bluuebunny/crossref_metadata_2025 huggingface dataset:
Why and how to shift from passive planning to active risk management
Authors: Witts Andy
Published: July 2024

This paper will recap and review some of the common pain points experienced by different industry verticals during the COVID-19 pandemic. The paper argues that risk assessment exercises provide valuable data that organisations can leverage in their business impact analyses to better identify the gaps and areas that need attention.
Stretching anti money laundering resources at smaller institutions
Authors: Mele Angela
Published: July 2024

Whether viewed as a ‘cost centre’, ‘necessary evil’ or ‘business interruption’ by management and sales, AML/CTF and compliance is here to stay. Small firms and small compliance departments within medium to large financial service providers often struggle with a lack of resources, undertrained and overwhelmed staff, increasing responsibilities and limited budgets. How does an AML specialist deal with these issues and continue to meet the job requirements while addressing growing books of business, increasing international initiatives, regulatory requirements and a more competitive market for AML experts? A creative and sometimes inventive approach needs to be applied. This paper provides ideas for those professionals in the situation where requirements may outstrip resources.
Will they stay or will they go? Predicting customer churn in the energy sector
Authors: Vezzoli Michela , Zogmaister Cristina , Van Den Poel Dirk
Published: July 2024

The liberalisation of the European energy market has driven changes in the way firms approach marketing, both for the acquisition of new consumers and for retaining existing ones. To retain consumers, practitioners aim to predict which consumers intend to churn (ie leave), and to understand the reasons behind this intention. To address this need, this study uses data-mining techniques to develop a churn prediction model. The study aims to identify the information that is predictive of churn and, consequently, to shed light on the psychological reasons behind churn. The authors built eight predictive models using decision trees, random forest and logistic regression on a dataset composed of 81,813 consumers of an energy provider, each with one residential electricity contract. The logistic regression was found to outperform the other methods. The discussion focuses on the relevant predictors of churn by addressing a posteriori psychological explanations of consumers’ churn behaviour. The study provides new insights on the reasons why customers churn and, by addressing theoretical psychological explanations, provides a data-mining model with robustness to contextual changes.
Settlement fails: A buy-side and sell-side perspective on how to minimise them
Authors: Marzullo Christopher , Kelly Peter W. , Lipinski Frederick
Published: July 2024

The following paper is written by representatives from the buy and sell sides of the US fixed income securities industry. Its focus is on fail issues that are pertinent to the US markets. The authors are members of the Securities Industry and Financial Markets Association (SIFMA), an industry group that focuses on the needs and problems of the US fixed income markets. In the course of this paper, the authors will show the reasons why fails occur, as well as some of the reactive and preventative actions that may be taken to minimise the number of fails. The paper will also touch on some of the initiatives that have commenced within the industry towards managing fail risk and minimising the number of fails, as well as the number of actual trades that get settled during the course of an average business day. By providing a point of view from both sides of the market, the paper aims to offer a fuller understanding of the practices and procedures in addressing fail issues that vary on each side of the business. The reader will also take away knowledge of the industry's ongoing projects to reduce further the number of fails and the associated risk.
PCI and non-PCI-based pavement evaluation
Authors: Rahman Md. Mostaqur , Tarefder Rafiqul A.
Published: July 2024

Pavements from 19 New Mexico (NM) general aviation airports are evaluated in this study. These NM airports are: Artesia Municipal, Carlsbad Cavern City, Forts Sumner Municipal, Grants Milan Municipal, Lea County Hobbs, Lea County Jal, Lordsburg Municipal, Questa Municipal, Santa Rosa Municipal, Belen Alexander, Clayton Municipal, Deming Municipal, Double Eagle II, Las Cruces International, Moriarty Municipal, Raton Municipal, Roswell International, Sierra Blanca Regional and Grants County. The pavement condition index (PCI), structural condition index (SCI) and skid number (SN) based pavement evaluations have been performed for these airport pavements. PCI and SCI are determined with the visual distress survey data using MicroPAVER. Distress data collection was done in accordance with ASTM 5340 and skid resistance was carried out according to ASTM E 274-06. Following the evaluation, a comprehensive study has been performed considering these three indices. A MicroPAVER database containing distress data and condition data has been developed. The relation between various pavement indices has been developed based on the current study. Based on the study, a good correlation can be drawn between SCI and PCI, but SN does not show any correlation with any of the other indices.
The evolution of damp control
Authors: Berry James
Published: July 2024

