo and Cash App have made it easier than ever to send money in a way that feels like you are simply supporting a friend. This new era of monetising social transactions is not only for the little guys, but big brands have also entered the fray by tapping into micro influencers and leveraging social selling techniques that feel more intimate and personal, even in a digital environment. Readers of the article will gain an understanding of transactional trends that are occurring in the social space. As social platforms continue to evolve it is imperative to understand the impacts to all players to better prepare for the future.
I want it and I want it now! An initial approach to the Spanish instant payments solution
Authors: Linares Francisco
Published: July 2024

Immediacy has become the norm. It is therefore essential that the provision of payment services recognises this reality. Payment service users are increasingly demanding new functionalities alongside improved and faster payment services. As new players arrive on the scene, numerous initiatives are flourishing in an attempt to meet these expectations. Traditional payment services providers face an important challenge, but a wait-and-see attitude is not the answer. This paper describes the basic features of the Spanish instant payments initiative launched in 2016 to respond to this need. It reviews the origins and objectives of this cooperative solution led by the banking industry, the possible use cases and the timetable for its implementation. It also sheds some light on the various stakeholders involved, the key issues and challenges in the development of the initiative, and the foreseen potential benefits.
Meeting the challenges of structural damp diagnosis in older buildings
Authors: Kinsey David M.
Published: July 2024

Diagnosing dampness in the walls of buildings that were constructed 100 years or more ago, often using materials and techniques that are very different from those in use today, can be extremely challenging. Despite the availability of a wide range of diagnostic equipment aimed at identifying building dampness, there is no single piece of diagnostic equipment currently available capable of overcoming the wide natural variations found in the field, that is able to reveal excess moisture within structures, and equally importantly, to determine its severity. All too often, damp in walls is misdiagnosed by over-reliance on a single piece of equipment. This equipment often appears to have been designed on the assumption it will be used on buildings constructed from currently available standard materials, which have been assembled using conventional techniques to meet current regulations. However, when using electronic meters to diagnose damp, if multiple measurements are taken using different types of meter, it is possible to overcome most of the limitations of individual meter types along with any tendency to misrepresent the moisture status of older or less common building materials. This paper outlines a method of damp diagnosis for historic and vernacular walls that allows multiple readings, taken with three complementary meter types, to be combined and mapped back onto the building. This method highlights the differences between raised salts and true excess moisture, together with their respective severities and spreads, leaving the surveyor free to apply his/her knowledge of materials science and building construction to identify the most likely causes of any problems revealed and, if necessary, to devise remedial strategies that are compatible with the building. Three examples illustrate how the method outlined can be successfully used on buildings with very different moisture problems.
CSD regulation: The missing piece in the European post-trade puzzle?
Authors: Belghazi Soraya
Published: July 2024

The European Commission is soon to issue a regulatory proposal on central securities depositories (CSDs). After the adoption of the MiFID in 2004 and the more recent proposal to regulate CCPs and OTC derivatives, this new piece of legislation will cover the last layer in the securities processing chain: settlement. By harmonising safety standards and access rights among infrastructures, the upcoming regulation could bring important benefits to financial markets in terms of efficiency and financial stability. However, key issues will need to be debated in order to find the right balance between competition and safety, such as the definition of CSD services, safeguards to be imposed on the banking services of CSDs and supervision. These discussions will have to take account of other European and international developments which are affecting the dynamics of the industry, in particular by encouraging CSDs to develop new services and, increasingly, compete for cross-border business.
Investigation and assessment of decorative plaster ceilings
Authors: Ireland Richard
Published: July 2024

