Asset managers can leverage cloud computing and as-a-service models to modernize their reporting, thus meeting the information demands of clients, regulators and decision makers, while reducing capital investments.
Basel III, albeit delayed, is set to change the banking landscape. More capital and greater liquidity will change the way banks do business in the future. More interestingly, Basel III could well lead a change in the financial services landscape globally. A "Shadow Banking Sector" is already a reality and Basel III opens up significant opportunities for capital rich emerging market banks.
This is a first in a series of presentations exploring Basel III, its impact on the global banking sector and most importantly possible response strategies banks could adopt to gain competitive advantage.
The document discusses measuring exposure to exchange rate fluctuations for multinational corporations (MNCs). It defines three types of exposure: transaction exposure measures the impact on future cash flows, economic exposure measures the impact on present value of future cash flows, and translation exposure measures the impact on consolidated financial statements. Transaction exposure is measured by projecting foreign currency cash flows and assessing risk based on currency variability and correlations. Economic exposure can be measured by assessing how earnings forecasts change with exchange rate scenarios or via regression analysis of cash flows and exchange rates. Translation exposure depends on a MNC's foreign business proportion, subsidiary locations, and accounting method.
The document discusses liquidity risk management. It provides historical context on liquidity issues during the financial crisis. Key points discussed include:
- Traditional measures like balance sheet ratios are outdated and fail to capture risks
- Guidance from 2000 would have mitigated crisis impacts had it been adopted
- The 2010 interagency guidance outlines best practices for liquidity risk management, including governance, strategy, monitoring, contingency planning
- Areas of focus include diversified funding, liquid assets, stress testing, and scenario planning
1. The document discusses asset and liability management (ALM) in commercial banks, including the objectives, characteristics, and evolution of ALM systems.
2. It describes the components of an ALM system architecture including modeling, reporting, and decision making processes to manage interest rate risk and liquidity risk.
3. Key aspects of ALM covered include earnings and economic value perspectives, interest rate risk measurement, term structure modeling, and liquidity risk management.
SunTrust at BancAnalysts Association of Boston Conferencefinance20
This document provides an overview of SunTrust Bank's presentation at the BancAnalysts Association of Boston Conference on November 7, 2008. It begins with cautionary statements about forward-looking statements and non-GAAP measures. The main points of the presentation are that SunTrust has a stable base of operations that provides a foundation for future growth, and it is pursuing strategic initiatives to improve efficiency and generate revenue growth. SunTrust also has a solid capital structure and balance sheet, with strengthened capital ratios, an attractive dividend, and diversified sources of funding and liquidity.
Liquidity Risk Management: Comparative analysis on Indian and ASEAN bankspeterkapanee
Risk in the banking sector in simple terms means unpredictability, these risks are uncertainties which may result in adverse outcome in relation to planned objective or expectations of the financial institutions. In the financial world, risk can be defined as “any event or possibility of an event which can impair corporate earnings or cash flow over short, medium or long-term horizon” .
Basel III timelines extend for almost another decade. So, if you don’t
know Basel III, you will be out of conversation for next many years
Live web based training provided by Basel experts.
Basel III, albeit delayed, is set to change the banking landscape. More capital and greater liquidity will change the way banks do business in the future. More interestingly, Basel III could well lead a change in the financial services landscape globally. A "Shadow Banking Sector" is already a reality and Basel III opens up significant opportunities for capital rich emerging market banks.
This is a first in a series of presentations exploring Basel III, its impact on the global banking sector and most importantly possible response strategies banks could adopt to gain competitive advantage.
The document discusses measuring exposure to exchange rate fluctuations for multinational corporations (MNCs). It defines three types of exposure: transaction exposure measures the impact on future cash flows, economic exposure measures the impact on present value of future cash flows, and translation exposure measures the impact on consolidated financial statements. Transaction exposure is measured by projecting foreign currency cash flows and assessing risk based on currency variability and correlations. Economic exposure can be measured by assessing how earnings forecasts change with exchange rate scenarios or via regression analysis of cash flows and exchange rates. Translation exposure depends on a MNC's foreign business proportion, subsidiary locations, and accounting method.
The document discusses liquidity risk management. It provides historical context on liquidity issues during the financial crisis. Key points discussed include:
- Traditional measures like balance sheet ratios are outdated and fail to capture risks
- Guidance from 2000 would have mitigated crisis impacts had it been adopted
- The 2010 interagency guidance outlines best practices for liquidity risk management, including governance, strategy, monitoring, contingency planning
- Areas of focus include diversified funding, liquid assets, stress testing, and scenario planning
1. The document discusses asset and liability management (ALM) in commercial banks, including the objectives, characteristics, and evolution of ALM systems.
2. It describes the components of an ALM system architecture including modeling, reporting, and decision making processes to manage interest rate risk and liquidity risk.
3. Key aspects of ALM covered include earnings and economic value perspectives, interest rate risk measurement, term structure modeling, and liquidity risk management.
SunTrust at BancAnalysts Association of Boston Conferencefinance20
This document provides an overview of SunTrust Bank's presentation at the BancAnalysts Association of Boston Conference on November 7, 2008. It begins with cautionary statements about forward-looking statements and non-GAAP measures. The main points of the presentation are that SunTrust has a stable base of operations that provides a foundation for future growth, and it is pursuing strategic initiatives to improve efficiency and generate revenue growth. SunTrust also has a solid capital structure and balance sheet, with strengthened capital ratios, an attractive dividend, and diversified sources of funding and liquidity.
Liquidity Risk Management: Comparative analysis on Indian and ASEAN bankspeterkapanee
Risk in the banking sector in simple terms means unpredictability, these risks are uncertainties which may result in adverse outcome in relation to planned objective or expectations of the financial institutions. In the financial world, risk can be defined as “any event or possibility of an event which can impair corporate earnings or cash flow over short, medium or long-term horizon” .
Basel III timelines extend for almost another decade. So, if you don’t
know Basel III, you will be out of conversation for next many years
Live web based training provided by Basel experts.
Asset Liability Management (ALM) is concerned with strategic balance sheet management involving risks caused by changes in interest rates, exchange rates, and liquidity position. ALM aims to match assets and liabilities in terms of maturities and interest rate sensitivities to minimize interest rate risk and liquidity risk. It involves identifying, measuring, monitoring, and controlling risks like interest rate risk, liquidity risk, credit risk, and contingency risk through techniques like gap analysis and duration gap analysis. Effective ALM requires strong organizational framework, information systems, and regular monitoring and reporting to manage risks.
The document outlines a restructuring plan for Project Rescue Restructuring. It includes a SWOT analysis, analysis of the causes of financial distress both internally and externally, and plans to stabilize the business operations and finances in both the short and long-term. The plan proposes assessing options to overcome the financial crisis through restructuring the organization, improving results, and managing stakeholders. It provides details on assessing short-term survivability and developing a funding survival plan if needed.
This document provides an overview and copyright information for the book "Risk Management in Banking" by Joel Bessis. It discusses the rationale for risk-based practices in banking, including the need for quantified risk measures to balance risk and return from a management perspective and comply with increasingly stringent regulations. It also notes that while quantitative models provide a foundation for risk modeling, bridging the gap between concepts and practical risk management tools and processes for banks remained a challenge. The document contains basic publication details such as the publisher, copyright, and cataloguing information.
CP's first quarter 2009 earnings review showed:
- Revenues were down 13% due to an 18.6% decline in carloads and 22.4% drop in revenue ton-miles from volume declines and negative mix changes.
- Operating expenses were managed well through cost control initiatives, offsetting some of the revenue declines and limiting the operating income decrease to 35%.
- The company is focused on further reducing structural costs through process improvements and efficiency gains to strengthen performance.
This document discusses liquidity risk and how banks must ensure they have sufficient liquid assets to meet obligations. It outlines various sources of liquidity risk including strategic decisions, reputation issues, market trends, and specific products. It also describes different types of liquidity risk such as asset liquidity risk and funding liquidity risk. Additionally, it discusses liquidity black holes that can develop when the entire market moves to sell assets, exacerbating liquidity issues.
Pw C Value Driver Modelling Feb 2009 Email Finalaaronjcarter
Understanding the complex linkages between operational variables at a mine site and financial performance of that mine is now more critical than ever as operators deal with the slump in commodity prices.
Even before the downturn, many of Australia’s leading mining companies had started to implement a more structured approach to cost effective decision making across all areas of mine production.
This paper highlights Australian coal mining best practice in both operations cost management and production value maximisation through robust modelling of operational value drivers.
