bluuebunny/crossref_metadata_2025 huggingface dataset:
Business continuity management in international organisations
Authors: Adamou Christel
Published: July 2024

In the area of business continuity management, a preliminary review of the literature reveals extensive knowledge, expertise and experience concerning organisations in the private and public sectors. It is interesting to note, however, that there is little literature about business continuity management in international organisations, although these entities are complex and particularly prone to threats. This apparent absence of literature suggests that business continuity management has not yet hit the agenda of international organisations. In recent years, member states have encouraged senior management to design and implement business continuity strategies to minimise the mishandling of an internal crisis and build organisational resilience, but very few of them have actually been able to design and implement comprehensive business continuity programmes. Based on actual experience working in international organisations, this paper outlines some of the challenges faced by international organisations in developing and implementing business continuity activities and attempts to make suggestions for further improvement.
Organising social care initiatives within an urban academic medical centre
Authors: Rosenberg Walter , Richman Ruth , Berumen Teresa , Smith Rachel , Olison Eugenia , Artman Lexi , Wang Siqi , Ewald Bonnie
Published: July 2024

Meaningfully addressing social risk factors that impact health outcomes is a complex and expensive endeavour. As healthcare systems across the USA pivot their operations to include upstream and downstream social care elements, they struggle with the operationalising screenings, intervention, staffing and sustainability. This paper shares the nearly decade-long experience of Rush Medical Center in Chicago in creating an infrastructure that identifies social needs, escalates patient cases to an interdisciplinary team intervening at different levels of intensity and simultaneously engages local community and medical entities to develop an enduring partnership to support these efforts.
Best practice business development and social media
Authors: Matthews Paul
Published: July 2024

Social media seems to be on everyone's mind at the moment. This paper answers some common questions: is social media right for our business? Are we doing enough? Should we be doing this, or that? What is a blog? Do I need to be tweeting? Who cares what Sarah's had for breakfast and how strong Bob's morning coffee is? Which social media platforms could I be using and which social media platforms do I need to be using? Some firms, in fact there are hundreds that have sprung up over the last few years, are social media evangelists, preaching about blogging daily, tweeting every hour and claiming that all your work will come through social media. Not everyone believes this. What is true is that social media is an important and growing element of a best practice business development approach. This paper evaluates social media not as a substitute for best practice business development, but as part of the mix.
Engaging parents and families: They are an audience too
Authors: Garrido Sonia
Published: July 2024

Parents and families play a key role in a college student's life. It is crucial for campus communicators to establish better lines of communication with this audience, provide them with information about services and programmes in easily understood ways and engage them as important members of the campus community. This case study analyses the strategies Stony Brook University's Student Affairs implemented to decrease the information gap with parents and families, how various communication channels were set up to help this audience stay informed and connected with the university, and provides a summary of insights and approaches helpful for other institutions looking to implement a similar programme.
The role of real-time gross settlement in a world of instant payments
Authors: Lule Yawe Bruno , Kiwala Yusuf
Published: July 2024

The use of mobile technology for funds transfers has increased dramatically as the market wants payment services that offer speed, convenience, ubiquity, safety and value for money. This paper describes the role of the real-time gross settlement (RTGS) system in a world of instant payments. It describes features that characterise RTGS and instant payments, and argues that there is still a role for RTGS. It concludes by highlighting eight critical issues that central banks should consider in their quest to provide payments and settlement infrastructures which are dynamic and appropriate for the rapidly changing globalised environment.
Regulation of low-cost carrier facilities at French airports
Authors: Tatibouët Yves , Doumas Emmanuel
Published: July 2024

In the space of a few years, low-cost carriers have completely changed the airline and airport sector. How should economic regulation respond to these developments? This paper attempts to answer this question by describing the French experience regarding these issues, specifically focusing on the case of low-cost terminals.
Bank capital for operational risk: A tale of fragility and instability
Authors: Ames Mark , Schuermann Til , Scott Hal S.
Published: July 2024

