bluuebunny/crossref_metadata_2025 huggingface dataset:
Are stress tests beauty contests? (and what we can do about it)
Authors: Quagliariello Mario
Published: July 2024

There is increasing debate on whether official-sector stress tests are fit for purpose and deliver what they are designed for. In the European Union, this discussion focuses not only on the costs and benefits of such a large-scale bottom-up exercise and on the possible options to improve its usefulness for banks, supervisors and the general public, but also on exploring ways to make it less burdensome. This paper discusses whether some improvements to the design of the EU-wide stress test could better align the incentives of the different stakeholders involved. In particular, the objective is to understand whether there is room for mitigating the beauty contest problem, namely the problem that banks are more interested in showing that they are outperforming others than in identifying actual risks in an adverse scenario.
Build the best: A case study of Juniper's new dynamic workplace
Authors: Lucas John
Published: July 2024

This paper describes the approaches Juniper Networks took to build a new 635,000ft2 (57,150m2) corporate campus in Sunnyvale, California, and deliver on the promise of an innovative, efficient and sustainable workplace environment where Juniper employees can do their best work. Juniper's new campus shows what can be achieved when an established workplace strategy is integrated with a state-of-the-art enterprise network and energy efficiency strategy. Juniper now has a cutting-edge, world-class workplace that improves productivity, enhances collaboration, increases employee satisfaction and reduces real-estate and technology costs.
Satisfying exclusions in portfolio construction: The ESG case
Authors: Bentata Amel , Nguyen Laurent
Published: July 2024

In this paper, we show that quantitative portfolio construction techniques can deal with ‘reasonable’ constraints and deliver most of the expected (ie before constraints) value-added. To do so, we use the case of a hypothetical environmental, social and corporate governance (ESG) investor who chooses to not invest in companies typically excluded for ESG reasons (eg weapons manufacturing, nuclear energy generation, tobacco or high carbon intensity) back in the late 1980s. While satisfying ESG objectives, we capture the market’s exposure using several portfolio constructions such as pro-rata cap-weighting and minimum tracking. We also capture other ‘styles’ that could mimic exposures some asset owners want to be exposed to, such as value or momentum. Our results are helpful to deliver an appropriate, risk-controlled investment experience to asset owners who must integrate externally defined constraints in their long-only equity investments.
Artificial intelligence credit risk prediction: An empirical study of analytical artificial intelligence tools for credit risk prediction in a digital era
Authors: Van Thiel Diederick , Van Raaij Willem Frederik (Fred)
Published: July 2024

Global consumer lending has seen a compound annual growth rate (CAGR) of 4.8 per cent forecasted to 2020. The financial system is once again at risk; it is a decade since the credit crunch, yet the causes have not been solved; however, globally, the outstanding amount of credit doubled compared to the lending volume of 2008. Also, increasingly more credit decisions are being taken today. Furthermore, millennials’ service expectations drive transformation from traditional lending into digital lending. The CAGR for digital lending is 53 per cent until 2025. Therefore, in this growing information age, new methods for credit risk scoring could form the central pillar for the continuity of a financial institution and the stability of the global financial system. This paper contains research from across the UK and the Netherlands: two advanced lending markets, selected because of their advancements in digital lending, to examine to what extent lenders can advance their credit decisions with individual risk assessments with artificial intelligence (AI). The research has applied supervised learning and has been performed on 133,152 mortgage and credit card customers in prime, near prime and sub-prime lending segments of three European lenders across the UK and the Netherlands during the period January 2016 to July 2017. As candidate models, we chose neural nets and random forests, as they are the most popular supervised learning methods in credit risk for their benefit of applying both structured and unstructured data. The research describes three experiments that develop the AI probability of default models and compares the model quality with the quality of the traditional applied logistic probability of default (PD) models. In all experiments, AI models performed better than the traditional models. Scalable automated credit risk solutions can therefore build on AI in their risk scoring.
A simple method for time scaling value-at-risk: Let the data speak for themselves
Authors: Hamidieh Kamal , Ensor Katherine Bennett
Published: July 2024

New empirical and data-based scaling factors are introduced to scale the 1-day value-at-risk (VaR) to 5- and 10-day VaR. The method relies on the estimation of the ratio of the high quantiles of the aggregated data to the daily data. Using real data sets, the new scaling factors are compared with the commonly used benchmark of square-root-of-time scaling, and a more complex simulation-based estimation method. The results indicate that the empirical scaling factors outperform against the square-root-of-time scaling and are competitive with the simulation-based method.
Statistical analysis of US government supply chain contract breaches
Authors: Strang Kenneth David , Perez Maria
Published: July 2024

