bluuebunny/crossref_metadata_2025 huggingface dataset:
OTC central counterparty clearing: Myths and reality
Authors: Milne Alistair
Published: July 2024

This paper discusses the costs and benefits of introducing central counterparty clearing (CCP) in ‘over-the-counter’ (OTC) derivative markets. It argues: (i) that the costs are not so large as some commentary has suggested, at least provided that mandatory clearing is applied only to widely traded standardised contracts; (ii) that the key economic benefits of having CCP clearing do not come from reduction of counterparty credit risk (firms are perfectly capable of doing this on their own) — it is instead improved oversight of market participants and the coordinated management of open positions following the failure of a systemically important financial institution, ie the management of default in a systemic crisis; (iii) because these benefits are public goods some policy intervention is appropriate to encourage a suitable level of adoption of CCP clearing; and finally (iv) that the ‘rule based’ approach to CCP clearing of OTC contracts required by Dodd–Frank has become diverted into an inappropriate focus on the precise requirements for mandatory clearing. Instead a more flexible approach can achieve an appropriate balance between reduced systemic financial risk and the compliance burden on firms.
Case study: Integrating artificial intelligence metadata within Paramount’s digital asset management system
Authors: West Dony , Denny Caitlin , Ruud Rebecca
Published: July 2024

The Stills Archive team at Paramount Pictures Asset Management Group is responsible for the preservation and digitisation of all photography and artwork created in conjunction with each title produced by the studio. The studio’s digital asset management (DAM) system is a customised solution built on a trusted and widely used asset management platform. By partnering with a third-party artificial intelligence (AI) service, the DAM system creates AI metadata to coexist with human-generated metadata. Over the past year, Paramount’s Stills Archive team has experimented with this new metadata technology with the goal of streamlining workflow procedures in preservation and reducing the time spent on research requests. This paper outlines the vision, goals, implementation process and challenges associated with this endeavour.
Sovereign digital currencies: Reshaping the design of money and payments systems
Authors: Buckley Ross P. , Arner Douglas W. , Zetzsche Dirk A. , Didenko Anton N. , Van Romburg Lucien J.
Published: July 2024

This paper focuses on how technology might reshape payments going forward. It considers the policy issues and choices associated with crypto-currencies, stablecoins and sovereign digital currencies and emphasises that there is no single model for sovereign digital currency design. While Bitcoin and its progenies could be safely ignored by regulators, Facebook’s proposal for Libra, a global stablecoin, brought an immediate and potent response from regulators globally. Any proposal by the private sector to move into the creation of currency — the traditional preserve of sovereigns — was always likely to trigger such a regulatory response, as well as the launch of sovereign digital currencies by other major central banks. While China has moved first, dozens of other countries are now investigating their own central bank digital currencies or other forms of sovereign digital currency. This paper argues that central banks should first focus not on rolling out novel new forms of sovereign digital currencies, but rather on transforming their payment systems. In time, domestic money and payment systems are expected to evolve so that central banks cooperate with (new and old) private entities to launch digital currencies that better underpin monetary and payment systems at the domestic, regional and international levels.
Banks’ international liquidity management in the future: What role can financial market infrastructures play?
Authors: Capel Jeannette
Published: July 2024

Managing international liquidity and collateral is a challenge for banks, as they need to adapt to ever changing circumstances. These circumstances are now in a state of flux because of the financial crisis. Financial market behaviour has changed, the importance of high quality collateral has increased, new liquidity standards have been proposed and central counterparties will assume a greater role in the clearing of over-the-counter derivatives. There is no doubt that these trends will have a profound impact on banks’ liquidity and collateral management. This paper examines these trends and comments on the role that financial market infrastructures and central banks’ arrangements can play in this context. If banks have the possibility during a crisis to transfer securities or cash promptly from one country to another, they can possibly solve an imminent local liquidity problem by using the excess cash or securities that they have elsewhere. Such solutions seem more necessary now than they were in the past, because current trends signal a greater need for collateral (so that banks can use their high quality assets more efficiently). Moreover, new fast communication technology requires that banks solve local liquidity issues before the word spreads.
Data granularity enhancements in Google Analytics to better understand visitor behaviour
Authors: Piccigallo Fabio
Published: July 2024

In recent years, Google Analytics has become the most important data analytics tool of the trade for marketing managers, e-commerce specialists, search engine optimisation consultants and webmasters worldwide. For the marketing analyst, however, the tool also has clear limitations, as it is impossible to obtain direct access to its database, which contains the data gathered to provide the reports with which everyone is familiar. Nonetheless, it is possible to increase the granularity of the data using a few lines of JavaScript code. This code is used to replicate part of the logic of the Google Analytics database and to access the underlying data needed to generate more elaborate statistics and, thus, acquire crucial information on the purchasing behaviours and habits of customers and users online.
IoT legislation's loopholes: The governmental blessing for statutory surveillance?
Authors: Kuch Paweł
Published: July 2024

