bluuebunny/crossref_metadata_2025 huggingface dataset:
The drivers behind the reporting obligations of EMIR, MiFIR and SFTR
Authors: Jardelot Julien , Mitov Martin
Published: July 2024

The 2008 financial crisis revealed a lack of transparency in certain financial markets and consequently the need to improve their monitoring and regulation. This includes over-the-counter (OTC) derivatives and securities financing markets, both of which proved to be opaque and subject to ineffective supervision. As a result, the G20 called for more transparency for regulators, but also for market participants and the public, especially in the area of over-the-counter (OTC) derivatives and securities financing transactions (SFTs). These reforms came on top of the existing reporting requirements in the European Union (EU), mainly under the Markets in Financial Instruments Directive (MiFID), which requires the reporting of transactions on financial instruments admitted to trading on a regulated market. This paper shows how G20 commitments have been or are being implemented in the EU, bringing transparency to OTC derivatives, securities financial markets and other financial transactions alike. It also analyses how EU legislation is calibrated to avoid duplicative requirements to the extent feasible.
Assessing the impact of hurricane frequency and intensity on mortgage delinquency
Authors: Rossi Clifford V.
Published: July 2024

Considerable meteorological research suggests that the frequency and intensity of North Atlantic hurricanes are rising. This analysis focuses on estimating the impacts of hurricane intensity and frequency on mortgage delinquency. Based upon a large loan-level dataset of mortgages purchased by Freddie Mac between 1999 and 2015, loans with an average lifetime Saffir–Simpson hurricane rating of 3 or more were found to be 88 per cent more likely to become delinquent than other loans in the same locations, controlling for all other risk factors. This result has important implications for mortgage and insurance markets and homeowners. First, if longterm hurricane trends bear out, mortgage default risk in areas with a higher incidence of major hurricanes will likely rise significantly over time. Secondly, investors in mortgage credit risk from these locations will face higher default losses in the future. Thirdly, private investors in mortgage credit-risk transfer (CRT) securities could experience higher credit losses of loans from hurricaneprone areas. Investors in lower-rated tranches would be particularly impacted given the nature of their exposure to losses earlier than more highly rated tranches. Catastrophe bonds could be used to diversify hurricane risks to investors that may be in a better position to assess and hold this risk.
Bridging the gap between social media marketing and customer care
Authors: Hese Göran Van
Published: July 2024

Many businesses either moved online for the first time in 2020 or expanded their online presence to maintain customer engagement during a time of social distancing. Individual customer-facing teams — from sales and marketing to customer care — found new ways to connect with and serve customers online. Post pandemic, customer preference for digital engagement has persisted. And as the dust settles on the hastily built digital workarounds, brands are now looking for ways to create more consistent customer experiences by integrating strategies across individual teams. This paper examines the benefits of integrating social media marketing and social customer care activities and presents a simple framework to help brands integrate strategies effectively.
Contingency planning for earthquakes in Asia
Authors: Forbes Nathaniel
Published: July 2024

For private sector business continuity managers and public sector emergency managers alike, the potential risk and impact of a catastrophic earthquake in one of Asia’s manufacturing centres, such as the Philippines, or in one of Asia’s financial centres, such as Singapore, are hard to ignore. This paper examines the state of preparation, mitigation, response and recovery (the phases of emergency management) and analyses the risk and impact (phases of business continuity management) of an earthquake in Asia. The paper concludes that companies and communities in Asia will recover from a catastrophic seismic event only if business continuity and emergency management professionals can learn from one another.
A stakeholder-based taxonomy for managing regulatory compliance risk and aligning to business strategy
Authors: Parkatti David R.
Published: July 2024

Despite advances in how organisations identify and categorise evolving regulatory requirements, there is no common alignment around a robust taxonomy to manage regulatory compliance risk. This paper explains the importance of risk taxonomy, and how objectives provide the lens through which to categorise risks in a robust taxonomy. It summarises a stakeholder-based approach for categorising regulatory compliance risk, providing a financial services taxonomy example that has been successfully implemented at CWB. The advantages of a stakeholder-based taxonomy approach are reviewed, including its (a) robust risk identification and assessment; (b) flexible application to any scale or complexity of enterprise; (c) natural alignment for structuring oversight; (d) facilitation of focused reporting and aggregated updates; (e) agility to apply to an evolving external landscape; and most importantly (f) alignment with processes and tools for strategic management. Areas for further research to expand that literature are proposed, building from the paper's two main ideas — applying an objectives focus to risk taxonomy, and using it to apply a stakeholder-based approach to regulatory compliance risk taxonomy. The paper concludes with practical next step considerations for chief compliance officers in managing their own programmes.
Developing and implementing an appropriate surveillance system and organisation
Authors: Nylén Peter
Published: July 2024