Plaster ceilings are an intrinsic feature of historic buildings, from high-status palaces and public buildings with elaborate decorative ceilings to vernacular domestic interiors with plain flatwork. An appreciation of the stylistic development is the first visual evidence for assessing their cultural significance and intrinsic value. Periodic campaigns of decoration coupled with repair and restoration often serve to mask original materials, methods and condition, misleading the unwary and inexperienced observer. A comprehensive understanding of the materials and methods used for fabrication is essential in helping to form an appropriate conservation approach to minimise intervention and loss of original fabric in remedial works that may be necessitated by decay and deterioration, or even loss. The partial collapse of the Apollo Theatre auditorium ceiling in London in 2013 particularly highlighted and focused attention on the inspection and certification of historic plaster ceilings throughout the UK. This paper outlines some of the key materials, fabrication methods, agents of decay, investigation, and approaches to repair and conservation of historic plaster ceilings.
The marginal impact of predicted climate risk scenarios on portfolio credit risk stress testing
Authors: Campino Jonas De Oliveira
Published: July 2024

This paper adapts the methodology developed by de Oliveira Campino et al. (June 2021) to account for predicted climate risk shocks' impact on a sovereign portfolio's credit quality on a forward-looking basis and in probabilistic terms. In particular, the portfolio stress testing capability is enhanced by adjusting the severity of the credit shocks to account for climate risk-related events on an additive basis. The benefit to risk managers is that it allows understanding of the impact of climate risk in marginal terms in relation to the original credit shock. The recently created NGFS (the Network for Greening the Financial System) database makes this exercise possible. Moreover, the described approach translates the marginal impact of climate risk scenarios on the portfolio's credit risk stress testing into capital adequacy metrics dislocations, which facilitates communicating the marginal impact of climate risk scenarios as capital consumption amounts. The paper presents an overview of the underlying model, and the methodological approach developed to adapt the credit risk stress-testing capabilities to account for climate risk using the NGFS database. Moreover, it applies the methodology to a hypothetical sovereign loan portfolio and discusses the results. Over the period considered, the study finds that the transition aspect of climate risk has a more pronounced marginal impact on a sovereign portfolio's credit risk than the chronic physical aspect of climate risk. Moreover, the results indicate that as the world takes action to transition away from carbon, the credit risk of sovereign portfolios may be exacerbated, especially if there are delays and a lack of coordination across countries and sectors.
Empty packaging flow and cost optimisation using digital enhancements
Authors: Enache Daniel
Published: July 2024

‘Expansion means complexity and complexity decay’, said Cyril N. Parkinson. This quote is still very relevant in the current economic context and should challenge every organisation to continuously look for ways to improve its performance. Nowadays, however, supply chain teams are expected to play an increasingly strategic role in developing agility to rapidly meet changing requirements of customers, optimise costs and generate value for the company. In the automotive industry, the specific packaging of the vehicle parts represents an important asset: a huge volume of particular stillages and plastic boxes shared between different vehicles or powertrain plants, as well as outsourced parts suppliers. This requires strong management, because any packaging unavailability affecting one of the involved actors can lead to very negative effects such as production shutdowns, which translates to higher costs. This paper describes the way in which Dacia-Renault’s supply chain team has upgraded packaging management processes and implemented the latest technology and digital tools to optimise costs and bring end-to-end visibility to this specific activity.
Anticipating the next recession : What should corporate real estate do to prepare?
Authors: Whittemore Deborah
Published: July 2024

Economic consensus on the severity and timing of the next US recession — both before the onset of the COVID-19 pandemic and then in light of its ongoing effects on the workforce and public policy — remains subject to much debate across predictions made over 2019–21. Starting as early as the 2019 CoreNet Global Academic Challenge, corporate real estate (CRE) organisations have become increasingly concerned with this recession risk. Inflation fears, labour concerns and recent supply chain constraints exacerbate this debate in an environment of continuing low interest rates. By implementing a strong strategic process, CRE leaders can position their portfolios, technologies, organisations and policies to manage the risk of these future unknowns, while taking advantage of market-specific opportunities to lock in flexibility.
Frontier policy issues in consumer payment behaviour
Authors: Schuh Scott , Stavins Joanna
Published: July 2024

