bluuebunny/crossref_metadata_2025 huggingface dataset:
Resolution of banks: What kind of scenarios to enhance the credibility and the feasibility of resolution strategies
Authors: Visnovsky Frédéric
Published: July 2024

A resolution strategy for banks needs to be feasible and credible. Asking banks to work on their resolvability is a major issue and therefore the resolution strategy developed by the authorities needs addressing the scenarios that are most likely to materialise and lead the institution to resolution. The aspects to be considered are the speed of the scenarios, the liquidity risk to be faced rather a solvency one, the consideration of systemic and idiosyncratic shocks and the perimeter of the resolution group. Based on the experience, there is a need to improve resolution planning and selection of the most adequate resolution strategies. This should cover the range of scenarios considered in resolution planning that has to be broadened in, how to better take into account recovery options in resolution planning and Minimum Requirement for Own Funds and Eligible Liabilities setting, how to consider systemic scenarios in the preliminary public interest assessment and finally what should be the perimeter of the resolution group. While resolution planning has made very good progress as resolution regimes have been established, taking into account those points will be major improvements.
The EU Cybersecurity Skills Academy : A silver bullet to address the cyber security skills gap in the European Union?
Authors: Spanou Despina
Published: July 2024

The economic, social and security imperative of addressing the cyber security skills gap, further exacerbated by recent crises and the evolving nature of cyber threats, is now widely acknowledged as a key priority to ensure the resilience of our digital economies and societies. This paper explores the potential of the proposed EU Cybersecurity Skills Academy, introduced by the European Commission (EC) as a flagship of the European Year of Skills in April 2023, to address this challenge in the European Union (EU). With an increasing shortage of cyber security professionals, the paper highlights the expected upsurge in demand for cyber security experts in the face of new EU cyber security legislation. The diversity of the expertise required, especially in non-technical fields, poses a unique challenge. At the same time, existing initiatives at both national and EU levels lack coordination and synergy, hindering their impact on the EU job market. This paper outlines how the EU Cybersecurity Skills Academy can offer a comprehensive solution to this challenge by providing a one-stop shop for cyber security training and funding offers across Europe and addressing the mismatch between available skills and market needs. The Academy’s pillars, which cover knowledge generation and training, stakeholder involvement, funding and progress measurement, are further detailed. The paper concludes with a set of recommendations for the EU cyber security ecosystem in order to help make this initiative a success and a potential model for replication in other parts of the world.
Workplace strategies in a fast-growing market
Authors: Zhang Andy
Published: July 2024

In 2010, many occupiers in some of Asia's largest economic centres were confronted with an economic recovery whose speed and strength exceeded expectations. At that time, many enterprises, still reeling from 2008's global economic crisis, welcomed the growth opportunities that the Asia-Pacific region presented. But business enterprises would soon realise that renewed economic growth and business opportunities would be accompanied by significant operations and real estate challenges. Following a precipitous decline in office demand over 2009, by 2010, Grade A office markets in many of Asia Pacific's major business centres began to see a sharp recovery. High absorption, accelerating rental growth and rapidly falling vacancy rates quickly became the norm across the region. As a result, corporate occupiers seeking to establish or expand operations in major business centres such as Beijing and Shanghai were finding increasing difficulty in securing reasonably priced, contiguous, prime-submarket office space. Notably tight conditions have become commonplace in fast-growing markets across Asia. Consequently, in this paper, the author recommends a five-step approach to managing the workplace environment in a cost-effective way.
Improving urban regeneration and renewal outcomes by engaging an urban psychology
Authors: Boyle Mark , Murray Chris , Jarvis Susan
Published: July 2024

A crisis in mental health, especially in economically deprived neighbourhoods, can present a significant barrier to successful urban regeneration projects. It follows that urban regeneration not only has a stake in promoting mental health care generally but, through its place making influence on physical and social structures, has a more direct responsibility to address poor mental health and sustain well-being where it exists. In support of a psychologically informed urban regeneration, this Special Issue sets out the case for a systematised intellectual and practice-based discipline and movement: an urban psychology, with an explicit therapeutic mission. It incorporates 10 articles delivered initially at Europe’s first urban psychology summit — City, Psychology, Place — held at the University of Liverpool in London campus in June 2019. In this editorial introduction, we reflect upon the need for an urban psychology at this historical juncture and offer our views on the work which such a body of practical knowledge might do to improve regeneration and renewal outcomes. We conclude that there can be no enduring economic, social or physical regeneration of distressed, failing or failed communities unless there is first ‘regeneration in support of life itself’ (RISLI).
The Single Euro Payments Area: Can innovation be mandated?
Authors: Bielefeld Norbert
Published: July 2024