Deterioration of the built environment as a result of dampness has long been considered, with evidence of this dating back to Roman times. Much of the way in which our buildings have evolved is associated with the control of moisture. In this paper we review methods to prevent issues of moisture rising into walls by capillary action, both at the construction phase and also the evolution of methods post-construction.
Applications of machine learning in the identification, measurement and mitigation of money laundering
Authors: Aggarwal Nikhil , Wareham Sean , Lehmann Rasmus
Published: July 2024

The cost of financial crimes compliance continues to grow, locked in step with increasing regulatory expectations and volumes of low-productivity work items. Financial institutions cannot afford to wait for entirely new paradigms and instead are investing in solutions that provide near-term relief and can orient institutions towards the future. Technologies like artificial intelligence and machine learning (ML) — well entrenched in applications like credit risk modelling and fraud detection — are gaining traction within the broader financial crimes domain, and anti-money laundering (AML) in particular. To obtain the business value of these ML and other technologies, financial institution managers need the toolset to succinctly understand these methods and assess what approaches are appropriate and effective for their institutions. The twofold goals of this paper to equip institutional stakeholders with this information are:
1. Describe the high-level applicability of ML to AML, with a focus on transaction monitoring.
2. Provide an overview of the AML ML practices that are already in place within the industry; are on the immediate horizon; or are promising opportunities actively being investigated for the future.
Central counterparties for OTC derivatives: Neither panacea nor placebo
Authors: Heller Daniel
Published: July 2024

Regulators around the world are currently drawing their conclusions from the recent financial crisis. One area where new regulation is highly likely to occur is the market for OTC derivatives. In this context, a great deal of importance is given to the establishment of central counterparties (CCPs) for OTC derivatives, in particular for credit default swaps. This paper discusses some of the key design issues that need to be in place in order for CCPs for OTC derivatives to reduce systemic risk. It is also argued that the establishment od such CCPs should be accompanied by a wide range of additional changes and measures in the trade and post-trade environment of OTC derivatives.
I have my reasons : Scenarios where reasoned awards are necessitated under the Party Wall etc. Act 1996
Authors: Mcallister James
Published: July 2024

This paper explores the scenarios where reasoned awards are demanded under the Party Wall etc. Act 1996.
Corporate governance for financial market infrastructures
Authors: Giraldo Ana
Published: July 2024

This article provides an analysis of the corporate governance practices across financial market infrastructures (FMIs). Although there are no mandatory global standards, the CPSS IOSCO Principles for FMIs provide a general guidance that will be the corporate governance norm in the future. Such standards are based on six criteria used to assess the level of compliance including board arrangements, establishment and monitoring of the risk management framework, performance assessment management, establishment of users groups, disclosure of corporate information and disclosure of statistical information.
The ongoing challenge of conduct risk management
Authors: Hirst Rocky
Published: July 2024

This paper begins by discussing the foundations for conduct risk regulation, particularly in the UK and the challenges the financial sector has faced in implementing these requirements internally. There follows a discussion on typical conduct-related breaches seen in the commercial banking sector and the challenges of ensuring appropriate mitigation for such breaches. Hybrid/remote working since the COVID-19 pandemic has required a keener focus by banks on managing additional and exacerbated conduct risks, and in considering various theories of ethical decision making, parallels can be drawn with the difficulties relating to more contemporary, wider socio-political issues. However, there are practical steps that firms and employees can take to ensure decision making in this area continues to operate effectively, even in times where there seems to be little consensus of what is in fact the right decision to make.
Compliance is supply chain's business too: Building a more secure supply chain
Authors: Mcguinn Jackie
Published: July 2024

Healthcare organisations rely on medical suppliers to deliver products that are critical to safe and effective patient care. But while suppliers are instrumental to care delivery, they can also be a source of risk. This paper examines ways in which supplier relationships can threaten patient privacy and safety, as well as impact a provider's accreditation status and revenues. We also present statistics showing how these threats are growing as healthcare becomes more digital. From there, we describe how healthcare organisations can protect themselves, their staff and their patients by building compliance into their supply chain processes. Readers will gain knowledge about:
Industry regulations that require healthcare organisations to manage their supplier relationships, and the penalties for non-compliance;
how patient data has become more vulnerable to attacks as a growing number of healthcare organisations transition to interoperable electronic health records (EHRs), including recent statistics on healthcare industry data breaches;
the significant risk that business associates can present to patient privacy and the responsibility of healthcare organisations to mitigate this risk; and
seven steps that healthcare organisations can take to integrate compliance into their supply chain processes to protect patient privacy, accreditation status and revenues
By millennials, for everyone: Creating fierce advocates
Authors: Neuhart Shelly , Rupp Hailey
Published: July 2024

