bluuebunny/crossref_metadata_2025 huggingface dataset:
The role of the public sector in the regeneration of deprived urban areas: Case studies from Krakow in Poland and Kirklees in the UK
Authors: Kopec Marcin
Published: July 2024

Urban regeneration is a complex, long-lasting and continuous process, based on the cooperation of all stakeholders, and includes complementary projects undertaken by the public and private sectors. It covers several types of changes: spatial, economic, social, cultural and ecological. Usually, local authorities are the originators of change, and they prepare a programme of change and provide limited public investment, giving the impetus for further transformation of the area. Urban transformations integrate the commitments of the public and private sectors, residents of the transformed area and other stakeholders. As a result, the area positively influences the sustainable development of the city or town as a whole. This results in increased competitiveness of the city or town compared with other cities or towns. In this paper, urban regeneration activities in Krakow, Poland are discussed to show how projects resulting from public and private sector investment can transform a deprived area into an exciting city centre. The Metropolitan Borough of Kirklees in the UK is also put forward as a model regeneration initiative, demonstrating how public consultation for proposed solutions to deprivation strengthens citizens’ involvement with regeneration plans and thereby can ensure that the most important requirements of the residents are met by regeneration projects.
Battling the COVID-19 pandemic: Intermountain’s new paradigm of emergency planning
Authors: Wigington Brent
Published: July 2024

The aim of this paper is to highlight complications surrounding the worldwide epidemic and to provide several scripts for surviving it. The scope of this paper is to provide insights into five-dimensional survival strategies: (1) expediting, (2) product substitution, (3) conservation, (4) reconditioning and (5) innovation. Relying on all five of these strategies will increase the probability that there will be something in the clinician’s hands while caring for patients. In addition to these strategies, using a cross-functional, coordinated, daily huddle to facilitate communication and share a personal protective equipment (PPE)/Commodities dashboard will prove to build resiliency during a long-term crisis.
The advent of machine payments: The right way to pay?
Authors: Milkau Udo
Published: July 2024

As the Internet of Things and distributed ledger technology (DLT) continue to evolve, so do questions regarding the future of ‘autonomous’ machine-to-machine (M2M) payments. For example, whether machines can carry out autonomous payments, how they could carry out such payments, and indeed whether they should are all points worth consideration. While autonomous machines are often depicted as frightening images of a dystopian future, it is worth noting that M2M payments are already being implemented in closed-loop systems where payments such as road tolls are made ‘on behalf’ of the consumer. DLT-based approaches, however, remain proprietary and without any proven realworld use case, while genuinely autonomous M2M payments still belong to the world of science fiction. This opinion piece discusses M2M payments from three perspectives: the legal point of view, the functional implementation of payment systems, and the social context. Specifically, it considers the declaration of will, DLT-based proprietary M2M payments, and whether people will be willing to let robots make autonomous decisions, including payments.
The Client Assets Sourcebook (CASS) journey
Authors: Boston Gillian
Published: July 2024

Ten years on from the financial crisis and the subsequent collapse of Lehman Brothers, the focus on Client Assets Sourcebook (CASS) has not waned — in fact, it remains high on the regulatory agenda. Why is this the case? Why is CASS not perceived to be a well-embedded regulation, and why does it continue to draw attention? If it was, surely PS14/9 (Review of the client assets regime for investment business) and the Financial Reporting Council’s (FRC) enhanced assurance standard would not have materialised. So what really has changed and what CASS challenges can firms expect to face in the latter half of 2018 and onwards into 2019?
Quantifying the influence of consumer reviews via text analysis
Authors: Anand Oshin , Ranjan Srivastava Praveen , Rakshit Atanu
Published: July 2024

Proliferation in the e-commerce market has made consumer reviews a valuable source of data for business. Indeed, reviews have become a goldmine of information reflecting customer sentiment and can influence buying decisions. Quantification of the influencing capacity of review text would help to categorise and identify influencing centres in textual data. This paper attempts this quantification in two stages: (1) an exploration of the aspects, beyond the antecedent of review helpfulness, that inform the persuasiveness of review text; and (2) text-mining these aspects from the text corpus to compute a review influencing capacity score (RICS). An explorative survey on smartphone reviews indicates pertinent aspects to be reference to the brand and its competitors; reference to providers of online e-commerce platforms; and discussions of price with respect to product features and/or brand. Quantification is achieved using a hybrid of analytical hierarchy process and text-mining with Microsoft VBA. The score’s polarity is determined via multiplication by overall review sentiment.
So you need a mobile analytics strategy? Six key areas to cover for new developers
Authors: Pearlman Andrew
Published: July 2024