Little has been discussed in the context of the material scope of privacy and data protection legislation. The rapid development and progress in the design of internet-connected wearables, appliances or movables — the Internet of Things (IoT) — and biotechnology and bionics that want to connect the human body with computers — Internet of Body (IoB) — and Artificial Intelligence (AI) in general, should bring more focus to the actual value of existing laws. Are the available legal tools sufficient against private and public actors? Are they enforceable and indeed being enforced? Do citizens trust their governments and vice versa? Or are we at the threshold of social credit scoring dystopia? These questions arise when reading current legislation and observing its real-life application. The picture is grim — in many places, the privacy and data protection laws are non-existent or insufficient. In the USA, the focus is more on developing new technologies than securing people's rights. In the European Union, the situation is seemingly better. Still, the facade is full of cracks when taking a closer look. The loopholes can be found on every level: in member states' constitutions, in the treaties, charters, regulations and directives. It is time to rethink the current approach before the pretence of democracy kills fundamental freedoms.
Navigating state data privacy laws: A guide for SEC-registered investment advisers
Authors: Nelson William
Published: July 2024

This paper focuses on prominent issues surrounding state data privacy laws, specifically looking at the California Consumer Privacy Act (CCPA), which was amended and expanded by the California Privacy Rights Act (CPRA), the Colorado Privacy Act (CPA) and the Virginia Consumer Data Privacy Act (VCDPA). Due to the lack of a comprehensive federal privacy law, state data privacy laws have recently raised several issues for Securities and Exchange Commission (SEC)-registered investment advisers as they try to navigate through new markets and new industry practices. As such, this paper addresses the similarities and differences between the CPRA, CPA and VCDPA. The paper also provides compliance guidance for investment advisers to address the varying obligation under these laws.
Assets or liabilities? Custodian risk in the new paradigm
Authors: Scrimgeour Bill
Published: July 2024

The Alternative Investment Fund Management Directive was passed by the European Parliament in July 2011 and will become law by the end of 2013. The European Securities and Markets Authority issued its Level 2 Implementation Measures Consultation Paper recently to provide detailed clarification around more difficult concepts. Designed to regulate hedge and private equity funds, it encompasses any non-UCITS fund (bar some exceptions). At its heart is the need for every fund sold into Europe after 2018 to appoint a depositary (similar to, but not the same as, a UK trustee) which will bear fiduciary responsibility. This is a new phenomenon to alternatives and no-one yet has a clear idea of how it will operate or what the cost will be. What is known is the depositary will carry an obligation to investors to replace assets held in a securities account that are lost, with a legal onus to prove that it took every possible course of action to avoid loss if it wishes to avoid liability. The deep-pockets principle springs to mind. This, together with other onerous oversight responsibilities, is a long way from industry practice. The paper explores the potential impact of a depositary liability too strict for industry participants.
Minimising operational risk in portfolio allocation decisions
Authors: Fernandes José Luiz Barros , Ornelas José Renato Haas
Published: July 2024

Models play an important role in strategic asset allocation (SAA). Overdependence on the stability of models, however, can reduce the utility of the results for practitioners. Professionals face the problem of choosing an SAA model that matches their goals, and must bear the operational risk of making the wrong choice (the model risk). The present paper sets out to assist in this challenge by evaluating several methodologies for estimating efficient portfolios, according to the perspective of a global long-term investor. It also presents the resampling adjusted technique (RATE) approach to incorporate estimation risk into mean-variance portfolio selection, based on the portfolio resampling technique. The results support the use of the Michaud resampling methodology followed by the RATE, as they offer better results in terms of financial efficiency, allocation stability and diversification. The evaluation of the different models uses several international asset classes for the period between June 1998 and July 2006. The findings are very useful for practitioners who can benefit from a fairly simple and robust asset allocation methodology.
Establishing sustainable risk reporting that unlocks trust and organisational value
Authors: Humphrey Tim
Published: July 2024