The securities trading industry has evolved rapidly since the implementation of MiFID in 2007. With a growing regulatory framework and increased surveillance obligations for firms and venues, it is not an easy thing to come out on top. Implementing an appropriate, well-functioning surveillance system requires a firm to adapt the setup to specific conditions, and to find the right answer to all the questions related to the task. The objective of this article is to present to the reader a number of relevant principles and key areas that need to be taken into consideration when implementing and developing a system with sufficient technical capacity and well-trained, experienced staff able to protect your own organisation — as well as the rest of the market — from different types of market abuse and other trading malpractices. The article also traces the changes in the trading landscape since MiFID was implemented, with emphasis on automation, fragmentation and high frequency trading.
Why prospects go into the ‘black hole’ and what to do about it
Authors: Decesare Charlene
Published: July 2024

Many organisations are investing heavily in marketing without seeing the results on the sales side. When prospects go into the ‘black hole’ the negative impact is exponential. There is a loss of not only sales revenue, but also time and money spent through the marketing effort. This paper addresses three critical components to engaging qualified leads: building more meaningful connections, shortening the sales cycle and closing a higher percentage of the time. The foundation is an understanding of mindset, both of buyer and of seller. There is ample evidence that people buy on the basis of emotion, then justify their decisions with facts and logic. The core beliefs of the seller also play an integral role in the process. Mindset drives the message that ideally builds a meaningful connection that gets stronger through the sales cycle. On the other hand, communication can be wildly ineffective when the seller has unaddressed blockers and/or does not fully connect to the buyer psychographic. From mindset and message, the final component addressed here is method. As the final piece of the sales success puzzle, ‘method’ includes the flow of the sales process, as well as the types, timing and cadence of communications.
How Guide Dogs Northern Ireland makes social media accessible for visually impaired tech users
Authors: Quinn Mark , Tennant Torie
Published: July 2024

As technology improves, allowing more people to access the internet, it has never been easier for people with vision impairment to use social media — a primary tool for marketers worldwide. As this paper explains, however, there is still some way to go to ensure accessibility is at the forefront of marketers’ minds when planning and creating content. To address this gap, the paper provides a number of simple tips and tricks to ensure that social media can be used by everyone.
The future of digital banking: A conversation with Miguel-Ángel Rodríguez-Sola, Group Director for Digital, Marketing & Customer Development, Lloyds Banking Group
Authors: Rodríguez-Sola Miguel-Ángel
Published: July 2024

In this interview, Miguel-Ángel Rodríguez-Sola, Director for Digital, Marketing & Customer Development at Lloyds Banking Group, explains how people increasingly want banking services to fit into their lives, rather than having to adapt their lives to be able to do business with their bank. This is demonstrated by the surge of customers using Lloyds’ digital capabilities: the group now has over 10 million active internet users, of which 5 million are using mobile; indeed, with 1 billion internet banking logons in the last year, Lloyds has become the UK’s ‘biggest mobile bank’. Miguel also discusses the bank’s commitment to investing a further £1bn in digital transformation and comments on the objectives of his digital business, the innovative propositions the bank is developing as well as the bank’s digital partnerships, recognising that digital is a game changer for the industry.
Introducing cyber
Authors: Hult Fredrik , Sivanesan Giri
Published: July 2024

In January 2012, the World Economic Forum made cyber attacks its fourth top global risk. In the 2013 risk report, cyber attacks were noted to be an even higher risk in absolute terms. The reliance of critical infrastructure on cyber working has never been higher; the frequency, intensity, impact and sophistication of attacks is growing. This trend looks likely to continue. It can be argued that it is no longer a question whether an organisation will be successfully hacked, but how long it will take to detect. In the ever-changing cyber environment, traditional protection techniques and reliance on preventive controls are not enough. A more agile approach is required to give assurance of a sufficiently secure digital society. Are we faced with a paradigm shift or a storm in a digital teacup? This paper offers an introduction to why cyber is important, a wider taxonomy on the topic and some historical context on how the discipline of cyber security has evolved, and an interpretation on what this means in the new normal of today.
Remote video auditing in healthcare: A powerful tool for patient and clinician safety culture and operational efficiencies
Authors: Goldberg Michael H. , Newman Sheldon B.
Published: July 2024