The Single Euro Payments Area is an ambitious policy maker-inspired project to build a European Union-wide internal market for payments which will not only be efficient but can also be used as a springboard for payment in­novation in the future. Self-regulation by the banking industry has delivered the foundations for pan-European payment instruments, yet their acceptance by the demand side is dependent on action by the European legislator. The latter may use this opportunity to legislate more than is necessary for achieving the migration from legacy, national payment instruments to the pan-European ones. In doing so, the legislator could lastingly affect market balances and actually jeopardise the competitiveness of the European payments industry on the international scene.
An organisational safety net in an academic setting: An evaluation
Authors: Chachkes Esther , Nelson Lewis S. , Portelli Ian , Woodrow Richard , Bloch Renny , Goldfrank Lewis R.
Published: July 2024

In a disaster situation, employees may not be able or willing to come to work, or may be preoccupied about their families. Indeed, many employees, stressed and anxious about their personal and family needs, may wish to leave their workplace as soon as possible and stay home until conditions return to ‘normal’. It is therefore imperative to understand how an organisation’s response to crisis events can reassure employees that their safety and wellbeing will be protected. The Organizational Safety Net research project was developed to investigate models to enhance preparedness and response capabilities in high-threat urban areas. Respondents identified the following attributes as essential in maintaining a strong workforce: communication with family and loved ones; communication within the organisation as to what is happening; what plans exist to deal with the crisis event; pre-disaster preparedness and training; the competence and availability of senior leadership; the empowerment and training of mid-level decision makers; and clear, comprehensive approaches that can ensure that large complex organisations have comprehensive, coordinated and flexible systems that create safe environments. These attributes contribute to the creation of an atmosphere of perceived safety and are critical elements in the development of an organisational safety net.
Future trends in the structured credit market
Authors: Felsenheimer Jochen , Gisdakis Philip
Published: July 2024

In recent years, credit markets have been characterised by the strong growth of credit derivatives and structured credit, not only in terms of the volume of derivatives traded, but also the number of underlying reference entities and the complexity of the payoffs involved. The subprime turmoil, however, might be the turning point for the structured credit market. While there are apparent consequences for the future of credit derivatives, in the long run the crisis will also highlight the more subtle deficiencies in the existing market structure. The obvious conclusions are: (1) in the medium term, investors will avoid complex structures, and (2) trade in plain-vanilla credit default swaps will increase, as these have been the only instruments to remain fairly liquid during the crisis and provide a hedging tool for investors. In addition, there is a structural change in the credit market which is largely independent of cyclical aspects. The trend towards imposing credit derivatives technology on other asset classes continues, with collateralised debt obligations on equity default swaps, commodity swaps and foreign exchange markets having already been established. In the long term, the so-called collateralised asset obligations regime is expected to replace old-fashioned risk-return optimisation.
Digital asset management without governance is asking for trouble
Authors: Roell Michelle , Horodyski John
Published: July 2024

This paper presents the fireside chat session on data governance that was held as part of the 2021 Henry Stewart Festival of DAM. The session, titled ‘Governing your data in a world of constant change’, was conducted by John Horodyski, Managing Director, Insights & Analytics at Salt Flats, and Michelle Roell, Taxonomist, Editorial Creative at Netflix. The paper documents not only their discussion, but also expands on the importance of data governance, how to set up and run a governance committee, and where to look for further guidance and recommendations. The discussion also covers the importance of diversifying the information science field so that new perspectives and voices can participate on an equal basis.
Holistic digital asset management: How a small team scales big at Showtime Networks
Authors: Lantz Rebecca , Hunking Stephen
Published: July 2024

Showtime Networks is a premium cable company known for its provocative and award-winning programming, including original series, sports, stand-up comedy and documentary films. Over the past decade, the network has led the charge in anticipating the significant shift in how content subscribers consume media, as streaming and on-demand platforms and social media have heightened the demand for a more ubiquitous digital presence. In response to this unprecedented demand and the rapidly changing media landscape, Showtime has made many strategic changes in its operations and initiatives. This case study examines the development of the network’s digital asset management department and its approach to holistic scaling in an evolving media environment. The methodology of the department is informed by two core themes: the desire for efficiency and the aspiration to find value.
Sketching a roadmap for systemic liquidity stress tests
Authors: Hałaj Grzegorz , Henry Jérôme
Published: July 2024