Now more than ever, business professionals face an evolving array of risks to the ultimate success of their business. Cyber risk is proving to be a rapidly iterative threat, legal and compliance risk evolves as political landscapes change, operational risk grows more complex as organisations continue to move towards automation and the ever-present desire to please the customer keeps reputational risk top-of-mind for many of today’s leaders. One of the biggest challenges organisations, and their risk professionals, face is how to effectively distil all the risk and control data that is gathered through various sources into intelligent, coherent, and consistent risk reporting, reporting that executives can easily decipher and rely upon to make strategic decisions for the safety and soundness of their company. In this paper, the reader will learn some basic concepts that have worked for the author across several different types of organisations, both big and small, in the US Consumer Lending industry but have relevance to any type of business operating in the financial sector. The concepts discussed may seem somewhat rudimentary on their own, but when executed collectively arm the risk professional with a well-built mission statement upon which to navigate through various industry and organisational challenges. The concepts can be used to mitigate the difficulties of executing a risk programme in a dysfunctional organisation or can optimise an already impactful and efficient programme in a supportive organisational culture. One will find that organisational culture plays a dramatic role in the overall success of a risk reporting programme, but by adhering to the key concepts, the reader can aspire to drive change for the better by helping their leadership see the value of logical, credible and consistent risk reporting.
Preventing water penetration in traditional masonry using injection mortar and micro-grouting conservation techniques
Authors: Laidlaw Kinlay
Published: July 2024

Repointing is a universal repair technique applied to traditional masonry of historic buildings and, in particular, to ashlar masonry. Despite such long-established practices, on the British west coast at least, water penetration quite often recurs a few years after repointing has been carried out. These unfortunate statistics arise because repointing work, even when carried out well, is unable to fill open or deeply voided joints in ashlar masonry. New pointing is not always sufficient to restore the ability of a wall to shed water and prevent water ingress. At Burns Monument, Alloway, Ayrshire, longstanding water penetration caused the masonry to become saturated throughout and several repointing projects over previous decades had not stopped the ingress. Recent investigative surveys identified severe and persistent water penetration from deeply voided and open ashlar masonry joints. A comprehensive repair strategy was developed to robustly address these issues, which involved developing a new method of injecting hydraulic lime grout through its narrow mortar joints. This technique, known as micro-grouting, is able to reach and fully fill deeply voided ashlar joints in a way that has hitherto simply not been possible. During 2018–19 the monument was successfully micro-grouted and has begun to dry out. This paper aims to explain the issue of voiding in traditional solid wall masonry and the new conservation technique of micro-grouting and repointing by injection mortar by examining the case study of Burns Monument conservation project. Now developed, tested and successfully implemented, this new methodology can make an important contribution to improving the future conservation of other historic buildings across the UK and beyond, to restore the ability of many deeply voided masonry structures to shed water in a way that works with traditional lime mortar-based construction technology.
A case study in automating and offshoring the reconciliation process
Authors: Coker John , Petryszyn John
Published: July 2024

In most cases, senior management views the reconciliation function as something that is required in order to comply with regulations, and/or to mitigate operational and reputation risk. This case study demonstrates the benefits that are offered to an organisation in deploying the industry's best practices and technology within the reconciliation process. The goal of the initiative featuring in this case study was to reduce the cost of the reconciliation process, to improve the exception and risk management process, and to improve the accuracy and timeliness of the reconciliation reports. In order to achieve these goals, an assessment and transformation strategy was completed, business performance metrics were implemented, an automated reconciliation system was established, the manual reconciliation functions were migrated offshore, and the exception and risk management process was enhanced. The benefits realised were a 55 per cent reduction of reconciliation expenses, a 66 per cent reduction of exceptions and associated risks, and 99 per cent on-time delivery of reconciliation reports. This case study provides a practical 'how to' guide on the implementation of similar initiatives, as well as a review of the lessons learned.
The power of feeds: How to build strong underlying data to drive successful digital marketing programmes
Authors: Reilly Melissa , Bowman Todd
Published: July 2024

Digital marketing channels that rely on data from a product feed are growing to be a strong influence in a retailers’ overall programme. As channels that rely on product feeds continue to grow in volume, it is important for retailers to put the proper investment into feed management and optimisation to stay ahead of their competitors. This paper explores how retailers should approach feed management, what values are most important in the feed, considerations for different product-focused marketing platforms, and what the future holds for feed-based channels.
AI in capital markets: Navigating legal and regulatory considerations
Authors: Pierides Mike , Mulligan James , Archer Christopher
Published: July 2024