The document discusses case studies of implementing various technology solutions to address challenges in the metals and mining industry. It includes summaries of implementing SAP Variant Configuration to standardize order processing, i2 Factory Planner to improve production planning, a manufacturing execution system to reduce paperwork and improve productivity, a slab yard management system to improve material tracking and logistics, and business intelligence solutions to provide analytics and key performance indicators. The case studies demonstrate how these solutions helped steel producers reduce costs, improve operations and supply chain flexibility, and enhance decision making.
The document provides guidance on forming an effective company strategy in the simulation game Enginuity 2012. Some key points:
- Objectives for the next year could include increasing turnover, improving profitability, enhancing the company's reputation, and satisfying shareholders.
- A long-term strategy is needed to guide decision-making and avoid problems from unforeseen circumstances. The strategy should be periodically reviewed.
- Areas to focus on include utilizing assets, identifying new opportunities, improving client relationships, ensuring overhead costs are managed, and maintaining adequate staffing levels.
- The company's performance will be influenced by factors like the economic climate, competition level, and changes in the client base. An effective strategy adapts
Basel III is a global regulatory standard that aims to strengthen bank capital requirements and introduce new regulatory requirements on bank liquidity and leverage. It was implemented in response to deficiencies in the previous Basel II framework that were exposed by the global financial crisis. The goals of Basel III include improving the banking sector's ability to absorb shocks, reducing systemic risk, and increasing transparency. It establishes stricter capital standards, introduces capital buffers, and imposes new liquidity measures including the liquidity coverage ratio and net stable funding ratio.
Asset and Liability Management in Indian BanksAbhishek Anand
This document provides an overview of asset and liability management in Indian banks. It discusses key concepts like risk management, non-performing assets (NPAs), Reserve Bank of India (RBI) guidelines, the Narasimham Committee recommendations, Basel accords, and the ALM process. The key points are:
1) Banks face risks like liquidity risk, interest rate risk, currency risk, and credit risk that must be managed. RBI provides guidelines on liquidity risk management.
2) NPAs are loans that are overdue by 90 days. Banks must classify and make provisions for NPAs.
3) The Narasimham Committee in the 1990s recommended reforms like stronger banks
Coupling of Market Risk,Credit Risk, and Liquidity RiskGateway Partners
The main risks of any financial product are market risk, credit risk, and liquidity risk. When we reference credit risk, we are including both market-based credit risk, where widening of credit spreads is indicative of credit quality deterioration, as well as counterparty credit risk. This may be caused by the loss in the market value of the portfolio holdings or market illiquidity. Similarly, liquidity risk includes the funding liquidity as well as the market liquidity of different asset classes. In general, these risks are treated separately as if they are totally Independent of each other. That assumption is untrue as any loss in market value impacts both funding costs as well as credit quality loss. Similarly, any loss in liquidity can impact the credit performance risk as well as the market prices of an asset. If we measure the market, credit, and liquidity risk separately, this risk can be significantly understated as the coupling can be highly non-linear, thus increasing the losses several orders of magnitude.
The following presentation discusses this coupling of market, credit, and liquidity risk as well as the difficulties in measuring them in addition to possible solutions to hedge them.
Liquidity risk arises from a bank's inability to meet its obligations. This document discusses various methods for measuring liquidity risk that were used before and after the 2008 global financial crisis. Before the crisis, models focused on bid-ask spreads, transaction volumes, and liquidity balances. Following the crisis, Basel III introduced two new ratios - the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) - to improve banks' short-term and long-term liquidity management. The LCR requires sufficient high-quality liquid assets to cover net cash outflows over 30 days, while the NSFR aims to ensure long-term assets are funded by stable sources over one year.
2011 funding liquidity risk management under the basel iii frameworkcrmbasel
This document discusses managing funding liquidity risk under the Basel III framework. It provides an overview of the Basel III standards for liquidity coverage ratio and net stable funding ratio. The liquidity coverage ratio aims to ensure banks maintain adequate liquid assets to survive a 30-day stress scenario. The net stable funding ratio establishes a minimum amount of stable funding required based on asset liquidity characteristics. The document also discusses liquidity risk modeling approaches and tools for monitoring funding liquidity risk.
AIG Conference Call Credit Presentation - February 29, 2008finance2
This document provides an outline and overview of AIG Financial Products' "Super Senior" credit default swap business as of December 31, 2007. It discusses the business rationale, portfolio composition, underwriting standards, risk assessment, accounting and valuation. Key points include that AIGFP defines "Super Senior" risk as having no expected loss even under conservative stress scenarios, and takes a more conservative approach to modeling than rating agencies. Summary statistics on the various transaction types are provided showing total gross and net notional exposures.
1) Asset/liability management (ALM) is the process of making decisions about the composition of a bank's assets and liabilities in order to manage risks and ensure sustainable profits.
2) ALM decisions are typically made by a bank's asset/liability management committee (ALCO) and involve strategic balance sheet management to match assets and liabilities.
3) The goal of ALM is to manage sources and uses of funds with respect to interest rate risk and liquidity risk arising from mismatches between assets and liabilities.
Basel II is an international standard that aims to strengthen the regulation, supervision and risk management within the banking sector. It improves upon Basel I by making capital requirements more risk sensitive and aligning regulatory capital more closely with underlying bank risks. Basel II consists of three pillars that cover minimum capital requirements, supervisory review, and market discipline. Implementation of Basel II varies across countries and regulators but aims to modernize capital adequacy standards to be more comprehensive and risk sensitive.
public serviceenterprise group CapReOFlynnfinance20
Public Service Enterprise Group (PSEG) provides an overview of its business segments and financial outlook. PSEG's power generation business has a diverse portfolio of nuclear, coal, gas, and oil-fired assets located in attractive Northeast markets. PSEG's regulated utility business invests in electric transmission and distribution infrastructure to support reliability and earnings growth. PSEG expects to have $3 billion of discretionary cash through 2011, which it can invest in growth opportunities or use to repurchase shares, driving total shareholder returns of 10-13% annually. PSEG is well positioned in the current environment with a focus on operational excellence, regulatory engagement, and manageable growth options.
SunTrust at Merrill Lynch Banking & Financial Services Conferencefinance20
1) The document discusses SunTrust's diversified franchise including meaningful consumer and commercial platforms across a diverse geographic footprint and significant fee-oriented activities.
2) Capital ratios have strengthened with Tier 1 at 8.15% and total at 11.16%. SunTrust further reduced its risk profile and strengthened capital through various actions.
3) SunTrust has a stable funding and liquidity position with deposits funding 66% of assets and no holding company debt maturing until 2009. The credit profile is diversified with commercial and commercial real estate loans comprising 43% of the portfolio.
The Hayez brand is a new eyewear fashion brand aimed at the international market that epitomizes a unique Milanese and global style. It was conceived by Gian Carlo Soresina and Anna Mainoli, who bring experience in art, music, publishing and design. The brand establishes a dialogue between strong lines and a decisive yet glamorous look through materials and sensuality. For its launch in 2015, Hayez has partnered with Italian rapper Emis Killa, who will promote the brand through product placement and social media, aiming to reach his large audience of over 1 million Facebook fans and 500,000 Instagram followers.
Asset Liability Management (ALM) is concerned with strategic balance sheet management involving risks caused by changes in interest rates, exchange rates, and liquidity position. ALM aims to match assets and liabilities in terms of maturities and interest rate sensitivities to minimize interest rate risk and liquidity risk. It involves identifying, measuring, monitoring, and controlling risks like interest rate risk, liquidity risk, credit risk, and contingency risk through techniques like gap analysis and duration gap analysis. Effective ALM requires strong organizational framework, information systems, and regular monitoring and reporting to manage risks.
The document outlines a restructuring plan for Project Rescue Restructuring. It includes a SWOT analysis, analysis of the causes of financial distress both internally and externally, and plans to stabilize the business operations and finances in both the short and long-term. The plan proposes assessing options to overcome the financial crisis through restructuring the organization, improving results, and managing stakeholders. It provides details on assessing short-term survivability and developing a funding survival plan if needed.
This document provides an overview and copyright information for the book "Risk Management in Banking" by Joel Bessis. It discusses the rationale for risk-based practices in banking, including the need for quantified risk measures to balance risk and return from a management perspective and comply with increasingly stringent regulations. It also notes that while quantitative models provide a foundation for risk modeling, bridging the gap between concepts and practical risk management tools and processes for banks remained a challenge. The document contains basic publication details such as the publisher, copyright, and cataloguing information.
CP's first quarter 2009 earnings review showed:
- Revenues were down 13% due to an 18.6% decline in carloads and 22.4% drop in revenue ton-miles from volume declines and negative mix changes.
- Operating expenses were managed well through cost control initiatives, offsetting some of the revenue declines and limiting the operating income decrease to 35%.
- The company is focused on further reducing structural costs through process improvements and efficiency gains to strengthen performance.