This paper aims to identify and specify guiding principles for designing and implementing a systemic liquidity stress test (SLST), a necessary complement to more standard, and by now systemic, solvency stress tests. The paper focusses on the types of data and models that would be ideally required. We also illustrate with a concrete example how to operationalise these principles for a system of European banks. The paper will then provide practical guidelines for policymakers and analysts building an SLST set-up or process, with a view to assessing liquidity risks and to understanding shock propagations in a complex financial system. Both elements are specifically relevant to macroprudential authorities.
Teaching in the hybrid virtual classroom
Authors: Woolfitt Zac
Published: July 2024

Seven college lecturers and two senior support staff were interviewed during 2021 about their experiences teaching in hybrid virtual classrooms (HVC). These technology-rich learning environments allow teachers to simultaneously teach students who are in class (on campus) and students who are joining remotely (online). There were two reasons for this choice: first, ongoing experimentation from innovative teaching staff who were already using this format before the COVID-19 pandemic; secondly, as a possible solution to restrictions on classroom size imposed by the pandemic. Challenges lecturers faced include adjusting teaching practice and lesson delivery to serve students in the class and those online equally; engaging and linking the different student groups in structured and natural interactions; overcoming technical challenges regarding audio and visual equipment; suitably configuring teaching spaces and having sufficient pedagogical and technical support to manage this complex process. A set of practical suggestions is provided. Lecturers should make reasoned choices when teaching in this format since it requires continued experimentation and practice to enhance the teaching and learning opportunities. When external factors such as classroom size restrictions are the driving force, the specific type of synchronous learning activities should be carefully considered. The structure and approach to lessons needs to be rethought to optimise the affordances of the hybrid virtual and connected classroom. The complexity of using these formats, and the additional time needed to do it properly, should not be underestimated. These findings are consistent with previous literature on this subject. An ongoing dialogue with faculty, support staff and especially students should be an integral part of any further implementation in this format.
From urban renewal to urban regeneration: Classification criteria for urban interventions. Turin 1995–2015: evolution of planning tools and approaches
Authors: Marra Giulia , Barosio Michela , Eynard Enrico , Marietta Cristina , Tabasso Matteo , Melis Giulia
Published: July 2024

European cities have been affected by urban regeneration interventions in the last few decades, spanning a variety of different types and with different outcomes. This paper describes and analyses possible classification criteria for urban regeneration interventions in order to reach a better understanding of urban regeneration policies and their consequences. A review of the literature on urban regeneration classification criteria reveals that urban regeneration interventions have gradually shifted from being place oriented to being people oriented. In view of this, this paper presents a paradigmatic case study of urban regeneration. The urban transformation of the city of Turin, in northern Italy, from 1995 to 2015 clearly shows the existence of three generations of neighbourhood transformations. The first generation involved mainly physical improvement operations in the area of Spina 2. The second was characterised by social and economic support, as in the regeneration of the historic neighbourhood of San Salvario. Finally, the third generation presented an integrated approach, as in the management of the Urban II programme for the area of Mirafiori Nord, leading to a more contemporary, holistic approach.
A research-based approach for improving the airport wayfinding experience
Authors: Harding Jim
Published: July 2024

Wayfinding research has a proven and direct impact on the passenger experience, which in turn correlates to airport business performance. Research from recent Airport Cooperative Research Program (ACRP) reports, however, has identified the difficulties faced by infrequent travellers, international travellers and elderly and persons with disabilities when navigating airports. These reports document best wayfinding practices and principles for designing for these user groups. The author introduces ACRP research reports 52, 161 and 177 and explores how these research-based guidelines not only ease wayfinding for travellers with special needs but also improve the passenger experience for all travellers.
A career mentoring tale: A story of assumptions, assessment and action
Authors: Forseille Susan , Olynyk Arlene , Hamilton Kristen
Published: July 2024

In 2009, Thompson Rivers University created a Career Mentoring Program (CMP). The programme mission was to bring career development expertise, from mentors’ personal experiences, to students through career mentoring activities. The initial goals were to teach students networking skills and enhance their understanding of the current labour market. As the programme evolved, so too did the understanding of its impact on students’ career development, and as a result, the goals of the CMP evolved. This paper will outline the evolution of the programme, the mistakes and partnerships that influenced the evolution and how a formal research project solidified the learning programme organisers assumed was happening. The results of conducting this mixed methods research, and using it to improve the programme each year, have had a profound outcome on programme objectives: to increase the career knowledge, confidence and action of students. This paper will demonstrate to other practitioners that programme assessment and research do not have to be difficult or costly. The authors hope that, from this paper, educators will be able to take this experience and tweak or start a relevant and effective programme for students.
Rapid healthcare innovation during the COVID-19 pandemic
Authors: Crowley Steven D. , Henson Jammie M. , Andrist Jesse D. , Elsen Sandra J. , Ziegler Jeff R. , Doppler Julie M.
Published: July 2024