When it comes to analytics for mobile apps, there are several differing categories that need to be addressed in order to gain full visibility about user behaviour. This paper is written for small to medium-sized app developers looking for guidance as to where to start or how to improve their analytics strategy. Drawing upon ten years’ experience of analysing online consumer behaviour, the author shares tips and best practices for setting up effective systems. Developers who address these key areas of analytics will see improvements that will: (a) prioritise product roadmaps; (b) improve marketing campaign effectiveness; and (c) optimise user experiences through A/B testing.
Building a multicultural organisation: A conceptual model for organisational change in the 21st century
Authors: Beniflah Jake , Veloz Julie
Published: July 2024

Over the next 50 years, several factors are expected to change the composition and size of the US labour market, most notably: (1) the growing number of baby boomers retiring from the workforce, (2) the stabilisation of women’s participation in the workforce, and (3) increasing racial and ethnic diversity. With higher population growth, fertility and workforce participation rates, the US multicultural population is projected to account for a much larger proportion of the US workforce in the decades to come. The degree to which corporate America is able to maximise productivity and manage cultural diversity effectively will not only impact workforce participation, but also economic output. This paper proposes a conceptual framework for cultural diversity to help corporations manage their increasingly diverse workforce and help transform their companies into multicultural organisations to better serve their diverse employees — and their consumers. The paper outlines a robust toolkit, arguing that companies must take a comprehensive approach to address the lack of diversity in corporate America rather than launch ‘diversity and inclusion’ initiatives, as many have recently done. Future research and discussions on this topic are warranted.
The era of connectedness: How AI will help deliver the future of banking
Authors: Lau Theodora , Leimer Bradley
Published: July 2024

How will the future model of financial services be delivered, and how can analytical tools leveraging artificial intelligence (AI) and machine learning create new forms of customer value? This paper begins by providing historical context around modern technological conveniences and explaining how this bring new forms of contextual interactions utilising personalised data and emerging technologies. Through examples from global technology firms, the authors explore how the absorption and optimisation of customer data lead to more pertinent advice centred around everyday life events, and where innovations in financial services could transform the banking industry. The paper uses pertinent industry use cases that demonstrate how financial institutions can build trust and empathy to create a deeper, more emotional connection between brand and customer. The paper reviews how modern applications of AI are collectively creating a more inclusive and equitable financial services ecosystem. These innovations will help deliver new value on top of evolving service platforms to create symbiotic relationships between health and wealth that could have significant multigenerational impacts. The paper concludes that there should be greater societal value derived from the financial services sector as it develops new algorithmic pathways towards broader and systematic financial security for the greater good.
Materialising the expected benefits from financial infrastructure integration: The ‘Guidelines for the Successful Regional Integration of Financial Infrastructures’
Authors: Cirasino Massimo , Garcia Jose Antonio , Tumpel-Gugerell Gertrude
Published: July 2024

Increasing levels of cross-border financial activities observed throughout the world, especially in the last two decades, have prompted private and public-sector entities in different countries to propose, and in many cases actually engage in, integrating among themselves some or even most of their respective financial infrastructures (FIs). Yet, several projects aimed at integrating FIs across borders have failed in providing many of the expected benefits. Other projects have been unable to become operational, despite the significant amount of time and money that has been invested in them. Very often, mistakes from one project are routinely repeated in others, even when the others are undertaken in a different world region and/or in a context that appears to be quite different or unique. This observation led the World Bank to convene an international panel of experts (the ‘G25 Panel of Experts’), who were directly involved in many initiatives to integrate FIs across borders, to provide factual and interpretive inputs for addressing the realit­ies and issues of successful regional integration. The final output of this effort is the ‘Guidelines for the Successful Regional Integration of Financial Infrastructures’ report. The report in general, and the guidelines in particular, provide a set of practical steps and actions to assist stakeholders considering the merits of regional FI integration as well as those already involved in an effort of this kind.
Making informed decisions: Taking a retail approach to data in a changing healthcare marketplace
Authors: Stinneford Bill
Published: July 2024