Since the mid-1990s, the US payment system has been undergoing a transformation, featuring a significant decline in the use of paper payment methods — cheques and cash — and increasing popularity of cards and electronic payments. As a consequence of this transformation, new and largely unexplored policy issues have surfaced with implications for consumer welfare. Who adopts new technology and why? Do consumers manage their finances in an optimal way, given their increased reliance on credit? And for consumers who continue to rely on the traditional financial instruments, what options do they have when their bank accounts are closed involuntarily? This paper reviews some of the most important current policy issues in consumer payments, focusing on banking and payment cards.
Moving toward sustainable aviation fuel at Seattle-Tacoma International Airport
Authors: Leavitt Elizabeth , Meyn Stephanie , Purcell Arlyn , Stanton Leslie
Published: July 2024

The Port of Seattle (the port) as the operator of Seattle-Tacoma International Airport (Sea-Tac) has been a leader in supporting research and development of sustainable aviation fuels (SAF). After completing a collaborative effort to define a ‘flight path’ to create an SAF industry in Washington State, the port decided to shift toward a market development role. This role involves developing adequate infrastructure to receive, store and handle aviation biofuels; participating in programmes to reduce the incremental cost of aviation biofuels relative to fossil jet fuel; and finding means to send a market signal to incentivise regional aviation biofuels production. This paper discusses recent studies which laid the foundation for the port’s next steps. The studies, which were sponsored by the port, address infrastructure feasibility and funding.
Counterparty credit risk: Lessons from recent events
Authors: Ita Andreas
Published: July 2024

This paper looks at the lessons learned for risk management from two recent events, the default of Archegos Capital Management in March 2021 and the unusually large price jumps in energy markets in summer 2022. The paper finds that the counterparty exposure from margined derivatives transactions exceeded the required initial margin significantly in both cases, so that the exposures were largely uncollateralised when it mattered. In addition, the standardised approach for counterparty credit risk (SA-CCR) resulted in regulatory capital requirements which were insufficient to cover the banks' losses from the unwinding of large and concentrated derivatives exposures. This made it difficult, even for some large banks, to identify the high loss potential of the transactions with a single client.
ChatBot preference and personality
Authors: Block Martin P.
Published: July 2024

Chatbots are a growing subject of interest to marketers. This paper analyses the comparison of Prosper Insights and Analytics September 2023 data on consumer preference for chatbots to a live person, including the Big Five personality dimensions. Chatbot preferers are younger, have children and are also more likely to work at home. They prefer contactless retail activities and use ChatGPT. The personality characteristics that most strongly associate with chatbot preference are conscientiousness (efficient versus extravagant), emotional stability (sensitive versus confident), agreeableness (friendly versus critical) and openness (curious versus cautious). Most chatbot preferers report more emotional conditions, such as anxiety, depression, loneliness and anger. Emotional involvement in chatbot preference varies by personality characteristics. High levels of chatbot preference are associated with big spending plans; therefore understanding them is crucial for marketers.
Systemic risk analysis and SIFI detection: Mechanisms and measurement
Authors: Riccetti Luca
Published: July 2024

This paper introduces the relevance of systemic risk measurement in the financial system, and the related issue of identifying systemically important financial institutions (SIFIs), in an evolving regulatory framework. It goes on to perform a detailed review of systemic risk mechanisms (both in the short and medium run), highlighting the interaction between solvency and liquidity problems. The paper also discusses how systemic risk should be measured. Finally, the paper puts forward some high-level suggestions on the use of multi-layer network simulation to measure systemic risk.
The aftermath of the Grenfell Tower fire and its relevance for construction project team members
Authors: Winstone Paul
Published: July 2024

Paul Winstone gives his personal view of the Grenfell Tower aftermath and its relevance for designers and other members of the construction project team.
A global stablecoin: Revolutionary reserve asset or reinventing the wheel?
Authors: Copeland Rory
Published: July 2024