Take a minute to Google the phrase ‘millennials have’ and view the predictive results that pop up. Among them? ‘Millennials have no money’, ‘millennials have no common sense,’ or, our personal favourite, ‘millennials have no manners.’ Humour aside, millennials have become the latest in a string of misunderstood and misrepresented generations and a growing challenge for higher education advancement organisations to connect with. This paper focuses on a strategic, collaborative approach to philanthropic engagement that taps into peer-to-peer fundraising and volunteer activation. Readers walk away with the ability to identify millennial behaviours that impact giving, recognise online social engagement opportunities for young donors, and understand how an advocate-based approach can have impact beyond the target audience (millennials). Let us reimagine interactions with millennial, alumni donors and transform them into lifelong philanthropists.
How Coca-Cola went three-dimensional to revolutionise its package design workflow to save time, money and foster more creativity
Authors: Lee Benny
Published: July 2024

Three-dimensional (3D) visualisation is the latest chapter in Coca-Cola’s long and storied history of dynamic packaging design. Using Adobe Dimension, which allows users to visualise product shots, package designs and other branded collateral in 3D real-world settings (with no photography required), Coca-Cola has trained a team of graphic designers to transition their designs from two-dimensional assets to fully-visualised 3D mockups on their own. The end result is saving the company hundreds of thousands of dollars in product visualisation costs (from photography to rendering), has sped up its prototyping process, and has empowered graphic designers to take their packaging and marketing designs to a whole new level, whether that is in the early stages of design visualisation, or as the assets they have created are used for augmented reality, virtual reality and 3D experiences. This case study explores Coca-Cola’s transition into this new digital workflow, and shares the lessons learned along the way, along with the exciting prospects this new digital pipeline presents.
Creative industries and urban regeneration
Authors: Jarvis David , Lambie Hannah , Berkeley Nigel
Published: July 2024

Over the past decade, creative industries in the UK have enjoyed much high-profile coverage and attention from policy makers and academics, most notably from the inception of the Creative Industries Task Force in 1997 and the publication of the 'Creative industries mapping document' in 1998. Today, much of the political rhetoric declares the creative industries to be key to the future success of the British economy, and an instrumental tool in urban regeneration. Against this backdrop, this paper assesses critically the assumption that creativity and regeneration are intrinsically linked, and interrogates those political and policy related assertions that creative industries are a panacea for both economic and social regeneration. A central element of this interrogation is an argument against indiscriminate, populist creative industries policy, the universal application of which can serve to detract from the undoubted social and economic benefits that creative enterprises, creative communities and community level creative projects can bring.
Reaching the unreachable workforce : Adopting a mobile-first communication strategy to retain employees
Authors: Hogland David , Rossitter Andrea
Published: July 2024

Ineffective communications cost companies more than just safety and productivity issues; they are a direct cause of turnover. While corporate leaders feel their communications are relevant and the way they are delivered is effective, research shows their employees do not feel the same way. In a tight labour market, businesses cannot afford to overlook this fact. As an integrated facilities management (IFM) company that distinguishes itself in self-performing more than 80 per cent of the hard and soft services it provides clients, ESFM depends on an engaged workforce to deliver on its client promises every day. As noted in its bi-annual employee engagement survey, the company recognised its internal communications were missing the mark with respect to hourly employees. Deskless workers, spread across the country and covering multiple shifts, were challenging to connect with. To address these challenges, ESFM inverted the traditional top-down communication cascade as the first IFM company to leverage the Nudge app, originally designed for retail workers, to implement a mobile-first communication strategy for frontline personnel. Adapting the app’s capabilities for the FM space was a process, but ultimately empowered ESFM to digitise critical learnings and best practices to efficiently equip its employees with the knowledge and tools necessary to execute on their clients’ highest priorities. Business outcomes following the first year of implementing this communications approach earned ESFM the George Graves Award for Facility Management Achievement from the International Facilities Management Association (IFMA) in 2020. This paper shares business outcomes from this award-winning communications programme, as well as steps any company can apply on their journey toward developing a more intentional, engaging and effective communications strategy.
An innovative, flexible and workable business continuity plan: Case study of the Australian Customs Service Cargo BCP
Authors: Thornton Glenn
Published: July 2024

Before being released, all cargo crossing Australian borders must be reported, riskassessed for prohibited goods and revenue matters, and cleared by the Australian Customs Service and Australian Quarantine and Inspection Service. These functions are normally handled by a sophisticated IT system — the Integrated Cargo System — and through industry IT systems provided by software developers. The business continuity plan (BCP) is designed to meet the loss of normal processes across the total cargo reporting process. This includes the partial or full loss of the Customs IT system and/or industry IT systems plus any failure of internet and communication lines. It also provides an avenue for ‘Urgent Customs Clearance’ and other ad-hoc reporting transactions. The BCP was developed following the disastrous implementation of the Integrated Cargo System in 2005 and the failure of the previous BCP, resulting in significant loss of public and government confidence in the Customs service. Since its implementation in December 2006, the new BCP has on all occasions successfully facilitated the reporting and clearance of legitimate cargo until normal services have been restored. Australian industry is very happy with the flexibility and workability of the BCP and with the additional support material available.
Making airport privatisation consortia work
Authors: Feldman David
Published: July 2024