This document discusses liquidity risk and how banks must ensure they have sufficient liquid assets to meet obligations. It outlines various sources of liquidity risk including strategic decisions, reputation issues, market trends, and specific products. It also describes different types of liquidity risk such as asset liquidity risk and funding liquidity risk. Additionally, it discusses liquidity black holes that can develop when the entire market moves to sell assets, exacerbating liquidity issues.
Pw C Value Driver Modelling Feb 2009 Email Finalaaronjcarter
Understanding the complex linkages between operational variables at a mine site and financial performance of that mine is now more critical than ever as operators deal with the slump in commodity prices.
Even before the downturn, many of Australia’s leading mining companies had started to implement a more structured approach to cost effective decision making across all areas of mine production.
This paper highlights Australian coal mining best practice in both operations cost management and production value maximisation through robust modelling of operational value drivers.
The document discusses case studies of implementing various technology solutions to address challenges in the metals and mining industry. It includes summaries of implementing SAP Variant Configuration to standardize order processing, i2 Factory Planner to improve production planning, a manufacturing execution system to reduce paperwork and improve productivity, a slab yard management system to improve material tracking and logistics, and business intelligence solutions to provide analytics and key performance indicators. The case studies demonstrate how these solutions helped steel producers reduce costs, improve operations and supply chain flexibility, and enhance decision making.
The document provides guidance on forming an effective company strategy in the simulation game Enginuity 2012. Some key points:
- Objectives for the next year could include increasing turnover, improving profitability, enhancing the company's reputation, and satisfying shareholders.
- A long-term strategy is needed to guide decision-making and avoid problems from unforeseen circumstances. The strategy should be periodically reviewed.
- Areas to focus on include utilizing assets, identifying new opportunities, improving client relationships, ensuring overhead costs are managed, and maintaining adequate staffing levels.
- The company's performance will be influenced by factors like the economic climate, competition level, and changes in the client base. An effective strategy adapts
Basel III is a global regulatory standard that aims to strengthen bank capital requirements and introduce new regulatory requirements on bank liquidity and leverage. It was implemented in response to deficiencies in the previous Basel II framework that were exposed by the global financial crisis. The goals of Basel III include improving the banking sector's ability to absorb shocks, reducing systemic risk, and increasing transparency. It establishes stricter capital standards, introduces capital buffers, and imposes new liquidity measures including the liquidity coverage ratio and net stable funding ratio.
Asset and Liability Management in Indian BanksAbhishek Anand
This document provides an overview of asset and liability management in Indian banks. It discusses key concepts like risk management, non-performing assets (NPAs), Reserve Bank of India (RBI) guidelines, the Narasimham Committee recommendations, Basel accords, and the ALM process. The key points are:
1) Banks face risks like liquidity risk, interest rate risk, currency risk, and credit risk that must be managed. RBI provides guidelines on liquidity risk management.
2) NPAs are loans that are overdue by 90 days. Banks must classify and make provisions for NPAs.
3) The Narasimham Committee in the 1990s recommended reforms like stronger banks
Coupling of Market Risk,Credit Risk, and Liquidity RiskGateway Partners
The main risks of any financial product are market risk, credit risk, and liquidity risk. When we reference credit risk, we are including both market-based credit risk, where widening of credit spreads is indicative of credit quality deterioration, as well as counterparty credit risk. This may be caused by the loss in the market value of the portfolio holdings or market illiquidity. Similarly, liquidity risk includes the funding liquidity as well as the market liquidity of different asset classes. In general, these risks are treated separately as if they are totally Independent of each other. That assumption is untrue as any loss in market value impacts both funding costs as well as credit quality loss. Similarly, any loss in liquidity can impact the credit performance risk as well as the market prices of an asset. If we measure the market, credit, and liquidity risk separately, this risk can be significantly understated as the coupling can be highly non-linear, thus increasing the losses several orders of magnitude.
The following presentation discusses this coupling of market, credit, and liquidity risk as well as the difficulties in measuring them in addition to possible solutions to hedge them.
Liquidity risk arises from a bank's inability to meet its obligations. This document discusses various methods for measuring liquidity risk that were used before and after the 2008 global financial crisis. Before the crisis, models focused on bid-ask spreads, transaction volumes, and liquidity balances. Following the crisis, Basel III introduced two new ratios - the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) - to improve banks' short-term and long-term liquidity management. The LCR requires sufficient high-quality liquid assets to cover net cash outflows over 30 days, while the NSFR aims to ensure long-term assets are funded by stable sources over one year.
2011 funding liquidity risk management under the basel iii frameworkcrmbasel
This document discusses managing funding liquidity risk under the Basel III framework. It provides an overview of the Basel III standards for liquidity coverage ratio and net stable funding ratio. The liquidity coverage ratio aims to ensure banks maintain adequate liquid assets to survive a 30-day stress scenario. The net stable funding ratio establishes a minimum amount of stable funding required based on asset liquidity characteristics. The document also discusses liquidity risk modeling approaches and tools for monitoring funding liquidity risk.
AIG Conference Call Credit Presentation - February 29, 2008finance2
This document provides an outline and overview of AIG Financial Products' "Super Senior" credit default swap business as of December 31, 2007. It discusses the business rationale, portfolio composition, underwriting standards, risk assessment, accounting and valuation. Key points include that AIGFP defines "Super Senior" risk as having no expected loss even under conservative stress scenarios, and takes a more conservative approach to modeling than rating agencies. Summary statistics on the various transaction types are provided showing total gross and net notional exposures.
1) Asset/liability management (ALM) is the process of making decisions about the composition of a bank's assets and liabilities in order to manage risks and ensure sustainable profits.
2) ALM decisions are typically made by a bank's asset/liability management committee (ALCO) and involve strategic balance sheet management to match assets and liabilities.
3) The goal of ALM is to manage sources and uses of funds with respect to interest rate risk and liquidity risk arising from mismatches between assets and liabilities.
Basel II is an international standard that aims to strengthen the regulation, supervision and risk management within the banking sector. It improves upon Basel I by making capital requirements more risk sensitive and aligning regulatory capital more closely with underlying bank risks. Basel II consists of three pillars that cover minimum capital requirements, supervisory review, and market discipline. Implementation of Basel II varies across countries and regulators but aims to modernize capital adequacy standards to be more comprehensive and risk sensitive.
public serviceenterprise group CapReOFlynnfinance20
Public Service Enterprise Group (PSEG) provides an overview of its business segments and financial outlook. PSEG's power generation business has a diverse portfolio of nuclear, coal, gas, and oil-fired assets located in attractive Northeast markets. PSEG's regulated utility business invests in electric transmission and distribution infrastructure to support reliability and earnings growth. PSEG expects to have $3 billion of discretionary cash through 2011, which it can invest in growth opportunities or use to repurchase shares, driving total shareholder returns of 10-13% annually. PSEG is well positioned in the current environment with a focus on operational excellence, regulatory engagement, and manageable growth options.
SunTrust at Merrill Lynch Banking & Financial Services Conferencefinance20
1) The document discusses SunTrust's diversified franchise including meaningful consumer and commercial platforms across a diverse geographic footprint and significant fee-oriented activities.
2) Capital ratios have strengthened with Tier 1 at 8.15% and total at 11.16%. SunTrust further reduced its risk profile and strengthened capital through various actions.
3) SunTrust has a stable funding and liquidity position with deposits funding 66% of assets and no holding company debt maturing until 2009. The credit profile is diversified with commercial and commercial real estate loans comprising 43% of the portfolio.
The Hayez brand is a new eyewear fashion brand aimed at the international market that epitomizes a unique Milanese and global style. It was conceived by Gian Carlo Soresina and Anna Mainoli, who bring experience in art, music, publishing and design. The brand establishes a dialogue between strong lines and a decisive yet glamorous look through materials and sensuality. For its launch in 2015, Hayez has partnered with Italian rapper Emis Killa, who will promote the brand through product placement and social media, aiming to reach his large audience of over 1 million Facebook fans and 500,000 Instagram followers.
The website for the movie 12 Years a Slave is analyzed. The main page features the movie title, a description, awards information, and links to learn more or purchase the film. A video clip from the movie plays in the background. Navigation instructions are provided. Scrolling down shows information on the main actor, including future projects and a quote. Similar sections provide details on other cast members. Towards the end, film clips and quotes are included. The site asks viewers to connect on social media and find theaters showing the movie, closing with the cast listing. Overall, the site maintains a dark, simple visual theme with minimal text.
Jean Zhong is seeking a position as a Research & Enrolment Analyst at the University of Alberta. She has over 3 years of experience conducting research including data analysis, economic modeling, and statistical analysis. She has strong skills in Excel, SAS, R and other statistical software. Jean has a Master's degree in Economics from Dalhousie University and has held research and teaching roles at Feedlot Health Management Services and Tsinghua Chinese School.
