Stress testing practices in risk management - Empirical evidence from the Finnish banking and insurance sectors

The main purpose of this study was to analyze how stress tests are used in risk management in the Finnish banking and insurance sectors. In order to enhance understanding of the topic, stress testing was explored in the context of corporate governance and regulato-ry implications of Basel II and Solvency II on stress testing were examined. In addition, the effects of the global financial crisis on stress testing were mapped and the differences in stress testing practices between the banking and insurance sector were discussed. The research method was qualitative case study and it was conducted by interviewing risk managers from ten institutions and a representative from FIN-FSA. Findings pointed out that stress testing practices vary significantly between different institutions. Interesting observations were made in terms of stress testing practices in the banking and insurance sectors. The increasing importance and use of stress tests were recognized as a result of the financial crisis. Stress testing was even considered more like art than science given the amount of challenges it involves. In general, improvements in stress tests were suggested, with an emphasis on stress concentration between different types of risks.

On the institution of the moral subject: on the commander and the commanded in Nietzsche's discussion of law

The article discusses how Nietzsche understands the institution of law and morals in distinction to Kant and the Christian tradition. It argues that Nietzsche to a large extent is inspired by the paradigm-shift toward a evolutionary biological thinking introduced by several of his peers in the late 19th century, among else F. A. Lange, who sees this shift as a sobering scientific-materialistic alternative to Kant. In Nietzsche, the Kantian moral imperative is replaced with a notion of a morality emerging thanks to historical, or pre-historical, civilizational processes, imposed on a feebleminded human without any inherent rational dispositions to obey Law. It is also a process, which rather than universalizing the human, splits it in a duality where one part obeys old immediate self-interests and another part obeys new 'commands,' having been shouted 'into the ear' by a so-called 'commander.' The compliance with law takes two radically different forms in Nietzsche: servile and mediocre individuals need to be exposed to discipline and punishment in order to adopt Law; while so-called 'sovereign' individuals are able to impose law upon themselves. The figure of the 'sovereign' has consequently been an issue for vigorous debate in especially the Anglo-Saxon tradition of Nietzsche research, since his apparent 'respect for law' and 'sense of duty' reiterate typical Kantian qualities. Relating to these discussions, I suggest that Nietzsche's 'sovereign' (in one context) is identical his 'commander' (in other contexts). When the 'sovereign' as such imposes law upon himself and others, his act is conventional and arbitrary (like language in Saussure), and is rather irrational than rational as in Kant. His will is not a good will, nor a rational will with a vision of human autonomy. His command of himself and others is a performative, thus without truth-value (like illocutionary speech-acts in Austin and Searle).

The history of Lapland : wherein are shewed the original manners, habits, marriages, conjurations, &c. of that people : written by John Scheffer, professor of law and rhetoric at Upsal in Sweden.

Added engraved title page: The history of Lapland.

Delay reduction in courts of justice – possibilities and challenges of process improvement in professional public organizations

Delays in the justice system have been undermining the functioning and performance of the court system all over the world for decades. Despite the widespread concern about delays, the solutions have not kept up with the growth of the problem. The delay problem existing in the justice courts processes is a good example of the growing need and pressure in professional public organizations to start improving their business process performance.This study analyses the possibilities and challenges of process improvement in professional public organizations. The study is based on experiences gained in two longitudinal action research improvement projects conducted in two separate Finnish law instances; in the Helsinki Court of Appeal and in the Insurance Court. The thesis has two objectives. First objective is to study what kinds of factors in court system operations cause delays and unmanageable backlogs and how to reduce and prevent delays. Based on the lessons learned from the case projects the objective is to give new insights on the critical factors of process improvement conducted in professional public organizations. Four main areas and factors behind the delay problem is identified: 1) goal setting and performance measurement practices, 2) the process control system, 3) production and capacity planning procedures, and 4) process roles and responsibilities. The appropriate improvement solutions include tools to enhance project planning and scheduling and monitoring the agreed time-frames for different phases of the handling process and pending inventory. The study introduces the identified critical factors in different phases of process improvement work carried out in professional public organizations, the ways the critical factors can be incorporated to the different stages of the projects, and discusses the role of external facilitator in assisting process improvement work and in enhancing ownership towards the solutions and improvement. The study highlights the need to concentrate on the critical factors aiming to get the employees to challenge their existing ways of conducting work, analyze their own processes, and create procedures for diffusing the process improvement culture instead of merely concentrating of finding tools, techniques, and solutions appropriate for applications from the manufacturing sector

The impact of the law 10,267/2001 in the brazilian rural registration

The publication of the Law 10,267 of 08/28/2001 changed the paradigm of rural registration in Brazil, because this law known as the "Law of Georeferencing" has created the National Registration of Rural Property, that unifies in a common basis different registrations present in several government agencies, such as the National Institute for Colonization and Agrarian Reform (INCRA), the Secretariat of Federal Revenue, the Brazilian Institute of Environment and Natural Resources, and the National Indian Foundation. Also, this new registration system has a graphical component which has not existed until such date, where the boundaries of rural property are georeferenced to the Brazilian Geodetic System. This new paradigm has resulted in a standardization of the survey and its representation of rural properties according to the Technical Standard for Georeferencing of Rural Properties, published by INCRA in compliance with the new legislation. Due to the georeferencing, the creation of a public GIS of free access on the Internet was possible. Among the difficulties found it may be observed the great Brazilian territory, the need for specialized professionals, and especially the certification process that INCRA has to perform for each georeferenced property. It is hoped that this last difficulty is solved with the implementation of the Land Management System that will allow automated and online certification, making the process more transparent, agile and fast.