Approximately half of US government supply chain procurement contracts failed to meet all objectives. In 2018 the US government spent almost US$2bn on procurement contracts. Failed procurement projects represent a lot of public tax-payer dollars which are wasted each year. The US government does not necessarily intend for its government procurement contracts to fail, but when they are awarded on a fixed firm price basis, the entire project management is transferred to civilian contractors for a specific cost. When something goes wrong, contractors are forced to adjust the other parameters such as time, scope and/or quality. It appears many government supply chain procurement contracts are failing despite substantial analysis of project data by academic scholars and practitioners. In the literature, most researchers could not statistically identify the underlying causes of government procurement contract failures. In fact, the sample sizes surpassed 10,000 and in one case almost 60,000 cases were examined without generating a conclusive statistical result. It was clear a new study like ours was warranted. Thus, in this study, we collected a large sample of procurement project data from US government contractors. We tested several hypotheses in an attempt to identify which conditions affected government procurement contract breaches. We applied robust parametric statistical techniques, namely logistic regression, to test the hypotheses. We developed a statistically significant model which adequately explained US government supply chain procurement contract performance. This paper is in a scholarly format using statistical techniques which are primarily aimed at an academic audience rather than practitioners. We followed the well-known American Psychology Association conventions for writing style which resulted in this paper having a strong academic tone. Nonetheless, the results ought to be of interest to scholars and practitioners alike. Scholars will be able to replicate our research design with new sample sizes of at least 1,000 in other states or countries and cite our findings. Practitioners and government procurement programme managers should find it relevant that our statistical model correctly classified 67 per cent of US government procurement contract performance, with an 11 per cent effect size using only two predictors (project manager certification and ISO quality registered). We found that if a project manager was professionally certified, this increased the likelihood of contract success by 2.3 times. Decision makers could use this model for procurement policy revision or to inform selection criteria in government contract awards.
The metonymy of #BlackTwitter: The effect of urban identification on hashtag activism
Authors: James J.P.
Published: July 2024

‘Black Twitter’ is the moniker for the cultural identity of African American Twitter users, the influence of which is spreading from mainstream Twitter to society-atlarge. To investigate the influence of Black Twitter, this study posits a model of subcultural capital, conceptualising the knowledge, experience and skills that accompany hierarchy and influence within Black Twitter. Subcultural capital can be garnered in three ways: embodied, objectified and institutionalised. The study finds that the transcending, crosscultural psychographic of urban identification is the requisite embodied capital that significantly predicts the number of tweets (objectified capital) within Black Twitter. The number of followers a Black Twitter user has (institutionalised capital) statistically mediates the relationship between urban identification and number of tweets. Contrary to intuitive belief, ethnic identity — as embodied capital — is a nonsignificant predictor of objectified and institutionalised capital within Black Twitter. This paper contributes to the marketing psychology literature by positing urban identification within a model of multicultural social media consumption. It concludes that for multicultural marketing via Twitter, the combination of urban identification, followers and tweets, is a better basis for segmentation than race and ethnicity. The paper also discusses managerial implications and additional theoretical considerations.
Process history metadata for time-based media artworks at the Museum of Modern Art, New York
Authors: Griesinger Peggy
Published: July 2024

The Museum of Modern Art in New York City (MoMA) is a world-renowned museum with a large collection of time-based media artworks. Media conservators in MoMA’s conservation department noticed a gap in their documentation for time-based media artworks: there was no standardised way of recording the digitisation or format migration history of an artwork, known as its process history. Conservators require such information to store and exhibit an artwork in a way that matches the artist’s original vision. The National Digital Stewardship Resident at MoMA was tasked with creating a standardised metadata profile that could record and store this information. The resulting profile uses the PREMIS, PBCore, reVTMD and METS schemas to record technical metadata about every tool used to digitise or migrate an artwork from one format to another. This metadata profile ensures that the artistic and bit-level authenticity of timebased media artworks can be maintained and understood now and in the future.
Effective first-party data collection in a privacy-first world
Authors: Long Lucas
Published: July 2024

The analytics industry is facing an unprecedented change in the methods and requirements for data collection. These changes are a result of increasing consumer expectations regarding the privacy of personal information and shifts in the regulatory and technological methods used to meet these expectations. In today’s privacy-first world, first-party data collection becomes more important than ever — while at the same time more difficult. This paper outlines core principles for first-party data collection in a privacy-focused world and offers tactical suggestions for future-proofing. These suggestions include methods to collect privacy-safe first-party and anonymous data, strategies to enable downstream integration, and ways to enforce data taxonomies, as well as compliance via a server-side data distribution approach.
Designing terminals that offer the flexibility to adapt quickly and cost-effectively to evolving processes
Authors: Horsfield Jacqueline , Stewart David , Chalk Chris , Scott Darija K.
Published: July 2024