Medicine struggles to effect meaningful improvements in patient safety that do not come at the expense of efficiency. Rarer still are evidence-based tools that can provide sustained safer care while delivering operational efficiencies that produce better clinical and financial outcomes. This paper describes how Northwell Health, New York’s largest health-care provider, has instituted innovative remote video auditing (RVA) technology in its operating rooms, intensive care units and hospital floors, and the results it has achieved in nearly a decade of progressive applications and expanding adoption across its 23 hospitals. The paper demonstrates that implementation of this technology, which is compliant with the Health Insurance Portability and Accountability Act of 1996 (HIPAA), and associated change management, has improved culture and productivity in the operating room and hospital-wide. Benefits achieved through the RVA-with-feedback methodology include increased capacity, improved first-case starts, higher compliance with hand hygiene and the surgical safety checklist, reduced surgical site infections, shorter room turnover and expedited patient flow. The associated increases in patient and surgeon satisfaction, and significant financial savings, have substantial implications for hospitals seeking new pathways to enhanced patient safety and profitability.
Towards an international payments system in China: An overview of progress and remaining challenges
Authors: De Meijer Carlo R. W. , Ming Janet
Published: July 2024

China is in the process of turning the Renminbi (RMB) into a fully fledged global currency. The goal is to make the RMB among the top three currencies in the world. In spite of the rapid worldwide expansion of the RMB, its internationalisation still faces many challenges. China therefore announced ambitious plans in April 2012 to build a new system for international payments. This system, called Cross-Border Interbank Payment System (CIPS), should further facilitate cross-border RMB clearance among market players. Though the international RMB clearing platform will take several years to develop, the basic functionality is expected to markedly improve access for foreign corporates. International clearing and settlement of RMB payments will be easier. International banks and corporates will certainly benefit from this new system, as they will be able to use RMB directly in their financial transactions. The planned rollout of this new interbank payment system, originally planned for 2014, has been delayed to at least 2016, owing to the complexity of integrating RMB into the global system and the long-term sustainability of the system itself.
Evolution of the invisible bank: How partnerships with FinTechs are driving digital innovation
Authors: Mishra Mayank
Published: July 2024

Business banking as we know it is changing in ways that could hardly have been imagined less than a decade ago. The introduction of next-generation technologies, such as application programming interfaces (APIs), artificial intelligence (AI), machine learning and robotics, is poised to deliver the ‘invisible bank’, where treasury and banking functions merge together seamlessly, bringing customer experience to a new level of convenience. This paper discusses the need to extend the reach of banking solutions beyond the bank’s own channels and technologies, incorporating them into day-to-day treasury management functions. In this way, the friction between corporates and banks is reduced — making it impossible to tell where the bank ends and treasury operations begin. By leveraging treasury data in a more contextual way, banks will be able to integrate banking functions and services into the daily duties of treasury professionals, delivering tremendous convenience and a greatly improved client experience. Digital technologies, such as APIs, are allowing banks and corporates to be more agile in connecting and collaborating with each other to bring innovations to market faster, meeting the needs of their customer base. In fact, Forbes reports that 80 per cent of large enterprises are already generating more than US$5m a year from APIs.1
Beyond zero: Activating triple zero airports
Authors: Cooke Erin , Bernheim Anthony
Published: July 2024

San Francisco International Airport (SFO) was the first airport to adopt a triple zero goal — zero energy, zero carbon and zero waste — in 2016. Five years in, this ambition is actively being implemented by subject matter expert ambassadors across campus. Airport staff and partners have co-created delivery plans, operationalised strategies and reported results on activating net zero and decarbonised buildings, doubling onsite renewables, procuring all-electric shuttle buses and light-duty vehicles, delivering sustainable aviation fuel to all aircraft, eliminating single-use plastics and so many more ‘zero’ gains. SFO staff have taken up the mantle by introducing new ideas and approaches, as well as seeking out a variety of thirdparty certifications to demonstrate our continued commitment to the health of our planet, passengers and employees. This is just the beginning. The path to zero is high-impact, highly collaborative work that requires the partnership of our design and construction teams, airlines, business partners, individuals and, most importantly, a global network of airports who have the aspiration AND passion for new and unexpected ways of incorporating sustainability into the way we work, how we develop our facilities and how we operate as our direct means to abate the climate crisis. Outlined herein is SFO’s path to zero, with the intention of defining a joint roadmap for airport partners to team up to ensure we each serve an active role in supporting the health of our communities, workforce and shared, but threatened, planet.
The transition to T+1: Accelerated settlement cycles and progress so far
Authors: Cassells Pardeep
Published: July 2024