A lo largo de la historia, el trabajo de la mujer se ha limitado tradicionalmente al ámbito doméstico y las tareas del hogar eran muy difíciles sin electricidad ni electrodomésticos. Sin embargo, la revolución industrial y las guerras mundiales llevaron a más mujeres a incorporarse al mercado laboral. Hoy en día se ha avanzado hacia la igualdad de géneros aunque todavía queda camino por recorrer.
Contrastive analysis is the systematic study of two languages to identify their structural differences and similarities. It was originally used to establish language families but was later applied to second language acquisition in the 1960s. The contrastive analysis hypothesis claimed that elements similar between a learner's first and second language would be easier to acquire, while differences would be more difficult. However, empirical evidence showed this could not predict all errors, and some uniform errors occurred regardless of first language. This led to the development of error analysis and the concept of interlanguage, seeing second language acquisition as its own rule-governed linguistic system rather than an imperfect version of the target language.
TCI 2016 A cross-sectoral approach for an industrial reconversionTCI Network
This document summarizes the transformation of a furniture manufacturing cluster in Southern Catalonia from focusing solely on manufacturing for the home furniture market to providing hotel interior services. The cluster was heavily impacted by the housing crisis in Spain, which caused many cluster companies to go bankrupt. In response, the cluster helped companies shift to targeting the growing hotel industry by developing new skills, finding complementary partners, and creating marketplaces like InteriHOTEL to connect cluster companies to hotel buyers. This cross-sectoral approach allowed the cluster to diversify and attract new members from other industries, making it less dependent on one sector. Going forward, the cluster aims to further internationalize and expand into furnishing other commercial spaces.
This document provides an overview of Linux including: its history as a free, open-source alternative to proprietary operating systems; common Linux distributions like Ubuntu, CentOS, and Red Hat; popular applications that run on Linux; and languages supported. It discusses advantages of switching to Linux such as security, cost savings, and stability but notes proprietary software and unsupported hardware as disadvantages. The agenda covers what Linux is, its history from 1991 onward, how it is used today, open source software, and a comparison to Windows.
Cette région qu'est l'Afrique du Nord est peuplée dès la Préhistoire par les Berbères qui développent une culture originale. Ils sont les premiers habitants de la région et sont considérés comme étant les ancêtres des nord-africains modernes, arabophones comme berbérophones.
À partir du VIIIe siècle av. J.-C., les Phéniciens installent des comptoirs dont le plus prospère est Carthage. Au IIe siècle av. J.-C., les guerres puniques opposent les Carthaginois aux Romains qui prennent possession du territoire. À son apogée, les romaines urbanisent et se christianisent. Cette Église d'Afrique, composée de Berbères en majorité chrétiens, a été au fondement du christianisme européen.
Au Ve, un peuple germanique de religion chrétienne et originaire de l'actuelle Pologne, les Vandales, traversent le détroit de Gibraltar et envahissent le Maghreb ; ils représentent environ 80 000 personnes. Ils y fondent un royaume éphémère qui sera détruit au VIe siècle à la suite de la défaite vandale face aux armées du général Bélisaire, qui réintègre ainsi l'Afrique du Nord dans l'Empire romain, alors représenté par la civilisation byzantine.
Dans notre exposé, on va projeter la lumière sur la civilisation romaine au Maghreb, en détaillant les éléments urbanistique et architecturaux qui constituent la ville romaine, en analysant deux villes romaines, une construite par les romains et autre déjà existante et reconstruite par eux.
The New Hedge Fund-Prime Broker RelationshipBroadridge
The financial crisis has changed the relationship between hedge funds and prime brokers. With the default of some leading providers, funds have realized that they should diversify their prime broker relationships and require more transparency on operational processes of prime providers. However, as the funds industry regains momentum, they are looking to their prime brokers to provide services that will support business expansion. Hence, prime brokers need to adapt their offering and IT infrastructure to respond to the changing market.
Working capital management year wise researchErum Altaf
This presentation is about the research which have been done in field of Working Capital. Different esearchers done research on WCM in different aspect,
Sale-leasebacks also supported overall growth, stockpiling equity and restructuring existing debt. Fortune 500 companies sold regional and national headquarters. Industrial conglomerates sold large distribution centers and portfolios of assets, respectively. Municipalities sought to lower deficits and balance budgets with government service assets by heading to the sale leaseback table.
- Executives will be increasingly measured on limiting downside risk and increasing upside potential of investments, rather than just focusing on average or expected returns.
- Performance will be assessed based on three models: the investment model looking at overall project returns, the operating model looking at short-term margins/profits, and the ownership model looking at long-term shareholder returns.
- There is a trend for shareholders to pay more attention to balancing performance across all three models, rather than just focusing on one, due to increased volatility experienced in the financial crisis. Executives will need to demonstrate comprehensive management of risk and return across the investment, operating, and ownership aspects of portfolios.
Collateral Management and Market Developments - WhitepaperNIIT Technologies
1) Collateral management has become increasingly important for financial institutions due to market developments like increased collateral circulation and new regulations requiring more collateral. It is no longer a back office function but a major challenge.
should build or buy systems that can integrate with existing
2) Key features of collateral management include bi-party agreements between two parties, tri-party agreements involving a third party custodian, collateral trading and re-hypothecation, and repurchase (repo) agreements.
infrastructure and provide a centralized view of collateral across
3) Best practices for financial institutions include regularly revaluing collateral, maintaining relationships with key clients, performing regular portfolio reconciliations, considering outsourcing collateral
This document discusses the challenges that Basel III regulations present for liquidity management and reporting. It outlines the goals of more stringent liquidity requirements in Basel III, and why early and granular analysis of balance sheet, funding sources, collateral and more will be needed. It also discusses how to turn liquidity reporting into a valuable business asset that supports both regulatory compliance and day-to-day decision making. A case study further illustrates these points by showing how one organization addressed their liquidity reporting challenges through a new centralized database infrastructure.
This document outlines principles for investment reporting developed by CFA Institute. It aims to provide guidance for complete, consistent and transparent reporting to clients by financial institutions. The principles are intended to address gaps and lack of transparency in current industry practices. They seek to improve understanding between report preparers and users by facilitating dialogue on report content and format. The five key principles stress the importance of communication between preparers and users to ensure reports meet user needs and expectations. Adopting these principles could help rebuild trust between clients and financial firms and help harmonize reporting standards globally.
Rethinking Reconciliation: How a Global Center of Excellence Can Enhance Risk...Broadridge
In two years, outsourced reconciliation solutions have grown exponentially as increased focus on risk, regulations, and cost reduction has heightened the need for greater transparency and efficiency across all areas of financial services operations. Discover how leading financial institutions are enhancing risk management and reducing costs through a global center of excellence for reconciliations.
1. The document provides 10 strategic actions that major energy companies can take to navigate low oil prices and emerge stronger from the downturn. These include reducing above-field costs, improving asset utilization, prioritizing maintenance, resetting supplier partnerships, and equipping fields with digital technology.
2. It recommends that companies reassess capital projects, get smarter about workforce management including contractors, shrink their corporate centers, and better communicate their value stories to investors.
3. Taking decisive action through focused investments and planning ahead with a multi-year horizon will help companies position themselves for high performance, according to the document.
Emerging Differentiators of a Successful Wealtlh Management PlatformCognizant
Changes in the wealth management industry are driving the need for a flexible, scalable platform that enables wealth managers to differentiate their services and profitably serve the mass affluent and mass markets.
Shadow Accounting - The Evolving Practice Of Exercising Due Diligence In Fund...sagar1337
This document discusses the practice of "shadow accounting" in the hedge fund and fund-of-funds industry. Shadow accounting involves independently verifying accounting functions outsourced to third parties, such as trade processing, valuation, and reporting. It helps funds ensure accuracy, aggregate data across multiple providers, and have contingency plans. Shadow accounting has evolved to include monitoring investor holdings and underlying investments. While outsourcing provides efficiencies, funds still have fiduciary responsibilities to independently confirm the work of outside administrators.
Investment banks face significant challenges including low returns on equity, rising costs, and cultural issues. To transform, investment banks must focus on four pillars: 1) optimize assets and operations by reducing costs and better utilizing resources; 2) transform culture by incentivizing behaviors that benefit clients and shareholders; 3) become client-centric by putting clients at the center; and 4) be technology-led by embracing innovation to improve processes and client services. Only by taking a strategic, transformative approach across these four pillars can investment banks rebuild the industry and achieve sustainable returns on equity of 12-15%.
- Owens Corning presented at a Goldman Sachs roadshow in November 2016 to discuss its businesses and financial performance.
