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Construction sector to undergo major changes to support the well-being of the employees

A civil engineering company Mc Alpine, Sir Robert McAlpine recently funded a study of using the first person accounts top provide their employers with something more than stats, related on the subject of the flexible working model. The Forever Flex: Making Flexible Working Work beyond a Crisis report was based on a survey of 1,420 employers and in-depth interviews with the leading front-runners and decision-makers of 32 companies from various sectors and sizes. This being conducted during lockdown, it was designed to reverberate on a “human level” and it gave examples of how flexible the working could be managed across various sectors. In the year 2019, Sir Robert McAlpine backed Mother Pukka’s Flex Appeal campaign to fund the research that would provide flexible working results. Its goal was to improve the work-life balance for its employees, and address the issue of mental health in the construction sector which recorded an alarming rate of male suicides each year.

If flexible working can somehow have a positive impact on mental health and help the companies reverse the disturbing trend of male suicides in construction, then they would be a 100 per cent committed to supporting it, said Sir Robert McAlpine CEO Paul Hamer.

When the lockdown hit in the month of March 2020, it plunged companies and even countries in to great Covid flex pediment at the same time forcing it to work differently when compared to working flexibly. The focus of the Flex Appeal study shifted towards providing instances applicable for after the pandemic. One third of the employees noted that there was an increase in productivity over lockdown and the 34 per cent of them reported back stating an increase of employees’ emotional wellbeing and happiness. The other key highlights were that 72 per cent of the respondents wished to retain the work from home model and continue with the same even after the pandemic. But only 66 per cent of the construction sector’s employees had this same intention. The report established that while the pandemic challenged the employer misconceptions about this flexible working, there remained certainties, and still remains, a need for the clarity and a shift from “accidental flex” to “true flex”.

Advice based on interviews with leaders and decision-makers at 32 companies that have embraced the concept of several notions, few of them are discussed below.

 Go beyond HR to have the organization set up workshops and coaching for leaders to help them understand the implementation of the flex . Adjust the terminology that is to have a tailor flex to an organization’s culture and specifics and their significances. Conduct multiple tests to find out what works best, pilot and trial flexible occupied changes on small teams, rather than débuting a major launch.

Hamer said the study provided a real-world guide. He stated that they don’t have all the answers yet and they were on their own journey to introduce a flexible working for everyone. He also mentioned that each of them had the right to have a healthy work life balance. The findings would help pave the way to a greater inclusion, diversity and a major reduction of the gender pay-gap, he said. The report was made to order by campaigner Anna Whitehouse (aka Mother Pukka) and conducted by Claremont.

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LexisNexis risk solutions study reveals sharp rise of financial crime compliance costs

Decision makers inside banks, investment firms, asset managers and insurance firms identify the drivers impacting financial crime compliance. LexisNexis® Risk Solutions revealed that the results of its annual True Cost of Financial Crime Compliance Study for the U.S. and Canada. The total projected cost of financial crime compliance for the region is approximately $49.9 billion. The survey illustrates the sharp increase in financial crime compliance costs.

The study projects the average annual cost of financial crime compliance for U.S. financial institutions with $10 billion. Pandemic Continues to Spur Growth. The pandemic continues to negatively impact compliance operations. Sixty eight percent of U.S. respondents report longer times required to complete due diligence. Fifty five percent of U.S. respondents report reduced productivity compared.

More U.S. financial institutions now rank real estate and hospitality as top money laundering risk segments. Crime involving digital payments, trade-based money laundering and money mule schemes are on the rise. Digital currency is a growing problem for Canadian firms. Crimes involving digital payments have the greatest impact on compliance costs. Cryptocurrency crimes have the greatest impact on compliance costs for Canadian firms. The survey results demonstrate that financial institutions are battling a broader set of issues.

Survey respondents indicate that a lack of current and extensive data tops the list of Know Your Customer (KYC). Leslie Bailey, vice president of financial crime compliance strategy for LexisNexis Risk Solutions stated that the study shows clear linkages between the pandemic, digital crime and increasing regulations. Hence, financial institutions need to prepare for expanded compliance obligations and risks from emerging financial crime. Bailey added that digital transformation is a game-changer for financial crime compliance operations.

This will require a sophisticated approach that incorporates insight into digital behaviors. This study surveyed 145 decision-makers in the U.S. and Canada. Responses were collected in June 2019, August 2020 and June 2021. Organizations such as banks, investment firms, asset management firms and insurance firms. The total annual cost of compliance across firms was calculated using survey data. The spend amount was generated by multiplying the average percent allocated to financial crime costs.

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COP26 delegates agree on need to deliver on $100 BLN climate finance pledge

Delegates heading to the COP26 U.N. climate summit in Glasgow. These delegates agreed that they must deliver on the $100 billion per year pledge. COP26 president Alok Sharma said that, it is to help most vulnerable nations for tackling the climate change.

After many days of meetings at the pre-COP26 climate event, which happened in Italy, Sharma said that there was a consensus to do more. Which is to keep the 1.5 degrees Celsius target within reach, adding more needed to be done collectively in terms of national climate plans.

The COP26 conference in Glasgow aims to secure more ambitious climate action. This is from nearly 200 countries, those all that have signed the 2015 Paris Agreement for limiting the global warming, well below 2.0 degrees Celsius. And to 1.5 degrees, above pre-industrial levels.

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City’s exposure to Evergrande is very minimal-Hong Kong finance Chief

Hong Kong’s exposure to debt-laden developer China Evergrande Group is very minimal at 0.05%. This is of banking assets, South China Morning Post reported, citing the city’s finance minister. Financial Secretary Paul Chan told the newspaper that it is very minimal and won’t cause them any systemic risks. He added that he had arrived at the conclusion after a recent audit of the local banking sector’s exposure to the company.

Chan also said that the Hong Kong’s stock market was inevitably subject to some volatility. This is amidst a recent mainland crackdown on some industries. But still he believed any setback would be temporary. With liabilities of $305 billion, Evergrande has sparked concerns its cash crunch could spread through China’s financial system. This may reverberate globally and that is a worry that has eased with the Chinese central bank’s vow, to protect homebuyers’ interests. Evergrande has missed two bond interest payments. Bondholders have said this and its offshore debt, amounting to about $20 billion, trades at distressed levels.

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