This paper examines the current momentum driving faster settlements in financial markets, specifically focusing on the shift from trade date + 2 (T+2) to trade date + 1 (T+1) settlement cycles. The U.S. Securities and Exchange Commission (SEC) and the Canadian Capital Markets Association plan to implement it in May 2024. His Majesty’s Treasury in the UK and the Association for Financial Markets in Europe (AFME) have both established taskforces to assess the feasibility of transitioning to T+1 settlement. This paper aims to provide readers with a comprehensive understanding of the accelerated settlement movement and its potential implications for global market participants. It will delve into the reasons behind the simultaneous adoption of this change across various markets, highlight the key changes being introduced in the US market, and explore its impact on market participants within the US. It will also address the consequences of accelerated settlement for international markets, raising critical factors that all market participants need to consider when facing settlement cycle changes. Practical recommendations to prepare for T+1 readiness will be offered. Readers can expect insights into the motivations driving the accelerated settlement movement, the key changes unfolding in major markets and the potential effects on international markets, ensuring preparedness for the forthcoming T+1 settlement era.
Safe Harbor to Privacy Shield: A view from the USA – Part 1
Authors: Corcoran Daniel D.
Published: July 2024

This paper looks at the court decision and events which brought about the abrupt fall of the 15-year old Safe Harbor, a regulatory framework which was negotiated between trade partners and the central legal basis for many of the data practices of approximately 4,500 US-based enterprises. This paper then reviews the subsequent series of steps taken to install a new international data transfer program, now known as the Privacy Shield. This paper also considers the process and impact from a US practitioner’s perspective and examines the roles of and demands from the various actors in the legislative journey to fill the regulatory void. This paper details many of the steps and concerns raised during this process and how such issues were resolved or highlighted for future action. The paper finds that although the immediately-effective nullification of a long-standing trade pact was disruptive to commerce and innovation at the time, the important goals of clarity of legal protocols and the long-term protections of European fundamental rights ultimately were achieved in large measure.
The rise of conversational commerce: What brands need to know
Authors: Vassinen Riku
Published: July 2024

This paper explains how the three major shifts of mobile-first consumer evolution, messaging platforms evolving into payment platforms, and rapid advancement of Artificial Intelligence have enabled the new era of the internet: conversational commerce. It will define conversational commerce and break down the different dimensions of this phenomenon. The paper explores the benefits for users, and how companies are already taking full advantage of creating assisting interfaces. The paper concludes with practical advice for brands concerning what they should take into account when they create their conversational commerce activities.
What can corporate real estate learn from the sports and entertainment industry?
Authors: Grundy Chris
Published: July 2024

The COVID-19 pandemic has highlighted the need for the office to become a destination and more than a physical space that brings people together. The experience of going to the office needs to be a great one; the environment should be designed to promote a person’s/ team’s performance, supplemented by technology to allow those creative sparks to be shared — all with a greater focus on the health and safety of building occupants and lower operational costs. This paper discusses how enhancing the user experience and adopting an efficiency to operations approach when thinking about space contributes to making the workplace a great place to work. The paper uses examples from ME Engineers’ work designing building services and technology systems for some of the most notable sports and entertainment facilities in the world, where venues have invested heavily in the customer experience to compete against at-home and virtual environments.
The rise and role of FinTech for financial institutions: Why FinTech, and why now?
Authors: Beeston Mark
Published: July 2024

This paper explores the evolution of FinTech since its inception in the 1980s to its current state. The paper will focus on enterprise technologies that are either (i) designed specifically to combat issues that face financial markets or (ii) horizontal technologies with applications in the financial services ecosphere. Financial institutions face ever-changing market conditions. Coupled with the advent of new technologies, enterprise technologies have an unprecedented opportunity to disrupt the industry.
A method for pricing the credit valuation adjustment of unlisted companies
Authors: Formenti Matteo
Published: July 2024

Estimating the credit valuation adjustment (CVA) for unlisted companies is a challenging issue because it is not possible to estimate the risk neutral default probability from either the credit default swap (CDS) par spread or equity stock. This paper proposes a calibration method that easily estimates the market risk premium, which is added to the internal rating model of unlisted companies to obtain a risk neutral default probability. The method is applied to price the CVA of a portfolio of swaps for unlisted counterparties using the advanced method approach, and the results are benchmarked using the Bank for International Settlements (BIS) approach for illiquid counterparties. Last, the robustness tests confirm the reliability of the calibration method, both for its use in risk management and accounting.
Account aggregator ecosystem: A step towards revolutionising digital lending in India
Authors: Yellapantula Venkat , Miriyala Venu Madhav
Published: July 2024