In an age of increasing competition and shrinking budgets, healthcare executives face major challenges in growing market share. With all of the challenges facing them, it is no wonder that healthcare leaders feel a strong need to take action. In an effort to grow market share and revenue, many organisations are taking bold steps: building urgent care centres, ambulatory surgery centres and free-standing emergency centres of their own; buying established physician practices and physician networks; increasing the number and complexity of their service lines; and funnelling more money into branding and marketing - and they are depending greatly on analytics to do so. Analytics help healthcare organisations answer their patient and facility expansion questions, removing uncertainty and guesswork from the process. By utilising analytics, leaders can make sound decisions based on objective data to lift revenue, compete more effectively and optimise facilities throughout the heathcare portfolio.
How will the Atlantic Gateway support sustainable economic growth?
Authors: Menzies Walter
Published: July 2024

Atlantic Gateway — including the cities of Liverpool and Manchester — is a proposition to create the critical mass to achieve a new level of sustainable economic growth not previously achieved in the UK outside London. The Atlantic Gateway Partnership’s aim is to attract investment and accelerate growth as a transformational contribution to rebalancing the UK economy. The author sets out the challenges and the context and describes the proposition, the partnership and the priorities. The paper concludes with an exploration of future options.
A latte collaboration: Building a campus social media community over coffee
Authors: Skordas Stephanie , Snedeker Lisa
Published: July 2024

This paper provides guidance and examples from senior social media managers in higher education for building an effective strategic relationship between social media managers/users across disparate departments and audiences. The paper discusses skills, best practices, and common issues that plague all social media managers and how the creation of a supportive collective can evolve into an institution-wide social media policy that finds its roots in the trenches rather than being created by top administrators and implemented from the top down. It also provides specific examples for how others can create a similar support group at their organisation or university.
Plane down in the city: Operation Crash and Surge
Authors: Kann Duane F. , Draper Thomas W.
Published: July 2024

This article is about the experiences gained from the largest full-scale exercise ever conducted in the State of Florida, specifically regarding the Orlando International Airport (MCO) venues. The exercise was centred on an airplane crashing into a hotel just outside of MCO property. The scenario clarified details regarding Incident Command and the unique jurisdictional responsibilities associated with a large-scale mass casualty incident. There were additional challenges with airline operations, walking wounded, and information sharing that provided valuable experiences toward enhancing emergency operations. This article also outlines information gained by the MCO “go team” that traveled to San Francisco following the crash of Asiana flight 214. This real-life incident shone a light on many of the strengths and opportunities found throughout the MCO exercise and this article shows the interrelationship of both of these invaluable experiences.
Cash management in transition: From cash management to cash process management
Authors: Wölfing Dirk , Moormann Jürgen
Published: July 2024

Cash management plays a major role for global enterprises. Liquidity requirements, interest costs, currency risks and transactional costs are just some of the issues for these companies. This paper presents the results of a survey on the current state of cash management conducted in 32 large European enterprises. The survey analyses the maturity of the companies’ cash processes and reveals that the majority of these enterprises are on the same road: they centralise, standardise and automate their cash processes. Furthermore, they implement payment factories and in-house banks and make extensive use of cash pooling services. Consequently, they are now substantially reducing the number of servicing banks and bank accounts. As a result, local banks will largely be replaced by just a few major banks operating worldwide. In addition, global enterprises are facing a transition toward digital payments at the retail customer interface. The survey shows that their payment processes on the sales front are still mainly based on local subsidiaries or regional sales organisations. In the near future, however, these enterprises will have to offer digital payments across all available sales channels. Thus, integration of digital payments into global cash processes is a mandatory requirement and a further challenge not only for the enterprises, but also for major banks and FinTech companies acting in this field.
Creating meaningful business continuity management programme metrics
Authors: Strong Brian
Published: July 2024

The popular axiom, ‘what gets measured gets done’, is often applied in the quality management and continuous improvement disciplines. This truism is also useful to business continuity practitioners as they continually strive to prove the value of their organisation’s investment in a business continuity management (BCM) programme. BCM practitioners must also remain relevant to their organisations as executives focus on the bottom line and maintaining stakeholder confidence. It seems that executives always find a way, whether in a hallway or elevator, to ask BCM professionals about the company’s level of readiness. When asked, they must be ready with an informed response. The establishment of a process to measure business continuity programme performance and organisational readiness has emerged as a key component of US Department of Homeland Security ‘Voluntary Private Sector Preparedness (PS-Prep) Program’ standards where the overarching goal is to improve private sector preparedness for disasters and emergencies. The purpose of this paper is two-fold: to introduce continuity professionals to best practices that should be considered when developing a BCM metrics programme as well as providing a case study of how a large health insurance company researched, developed and implemented a process to measure BCM programme performance and company readiness.
When to sell an airport's shares in its ground-handling company
Authors: Haenecke Henrik
Published: July 2024