This paper looks at the use of a public private partnership (PPP or P3) structure to enable foreign investment to develop US$273 m of new facilities in a highly collaborative deal structure. The selected P3 partner was required to ensure that the government’s requirements and mandatory project features would be collaboratively formulated, developed and created as a balanced project between Bermuda’s public policy requirements and international investor expectations and requirements. Prior to presenting the scheme to lenders, stakeholder collaboration produced a scope that met the expectations of all parties; one of the real benefits of a negotiated concession, in particular where financing is marginal. With the priority of cutting unnecessary expenditure there was a constant challenge to the scale of the facilities and the operational performance. As the forecast growth was relatively modest it was agreed that the facilities should be sized and future proofed for 10 years after opening to avoid disruption during the early years of operation. Opportunities for increased collaborative decision making were revealed throughout the engagement process. Future airport development projects can learn from some of the missed opportunities such as further alignment on the cost/benefit model that this type of early collaboration during the project definition process could produce.
The Japanese payments landscape and its future
Authors: Kimori Takashi
Published: July 2024

Does Japan mean it this time? What do the Japanese sword that young samurais brought to Europe in the late-16th century and a state of the art 'home video game' have in common? This paper assesses the current payment systems in Japan, technology developments currently under way and challenges ahead. A current summary of the four systems (BOJ-Net Fund Transfer System, FXYCS, bill and cheque clearing systems and Zengin) is followed by the underlying innovative trends in the Japanese payment scene. Innovation for what? All aimed at the benefit of the customers, so that one can make a payment anywhere and everywhere or be free from cash and paper. And what lies further ahead? Even policy makers became aware that the current systems, long protected by the language barrier and proprietary standards, cannot stay forever and need to merge towards global standards. Otherwise, the systems once on the edge will soon turn obsolete, reminding us of the history of the sword. Japan may be taking this opportunity much more seriously than one may think. 'Zengin' (a major small value payment system) is a good example. This purely 'Japanese' system may be reborn as a brand new system, and the new Japanese payment system may open its port to the world, in the same way that the Wii (another state of the art 'game') may capture the market in the world.
Digital contact tracing: Privacy versus efficiency
Authors: Ilves Ieva
Published: July 2024

This paper discusses recently introduced digital technology to limit the spread of COVID-19 by tracing patients’ contacts backwards and sending warning of potential exposure to the virus. While the spread of COVID-19 had devastating consequences and certain technology was made available to limit it, quick and broad application was impeded by privacy and security concerns. The paper explores how the current digital contact tracing technology was designed to operate globally and address these concerns. Digital contact tracing has not reached the expected user rates in democratic societies, which limits its impact on public health. The author analyses the connection between privacy, trust and efficiency of the COVID tracing apps and illustrates the conflict whereby privacy-preserving technology denies access to any data and thus lessens the application of the tool for the benefit of public health. The author argues that with additional layers of privacy protection such as rule of law, transparency and democratic oversight, the minimum data necessary for public health would not compromise privacy yet would contribute to improving the technology and lead to better use in crisis situations such as a pandemic, environmental disaster or war. The research paper is a work in progress, as it is based on one-year experience since the outbreak of the COVID-19 virus, when the crisis is not yet over and partial data limits in-depth studies.
Visionary brand strategies require visionary product strategies: Centering product experience is imperative
Authors: Chen Ryan , Turpault Mathieu
Published: July 2024

Consumers today are more likely to develop their own perceptions about brands instead of passively accepting brand-crafted messages. More than ever, these perceptions are developed through product experiences, placing them firmly at the centre of the brand experience (Sterling, G. [May 2018] ‘Survey surprise: 90% of consumers report being brand-loyal’, available at: https://marketingland.com/survey-surprise-90-of-consumers-report-being-brand-loyal-248401 [accessed July, 2020]). For a product company, a visionary brand strategy needs to anticipate shifting consumer behaviour to build a differentiated and durable product experience. But instead of taking the consumer into account as they plan for future innovation, too many brands find themselves reacting to different futures. Instead, companies can harness the methods and techniques of design and innovation strategy, a discipline that combines business strategy with consumer insights to anticipate and create robust strategies based on meaningful, future-driven product experiences. Megatrends, high-level trends that reflect evolving customer expectations, articulate what consumers are looking for in a brand experience — and what they will continue to look for over the next five to ten years. Analysis of these trends, combined with an understanding of emerging technologies and how they are simultaneously changing the way consumers experience products, are important drivers of a consumer-centric, future-driven approach that leverages tools such as forecasting, scenarios of the future, backcasting and visions of the future. This paper provides practical steps which brands can take to rethink their product strategy in support of a more powerful, more durable brand experience. But underlying all of these steps is a shift in mindset.
Cyber resilience: A review of critical national infrastructure and cyber security protection measures applied in the UK and USA
Authors: Harrop Wayne , Matteson Ashley
Published: July 2024