The COVID-19 pandemic challenged healthcare organisations in safely providing healthcare to patients while protecting employees and reducing the spread of the virus. This paper shows how the Mayo Clinic responded by implementing innovations, including screening, testing and tracing patients for COVID-19; expanding telehealth services; adjusting surgical and procedural operations and reallocating staffing and supplies. These changes were operationalised rapidly through the coordinated response from its leadership, partnership of experts across the organisation, prompt decision-making driven by data, redistribution of resources and expedited training. These innovations and methods of rapid implementation enabled Mayo Clinic to safely continue its mission of providing healing and hope to its patients worldwide, and quickly return to financial sustainability.
One tweak at a time: How analytics improved our content marketing
Authors: Copulsky Jonathan , Bergstrom Amy , Simone Michael
Published: July 2024

Recent surveys of business-to-business (B2B) and business-to-consumer (B2C) marketers identify content marketing as an activity with significant commercial impact, a trend to watch, and a concept to understand and master. At Deloitte, content marketing equates to thought leadership. The company view’s thought leadership as a way to frame their capabilities, expertise and intellectual capital in the context of business issues that matter to clients, prospects, talent and other important stakeholders. Five years ago, Deloitte launched a comprehensive assessment of its thought leadership programme, and concluded that they were falling short of their aspirations. This paper highlights how Deloitte systematically applied digital and web analytics to improve their content marketing efforts.
Corporate risk from extremist groups
Authors: Sancenito John
Published: July 2024

Corporations are increasingly being targeted by activist groups seeking to influence their business decisions. Activists target companies for a variety of reasons. Some feel companies have too much power over their lives; some feel companies put profits over people; and others feel the companies’ actions exploit people, animals and/or the environment. Some companies are targeted simply because they have a business relationship with a targeted company. While most activists use peaceful protests as a way of voicing their opinions, others resort to criminal activity to influence corporate decisions. Radical extremists use tactics of intimidation, threats and criminal activity to achieve their goal. Activist campaigns typically follow leaderless resistance models in which a number of organisations or individuals move against a targeted industry or company. These groups operate autonomously but share ideas, information and research. Preparation and planning is the difference between companies that endure an activist campaign and those that are unable to recover fully. The preparation process should include the following steps: (1) evaluate risk and exposure, (2) conduct a vulnerability assessment, (3) do advanced planning, and (4) engage in intelligence monitoring.
How commercial real estate can attract and retain the most innovative, high-growth tenants and monetise new revenue opportunities
Authors: Markowski Maciej
Published: July 2024

The development of mobile technology and Internet of Things (IoT) enabled us to completely change how we work, how buildings are being designed and rented, and what kind of level of services can be expected from a landlord of an office building. The long-lease model is under attack and tenants expect more of a hospitality experience from their landlords. Merely providing the shell and core of a building, leaving the corporate real estate (CRE) tenant to lease, design, fit out and manage the office may no longer be enough. Competition from the flexible workspace providers has raised the bar for landlords. Landlords who want to stay competitive, develop new revenue streams and attract high-value, high-growth tenants need to move from the ‘lease and forget’ model to a true subscription model, driven by in-depth understanding of the tenant’s needs and requirements, enabled by modern technology.
The post-breach threat landscape and the need for an ‘effective’ compliance programme
Authors: Warshawsky Brian Mitchell
Published: July 2024

In today’s rapidly evolving cyber security landscape, organisations face a multitude of threats beyond traditional hackers and state actors. The aftermath of a data breach involves not only the immediate response and recovery efforts on the part of the breached organisation but also a complex web of regulatory and legal consequences. This paper delves into the often-overlooked challenges posed by regulatory enforcement and the potential collateral damage that organisations may face following a breach. By understanding these aspects, organisations can develop effective compliance programmes that mitigate risks and protect against legal repercussions.
Using non-traditional data for underwriting loans to thin-file borrowers: Evidence, tips and precautions
Authors: Turner Michael A. , Agarwal Amita
Published: July 2024