In capital markets, digitisation and cloud technology have catalysed opportunities for AI by enabling firms to collect, store and analyse larger datasets from a variety of internal sources than ever before. The past year brought greater regulatory activity around AI in the UK, EU and US than in any prior year, although regulatory regimes remain disparate. When considering legal issues that arise from use of AI, facets of multiple legal fields are relevant, albeit differing between jurisdictions, such as intellectual property rights frameworks and contractual areas such as data ownership, data rights, risk and liability allocation and compliance responsibilities. In this paper, the key legal considerations and recent regulatory developments are categorised into four actionable, international themes: (i) due diligence of data as an asset; (ii) effective organisational ongoing controls; (iii) intellectual property management; and (iv) third party contract and risk management. With so much in flux, we find that the best approach for now is to consider such themes and ensure robust governance, transparency and explainability of each of the AI systems, human oversight of the AI and contractual arrangements with third party providers. Perhaps ironically, ‘getting AI right’ is currently, to a large extent, more an art of human judgement than any formulaic compliance with rules.
Pandemic preparedness and telecommunications resiliency: What should contingency planners be considering?
Authors: Deluca Joanne , Pinchot Roy
Published: July 2024

Business continuity managers are faced with a different challenge when planning and preparing for an influenza pandemic. The current “bird flu' virus, designated as H5N1, is of immediate concern because it has already shown itself in parts of Asia and Europe. There is a fear that it may bring sickness and death on an unimaginable scale, devastate cities and towns, and bring business to a halt. While the virus has so far killed only a few people, there is a possibility that it will mutate into a form which is easily transmissible between humans, resulting in a global pandemic. Should this occur, the US Government estimates that it could result in 207,000 deaths, 776,000 hospitalisations and outpatients, and a staggering US$166bn in economic losses in the USA alone. While the US Government and various industry associations have published many alerts and planning guides, this paper discusses the practical problems of maintaining operations, when people can no longer meet in their usual offices and have to work from scattered locations. Finally, this paper examines the current telecommunications infrastructure, its weaknesses and the keys to a successful telecommunications plan that is sufficiently flexible and robust to maintain a company over many months of dislocation.
Behavioural patterns in rogue trading: Analysing the cases of Nick Leeson, Jérôme Kerviel and Kweku Adoboli — Part 1
Authors: Rafeld Hagen , Fritz-Morgenthal Sebastian , Posch Peter N.
Published: July 2024

When analysing great financial disasters of our time, rogue trading and related protagonists come into play immediately. Rogue trading is a reoccurring phenomenon, gaining immense public attention due to the perceived mismatch between large-scale organisations on the one hand and individual employees bringing these organisations into enormous trouble on the other. It furthermore links to the understanding of fraudsters like rogue traders, embedded in (un)ethical organisational corporate corpuses. This paper employs Tittle’s control balance theory (CBT) to explain rogue trading as a special form/subset of white-collar and corporate crime. We use CBT to analyse the anatomy—including modus operandi, risk management failures and control weaknesses, as well as early warning signals—of three major rogue trading losses from recent investment banking history, that is Nicholas (‘Nick’) Leeson at Barings Bank, Jérôme Kerviel at Société Générale and Kweku Adoboli at UBS, totalling an accumulated loss exceeding US$10.5bn. We draw conclusions regarding the explanatory power of CBT in light of rogue trading, as well as behaviour risk management and control in order to prevent rogue trading, and outline future areas of research.
The triadic influence of brand personality, culture and social media usage on consumer attachment to iconic brands
Authors: Whelan Brian , Moon Sangkil , Erevelles Sunil
Published: July 2024

While iconic brands are influential in practice, marketing research on iconic brands has been scarce. To understand better how consumers favour certain iconic brands, this paper identifies three groups of factors influencing consumer’s iconic brand attachment. First, it is hypothesised that strong brand personality dimensions (composed of sincerity, excitement, competence, sophistication and ruggedness) perceived by consumers explain why consumers are attracted to iconic brands. Secondly, the paper hypothesises that consumers with increased social media activity tend to hold decreased preferences for particular iconic brands because of their diversified interests in various brands. Thirdly, the paper hypothesises how cultural dimensions (individualism, power-distance, masculinity, uncertainty avoidance, and long-term orientation) influence consumers’ iconic brand preferences. Further, the paper theorises three interaction effects of these stated factors: (1) brand personality × masculinity; (2) social media activity × uncertainty avoidance; and (3) brand personality × age. Using the survey method, the paper provides empirical support for our hypotheses.
Data quality in banking: Regulatory requirements and best practices
Authors: Bonollo Michele , Neri Massimiliano
Published: July 2024

Since the beginning of the financial crisis in 2007, the quality of risk data has become a subject of concern for risk managers in banks and other financial institutions. In order to tackle this subject a four-step analysis is proposed. First, the issues associated with risk data quality in the banking sector are examined, the main one being the silo organisation of risk data. Secondly, the paper reviews the existing data quality regulations in the financial sector, summarising briefly the requirements in Basel II and in Solvency II (the first regulation that provided formal requirements for data quality). Thirdly, a best practice proposal is made for banks in a centralised approach to risk data, involving the integration of risk and finance data. Finally, the centralised data approach is combined with a sensitivity technique in order to obtain more effective data quality strategies and indicators.
Post-crisis financial risk management: Some suggestions
Authors: Rebonato Riccardo
Published: July 2024