This paper presents cyber resilience as key strand of national security. It establishes the importance of critical national infrastructure protection and the growing vicarious nature of remote, well-planned, and well executed cyber attacks on critical infrastructures. Examples of well-known historical cyber attacks are presented, and the emergence of ‘internet of things’ as a cyber vulnerability issue yet to be tackled is explored. The paper identifies key steps being undertaken by those responsible for detecting, deterring, and disrupting cyber attacks on critical national infrastructure in the United Kingdom and the USA.
Survival of the fittest: Using social media to thrive in the 21st century
Authors: Bear Meg
Published: July 2024

Two recent studies of global executives revealed that 97 per cent of executives place a high importance on becoming a socially enabled enterprise, and 81 per cent of executives believe that social is essential to delivering a great customer experience. Businesses today have moved from using social platforms like Facebook and Twitter as merely a means to broadcast content to really listening, mining and understanding the social data to provide stronger insights that deliver a better, more personalised customer experience. Social has grown up and is proving its worth across more than just marketing, extending insights throughout nearly every aspect of the enterprise. Tomorrow's successful businesses must have social woven into the fabric of daily operations, from marketing and sales, to service and research, to employee communications and collaboration. This paper discusses the six stages of social business and how to position an organisation for social enterprise success.
Smart and sustainable buildings: Smart buildings with a higher comfort level, improved usage and decreased energy use
Authors: Verhoeven Martine , Maaijen Rik , Brink Bart
Published: July 2024

Innovative sustainability technology not only saves businesses money on energy costs, but also serves as a means of providing information and data about how the building is running to drive overall efficiency. It is about using information technology to shape both the way people work and the spaces in which they do it. By taking the individual as a starting point, higher levels of satisfaction, health and productivity could be achieved, as well as better utilisation of spaces. With the example of two case studies, this paper explains the possibilities and benefits for corporate real estate organisations of embedding technology into their buildings, as well as demonstrating the challenges.
Four frontiers of AI ethics
Authors: Khatry Sarah
Published: July 2024

The field of AI ethics is still solidifying, and is beginning to have tangible effects on the direction of innovation in the technology. This paper identifies four ethical frontiers that are likely to shape the future of AI. The first is the recognition of contexts represented by the data and culture of an AI system’s development, which can be a challenge to the aim of using AI to bring about greater prosperity and equity globally. Next, some of the difficulties and discoveries of investigations into AI explainability are discussed. The vulnerability of AI’s reliance on large amounts of data in the advent of data rights is described, along with the innovative solutions currently being explored to support secure, privacy-preserving AI. Finally, the two fields that best exemplify the ethics of AI-supported decision making serve as case studies into autonomy and accountability: medicine and warfare.
Taxonomies and metadata for digital asset management
Authors: Hedden Heather
Published: July 2024

Taxonomies, which can aid in the retrieval of digital assets, are of various kinds, and different kinds (hierarchical, faceted and thesauri) are suited for different situations. Taxonomies may be implemented in a digital asset or content management system either for tagging assets or for categorising assets or for both, and there are different circumstances that favour tagging versus categorising. Standards for taxonomies include both guidelines of standards bodies for best practices in developing controlled vocabulary, and specifically thesauri, and various industry recommendations for metadata schema so that controlled vocabularies can be shared. Taxonomies typically form part of a larger metadata architecture. Therefore, taxonomy design and metadata design should go together.
The COVID-19 pandemic’s effect on perceptions of luxury : A cross-cultural study
Authors: Biktyakova Anna , Kolo Castulus , Patten Elena
Published: July 2024

This paper is the first to explore the impact of the COVID-19 pandemic on consumer perceptions of luxury within different cultural contexts. Based on a sample of 181 subjects, this exploratory study analyses pandemic-driven shifts in perceptions of luxury among consumers in Russia and Germany, considering also the influence of age, gender and education. The paper compares its findings with those from previous research by Godey et al. As a long-term trend, the study finds that the terms ‘conspicuous’ ranked significantly lower in perceptions of luxury during the pandemic, as did ‘prestigious’, ‘extravagant’ and ‘snobbish’. Conversely, ‘exclusive’, ‘desirable’ and ‘emotional’ ranked higher. This paper also discusses the key differences between sociodemographic groups, and finds that cultural factors had the least impact on consumer perceptions. These findings have implications for the practice of luxury marketing.
Central banks and international liquidity: A call for action
Authors: Capel Jeannette
Published: July 2024