Consortia between investors, airport operators and frequently other partners (construction companies, local players, etc) are created to pursue airport privatisations and airport secondary sales around the world. No one creates an airport consortium or joint venture because they want to they create them because they have to in order to bring together the right mix of operational expertise, capital and local experience to win an airport deal. Consortia are typically difficult to manage and unstable. This paper examines why airport consortia are formed and why too often they fail to deliver promised results.While each airport deal is unique, and each successful airport consortium will be unique as well, this paper presents some guiding principles learned from past mistakes and airport industry best practices to make consortia succeed.
Fire safety in commercial premises
Authors: Lundy Anna , Young David , Coombes Amy
Published: July 2024

This paper provides a short review of the history of fire safety regulation in commercial premises and looks at the development of the current regime under the Regulatory Reform (Fire Safety) Order 2005. What has the approach to enforcement been and how can professionals support compliance by their clients?
Establishing a strong digital foundation for a 150-year-old building society with business process re-engineering and RPA
Authors: Venkateswaran Jay
Published: July 2024

Banking and financial services organisations have been at the forefront of digital transformation. The success rate, however, has been uneven. Digital transformation discussions are often hijacked by conversations around the latest technologies and ignore the building blocks on which these technologies must rest. Moreover, initiatives that are not rooted in the organisational vision and that lack a well-thought-out framework are likely to miss their goals. Yorkshire Building Society (YBS), a 150-year-old organisation based in the UK, took measured steps to embrace digital as a way to reaffirm its commitment to its core businesses of mortgage and savings. The challenging market conditions, largely owing to disruptions caused by FinTechs, led YBS on this path. High dependence on paper-based processes made the business slow, adding unnecessary layers of complexity. YBS wanted to inject agility and efficiency into its operations with digitisation and process automation and lay the groundwork for transformation. The YBS story shows how a deep understanding of business challenges must influence the choice of technology and the approach to transformation. A successful framework must be structured around the critical building blocks and leverage the interplay of technology with process, people and culture to create cumulative outcomes. Here are a few takeaways from the case study:
• Customer, and not technology, should be placed at the heart of digital transformation.
• Business process re-engineering and robotic process automation (RPA) must go hand
in hand for greater outcomes.
• Small step changes can become a force multiplier as processes are automated and
the foundation for speed and agility is established.
Commercial office leases in the USA: Financial risk transfer and the loss of innovation
Authors: Barger Terry , Wong Glen
Published: July 2024

This paper focuses on the financial risks of the freehold estate which have been transferred, through evolving lease contracts, to the leasehold estate, within the context of the US commercial office industry. This reduction of an ownership risk has occurred without diminishing the ownership right of receiving rent. This has significantly changed the market equilibrium mechanism of estate rights and risks. As a result of this market disruption, innovation in the leasehold property sector has been retarded for decades.
The computation of optimised credit transition matrices
Authors: Long Kete , Keenan Sean C. , Neagu Radu , Ellis John A. , Black Jason W.
Published: July 2024

Transition probability matrices (TPMs) indicate the likelihood of obligor credit migration over a specific time horizon. TPMs are used in various risk management applications ranging from loan evaluation, portfolio risk analysis, economic capital assessment and the pricing of financial instruments. The standard methodology is to compute single period TPMs from empirical data using the discrete cohort approach and estimate t period TPMs as the t year product of single period empirical TPMs (exponentiation). This methodology assumes credit migration is Markovian and time homogeneous. When these assumptions do not hold, this methodology results in significant forecasting errors for multi-period transition horizons. In this paper, a framework for generating empirically consistent TPMs using an optimisation methodology is presented. Optimised TPMs produce default term structures that are substantially more accurate in terms of their ability to match empirical observations over multiple time periods than those produced by exponentiating single period empirical TPMs. Additionally, it is found that optimised TPMs show smoother surfaces with consistent probability mass distributions (monotonicity), reduce the impact of the Markov assumption, and reduce discrepancies of credit migration over multiple time horizons.
From accessory to necessity : Embedding data governance in business operations
Authors: Ho Hochun , Harrison Lisa
Published: July 2024