An essential contributor to a nation’s economic success is providing individuals with access to established financial systems. India, through innovative use of digital finance infrastructure, aka India Stack, provided as a public good, removes obstacles in offering financial products to the unbanked and underbanked. The three pillars of the India Stack are: the identity rail (Aadhaar), the payment rail (universal payment interface) and the data-sharing rail of account aggregators (AAs). The next phase in the India Stack is the Open Credit Enablement Network (OCEN), which promises to transform the digital lending industry by shifting the business model from asset-based to cash-flow-based lending. OCEN is a standard set of application programming interfaces (APIs) that pull data based on customer consent from financial information providers and offers it to financial information users to decide on credit requests. AA manages consent on behalf of the customer using data empowerment and protection architecture (DEPA). The rest of the paper explains the interoperability and portability features of the AA ecosystem, the pricing model that the AA can adopt for a sustainable business model, describes the current state of the AA ecosystem in terms of consents provided and fulfilled and concludes with the use cases of OCEN in credit extension and continuous loan monitoring.
An alternative methodology for estimating credit quality transition matrices
Authors: Gómez-González José E. , Acevedo Paola Morales , García Fernando Pineda , Gómez Nancy Zamudio
Published: July 2024

This study presents an alternative method of estimating credit quality transition matrices using a hazard function model. The model is useful both for testing the validity of the Markovian assumption, frequently made in credit rating applications, and also for estimating transition matrices conditioning on firm-specific and macroeconomic covariates that influence the migration process. The model presented in the paper is likely to be useful in other applications, although extrapolating numerical values of the coefficients outside of the present context is not recommended. Transition matrices estimated this way may be an important tool for a credit risk administration system, in the sense that a practitioner can use them to forecast the future behaviour of clients' ratings, and their possible change of state.
What is behind the mouse click? Technology is driving physical changes in the space occupied by the industrial and office sectors
Authors: Charlesworth Alex , Webster Mark , Mclocklin Neil
Published: July 2024

The world of business is changing rapidly. It is truly global and the speed of change — driven by the Internet and the amount of data that is being created and analysed to provide new and better services — is astonishing. Technology is driving disruptive innovation in the ways that business is conducted; the channels, both physical and virtual; and the partners involved in the process. This is having a fundamental effect on the way real estate is used across all sectors — retail, office, manufacturing, warehousing, and research and development. This paper takes a look at just some of the changes that are occurring, focusing on two areas: the e-commerce world and the impact it is having on warehousing and logistics, and the changing nature of work and the role of the workplace. In both areas, the role of the physical space is becoming more important despite the increasing importance of technology. On the one hand, warehouse design, operation and the supply chain is critical to online retailers (e-tailers), who want to be able to deliver products to consumers at the click of a mouse. On the other hand, businesses are waking up to the fact that the way the workplace is used and managed is critical in enhancing the effectiveness of the organisation in terms of collaboration and attracting talent.
Lessons learned: Preserving oral histories of the Vietnam war
Authors: Mandell Rachel
Published: July 2024

This paper explores some of the challenges that the University of Southern California (USC)’s Digital Library faced while publishing born-digital content using CONTENTdm, the digital asset management system developed by the Online Computer Library Center (OCLC). Through the specific context of an oral history video project, developed as part of a class assignment by USC Professor and Pulitzer Prize and MacArthur Genius Awards winner, Viet Thanh Nguyen, some of the major expectations and challenges are illuminated. These project-specific problems shed light on some of the broader evaluations of digital asset management systems in general. These experiences can help to shape considerations for choosing a platform in the future. The paper concludes with a brief discussion about the USC Digital Library’s requirements for its next system and some final thoughts on the ever-elusive ideal digital asset management system.
Rising damp: Part 2 Case study examples and practical tests: Lambeth Pier test update, and an introduction to the ‘Camberwell Pier II’ pier test
Authors: Burkinshaw Ralph
Published: July 2024

This paper features two cases where invasive investigation helped diagnose the damp problem: the first exhibiting a characteristic wave pattern of damp damage, and the second merely some significantly high damp meter readings. The paper then describes two examples of rising damp that have probably not been published elsewhere: one a case of rising damp in structural timber, and the second rising damp to external renders. Two of the author's practical tests on masonry piers are revisited, with an unusual test introduced — and in progress at the time of publishing — where a bitumen-coated brick pier 2.4 metres in height is subject to a water load at its base.
Ethics, sustainability and the challenge of digital curation for a real-time archive
Authors: Romabiles Katie , Lanthorne Amanda , Lucas Arel , Lamont Lisa
Published: July 2024

As immigration became a divisive topic in the USA, Allies to End Detention, a group of dedicated community activists, began writing to would-be immigrants held in detention centres. Understanding the importance of the information in the letters, the Allies asked the San Diego State University Library to archive the growing collection and to make the redacted letters accessible online. They hoped the letters would influence public opinion and possibly impact government policies. This paper outlines the issues with real-time sensitive archives, the complex workflow and the reasons why the collection was eventually removed from public access.
The relocation and restoration of the Dorothy Annan telecommunications murals
Authors: O’Donnell Andrew
Published: July 2024