International banks frequently face liquidity mismatches, having enough cash and securities available but in the ‘wrong’ currency or in the ‘wrong’ country. Banks need to solve such liquidity mismatches promptly. Otherwise they may develop into overall liquidity (or even solvency) problems. In times of financial turmoil however, the channels for distributing liquidity across borders — and especially cross-currency areas — may become impaired. Cross-currency area central bank arrangements can then provide solutions and safeguard financial stability. Such arrangements are more necessary now than in the past due to recent trends in international liquidity, the emergence of fast communication technologies (so that banks have less time to find solutions) and more frequent ring-fencing by national supervisors. This paper elaborates on the different solutions and their pros and cons from a central banker’s perspective. It argues that a logical first step for central banks is to accept foreign cash as collateral. In the longer run foreign securities could be accepted as well (eg starting with high-grade sovereign debt or LCR-eligible assets). Preferable operational arrangements would be correspondent relationships or guarantees among central banks. A common global cash pool would raise collateral efficiency, but central banks need to examine the financial stability implications.
Successful asset data collection and management programmes in corporate real estate
Authors: Benton Nathanael
Published: July 2024

The benefits of implementing an asset data collection and management (ADCM) programme for an individual site or portfolio are numerous. ADCM can support capital planning exercises, facility condition indexing (FCI) of a portfolio, operation and maintenance (O&M) procedure development, populating a computerised maintenance management system (CMMS) or environmental, social and governance (ESG) initiatives. The relevance and accuracy of such initiatives are dependent upon the quality of the supporting data. In corporate real estate (CRE), too many organisations struggle to capture the necessary data to successfully implement proactive management strategies, leverage economies of scale and improve reporting to investors and government entities. An organisation cannot capitalise on the benefits of data-driven management platform (CMMS/IWMS) without consistent, reliable and accurate data. This paper explores how quality ADCM can streamline maintenance and capital planning, reduce spending and support business objectives.
Getting ready for the California Consumer Privacy Act: Building on General Data Protection Regulation preparedness
Authors: Thomas Ian
Published: July 2024

Following the introduction of the EU General Data Protection Regulation (GDPR) in 2018, several US states are introducing similar privacy laws. Of these, the California Consumer Privacy Act (CCPA) will be the most far-reaching. The CCPA builds on various consumer privacy principles established with the GDPR, albeit with some important differences, and is likely to act as the template for any forthcoming federal legislation in the USA. This paper examines some of the ways that the CCPA is similar to and differs from the GDPR, and how this affects the way that businesses should prepare for the implementation of the law in 2020. It then considers the level of GDPR preparedness among US businesses as an indication of their readiness to comply with the CCPA, before presenting a set of privacy best practices that businesses should adopt in order to remain compliant with the increasingly wide range of privacy laws being passed around the world.
The role of the advising engineer under the Party Wall etc Act 1996: Is there one?
Authors: Rust Mikael
Published: July 2024

There is a growing tendency for adjoining owners’ surveyors appointed under the Party Wall etc. Act 1996 to ask almost as a matter of routine for the building owner to meet the cost of another engineer to advise the surveyor. This practice adds the burden of yet more fees on the building owner.There seems to be no direct authority for this in the Act itself but the practice is supported by inference in a leading judgment and directly in guidance published by some of the professional organisations in the field. What is clear is that such an additional appointment should be made only in exceptional circumstances and that responsibility for the appointment needs to be carefully considered and defined.Surveyors relying on guidance from ‘their own’ advising engineer should also be aware that in so doing they and their engineers may become involved in the design itself and acquire liability of which they and their professional indemnity insurers are unaware.
The peril and promise of China’s education internationalisation: Online education, inequality and disabled students
Authors: Ma Guoxin , Roy Taposh
Published: July 2024

This paper provides a commentary on China’s latest internationalisation initiative released in June 2020. We find that accelerating online education, as part of the initiative, has several potential social benefits, including enhanced access to higher education, better social participation and improved global citizenship. We also highlight alarming and under-explored concerns relating to China’s education internationalisation, featuring education inequalities between students in different Chinese regions and rural and disabled students. We call for future research, including online education studies, to address these inequalities within the Chinese education landscape, especially involving disabled children who are currently encountering significant hurdles in accessing basic education within the prevailing system.
Development and use of the dynamic security model for airports
Authors: Weiss William E.
Published: July 2024