Operational risk is fundamentally different from all other risks taken on by a bank. It is embedded in every activity and product of an institution, and in contrast to the conventional financial risks (eg market, credit) is harder to measure and model, and not straightforwardly eliminated through simple adjustments like selling off a position. While it varies considerably, operational risk tends to represent about 10–30 per cent of the total risk pie, and has grown rapidly since the 2008–2009 crisis. It tends to be more fat-tailed than other risks, and the data are poorer. As a result, models are fragile — small changes in the data have dramatic impacts on modelled output — and thus required operational risk capital is unstable. Yet the US regulatory capital regime, the central focus of this paper, is surprisingly more rigidly model-focused for this risk than for any other. The authors are especially concerned with the absence of incentives to invest in and improve business control processes through the granting of regulatory capital relief, and make three, not mutually exclusive, policy suggestions. First, address model fragility directly through regulatory anchoring of key model parameters, yet allow each bank to scale capital to their data using robust methodologies. Secondly, relax the current tight linkage between statistical model output and required regulatory capital, incentivising prudent risk management through joint use of scenarios and control factors in addition to data-based statistical models in setting regulatory capital. Thirdly, provide allowance for real risk transfer through an insurance credit to capital, encouraging more effective risk sharing through future product innovation. Until the understanding of operational risks increases, required regulatory capital should be based on methodologies that are simpler, more standardised, more stable and more robust.
The role of librarians in DAM projects
Authors: Hunt Deborah
Published: July 2024

From information to knowledge to metadata in digital asset management (DAM), a librarian can be key to the success of any content management system. This paper describes two case studies of how librarians are important to DAM and the organisation. It shows how librarians apply traditional and modern skills to empower organisations to leverage their strategic knowledge assets, blowing up librarian stereotypes while positively contributing to the bottom line.
#DeleteFacebook and the consumer backlash of 2018: How social media fatigue, consumer (mis)trust and privacy concerns shape the new social media reality for consumers
Authors: Bright Laura F. , Wilcox Gary B. , Rodriguez Hayley
Published: July 2024

Facebook’s rise to ubiquity over the last decade came to a dramatic halt in March 2018 after a massive data breach, including improper use of consumer data, was revealed, followed by the most significant one-day stock devaluation in recent history. The business model on which Facebook has sustained itself for years had a fatal flaw, and consumers were the ultimate victims — their backlash began swiftly and was categorised online under the #DeleteFacebook hashtag. To assess the impact of said backlash, this paper examines user-generated content (ie tweets) created by consumers in the days immediately following the Cambridge Analytica crisis. This paper will provide insight into the emergent themes surrounding this brand crisis for Facebook and how consumers wish to move forward in their interactions with the platform. The study uses textual analytics to identify topics and extract meanings contained in an unstructured textual dataset composed of Twitter data. Themes surrounding privacy, fear of missing out, helpfulness, and account deactivation emerged from the analysis. Managerial implications for advertisers are presented.
Content re-monetisation: How to have your cake and eat it too
Authors: Vasudevan Venu , Doo Myungcheol , Ishtiaq Faisal , Braskich Tony
Published: July 2024

The remonetisation of content is gaining momentum as (even the most profitable) content companies find themselves challenged for new growth opportunities and revenue streams. Remonetisation refers to the innovative use of media segmentation to repurpose long-form content (and associated ads) into forms suitable for new devices, storytelling and attention models, and new consumption styles. Media segmentation has hitherto been a complex trade-off between human intelligence and automated algorithms. Teams of human editors are cognitively sophisticated but slow(er) and less available. Automated algorithms provide speed, but only on tasks that machines do well. This paper proposes a model for cost-effectively repurposing content by triaging algorithmic innovation in media analytics while making novel use of crowdsourcing to provide a solution that acts as a force amplifier on both human and machine dimensions. We share a proof point of our remonetisation framework in our collaboration with significant sports network with complex and demanding needs on the segmentation vocabulary and system performance.
Addressing e-commerce chargebacks effectively: An interview with Gary Cardone
Authors: Cardone Gary , Bruggink Diederik
Published: July 2024

Adhering to the Consumer Financial Protection Bureau (CFPB) regulations is challenging for banks and credit card issuers, who face difficulties at every step, including financial losses related to chargebacks. Implementing an automated system to alleviate these challenges presents its own problems, says Gary Cardone, CEO of eConsumerServices, who recommends that banks and issuers bring in a third party to handle the process. Judgment is needed over disputes in order to resolve them quickly; otherwise, when merchants fight back and consumers become upset, automation becomes the problem, rather than the solution. Cardone says partnering with a transaction dispute mediator is a viable solution that will help mitigate the rising costs of chargebacks and lower consumer dissatisfaction, and the need for the CFPB to step in. Partnering with a transaction dispute mediator will ultimately benefit and help retain consumers by providing them with personalised service, ongoing communication and fast response times.
Impact of intensive peer coaching on physician performance
Authors: El-Aswad Naim , Ghossoub Zeina , Nadler Relly , Olsen Kevin M. , Sigler Sara , Simmons Stef
Published: July 2024