- The presentation discussed Owens Corning's three market-leading businesses: insulation, roofing, and composites. It provided an overview of each business and highlights from Q3 2016 financial results.
- The presentation also addressed industry dynamics and trends for each business, including expectations for market growth and capacity utilization rates that would drive Owens Corning's profitability going forward.
This document contains information related to chapter 5 of the textbook, including assignment questions classified by topic and learning objective. It includes brief exercises, exercises, and problems related to preparing and analyzing statements of financial position and cash flows. It also contains a table describing the characteristics of each assignment, such as level of difficulty and estimated time to complete. The document provides guidance to instructors for assigning work related to analyzing and preparing key financial statements.
Ubs industrial and transportation conference 11 17-2016-vfManitowocCompany
The document provides an overview of The Manitowoc Company's presentation at the UBS Industrial and Transportation Conference on November 17, 2016. It includes:
1) A safe harbor statement noting that any forward-looking statements are subject to uncertainty and only speak as of the date made.
2) An agenda covering Manitowoc's transformation as a company, execution of its strategic plan, and future growth opportunities.
3) Investment highlights noting Manitowoc is well-positioned to capitalize on opportunities when the crane market improves through initiatives to improve margins, earnings, and cash flow.
The July 2015 Insight newsletter, discussing the changing regulatory landscape and including a conversation with Matthew Lynes, Senior Investment Manager at Aberdeen Asset Management
1501-1380419 Portfolio management in oil and gas TL FINALChris Pateman Jones
The document discusses the need for oil and gas companies to build and preserve optionality at multiple levels in order to navigate an uncertain industry environment. It defines optionality as the ability to shift focus and resources quickly from underperforming to better-performing assets. The document recommends maintaining optionality at the corporate, portfolio, and asset/project levels through techniques like flexible structures, balanced portfolios, talent management, and partnerships. Building optionality enhances resilience and maximizes opportunities amid volatility.
1) Many suppliers restructured operations and adjusted working capital levels in response to reduced demand during the recession.
2) As demand starts to improve, suppliers may have challenges increasing production due to capacity constraints and liquidity pressures from needing to finance purchases in advance.
3) Benchmarking working capital requirements across industry segments can help suppliers, automakers, and investors understand liquidity trends and risks to supply chains or potential investments. Those suppliers that maintain solid liquidity may gain competitive advantages as markets recover.
Similar to Asset Management: Reinventing Reporting for the New Era of Transparency and Compliance (20)
Using Adaptive Scrum to Tame Process Reverse Engineering in Data Analytics Pr...Cognizant
Organizations rely on analytics to make intelligent decisions and improve business performance, which sometimes requires reproducing business processes from a legacy application to a digital-native state to reduce the functional, technical and operational debts. Adaptive Scrum can reduce the complexity of the reproduction process iteratively as well as provide transparency in data analytics porojects.
Data Modernization: Breaking the AI Vicious Cycle for Superior Decision-makingCognizant
The document discusses how most companies are not fully leveraging artificial intelligence (AI) and data for decision-making. It finds that only 20% of companies are "leaders" in using AI for decisions, while the remaining 80% are stuck in a "vicious cycle" of not understanding AI's potential, having low trust in AI, and limited adoption. Leaders use more sophisticated verification of AI decisions and a wider range of AI technologies beyond chatbots. The document provides recommendations for breaking the vicious cycle, including appointing AI champions, starting with specific high-impact decisions, and institutionalizing continuous learning about AI advances.
It Takes an Ecosystem: How Technology Companies Deliver Exceptional ExperiencesCognizant
Experience is becoming a key strategy for technology companies as they shift to cloud-based subscription models. This requires building an "experience ecosystem" that breaks down silos and involves partners. Building such an ecosystem involves adopting a cross-functional approach to experience, making experience data-driven to generate insights, and creating platforms to enable connected selling between companies and partners.
Intuition is not a mystery but rather a mechanistic process based on accumulated experience. Leading businesses are engineering intuition into their organizations by harnessing machine learning software, massive cloud processing power, huge amounts of data, and design thinking in experiences. This allows them to anticipate and act with speed and insight, improving decision making through data-driven insights and acting as if on intuition.
The Work Ahead: Transportation and Logistics Delivering on the Digital-Physic...Cognizant
The T&L industry appears poised to accelerate its long-overdue modernization drive, as the pandemic spurs an increased need for agility and resilience, according to our study.
Enhancing Desirability: Five Considerations for Winning Digital InitiativesCognizant
To be a modern digital business in the post-COVID era, organizations must be fanatical about the experiences they deliver to an increasingly savvy and expectant user community. Getting there requires a mastery of human-design thinking, compelling user interface and interaction design, and a focus on functional and nonfunctional capabilities that drive business differentiation and results.
The Work Ahead in Manufacturing: Fulfilling the Agility MandateCognizant
Manufacturers are ahead of other industries in IoT deployments but lag in investments in analytics and AI needed to maximize IoT's benefits. While many have IoT pilots, few have implemented machine learning at scale to analyze sensor data and optimize processes. To fully digitize manufacturing, investments in automation, analytics, and AI must increase from the current 5.5% of revenue to over 11% to integrate IT, OT, and PT across the value chain.
The Work Ahead in Higher Education: Repaving the Road for the Employees of To...Cognizant
Higher-ed institutions expect pandemic-driven disruption to continue, especially as hyperconnectivity, analytics and AI drive personalized education models over the lifetime of the learner, according to our recent research.
Engineering the Next-Gen Digital Claims Organisation for Australian General I...Cognizant
The document discusses potential future states for the claims organization of Australian general insurers. It notes that gradual changes like increasing climate volatility, new technologies, and changing customer demographics will reshape the insurance industry and claims processes. Five potential end states for claims organizations are described: 1) traditional claims will demand faster processing; 2) a larger percentage of claims will come from new digital risks; 3) claims processes may become "Uberized" through partnerships; 4) claims organizations will face challenges in risk management propositions; 5) humans and machines will work together to adjudicate claims using large data and computing power. The document argues that insurers must transform claims through digital technologies to concurrently improve customer experience, operational effectiveness, and efficiencies
Profitability in the Direct-to-Consumer Marketplace: A Playbook for Media and...Cognizant
Amid constant change, industry leaders need an upgraded IT infrastructure capable of adapting to audience expectations while proactively anticipating ever-evolving business requirements.
Green Rush: The Economic Imperative for SustainabilityCognizant
Green business is good business, according to our recent research, whether for companies monetizing tech tools used for sustainability or for those that see the impact of these initiatives on business goals.
Policy Administration Modernization: Four Paths for InsurersCognizant
The pivot to digital is fraught with numerous obstacles but with proper planning and execution, legacy carriers can update their core systems and keep pace with the competition, while proactively addressing customer needs.
The Work Ahead in Utilities: Powering a Sustainable Future with DigitalCognizant
Utilities are starting to adopt digital technologies to eliminate slow processes, elevate customer experience and boost sustainability, according to our recent study.
AI in Media & Entertainment: Starting the Journey to ValueCognizant
Up to now, the global media & entertainment industry (M&E) has been lagging most other sectors in its adoption of artificial intelligence (AI). But our research shows that M&E companies are set to close the gap over the coming three years, as they ramp up their investments in AI and reap rising returns. The first steps? Getting a firm grip on data – the foundation of any successful AI strategy – and balancing technology spend with investments in AI skills.
Operations Workforce Management: A Data-Informed, Digital-First ApproachCognizant
As #WorkFromAnywhere becomes the rule rather than the exception, organizations face an important question: How can they increase their digital quotient to engage and enable a remote operations workforce to work collaboratively to deliver onclient requirements and contractual commitments?
Five Priorities for Quality Engineering When Taking Banking to the CloudCognizant
As banks move to cloud-based banking platforms for lower costs and greater agility, they must seamlessly integrate technologies and workflows while ensuring security, performance and an enhanced user experience. Here are five ways cloud-focused quality assurance helps banks maximize the benefits.
Getting Ahead With AI: How APAC Companies Replicate Success by Remaining FocusedCognizant
Changing market dynamics are propelling Asia-Pacific businesses to take a highly disciplined and focused approach to ensuring that their AI initiatives rapidly scale and quickly generate heightened business impact.
The Work Ahead in Intelligent Automation: Coping with Complexity in a Post-Pa...Cognizant
Intelligent automation continues to be a top driver of the future of work, according to our recent study. To reap the full advantages, businesses need to move from isolated to widespread deployment.
