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Lets embrace the “Mama Bear movement”

Teodara Gavrilut gives us an outlook on how the things around us are changing, for the good on the International Women’s day.  Amidst these Covid crisis and several other issues, the year 2020 bought us, there was also an advancement in the awareness of how crucial and impactful women are as the leaders. With Kamala Harris becoming the first woman to hold the office of vice-president of the United States, women now have a hold more than a third of roles in the board rooms, as said in the British’s top 350 companies. The society and the businesses are being changed for better by these women leaders in all possible sectors and firms. In spite of having this excellent progress, we are still not able to achieve the gender equality.

We can see women standing on the frontline of the Covid -19 crisis as the warriors and leading some of the most successful Government and business responses to the pandemic. Still, there is only few companies which have attained this gender parity. Only 3.5 per cent of the decision making and task forces across 87 countries have achieved this. The rest 82.5 per cent are dominated by men. Coupling with the fact that the 16 of these same top 350 British businesses have only one woman on the board and this perception still persist that men are always more entitled to lead.

The corporate case for refining this picture has been prepared. Diverse teams bring diverse value, growth and innovation. The more equal the gender balance is, the better a business achieves. And some pandemic reactions have shown that there is a lot to be learned from the leadership that values encouragement, empathy and solicitousness. It’s none other than the mama bear moment. Male leaders tend to show higher transactional and leadership qualities which is about building relationships based on punishment and rewarding and providing subordinates with freedom, all these with guidance of course. Whereas the women are better in communicating the company values and missions and they provide more rational individual support and mentoring, which is always beneficial as proved by many researches. In these times of crisis, transformational leaders are always best placed to uphold the concerns of the employees and the customers. The pandemic has given the firms a clear view of to what the customers actually expect and what was being deliver instead, establishing the notion of how people view businesses. There is increased surge in the customers’ expectations to have a transparent business that works in the way of care and purpose, a way to commit to visible and actionable values.

There has also been a toll on the employee’s wellbeing as our daily changing lives and this whiplash which has been caused by the lockdown going in and out. We are desperately in need of a leader who actually pays attention to the people’s struggles, and acts on bettering it. The pandemic had made firms increase the funding gap and run short in funding the female workers, as a result of automation in particular. They have become the majority to be decimated by the pandemic. This case of gender parity is beyond our disputes and it needs swift and comprehensive action. Making use of the data driven insights to drive the success rates and accountability to go higher is the next step. The investment in emerging roles and sectors to ensure that talent channels are diverse, and that in turn helps in up skilling. To conclude, women at the top are able to achieve and transform our lives for the better and we should towards achieving this goal.

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Business

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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