Cyber Security And The Banking Industry - 1029 Words

Eric Frain Term Paper Financial Markets/ Institutions Cyber security in the Banking Industry In this day and age where technology has become more common, there has been problems developing over cyber security. According to Cybersecurity Report 2016, â€Å"Cybercrime has jumped to the second most reported economic crime PWC’s Global Economic Crime Survey and financial institutions are the prime target† (p.1). Financial institutions need answers to how the hackers find the weaknesses in their systems and they need to fast. Another survey also shows that, Macknight says, â€Å"According to The Depository Trust Clearing Corporation’s latest Systemic Risk Barometer Survey, cyber risk remained the number one concern globally among financial service professionals, with 70% of all respondents citing it as a top five risk. So as you can see, there is a developing trend going on and any one of use is vulnerable to having our identity stolen or money taken from one of our accounts that should have been protected. One thing that keeps coming to mind when I think a bout this topic is mobile banking and how many people now a days pay their bills online or go through an App to help them out. Macknight states, â€Å"Banks are constantly worried about whether their online customers are secure, using out-dated software or vulnerable to fraud†. The customer is coincidently the weakest link. Using out-dated software can be an easy indicator that you are at risk and should probably ask a tech or someoneShow MoreRelatedThe Impact Of Technology On The Financial System1478 Words   |  6 Pagesdevelopments worldwide, however, coupled with the increased dependence on technology is the complexity and sophistication of cyber security threats that has resulted in the rise in cybercrime not just in a technologically driven country like Australia but worldwide. 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Organizations are attacked for a variety of reasons, including financial gain, business disruption or political agenda using innovative techniques including the use of malware, bots and other sophisticated threat to exploit new vulnerabilities (The Impact of Cybercrime on Business, 2012, pg.1). It is widely believed that the utmost motivating factor for most attacks is financial fraud and gain, and approximately 5 percent by politicalRead MoreOnline Banking And Financial Services1440 Words   |  6 PagesINTRODUCTION Online banking and financial services have revolutionised the consumer and corporate banking industry in the last few decades or so by giving customers the power to conduct their banking anytime, anywhere and without all kinds of paperwork and branch visits. This has been possible with the help of massive investments in information technology, systems and communication infrastructure linking the banking industry network with their universe of customers. 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Marketing Analysis B2b Digital Marketing - 1120 Words

B2B Digital Marketing | Listen | Plan | Engage | Deliver Exactly What Chinese Clients Expect of You Marketing your business to a Chinese business is in complete contrast to marketing it to a western audience. Potential Chinese clients value various non-intuitive aspects of your business including the ability to extensively negotiate, flexibility, use precise language for what the product delivers, and communicative value, and patiently building relationships. LISTEN — Understanding What Prospective Clients Need Know what your prospective clients are looking from your business niche. Learn how they want to be targeted and collect the marketing data. Chinese clients asses companies in a completely different vein from the way western businesses are inclined to do so. Chinese clients deride marketing and base their assessment on straight forwardness in communication, and personalized efforts in building relationships. Hence, different marketing channels are preferred in China. 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The Synergistic Effect of State Regulation - MyAssignmenthelp.com