Discover the Beauty and Functionality of The Expert Remodeling Serviceobriengroupinc04
Unlock your kitchen's true potential with expert remodeling services from O'Brien Group Inc. Transform your space into a functional, modern, and luxurious haven with their experienced professionals. From layout reconfiguration to high-end upgrades, they deliver stunning results tailored to your style and needs. Visit obriengroupinc.com to elevate your kitchen's beauty and functionality today.
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Final ank Satta Matka Dpbos Final ank Satta Matta Matka 143 Kalyan Matka Guessing Final Matka Final ank Today Matka 420 Satta Batta Satta 143 Kalyan Chart Main Bazar Chart vip Matka Guessing Dpboss 143 Guessing Kalyan night
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
SATTA MATKA SATTA FAST RESULT KALYAN TOP MATKA RESULT KALYAN SATTA MATKA FAST RESULT MILAN RATAN RAJDHANI MAIN BAZAR MATKA FAST TIPS RESULT MATKA CHART JODI CHART PANEL CHART FREE FIX GAME SATTAMATKA ! MATKA MOBI SATTA 143 spboss.in TOP NO1 RESULT FULL RATE MATKA ONLINE GAME PLAY BY APP SPBOSS
Call8328958814 satta matka Kalyan result satta guessing➑➌➋➑➒➎➑➑➊➍
Satta Matka Kalyan Main Mumbai Fastest Results
Satta Matka ❋ Sattamatka ❋ New Mumbai Ratan Satta Matka ❋ Fast Matka ❋ Milan Market ❋ Kalyan Matka Results ❋ Satta Game ❋ Matka Game ❋ Satta Matka ❋ Kalyan Satta Matka ❋ Mumbai Main ❋ Online Matka Results ❋ Satta Matka Tips ❋ Milan Chart ❋ Satta Matka Boss❋ New Star Day ❋ Satta King ❋ Live Satta Matka Results ❋ Satta Matka Company ❋ Indian Matka ❋ Satta Matka 143❋ Kalyan Night Matka..
Prescriptive analytics BA4206 Anna University PPTFreelance
Business analysis - Prescriptive analytics Introduction to Prescriptive analytics
Prescriptive Modeling
Non Linear Optimization
Demonstrating Business Performance Improvement
Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineCIOWomenMagazine
In this article, we will dive into the extraordinary life of Ellen Burstyn, where the curtains rise on a story that's far more attractive than any script.
Asset Management: Reinventing Reporting for the New Era of Transparency and Compliance
1. • Cognizant Reports
Asset Management: Reinventing
Reporting For the New Era of
Transparency and Compliance
Executive Summary industry is adjusting to the five transformative
As assets under management (AUM) inch back forces (see Figure 2, page 3) that are causing
to pre-crisis levels, it may appear as if the asset them to rethink their operating models. To stay
management industry has weathered the finan- competitive, asset managers must continue to
cial storm. However, the transformative forces focus on their core business of creating innovative
in today’s world are compelling asset managers investment strategies and offering the highest
to rethink their operating models for effectively level of client service while coping with the
addressing demands from clients and regulators. onslaught of financial regulation.
One such decision is to reassess reporting, data Restoring Client Confidence
management and decision support capabilities While buoyant investor confidence marked the
within the firm, specifically those related to heyday preceding the U.S. credit crisis, a series
post-trade areas, such as operational reporting, of economic shocks and scandals have signifi-
business intelligence, firm-level executive cantly dented investor confidence. To restore
dashboards and client reporting. The emergence client confidence, asset managers need to scale
of cloud computing-based models offers asset new heights in client servicing and transparency.
managers the ability to source reporting as a
service from a provider via a variable, usage-based Focus on client servicing: Client service has
payment model. Asset managers can leverage emerged as a key focus area for asset managers.
such emerging service models to modernize Studies indicate that asset managers who have
their reporting in order to meet the information mastered the art of servicing their clients are
demands of clients, regulators and decision- able to retain assets even during difficult times.1
makers, while obviating the need for ongoing An Investment Metrics survey conducted by
capital investments in their platforms. Chatham Partners during November 2010 reveals
that institutional investor satisfaction with invest-
Transformative Forces ment managers is greatly influenced by client
Even as AUM returns to pre-crisis levels (see service, regardless of the economic climate or
Figure 1, next page), the asset management investment performance (see Figure 3, page 4).
cognizant reports | april 2012
2. The study indicates that 60% of overall complete, accurate and timely information
satisfaction can be attributed to investment of their portfolio holdings and performance.
performance, but this can often be cyclical and Heightened transparency by asset managers
unpredictable. The rest, 40%, is attributable to is increasingly viewed as critical to boosting
client service that can be delivered consistently. institutional investors’ transparency efforts.
More important, of the top-five factors in order of
importance attributable to client service, two are Dawn of a Compliance-Driven Future
related to client reporting (see Figure 4, page 5). An unprecedented wave of financial regulation
on both sides of the Atlantic is subjecting asset
Both institutional and retail investors alike are managers to a greater level of regulatory scrutiny.
demanding greater value addition from their Several regulations, such as the Dodd-Frank Act,
asset managers, such as research and analytics, MiFID II and Solvency II (which are focused on
in addition to the expected offerings of better improving investor protection, transparency and
client servicing, fund performance against the liquidity, as well as systemic and firm-level risk
benchmark and absolute returns. Investors are management), have resulted in new reporting
also emphasizing customized solutions2 that are requirements3 for asset managers. This under-
focused on specific outcomes or timeframes. scores the need for aggregating, integrating
Demand is also growing for information, research and managing data across firm operations for
and tools that enable slicing and dicing of data reporting purposes, a daunting task for most
to understand portfolio performance and risks, asset managers.4 A firm's data management
whether periodically, on-demand and in real time. and reporting platforms need to be adaptable to
Platforms that meet these new expectations can adequately cope with such regulations.
better engage customers and help generate more
business. Beyond meeting the need for greater Global Assets and Operations
transparency, asset managers who find innova- While allocation of assets across the globe is not
tive ways of providing differentiated services will a new phenomenon, the trend is likely to intensify.
be ideally positioned to win market share. According to a survey of institutional investors in
2011 by McKinsey & Co.,5 allocations to emerg-
Focus on transparency: The AUM recovery ing markets have increased by a factor of three
in 2010-2011 was accompanied by a height- during the past five years. The share of emerg-
ened demand for transparency. Institutional ing markets in global AUM is expected to increase
investors such as insurance funds, pension from 11% in 2009 to 15% in 2015, and the share
funds, corporate and other entities have of profits is projected to rise from 27% to 35%
increased their scrutiny, and they now demand during the same period (see Figure 5, page 5).
AUM, Revenues and Profitability
Operating profits improved in 2010, but gains were less impressive in 2011 due to market declines and
cost growth.
Average AUM Revenues Expenses Profits
100 100 107 100
94 90
90 90
96
94 78 101 76
100 75
92
96
55
86
90
2007 '08 '09 '10 '11* 2007 '08 '09 '10 '11* 2007 '08 '09 '10 '11* 2007 '08 '09 '10 '11*
Index: The year 2007=100
*
McKinsey forecasts, based on 3Q 2011 reported results
Source: 2011 McKinsey/U.S. Institute Asset Management Survey; Merrill Lynch
Figure 1
cognizant reports 2
3. Five Forces Driving A New Era Of Transparency and Compliance
Transformative
Events/Drivers Imperatives Technology Implications
Forces
Need to restore • U.S. financial crisis • Better understanding • Demand for aggregated
investor confidence
• Madoff scandal of the portfolio’s risk
exposure.
client-level views with
transparent reporting
• Eurozone debt contagion
• Adaptable allocation on individual holdings
and transactions.
strategies that allow
taking advantage of • Advanced analytics and
global investment data cubes that support
opportunities. real-time, ad hoc analysis.
• Self-help analysis tools • Multiple channels for
for analyzing impact consuming data, anytime,
of unfolding economic anywhere.
events on the portfolio.
• Increased transparency
and granularity in
reporting.
• Focus on client servicing.
Regulations • Dodd-Frank Act • Adaptable business • Increased need for
• MiFID II model in light of the
revised regulatory
data management and
governance to produce
• Basel III regime. accurate firm-level data.
• Solvency II • Agility in meeting • Reporting tools capable
regulatory requirements. of producing aggregated
• Higher cost of dashboards and data
analytics.
compliance.
Global assets and • Increasing importance of • Client need for asset • Demand for holistic views
operations emerging markets as an allocation in global that integrate data from
asset class. asset classes. global operations.
• Significant shift in • Global operations to tap • Insightful performance
wealth to East, resulting into investable assets and risk analytics that
in increased focus on within emerging markets. provide decision support
emerging markets for
raising new asset sources.
• Increased regional for complex investment
strategies.
regulations.
• Slowdown in developed • Increased infrastructure • Increased data
economies. requirements. management and
robust data strategy.
