bluuebunny/crossref_metadata_2025 huggingface dataset:
Stress testing European banks: Lessons for risk managers
Authors: Haben Piers , Friedrich Benjamin
Published: July 2024

Stress tests are an increasingly important component of the risk management and supervisory landscape. The objectives, processes and outcomes can, by design, differ between financial institutions’ own stress tests and supervisory stress tests. But there are vital lessons that can be shared. Drawing on experience of the 2014 EU-wide stress test for the EBA, the authors identify some core lessons from the supervisory world that should resonate with risk managers trying to integrate stress testing into a coherent risk management framework across their institutions. For the purposes of simplicity they group these lessons into: governance, including communication upwards; data infrastructure and integrating stress tests into a broader risk management framework. This paper does not intend to offer detailed solutions. Rather, it aims to draw parallels between the supervisory and risk management world, to identify some common challenges and provide some insight into the experience so far in dealing with these challenges. More importantly, this paper invites further consideration and insight into how these challenges might be faced in the future.
Indian payment systems and financial inclusion: Current status and next steps
Authors: Balakrishnan Mahadevan
Published: July 2024

This paper provides a brief overview of the benefits of payment
systems for economic growth and the benefits of electronic payment
systems; it explains the various payment systems in India, and then
analyses where India stands in terms of payment systems among
select countries and emerging nations — BRICS. Then it goes on to
explain the current status of financial inclusion in India and the
various steps that could be taken to improve the use of electronic
payment systems and furthering financial inclusion objectives.
Compliance in a hyper-growth FinTech payments business: A brief guide to support success
Authors: Buchanan Matt
Published: July 2024

This paper examines the experiences of the compliance function in a fast-growing payments business and endeavours to identify focus areas that support this growth. Given the regulatory challenges that can beset a FinTech company experiencing rapid change, the paper details the compliance processes that can be utilised to ensure that the function remains a key asset to the payments business.
After a crisis: Operational restart and contingency planning in manufacturing
Authors: Onica Terry , Fisher Cathy , Sisk Lori
Published: July 2024

As the COVID-19 pandemic closed manufacturing plants and disrupted supply chains in early 2020, we looked at how original equipment manufacturers (OEM) and tiers in the automotive industry responded, pivoted and restarted. Contingency plans and restart tasks took centre stage, sometimes coming up short. We found that many downstream tier suppliers lacked contingency plans altogether for managing operational disruptions of the magnitude we faced during the pandemic. We developed the operational restart readiness checklist (ORR checklist) with a focus on contingency planning in the automotive industry. It served as the basis for our work as we developed a survey of restart and recovery activities, created a presentation and webinar and drafted an eBook on the impact and root causes of supply chain disruptions. We identified the resources needed to return to operational stability amid restart challenges. Our ORR checklist offers manufacturers a framework for improving contingency planning. This paper describes our findings and recommendations on operational restart and recovery, and the need for automation and technology.
It’s not about the logo, promise: A case study in university rebranding and weathering the social media storm
Authors: Pennack Helen
Published: July 2024

Every marketer knows that one of the toughest challenges is to rebrand an organisation, especially when it involves changes to the visual identity and logo. Between 2013 and 2015, a project was delivered to understand the market position of the University of Warwick and subsequently refresh the brand of the university. Much of this was achieved in challenging circumstances: it was carried out in addition to the day job and by a team that had only been existence at Warwick for two years, but it has transformed the way that the university communicates. The rebrand entailed problem solving, negotiating and dealing with difficult questioning from colleagues and students, often in public forums. The research and the thoroughness of the thinking behind the rebrand ultimately helped create understanding. Out of this was created an ongoing strategy for crisis communications with social media at its core. The team spirit was strengthened by these challenges, and following the launch of the new brand the team had the energy to implement an exciting and engaging ‘festival of the imagination’ and deliver the university’s first brand awareness campaign. This paper tells the story of that rebrand, the process that was carried out, the challenges faced and the lessons learned.
The future is all about the data
Authors: Skinner Chris
Published: July 2024

There is a range of trends affecting payments and transaction servicing, culminating in radical changes to the whole way of thinking about banking and money. In part, these changes are being forced on the industry through the regulatory agendas of politicians but, in larger part, these changes are being required by customers and corporates, as technology changes their relationships with financial providers. This paper looks at the outcome of such changes and finds that financial institutions will be radically restructured around data assets within the next decade, to cater for these new world needs.
Speed at the expense of safety? Economic crime security concerns in the implementation of the G20 Roadmap for Enhancing Cross-border Payments
Authors: Maxwell Nick J.
Published: July 2024

