Rethinking utility analysis: a strategic focus

Utility analysis is a technique which allows for the estimation of the financial impact of human resource (HR) interventions. While utility analysis methods have been available for decades, their application is still not widespread. Some argue that this is because managers do not understand the techniques and suggest that allowing managers to participate in the analysis would increase understanding and, as a results, use and acceptance of utility analysis. The current work posits that translating the value of HR interventions into financial terms may not be necessary. It may be more useful to determine the direct impact of HR programs on employee behaviors and attitudes. The impact of these changes on the bottom line may then be determined. Building upon the recently proposed multi-attribute utility analysis and the strategic perspective offered by the Balanced Scorecard, this paper presents a strategic utility analysis method. Strategic utility analysis requires that multiple outcomes, not only financial, be considered in order to determine the utility of a given HR intervention. It further stipulates that these outcomes should come directly from the company's business strategy. The strategy should imply certain organizational capabilities and strategic utility analysis should measure the contribution of HR interventions towards building these specific capabilities

Addressing Risk Challenges in a Changing Financial Environment:the Need for Greater Accountability in Financial Regulation and Risk Management

The need for continuous monitoring and regulation is particularly attributed to, and justified by, the inevitable presence of risks and uncertainty – both in terms of certain externalities and indeterminacies which are capable of being reasonably quantified and those which are not. Amongst other goals, this paper aims to address complexities and challenges faced by regulators in identifying and assessing risk, problems arising from different perceptions of risk, and solutions aimed at countering problems of risk regulation. It will approach these issues through an assessment of explanations put forward to justify the growing importance of risks, well known risk theories such as cultural theory, risk society theory and governmentality theory. “Socio cultural” explanations which relate to how risk is increasingly becoming embedded in organisations and institutions will also be considered as part of those factors attributable to why the financial environment has become transformed to the state in which it currently exists. A consideration of regulatory developments which have contributed to a change in the way financial regulation is carried out, as well as developments which have contributed to the de formalisation of rules and a corresponding “loss of certainty”, will also constitute focal points of the paper. To what extent are risks capable of being quantified? Who is able to assist with such quantification – and why has it become necessary to introduce other regulatory actors and greater measures aimed at fostering corporate governance and accountability into the regulatory process? These questions constitute some of the issues which this paper aims to address

Financial Regulation and Risk Management:Addressing Risk Challenges in a Changing Financial Environment

Amongst other goals, this paper aims to address complexities and challenges faced by regulators in identifying and assessing risk, problems arising from different perceptions of risk, and solutions aimed at countering problems of risk regulation. It will approach these issues through an assessment of explanations put forward to justify the growing importance of risks, well known risk theories such as cultural theory, risk society theory and governmentality theory. In addressing the problems posed as a result of the difficulty in quantifying risks, it will consider means whereby risks can be quantified reasonably without the consequential effects which result from the dual nature of risk, that is, risks emanating from the management of institutional risks. “Socio cultural” explanations which relate to how risk is increasingly becoming embedded in organisations and institutions will also be considered as part of those factors attributable to why the financial environment has become transformed to the state in which it currently exists. A consideration of regulatory developments which have contributed to a change in the way financial regulation is carried out, an illustration of how the financial industry and the approach to financial regulation have been transformed by the rapid growth of the hedge funds industry, will also constitute focal points of the paper

Lifecycles of Competition Systems: Explaining Variation in the Implementation of New Regimes

The aim of the study was to investigate the crimes and punishments that were commonly occurring between the years 1601-1651, and how the distribution was between men and women represented in the court in district Sjuhundra and Njurunda district. To answer these questions, a quantitative examination of court records conducted in which the crimes and punishments have been categorized. The results that have emerged have been the basis for the conclusions issued in the essay. The results showed that the most common target types were various civil and propertycase and the most common punishments were sentenced to fines and settlements. It was predominantly men who were in the court, the proportion of women was between 13-22%. The conclusion is that men were increasingly confronted with the court than the women and the crimes and punishments in comparison to the two districts were relatively equal