Margin squeeze: • Volatile financial markets. • Increased pressure on • Robust, adaptable archi-
Pressure on top-line
• Shift in client preference fees. tecture that can cater to
and bottom-line to ETF and index-based • Lower fees from ETF and changing requirements
without proportionally
passive investments. passive investments.
increasing total cost of
• Challenges in raising • Higher operating and ownership.
new assets from clients. technology costs.
New technologies • Increasing use of mobile • Increased real-time • Scalable cloud- based
phones, tablets and communication with platforms.
social media. clients. • Newer channels for
• Cloud computing. • Adoption of variable cost information delivery,
• Next-generation user services and technology such as mobile channels.
experience. platforms. • Emergence of social
• Intuitive, easy-to-use media as a competitive
interface. differentiator.
Source: Cognizant Research Center
Figure 2
cognizant reports 3
4. Investors in the U.S. and Europe are increas- reporting.9 Changing client preferences are bound
ingly looking to global investment exposure for to put upward pressure on costs and downward
higher returns and risk diversification. Emerging pressure on revenue, leading to squeezed margins.
markets such as Asia will be explored for new
clients and investment opportunities.6 Moreover, asset managers’ margins are expected
to come under even greater pressure due to
As a result, asset managers aim to realize several factors:
more than half of their growth from emerging • Increasing client preference for passive
markets during the next five to 10 years by investments.
adopting a mix of strategies such as part- • Performance fees under the scanner.
nerships, joint ventures, organic growth and • Increasing compliance costs.
inorganic acquisition strategies.7 This widening
geographic presence presents challenges in Increasing client preference for passive
terms of regulatory compliance and managing investments: An analysis of actively managed
multiple operational systems that increase com- funds conducted during 2011 by KPMG indicates
plexity when aggregating data on a consolidated that over the past 10 years, 85% of “long-only”
level, among other organizational obstacles. This, active managed funds failed to deliver above
together with the demand for global assets and benchmark returns.10 This led to a marked shift of
the increasing proportion of emerging markets in risk aversion, as evidenced by a significant rise in
the global AUM business, will demand larger scale, demand for passive and exchange traded funds
which in turn will require additional infrastructure (ETF) investments.
investments that are resulting in increased
cost pressure. The global market for exchange traded products
(ETP) increased from $108.7 billion in 2001 to
Mounting Pressure on Margins $1524.4 billion in 2011, at a CAGR of 30.2% (see
Changing client behavior is motivated by grow- Figure 6, page 6). Passive investment products
ing risk aversion, preference for passive funds, are outpacing traditional active products and are
demand for a heightened level of service and set to garner a substantial share of global AUM in
greater momentum toward performance-based the coming years.11
fees. New, more conservative clients want value
for their money, less focus on alpha,8 robust risk The significant growth in lower margin
management systems and absolute clarity on passive products12 and the growing competition
Client Servicing Achieves Top Honors
What are the drivers for investor satisfaction?
Clarity in Absolute
explaining return
investment 8%
approach Portfolio volatility
9% 8%
Consistency
Risk
of returns
management
8%
9%
Performance vs.
Consistency of benchmark
strategy with 9%
expectations
9%
Client service
40%
Survey base: 1,726 investors surveyed between 2007-2009
Source: Investment Metrics, Chatham Partners
Figure 3
cognizant reports 4
5. Client Servicing: Emerging Priorities
Market/investment knowledge of portfolio team
Clarity of investment reports
Problem resolution skills of client service representative
Frequency of contact of client service representative
Timeliness of investment reports
Ease of navigation of Web site
Level of preparation for investment review meeting
Client service representative understands my unique needs
Responsiveness of client service representative
Reporting capabilities of Web site
0% 5% 10% 15% 20% 25%
Survey base: 1,726 investors
Source: Chatham Partners
Figure 4
for funds may further restrict fees applied to dilute the profitability of asset managers and
these passive products. There are two potential compel them to further squeeze their overall
future scenarios on the passive front. First is costs.
the view that this could be a secular long-term
trend that is unfolding gradually. The other likely Further, the ETF industry has lower levels of
scenario is that the trend may reverse when standardization and automation of processes
the markets start trending up, cyclically, and compared with other traditional funds in the
traditional funds are perceived as increasingly market. This forces asset managers to seek a
attractive. cost-effective operating model.13
In the short- to medium-term, however, asset Performance fees under the scanner:
managers cannot afford to miss the opportunity Investors are also carefully examining fee
of tapping into passives’ growth momentum. As levels in relation to the performance14 of their
low-margin products, passives could potentially asset manager. The rising demand of a fee-for-
Emerging Markets: New Growth Frontier
The U.S. asset management industry's share of global AUM and profits will continue to decrease as
emerging markets grow.
Share of global AUM Share of global profit pool
Percent Percent
100 100 Variation 100 100 Variation
37 31 -6
43 39 -4
33 -3
36
46 +0
46
35 +8
27
11 15 +4
2009 2015 2009 2015
U.S
Other developed markets (includes Western Europe, Japan, Canada and Australia)
Emerging markets (all other markets, i.e., not U.S. or other developed markets)
Source: McKinsey Global Banking Profit Pool
Figure 5
cognizant reports 5
6. performance model is likely to exert downward Growing Prominence of Reporting
pressure on revenues. To succeed in the emerging era of transparency
and compliance, asset managers need to substan-
Increasing compliance costs: The cost of doing tially improve their reporting functions to satisfy
business is increasing due to rising compliance clients and regulators. In the post sub-prime era,
requirements and the expense of managing ad hoc requests for reports by investors in areas
increasingly global operations. For instance, such as portfolio performance have increased
regulations around OTC derivatives are likely to exponentially. This sudden spurt in demand for
increase trading costs of these securities. reports is placing enormous pressure on asset
managers whose systems were not designed
The reporting requirements by clients and tighter to meet this deluge. To reassure clients, asset
regulations across the U.S. and Europe are bound managers need to offer traditional reporting
to raise the cost of operations. With the decline packages, as well as customized reports, with
in revenues and increase in costs, the operating additional requested analysis and information.
margin of some firms is likely to be impacted.
Asset managers will eventually be forced to Client needs apart, an improvement in reporting
assess models that enable them to maintain capability is also an important internal require-
flexibility in managing operating costs during ment for asset managers. Senior managers
both market upturns and downturns.15 require insightful reporting on processes
and risk exposures to ensure they are not caught
Emergence of New Technologies off-guard.
The emergence of new technologies such as
mobility and social media allows clients to access While demand for accurate and timely
real-time information and improve communica- information from all three users of the reporting
tion among stakeholders. platform — clients, regulators and both portfolio
managers and firm executives — is steadily
The use of cloud computing is also gaining increasing, many firms’ existing platforms are
momentum. This computing approach allows struggling to keep pace with these ever-growing
asset management firms to move toward a requirements due to multiple challenges:
variable cost model and quickly adapt to
changing business conditions with increased • In many cases, reporting continues to be
agility, scalability, flexibility and efficiency. performed through homegrown legacy
systems, most of which have significantly
outgrown their initial functional scope and
Global Exchange Traded Products Posting Stellar Growth
Global ETP market size (in $ billions)
1.800
1.600 1,524.4
1,482.6
1.400
1.200 1,155.7
1.000
851.3
800 772.3
598.1
600
428
400 319.1
218.3
145.7
200 108.7
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: BCG Global Asset Management Market Sizing Database, 2011
Figure 6
cognizant reports 6
7. outlived their architectural and technological or a budget to implement one, can result in
life expectancy. major data quality issues.