In 2004, the US Department of Homeland Security shifted the focus of airport security to incorporate the need to rapidly adapt security to shifting threats. In response to that need, The MITRE Corporation developed the Dynamic Airport Security Model. The model was developed as part of a MITRE-sponsored research project on attacker and defence behaviour in the airport environment. The model, a fast-time desktop simulation, accepts the airport layout, security procedures and threat vectors (path-weapon combinations) as inputs and models the performance of the airport's defence against those threat vectors. This agent-oriented simulation includes two intelligent agents: the attacker and the defence. Agent logic includes both decision making and learning.
The importance of being not too earnest: Creativity in the boardroom
Authors: Euchler Gordon , Liedtke Nils
Published: July 2024

Strategy has become ever more analytic, digital and data driven. Creativity is often a mere afterthought — only allowed to paint the products or services that were developed analytically. This paper argues that creative masterminds should take their rightful place in the boardroom and inspire companies for more imaginative and successful strategy. With three examples — T-Mobile, Volvo and O2 — we show how creativity can help to set the strategy, define the market and make products better.
The return on investment of tenant engagement
Authors: Horner Phyllis , Zapka Manfred
Published: July 2024

The COVID-19 pandemic has highlighted the need for corporate real estate (CRE) to rethink some long-held assumptions on how to avert higher vacancy rates and create value by investing in more attractive spaces. The key to good CRE performance is the ability to attract high-quality tenants, charge premium lease rent fees and avoid lease revisions or cancellations. Since the pandemic, the rules of lease retention have faced significant challenges. In an unexpected turnabout, the lessee is much more powerful in the transaction than in the past. The era where building owners, leasing agents and property managers could view leasing of spaces to corporate tenants as a commodity is over. The occupant’s experience is more central to the attractiveness of CRE in this era. Upgrading the mindset and tools for how to optimise the occupant experience requires different approaches for corporate tenants than historically. What tenants expect of the property manager, leasing agent and building owner have all increased significantly. This paper explores the foundations of these raised expectations, why they are unlikely to revert to pre-2020 levels, and provides models and tools to use in rapid improvement of results.
Achieving operational resilience in the financial industry: Insights from complex adaptive systems theory and implications for risk management
Authors: Butler Tom , Brooks Robert
Published: July 2024

Financial institutions face a perfect storm of nonfinancial risks: climate change, COVID-19, Brexit, digital transformation and cyberattacks generate new threats and exacerbate the impact to existing systemic and organisational vulnerabilities. Regulators recognise the magnitude of the risks that institutions face and are demanding that they become resilient — that is, they are able to absorb, adapt or recover from threats, stressors or shocks. This, however, is more easily said than done. The objective of this paper is to inform senior risk professionals on how resilience might be achieved by providing a much-needed frame of reference for those planning to transform their complex and chaotic organisations to resilient complex adaptive systems. Inter alia we delineate a logical model, based on conceptualising firms as resilient complex adaptive systems (RCASs), which elaborates the necessary and sufficient conditions for resilience in organisations. This general model can be applied to substantive areas of operations within financial enterprises to make them resilient in the face of endogenous and exogenous risk events, while meeting regulatory requirements.
Preparing for compounding crises: Staff shortages and cyber-attack vulnerability in the era of COVID-19
Authors: Klindienst Joshua , Ayanian Shant , Schlegelmilch Jeff , Akselrod Hana
Published: July 2024

In 2020, while the USA was experiencing successive waves of COVID-19, Universal Health Services experienced a major cyber attack that crippled electronic systems in over 200 hospitals, including a major academic medical centre that was playing a key regional role in COVID-19 care and clinical trials. This paper discusses the impact of the attack on clinical operations, informatics, research and teaching, contextualising the case study within more wide-scale trends driving the rise in cyber attacks on healthcare systems. The compounding relationships between COVID-19, healthcare workforce depletion and cyber-security vulnerabilities form the framework of the discussion and action plan. Commitments to institutional best practices, large-scale investments in infrastructure, and above all increasing support for the critical human actors carrying out the work, are urgently needed to secure the healthcare system against these destabilising threats. Within this context, this paper argues that information security in the healthcare sector must be reimagined and integrated with greater support for the needs of frontline healthcare workers.
Implementing a by design and by default approach
Authors: Preece Richard
Published: July 2024

Building upon the concept of privacy by design, security and data protection by design and by default are important obligations within the General Data Protection Regulation (GDPR) and associated national legislation. This paper seeks to summarise some practical approaches to develop effective capability to deliver by design requirements: (1) a whole project lifecycle design approach; (2) a contextual riskbased approach; (3) the use of goals and principles approach; and (4) integration of safeguards/controls into operational use. While by default requires: (1) only processing that is necessary approach; and (2) not releasing data to unauthorised people.
You plan, you test and then it happens: Lessons learned from the Schneider warehouse tornado recovery
Authors: Marotz William T.
Published: July 2024

