6,741 research outputs found
Risk Management in the Exchange Fund Account
In this article, author Michel Rochette of the Bank's Risk-Management Unit briefly describes the initiatives undertaken to identify, analyze, model, and manage the principal risks inherent in the transactions of the Exchange Fund Account (EFA), where the international reserves of the federal government are held. The author focuses on five types of risk: credit risk, market risk, liquidity risk, operational risk, and legal risk. In addition, the author presents the risk-management principles underlying the activities of the EFA and the governance structure of the Account.
From risk management to ERM
At one point in time, there was self-insurance. Then came risk management. Now comes the era of enterprise risk management(ERM). Traditional risk management will always be necessary, but ERM will complement existing risk activities by extending the field to cover all core risks as well as emerging and strategic opportunities, because without taking risks, organisations gain no value. This paper will present the main elements of an ERM framework and characteristics of different types of ERM.ERM, CRO, risk management, risk designation, risk framework, risk system, risk culture, governance, risk intelligence, risk capital, GIR
THE COMPETITIVE ADVANTAGE AS A RESULT OF AN ORGANIZATIONAL CHART BASED ON MARKET ORIENTATION
The competitive advantage can be obtained by the use of specific strategies in an international context: off shoring and outsourcing. These, however, have limitations such as the ephemeral nature of the benefit obtained and difficulties such as building effective collaboration reflected by the need to pay particular attention to differences in professional and national cultures (between partners). The market orientation as a basis for the reconfiguration of the organizational chart and may be useful for the establishment of a value system designed to strengthen the competitive advantage.off shoring outsourcing, competitive advantage, value system, organizational patterns, market orientation, culture.
Phase Harmonic Correlations and Convolutional Neural Networks
A major issue in harmonic analysis is to capture the phase dependence of
frequency representations, which carries important signal properties. It seems
that convolutional neural networks have found a way. Over time-series and
images, convolutional networks often learn a first layer of filters which are
well localized in the frequency domain, with different phases. We show that a
rectifier then acts as a filter on the phase of the resulting coefficients. It
computes signal descriptors which are local in space, frequency and phase. The
non-linear phase filter becomes a multiplicative operator over phase harmonics
computed with a Fourier transform along the phase. We prove that it defines a
bi-Lipschitz and invertible representation. The correlations of phase harmonics
coefficients characterise coherent structures from their phase dependence
across frequencies. For wavelet filters, we show numerically that signals
having sparse wavelet coefficients can be recovered from few phase harmonic
correlations, which provide a compressive representationComment: 26 pages, 8 figure
Stability of Relativistic Matter with Magnetic Fields for Nuclear Charges up to the Critical Value
We give a proof of stability of relativistic matter with magnetic fields all
the way up to the critical value of the nuclear charge .Comment: LaTeX2e, 12 page
Les institutions binationales prĂ©vues dans le chapitre 19 de lâAccord de libre-Ă©change entre le Canada et les Ătats-Unis au regard de l'article 96 de la Loi constitutionnelle de 1867
La dĂ©cision d'imposer des droits antidumping et compensateurs relĂšve de l'Administration publique fĂ©dĂ©rale et du Tribunal canadien du commerce extĂ©rieur. Lorsque des marchandises d'origine amĂ©ricaine sont frappĂ©es de tels droits, le recours aux groupes spĂ©ciaux binationaux, instituĂ©s suivant le chapitre 19 de lâAccord de libre-Ă©change entre le Canada et les Ătats-Unis, se substitue Ă l'examen judiciaire de la Cour fĂ©dĂ©rale. Les comitĂ©s de contestation extraordinaire, de mĂȘme espĂšce, voient Ă la surveillance des groupes spĂ©ciaux. Les Etats-Unis dĂ©signent certains membres des groupes spĂ©ciaux et des comitĂ©s. L'on ne saurait soutenir que le gouverneur gĂ©nĂ©ral nomme ces membres suivant les formalitĂ©s qu'impose l'article 96 de la Loi constitutionnelle de 1867. Sauf lorsque la Constitution est invoquĂ©e, aucune cour de justice ne pourrait contrĂŽler la lĂ©galitĂ© de ces entitĂ©s binationales. Les clauses privatives, Ă©dictĂ©es en vue de sauvegarder le mĂ©canisme du chapitre 19, opĂšrent mĂȘme en cas d excĂšs de compĂ©tence. Or, le Parlement central, depuis l'arrĂȘt McEvoy, est liĂ© par l'article 96, et l'arrĂȘt Crevier proscrit les clauses privatives qui englobent l'excĂšs de compĂ©tence. En consĂ©quence, l'auteur est d'avis qu'est compromise la constitutionnalitĂ© du mĂ©canisme de l'Accord.The decision to impose antidumping and Countervailing duties is a prerogative of the federal public administration and the Canadian International Trade Tribunal. When such duties are levied on goods originating in the United States recourse to binational panels instituted under chapter 19 of the Free Trade Agreement are substitutedfor the judicial review of the Federal Court. The extraordinary challenge committees of like origin monitor the panels. The United States designates certain members of the panels and committees. In Canada, it could hardly be maintained that the governor general appoints these members under the procedures of section 96 of the Constitution Act, 1867. Except when the Constitution is invoked, no court of justice may review the legality of these binational entities. The privative clauses enacted for protecting the mechanism in chapter 19 operates even in cases beyond the scope of its powers. Yet since the McEvoy decision, the central Parliament is bound by section 96 and the Crevier decision forbids privative clauses that encompass powers in excess of their scope. As a result, the author maintains that the constitutionality of the Agreement's mechanism is compromised
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