This paper argues that, in its current form, the G20 Roadmap for Enhancing Cross-border Payments raises substantial risks for fraud and financial crime, and is highly likely to reduce the effectiveness of the financial sanctions regime. Furthermore, it holds that there is a fundamental disconnect between those G20 policy makers responsible for payment system reform and those authorities responsible for fraud prevention and tackling financial crime. This disconnect is leading to imbalanced policy-making that risks embedding fraud and financial crime vulnerabilities within cross-border payment systems. This paper argues that G20 policy makers need to ensure that payments reform does not create new economic crime vulnerabilities or undermine existing defences against fraud and financial crime. This should involve: (1) greater coordination and a sense of shared responsibility between payments and economic crime-related policy makers, internationally and at the domestic level; (2) the establishment of a policy principle of ‘economic crime security by design’ in payments reform policy; and (3) the deployment of a risk-based approach in faster cross-border payments that would enable customers to opt into safer corridors for payments, allowing for appropriate analysis, screening and the recall of payments where appropriate from a risk perspective.
From brand positioning to ad positioning: Using ‘mental referencing’ to capture meaningful mind-space for communications
Authors: Aziz Imran
Published: July 2024

Positioning is all about creating impressions of a brand in the mind of the consumer – the same ends that advertising seeks to achieve. Until now, the applications of positioning theory have largely been limited to crafting brand strategies. This is because there is no formal model that can stipulate how the principles of positioning should be applied to the creative process with the aim of creating memorable and persuasive communications. This paper seeks to address this issue by outlining a concept called ad positioning – one that can be used specifically for positioning advertisements in the minds of the audience using the process of ‘mental referencing’.  After defining the concept, a step-by-step process on how to use ad positioning for designing communications is described, along with the expected benefits of utilising an integrated positioning framework in brand management. Throughout the paper, examples of existing advertisements are used to demonstrate how mental referencing is practically utilised.  A conclusion is then drawn that shows that a number of effective advertisements that have withstood the test of time can be strongly linked to the technique of mental referencing – thus showing the potential advantages of using the ad positioning technique.
Digital Transformation in securities services: The BNP Paribas case study
Authors: Ruault Philippe
Published: July 2024

This paper describes how a specialised financial institution is addressing Digital Transformation in order to improve customer experience, enhance internal processes and build new services. It describes the ambitions and the roadblocks. It explains the importance of multidisciplinary teams and how new disruptive technologies (AI, Blockchain, data) could help to generate efficiencies and synergies across all operations and geographies, and how indirect material benefits are delivered to customers. It then focuses on data, and how advanced technologies are able to help to produce value, such as what-if simulations, aggregated data and distribution of accurate data to clients through various channels, such as APIs or platforms. It goes on to outline how collaborating with Fintechs/Regtechs, and investing in new market initiatives, helps to create value. It also describes why exploring platform-based business models are a way of delivering a differentiated customer experience. Finally, it reminds how internal ownership of the technology and employee engagement is vital. The paper concludes that digitalisation is an opportunity to reinvent existing processes and can transform the way a business work and serves its clients.
Managing real estate risk with environmental due diligence : Transaction strategies for environmentally impacted properties
Authors: Fulmer Tyson
Published: July 2024

Transacting on environmentally impacted properties provides a unique investment opportunity in the real estate market. Environmental risks need to be evaluated and quantified to take advantage of investment opportunities and manage liabilities. This paper provides an overview of the environmental due diligence process, outlines strategies for transacting environmentally impacted properties, and discusses the risks associated with various due diligence approaches and types of contaminated properties.
Successfully managing change in the workplace
Authors: Bryan Jennifer
Published: July 2024

Many times, when a change is being planned within an organisation, whether or not that is a workplace change, the logistics and practicalities of the change are typically the first areas that are considered, discussed and planned. The journey of how a change is going to impact the people within a business/organisation is not always planned at the level which is required. This can be for several factors such as budget constraints, lack of process understanding, lack of experience understanding the impact change will have on people — the list goes on. However, the way that people understand and deal with change is a critical element in managing change successfully. The objective of this paper is to articulate the practical importance of change management, particularly relating to the workplace. To really invoke change and enable people to adopt to a new way of working, a number of different areas need to be considered and implemented. The aim of this paper is to outline those key areas, distinguish the differences and highlight the impact they have had on a variety of workplace change programmes. There will be a discussion on the role of communication and what is change management and a demonstration of a model that enables leaders to manage their people effectively through change.
Preventing a data breach from becoming a disaster
Authors: Goldberg Ed
Published: July 2024