Question: Discuss aboutThe Synergistic Effect of State Regulation. Answer: Introduction The current study presents a thorough analysis of the remuneration report of the company Westpac Banking Corporation (WBC) to gain understanding regarding executive pay and remuneration. This segment presents details of the performance measures that are utilized and evaluates the benchmarking and scorecards along with the use of different non-financial measures. Moving further, this study also reviews the available literature on diverse aspects of methods utilized for analysis of executive pay and acquires several details about the dimensions used. Furthermore, the study also presents media reports and perspectives of analysts to investigate any kind of public discussion about the remuneration of the pertinent executive. Review of topic: The topic under consideration illustrates existing literature on remuneration of the company Westpac Banking Corporation (WBC). Detailed review of the remuneration report reveals the fact that remuneration strategy of the firm Westpac Banking Corporation (WBC) is designed and developed to attract and at the same time retains talents. The management of the firm follows a remuneration strategy aimed at retention of experienced, qualified members of the board and policies to remunerate them properly. In essence, the remuneration policy of the group supports the vision as well as strategy by means of requiring the design and administration of remuneration to align with the customer and interests of shareholders. WBC has a remuneration Committee that aids the board to satisfy the remuneration accountabilities to diverse shareholders by monitoring the policies of the remuneration as well as practices of the entire group, exercises of the external remuneration, market expectations and regul atory necessities in Australia and globally. Review of literature: Analysis of the company literature presenting remuneration report of the company Westpac Banking Corporation shows that the performance of each segment is analysed and enumerated with orientation to the manner risk is handled (Maas and Rosendaal 2016). Additionally the outcomes are also expected to influence remuneration outcomes for accountable workers. Both the board as well as the remuneration committee identifies the scorecard approach at the time of accepting a range of complementary performance objectives, may not help in absolute assessment of overall performance. The remuneration committee therefore uses discretionary adjustments to the scoreboard outcomes for both the CEO as well as group executives (Deschenes et al. 2015). The Group balanced scoreboard uses different measures namely, economic profit, core earnings growth, capital management and adherence to group risk appetite management. In addition to this, the balanced scorecard also uses service resolution, growth highways, digital transformation, people and sustainability as measures of performance (Safari et al. 2016). The group stressed over the return over growth and necessities of capital together with the credit risk weighted assets (Storey 2014). The dimension of economic profit that referred to the underlying returns that generate value for company shareholders have 30% weight and assessment of performance is done by analysing the gap between target and achieved. Similarly core growth in earnings indicated by the revenue growth and corresponding expenses of the firm has 10% weight. The performance of the CEO is also evaluated by analysing smooth delivery of consistent as well as sustainable growth in companys core earnings Westpac.com.au. (2018). Performance disciplines are also enumerated by examining management of capital that helps in providing strong, stable as well as sustainable capital foundation based on which business can grow. Declarations show that Capital as well as liquidity positions are well positioned to satisfy novel necessities and it has 10% weight in analysing performance (Riaz et al. 2015). Again, compliance to the risk appetite statement also helps in making certain that the company can operate within the acceptable limit of risk tolerance (Gitman et al. 2015). This dimension carries 10% weight in evaluating performance in terms of external risk, regulatory as well as compliance environment Westpac.com.au. (2018). In addition to this, service resolution also helps in placing customers at the core of everything they perform and act as an effective measure of the performance in the scorecard. In addition to this, building highways of growth can help in securing upcoming growth in specifically earnings. This carries 10% weight in the scorecard for measurement of performance of CEO. The measure of digital transformation can be considered to be a good measure that analyses the solutions that estimate the requirements of the customers. WBC has attained productivity savings by means of digitising actions and transactions, lessening manual actions and enhancing e-statements. This segment also shows that the company upgraded the Cyber security Coordination Centre for better detection to worldwide trends, novel call centre framework that can materially enhance the experience of calling WBC (Westpac.com.au (2018). In addition to this, the segment of people in the scorecard bears the weight of 10% and is used in analysing the environment that inspires then employees to perform to the best of the capabilities and simultaneously drives the correct behaviour. The company has been declared as the Dow Jones Sustainability Indexs most sustainable institute for 4th consecutive year. Table: Reward Structure (Source: Westpac.com.au 2018). Table: Performance Scorecard (Source: Westpac.com.au 2018). The total reward structure of the firm WBC shows performance along with governance as well as risk adjustment overlay. The annual report replicates the fact that the performance is necessarily examined by the firms board with orientation to the risk management strategies of the group and its diverse divisions. Table: Reward Structure (Source: Westpac.com.au 2018). Analysis of the reward structure shows that in variable reward section, both financial as well as non-financial performance is in line with the strategy of WBC over the short as well as the medium term period. In STI (short term incentive) economic profit, outcomes of customers, people as well as sustainability are used as specific dimensions. Again, TSR is used as a performance measure in long term incentive (LTI) of the variable reward structure of the firm. Again, ROE intends to reward specific achievement of earned returns that is over and above the capital cost whilst generating value of shareholders (Westpac.com.au 2018). Considerable work is undertaken on particularly conduct as well as culture with concentration on strengthening conduct management throughout the group. The Media report shows that the company is responding to the altering regulatory as well as industry landscape with specific initiative on product remediation program, instituting Australian Bankers Association industry proposals and augmenting the remuneration framework. Again, an article published in November 2017, from the Financial Review mentions that the bank inquiry has the need to handle the way the banks disburses the executive pay and need to be put under microscope. Conclusion According to the report, the main driver of the culture of the bank is the pay package of the executives. Based on this, it can be said that the enhanced performance of the financial performance of the Group and outstanding strategic advancement led to a increase in short term incentives that is payable to chief management personnel during this year. Therefore the Board needs to take into account that, on the whole, performance through out a wide range of dimensions surpassed documented expectations. Therefore, it is important to take into consideration the remuneration structure and the outcomes thereby gained from the pay packages. Analysis of the annual report of the firm also replicates the fact that the long term incentives of the firm also did not vest since the extending obstacles that was set by the board at the time when the incentive were first declared during the year 2014 were not attained. As such, these long term incentives might typically consist of one third of the re muneration of the executive. References Deschenes, S., Boubacar, H., Rojas, M. and Morris, T., 2015. Is top-management remuneration influenced by board characteristics?.International Journal of Accounting Information Management,23(1), pp.60-79. Edmonds, T.P., Edmonds, C.D., Tsay, B.Y. and Olds, P.R., 2016.Fundamental managerial accounting concepts. McGraw-Hill Education. Gitman, L.J., Juchau, R. and Flanagan, J., 2015.Principles of managerial finance. Pearson Higher Education AU. Maas, K. and Rosendaal, S., 2016. Sustainability targets in executive remuneration: Targets, time frame, country and sector specification.Business Strategy and the Environment,25(6), pp.390-401. Riaz, Z., Ray, S. and Ray, P., 2015. The Synergistic Effect of State Regulation and Self-Regulation on Disclosure Level of Director and Executive Remuneration in Australia.Administration Society,47(6), pp.623-655. Safari, M., Cooper, B.J. and Dellaportas, S., 2016. The influence of remuneration structures on financial reporting quality: evidence from Australia.Australian Accounting Review,26(1), pp.66-75. Storey, J., 2014.New Perspectives on Human Resource Management (Routledge Revivals). Routledge. Westpac.com.au. (2018).Annual reports | Westpac. [online] Available at: https://www.westpac.com.au/about-westpac/investor-centre/financial-information/annual-reports/ [Accessed 6 Jan. 2018]. Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015.Financial Managerial Accounting. John Wiley Sons.