This paper details the story of Dorothy Annan’s telecommunications murals and how they came to find a new home at the Barbican. Born circa 1900, Annan was a prolific artist and in the latter part of her career took on many public mural commissions as part of the post-war rebuilding effort. Her work encapsulated the incredible optimism and creativity of the time, but sadly only three of her murals exist today. One of these is her 1960 telecommunications ceramic tile murals commissioned by the Ministry of Works for the Farringdon Road Fleet Building — home to the world’s first international telex when it opened in 1961. The building itself fell into disrepair due to fast-moving technologies, but Annan’s murals remained well-loved by locals and passers-by. In 2011 the murals were awarded Grade II listing, thanks to a high-profile campaign by the 20th Century Society to save them from destruction when the building itself was scheduled for demolition. The City of London decided the Barbican estate would be the most appropriate new location for the murals, less than one mile from their original location and itself a Grade II listed example of post-war Brutalist architecture. In 2012 the removal, restoration and installation project began. Led by Jackfield Conservation Studios, C’ART and Cathedral Works Organisation (CWO) carried out a delicate operation to safely remove the tiles for restoration, while AHMM architects and C’ART devised a new mounting and lighting system that rose to the challenge of taking a listed artwork and installing it within a listed architectural space. In 2013 Annan’s beautifully restored murals were successfully installed in their new home, where they are enjoyed and celebrated by a new audience and will hopefully remain for many years to come.
Maximising operational efficiency for remote deposit capture’s burgeoning growth
Authors: Meara Bob
Published: July 2024

Remote deposit capture (RDC; also known as merchant capture or corporate capture) has seen unprecedented adoption along with astonishing evolution over a short period of time. In less than two years, well over 800 financial institutions have launched RDC solutions, including nearly two-thirds of the top-100 US banks. Yet, client deployment has been modest, not for lack of client demand, but as a result of conservative deployment postures. Indeed, current demand may well exceed banks’ collective willingness to deliver. With every indication that RDC will see eventual broad adoption, banks must prepare for vastly changing operational dynamics. After what for many banks was a hurried product launch, banks would do well to pause and consider the longer-term view of the remote deposit capture opportunity, and how best to leverage it. This paper presents a practical discussion on what banks can expect, and how they might best prepare for RDC’s burgeoning client adoption.
Experience in structuring public-private partnerships for airports
Authors: Özdemir Ebru
Published: July 2024

Airport public-private partnerships can be very attractive for both public and private partners when they are built upon critical success factors. This paper presents key lessons from Limak’s earlier airport projects, Istanbul Sabiha Gokcen and Pristina, Kosovo International Airports, and discusses the opportunities for Turkey’s mega project, Istanbul New Airport.
Keeping the heart and soul of America's best airport
Authors: Granato Vince , Van Der Meulen Sharron
Published: July 2024

How do you improve an airport so beloved that passengers write poems and songs about it? Consistently hailed as ‘America's Best Airport’, Portland International Airport is increasing capacity by 65 per cent to accommodate 35m passengers over the next two decades. A series of transformative projects will consolidate 80 years of expansion and renovation into one floorplate while doubling the main terminal's footprint to deliver more fun, more food and more flow. Amid this future growth and a current pandemic, learn how PDX is maintaining its uniquely curated local character cherished by both passengers and employees. This paper describes how to establish a distinct regional identity via passenger journey mapping, the integration of local, sustainable materials to create a sense of place while also reducing carbon footprint, how to use daylight, biophilia and sightlines as well as local amenities to reduce traveller stress, planning and design choices that establish an equitable passenger journey for all and engineering and construction considerations to minimise passenger disruption while keeping the airport fully operational.
Developing an automated digital suitability assessment against the backdrop of MiFID II
Authors: Kümmerle Ruth , Conen Ralf
Published: July 2024

This paper reviews the Markets and Financial Instruments Directive II (MiFID II) suitability assessment from an academic perspective, including behavioural finance aspects. It highlights critical focus points within the regulation and provides guidance for an automated, digital suitability assessment. It suggests the use of visualisation elements and experience sampling to assess a client’s risk tolerance. It outlines how to employ decision support systems to measure the ability to bear losses. Finally, the paper discusses how to construct an algorithmic evaluation logic of the assessed parameters yielding a client risk profile. Overall, suggestions on how to implement an objectively evaluated digital suitability assessment are provided. The approach might thus be of interest to regulators, the traditional industry and FinTech companies alike.
Taking the business continuity programme to a corporate leadership role
Authors: Messer Ira
Published: July 2024