• In some other cases, reporting is achieved • Finally, most reporting platforms are tradi-
through data generated from disparate tional in that they comprise “reports” that are
point solutions that get stitched together specifically designed and developed per user
manually using office automation software group. In such cases, each little tweak to an
such as Microsoft Excel. As a result, it’s existing report results in a development cycle.
extremely difficult to both achieve a
holistic view and drill down into details through
a single report. The Case for Cloud-Based Reporting
• The trend of outsourcing middle-office Platforms
functions to asset servicers further compli- Given the increasing demand for reporting from
cates the equation, since managers are now the imposing duo of investors and regulators and
dependent on the capabilities of the servicer’s the prospect of declining margins and the fixed
platform. This issue is significantly aggravated cost structure, we believe there are two impera-
when outsourcing is handled by multiple tives for asset managers. First, they must reinvent
service providers for risk mitigation purposes their post-trade reporting platforms to comply
or limited to a specific entity or specific region. with the changing industry order. Second, they
Managers may be forced to aggregate data must seek tier-one providers to deliver report-
across providers or across in-house systems ing as a service. By using a cloud-based reporting
and the provider to obtain a firm-level view. platform in which services are paid for as they are
• M&A activity spread over multiple geogra- consumed, asset managers can obviate high up-
phies often results in data that is scattered front investments for the post-trade infrastruc-
across multiple systems. For example, an asset ture and variabilize their costs.
manager may use one portfolio accounting
system for traditional assets and another, Reinventing Post-Trade Reporting
more specialized system for alternative assets. Platforms
Some of the core systems used by managers A robust, insightful and self-help-based
are legacy and do not lend themselves to easy post-trade reporting platform is a key component
integration. Lack of a consistent data strategy, of the operating model of a global asset
Anatomy of a Post-Trade Reporting System
Mobile and Tablet Internet Client Portal Data Extracts
Distribution Channels
management tools
Business activity
Audit trail/SLA
Governance & Control Framework
Operational Efficiency Enhancers
monitoring
Workflow
tracking
Data
Business Intelligence
& Visual Dashboards Operational Reporting Client Reporting
E-mail integration
Business rules
Integrated issue
Entitlements
management
engine
Configurable data extraction, transformation and validation
Reporting Platform
Middle Office Bank Office Reference Data Custom data
Fund Configuration
Trade processing Performance &
attribution Security master
accounting data
Unstructured
Corporate actions Reconciliation Custody Product master data
Investment Billing Transfer agency Client master Source systems
accounting
Source: Cognizant Business Consulting
Figure 7
cognizant reports 7
8. management firm. In the changing industry order, will also prove to be a significant differentiator
such a reporting platform can satisfy the exacting and a strategy for attracting new money.
demands of clients and regulators alike, as well as • In the case of internal users and decision-
the organization’s internal need for improved risk makers, the reporting paradigm can be shift-
management and portfolio decision support. ed significantly. New technologies make it
possible to create intelligent, context- and time-
We believe that three key aspects of the new sensitive interfaces that can “understand”
post-trade reporting systems — operational the need of information consumers and their
reporting, client reporting, business intelligence actions and display the most relevant data
and data visualization — should be structured to at any point in time. For example: The de-
serve the increased demands for transparency, fault start-of-the-day interface for a portfolio
client service, regulatory reporting and risk manager managing an active strategy could
management (see Figure 7, previous page). be a visual dashboard of the performance
of his/her portfolios, while that for a port-
Positive developments are allowing asset folio manager managing a passive strategy
managers to leverage these platforms to address could focus primarily on cash inflows and
emerging requirements and challenges. outflows. Toward the end of the day, the
• In light of the dramatic advances in user default dashboard could change to those
experience technologies, it is now possible to focusing on status of executed trades. The
create an intuitive and easy-to-use interface dashboard produced for the firm’s chief in-
that can empower business users to define vestment officer would be an aggregate of all
their own workspace and reports with minimal portfolios and associated risk measures, allow-
dependency on technology staff. This can dra- ing the executive to focus on the most critical
matically reduce the technology development data points.
pipeline for “new” or “custom” reports and the
associated cost of maintaining such reports. Road Ahead: Sourcing Reporting
• Client reporting and client servicing can be as a Service
dramatically changed by exposing an easy-to- On the one hand, having an innovative reporting
use analysis toolkit to sophisticated investors, platform can help asset managers address most
akin to the decision-support tools used by the reporting requirements and potentially attract
firm’s portfolio managers. Savvy investors new money; on the other hand, many firms are
could utilize the toolkit to quench their thirst unable to fund multi-year programs to modernize
for transparency and for custom reporting on or rebuild their current platforms.
their portfolio. Going a step further, the next
generation of features could allow investors Sourcing new post-trade reporting platforms
to create their own custom, aggregated views from a trusted tier-one partner can help asset
by merging data on mandates held elsewhere managers variabilize fixed costs and enable them
with those held at the manager. This would to focus on their core functions (see sidebar,
empower the investor to analyze the entire below) of generating investment performance.
investment book, not just those investments
managed by the firm. Such features will not Migrating to a cloud-based reporting platform
only eliminate ad hoc reporting requests but delivered in the form of business process as a
Advantages of Reporting as a Service Model
• Increased business agility/flexibility.
• Improved quality of service.
• Avoidance of capital expenditure.
• Transfer of ownership responsibility to the provider for infrastructure, technology and resources.
• Usage-based fee, which enables conversion of Cap-Ex to Op-Ex.
• On-demand reporting, anytime, anywhere.
cognizant reports 8
9. Viability of the Cloud
Do you see your business running in the cloud/as a hosted solution?
22%
Already does
36%
In the next 2-3 years
Considering it for the future
24% Never
18%
Response base: 159 investment professionals
Source: Global Investment Management Survey, Linedata Exchange (2011)
Figure 8
service (BPaaS) can improve agility in reporting In a survey conducted by Linedata Exchange
while variabilizing fixed costs by enabling asset in 2011, 36% of investment management firms
managers to embrace a pay-per-use model. This queried said they were already using the cloud
model aligns very well with the current business platform. Moreover, 18% said they hope to be
environment. Asset managers, for example, can: using cloud delivery models in the next two to
• Provide online access to their clients with data three years (see Figure 8, above).
tailored to their specifications.
• Generate reports on-demand. Among the concerns associated with flexible
• Provide query tools that offer data mining and sourcing models such as reporting as a service,
analytics capabilities. This lends interactivity data security and confidentiality figure promi-
to the process, which is vital to customer nently. This calls for providers to embed effec-
satisfaction. tive data security and governance mechanisms to
ensure safety of the data being handled.
With the advent of sophisticated applications for
mobile and Web-based environments, significant Sourcing post-trade reporting as a service offers
changes are in the offing for asset management a compelling way for asset managers to stay
information delivery systems. It is imperative agile, while focusing on their business core. This
for asset management firms to use the latest is essential today, given the macro-economic
advances in technology, such as cloud computing pressures — transparency, regulatory, competitive
models, and utilize their benefits to strengthen or — and the never-ending quest to contain costs, as
advance competitive advantage. well as the need for operational scalability (upward
and downward, in sync with business cycles).
cognizant reports 9
10. Footnotes
1
“The Asset Management Industry in 2010,” McKinsey & Co., 2006.
2
“Global Asset Management 2011, Building on Success,” The Boston Consulting Group, July 2011,
http://www.bcg.com/documents/file81068.pdf.
3
“Performance: A Triannual Topical Digest for Asset Management Professionals,” Issue 6, Deloitte
Touche Tohmatsu Ltd., September 2011, http://www.deloitte.com/assets/Dcom-UnitedStates/Local
%20Assets/Documents/FSI/US_FSI_performance6_101411.pdf.
4
“Redesigning Operations for the New Regulatory Era,” Ernst & Young, May 2011, http://www.ey.com/
Publication/vwLUAssets/Redesigning-operations-for-the-new-regulatory-era/$FILE/Redesigning-
operations-for-the-new-regulatory-era.pdf.
5
“The Best of Times and the Worst of Times for Institutional Investors,” McKinsey & Co., August 2011,
http://www.mckinsey.com/clientservice/Financial_Services/~/media/Reports/Financial_Services/
Institutional.ashx.
6
“Formula for Success,” KPMG, January 2011, http://www.kpmg.com/NZ/en/IssuesAndInsights/
ArticlesPublications/Frontiers-in-Finance/Documents/FIF-Jan-2011-03-Formula-for-success.pdf.
7
“Growth in a Time of Uncertainty: The Asset Management Industry in 2015,” McKinsey & Co.,
November 2011, http://www.mckinsey.com/clientservice/Financial_Services/Knowledge_Highlights/
Recent_Reports/~/media/Reports/Financial_Services/McK_AM2015.ashx.
8
Alpha is a risk-adjusted measure of the so-called “active return” on an investment. It is the return
in excess of the compensation for the risk borne and, as a result, is commonly used to assess active
managers’ performance. Often, the return of a benchmark is subtracted in order to consider relative
performance, which yields Jensen’s alpha.
9
Neeraj Sahai, “The Crisis Aftermath: What are the Prospects for Traditional Asset Managers?”
Citi Securities and Fund Services, May 20, 2010.
10
“The Agile Asset Manager,” KPMG, August 2011, http://www.kpmg.com/Global/en/IssuesAndInsights/
ArticlesPublications/Documents/agile-asset-manager-full-report.pdf.
11
“Global Asset Management 2011: Building on Success,” BCG.
12
“The Agile Asset Manager,” KPMG.
13
“ETFs' New Operating Model Needs,” PricewaterhouseCoopers, http://www.pwc.com/gx/en/asset-
management/asset-management-insights/etfs-new-operating-model-needs.jhtml.
14
“The Agile Asset Manager,” KPMG.
15
“Formula for Success,” KPMG.
cognizant reports 10