Since early 2019, when Facebook announced its intention to design a payment system based on blockchain technology, the global financial regulatory establishment has begun to take seriously the arguments for disintermediated payment systems. This paper examines the geopolitics, legal concepts and monetary policy that have informed the emergence of ‘global stablecoins’ such as Facebook’s Libra project, central bank digital currencies and the single hegemonic currency (SHC) recently proposed by Mark Carney of the Bank of England. It first analyses private and state-backed cryptocurrencies, and suggests that state-backed cryptocurrencies are more likely to fit the role of true digital currencies. Focusing on the distinctions between central bank digital currencies on a national level and the proposed SHC as a new global reserve asset, the paper sets out the legal structure of the SHC based on the ‘claims’ model, but infers from its similarities to special drawing rights that the full development of such an asset would be opposed by domestic policy interests. Finally, the paper assesses the prospects of the SHC based on the ‘objects’ model. It tentatively concludes that the features of the objects model that distinguish it from the claims model greatly improve its prospects of success. Specifically, the generation of network effect value, as a substitute for the convertibility value of special drawing rights, may be the decisive contribution of blockchain technology to a truly global reserve currency.
Managing global property portfolios, transactions and teams : A primer for corporate real estate executives — Part 2: Communications
Authors: Hagy James
Published: July 2024

Part 2 in this series of papers evaluates the challenges of managing global property portfolios, and offers tips on communicating with colleagues, advisers and counterparties across countries and cultures, including where there may not be a shared primary language for conversations and where the negotiations and controlling documents may be in a language other than your own.
XBRL reaches tipping point
Authors: Berkeley Alfred R. , Donahue Donald F. , Moyer Philip D. , Bolgiano Mark C.
Published: July 2024

A global standard for extracting data from documents such as financial reports, corporate actions, prospectuses, and proxy statements is about to transform the most paper-driven information domains in the financial markets: public reports of securities issuers, mutual, mutal funds and credit reporting agencies.XBRL (Extensible Business Reporting Language) is an XML technology that allows issuers to tag facts and numbers, thereby transforming information embedded in text, tables or footnotes within unstructured documents into machine-readable data. This technology brings the same kind of universal access to financial information that HTML brought to the Web. XBRL is a data standard bringing automation to unstructured documents, as opposed to transactions. As with other industrial technologies of the past, it is not the gauge of the railroad, or alternating versus (AC) v direct (DC) current that made railroads or electricity universal and transformational; it is the fact that the world agreed on the same standard.The US SEC annouunced rules requiring XBRL reporting requirements for all publicly traded companies, mutual funds, and risk rating agencies. Australia and the Netherlands have adopted XBRL for all government reporting, including non-financial statistical data. Stock markets in Japan, China and Korea have adopted XBRL reporting for trading companies.
Alternative dispute resolution of dilapidations disputes in the United Kingdom
Authors: Rowling Jon
Published: July 2024

This paper identifies alternative forms of dispute resolution for dilapidations disputes in the United Kingdom.
Auditing emergency management programmes: Measuring leading indicators of programme performance
Authors: Tomsic Heather
Published: July 2024

Emergency Management Programmes benefit from review and measurement against established criteria. By measuring current vs required programme elements for their actual currency, completeness and effectiveness, the resulting timely reports of achievements and documentation of identified gaps can effectively be used to rationally support prioritised improvement. Audits, with their detailed, triangulated and objectively weighted processes, are the ultimate approach in terms of programme content measurement. Although Emergency Management is often presented as a wholly separate operational mechanism, distinct and functionally different from the organisation’s usual management structure, this characterisation is only completely accurate while managing an emergency itself. Otherwise, an organisation’s Emergency Management Programme is embedded within that organisation and dependent upon it. Therefore, the organisation’s culture and structure of management, accountability and measurement must be engaged for the programme to exist, much less improve. A wise and successful Emergency Management Coordinator does not let the separate and distinct nature of managing an emergency obscure their realisation of the need for an organisation to understand and manage all of the other programme components as part of its regular business practices. This includes its measurement. Not all organisations are sufficiently large or capable of supporting the use of an audit. This paper proposes that alternate, less formal, yet effective mechanisms can be explored, as long as they reflect and support organisational management norms, including a process of relatively informal measurement focused on the organisation’s own perception of key Emergency Management Programme performance indicators.
Moving toward 100 per cent electronic cheque processing through ACH and image exchange: Exploring the legal issues
Authors: Hait Blanco Jeanette , Walker David
Published: July 2024

