Dialectic tensions in the financial markets: a longitudinal study of pre- and post-crisis regulatory technology

This article presents the findings from a longitudinal research study on regulatory technology in the UK financial services industry. The financial crisis with serious corporate and mutual fund scandals raised the profile of compliance as governmental bodies, institutional and private investors introduced a ‘tsunami’ of financial regulations. Adopting a multi-level analysis, this study examines how regulatory technology was used by financial firms to meet their compliance obligations, pre- and post-crisis. Empirical data collected over 12 years examine the deployment of an investment management system in eight financial firms. Interviews with public regulatory bodies, financial institutions and technology providers reveal a culture of compliance with increased transparency, surveillance and accountability. Findings show that dialectic tensions arise as the pursuit of transparency, surveillance and accountability in compliance mandates is simultaneously rationalized, facilitated and obscured by regulatory technology. Responding to these challenges, regulatory bodies continue to impose revised compliance mandates on financial firms to force them to adapt their financial technologies in an ever-changing multi-jurisdictional regulatory landscape

E-finance-lab at the House of Finance : about us

The financial services industry is believed to be on the verge of a dramatic [r]evolution. A substantial redesign of its value chains aimed at reducing costs, providing more efficient and flexible services and enabling new products and revenue streams is imminent. But there seems to be no clear migration path nor goal which can cast light on the question where the finance industry and its various players will be and should be in a decade from now. The mission of the E-Finance Lab is the development and application of research methodologies in the financial industry that promote and assess how business strategies and structures are shared and supported by strategies and structures of information systems. Important challenges include the design of smart production infrastructures, the development and evaluation of advantageous sourcing strategies and smart selling concepts to enable new revenue streams for financial service providers in the future. Overall, our goal is to contribute methods and views to the realignment of the E-Finance value chain. ..

Consciosusness in Cognitive Architectures. A Principled Analysis of RCS, Soar and ACT-R

This report analyses the aplicability of the principles of consciousness developed in the ASys project to three of the most relevant cognitive architectures. This is done in relation to their aplicability to build integrated control systems and studying their support for general mechanisms of real-time consciousness.\ud To analyse these architectures the ASys Framework is employed. This is a conceptual framework based on an extension for cognitive autonomous systems of the General Systems Theory (GST).\ud A general qualitative evaluation criteria for cognitive architectures is established based upon: a) requirements for a cognitive architecture, b) the theoretical framework based on the GST and c) core design principles for integrated cognitive conscious control systems

Architecture and Information Requirements to Assess and Predict Flight Safety Risks During Highly Autonomous Urban Flight Operations

As aviation adopts new and increasingly complex operational paradigms, vehicle types, and technologies to broaden airspace capability and efficiency, maintaining a safe system will require recognition and timely mitigation of new safety issues as they emerge and before significant consequences occur. A shift toward a more predictive risk mitigation capability becomes critical to meet this challenge. In-time safety assurance comprises monitoring, assessment, and mitigation functions that proactively reduce risk in complex operational environments where the interplay of hazards may not be known (and therefore not accounted for) during design. These functions can also help to understand and predict emergent effects caused by the increased use of automation or autonomous functions that may exhibit unexpected non-deterministic behaviors. The envisioned monitoring and assessment functions can look for precursors, anomalies, and trends (PATs) by applying model-based and data-driven methods. Outputs would then drive downstream mitigation(s) if needed to reduce risk. These mitigations may be accomplished using traditional design revision processes or via operational (and sometimes automated) mechanisms. The latter refers to the in-time aspect of the system concept. This report comprises architecture and information requirements and considerations toward enabling such a capability within the domain of low altitude highly autonomous urban flight operations. This domain may span, for example, public-use surveillance missions flown by small unmanned aircraft (e.g., infrastructure inspection, facility management, emergency response, law enforcement, and/or security) to transportation missions flown by larger aircraft that may carry passengers or deliver products. Caveat: Any stated requirements in this report should be considered initial requirements that are intended to drive research and development (R&D). These initial requirements are likely to evolve based on R&D findings, refinement of operational concepts, industry advances, and new industry or regulatory policies or standards related to safety assurance

Performance measurement procedures that support innovativeness rather than hamper it

This paper addresses the contemporary challenges in increasing firm-level innovativeness and developing appropriate performance metrics. The authors discuss these challenges and provide a literature review on the innovation enhancing factors in service industries. They subsequently study the case of a multinational telecom company that tries to renew its innovative capabilities after a restructuring. An interpretative approach, based on employee focus group interviews and an extensive management workshop, is taken to co-develop context specific factors that enhance innovativeness. These factors include, amongst others, personal recognition and acknowledgement for an innovative achievement, available time, customer intimacy, and a clear innovation strategy. The identified factors will be used in a follow-up research aimed to develop performance measurement procedures that support the company to develop and exploit its innovative capabilities