This paper is about the experience gained and lessons learned while dealing with the long-term recovery of Schneider’s Port Logistics Division following extensive damage to three warehouse/ office facilities in Savannah, GA on 25th April, 2015. This paper will provide insight into how the initial assessments were handled, how the skill sets needed by the response teams were determined, and what further actions were triggered as more detailed information was received and assessed by the leadership team. This paper will also provide information as to how closely the company followed its existing contingency and disaster recovery plans, as well as where those plans fell short and where it was necessary to make adjustments as the recovery progressed.
What you need to know about the new Securities Financing Transaction Regulation
Authors: Tiller Hagen , Roussos Andreas
Published: July 2024

After the most recent economic recession in 2008– 2009, the European financial market has seen a great deal of regulatory changes. These changes have significantly impacted how firms, entities and counterparties operate and manage securities as well as manage and report transactions. In addition to the European Market Infrastructure Regulation (EMIR), the Markets in Financial Instruments Directive1 (MiFID II, 2014/65) and the Markets in Financial Instruments Regulation2 (MiFIR, 600/2014) entered into force. Securities Financing Transaction Regulation (SFTR), the newest regulatory change, aims to increase transparency by requiring all entities to report the specifics of their securities financing transactions (SFTs) to an approved European Union (EU) trade repository (TR). While the rules for these reports have not yet been officially finalised (at the time of this writing), these new rules will present a number of challenges to firms, entities, counterparties, TRs and investment companies. From data fragmentation to new costs related to disclosure requirements, all entities and counterparties will be required to adapt to these new obstacles sooner rather than later in order to be prepared for the planned start date in 2019. Furthermore, pending finalisation of the SFTR, all repos, securities loans, buy and sell back, total return swaps and similar transactions will need to be declared to an EU TR. Both financial and nonfinancial counterparties will be subject to these requirements. Aside from the challenges that the new SFTR regulation will likely impact firms, branches, entities, institutions, repositories and so on, there are also a number of basic solutions that can be utilised to mitigate challenges and risks and also successfully satisfy the new reporting requirements. This paper addresses the scope of SFTR, the overall impact, the challenges and even solutions to help entities and counterparties prepare for SFTR to go into force.
Educational philanthropy: What are the predictors?
Authors: Cooley Asya
Published: July 2024

Educational institutions have been traditionally considered as non-profit organisations, relying on individuals’ compassion and commitment to educational objectives. Studying the predictors of philanthropy to education is an important facet of educational philanthropy research. We identify three block predictors: human capital, social capital and financial capital predictors. Previous studies report that age, income and volunteering are major predictors of philanthropy. Our study shows that although, individually, these characteristics showed significant correlation with educational giving, there were other important factors that served as better predictors. Specifically, voting, homeownership and income were the top best predictors of educational philanthropy, according to our model.
Not-for-profit digital and social media strategy — From zero to hero: Case study of Special Olympics Australia
Authors: Wilson Peter , Mcneilly Alex
Published: July 2024

Special Olympics Australia, a not-for-profit organisation that transforms the lives of people with an intellectual disability through weekly participation in sport, required an integrated approach to digital and social media communications to engage diverse target audiences. Aligning with national strategic objectives, digital and social media needed to move from the one-way delivery of information, to broader objectives of informing, communicating, engaging and inspiring. Particularly relevant for remote events, digital and social media channels provide timely information and support where traditional channels are unavailable. A focused approach across multiple platforms has seen increased engagement and reach with all stakeholder groups.
How should banks manage the strategic risks associated with new regulations and new sources of competition?
Authors: Docherty Adrian
Published: July 2024

New capital regulations from the Basel Committee and an overhaul of loan accounting standards are leading to a radically different way of assessing the solvency and performance of banks. At the same time, the bases of competition in banking are shifting rapidly, catalysed by the adoption of new technologies. Banks need urgently to adapt to both these sets of strategic changes to preserve short-term shareholder value while maintaining long-term competitiveness and viability. A range of strategic management actions — including some fundamental changes to the business — can be considered.
Applying the theory of reasoned action to measure intent to purchase halal food
Authors: Ramya K.
Published: July 2024