This paper argues the case that, when it comes to the management of financial risk, it is essential to provide interpretative models of reality (data do not ‘speak by themselves’); that these interpretative models are not unique; that too little attention has been devoted to explaining rather than describing; and that the existence of a number of competing views of the world can give rise to co-ordination among traders. The implications of this for the distribution of returns are highlighted. The limits of purely statistical descriptions of risk in terms of marginal or joint distributions of risk factors are also discussed.
‘I am not a brand, I am a wholesaler’: The forgotten role of brand in B2B supply chains
Authors: Bünte Claudia , Stürze Sascha , Vogler Oliver
Published: July 2024

The importance of a trusted brand seems to be underestimated by mid-tier players in business-to-business (B2B) supply chains. This paper analyses the role of branding for distributors in the context of a dynamic, competitive and disruptive market ie the lighting industry, as well as exploring the effects of changes in the behaviour and expectations of installers and contractors as the important customer group of electrical wholesalers. Interestingly, there is a dearth of research and data on the subjects of our research. We carried out personal interviews among 141 representatives of wholesalers and distributors and surveyed more than 2,000 electrical installers and contractors across five markets. We used a combination of correspondence and cluster analyses to evaluate the results of our survey and identified five distinct segments of electrical installers across the five countries. Our primary research reveals that price pressure is not the only major challenge facing wholesalers in the future. Adding real customer value through product and service innovations, adopting a customer-centric approach, and managing the transition to digital business are also important concerns. In light of these insights, developing and sustaining an appropriate brand proposition — one that includes knowing and catering to specific installer segments — seems important for electrical wholesalers. In this paper, the authors explain the four most important elements for a strong brand: a deep understanding of the customer, a strong value proposition based on the customer's needs, perfect execution of all customer touch points, and a performance management system that includes brand as a KPI.
Towards the end of the SEPA end-date debate?
Authors: De Meijer Carlo R. W.
Published: July 2024

The slow uptake of the Single Euro Payments Area (SEPA) instruments by public administrations, corporates and consumers has intensified the discussion on how to move forward with SEPA. Until now, the banking industry has taken most of the costs of SEPA compliance, mainly by offering the standard SEPA schemes. Banks and other Payment Service Providers still have to operate parallel infrastructures for both legacy and SEPA payments; this is inefficient and costly. It is not surprising that the European Payment Council (EPC), representing the banking sector, is pressing European regulatory authorities to come up with a formal end-date, to accelerate SEPA migration by all stakeholders. Without strong demand by public administrations, corporates and consumers, achieving SEPA through self-regulation is expected to remain very problematic. Further delaying its implementation could even put the whole SEPA project in jeopardy or cause SEPA to fall apart. In the meantime, the debate on a possible end-date for SEPA migration in Europe has intensified. The findings of the European Commission Public Consultation on the end-date question which was issued in 2009 have shown a large majority in favour of such a deadline. The discussion on mandatory end-dates entered a new stage after the Commission issued a Working Paper, ‘SEPA Migration End-Date’, on 2nd June, 2010, in which it introduced the so-called ‘essential requirements’ approach. This has led to intens­ive discussions among the various stakeholders. More clarifications are expected in the coming months. This paper goes in more detail into the reasoning of SEPA for the various stakeholders, and the role that an end-date might play in realising the benefits for all SEPA users. Special focus is on the need to put SEPA in motion.
Essential features of a portfolio management system
Authors: Vasanth Sandilya B.
Published: July 2024

Portfolio management systems are a critical part of the wealth and asset management industry. These systems have evolved over the years and currently perform multiple functions. This paper looks at some of the critical features with which an excellent system is equipped, including models, compliance, order management, reports, financial information exchange (FIX protocol), rebalancing and versus purchase (VSP) trading. These features are already present in some of the leading products offered by information technology vendors. Equipped with this knowledge, financial advisors will be able to get more out of their usage of the system. The features are explained with examples and pictorial representations for better understanding. By customising the system to their requirements, financial advisors will be better able to respond to their high net worth clients’ needs.
Reflections on future trends in remittances: Preliminary findings for Latin America and the Caribbean
Authors: Orozco Manuel
Published: July 2024