Sustainable growth in underserved domestic markets has long been a challenge to lenders. Recent testing with non-traditional data in automated underwriting shows promise as a means to profitably extend credit to the ‘thin-file’ and ‘no-file’ populations without assuming undue risk. This area is in its infancy, and is fraught with risk and challenge. Despite the potential, lenders are advised to proceed with caution and should slowly test their way into this segment with the new methods. As this is a slow process, one of the key challenges is to get the needed commitment from the lending institutions. A prudent credit risk officer can harness the power of non-traditional data by taking a disciplined and methodical approach to testing and implementing. This paper demonstrates the value of non-traditional data as a powerful tool for consumer credit risk assessment while highlighting some of the potential risks and precautions that lenders need to think about before using these tools. Special emphasis is placed on paying attention to the capacity of these customers and creating a life cycle strategy for them that includes credit education. This paper presents some empirical test results, and outlines steps that should be taken by lenders to capture the full value of the data while mitigating risk.
Building an optimised information architecture through collaboration
Authors: Polinsky Lauren
Published: July 2024

Keyword data, especially Big Data, can often appear like a jumbled pile of Scrabble letters. But with any stack, it is important to know where to start. This paper will provide tips on how to work through that stack of tiles to find the most in-demand topics in order to develop a satisfying web architecture strategy that supports content marketing and user experiences. It will also provide advice on how to convince teams and leadership how the website architecture will come together. Key takeaways include how to: use data to develop a website architecture based on searchers’ interests and business capabilities; work collaboratively with digital marketing teams to target those concepts most important to the overall business and customer; and present complicated data concepts.
Customer-centric framework: The missing link between data and business value
Authors: Martinez Jenna
Published: July 2024

As enterprises continue to evolve their data-driven strategies, many decision makers are required to draw conclusions based off data and advanced statistical analyses. Despite organisations’ increased access to valuable data and use of sophisticated data models for analysis, many decision makers feel they are not informed enough to make critical business decisions. The complexity and intricacy of consumer data and analytics represents a major challenge in implementing customer-centric data strategies across an organisation. By shifting towards analytical-based actions and a customer-centric framework, an organisation can deliver more responsive and personalised customer experiences that drive greater business value.
You can’t get there from here: The role of the installed base in payment system adoption
Authors: Leibbrandt Gottfried
Published: July 2024

The use of payment instruments varies across countries. These differences persist even after the arrival of new global payment technologies. Countries often implement these global technologies in different ways. The role of the installed base of prior payment systems is explored as an explanation. Because new payment technologies are subject to strong network effects, compatibility with existing systems greatly increases the attractiveness of new payment technologies.
Fixing prompt corrective action
Authors: Kupiec Paul
Published: July 2024

Prompt corrective action (PCA) requires regulators to sanction banks before they become insolvent and to resolve institutions within 90 days of reaching critically undercapitalised status. Forensic studies of the financial crisis conclude that the PCA process not only failed to rehabilitate troubled banks, it also produced a higher average loss rate when banks failed compared to the pre-PCA period. A promising approach for reforming PCA is to replace capital adequacy ratios with a bank’s nonperforming asset coverage ratio. This simple revision will identify weak institutions long before they fail and could significantly reduce deposit insurance fund losses. The nonperforming asset coverage ratio is also a transparent and useful early warning statistic that depositors and bank-dependent businesses can use to monitor the financial strength of bank counterparties.
Regress under stress: A simple least-squares method for integrating economic scenarios with risk simulations
Authors: Rosen Dan , Saunders David
Published: July 2024

We present a simple and powerful approach to create meaningful stress scenarios for risk management and investment analysis of multi-asset portfolios, which effectively combines economic forecasts and ‘expert’ views with portfolio simulation methods. Expert scenarios are typically described in terms of a small number of key economic variables or factors. However, when applied to a portfolio, they are incomplete — they generally do not describe what occurs to all relevant market risk factors that affect the portfolio. We need to understand how these market risk factors behave, conditional on the outcome of the economic factors. The key insight to our approach is that the conditional expectation, and more generally the full conditional distribution of all the factors, and of the portfolio profit and loss (P&L), can be estimated directly from a pre-computed simulation using least squares regression. We refer to this approach as least squares stress testing (LSST). LSST is a simulation-based conditional scenario generation method that offers many advantages over more traditional analytical methods. Simulation techniques are simple, flexible and provide very transparent results, which are auditable and easy to explain. LSST can be applied to both market and credit risk stress testing with a large number of risk factors, which can follow completely general stochastic processes, with fat-tails, non-parametric and general co-dependence structures, autocorrelation, etc. LSST further produces explicit risk factor P&L contributions. We demonstrate the methodology in detail with the practical example of a multi-asset investment portfolio and economic scenarios from an industry report.
Understanding and prioritising cyberattack paths amid growing organisational complexity
Authors: Went Elliott
Published: July 2024