Corporate real estate (CRE) has become datarich as buildings, workplaces and work itself becomes increasingly data-driven. As the universe of CRE data continues to grow, data governance is becoming a bigger challenge for many CRE teams still working with basic spreadsheets. When it is trustworthy and accessible, CRE data can help an organisation become more agile and competitive. Although the purpose of data governance varies depending on the organisation, some common components are always required. This paper details key considerations for creating a vision for the organisation’s data; defining critical data elements; and creating a business glossary and data dictionary with related business rules and data quality rules. It explains the concept of the data management model assessment and data maturity levels, to establish priorities for the data governance programme. Also discussed are steps for creating a data governance framework, including roles and responsibilities and distinguishing between data governance and data management. Since most companies lack even a basic understanding of their CRE data, having a strong CRE data governance programme will differentiate an organisation. CRE executives must not only think forward, but also recognise that this is a race to be the first to deploy.
MiFID II and the relationship between public markets and systematic internalisers
Authors: Fischer Artur , Murphy David
Published: July 2024

This paper seeks to examine the evolution of the systematic internaliser (SI) regime in the context of the evolving regulatory landscape. A key goal of Markets in Financial Instruments Directive II (MiFID II) was to increase transparency in equity markets. The new regulations included curbs on dark trading, commonly referred to as the ‘double volume cap’, and introduced the trading obligation for equity and equity-like instruments, which effectively removed the category of ‘organised trading facility’ (OTF) for equity trading. This change essentially outlawed broker crossing networks (BCNs), removing one of the most widely used execution mechanisms since the original MiFID implementation in 2007. Regulated markets, multilateral trading facilities (MTFs) and systematic internalisers retained their ability to trade equities under the new regime. The suggestion that the removal of BCNs may lead to a very significant increase in SI activity has resulted in regulatory scrutiny. BCNs were used to cross client interest while SIs rely on principal liquidity to execute client orders and thus there are fundamental differences in the activities within both mechanisms. Moreover, there are concerns a network of interlinked SIs could negatively affect the transparency of equity markets, contrary to the spirit of the new regulations and deplete liquidity from lit markets.
Blurred lines: Emergency preparedness, resilience and response within local authorities compared with organisations within the wider health economy
Authors: Drew Laura
Published: July 2024

This paper looks at the integration of local authorities within the emergency preparedness, resilience and response (EPRR) system for health. The experience of the author, who works within this field for a local authority, is that current guidance is unclear and has affected integration of local authorities into the EPRR system. This paper therefore aims to identify why these issues exist and to assist in driving changes to current guidance, documentation and procedures.
Emerging social-spatial polarisation within the housing market in Colombo , Sri Lanka
Authors: Niriella N. Chandrasiri
Published: July 2024

This paper discusses the results of a study undertaken to understand the emerging relationship between state, market and social classes in the Colombo Metropolitan Region (CMR) in Sri Lanka. Castells1 saw the city as crucial to modern capitalism by creating new markets and different social classes in society. Housing is a central element of urban socio-spatial structures. It is a major component of people’s lives in cities. Three housing units were studied in detail: Sahaspura, a public sector condominium inhabited by lower class; Mattegoda, a public sector housing complex inhabited by lower-middle class; and Millennium City, a private sector housing complex inhabited by middle and upper-middle class. The sample survey (325 units) was supplemented by qualitative data collected from residents by using informal interviews and non-participant observation. The study reveals that the rising demand especially among the middle and upper classes for private housing localities has resulted in a steep rise in land prices, hence making private housing unaffordable to the lower classes, who as a result have sought the help of government housing schemes to purchase or obtain housing in urban areas. This study also illustrates that housing loans have further encouraged interest in private housing, providing a big boost to the existing housing market. The urban regeneration and renewal programme in central districts of Colombo has led to a mass eviction of the poor. The land that has become available is being used for commercial and luxury housing development. The process has led to the emergence of urban classes based on the housing structures they reside in.
Investigating the congruence among the positioning strategies of three Indian car brands
Authors: Bodla B. S. , Diwan Saloni Pawan
Published: July 2024

This paper examines the activities and congruence of the positioning strategies of three Indian car brands, namely Swift, I-10 and Indigo. The triangulation research methodology (pilot survey, secondary data and content analysis) is applied in this study. The findings reveal the dominance of a ‘visual artistic’ positioning strategy in the case of the Swift car brand, whereas ‘visual artistic’ and ‘basic features’ are two popular strategies in the case of the I-10 car brand. ‘Basic features’ is the popular positioning strategy pursued by the Indigo car brand. Regarding the congruence among experts’ presumed strategies, the communication tactics employed by the three car brands and the strategies perceived by consumers, the results indicate an absence of congruence among experts’ presumed positioning strategies and marketing communication efforts, meaning that the experts’ presumed strategies are not clearly conveyed in communications. The positioning activities highlighted in communications, however, are successfully recognised by the target customers. The paper concludes with a discussion about managerial implications and limitations.
CSDs and the challenges of financial integration and financial stability
Authors: Ravalo Theresa B.
Published: July 2024