Physician performance in patient experience varies broadly. Physicians who are otherwise excellent clinicians may have lower than average patient experience scores and more frequent patient complaints. This raises the question, how do we assist physicians in improving their skills to provide a better patient experience? To address this problem, a team of physician peer coaches were matched with clinicians who were underperforming to local standards as measured by individual patient experience scores or by number and type of patient complaints. The peer coaches worked with their colleagues for six months, meeting on average every other week to review motivation, skills and performance barriers. Clinicians who were paired with trained peer coaches showed significant, sustained improvement in performance as measured by patient experience scores of the coached cohort. Clinician retention also outperformed manager estimates, and clinicians were highly satisfied with the process. It was concluded that physician performance can be positively impacted through peer coaching in a process that is satisfying to the client, improves estimated retention and reduces turnover costs. Peer coaching benefits patients, clinicians and hospitals by improving the experience of both patients and clinicians and supporting a stable clinician group. Coaching programmes are reproducible and measurable and produce short- and long-term results. Emergent themes recognised by coaches included not only skill development but also professional well-being and personal renewal activities. As clinicians face increased challenges to professional well-being personal and employerbased coaching programmes are one way to mitigate the risk to patients and clinicians.
The Olympic World Feed Project: Searching, acquiring and preserving the international television signal of the Olympic Games from 1956 to 1988
Authors: Meichtry Yasmin , Sánchez Isabel
Published: July 2024

This paper describes the project carried out by the Olympic Foundation for Culture and Heritage (OFCH) to locate, acquire and preserve all official televised coverage (ie the international television signal) of the Olympic Games broadcast between 1956 and 1988. After providing a general overview of the audiovisual archives of the International Olympic Committee (IOC), which are managed and overseen by the OFCH, and outlining the OFCH’s mission and challenges in this respect, the paper discusses how the television broadcasting of the Olympic Games has evolved and the impact of these developments on the race to repatriate and preserve this content. The paper goes on to discuss the Olympic World Feed Project, describing the planning that went into recovering more than 3,000 hours of content missing from the IOC’s archives, as well as the various steps involved and the numerous challenges faced along the way. In particular, the paper provides a case study of the acquisition of the international television signal produced during the XIV Olympic Winter Games — Sarajevo 1984.
Ready, set, implement: A road map for SMS success
Authors: Smart Elizabeth
Published: July 2024

Airports across the country are waiting for the federal mandate requiring the implementation of a Safety Management System (SMS). This formal top-down business-like approach to managing safety risk is considered the next significant step in increasing aviation safety. With a system of this magnitude available right now, why not voluntarily implement SMS? After all, the successful implementation of a SMS is not centred on regulatory guidance. Rather, it stands on the Airport Executive’s commitment, the SMS Manager’s position, and the airport’s safety culture. An early adopter’s road map should include goals, objectives, policies, committees, hazard reporting, promotional processes and the definition of programme success.
Depository to people: The new experimental business model
Authors: Yeganyan Hayk , Harutyunyan Samvel , Asatryan Armen
Published: July 2024

The paper is devoted to the study of the primary results of the introduction of the new experimental business model ‘depository to people (D2P)’ and its technological solutions. It identifies the main problems of the financial markets inherent in transition economies, taking into account a characteristic of the Armenian capital market, a need, the solution of which determined the strategy for the development and implementation of innovative approaches. Further, it describes in detail the functionalities and operations of the new online platform that enables individuals to directly open a securities account at the Central Depository of Armenia and carry out transactions with securities without intermediaries using an intuitive user interface. The paper carries out a statistical and comparative analysis of investment preferences of Armenian citizens and exchange trading data as well as the investing activity of users of the online platform, eventually disclosing the ideas laid down in the new business model and its financial and economic functions.
Measuring change in the levels of scheduled arrival reliability: An application of ordinal logistic regression
Authors: Diana Tony
Published: July 2024

Scheduled arrival reliability represents a key performance indicator for airlines. It also represents an important factor in traveller satisfaction. This paper utilises the cases of seven airports on the US West Coast to evaluate the impact of arrival cancellations, gate arrival and departure delays and block delays on the levels of scheduled arrival reliability measured on a scale from 1 to 5. Based on an ordered logit regression model, the study revealed that there was no significant difference among the sampled airports in the attainment of scheduled arrival reliability as explained by the model’s independent variables, whether an airport was part of the Federal Aviation Administration’s Core 30 airport group, it served as a hub for a major carrier or it was located at a specific Air Route Traffic Control Center.
Opportunities in digital assets and digital custody: Tracking the modernisation of standard custody offering
Authors: Ignatowicz Radoslaw , Taudes Alfred
Published: July 2024