Organisations have traditionally dealt with data breaches by investing in protective measures without a great deal of attention to mitigation of breach consequences and response. Conversely, business continuity (BC) planning has traditionally focused on mitigating disasters, not on preventing them. From a BC planning perspective, organisations need to assume that a data breach is inevitable and plan accordingly. The spate of data breaches in these past few years hit many organisations that were well protected. Those that suffered disastrous consequences as a result of a data breach lacked effective mitigation and response, not protection. The complexity and speed of an effective data breach response require that detailed planning takes place in advance of a breach.
ICGN corporate risk oversight guidelines: The role of the board and institutional shareholders
Authors: Breen Erik , Clearfield Andrew , Klimczak Karol M.
Published: July 2024

Oversight of risk has become a significant issue in the corporate governance debate following the failure of traditional institutions. In the aftermath of the crisis, the International Corporate Governance Network (ICGN) developed the ‘ICGN Corporate Risk Oversight Guidelines’ to help institutional investors assess how effectively the boards of their portfolio companies carry out their oversight function regarding financial and non-financial risk. The ICGN Guidelines reflect a consensus achieved during a year of discussions between technical committee members, the sounding board and contributors of comment letters, who represented various institutions and jurisdictions across the world. These debates have culminated in a document that discusses not only the board and company process of risk management and risk oversight and disclosures concerning financial and non-financial risks, but also the investors' responsibilities in oversight and their communication with the companies. The purpose of this paper is to present the ICGN Guidelines with a commentary linking it to the current debate and developments in the corporate world.
Resilience risk controls and the Netflix Unified Resilience Framework
Authors: Baldwin Scott , Anders Gayle , Mead T.J.
Published: July 2024

This paper argues that programmes built around existing enterprise resilience/business continuity management (ER/BCM) metrics provide a low return on investment, which ultimately can damage the perceived value of the industry. It goes on to introduce a new approach to creating and measuring ER/BCM programmes that provides a much greater level of return for a smaller investment. Finally, it describes how this new approach can be used to satisfy traditional programme requirements, and provides a shared framework for emerging uses, such as cyber resilience.
The power of clarity: Understanding how the effective use of data storytelling can improve the decision-making process
Authors: Fischer Giovanna
Published: July 2024

This paper discusses the importance of communication in the data field and its potential to improve decision-making processes in corporations. This study adopts an approach intended to understand the current state of the art in the field. The paper proposes a framework for developing data storytelling as a tool that supports data-driven decisions.
There and back again: Implementing and assessing a digital reading, research and writing application
Authors: Haverland Arin , Skorupski Kayle , Mitchum Catrina , Rodrigo Rochelle , Leach Anna
Published: July 2024

The processes of reading, research and writing are complex and intertwined. Currently, the larger educational technology landscape requires using multiple tools to do these processes. Being able to pull them into a single tool can allow learners to focus on learning and streamlining processes instead of using their cognitive bandwidth to learn multiple new technologies. The weary travellers who conducted this study set off on a journey to discover such a tool and determine its efficacy in their various online courses across the disciplines of environmental science, nutritional science, writing studies, literature and information science. The study was conducted through a series of pre- and post-surveys asking students about the strength of their reading, research and writing skills, the ease with which they performed them, and how much they enjoyed completing the tasks associated with those skills. The travellers found that many students felt more confident in their abilities, found processes to be easier and enjoyed the processes more than they did before the tool was introduced. This case study suggests that when we remove the complexity of balancing various technology tools in our online classes, students can focus on the process and not the tool; however, there was a small subset of students who did not find the tool improved their processes because they already had processes in place that they liked. This suggests that tools that ‘rule them all’ should be introduced early in an academic career and be made available by the institution throughout a student’s time at their academic institution.
The rise of CreAltives: Using AI to enable and speed up the creative process
Authors: Pearson Andrew
Published: July 2024