GlobeGround Berlin is one of the major ground-handling companies in Germany. Since the late 1990s, GlobeGround Berlin had been owned by Berlin Airports (51 per cent) and Lufthansa (49 per cent). Based on a strategic assessment of the investment, the two shareholders decided to sell their shares in GlobeGround Berlin in 2007. Following a year-long public tender process, WISAG, a German facility management company, was selected as buyer. The deal was closed in June 2008. This is the first time a German airport has sold all its shares in its ground-handling company.
Gauging the outcomes of US brownfields revitalisation: A review of the impacts
Authors: Wernstedt Kris
Published: July 2024

This paper reviews the existing literature on the beneficial effects of reusing brownfields to promote urban regeneration and renewal in North America. Studies included in the review represent a range of scales from the national to the local level and cover several methodological approaches. In addition to discussing shortcomings in this literature in differentiating economic benefits and impacts and measuring social welfare changes for guiding public policy, it suggests directions for improving the estimation of beneficial effects. These include the adoption of a wider variety of metrics, increased emphasis on the distribution of these effects, and a more transparent, broader area accounting perspective.
Regulatory obstacles to organised trading in security tokens
Authors: Tomanek Stefan , Pekler Florian , Rirsch Ralph
Published: July 2024

The success story of the crypto-economy is undeniable. Crypto has gradually been making headway into the traditional financial sector. Acceptance of and demand for distributed ledger technologies (DLT)-based securities are on the rise. ‘Initial token offerings’ (ITOs) or ‘security token offerings’ (STOs) are on the verge of entering the mainstream — especially in the realm of small and medium enterprise (SME) financing. The borderline between the traditional financial markets and the crypto-economy is starting to blur. The players in the financial markets, however, are not the only ones beginning to realise the potential of Blockchain, and, more generally, DLT. The public sector is also slowly waking up. Recent developments include new legislation in Liechtenstein, France and Germany, as well as various initiatives in other member states. Amid all this enthusiasm and optimism, there is one issue that undeniably still dampens the mood: current EU financial markets law poses significant, and in some cases insurmountable, obstacles to the integration of DLT-based assets into the traditional financial system. In this paper, we analyse what currently appears to be the most pressing of these issues. These are the strict and inflexible rules of the Markets in Financial Instruments Directive/Markets in Financial Instruments Regulation (MiFID1/MiFIR2) regimes and the Central Securities Depositories Regulation (CSDR) in the area of post-trade securities settlement that do not do justice to the characteristics of DLT and that at present almost completely prohibit any organised trading in DLT-based securities.
How community banks create seamless customer journeys through digital banking initiatives
Authors: Mostiller Misti
Published: July 2024

The consumer banking landscape continues to change. Digital transformation and technology continue to put pressure and create opportunities for banks, especially community banks, to redefine the customer experience journey. It is critical to assess the main components of the customer experience journey.
How Lacrosse and Grenfell have dramatically altered the litigation and regulatory landscape
Authors: Hayes Philip
Published: July 2024

The health and safety, compliance, regulatory and insurance implications posed by cladding are immeasurable. The associated risks they present simply unquantifiable. This paper compares how the fire at Lacrosse in 2014 and Grenfell in 2017 have dramatically altered the litigation, regulatory and compliance landscape. How governments, regulators, building practitioners, legal practitioners and owners and residents of buildings fitted with ACP cladding will ultimately adapt and conform to this new and rapidly changing landscape is yet to be seen.
Achieving enhanced organisational resilience by improved management of risk: Summary of research into the principles of resilience and the practices of resilient organisations
Authors: Hopkin Paul
Published: July 2024

There have been many high-profile incidents in recent times that have affected both individual organisations and large parts of society. In response to these disasters and their consequences, there has been increasing focus on the concept of ‘resilience’. Airmic worked with Cranfield School of Management to investigate the features of resilient organisations and whether common characteristics could be identified. The research summarised in this paper discovered five principles that increase an organisation’s level of resilience. The paper also reports on the actions taken by organisations to embed these resilience principles into four main business enablers. These business enablers in combination represent the business model of the organisation. The overall conclusion of the research was that, in order to achieve a state of enhanced resilience, organisations need to be aware of risks and threats they face and then combine the actions required to be ‘risk compliant’ with the ability to be ‘risk responsive’.
Banks and FinTechs: Friends or foes? What it takes for banks and FinTechs to successfully cooperate
Authors: Lüth Katharina
Published: July 2024