Digital assets are a new asset class whose adoption necessitates a transformation of custody similar to the transition from paper-based securities to a fully dematerialised securities system. This paper explores how traditional custodians can manage this transition in a proper way and employ distributed ledger technology to increase the efficiency of their operations and to provide digital asset and traditional services in an integrated way. Starting by describing the status of custody, the paper then describes the opportunities and challenges of blockchain-based digital asset custody and elaborates on the proper ways of integrating the novel platforms and processes in the business model of a traditional custodian. On this basis, a framework is developed for a future integrated custody service.
Selecting the correct method for cleaning historic facades
Authors: Paye Adrian
Published: July 2024

Most forms of building facade cleaning carry some risk of either changing or damaging the material surfaces. Methods must therefore be carefully selected to minimise the risks, and it is usually considered appropriate to ‘underclean’ rather than risk damage. Building owners usually require their facades to appear as clean as possible, so their expectations need to be managed and the risks explained. Every façade will have its own set of challenges for which the most successful solutions will often involve a combination of methods. This article describes the variety of methods and the circumstances where they are best employed.
(Urban) sustainability in practice: Insights from the Veneto region
Authors: Fregolent Laura , Tedesco Carla
Published: July 2024

Since the 1980s, the Veneto region has been singled out as the engine of the Italian economy. Its spatial and governance structure was the outcome of a multiplicity of individual/joint/organisational behaviours, which generated a set of very complex ‘perverse effects’ (primarily environmental). Moreover, its paths of modernisation, which were still effective in the 1980s, are now undergoing rapid transformation (due to globalisation and internationalisation of businesses, erosion of social ties, Europeanisation, environmental issues, different populations, the crisis of traditional systems of representation etc) and it is still not clear what the emerging configurations will be. Certainly, sustainability emerges as a keyword in regional and municipal planning documents as well as in local people’s claims regarding environmental conflicts. Within this framework, this paper is based on research work drawn from a pragmatic notion of sustainability. It investigates how a medium-sized city in the Veneto region (Vicenza) is dealing with sustainability issues emerging from different tiers of governance. Urban transformation will be analysed from a multi-scalar perspective, taking into account the main decision-making processes concerning environmental issues (particularly the most significant measures and policy of containment of land consumption) as well as urban and regional plans and policies, and mega-projects which are significantly shaping urban transformation.
Trade and transaction reporting challenges facing buy-side firms
Authors: Hayter-Holt Angela
Published: July 2024

The Markets in Financial Instruments Directive (MiFID) came into effect on
1st November, 2007 and was designed to regulate investment services in the
European Economic Area. The main objective of this was to create more
transparency in the European financial system with the aim of improving
investor protection. MiFID has two reporting regimes: trade and transaction
reporting. Both regimes will undergo an overhaul in the new Regulation
(MiFIR) together with the new Directive (MiFID II). Reporting in the new
world will create challenges for most buy-side firms, especially ones that
rely on their brokers to report on their behalf. An increase in instrument
scope as well as trade-related detail means an increase in the amount of data
needed to be reported to the regulator. Buy-side investment firms face
building or subscribing to complex data repositories with large rules engines
to cope with the increase in reporting requirements.
Ethical and efficient consent management
Authors: Hall Doug
Published: July 2024

The need for consent management on websites does not need to be a barrier to success. This paper discusses how ‘cookie banners’ offer an opportunity to start a conversation, and build a mutually valuable relationship with users. Collecting analytics data requires a responsible attitude with a human touch. By understanding technology, regulation and users’ needs, site owners can use consent management as a competitive advantage rather than a hindrance.
A metrics framework to get and keep management engaged
Authors: Ream Scott , Mathew Shane
Published: July 2024

Conferences and webinar presentations regularly extol the importance of executive support when building a successful, sustainable business continuity, IT disaster recovery, crisis or emergency management programme. When executives are engaged, it is a beautiful thing. One feels empowered and appreciated. Then one day, it is gone. Or worse, it was never there. Was it somebody’s fault, or was it some other factor? Business continuity management (BCM) practitioners monitor the progression of their efforts and quality of results through metrics. However, which metrics or key performance indicators provide the greatest value, particularly in the context of gaining and keeping executive support? This paper reviews several traditional metrics models, assessing both the positive and negatives that each offer. This is followed by an in-depth overview of the Business Continuity Maturity Model (BCMM), a publicly-available organisation resilience programme assessment tool that, when applied effectively, provides a rigorous framework for programme assessment and ongoing metrics reporting. This is followed by an analysis of the models, and recommendations on the use of metrics to tell a resiliency story that demonstrates value.
How to develop a profitable, customer-focused digital banking strategy: Open banking services and developer-friendly APIs
Authors: Guibaud Sophie
Published: July 2024