Outside of the release of the Principle of Financial Market Infrastructures (PFMIs), the financial stability implications of a regional payments and settlements infrastructure does not appear to be actively discussed. This paper ventures to put the discussions on collaborative efforts of central securities depositories (CSDs) towards a more integrated market with an interconnected or interoperable settlement and payment infrastructure in the context of financial stability. Consequently, the paper brings the discussions on regional settlement infrastructure beyond standardisation of processes, message formats and items into a policy issue of financial stability and financial integration, with the intent that by having our attention geared towards the unintended consequences of a single market, we can mitigate the potential surprises it brings which can be systemic in its impact.
Managing operational risk in a changing environment
Authors: Iraci Joseph A. , Baas Bryan T.
Published: July 2024

This paper addresses the current issues and challenges involved with the management of operational risk where the risk is introduced through changes within the operating environment. The focus is on defining changes that require management attention and a discussion of organisational issues and considerations that need to be taken into account when designing an effective approach. While the approach to managing operational risk will vary between organisations, this paper relies on regulatory guidance provided primarily from the USA, but which is broadly applicable regardless of regulatory jurisdiction. The paper attempts to present a balanced, common-sense approach that is applicable to a broad audience, taking the reader through the basic building blocks, from defining what changes are taken into consideration, focusing on risk level, through ensuring that an appropriate review and mechanism is in place, to having clearly defined roles and responsibilities.
Addressing challenges to recovery and building future resilience in the wake of COVID-19
Authors: Regehr Cheryl , Rule Nicholas O.
Published: July 2024

While organisational crisis theory posits a predictable set of stages involving pre-planning and preparation, acute crisis response, adaptation and recovery, the prolonged and cyclical nature of public-health restrictions related to COVID-19 presented new challenges for institutions of higher education and conditioned students, faculty and staff to adopt a crisis mindset as their baseline. Consequently, moving from crisis to recovery posed unique obstacles at both individual (eg anxiety, exhaustion and post-traumatic stress) and organisational levels (eg transition logistics, labour market changes and student preparation). This paper describes an effort at a large, urban, research-intensive university to directly address the evolution from pandemic crisis to recovery and future resilience. The University Resilience Project recruited a team of senior staff charged with identifying and adopting promising practices created during the pandemic and decommissioning or archiving less useful policies, procedures and activities, with a view to strengthening the university’s resilience. Over the course of more than 300 meetings with academic leaders, staff leaders and student leaders, team members created a space to share the experiences of COVID-19, reflect on successes and challenges over the crisis, and identify opportunities to enhance the resilience of the university. This work raised critical insights into the process of adapting to change in an institution of higher learning.
A culture of learning: Reinforcing a firm’s values, ethics and culture through building a learning environment in compliance
Authors: Roemer Michael , Buckle Mark
Published: July 2024

As global financial institutions try to resolve legacy conduct issues and rebuild trust with clients, recent congressional hearings showing senior banking executives being challenged on systematic misconduct within their banks are a stark reminder that work on organisational culture in the sector is as pressing now as at any point during the banking crisis of the last ten years. If positioned well in the organisation, compliance should be a culture-carrier and be present at those crucial moments when important decisions are being made. Compliance can provide the check and challenge on organisational culture, values and ethics, but this requires compliance professionals to have a very different skill set from the legal and compliance officers of the past. While some of these skills can and should be taught, the dynamic nature of the business in this digitised, disrupted sector means learning is likely to be much more effective if it becomes part of ‘the way we do things around here’.1 The authors share their experience in building the skills and capabilities required for compliance to ensure business is ‘complying with the spirit as well as the letter of prevailing regulation and law’.2 This paper will also explore what is required to advance towards a learning culture where learning and innovation happen organically and spontaneously rather than programmatically.
Enterprise payments strategy
Authors: Woods Edward
Published: July 2024