The halal market exists primarily to cater to practising Muslim consumers, as it permits the sale of only those products and services permissible under Islamic law. Non-Muslims, however, are learning that halal products meet superior standards in terms of hygiene, safety and quality. This is contributing to a growing demand for halal goods around the world. With a focus on the largely untapped halal market in India, this study examines the relationship between attitudes and intent to purchase halal products among both Muslim and non-Muslim consumers. The study provides an opportunity for entrepreneurs and retailers to understand better how the halal market may be expanded in India and beyond. As such, this study has research and practical implications.
Blockchain YES, blockchain NO: An outsider (non-IT expert) view
Authors: Tranquillini Andrea
Published: July 2024

This paper applies the rationale used for the introduction of distributed ledger technology in the consumers’ goods industry to the securities services one, on the basis that the more consumers (investors) are unnecessarily protected, the more a business can be standardised and third parties do not require protection, the more the introduction of the new blockchain/ distributed ledger technology seems to be possible. On the basis of these parameters, identified by professors Benjamin Edelman (Associate Professor at Harvard Business School) and Damien Geradin (Professor at Tilburg University and George Mason University School of Law), the author identifies a number of complexities. Consideration of these, on the one hand, suggests the introduction of the new technology to optimise products and processes by reducing costs, but on the other hand, questions its effective short-term revolutionary impact and its application at infrastructure level, where a number of other factors, including primarily the stringent requirements introduced in the post-Lehman regulated environment to the financial markets, play a significant role.
A review of corporate governance in the Saudi Arabian insurance sector
Authors: Alsuyayfi Shanar Shafi , Said Rasidah Mohd , Ja'Afar Roslan , Albada Ali
Published: July 2024

This research aims to highlight the gaps in literature on corporate governance and risk management, and their impact on organisational performance in Saudi Arabia, specifically in the insurance sector. Existing studies that measure such relationships are limited. Moreover, the literature has revealed several constraints in the Saudi Arabian corporate governance environment that exacerbate the challenge associated with regulatory set-up, compliance and the detection of any changes in corporate governance procedures. Considering the `great` importance of the insurance sector in the Saudi economy, and the important role of corporate governance in regulating the insurance business, the study proposes that policy makers and regulators develop policies and regulations that would ensure that firms implement appropriate risk management strategies to improve the performance of the insurance industry in Saudi Arabia. Finally, the policy makers should focus on strengthening Takaful insurance because it has much potential due to its risk-averse characteristics.
Medical University of South Carolina case study: A structured approach to improving quality metrics for achieving maximum pay-for-performance incentive payments
Authors: Bowen Scheurer Danielle , Adelman Kimberly , Myerson Sandra , Carley Reed Lisa
Published: July 2024

To get healthcare costs under control and ‘bend the cost curve’, the Centers for Medicare & Medicaid Services is driving a shift from the fee-for-service (FFS) reimbursement model, which rewards quantity over quality, to value-based care payment models that encourage efficient delivery of high-quality, lower-cost care. Commercial payers are also shifting away from FFS and tying payment to quality metric scores and performance. The Medical University of South Carolina (MUSC) participates in one of the state’s largest pay-for-performance (P4P) initiatives. The payer uses a scorecard that assigns points, associated with incentive dollars, for meeting or exceeding benchmarks in publicly reported quality metrics. In late 2020, MUSC and ECG Management Consultants partnered to assess MUSC’s flagship hospital performance, analysing historical scorecard performance and improvement opportunities. MUSC’s biggest challenges included clinical practice variation, data accessibility and competing priorities, particularly during the COVID-19 pandemic. The hospital was leaving money on the table for process and outcomes measures for harm avoidance and patient safety, unplanned readmissions and appropriate use of emergency department and outpatient cardiac imaging. To overcome quality improvement (QI) barriers, multidisciplinary workgroups were established for each of the focus areas. Workgroup participants used MUSC’s IMPROVE methodology, incorporating Lean, Six Sigma and continuous process improvement best practices to effect change. From this foundational, structured QI approach — focused on a select group of metrics — MUSC is projected to earn US$11.6m in incentives between fiscal years 2023 and 2025, while improving clinical outcomes and patient safety. MUSC will apply the critical success factors and lessons learned to other QI opportunities across the entire MUSC Health system as the organisation strives to reduce process and outcome variability. Hospitals and health systems that engage in efforts similar to those undertaken in the ECGMUSC collaboration can build a foundation of strong QI capabilities and realise improved incentive payment dollars under P4P arrangements.
Experience matters: How user experience provided a new direction for digital asset management at Amway
Authors: Olmsted Tracy
Published: July 2024

In 2018, Amway’s digital asset management system was extremely customised and complex. Users were working around it or had stopped using it altogether. This case study reviews the research, recommendations and requirements that provided Amway’s digital asset management programme with a new direction and illustrates the importance of focusing on the user.