The ancient Greeks invented the concept of the muse goddess to be a vessel that would enter a human’s life and spark long-desired creativity. The Greek gods did not want to give humans credit for coming up with creativity; however, humans may have invented something as good as a muse — artificial intelligence (AI). Today, AI, machine learning (ML), deep learning (DL) and natural language processing (NLP) could be taking up that ‘muse role’ as well as becoming the workhorse for many a visual artist’s grunge work, and possibly even their creative work as well. In this paper, we will look at how modern creative AI technologies can be viewed through the lens of five groups. We will also explore how recent advances in creative AI offer users the ability to create images, compose music, animation and even video in ways never before possible — and then wrap up with final takeaways on the future of artistic creativity in the era of AI.
Drones at Oslo Airport, Norway: A case study on how to balance safety and business development
Authors: Willassen Harald Remi , Loedding Erik , Knutsen Axel
Published: July 2024

The use of drones is rapidly increasing both commercially and for recreational purposes worldwide. In 2018, Oslo airport (ENGM) in Norway had to deal with several unauthorised drones entering controlled airspace within the five-kilometre restriction zone around the airport, resulting in closure of airspace and diversions of aircraft. With about 135,000 aircraft movements and over 28.5 million passengers in 2018, drones represent a challenge for the air traffic control (ATC) at the airport. Avinor Air Navigation Services is the company in charge of handling the air traffic control at Oslo airport. The company has chosen to handle the drone challenge with a proactive approach at the operational level as well as at the strategic level. This paper looks at the increase in drones illegally entering controlled airspace, using the 13th June, 2018, incident at the Oslo airport (ENGM) as a case study. Through this case study, Avinor Air Navigation Services argues that drones have become a disruptive challenge to the aviation industry
How Orbitz tackled the long tail problem in online marketing optimisation
Authors: Lu Wenqing
Published: July 2024

Online search generally follows power law and shows a long tail distribution. With powerful search engine technology consumers are very specifi c when searching for their products. Thus the long tail cannot be ignored and in fact largely determines the success of online marketing campaigns. This paper describes how Orbitz developed the statistical models, Bayesian approach and ensemble model to tackle the long tail problem.
Engaging consumers through conversations: A management framework for greater performance across converged channels
Authors: Pangaro Paul , Wenzek Hagen
Published: July 2024

Marketing performance depends heavily on the level of consumer engagement with the product or brand. Traditional means to engaging consumers rely on one-to-many communication channels allowing for very limited consumer feedback. With digital convergence, however, the transition from communication to conversation becomes not only economical for the brand, but expected by the consumer. To be managed effectively and efficiently, any conversation with a brand’s consumers requires a rigorous approach and comprehensive methodology. This paper presents a framework to help the brand to understand and actively manage the key conversation components, namely, context, language, exchange, agreement and transaction (CLEAT). The CLEAT framework sets up a conversation for success and allows measurement of progress along each stage, from understanding the consumer’s situation all the way to a commercial transaction. Regardless of whether that transaction is made immediately, engaging consumers in true conversations is the most effective way to build lasting relationships of trust and loyalty — the goal of high-performing marketing.
Can implementing classic management theories in the KYC process help achieve high regulatory compliance?
Authors: Ausfelt Sabina
Published: July 2024

Banks and other financial institutions (FIs) today face completely different challenges than they did 20 years ago. Since the Fourth Money Laundering Directive (EU 2015/849) came into force in 2014, the aim was to counter money laundering and terrorist financing. FIs have had to change their priorities and spend large sums on regulatory compliance in this area. The legal requirements found in national legislations across the EU which are based on the implementation of the EU Money Laundering Directive and associated regulations, are one of the FIs biggest challenges today. The ‘know your customer’ (KYC) process is a costly and complicated process that includes administration and alternating contacts with the customer. The process places high demands on regulatory compliance as the KYC process is governed by national legislation, directives, and regulations. The requirement for a risk-based and holistic view on the money laundering and terrorist financing (ML/TF) risks also requires that the process adapts to the outside world. This is difficult for the middle and larger financial institutions to comply with without automation. Despite the complexity of the process, the literature review conducted by the author shows that the main research focus is on technology, cost efficiency and customer satisfaction. Only a few raise the issue from a compliance perspective, and even fewer highlight both technology and compliance in the same research. With research focused on developing strategies for enhanced customer satisfaction and cost and time efficiency, what strategies are there to succeed implementing a KYC process with all attributes above at the same time as it is fully compliant with regulations, ie risk-based and holistic? By applying and implementing classic management theories into the anti-money laundering regulatory control environment, the author believes that it is possible to have a KYC process that is cost and time effective, has a high level of customer satisfaction, and at the same time is highly compliant with AML/CTF regulations.
Buy-side liquidity risk management best practices
Authors: Corbett Timothy P. , Smodis Sebastjan
Published: July 2024

