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The Grants Management Function and its effective approach towards IT

The business of Government as we know from its heart is to either give money or take it away. If this is one simplified acknowledgement, the management is a large, important and complex area of the Government. Its main objective is to support the policies across the term and government in all the sectors like education, health, rural affairs, innovation and research as well as international affairs and its aid for the public growth. As it requires both process mobility and mandatory security while monitoring to ensure safe case management and the payment of grants. And while the funding mechanisms, rules and scopes may fluctuate, grant management is something nearly every sector of every government does. The need to improve the efficiency of the grants administration, grant funding and reduction in the losses from the fraud driving innovations are some of the problems face by all the governments across.

The Grants Management Function in the Cabinet Office is continuing with its determinations to make grant management more effective, efficient and safe. The UK’s exit from the EU is ensuring that the grant management is rising up the agenda across many other departments as they re-think how grant funding can better the support policy. Framing specifically, the end of EU farm subsidies represent one the major changes made in the farming policies in half a century. With the end of the Common Agricultural Policy (CAP), Defra will resume the responsibility of designing, implementing and managing its own domestic agricultural policies and schemes. And it’s starting its 7 year transition towards a system that pays farmers to improve the environment, animal health and welfare and to reduce the carbon emissions. Moving from the decade old practices of funding based on the land sizes to instead reward the farmers for the work that only they can do. Whether it is ensuring the survival of threatened species or locking up carbon on their land. Work that benefits everyone in society. This initiative will have to be driven by both long-term policy and conservative to the needs. Yet, the UK grant management function is underpinned by boards and processes formed in the 1950s. Platforms that are clunky and rigid and not accurately up to the job of delivering what government and society wants.

To underpin a reimagined grants management function with a new platform to ensure it meets its ambitions, the Government could establish a way starting from the scratch and build something that for once that actually work. As the projects often fail to deliver on time, exceed the budget, and do not provide the value promised, so an alternative might be look at others work. It might be better to adopt proven solutions that create agile, future-proof systems, based on open components that ensures full flexibility and the opportunity for ongoing innovations. Considering this approach the government can spend 20 per cent of the effort by getting 80 per cent of the way to the digital national scale grants solution that they need.

The little effort of the government can create a cutting-edge grant management system whilst owning it and being responsible for it, leaving more space to innovate around the edges creating the incentives, through data led funding and subsidies strategies, to create behavior changes that will most certainly benefit the society.

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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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