This paper examines the dichotomy of banks versus FinTechs with the aim of providing the reader with a better understanding in three areas: what banks and FinTechs each have to offer one another, what typical obstacles stand in the way of successful cooperation and how the COVID-19 pandemic lockdowns have changed the landscape for bank-FinTech partnerships. The paper explores the increasing difficulty of making clear categorisation within the financial sector, between banks and financial tech, pointing to tendencies that blur the lines between these categories and raising questions about how new business models will redefine FinTech and banking going forward. Readers will, moreover, learn what both banks and FinTechs need to understand and prepare for as they approach potential partnerships with the goal of building win-win-win solutions for banks, FinTechs and consumers.
Reaping strategic data benefits from mandatory trade reporting projects
Authors: Daly Hugh
Published: July 2024

Due to differing data standards and protocols across jurisdictions, interpretation is key when it comes to implementing the regulatory directives formulated at the Pittsburgh G20 summit. The core principles of the G20 conclusions were meant to increase transparency and reduce counterparty risk around OTC Derivatives. However, data and processing fragmentation presents a huge challenge to effective compliance. This paper discusses the challenges of reporting cross asset trades, and analyses the difficulties that can occur due to multiple asset classes being in use, ‘unclean’ division between product silos, or taxonomies being difficult to map, all of which can result from bad communication due to lack of familiarity with reporting methodology or data being stored in different generations on different systems. The key is to face an on-going series of storms rather than a single ‘tsunami’ of regulation. Many are now realising that a more strategic approach must be taken, so the paper looks at the challenges around reporting cross asset trades. Front-ending challenges rather than cobbling together a solution in order to meet the deadlines can reap rewards in the long term, as can sourcing accurate and comprehensive data from your trading systems, mapping data to the regulatory format, and data enrichment to fill in gaps which stem from unclean data storage.
The shifting landscape of the Medicare administrative appeals process: New opportunities for healthcare providers and suppliers
Authors: Wachler Andrew B. , Roumayah Erin Diesel
Published: July 2024

The Office of Medicare Hearings and Appeals has recently announced various initiatives to reduce the number of appeals pending for resolution through the Medicare administrative appeals process. Although federal statute requires that hearings on disputed Medicare appeals be heard and decided within 90 days, current estimates reflect that providers are waiting over three years for a hearing date on their pending appeals. The new resolution initiatives come on the heels of federal litigation against the United States Secretary of Health and Human Services (Secretary) by the American Hospital Association and healthcare providers, demanding the Secretary’s compliance with federally prescribed appeal adjudication time frames. The new initiatives include a lump sum settlement offer, mediation process and consolidated hearing programme which utilises statistical sampling and extrapolation. These initiatives are designed to provide an efficient and expedited alternative to the standard appeals process. Some of these initiatives are currently ongoing and interested Medicare providers and suppliers should understand each programme’s eligibility criteria and promptly evaluate participation.
Recycling ‘down under’: The evolution of ways of working with one’s heritage
Authors: Morris-Nunn Am Robert
Published: July 2024

This paper concerns itself with the story of recent ‘recycling’ projects in Hobart, Tasmania. Tasmania is an island separated from the rest of Australian continental landmass that has evolved slowly in relative isolation, thereby gaining a large number of historic buildings, which were patched up rather than knocked down and rebuilt. The paper looks at two projects undertaken by Circa Morris-Nunn Architects to show how the recycling became an enriching process, with the new insertions/ additions contributing to the old heritage fabric in many very diverse, innovative ways; with the final architectural entity being far more inclusive and culturally enriching than a newly constructed building could ever hope to be. The paper presents an effective way of keeping what is culturally worthwhile in the existing building stock, which gives an identity to a particular place, and yet rejuvenates it, making it relevant to a new generation.
A test of the feasibility of a common risk accounting metric for enterprise risks
Authors: Hughes Peter , Williams Julian
Published: July 2024

The risk accounting technique proposed by Grody and Hughes introduces a common enterprise risk measurement framework and a new risk metric — the risk unit (RU) — to express all forms of enterprise risk. The method’s creators contend that the application of an additive, common risk metric enables the consistent and comparable calculation and reporting of exposure to enterprise risks. The method’s alignment with accounting systems provides a single source of risk data derived from official accounting records and a common framework for the control and reporting of both financial and operational risk information. This paper describes the methodology formulated to test the feasibility of the proposed common risk metric, the RU. Fundamental to the approach is the restatement in RUs of publicly available US bank call report data provided by the Federal Reserve Bank of Chicago. Given the exceptionally large volume of data to be examined, non-parametric conditional density analysis will be applied to both call report (US Generally Accepted Accounting Principles (GAAP)) and RU data to conclude on the feasibility of providing complete, accurate, comparable and timely enterprise risk reporting in RUs using the risk accounting method. The existence of inherent predictive properties in RUs will be tested by examining trended data in RUs in the period leading up to and beyond the global financial crisis of 2007/08 and analysing the correlations between RUs and unexpected losses. For this purpose, amounts applied by the US government to purchase equity from banks under its Capital Purchase Program (CPP) as part of the Troubled Assets Relief Program (TARP) will be used as proxies for unexpected losses.
An oversight framework to keep senior executives in control
Authors: Pike Richard
Published: July 2024