This paper explores the role of attack path modelling (APM) in modern cyber security, addressing the challenges posed by the rapidly evolving digital landscape. It provides a comprehensive overview of APM frameworks and their application in identifying and prioritising potential attack paths. The challenges associated with manual APM efforts, the need for standardisation and the potential for innovation in automated APM tools are examined throughout. Drawing from real-world examples, the paper demonstrates the practical implications of APM in dissecting attack components and mitigating risks. It emphasises the dual approach of human-led APM initiatives and the integration of APM functionality in technical solutions, advocating for improved hygiene with manual and periodic APM assessments that can be optimised with advanced SecOps APM tooling. The paper serves as a general resource for all cyber security practitioners, providing insights into the historical context, frameworks and practical challenges of APM. The paper describes the significance of human-led APM initiatives, using open frameworks to enhance cyber security posture. Furthermore, the paper explores the evolving landscape of APM tools, anticipating their integration with big data platforms and artificial intelligence (AI) for comprehensive security analyses. This paper presents insights into the current state of cyber security, the practical applications of APM frameworks, and the potential future developments in APM technology.
Reducing employee turnover intentions through ethical leadership and positive organisational behaviour
Authors: Dohroo Mitali , Duggal Taranjeet , Ansari Amirul Hasan
Published: July 2024

Using data obtained from the literature, this study conducts statistical analysis to improve understanding regarding the relationship between firms and their employees. The results indicate that employee turnover is lower among companies that combine strong, effective leadership with distinct organisational culture and behaviour.
Artificial intelligence for content and context metadata retrieval in photographs and image groups
Authors: Fornaro Peter , Chiquet Vera
Published: July 2024

Cataloguing is a frequent bottleneck in the digitisation of analogue images as it is impossible to scale the necessary content-related knowledge. As this paper discusses, however, it is possible to use well-trained artificial intelligence to semi-automate metadata enhancement for photographic collections. The paper describes a study in which participants indexed historical collections of photographs. In a subsequent interdisciplinary project with contributions from cultural anthropologists, computer scientists, digital humanities researchers and art historians, these descriptions and indexes were then used to train machine-learning components. With this interdisciplinary approach, it is hoped that cataloguing practices can be enhanced, generating new insights into AI and semantic metadata.
Using a risk-based approach to protect high-risk chemical infrastructure
Authors: Klessman Todd , Azar Zeina , Bell Gina
Published: July 2024

This paper provides an overview of the steps that entities in possession of potentially dangerous chemicals can take to reduce the risk that those chemicals will be stolen, diverted or weaponised, starting with the identification and assessment of the chemicals that may present a security risk, and concluding with the development and implementation of an appropriate facility security plan. The paper describes the different types of security risks presented by different chemicals, the security concepts a facility should keep in mind when designing its security plan, and the five primary security guideposts that any comprehensive chemical facility security plan should address, namely: detection; delay; response; cyber security; and policies, plans and procedures.
When swans are grey: VaR as an early warning signal
Authors: Satchkov Daniel
Published: July 2024

The market events of 2008 will be remembered as much for their extreme volatility as for a widespread failure of the risk management, which contributed to the near collapse of many firms thought to be among the leaders in that field. This paper identifies a key deficiency in the way that the historical data are currently utilised in the estimation of risk. This deficiency stems from the conception of the marketplace as an equilibrium-seeking and continuous system and it led to the financial firms’ unpreparedness for sudden market reversals. A different framework for risk estimation is proposed based on linking the risk modelling with the existing literature on financial instability. One possible application of the proposed method to the estimation of value-at-risk (VaR) is demonstrated, and empirical tests comparing it with the traditional methods are performed using S&P 500’s history from 1989 to 2010. The new measure, called the instability VaR, is shown to dominate all traditional methods of calculation.
The art and science of stress testing
Authors: Hopper Greg
Published: July 2024

Although stress tests are intended to complement the use of risk management models such as value at risk (VaR) and potential exposure models, sometimes these risk management models can be used to generate more empirically relevant stress tests. In this article, four case studies are discussed in which it is illustrated how to use risk management models in the formulation of stress tests. These examples also illustrate how risk management models may be used to formulate stress tests as well as quantify the largest risks inherent in a firm's portfolio. The paper discusses how models might be used to calibrate a stress test of a financial variable when there is very little empirical evidence on how the variable has behaved historically, and it also suggests how models can be used to calibrate and formulate stress tests that include the mitigating effects of dynamic hedging, using a credit valuation adjustment model as an example. The emphasis throughout is on the use of practical techniques that employ risk management models already in use.
The great entity classification conundrum in G20 derivatives regulation
Authors: Mcwilliam Victoria
Published: July 2024