This paper explores the factors that have influenced increases in remitting over the past six years and identifies possible trends associated with changes in migration, technology and natural disasters.
Reckless endangerment: The failure of HBOS
Authors: Mcconnell Patrick
Published: July 2024

In 2004, UK banking regulators reportedly told the Board of Halifax/Bank of Scotland (HBOS) that their chosen growth strategy was an ‘accident waiting to happen’3. Just four years later, the accident happened and HBOS collapsed under a mountain of debt, requiring the injection of some £20bn of taxpayers' support. The UK parliamentary inquiry into the HBOS collapse labelled the bank's strategy ‘incompetent and reckless’. This paper looks at the failure of HBOS using a behavioural finance perspective, in particular considering the cognitive biases (such as over-confidence and groupthink) that may have led directors to underestimate the seriousness of the bank's situation. In its final report, the UK parliamentary inquiry into banking standards recommended that a new criminal offence be created to cover reckless behaviour by senior bankers. The paper considers how such reckless behaviour might be detected and managed before (rather than after) it leads to bank failure.
Developing a practical business continuity plan for the CHRISTUS Health risk management department
Authors: Finley Randall F.
Published: July 2024

This paper identifies factors supporting development of an independent business continuity plan for corporate risk management departments. It utilises a case study approach to identify a process and a template that can be used to develop such a plan. Educational resources necessary for effective business continuity planning are referenced. The paper identifies 'must haves', pivotal planning issues and creative approaches to risk management department business continuity.
Digital payments: Navigating the landscape, addressing fraud, and charting the future with Confirmation of Payee solutions
Authors: Dugauquier Damien , Bochove Geertjan Van , Raes Alain , Ilunga Jean-Julien
Published: July 2024

This paper explores the evolving landscape of digital payments, with a specific focus on the confirmation of payee (CoP) mechanism, which has been designed to enhance the accuracy and security of payee identification. Traditional payee identification methods, reliant solely on account numbers, face increasing limitations amid the growing sophistication of both domestic and cross-border payments. The rise of instant payments and their associated fraud risks underscore the urgent need for more reliable payee identification systems. Drawing insights from domestic markets where CoP has been implemented, this paper presents the challenges, regulatory responses and the potential of a CoP scheme for Europe and globally. We argue that while a singular European solution is unlikely, interoperability will be the key to success. The paper concludes by envisioning the future of payee identification, exploring the global potential of CoP, and urging the industry to perceive CoP solutions as public goods of benefit to all stakeholders in the payments sector.
Miami University: A case study of young alumni programmes
Authors: Mcclellan Caroline
Published: July 2024

As the demographics of college campuses are changing, so must the programmes that keep alumni engaged. By better understanding the demographics, inclinations and tendencies of the millennial generation, higher education institutions will be better prepared to create authentic and engaging opportunities for connection. This paper focuses on Miami University and several of its young alumni programmes.
Workplace design + space utilisation = talent retention : How understanding space usage can fund workplace transformations to deliver the offices our talent really wants
Authors: Harris Joe
Published: July 2024

The ‘war for talent’ is on and the workplace is the battlefield. This paper will explore how corporate real estate (CRE) and workplace executives can leverage cutting-edge technologies such as the smart building, the Internet of Things (IoT) and space utilisation sensor technologies to understand their workplace in real time, all the time. Empowered with this data, CRE and workplace can confidently deliver insights throughout the workplace design process that can transform the way their organisation works. Next-generation workplace design technologies such as 3D modelling and augmented reality (AR) can be used to involve the building occupants, allowing them to shape the design towards delivering a workplace that talent needs today. When these innovative workplace and design technologies come together, CRE and workplace executives can be empowered to spearhead change throughout the organisation. This will result in a better workplace more aligned to serve the talent that the organisation so desperately needs in order to thrive.
Shifting landscapes and earthquakes: Leading through ever-changing environments
Authors: Penney Sophie W. , Trautlein Barbara A.
Published: July 2024

Change is ubiquitous and never-ending, and ranges from small to systemic shifts in workplace environments. Despite numerous books, articles and tools designed to prepare professionals to manage change, it is well known that over half of change efforts fail. Rather than focusing on merely ‘managing change’, this paper takes a different perspective, that of teaching the reader to lead through change. By learning how to harness the power of CQ, or change intelligence, readers will discover that it is possible to employ one’s own change leadership style and that of team members to successfully traverse shifting landscapes, and even the earthquakes, that can occur in work environments.
The critical role of data governance in corporate real estate
Authors: Wales Phil , Wessels Johan
Published: July 2024