The paper discusses a process to raise the awareness and value of your continuity programme to higher levels by leveraging existing data. It gives examples of how to utilise the structure of the Business Impact Analysis tool to develop an enterprise level of information capture, and then utilise that data to generate an enterprise level 'group think’ which results in incorporation of business continuity as a part of the business-as-usual model.
Multiculturalism needs more than openness to diversity: Updating the Openness to Diversity and Challenge scale for increased inclusion
Authors: Karsaklian Eliane
Published: July 2024

This paper describes a case study conducted with graduate students in a large, culturally-diverse university and suggests the addition of a more contemporary facet to the Openness to Diversity and Challenge (ODC) scale created by Pascarella and colleagues in 1996. The first phase of the study entailed observing a group of 24 graduate students enrolled on an elective multicultural marketing course in 2019, followed by a second observation of the same course in 2020, this time counting 22 students. During this phase, when students were asked to choose an ethnic community to study, the majority of students selected their own community rather than explore an alien culture. The second phase of the research entailed analysing the narratives contained in the students’ assignments. This phase provided insight into the reasons behind their choices and improved understanding about how contemporary students experience openness to diversity. Prior to this study, it seemed reasonable to assume that multiculturalism and ODC walked hand in hand. Based on the study findings, however, this paper argues that the others-oriented approach of the ODC scale would benefit from the integration of a self-oriented symmetrical side in order to better suit contemporary needs. The findings of this research are highly relevant because young adults must be open to diversity in order to succeed in contemporary society.
The implications of sustainable development for airport duty-free business models
Authors: Heyes Graeme , Thomas Callum , Hooper Paul , Urquhart Cathy
Published: July 2024

This paper considers how the challenges underpinning sustainable development are likely to impact on duty- and tax-free retailing in airports and, by implication, in the entire aviation industry. The paper defines the role of retail as a vital source of airport revenues, before considering the carbon consequences of the sector’s incumbent business models. It finds that products taken onto aircraft increase aircraft weight and fuel burn and are a primary source of carbon emissions for duty-free retailers. The implications for the sector are discussed, and the potential for implementing more sustainable business models is presented. Here it is identified that the specific logistical, economic, and political constraints of operating in the airport make alternative business models difficult, if not impossible to implement. The specialisations that have helped this sector to flourish are constraining their ability to adapt to the climate challenge.
Assessing the potential impact of the AIFMD on the UCITS industry: Threat or opportunity?
Authors: Delfrayssi Carine
Published: July 2024

This year has been momentous for the European fund industry, being marked by two milestone events: the 25th anniversary of the first Undertakings for Collective Investment in Transferable Securities (UCITS) Directive and the implementation of the Alternative Investment Fund Managers Directive (AIFMD). In the aftermath of the financial crisis of 2007–08, the aim of the European legislators when they drafted the AIFMD was to better monitor systemic risk and enhance investor protection; more specifically, they meant to regulate hedge funds and private equity funds that were blamed for allegedly spurring the financial turmoil. Ultimately, however, the AIFMD covers managers of all funds that are not UCITS. In other words, the European fund industry is now structured around two directives: UCITS and AIFMD. In fact, the AIFMD was designed as a complement to the UCITS Directive and its drafting was largely benchmarked against the UCITS rules. This paper proposes to examine the similarities and differences between these two directives and assess to what extent the new AIFMD might impact the UCITS industry.
Memory protection challenges: Attacks on memory encryption
Authors: Branco Rodrigo Rubira , Gueron Shay
Published: July 2024

This paper explains some of the challenges involved in protecting the system memory of a computing platform against adversaries who can read and modify its contents. To clarify the limitations and effectiveness of different defence mechanisms, we lay out a threat model, coupled with a set of assumptions on the adversarial capabilities, for a variety of scenarios. Finally, we explain the mechanics of some attacks on encrypted memory, to illustrate why relying on encryption alone is risky in reality. The paper is addressed to individuals and organisations with a need to consider physical attacks as part of their threat scope and to companies considering solutions to isolate system administrators from customer data in virtualised environments.
A winning combination: The 3Cs of business continuity
Authors: Glendon Lee
Published: July 2024

Contingency planning is a natural part of business life and is used across identified strategic, financial and operational risks. But is it being done well and is it the right approach all of the time? This paper shows how contingency planning forms one layer of a three-line defence termed ‘the 3Cs of business continuity’: contingency planning; continuity capability; crisis response. Collectively, ‘the 3Cs’ help organisations deliver a robust response to the risks that can be seen and those that cannot.
No dollar left behind: Leveraging major gifts during days of giving
Authors: Gigliotti Kate , Levante Shela
Published: July 2024