With the introduction of the update to Europe's Payment Services Directive, PSD2, banks have a significant opportunity to implement new digital strategies. While the Access to Account (XS2A) scheme within PSD2 means banks need to completely overhaul the way they give access to and process customer data, a more open approach to how they work with other banks and new players in the ecosystem could enable them to create services that will help them to attract and retain increasingly digitally savvy customers while finding new revenue opportunities. This paper looks at the opportunities and threats to banks of adopting an open strategy on the back of the introduction of PSD2 and XS2A.
Why cultures fail: The power and risk of Groupthink
Authors: Valine Yousef A.
Published: July 2024

Why do terrible things happen under the watch of good leaders? Why do very smart, dedicated, well-meaning leaders make horrific mistakes? Can these problems be foreseen? How and why do these problems happen? How is it that a robust system of checks and balances designed to prevent these situations fails? Are these problems likely to happen again? In this paper, the power and risk of Groupthink is explored by examining two cases (London Whale and Sales Practices) at JPMorgan Chase and Wells Fargo. Through specific examples, the paper demonstrates that what happened at these organisations can happen in any company.
Economic incentives and Blockchain security
Authors: Freund Dr Andreas
Published: July 2024

This paper shows that in order to account for significant value-at-risk scenarios, it is only possible to establish a Blockchain protocol as a truly secure, decentralised and automated trust provider with the significant security guarantees provided through inherent economically incentivised consensus mechanisms that are built on top of cryptographic guarantees. This is relevant for all industries but in particular for capital markets, as the inherent conflict of interest of banks running Blockchain/distributed ledger technology (DLT) network nodes for scenarios such as security exchanges necessitates the use of third party Blockchain/DLT node providers. This in turn requires higher security guarantees since these third party providers are inherently less trusted by the ecosystem participants than the banks themselves, at least in principle, which requires even more security guarantees as the value-at-risk for third party operated Blockchain/DLT network rapidly increases over the medium term as Blockchain/DLT adoption picks up.
Understanding and measuring social sustainability
Authors: Woodcraft Saffron
Published: July 2024

Social sustainability is a new strand of discourse on sustainable development. It has developed over a number of years in response to the dominance of environmental concerns and technological solutions in urban development and the lack of progress in tackling social issues in cities such as inequality, displacement, liveability and the increasing need for affordable housing. Even though the Sustainable Communities policy agenda was introduced in the UK a decade ago, the social dimensions of sustainability have been largely overlooked in debates, policy and practice around sustainable urbanism. However, this is beginning to change. A combination of financial austerity, public sector budget cuts, rising housing need, and public and political concern about the social outcomes of regeneration, are focusing attention on the relationship between urban development, quality of life and opportunities. There is a growing interest in understanding and measuring the social outcomes of regeneration and urban development in the UK and internationally. A small, but growing, movement of architects, planners, developers, housing associations and local authorities advocating a more ‘social’ approach to planning, constructing and managing cities. This is part of an international interest in social sustainability, a concept that is increasingly being used by governments, public agencies, policy makers, NGOs and corporations to frame decisions about urban development, regeneration and housing, as part of a burgeoning policy discourse on the sustainability and resilience of cities. This paper describes how social sustainability is emerging as a practice in urban regeneration in the UK and draws on Social Life’s work in improving the social outcomes of development for communities. It includes a detailed assessment of experimental work carried out in 2011 for the Berkeley Group, in partnership with the University of Reading, to develop a social sustainability measurement framework, which will enable Berkeley to evaluate community strength and quality of life in regard to new housing developments.
Moving beyond basic localisation: Culturally customising digital content
Authors: Singh Nitish , Chun Wootae , Benmamoun Mamoun
Published: July 2024

The objective of this paper is to provide insights into the localisation imperative in international marketing. The authors argue that the cultural dynamics of international markets requires companies to develop localisation strategies and deliver digital content that resonate with international consumers. This paper attempts to provide insights to support e-commerce marketers in comprehending the importance of cultural customisation on websites and other digital content. Lastly, this study provides managerial insights into how to culturally customise digital content.
The pitfalls of a post-COVID-19 portfolio consolidation
Authors: Merlo Oriana
Published: July 2024