Given the current regulatory focus on senior management responsibility and the resultant requirement for high-quality oversight of processes and controls, this paper sets out an approach to instantiating such an oversight process in the 1st line of defence. As most financial firms are subject to huge change, the paper then goes on to show how such an oversight process might dovetail with a regulatory change process. In order to more clearly explain the approach, the paper then describes a short case study from a large US bank who successfully ran such a project in 2019. Finally, the paper will set out the benefits to be accrued from taking this path to high-quality oversight.
The future of the profession: An analysis of the challenges facing the next generation of planners
Authors: Bicquelet-Lock Aude , Taylor Judith
Published: July 2024

This paper presents the results of a qualitative survey conducted by the Royal Town Planning Institute (RTPI) between March and May 2019. As part of broader work currently being carried out by the RTPI on the make-up, diversity and future of the planning profession, this exploratory study targeted just over 50 planning professionals working in the public, private and academic sectors to reflect upon the main challenges that planners will face in the near future. Reported here are their responses grouped under three thematic headings: 1) critical issues summarises planners’ views about the most pressing problems practitioners will have to confront (eg climate change and the creation of healthy and inclusive environments); 2) new skills highlights the various skill sets practitioners considered essential to deal with future challenges (eg technical, digital but also interpersonal skills); and 3) ethos and value focuses on the efforts needed, according to our respondents, to promote ethics and high standards in all aspects of the profession. The final section of the paper reflects upon the potential implication of these findings for the future of the profession — in particular, planning practice and education.
Cross-border clearing: Implications for developing markets
Authors: Greenwood Alicia
Published: July 2024

The widespread introduction of central clearing in many jurisdictions has introduced the benefits of more robust and transparent risk management for markets, with the ultimate objective of improving investor protection. All jurisdictions wish to optimise an ‘open for business’ model that attracts international flows and supports deep, liquid and high-quality markets. The inconsistent adoption of central clearing by different jurisdictions may, however, introduce market fragmentation effects and negatively affect liquidity. Liquidity pools may move away from jurisdictions where central clearing requirements are more onerous than in other jurisdictions, or where central clearing has not yet been adopted at all. Jurisdictions must ensure a considered approach when reconciling their local regulatory and market expectations with cross-border and global clearing expectations, and the impact this may introduce to trading behaviour.
The path to privacy: Navigating the global data protection landscape
Authors: Weinbaum Noémie
Published: July 2024

This paper embarks on a comprehensive analysis of the global data protection climate, emphasising the imperative of adhering to the stringent data protection standards exemplified by the EU. By discussing the prominent case of a significant fine imposed on Meta1 and the adoption of new data protection legislation across the world, the paper underscores the mounting importance of privacy and data protection in an increasingly digital and interconnected world. Additionally, it delves into the practicalities of ensuring data protection, examining strategies such as data minimisation and de-identification and exploring the role of privacy by design principles in safeguarding privacy rights while facilitating technological advancement.
Hurricane preparedness: Current procedures at Blue Cross Blue Shield of Florida
Authors: Devaney Everett
Published: July 2024

This paper discusses experience, methodology and recommendations for successful business continuity and disaster recovery planning for health care organisations. Hurricanes, tornadoes and other natural disasters are a regular occurrence in Florida. Low-lying coastal areas are at increased risk, with populations in inland areas as far as 200–300 miles with potential to suffer heavy damage. This case study shows how one institution, Blue Cross Blue Shield of Florida, provides and maintains emergency response plans for critical functions, services or processes before, during and after a disaster, in support of its 8.3 million customers, its stakeholders and colleagues such as providers and vendors. Even though modern tracking gives fair warning regarding hurricanes, the use of specific and tested emergency response planning is critical to allow business continuity decision-making well before disaster strikes. This study examines how functional units within a health care organisation can plan and prepare to protect the public who depend on their services and resources, as well as minimise the risk to employees and business stakeholders. Coordination of a Contingency Response Team (within the functional units) and an Enterprise Operations Centre must be well managed to minimise adverse customer service disruptions and at the same time minimise impact to the company. Decision making and communications are strictly organised to protect stakeholders, make temporary business rule changes, allow for alternative business processes and handle benefit decisions, following methodology known, tested and used in past scenarios. In summary, the paper explores key points to achieve active and engaged business continuity in the face of natural disasters — (1) planning & coordination, (2) monitoring, (3) response/activation and (4) recovery.
Tokenisation: Assembling the building blocks of an institutional digital assets marketplace
Authors: Domingo Carlos , Mathew Elizabeth
Published: July 2024