Major gifts are crucial to the success of any comprehensive campaign and giving days are crucial to building institutional awareness and annual philanthropy. This paper analyses how Massachusetts College of Liberal Arts merged the two together to leverage multiple six-figure gifts into days of giving that raised historic funds and participation. Through the power of relationship building, peer-to-peer fundraising and volunteer activation, this paper will share how a rural college inspired a community to give and how you can do it too. Whatever size ‘major’ is for you, embrace the opportunity to leave no dollar behind, impact more students and build excitement along the way.
Modern monetary theory: Why real estate is fundamental to economic growth
Authors: Phipps Andrew
Published: July 2024

Individuals and businesses across the world continue to look to government for economic support through the turmoil created by the COVID-19 pandemic. Without the flow of money into the economy we would be in a far worse state than we are now. The only reason that this is possible has been because governments and central banks have been able, in many major economies, to print increasing amounts of money. They have recognised that the way government debt and corporate debt or individual debt operate are quite different. In essence, there is no such thing as government debt (in a country that controls its own supply of currency). Governments do not collect taxes in order to spend, they collect taxes to replenish the coffers once they have spent. This forward-looking approach is called modern monetary theory and the time to embrace this is now.
Why financial infrastructures and intermediaries are actively promoting blockchain application although it means disruption to them
Authors: Yi Dong
Published: July 2024

Financial infrastructures and intermediaries are at the ‘centre’ of the role of the financial market, and they have been targeted by the blockchain as part of the ambitions to rebuild trust since the very first day when blockchain was born. Then why are they still avid for blockchain applications more broadly? The author analyses that the blockchain strategies of major financial infrastructures and intermediaries are actively creating ‘centralised’ private chains or consortium chains to help expand cooperation, upgrade business models and gain regulatory support. Even so, their endeavours for blockchain application have failed to stop the sweeping disruptions of BigTechs. BigTechs are not only blockchain technology suppliers to traditional financial institutions, but also their competitors. The author advocates deeper integration rather than ‘disruption’ for the financial industry and blockchain technology. A practical pathway would be to find an area where technology and industry can be integrated, and to encourage the ‘adjacent possibility’ of technological innovation.
The status quo of social media management as a professional field: An empirical investigation of challenges, objectives and measurement strategies of social media managers
Authors: Nowak Rosemarie , Rudeloff Christian , Sedlmayer-Gansinger Birgit , Oppermann Michael
Published: July 2024

The advent of social media has led to radical changes in the marketing and communication activities of companies, with social media management emerging as a key professional field. Although social media management is now established as a standard practice for companies, there has been little research into the specific job profiles of social media managers (SMMs). This study attempts to fill this gap and presents empirical findings from a survey of 225 SMMs. The results show that the fast pace of social media is seen as a key challenge by SMMs. Building brand awareness is their most important communication objective. The majority of SMMs rely on user comments, likes and shares to measure the success of their activities. The practical implications of these findings are discussed.
The evolving role of collateral in international capital markets
Authors: Van De Velde Jo
Published: July 2024

The financial crisis has led to changes in market behaviour and regulatory focus to control the risks inherent to financial market activities. Both developments are increasing the need for high-grade securities to be used as collateral in order to mitigate risks arising from multiple types of transactions. Tracking, sourcing and transforming collateral from rather fragmented securities inventories, often spread across a number of depositories, agents and geographic locations, is a challenging task for even the biggest firms. The definitive way forward is still unclear, but a number of options exist to help alleviate the burden associated with building and maintaining efficient collateral management practices. This paper assesses in more detail the impact on collateral from a number of the regulatory changes, as well as the way in which they are expected to accentuate the problem of collateral scarcity and fragmentation. The author also scrutinises a cross-section of the proposals available to manage collateral in this new environment.
How to build a comprehensive business continuity programme for a healthcare organisation
Authors: Devlen Angela
Published: July 2024

Since 2005 there has been an ongoing examination of the impact of disasters on hospitals, with specific interest in those rendered inoperable or seriously crippled operationally and financially. Following several evaluations of these events and the publication of several reports detailing gaps in preparedness, more is known about the impact to hospitals directly affected by emergencies and catastrophic events. As a result, there have been continued updates to regulations and standards. However, a significant gap remains in the establishment of a model representing true integration of risk management practices within hospitals. This paper discusses one approach to addressing that gap through building a comprehensive business continuity programme for healthcare organisations. This programme is intended to result in a roadmap towards resilience in the face of the many risks faced by hospitals today.