Lisäarvoa tuottavan palvelutarjooman kehittäminen asiakaslähtöisen palveluorganisaation kansainvälisille yritysasiakkaille

Tässä tutkielmassa selvitettiin, miten voidaan kehittää asiakaslähtöisen palveluorganisaation kansainvälisten yritysasiakkaiden kannalta lisäarvoa tuottava, toisin sanoin ideaalinen, palvelutarjooma. Tutkimuksessa keskityttiin erityisesti palvelupaketin hyötyjen ja kustannusten tunnistamiseen, jotta kansainvälisille yritysasiakkaille koituva hyöty voidaan maksimoida eli tarjota heille mahdollisimman paljon lisäarvoa. Toimeksiantajana tässä pro gradussa oli suomalainen työeläkeyhtiö, jonka asiakaslähtöisyys palveluorganisaationa muodosti tutkimuksen ainutlaatuisen kontekstin, koska työeläkeyhtiöiden toimintaa leimaa hyvin pitkälle lakisääteisyys. Tutkimus toteutettiin markkinatutkimuksena, jonka tutkimusote oli kvantitatiivinen eli määrällinen tutkimus. Kyselyn perusteella onnistuttiin tunnistamaan niitä palvelupaketin ominaisuuksia, jotka tuottavat asiakkaille hyötyä ja kustannuksia. Lisäetuna saatiin selville myös niitä tekijöitä, joilla ei ole kansainvälisten yritysasiakkaiden ideaalisen palvelutarjooman kannalta mitään vaikutusta. Myös nämä tekijät voidaan ja kannattaa ottaa huomioon työeläkeyhtiön palvelujen kehittämisessä. Tutkimuksen avulla voitiin toteuttaa palvelujen tuotteistamismallia tiettyyn pisteeseen asti käytännössä eikä tyydytty pelkästään teoreettiseen tarkasteluun.

IT service catalog : a case study of the implementation need in a Pan-Nordic Insurance Company

IT service catalog is an increasingly important issue as many IT organizations have been realizing it as a central communication and visualization tool to bridge the gap between IT and the business. This study reviews relevant literature on IT service catalog and related issues on IT services delivery. Furthermore, the study shows how IT service catalog can enhance IT effectiveness as well as provide more benefits when integrating with Configuration Management Database. In order to analyze whether IT service catalog is needed to be implemented in a Pan-Nordic Insurance Company, this study also investigates the current IT services delivery of a case study. The findings of the study show the problems in the current situation of IT services delivery in the case. The characteristics of IT service catalog are recommended in order to help with the mentioned flaws.

Configuration management process improvement : a case study of a Pan-Nordic insurance company

Configuration management is often seen as an enabler for the main IT Service Management (ITSM) processes such as Incident and Problem management. A decent level of quality of IT configuration data is required in order to carry out routines of these processes. This case study examines the state of configuration management in a multinational organization and aims at identification of methods for its improvement. The author has stayed five months with this company in order to collect different sources of evidence and to make observations. The main source of data for this study is interviews with some of the key employees of the assigned organization who are involved into the ITSM processes. This study concludes the maturity level of the existing configuration management process to be repeatable but intuitive, and outlines the principal requirements for its improvement. A match between the requirements identified in the organization and the requirements stated in the ISO/IEC 20000 standard indicates the possibility of adopting ITIL guidelines as a method for configuration management process improvement. The outcome of the study presents a set of recommendations for improvement that considers the process, the information model and the information system for configuration management in the case organization.

Pursuing substantive participation in Russia : a perspective from international legal obligations and comparative law