The tokenisation of securities using distributed ledger technology (DLT) is blurring the traditional distinction found in the level of automation in capital market services in the public and private markets. In the last three years, security tokens have helped dozens of issuers and both individual and institutional investors based in dozens of countries manage their private securities in a compliant and fully digital way. We take a long-term view in that all assets will ultimately be tokenised and that this will reduce frictions in asset issuance, servicing and ownership transfers, and remove barriers to accessing capital markets and financial innovation. The authors are in a unique position to witness the transformation in the way business-to-business (B2B) consensus is established in traditional capital markets, as well as to be a pivotal part of the buildout of the nascent decentralised capital markets infrastructure. The authors share their thoughts based on the initiatives they have undertaken so far, in the hope that this invites thoughtful discussion from experienced industry participants.
When is a cheque not a cheque?
Authors: Gorsline Ron , Hosie Justin
Published: July 2024

Based on market demand for increased efficiency, banks, merchants and processors continuously develop new ways to transfer funds. Legal processes developed to accommodate paper cheques have experienced significant change, allowing merchants to take funds from consumer cheque accounts without the consumer ever touching a cheque. Remotely created cheques allow consumers to authorise merchants to create and sign a cheque from the consumer's bank account. Merchants obtain authorisation by telephone and internet, and then create cheques for payment from the consumer's bank account. Because remotely created cheques are susceptible to fraud and forgery, the Federal Reserve Board and Uniform Commercial Code switched traditional rules, and will hold the merchant's bank liable for remotely created cheque forgery, rather than the consumer's bank. Under Check 21, merchants can scan cheques, but scan and transmit substitute cheque images rather than physically presenting consumer cheques to the consumer's bank. This process increases efficiency, but requires the merchant's bank to warrant the validity of the substitute cheque. The third process, 'electronic cheque presentment' allows cheque clearing based only on digital information submitted by merchants, based on clearinghouse rules. Similarly, 'electronic cheque conversion' allows merchants to use cheques as a source of information to transfer money electronically. Electronic fund transfers are a process to transfer funds through an electronic terminal, telephone, computer, magnetic tape or to instruct a financial institution to debit or credit an account. When a consumer authorises such transfers on a recurring basis, special preauthorised electronic fund transfer rules apply under the Electronic Fund Transfer Act and Regulation E. While each method of obtaining funds brings unique benefits, they bring risks as well. For example, many state laws do not explicitly authorise merchants to charge returned cheque fees for debit entries returned unpaid.
Wholesale payment systems: Modernisation of the liability framework
Authors: Doyle Robin
Published: July 2024

Wholesale payment systems are potential targets for fraud and cyber attacks due to the scope of activity they cover, the high value of individual transactions and the trillions of dollars they move across the globe daily. These risks have increased due to the increasingly sophisticated methods malefactors are using in their attacks. While payment system operators are modernising their infrastructures in response to these threats, there is still work to be done. Payment system control and governance frameworks must be strengthened in accordance with guidance from regulators and marketplace best practices. There is also an urgent need to examine the liability frameworks under which payment systems operate as some may not be adequate to protect participants and owners from either businessas- usual or catastrophic losses, and participants may be expected to bear uncapped, unpredictable liability for losses. This paper suggests that all participants in the payments ecosystem should consider the strength of their resources to cover potential losses, adopt guidance on endpoint security provided by the regulatory community, and engage in a collaborative effort to ensure that appropriate incentives exist for all parties to maintain enhanced defences against fraud and cyber attack, thereby better supporting financial stability.
Building resilient organisations: Proactive risk management in organisations and their supply chains
Authors: Siegel Marc
Published: July 2024