The profound changes in the commercial real estate market brought about by the COVID-19 pandemic, including the widespread adoption of remote and flexible work arrangements, have significantly altered the utilisation of commercial office real estate. This paper outlines common pitfalls organisations may encounter when contemplating real estate portfolio consolidation due to these changes. It highlights the financial costs associated with reducing office space, while addressing the reputational cost of such decisions. The continually shifting landscape related to hybrid work policies is also explored, along with issues such as employee pushback, over-cutting space, timing issues, employee dissatisfaction and economic viability. To aid organisations in decision making, the paper suggests key metrics and data points for assessment, including headcount analysis, telework policies, badge analysis, sensor implementation, workplace observation, demand studies and pilot programmes. Ultimately, the paper underscores the importance of data-driven decision making while considering the holistic needs and preferences of employees. It acknowledges the challenges and uncertainties in the post-COVID-19 real estate market and provides a comprehensive checklist for organisations to consider prior to consolidating their real estate portfolios, and guidance for planning such consolidations effectively.
AI–human interaction: Soft law considerations and application
Authors: Casey Catherine , Dindiyal Ariana , Sherer James A.
Published: July 2024

This paper defines the utilisation of ‘soft law’ concepts and structures generally, considers the application of soft law to the perceived gap between artificial intelligence (AI) approaches and normal human behaviours, and subsequently explores the challenges presented by this soft law application. The authors submit that AI is only becoming more prevalent, and increased uses of this technology logically create greater opportunities for ‘friction’ when human norms and AI processes intersect — especially those processes that seek to replace human actions, albeit inconsistently and imperfectly. This paper considers that friction as inevitable, but instead of offering wholesale objections or legal requirement application to AI’s imperfect intrusions into humans’ daily lives, the authors consider ways in which soft law can smooth the path to where we are collectively headed. As human–computer interaction increases, the true role of AI and its back-and-forth with humans on a day-to-day basis is itself rapidly developing into a singular field of study. And while AI has undoubtedly had positive effects on society that lead to efficient outcomes, the development of AI has also presented challenges and risks to that which we consider ‘human’ — risks that call for appropriate protections. To address those concepts, this paper establishes definitions to clarify the discussion and its focus on discrete entities; examines the history of human interaction with AI; evaluates the (in)famous Turing Test; and considers why a gap or ‘uncanny valley’ between normal human behaviour and current AI approaches is unsettling and potentially problematic. It also considers why certain types of disclosure regarding AI matter are appropriate and can assist in addressing the problems that may arise when AI attempts to function as a replacement for ‘human’ activities. Finally, it examines how soft law factors into the equation, filling a need and potentially becoming a necessity. It considers the use-case of how one US legislative body initiated such a process by addressing problems associated with AI and submits that there is a need for additional soft law efforts — one that will persist as AI becomes increasingly important to daily life. In sum, the paper considers whether the uncanny valley is not a challenge so much as a barrier to protect us, and whether soft law might help create or maintain that protection.
Consolidated Audit Trail: Strategic planning and best practices
Authors: Martinen Michael , Black George , Bhullar Ripple , Marranca Victor
Published: July 2024

The US equities and options regulators have long sought a ‘one stop’ research solution to analyse and investigate events in the market or perform general reviews. The Securities and Exchange Commission’s Consolidated Audit Trail (CAT) is the industry’s solution and it is designed to capture trades from the initial order through to final client delivery. The ongoing challenge for financial services firms is that there are many types of business, technical infrastructure and booking models within the equities and options world that make it difficult to create a specification to capture diverse information appropriately. Firms must understand exactly how their businesses align with CAT requirements and conform accordingly. As financial services organisations prepare to invest in the people, processes and technology necessary to comply with CAT requirements, key focus areas will be data and control infrastructure. Whether your technical solution involves the creation of a repository for data centralisation or managing delivery from multiple silos, its success relies upon a mature and resilient control framework executed to a consistent standard throughout. A strong control framework gives a firm the ability to empower their compliance functions, business lines and IT groups to react to developments in the regulatory landscape and implement change effectively. Clear and consistent control is also crucial for senior leadership to prioritise product development alongside these mandated needs. To implement the required changes, a detailed project plan, dependency analysis and committed milestones should be defined to align the multiple stakeholders across a financial services organisation and provide a path to success. A fully compliant CAT solution will depend on aligning systems, cleansing customer data, normalising order and settlement information. It will also require matching the CAT report against the actual orders as well as executions and allocations within authoritative data sources, along with any other regulatory reports derived from these systems. As a final note, while CAT compliance is a required effort, it is also a great opportunity for firms to approach the change strategically. The people, process and technology transformation required for CAT will allow organisations to invest in remediating or enhancing data infrastructure and to evaluate legal entity utilisation and trade booking models. It will also enable firms to review and improve their operating models and procedural documentation, as well as integrate regulatory reporting with other in-house reports and workflows.
Convexity and correlation effects in expected credit loss calculations for IFRS9/CECL and stress testing
Authors: Chawla Gaurav , Forest Lawrence R. , Aguais Scott D.
Published: July 2024