What is the role of data governance in today’s corporate real estate (CRE) organisation? This paper aims to lay out the importance of following a proven approach to developing a data strategy, advancing data maturity, developing critical data analytics and meeting the increasing pressure for accountability in CRE operations. The reader will learn about familiar challenges and the importance of aligning cross-functional data in order to guide your organisation on a road to both efficient return on investment (ROI) within your portfolio and compliance with the ever-increasing regulations being imposed on the CRE profession. This paper clearly lays out a roadmap for a journey towards successful data governance, or if you are already on that path, a validation of where you are on the maturity curve.
How payments drive digital transformation
Authors: Toucinho Andréa
Published: July 2024

This paper discusses the main issues relating to the digital transformation of the payments market. It describes how, in the context of globalised financial services, digital transformation has been a key driver in the evolution of payments. Indeed, technological, sociological and geopolitical issues have all contributed to the payments market adopting a modern, prospective and international approach. In this context, the payment ecosystem is confronted with many issues linked with innovation, new use cases and social debate, as well as the question of sovereignty. While questions continue to arise, one thing is clear: the field of payments has grown beyond its technological origins to become a real asset in the global economy.
Charting a path for cities in the Second Machine Age with or without the car: A focus on the human experience
Authors: Conschafter Stephen J.
Published: July 2024

Two major components of technological change, innovations in transport and the automation of human labour, have been shaping and will continue to shape the built environment in the years to come. The coming decades are expected to see a steady increase in automation across all industries. Cities and regions will experience a transition from today’s experimentation with semi-autonomous vehicles towards a future of fully autonomous vehicles. The Second Machine Age, a period of history centred on the automation of human cognitive functions, will transform cities by automating many aspects of daily life that generate the traffic patterns we experience today. How are urban areas to adapt to change with such far-reaching potential? Cities will first need to understand the impacts of this transformation and should respond by redoubling efforts to improve the human experience on multiple fronts. There will be an urgent need to build equitable environments and also creatively reuse infrastructure. Many urban areas may ultimately shift the focus away from transport as a defining feature of place.
Talent mobility for accelerating diversity at leadership levels: A pilot study
Authors: Kamath Janine R. , Dhanorker Sarah R.
Published: July 2024

Mayo Clinic is committed to reskilling and upskilling its workforce and to creating a strong, diverse leadership pipeline to advance its ‘Bold. Forward.’ strategy. In alignment with this commitment, the Mayo Clinic Shared Services Organization (MCSSO) launched a pilot offering staff the opportunity to work in a hybrid role and build new skills and connections. Pilot participants split their time equally between job roles in which the professional skill sets required were approximately the same. The pilot involved six MCSSO departments and six candidates (three pairs) from the participating departments. Staff were recruited for three roles: senior project manager, senior business analyst and call centre representative. Each of the three pairs worked in a hybrid assignment for six months. Candidates were offered opportunities to network with each other, MCSSO senior leaders and other diverse colleagues. Pilot evaluations were conducted at 0, 3 and 6 months with candidates and their supervisors. Additionally, benchmarking with external organisations allowed learning from advanced talent mobility and leadership diversity programmes. The evaluations highlighted that 50 per cent of the candidates were promoted by the end of their hybrid assignment. Most of them engaged in new projects, cross-trained and gained valuable insights, skills and expertise. Candidates and supervisors valued the opportunity to network with senior leaders and cross-functional colleagues. The pilot and external benchmarks emphasised the importance of a formal ‘talent mobility programme’ to build and sustain a diverse leadership pipeline. It is crucial to be intentional and bold with hybrid and mobility opportunities for intersectional candidates, under-represented groups and staff committed to equity, inclusion and diversity. All candidates and supervisors wanted the pilot to be expanded and operationalised. We believe that these early experiences, results and lessons on preparing diverse talent for leadership levels in the organisation are broadly transferable to other healthcare and non-healthcare organisations.
Investigating utilisation of runway system capacity at a large airport
Authors: Janic Milan
Published: July 2024

Many large airports are faced with limited options when seeking to provide suffi cient airside and landside capacity to appropriately accommodate growing demand. In the airside area, a common problem appears to be the shortage of runway capacity. Sometimes, this causes severe aircraft/flight congestion and delays, which spread and affect large portions of the wider airline network. The common strategic option for mitigating these impacts is increasing airside capacity by building a new runway(s). In Europe, the most recently built fourth runway at Frankfurt Main airport in Germany and long-standing and increasing pressure for building a third (parallel) runway at London Heathrow airport in the UK are typical examples. But after a new runway has been built, how much is its capacity utilised? This paper deals with investigating utilisation of capacity of the runway system, particularly that of a newly built runway at a large European hub — Amsterdam Schiphol airport in The Netherlands. For this purpose, modifi ed existing analytical runway capacity model(s) are applied to calculate the ultimate capacity of the runway system. Then, the input data on demand are used to estimate the actual utilisation of the available capacity and related average aircraft/flight delays. The results indicate that, at present, the existing runway system including the new runway is far from being saturated, implying there is no need for additional physical expansion in the medium to long term. If the new runway had not been built, with the present level of demand, severe congestion and aircraft/flight delays would be a frequent occurrence
Supervisory challenges in the presence of systemic risk: The IAIS response to the current financial crisis
Authors: Hofmann Daniel M. , Maroney John
Published: July 2024