Resilient organisations proactively identify and manage anticipated risks, as well as build capacity to cope with adversity, whether anticipated or unanticipated. Resilience is the outcome of fully integrating a proactive, enterprise-wide, multidisciplinary and holistic risk management approach into the organisation’s business management processes. Resilience is an aspirational objective — there is no endpoint, nor is there a one-size-fits-all solution. Resilient organisations promote an inclusive culture of risk thinking throughout the organisation and its supply chain. By integrating a proactive approach to managing risk, organisations can become more agile, adaptable and responsive to changes in their operating environment.
The state of ESG investing in Canada’s commercial real estate market : Opportunities and risks
Authors: Hoss Ali , Luppi Luigi
Published: July 2024

In recent years, sustainability and resilience have become a priority for commercial real estate investors. The brown discount for unsustainable buildings has gradually become larger than ‘green premiums’ we see today for buildings leading on sustainability and resiliency. Financial market participants are increasingly under pressure from stakeholders to emphasise environmental, social and governance (ESG) factors in the investment decision criteria. The development of resilient assets, regulatory pressure and customer preference are compelling many investors to integrate ESG into the way they conduct business; however, putting strategy and action behind the work and finding a suitable market for ESG investments is no easy task. Across all real estate sectors, people are looking for truly sustainable assets and products. Real estate owners must consider what that means for tenants, investors and other stakeholders. Canada is emerging as a leader in a marketplace where investors are increasingly focused on ESG and are increasingly willing to divest from companies for not taking significant ESG action. In this paper, we discuss reasons presenting a compelling investment thesis for commercial real estate investors in Canada, including ESG-friendly regulations, population growth, market opportunities, demographic diversity, access to clean electricity and market stability. Moreover, it is discussed that investors require to overcome the data and technology selection barriers to measure, monitor and manage progress toward net-zero operation.
Self-referencing and optimal distinctiveness theory: The theoretical underpinnings to US multicultural marketing
Authors: Beniflah Jake , Razo Pamela , Veloz Julie
Published: July 2024

This paper revisits in-culture marketing, a model that has served as the strategic backbone to Hispanic marketing in the USA for more than three decades. Although popular and useful, in-culture marketing lacks a theoretical foundation and empirical validation. To help brands do a better job of engaging with an increasingly multicultural population, this paper introduces two theories rooted in social psychology: self-referencing, which has been shown to drive advertising effectiveness when information is linked to the self, and (2) optimal distinctiveness theory, which helps explain social identity and how people come to define themselves in terms of their social group memberships. At a time when the US population is becoming increasingly multicultural, this paper advances a conceptual fourquadrant model designed to improve marketing effectiveness for leading corporations. The paper argues that the US advertising industry bears the responsibility to develop and promote new strategic approaches that help leading brands grow — even if it means challenging today’s business models and disrupting the status quo.
How analytics is used in forecasting
Authors: Keating Barry
Published: July 2024

Over the last decade, the science of forecasting has adopted the tools of the data scientist. Prediction today combines traditional demand planning models with the standard tools of machine learning. The result is much improved accuracy over the short term and an enhanced ability to account for the effects of major changes in the economic environment. On the flipside, researchers must now sort through much greater volumes of data in order to identify what might be useful to produce accurate forecasts. The application of machine learning solves what could be a major stumbling block here. So-called ‘data consolidators’ are now emerging to support forecasters by providing access to previously unknown data as well as the tools for using such data creatively. This paper will demonstrate how data from data consolidators may be used by analytics algorithms to improve the accuracy of forecasts.
The future of the Nordic custody industry
Authors: Fors Goöran , Noreén Ulf
Published: July 2024

The Nordic markets are going through enormous changes at the moment and the next four to five years will mean that the custody industry will have to change rapidly. This is the case in most parts of the world but is more challenging in Europe and the Nordic markets. Common for the custody industry on a global basis is the focus on risk mitigation and needs for improving efficiency and lowering cost. In Europe we see the development to a great extent driven by political and regulatory initiatives that started with the Lamfalussy report in 2001, continued with the second Giovannini Report, and is now further accentuated in the post-trade universe by initiatives like MiFID and the Code of Conduct. To the development in Europe we can add the implementation of Euroclear's Single Platform, the Clearstream lead initiative among several European Central Securities Depositories (CSDs) to interact through LinkUp Capital Markets and the plans from the European Central Bank (ECB) to develop T2S. The Nordic markets are challenged by all the developments mentioned above, plus the initiative to implement central counterparty clearing in all four markets. Right now, there is a struggle between the options of an open access and competitive clearing system in Denmark, Finland and Sweden or through a protective and expensive silo structure in Norway. This paper will mainly look at the consequences for the Nordic region and the custody industry in light of what is happening on a global and European basis.