This paper seeks to engage those banks that have yet to define a payment strategy that considers an enterprise management approach; Whether or not the bank elects to adopt an enterprise approach at the business, infrastructure or operational level or at all, it is important that the enterprise payment management philosophy be seriously considered. Though the discussion of 'enterprise payments' has not seen the level of hype as found in areas such as mobile banking, it nonetheless is no secret to payments executives. Given the vast scope of what enterprise payments could mean to a bank, it is a daunting subject, and can be quickly dismissed as an 'idea' or a 'technology' that is 'looking for a problem to solve'. Absent the hype, and the sometimes overly enthusiastic industry pundits, there remains a strong case for the bank to consider an enterprise payment platform/management approach for its payments business. This paper looks at this case by first looking at market trends both domestically and internationally that serve as catalysts for looking at payments in a new way. These market trends, or catalysts, are then reviewed as themes or mega-themes that can serve to reassess and possibly redefine the bank's payments strategy. The paper closes with insights into overcoming common obstacles to assessing (or defining) the bank's payment strategy and executing a plan to fulfil a new payments vision. The mere thought of making any material change to the bank's payments franchise, much less considering wholesale renewal, is chilling. The reader is strongly encouraged to set aside those fears and contemplate the future — the future of the payments market ahead and the definition of a payment vision and strategies tuned to maximise shareholder value.
Social storytelling in a post-pandemic world: Four content pillars to build relevant authenticity with today’s social consumer
Authors: Morrow Valerie
Published: July 2024

This article examines the recent shift in consumer expectations vis-à-vis brands in the social media space, with a focus on how brand authenticity influences brand loyalty and purchasing decisions. Having discussed the application of Walter Fisher’s narrative paradigm to social media storytelling, the article uses a case study of Dairy Farmers of America — the country’s largest dairy cooperative — to define the four content pillars brands can use to increase their authenticity and humanise their brands through social media.
Ergodic failure: The key vulnerability in derivatives modelling
Authors: Editorial Board Member
Published: July 2024

Ergodicity is a principal property intrinsic to the mathematical modelling of capital markets. It is a structural symmetry underpinning the way in which information is extrapolated from today's state of the world to new, stochastic, future states. The failure of ergodicity — manifested in the myriad of dysfunctionality in capital markets during the financial crisis — represents a primordial breakdown in the way financial engineering has mathematically parameterised its underlying markets. This paper assesses the consequent implications of such failure with respect to the pricing of derivatives.
Using controlled vocabularies to organise digital images for improved search results
Authors: Pool Ann , Horan Laura
Published: July 2024

Controlled vocabularies are essential tools for enabling search within a collection of assets. When constructing a controlled vocabulary for a collection of digital images, however, it is important to consider the visual nature of images. The most important principle when designing and using a controlled vocabulary to organise an image collection is that a term should be associated with an image if and only if a user searching the collection would expect and want the image to appear in the result set when searching for that term. This paper explores taxonomy development and maintenance for digital image collections, how hierarchical standards might vary between image and text-based collections, and the impact of keywords on precision and recall.
Guerrilla marketing in social media: The age of marketing outside the box
Authors: Schiniotakis Nikos , Divini Katerina
Published: July 2024

Social media channels provide the most expedient method to develop the unconventional techniques of guerrilla marketing. Guerrilla marketing strategies attract consumers’ interest through creativity, imagination and surprise, and are conducive to the successful transmission of information beyond established advertising models. This paper outlines the techniques of guerrilla marketing through social media, providing illustrative examples. The paper analyses the issues surrounding successful guerrilla strategies and digital marketing techniques such as word-of-mouth marketing, buzz and viral marketing, and ambient and ambush marketing. Social media guerrilla marketing is ideal for enterprises that wish to promote their product or service to a large audience at a low cost.
Semantics in the Library of Babel (with hobbits)
Authors: Cagle Kurt
Published: July 2024

Today, most digital asset management systems make use of search and taxonomies of keywords to classify asset metadata. In the very near future, however, semantic technology — a kind of SQL for the web — will facilitate the arrival of digital asset management systems capable of reasoning intelligently, using natural language queries, in orders to both classify and find the resources that people work with more intelligently. This paper demonstrates the basics of semantic technology and shows how it can be used to make inferences about content both by humans and by machines.
Digital is not different anymore: A review of findings and tactics to optimise execution and encourage consumer adaptation of in-store digital devices and signage
Authors: Pingol Mark , Jacobs Kate
Published: July 2024

There is no question that digital technologies will have a significant impact on the future of shopping. And technological innovations are no longer exclusively in the realm of e-commerce: consumer-facing digital devices such as tablets and interactive screens are now frequently found in stores as well. As a result, obtaining information, comparing prices across different platforms and purchasing is easier than ever. Despite the recent prevalence of these devices, however, they are often not noticed or used by shoppers in stores, and there has been little published evaluation of their execution and effectiveness. In order to increase consumer adoption of these digital technologies, developers and retailers must humanise their format and content and clearly communicate the benefits of using them. In this paper, we discuss the current state of in-store digital devices and identify tactics that brands and retailers must implement to overcome the digital learning curve and increase their use by consumers.
Point-in-time loss-given default rates and exposures at default models for IFRS 9/CECL and stress testing
Authors: Chawla Gaurav , Forest Lawrence R. , Aguais Scott D.
Published: July 2024