The current financial crisis has called for a reassessment of financial sector supervision. On top of the agenda is the identification of those institutions whose failure could cause systemic cascade effects with adverse impacts for the whole financial system and the real economy. These institutions will be subjected to higher capital requirement, intensified supervisory scrutiny and pre-defined resolution regimes. The IAIS as the global standard setter for insurance supervision has taken up these challenges and responded swiftly and comprehensively. The association developed the theoretical foundations to assess insurers in the context of financial stability, the methodology to identify systemically important insurers with global reach, policy measures, to appropriately deal with insurers deemed to be systemically relevant and a framework for macroprudential policy and surveillance. In all areas the IAIS navigated in uncharted waters, developing methodologies, policies and frameworks from scratch, while ensuring that the specifics of both the insurance business model and the insurance balance sheet were properly reflected. The challenges must also be taken up by financial firms. Risk management will have to broaden its scope to capture the build-up of system-wide risk that might endanger the viability of individual institutions.
Facing management's supply dilemma with healthcare value analysis
Authors: Graham Gloria , Cusick Colleen
Published: July 2024

Value analysis helps address the healthcare cost conundrum that continues to plague healthcare organisations. Healthcare spending across the United States doubled between 1980 and 2011, reaching 17.9 per cent of the gross domestic product (GDP) with a potential to reach 20 per cent by 2020.1 Healthcare organisations are faced with a shifting paradigm where reimbursements are based on value versus volume. The focus is a twofold, patient-centric approach to improve patient outcomes, at the same time reducing healthcare costs. Value analysis is a blending of both financial and clinical outcomes that provides healthcare organisations the ability to solve these problems.
Examining rivalry and outgroup derogation among underrepresented college students
Authors: Havard Cody T. , Fuller Rhema D. , Silkes Carol A.
Published: July 2024

As little is known about how fans other than European American males react to rivalry, the current study investigated rivalry among college students who identified as African American, Latinx or Asian American. To analyse how these three underrepresented groups reacted to rival teams and schools, the study authors identified both male and female students from Power Five or Group of Five institutions in attendance at various National Collegiate Athletic Association Division I competition events who self-identified as meeting this demographic. The results show that male African American and Asian American students reported significantly higher identification and more negativity toward their rival schools than did their female counterparts. Additionally, attending a Power Five school influenced identification and reactions to rival schools for all three underrepresented groups. The paper goes on to discuss the implications of the study and potential avenues for future research.
Incorporating microdata into macro policy decision-making
Authors: Israël Jean-Marc , Tissot Bruno
Published: July 2024

The ongoing expansion of granular data sets calls for broadening official statistical frameworks to benefit from this information in order to assist the assembling of macroeconomic aggregates and/or facilitate the linkage between micro- and macrolevel statistics. It can also provide important analytical benefits and effectively support central bank policies, with a greater ability to ‘zoom in’ on particular areas of interest and assess the distribution of macroeconomic aggregates within reporting populations. There are, however, important challenges associated with dealing with these data sets, for instance with regard to their quality, confidentiality and the manner of accessing them. Indeed, the task of integrating (granular and) microfinancial information in macro frameworks has proved more complex than initially thought, and many challenges have yet to be addressed. This paper discusses an important issue: how to make use of granular information from private sources which are not part of the official statistics framework.
A primer on tail risk hedging
Authors: Mcrandal Ryan , Rozanov Andrew
Published: July 2024

Deleveraging and sovereign debt crises in the developed world, risks of hard landing in emerging market economies, and questions around the stability of the global financial system increasingly compel investors to consider ways of protecting their portfolios against extreme tail events. This paper discusses the various types of tail risk, how investors may want to think about them, and what hedging options may be available. For most market participants, the discussion of tail risk hedging has historically centred on static or passive hedges. While these strategies are relatively simple to understand and implement, they tend to be quite expensive and inefficient over time. This paper highlights the benefits of an active and diversified approach to tail risk hedging, which can be a more attractive and cost-efficient alternative.