Asset management activities and liquidity risk management practices have captured the attention of regulators and investors, who have focused on the potential mismatch between the promised liquidity terms in daily dealing open-end funds and the liquidity of the underlying assets in these funds. This paper describes what State Street Global Advisors has learned over the past five years while building out a liquidity risk management framework, including best practices developed to meet fiduciary and regulatory responsibilities. A comprehensive and robust buy-side liquidity risk management framework should incorporate strong governance, real-time measurement and monitoring processes, contingency planning and product suitability reviews, supported by best-in-class liquidity risk monitoring tools and systems.
EMV: Building the foundation for the future of payments
Authors: Manahan Oliver
Published: July 2024

EMV is a specification jointly developed by Europay, MasterCard and Visa in the 1990s to ensure global interoperability for payment cards using chip technology. It is a move from analogue to digital, introducing a method of ensuring much greater security for transactions. Besides the reduction of fraud, however, there are other benefits in a migration to EMV: the secure chip technology can be embedded within other devices such as key fobs, tablets and mobile phones, and the infrastructure upgrade for EMV can be used to expand functionality and merchant/consumer offers. There are key considerations in migration planning, as with all major projects. For merchants, there is the question whether to support solely contact EMV; and for issuers, of which portfolios to convert, at what pace and whether to segment geographically. This is an extraordinary time in the payments industry, with many new developments happening now. An EMV migration has many benefits, including opportunities to innovate, reduction in fraud and an improved transaction experience.
Enhancing data privacy in financial services : The role of zero-knowledge proofs and federated AI
Authors: Lyashok Alex , Sarode Prashant
Published: July 2024

This paper analyses the challenges of balancing anonymity, utility and security in financial services. It argues that the traditional approach of using clearinghouses to enhance utility has come at the expense of anonymity. However, the advent of privacy-enhancing technologies like zero-knowledge proofs and federated AI has begun to minimise these trade-offs. The paper provides a case study of Merit Protocol, a company that is using these technologies to address the problem of predatory payday loans. Merit Protocol’s platform allows employers to pre-underwrite loans for their employees without sharing sensitive data. This approach empowers employers to support their employees’ financial needs while maintaining privacy and reducing dependency on traditional credit agencies. The paper concludes by discussing the challenges that the financial services industry must address in order to fully realise the potential of privacy-enhancing technologies. These challenges include navigating legacy compliance frameworks and improving the ease of use of these technologies. Readers can expect to gain a deeper understanding of the challenges of balancing anonymity, utility and security in financial services. They will also learn about the potential of privacy-enhancing technologies to address these challenges.
Implementing brand purpose as intrinsic to the brand
Authors: Calder Bobby J. , Frigo Mark L. , Yesawich Peter C.
Published: July 2024

Adding brand purpose to a brand offers the promise of creating real societal value and increasing the financial value of the brand at the same time. This paper discusses how, in order to fully realise this promise, brand purpose should be implemented in a way that is intrinsic to the brand. Intrinsic implementation requires aligning the brand purpose with the core positioning concept of the brand. Essential elements of the purpose must fit with the three critical components of any brand positioning. With an intrinsic implementation, consumers will perceive how the brand positioning extends to supporting what the brand does for others.
Identification of the presence and impact of Japanese knotweed on development sites
Authors: Mclean Simon
Published: July 2024

Japanese knotweed is an alien species, which is spreading rapidly through the UK. Its root growth can penetrate many building materials, causing damage to infrastructure and buildings. This means that its discovery heralds potential property damage, increased costs and project delays. Its spread across property boundaries is actionable under law of tort, and its control is difficult, expensive and closely controlled by statute. These control methods, plus some innovative ones, and their limitations are outlined, as is the legal framework which protects the environment from further spread of Japanese knotweed. These particularly affect transport of material containing Japanese knotweed and treatment with hazardous chemicals. The duty of a competent surveyor to discover knotweed during a building, site or similar survey is established, and the consequences of failure to do so outlined. The paper concludes by recommending the Japanese knotweed code of practice as the basis of any advice offered in respect of treating Japanese knotweed.
Blurred lines equals better bottom lines : How collaboration across departments is generating huge returns
Authors: Dukes Elizabeth
Published: July 2024