This paper demonstrates that the convexity of PD functions as well as the correlation among probability of default (PD), loss given default (LGD) and exposure at default (EAD) outcomes impart skewness to the credit-loss, probability-distribution function (PDF) and thereby increase the expected values of credit losses (ECLs) by as much as 20 per cent or more according to estimates presented later. With regard to convexity, the magnitude of the effect on ECLs depends on the amount of convexity in PD functions as well as the extent of the random dispersion in the credit-risk factors that affect PDs. With regard to correlation, the magnitude of the effect depends on the amount of correlated variation in PD, LGD and EAD outcomes. In accounting for these effects, one may apply credit-cycle indices in modifying the existing PD, LGD and EAD models so that they produce point-in-time (PIT) estimates that move together over time in the way implied by common, credit-cycle effects. Having done that, an institution can account for convexity and correlation effects in producing the unbiased estimates of ECLs needed in determining losses under stress scenarios or impairments under IFRS9/CECL.
Country report: The payments industry in the Netherlands: Status and future developments
Authors: Mallekoote Piet M. , Hartsink Gerard
Published: July 2024

Transaction fees are not simply a core source of revenue for payment service providers, but also impact significantly on the economy more broadly. This paper examines the situation in the Netherlands, where the banks in this relatively small country have historically cooperated to keep transaction costs low. With a focus on retail payments rather than the settlement of payment transactions or the payments leg of securities transactions, this paper explains the principles underlying this model of cooperation, and explores how cooperation within the payments industry has impacted the sector and country.
Enabling cyber incident collaboration in UK local government through fast-time communication
Authors: Brett Mark
Published: July 2024

This paper brings together concepts and ideas to support organisations in implementing cyber incident response and coordination, especially focusing on the need for fast-time communications. Normal business operations are slow-time communication, with the shift to fast-time communication occurring during an operational incident. A good example of fast-time communication is instant messaging as opposed to slow-time e-mail. We are proposing a number of strands to formulate an approach. We realised the standard Playstation 3 theme (P3T) approach applies to fast-time communications and can be augmented to provide a novel application of the P3T. We propose to add governance to ensure that the scope application and use is appropriate, within the scope of a threat profile. We also propose to make use of the consequence relevance acceleration severity and harm (crash) gate framework which facilitates the definition of trigger points for escalation in cyber incident response planning and response. We will present some use cases and explain how to integrate them into existing operating processes and procedures. The temporal activities matrix is discussed, which explains the different slow-time/fast-time activities in a cyber response team/security operations centre (SOC). This paper comes at the end of a three-year work programme for local government in England led by MHCLG which focused on cyber resilience from the ICT side and started to build an approach and capacity within the Local Resilience Forums (LRFs). The work delivered a wide range of workshops and cyber exercises for the English LRFs. There was also a similar programme run by the Welsh Government for the wider public sector in Wales. Finally we explore future research considering an additional application around smart cities, incorporating zero trust architecture.
A risk-adjusted pricing model for bank loans: Challenging issues from Basel II
Authors: Curcio Domenico , Gianfrancesco Igor
Published: July 2024

This paper detects how the Basel II internal ratings based (IRB) approach affects the bank loan pricing mechanism. A multi-period risk-adjusted pricing methodology under the prevalent loan repayment schemes based on the theoretical framework provided by Hasan and Zazzara (2006) is developed. In addition to the previous literature, more light is shed on the contribution of the two types of losses (expected and unexpected) to the total risk-adjusted spread, finding evidence which is consistent with what credit risk modelling theory suggests. On the implications stemming from the adoption of the IRB advanced approach, it is shown that lower risk-adjusted spreads are assured when the effect of longer maturities (higher spreads) is off-balanced by a reduction in loss given default (LGD).
Integrating Twitter into your physician communication strategy
Authors: Dunlop Dan
Published: July 2024