In contrast with Basel II rules, which call for the use of through-the-cycle (TTC) probabilities of default (PDs) and downturn (DT) loss-given default rates (LGDs) and exposures at default (EADs), the regulatory stress tests and the new IFRS 9 and proposed Current Expected Credit Loss (CECL) accounting standards require institutions to use point-in-time (PIT) projections of PDs, LGDs and EADs. By accounting for the current state of the credit cycle, PIT measures track closely the variations in default and loss rates over time. In past publications the authors have described the derivation of industry-region credit-cycle indices (CCIs) and the use of those indices in converting legacy wholesale credit PD models, which typically understate cyclical variations, into fully PIT ones. This paper extends that framework to cover estimation of PIT LGDs and EADs for wholesale exposures. The authors offer options for the formulation of such models and discuss their experience in building PIT LGD and EAD models, and show that, by accounting for the probabilistic evolution over time in industry-region CCIs, one can derive joint, PD, LGD and EAD scenarios for use in the regulatory stress tests or in estimating the term structures of expected credit losses (ECLs) as needed for IFRS 9/CECL.
Advancing transparency and harmonisation in corporate actions processing: Where are we now and where are we headed?
Authors: Hamer Tim
Published: July 2024

If there is one area of the securities back office that is in need of better transparency and harmonisation, it is corporate actions processing. While the trading and settlement process has become highly automated with the introduction of electronic communication and automated processing during the past 25 years or more, the process of announcing corporate actions and dissemination of that data through the investment landscape has remained largely the same. This paper looks at some of the global trends that SWIFT is uniquely positioned to be able to observe and offer some hope that the industry is improving in this critical area.
Addressing burnout by enhancing resilience in a professional workforce: A qualitative study
Authors: Kamath Janine , Hoover Michele R. , Shanafelt Tait , Sood Amit , Mckee Patrick B. , Dhanorker Sarah R.
Published: July 2024

This study aimed to explore the application and effectiveness of interventions with non-physician, professional management engineering and internal consulting staff experiencing increasing levels of burnout in a healthcare environment. We hypothesised that interventions could be applied to decrease levels of burnout in this professional population. A total of 120 engineering and consulting professionals across three locations of our institution received education during four one-day events over a two-year period regarding the symptoms and drivers of burnout, and interventions to decrease it. This education, along with skill-building exercises to promote resilience, was provided by leading subject matter experts in burnout reduction and was reinforced at the worksite by peers, leadership and validated supporting resources. Changes in burnout were assessed through responses to an institutional survey. Results indicated a meaningful absolute decrease in burnout of 12 per cent between 2013 and 2015. Additionally, qualitative feedback from staff supported the efficacy of the burnout and resilience programmes. Stress and burnout are ongoing issues in the workplace because they potentially affect productivity, effectiveness and well-being. Equipping staff to manage stress and burnout with the help of resilience education, skill building and worksite reinforcement will enhance resilience skills and decrease negative consequences of stress and burnout.
Protecting collateral contributions under the mandatory clearing regime
Authors: Stanfield Eugene
Published: July 2024

The crisis has driven authorities to shore up the financial system against major credit events, but the bricks of this fortification are the assets of investment firms. The funds they commit to buffering the system are themselves exposed to loss unless they are properly managed. To keep their securities safe, market participants must evaluate the cost of connecting to central counterparties (CCPs) directly or indirectly. If connecting indirectly, they must decide how best to keep secure the assets they entrust to CCPs, via their clearing broker. Every option differently affects cost, capital requirements, the level of commitment to default funds and operational complexity. With so many moving parts, every market participant must establish its preferred model and set in motion the wheels to get connected as soon as possible. Making a poor decision will prove expensive, and time is pressing.
Rebranding today: A process, not a project
Authors: Dixon Peter , Perry Hanif
Published: July 2024

‘Rebranding’, once seen as a discrete set of activities — define problem, gather data, develop insight, create idea, test idea, refine idea, implement idea, repeat — has become an even more continuous process. Armed with more active digital intelligence, companies can constantly adjust to changes in both consumer expectations and the competitive landscape, in faster, more responsive and personalised ways. The best brands — those that are most relevant to consumers — ‘rebrand’ by continually improving in four areas: customer obsession, ruthless pragmatism, pervasive innovation and distinctive inspiration. Each of these drivers keeps rebranding efforts focused on delivering a customer experience that brings brand and consumers continually closer.