This paper explores whether the goal of end-to-end electronic processing of all cheques can be achieved by imaging cheques and converting cheques to automated clearinghouse (ACH) transactions. Both routes to end-to-end electronic cheque processing contain a number of impediments. For image exchange, the paying bank's agreement is required at the end of the processing stream; if the paying bank has not agreed to accept images, a substitute cheque (more paper) must be created. Similarly, authorisation is required to move a cheque from paper into the ACH world, as the drawer of a cheque must authorise its conversion at the beginning of the processing stream. Parties handling cheques later in the payment stream lack relationships with the cheque issuers, and so are not in a position to obtain that authorisation. The best way to maximise the shift to electonic cheque processing is to have the appropriate agreements in place and obtain authorisation, where required. The authors believe that the financial services industry may achieve truncation and end-to-end electronic processing for all paper cheques in the future, using a combination of cheque image exchange and ACH conversion. In the current operational and legal environment, however, financial institutions considering an electronic cheque payments strategy must be cognisant of the current challenges and limitations, and how to work successfully to overcome those challenges.
A country as a brand: Israel's evolving branding strategy
Authors: Herstein Ram , Berger Ron
Published: July 2024

Countries often need to rebrand themselves every few years — even though the process requires a huge investment of money. Capricious external forces such as economics, politics and social issues influence the way potential visitors perceive a country, and a country's image can become irrelevant seemingly overnight. This paper presents an analysis of the state of Israel's continual rebranding process over the course of its more than 60 years of independence. In contrast to many papers that portray a single successful rebranding process, an evolutionary process is described, which demonstrates how external forces have made Israel reinvent its image over and over again in order to appeal to the global tourist market's ever-changing desires. The conclusions this paper draws from this analysis offer analysts, marketers and planners, working at the national level, practical tools to help them establish the appropriate branding strategy for their countries that will attract tourists from around the globe.
Review of the EU prudential rules for investment firms: The practical implications for fund and asset management firms
Authors: Pafili Agathi
Published: July 2024

In December 2017, the European Commission proposed a review of the prudential rules for investment firms, with the aim of introducing more proportionate, risk-sensitive rules and further distinction between those firms that need to continue to be within the scope of the Capital Requirement Directive/Capital Requirement Regulation (CRD/CRR) regime and those that merit a more specific, tailor-made regime. This paper presents an in-depth analysis of the changes that are introduced by the proposals, one which sheds some light on the practical implications they may have for fund and asset management firms. Under the new prudential regime, investment firms will fit into one of three categories, the first one containing those institutions that will continue to be regulated according to the CRD and CRR, and the second and third tier containing investment firms of differing size and complexity. Those in the second and third tier will be brought within the proposed new regime, namely the Investment Firm Directive (IRD) and the Investment Firm Regulation (IRR). The European Fund and Asset Management Association (EFAMA) believes a new regime with a simpler set of requirements for ratio of capital, liquidity and other indicators should be more tailored to different firms’ risk profile and business. In that way, the right balance can be achieved between protecting investors’ interests and the oversight function of national competent authorities and the capacity of investment firms to provide services to capital markets and customers. Although EFAMA welcomed the Commission’s proposal, the European association suggests further improvements that could help achieve this balance. Numerous sections of the proposal still mirror requirements intended for credit institutions, which should not be carried over into the new regime. The paper also touches on specific points for improvements from the perspectives of the limited MiFID (Markets in Financial Instruments Directive)-licensed asset management companies, including firm categorisation, the treatment of ‘limited authorisation firms’, group consolidation, ‘K-factor’ formula approach, liquidity requirements and remuneration rules, reporting and supervisory powers.