As the adoption of digital communication tools by physicians grows, an opportunity emerges for physician relations departments to enhance their communications efforts by integrating digital tools into their marketing programmes targeting referring physicians. This paper looks at ways in which Twitter can be used to market to referring physicians and how this digital marketing function can be successfully undertaken by a physician relations department. What protocols need to be adopted, what training would need to take place, and what steps need to be taken to successfully implement the programme? Specifically, this paper looks at integrating digital communication into the daily role of physician liaisons, extending their reach by having them use social media to engage physicians and practice personnel.
Understanding risk in an emergency management context
Authors: Manson Bob
Published: July 2024

Understanding of risk is important for emergency managers. The variety of definitions, expressions, assessment techniques, efforts to measure, perceptions, levels of acceptability and the role of probability consideration can create challenges when considering and communicating risk. This paper presents a brief overview of some important factors with regard to risk, along with some case studies to inform emergency managers. It also introduces an alternative approach to risk that includes and retains the three dimensions of hazard, exposure and vulnerability.
Payments systems trends in Japan: Blueprints for the next-generation Zengin system
Authors: Yanagawa Eiichiro
Published: July 2024

This paper examines initiatives to accelerate the development of Japan’s payment infrastructure through the lens of the Zengin System — the heart of this infrastructure. In addition, this paper distils how cutting-edge technology is being applied and imagines the evolution of the financial services landscape as we enter the rapidly evolving, brave new world of financial technology (FinTech).
Clearing the path for digital asset management: Removing obstacles to enhance user experience
Authors: Currans Amy , Lopez Pauline
Published: July 2024

Digital asset management (DAM) entails more than just software implementation and administration as it requires building relationships with users at all stages of programme development. By treating users as customers, we can use customer service principles to foster loyalty and goodwill. This approach also helps us focus our efforts where it matters — removing blockers for our customers. This paper describes specific ways to consider customer needs through a standardised approach that supports customer loyalty and reduces effort.
Being logistically prepared for an influenza pandemic
Authors: VanVactor Jerry D.
Published: July 2024

Critical to any healthcare professional’s pandemic preparedness is an understanding of the disease’s processes and how it can affect a population. Administrators and healthcare logistics professionals must be prepared to assist, as necessary, in risk mitigation through advance planning, demand forecasting and provision of support services once the crisis occurs. Healthcare administrative personnel and other emergency management professionals should begin their preparation by asking specific questions related to organisational readiness. While the rest of the world reacts to the impending pandemic with a degree of fatalistic apathy, healthcare logistics professionals must be determined to engage, continuously, effective countermeasures to help mitigate significant losses and the degradation of people’s health.
How one supply chain integrator resolved one investor owned utility’s ageing workforce challenges using a scalable solution
Authors: Frank Dave
Published: July 2024

The US is experiencing a large shift in its labour force due to an ageing and retiring workforce. While this change is consistent across all industries, this case study will examine its effect on one utility company’s supply chain. An influx in industry spending coupled with a labour shortage led to higher utilisation of contract workforce to alleviate labour issues. However, this model brings about new challenges such as resource, material and space shortages as the utility’s support staff is required to support both their internal employees and outside contractors. This case study will describe how the utility partnered with a supply chain integrator to develop a well-planned, flexible and scalable solution that allows the utility supply chain to focus on their internal business units’ core competencies and stakeholders while limiting costs, improving efficiencies and increasing productivity. The utility benefitted from reduced total cost of ownership, supply chain optimisation and reduced risk.
The impact of technology on workplace design and supporting a multigenerational workforce
Authors: Ezold Matthew
Published: July 2024

This paper analyses recent trends in workplace design in support of open plan, densification and enabling user mobility within the workplace to encourage user encounters. Is examines how these trends triggered a corresponding movement towards self-service technologies with a greater ability to locate and communicate with peers through personal and mobile devices. Supporting users with this improved collaboration suite has required that technology teams start understanding the profiles of their users from initial needs assessment through ongoing training and support. The paper investigates how generational factors including speed of adoption and the perception that technology is requiring users to work in new and unfamiliar ways can slow the overall effectiveness of technology deployment and by extension the success of a transformative workplace design effort. By pairing current workplace design trends with the supporting technology capabilities of each trend, the paper identifies a process to determine the needs of specific user types and methods for supporting a multigenerational workforce as new capabilities are rolled out.
Why be liked when you can be loved?
Authors: Benmiloud Jamal
Published: July 2024

Today, people only recommend brands they love. If customers like you, be afraid, be very afraid. 81 per cent of people choose brands based on what their friends said. The author co-wrote Brand Love: How To Build A Brand Worth Talking About to help CMOs build a marketing team of millions. Why settle for second best? Why settle for being liked when you can be loved?