Derivatives market participants operate in a highly regulated and complex world. Around the globe, regulators are framing rules in areas that were once entirely unregulated. The roll-out of new regulations is progressing at differing paces in different jurisdictions and often in a piecemeal fashion. Market participants must keep track of legislative developments in their markets of interest and ensure continual compliance. Again and again, jurisdiction by jurisdiction, participants in the derivatives market find themselves grappling with the question, does this regulation apply to me? This paper looks at how G20 derivatives regulators in various jurisdictions classify market participants and at the breadth and potential extraterritorial reach of that classification. Examined in the following text are important questions for market participants to consider when assessing whether they fall within a regulator’s classification. The ultimate aim is to assess if they are brought within scope of the regulations and required to comply. Consideration is given to the differing approaches that some G20 regulators use to classify market participants in their home jurisdiction and their treatments of foreign branches of local entities and of local branches of foreign entities. Attention is also drawn to the indirect effect of some of these regulations. Also included is a look at the market initiatives that industry bodies have been developing to assist market participants in determining their own classifications and those of their counterparties. Finally, this paper touches on regulatory equivalence and how it may be available as a solution to achieving compliance with multiple regimes.
Maximising results with data-driven financial marketing strategies
Authors: Rizzo Tony
Published: July 2024

The amount of financial and non-financial data collected by banks provides a wealth of knowledge into consumers’ buying habits and preferences. A bank supports the ability to finance and to make payments and gives customers a secure haven from which to conduct their financial lives. The ability to turn such data into actionable communication is what sets any financial institution's brand apart from its competitors. Any financial institution has three business development goals: (1) to increase volume at the point of sale; (2) to increase purchase frequency; and (3) to increase new customers. A bank's ability to gather financial data from both a transactional and behavioural perspective, combined with its ability to convey trust, gives it a competitive advantage. This collection of information can provide the firm with behavioural insight leading to improved service and enhanced products, and can provide real-time analytics for marketing execution. The ability to reach current customers is cluttered and complicated. In order to match the right offer to the right customer, various segmentation methods (geographic, demographic, psychographic or behavioural) can be executed. Brand trust is the willingness to believe in a brand based on personal beliefs in spite of the risk or uncertainty connected with that brand. Ultimately, a financial institution wants customers to demonstrate support for the firm by making purchases, providing positive referrals and opposing rival brands. Armed with this knowledge, the firm can create multi-channel messages, which are relevant, specific and timely. These messages must contain content that demonstrates knowledge of the customer in such a fashion that he or she elevates the bank to become one of the customer's most valuable and trusted brands.
The Unified Payment Interface and the growth of digital payments in India: An analysis
Authors: Balakrishnan Mahadevan
Published: July 2024

This paper analyses the massive growth in digital payments in India since 2010. In addition to discussing the various factors that have contributed to this, most notably the introduction of the Unified Payment Interface (UPI), the paper also highlights some of the challenges facing the UPI, and how these might be addressed. By way of comparison, the paper also analyses a similarly successful system, namely Brazil’s PIX. As many developing nations are now investigating UPI-like solutions and hoping for similar results, this paper sets out to improve understanding about digital payment infrastructure and the factors that have driven the successful growth of digital payments and the UPI in India in order to support such nations to determine the appropriate strategy going forward.
How to unlock the maximum return on social content
Authors: Dougenik Michelle
Published: July 2024

In today’s digital world, brands require timely ingenuity in order to thrive. Consumers demand continuous content, entertainment and information, when and where they want it. They rule the social media landscape and dictate how brands conform to it. This paper examines how consumers’ behaviours have changed over the years and in turn, driven changes in the social space and how brands must play within it. It also shares the story behind how one consumer packaged goods brand — Ocean Spray Cranberries — unlocked the key to efficient and effective social media content.
Fundamental review of the trading book: Legal perspectives
Authors: Connors Jennifer , Leon Rebecca , Fitterman Mark , Petrovich Kristal
Published: July 2024

The Basel Committee on Banking Supervision has historically played a key role in setting international standards for bank capital require ments. This paper covers the latest Basel framework, Basel IV, which is set to go into effect in 2023.This new framework introduces significant changes from previous frameworks and raises numerous legal and compliance issues, including different capital requirements applicable to banking books, which are subject to credit-risk capital requirements, and trading books, which are subject to market-risk capital requirements. The paper highlights challenges banks will face in implementing new ‘fundamental review of the trading book’ (FRTB) regulations that are part of Basel IV. FRTB will require banks’ technology systems and operations to adapt to the increased demand for data tracking that will be needed to perform new market risk calculations. Banks will also need to update policies on an annual basis to account for any extraordinary events in the previous year. The paper also addresses Basel IV’s impact on affiliates and outsourcing arrangements. The paper concludes by pointing to the need for regulatory guidance on how compliance with the complex capital requirements will be assessed and the type of enforcement that can be expected.
Developing an integrated civilian-military model for healthcare emergency response planning
Authors: Cannon Christopher M. , Fuka David M. , Paturas James L. , Smith Stewart D.
Published: July 2024