With workplace technology rapidly changing, many businesses find it difficult to keep up with the increasing demands for collaboration from employees. Although digital transformation is intriguing, many workplace leaders find it hard to implement. This paper discusses the future of workplace technology and how breaking down silos between departments can lead to greater collaboration. Also, it provides a real-life example of how blurring lines between departments has led to greater collaboration and Return on Investment (ROI) for a Fortune 500 company.
Making a case for standardisation and utilisation to clinical teams
Authors: Strain Barbara
Published: July 2024

The Patient Protection and Affordable Care Act presents many opportunities to improve patient care quality and outcomes while improving the bottom line. Executive leadership under the direction of their boards have developed short-term and longterms strategies to address how the work will be organised, goals and timelines will be met and who will have management responsibility to execute the initiatives. The key to the effectiveness of far reaching initiatives such as these is an efficient and effective communication plan that serves all business levels of the enterprise. This paper will specifically address the infrastructure and tactics to meet the measures of the value-based purchasing (VBP) program of the Act. Hospital leaders who have engaged their quality, value analysis, supply chain, financial and clinical teams to apply metric-driven process improvement methodologies such as Lean1 to objectively move current practices to best practices are ahead of the pack. The important methodologies to eliminating waste and improving care outcomes are the standardisation of processes, products and services and the appropriate utilisation of human, financial and tangible assets while designing best clinical pathways.
Creating synergy by integrating enterprise risk management and governance
Authors: Hinrichs Jean
Published: July 2024

Enterprise risk management and governance are inextricably linked to the quality and effectiveness of risk management. This paper examines the risk management weaknesses related to some recent unanticipated events in financial institutions, including specific examples related to New Century Financial, UBS and Société Générale. It also looks at how more effective integration of ERM and governance might have improved the outcomes, with a particular focus on transparency of risk exposures. Effective ERM complements governance, and good governance complements an effective ERM programme. Synergy is created when they are integrated effectively.
Conservation engineering and repair works at the Tower of London
Authors: Dawson Clive
Published: July 2024

This paper describes some of the various repair and conservation works carried out at the Tower of London, a World Heritage Site and Scheduled Ancient Monument, on behalf of Historic Royal Palaces. The works are generally managed on site by a surveyor from the Surveyor of the Fabric department and inspected by an Inspector of Ancient Monuments for Historic England, generally Jane Sidell.
Operating break clauses in leases: A clean break?
Authors: Laurie Ian
Published: July 2024

The aim of this paper is to review the common pitfalls of break clause operation with particular regard to current case law.
MiFID II: Towards a consolidated tape in Europe
Authors: De Meijer Carlo R. W.
Published: July 2024

On 8th December, 2010, the European Commission produced its Public Consultation Document on the ‘Review of the Markets in Financial Instruments Directive (MiFID)’. One area at the forefront of this review is the issue of having a consolidated post-trade tape that is now featuring strongly in the discussions. The failure of MiFID to establish a consolidated source of post-trade data in parallel with the firm rise in the number of trading venues has hit the buy-side firms and brokers in a number of ways. This paper describes the problem of having data fragmentation in terms of achieving best execution and the high costs of getting a consolidated view of the market, and the need for a consolidated tape in Europe. A consolidated tape would bring greater price transparency, improving price discovery. It would also provide cheaper access to pan-European data. The Commission suggests three options for the model that could be adopted for the consolidated tape. The first is an industry-led solution, prescribing in MiFID the conditions that should be met for the provisions of a consolidated tape and then allowing competing providers to provide the consolidated tape, if they meet the set of required conditions/criteria. Two other models are mandatory: one option with the formal consolidated tape to be operated by a single, non-profit seeking entity, established and appointed by legal act; and a second option with the formal consolidated tape to be operated by a single entity, which would be a commercial undertaking that is appointed following a public tender.
Tax increment financing: A property-based tool for local regeneration?
Authors: Weber Rachel , Goddeeris Laura
Published: July 2024

Tax increment financing (TIF) is a technique for harnessing future property tax revenues to pay for current expenditures that local governments in the US have used extensively to finance regeneration activities. The paper provides an overview of the mechanism and presents a case study — the mixed-use Atlantic Station in Atlanta, Georgia — to illustrate the mechanics of TIF use and to discuss when it is appropriate for public officials to rely on TIF. It ends with some thoughts on the potential for exporting this regeneration tool to countries with different fiscal structures.
Factors contributing to successful deployments in the mobile economy
Authors: Lal Namita
Published: July 2024