Performance measurement : challenges for tomorrow

This paper demonstrates that the context within which performance measurement is used is changing. The key questions posed are: Is performance measurement ready for the emerging context? What are the gaps in our knowledge? and Which lines of enquiry do we need to pursue? A literature synthesis conducted by a team of multidisciplinary researchers charts the evolution of the performance-measurement literature and identifies that the literature largely follows the emerging business and global trends. The ensuing discussion introduces the currently emerging and predicted future trends and explores how current knowledge on performance measurement may deal with the emerging context. This results in identification of specific challenges for performance measurement within a holistic systems-based framework. The principle limitation of the paper is that it covers a broad literature base without in-depth analysis of a particular aspect of performance measurement. However, this weakness is also the strength of the paper. What is perhaps most significant is that there is a need for rethinking how we research the field of performance measurement by taking a holistic systems-based approach, recognizing the integrated and concurrent nature of challenges that the practitioners, and consequently the field, face

Rethinking the International Monetary System: an overview

Monetary policy ; International finance

Beyond the Financial Crisis:Addressing Risk Challenges in a Changing Financial Environment

The Financial Crisis has not only highlighted the importance of addressing issues such as liquidity risk – it has also brought to the fore the need to focus on unregulated instruments such as hedge funds, which are of systemic importance to the financial industry. Risk is an area which, owing to its increasing significance, requires greater focus. A move to risk based strategies is evidenced by the growing popularity of risk based regulation and meta regulatory strategies. Given the presence of an unregulated hedge fund industry however, such attempts do not suffice on their own. Further, the systemic nature of risk exacerbates the problem of such unregulated institutions. This paper aims to address complexities and challenges faced by regulators in identifying and assessing risk, problems arising from different perceptions of risk, and solutions aimed at countering problems of risk regulation. It will approach these issues through an assessment of explanations put forward to justify the growing importance of risks, well known risk theories such as cultural theory, risk society theory and governmentality theory. These theories will be considered against a background of themes such as dynamism, evolutionism, developments in science and industry, cultural attitudes to risk, and the need to be responsive and reflexive to changes which have arisen in modern society. Theoretical models and hybrids of a responsive model of regulation such as Enforced self regulation and meta regulation, which have the potential to address the problems relating to risk will be addressed. By virtue of the pro cyclical nature of risk, the inability of Basel 2 to address risk cycles were revealed during the Northern Rock Crisis. Other flaws and deficiencies inherent in Basel 2, a form of meta regulation, will be highlighted. The relevance of internal control systems to an efficient system of regulation, the reasons for which meta regulation is not only considered to be the most responsive form of regulation, but also one which assigns central role to internal control systems will be discussed. The contested nature of risk and the difficulties attributed to its quantification, raise questions about its ability to function effectively as a regulatory tool. If risks could be eliminated in their entirety however, then regulation would serve no purpose. This paper aims generally therefore to direct attention to those areas which could be addressed, namely institutional risks, and measures whereby such risks, even though impossible to eliminate, could be minimize

Rethinking climate engineering categorization in the context of climate change mitigation and adaptation

The portfolio of approaches to respond to the challenges posed by anthropogenic climate change has broadened beyond mitigation and adaptation with the recent discussion of potential climate engineering options. How to define and categorize climate engineering options has been a recurring issue in both public and specialist discussions. We assert here that current definitions of mitigation, adaptation, and climate engineering are ambiguous, overlap with each other and thus contribute to confusing the discourse on how to tackle anthropogenic climate change. We propose a new and more inclusive categorization into five different classes: anthropogenic emissions reductions (AER), territorial or domestic removal of atmospheric CO2 and other greenhouse gases (D-GGR), trans-territorial removal of atmospheric CO2 and other greenhouse gases (T-GGR), regional to planetary targeted climate modification (TCM), and climate change adaptation measures (including local targeted climate and environmental modification, abbreviated CCAM). Thus, we suggest that techniques for domestic greenhouse gas removal might better be thought of as forming a separate category alongside more traditional mitigation techniques that consist of emissions reductions. Local targeted climate modification can be seen as an adaptation measure as long as there are no detectable remote environmental effects. In both cases, the scale and intensity of action are essential attributes from the technological, climatic, and political viewpoints. While some of the boundaries in this revised classification depend on policy and judgement, it offers a foundation for debating on how to define and categorize climate engineering options and differentiate them from both mitigation and adaptation measures to climate change