Developing an integrated civilian-military (CIV/MIL) model for healthcare emergency response planning will support collaborative and synchronised medical responses in domestic disasters. Mission accomplishment is achieved by identifying opportunities for such integration through an initial strategic assessment and then by developing, piloting, implementing, evaluating and disseminating programmes and services that meet the documented needs of both civilian and military partners. The civilian and military sectors each have numerous directives, standards, regulations and guidelines that encourage or require such integration. Additionally, challenges identified from response activities during natural disasters such as Hurricanes Katrina and Rita have highlighted the necessity of achieving a greater level of CIV/MIL integration. Although civilian and military organisations themselves have expressed interest in preparing for joint responses, substantial support by joint CIV/MIL leadership will be required to identify and acquire appropriate resources; initiate planning; develop organisational infrastructure; identify, develop, pilot, evaluate, implement and disseminate specific needs and suitable activities to address them; develop a broad-based constituency advocating for the support and promotion of integration activities; and provide the subject matter expertise and advice required to keep the tasks on purpose and on target.
The social media manifesto: A comprehensive review of the impact of social media on emergency management
Authors: Crowe Adam
Published: July 2024

Over the past five years, social media have impacted emergency management and disaster response in numerous ways. The emergency management professional must begin to accept this impact not as an arbitrary consequence of an uncontrolled disaster, but rather as a tool to help coordinate, manage and facilitate a safe and expected response during emergencies and disasters. This paper will explain the power and purpose of social media as well as how social media systems have equalised capabilities for all levels and sizes of government. Moreover, this paper will also highlight the social media systems that are being used as operational tools as well as what the future holds. Lastly, common implementation challenges will be discussed through a look at systematic approaches to applying social media in emergency management as a positive and valuable tool.
Breaking down barriers: Stewardship of born-digital materials at Columbia University’s special collections repositories
Authors: Sokolova Dina , Gorjevsky Jane
Published: July 2024

Over the past ten years, Columbia University has completed a number of successful high-profile projects to preserve and publish digital materials. However, up to now, the work on curating and archiving born-digital assets has remained largely project-based and not routinised or scalable. Columbia University’s Born Digital Strategic Initiative Team was tasked with assessing Columbia University Libraries’ approach to collecting born-digital content and making recommendations on how to operationalise that work so that acquiring, processing and providing access to digital assets becomes as routine as going through all these steps with paper-based library collections. This article shares the methodology used by the team to analyse the current situation and develop recommendations for the future.
Challenges and opportunities in the Indian payments market
Authors: Vardhan Harsh
Published: July 2024

The Indian payments market, traditionally dominated by cash and other paper-based instruments, is undergoing rapid change, presenting both challenges and opportunities for banks and other players in the payments industry. Part of the momentum is being provided by the Reserve Bank of India (RBI), which has established a board to oversee the development and regulation of the national payments industry, and has stated its vision to implement realtime gross settlement systems, launch cheque truncation capabilities, and create new networks aimed at increasing the role of electronic payments. Broader trends, such as the increasing emergence of private-sector banks, are also having a significant impact. Unlike public-sector banks, these institutions are not encumbered by the legacy of large branch networks with completely manual operations, and they have steadily deepened their presence in many parts of the payments business since India's banking industry was liberalised in the mid-1990s.In consumer (retail) payments, three initiatives are most attractive for payments players: increasing penetration and use of debit and credit cards; shifting use of cash and cheques to electronic payment methods; and leveraging the growth of mobile telephony. In corporate (wholesale) payments, there are two principal areas of opportunity: upgrading cash management products (including insourcing payments functions from corporate customers) and developing targeted offerings for small to medium-size enterprises (SMEs).Among the main overall challenges for banks are: finding new sources of revenue to make up for the stagnation or even loss of income from traditional payment products that thrived on inefficiencies; developing new products that can leverage the new payments infrastructure — including that related to mobile telephony — and aligning technology and processes to deliver the new products; and, particularly in wholesale payments, ensuring that IT systems can seamlessly interface with those of customers in order to provide straight-through processing.