This paper explains the need for partnerships in the new mobile
economy and, by leveraging the example of Easypaisa in Pakistan,
explores the factors that make for successful deployments.
Airport performance: A rating agency perspective
Authors: Painvin Nicolas
Published: July 2024

This paper is a summary of the author's presentation at Airports Council International's Airport Economics and Finance conference in March 2011. The 2008–09 economic crisis resulted in some spectacular falls in traffic across European airports. Yet certain airports were able to sustain satisfactory financial performance despite exceptionally adverse economic conditions. Several conclusions can be drawn from this. First, the downturn revealed sharp differences in traffic volume across various European airports. Major hub airports and a few strong origin and destination airports demonstrated good traffic and revenue resilience during the crisis. This resilience is mainly a function of the airport's role in the aviation system: first-tier airports, ie those serving the largest and most vibrant economic areas, offering the best yield for airlines and the most convenient flights for passengers, performed better during the crisis. Secondly, many European airports have succeeded in increasing their commercial revenues thanks to enlargements and improvements to their retail and food and beverage offering. The revenue per passenger has therefore often increased against a backdrop of economic recession. Thirdly, key airports have adapted their expenditure profiles. During the recent crisis, many airports managed their expenditure profiles by rescheduling capital spending and taking action on the cost base.
Compliance lessons in recent Office of Foreign Assets Control enforcement
Authors: Hutten Ben
Published: July 2024

In May 2019, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), which administers US sanctions laws, issued a broad framework identifying what OFAC views as the essential elements of risk-based sanctions compliance. At the same time, OFAC announced that it would consider how well these elements have been incorporated when considering its enforcement response to sanctions violations. While providing general guidance, the framework provides little in the way of practical detail to assist financial institutions with incorporating the framework into their organisations. Perhaps in recognition, OFAC recommended that all organisations review enforcement actions published by OFAC for purposes of reassessing and enhancing sanctions compliance. This paper is intended to help financial institutions comply with OFAC’s recommendation by identifying critical guidance and common pitfalls in a survey of post-framework enforcement actions.
Opting out of securities class actions: Why wait?
Authors: Goseland Nick
Published: July 2024

The benefits available to institutional plaintiffs who opt out of securities class litigation have been extolled by legal practitioners and academics alike. Few, however, have cast a light on the lesser-known, but increasingly import­ant, temporal component to this strategy. This paper aims to cure that deficiency by examining the emerging split between circuits over tolling the statute of limitations for plaintiffs who opt out prior to class certification. By examining pre-certification tolling through the lens of a hypothetical California public pension fund, the paper will squarely address the immediate significance this rule bears upon the litigation strategies of institutional investors, and will outline the overwhelming success that can be achieved by properly capitalising on the device.
Taking an intelligence-led approach: How to improve understanding of financial crime threats through intelligence and analysis
Authors: Gilchrist David
Published: July 2024

The financial crime compliance landscape is evolving, driven by a number of complementary factors: the move towards a more intelligence-led allocation of resources and advances in machine learning and artificial intelligence, both combined with the increasing availability of structured and unstructured data. This paper argues that the best way to take advantage of these developments is through the implementation of an intelligence and analysis model. It provides a high-level example of a model that can identify, understand and investigate the highest risk financial crime concerns. It shows the readers how the different levels of this model — strategic, thematic and tactical — interact to allow for the flow of information between them. In addition, it outlines how this model can integrate into the wider financial crime compliance department and how its outputs can drive tangible improvements in this area.
UCITS IV nuts and bolts: What to expect under the new regulatory regime
Authors: Owens Ken , Senior Suzanne
Published: July 2024

This paper focuses on the upcoming changes to Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. It covers in detail each of the key modifications introduced by UCITS IV. These include: the Key Investor Information Document, the full Management Company Passport, the new notification procedure, the Master–Feeder structure and Fund Mergers. The approach of this paper is to take each of the key modifications and cover in detail the impact it will have on asset managers.
How processes affect IT-systems and business complexity, and what correlations are present
Authors: Boldevin Reidar J.
Published: July 2024

This paper is a deep dive into the subject of the current author’s presentation, ‘De-cluttering your identity space’, delivered at Identity Day Norway in March 2023, and at the KuppingerCole European Identity and Cloud conference in May 2023, respectively. The paper focuses on identity and access management/identity governance and administration (IAM/IGA) and approaches the subject of IT systems in a broader context.
A theory of sizing airport passenger terminals
Authors: Janic Milan
Published: July 2024

Airport planning and design is a complex task from the perspective of the main participants, such as the airport management (stakeholders), airlines, investors, users — both passengers and freight/cargo shippers and local community members. The latter have expressed a number of environmental concerns. These concerns extend to passenger terminals as a part of the airport landside area. Faced with the inherent complexity and sensitivity of the task, airport planners, designers, academics and researchers have developed a relatively consistent approach to planning, sizing and design of these terminals, known as ‘terminal sizing theory’. This paper describes this theory, including a description of the terminal components and operations, the main sizing principles and parameters and the relevant analytical and simulation models as the ‘core’ of the theory. The theory is applied to the development of a computer-supported simulation model for sizing a new passenger terminal at a relatively small (regional) airport. The structure, application and outputs indicate generosity of both sizing theory and the model, making them convenient for sizing any kind of airport passenger terminals after specifying the appropriate inputs.
The economics of heritage : Case studies on the Bedminster Gym and Miners’ Cottages projects
Authors: Robinson Lydia
Published: July 2024

In the current economic climate, with the uncertainty of Brexit looming (at time of writing), it seems appropriate to consider the effect of economics on heritage — in particular, to consider how heritage can, in fact, create value for developers in an age where the cost of owning a heritage asset falls on the shoulders of private individuals. This paper uses two case studies, the Bedminster Gym and the Miners’ Cottages, to illustrate how heritage can be used to create economic value, ensuring the long-term viability of the assets.
Point of no return: Turning data into value
Authors: Werne Jochen , Winter Johannes
Published: July 2024

The Cambridge Dictionary defines the point of no return as the stage at which it is no longer possible to stop what you are doing, and when its effects cannot now be avoided or prevented. Exponential advances in technology have led to a global race for dominance in politically, militarily and economically strategic technologies such as 5G, artificial intelligence (AI) and digital platforms. A reversal of this status quo is hardly conceivable. Based on this assumption, this paper looks to the future, adding the lessons of recent years — the years when the point of no return was passed. In addition, the paper uses practical examples from different industries to show how digital transformation can be successfully undergone and provides six key questions that every company should ask itself in the digital age.
Are there differences between traditional and nontraditional alumni donor motivations?
Authors: Kubasek Stephen , Clayton Russell
Published: July 2024

Philanthropy is becoming increasingly more important as a means to ensure the current and future sustainability of small private colleges and universities. Donations from alumni comprise a large share of the private philanthropy received by institutions of higher education. In recent decades, an increasing number of students have earned degrees nontraditionally, by attending classes online or at distancelocation centres. This study sought to understand whether any differences exist among traditional and nontraditional alumni donors based on six categories of motivation: (1) social, recognition and reward; (2) belief in the institution; (3) self-fulfilment; (4) relational; (5) financial; and (6) obligation and responsibility. Additionally, the study examined four demographic variables (age, gender, marital status and children) to see whether any significant relationships exist between these variables and the six motivation categories. In general, our findings suggest that there are no significant differences between traditional and nontraditional alumni donor motivations. Age was found to impact the donor motivation categories of social, recognition and reward as well as the relational motivation category. Age and gender combined were found to be a significant predictor of the social, recognition and reward category. The results of this study may have practical implications for fundraisers at colleges with both traditional and nontraditional alumni donors.
A framework for full-stack user experience strategy: Product, practice and purpose
Authors: Judy Ben , Bather Lily
Published: July 2024

User experience (UX) strategy is a professional field plagued by narrow definitions and divergent perspectives. UX strategists often think too small and fail to bring order and clarity to their work. This paper describes a repeatable process for UX strategy formation and provides an example of a comprehensive, yet flexible framework designed to bring order to chaos. The ‘full-stack UX strategy framework’ provides a new understanding of UX strategy as a holistic system suitable for defining goals and paths for high-priority UX issues in any organisation. Ultimately, the framework empowers strategists to make products more delightful and usable, to enhance service experiences, to build highly effective UX practices and to make the world a better place.
Innovation in aviation: How to use data analytics to get insight into operations — a use-case
Authors: Reindl Oliver , Schmitz Josef
Published: July 2024

This paper shows how to go through the process of data analytics to get answers to the dedicated question for operational improvements. A use-case from Cologne Bonn (CGN) airport will be described.
1. How to get into big data analytics
2. Using data analytics for operational improvements
3. Example of what insights data analytics can bring
4. Learning from an example from CGN airport