Så som är fallet för många andra stater, kan vissa delar av den ryska förvaltningen ännu utvecklas för att till fullo uppfylla internationella standarder. Internationella fördragsorgan som övervakar förverkligandet i Ryssland av fördrag om mänskliga rättigheter framför ibland kritiska anmärkningar om den demokratiska utvecklingen i Ryssland. Enskilda fall där politiska rättigheter möjligen kränkts av ryska myndigheter har utan tvivel placerat Ryssland i fokus för internationell media. Exempel på sådana fall är mordet på journalisten Anna Politkovskaya, Sergei Magnitskys död i fängelse och fängslandet av medlemmarna i "Pussy Riot”. Likväl anser författaren av denna studie att politiska rättigheter i Ryssland förverkligas inom rimliga gränser och i enlighet med internationell människorättslagstiftning. Denna studie fokuserar på förverkligandet av den individuella rättigheten att delta i det politiska beslutsfattandet i Ryssland genom andra mekanismer för deltagande än val och folkomröstningar. Studien utgörs av en sammanställning av forskningsartiklar som har publicerats i olika internationella tidskrifter. Sammanställningen föregås av ett fristående inledande kapitel. Författaren koncentrerar sig på frågan om Rysslands invånare ges effektiva möjligheter att delta i handhavandet av allmänna angelägenheter och om det finns användbara rättsmedel till hands för skydd av de politiska rättigheterna. Författaren tar sig an en juridisk analys av rysk lagstiftning gällande olika sätt för direkt deltagande i beslutsfattande samt analyserar rättsfall angående direkt deltagande från domstolarna i Moskva, Perm Krai och Sverdlovsk Oblast. Denna studie använder sig även av en rättshistorisk infallsvinkel för att visa på den positiva dynamiken hos den historiska utvecklingen beträffande d e väsentligaste plattformarna för offentligt deltagande. Det bevisas att rysk lagstiftning som garanterar rätten att delta i beslutsfattande är väl utvecklad i enlighet med internationella människorättsfördrag, och att åtminstone domstolarna i de utvalda ryska områdena fattar beslut som stöder deltaganderättigheter som eventuellt kränkts av myndigheter inom den verkställande makten. Författaren kommer till den slutsatsen att de i denna studie inkluderade enskilda dokumenterade händelserna gällande administrativ felbehandling inte nödvändigtvis tillåter den direkta slutsatsen att det begås systematiska och grova kränkningar av medborgares deltaganderättigheter i Ryssland.

Opportunistisen sopimusrikkomuksen ongelmasta, erityisesti Suomen vahingonkorvaus- ja rikoslainsäädännön näkökulmasta tarkasteltuna. Law and Economics -näkökulma.

Tämä pro gradu -tutkielma käsittelee opportunistisen sopimusrikkomuksen ongelmaa erityisesti Suomen vahingonkorvaus- ja rikoslainsäädännön näkökulmasta tarkasteltuna. Tutkielman lähestymistapa on oikeustaloustieteellinen (engl. Law and Economics). Opportunistisella sopimusrikkomuksella tarkoitetaan toimintaa, jossa sopimusosapuoli rikkoo sopimuksen tarkoituksellisesti, pyrkimyksenään tällä toiminnalla saavuttaa enemmän hyötyä kuin sopimuksessa pysymällä. Opportunistinen sopimusrikkomus on mahdollista toteuttaa tilanteessa, jossa sopimusasetelma itsessään antaa mahdollisuuden enemmän hyödyn saavuttamiseen rikkomus toteuttamalla kuin sopimus asianmukaisesti täyttämällä. Suomalaisessa vahingonkorvausjärjestelmässä sovelletaan sopimusrikkomusten osalla positiivisen sopimusedun mukaista vahingonkorvausta, joka hyvittää rikotulle osapuolelle sopimussuhteeseen ryhtymisestä syntyneet kustannukset sekä sopimusrikkomuksen johdosta saamatta jääneen tuoton. Positiivisen sopimusedun soveltaminen ei kuitenkaan ole opportunistisen sopimusrikkomuksen ehkäisemiseksi riittävää, sillä opportunistisesti toimiva sopimusosapuoli voi jäädä rikkomuksensa johdosta voitolle vielä sen jälkeenkin, kun kärsineelle osapuolelle on jo positiivista sopimusetua noudattaen korvattu sopimussuhteessa syntyneet kustannukset sekä rikkomuksen johdosta saamatta jäänyt tuotto. Keskeinen ongelma koskien opportunististen sopimusrikkomustilanteiden syntyä onkin juuri vallitsevan sääntelyn liiallinen keskittyminen rikotun osapuolen kärsimän vahingon kompensoimiseen, ei rikkomustilanteiden synnyn ennaltaehkäisemiseen. Suomen vahingonkorvausjärjestelmää tulisi kehittää suuntaan, jossa järjestelmä paremmin ennaltaehkäisisi opportunististen sopimusrikkomustilanteiden syntyä. Common law -oikeusjärjestelmässä käytössä olevan disgorgement principle -suuntaisen ajattelun, jossa korvauksen perustana toimisi rikkomuksella saatu hyöty kärsityn vahingon sijaan, omaksuminen olisi yksi mahdollinen kehityskulku. Olennaista olisi kuitenkin se, että järjestelmää kehitettäisiin suuntaan, jossa rikkomus ei enää voisi tulla rikkojalle kannattavaksi. Opportunistisen toiminnan kannustimet tulisi lainsäädäntöä tarkistamalla poistaa. Tällä olisi sekä sopimusinstituutiota turvaavaa että vaihdantaa edistävää vaikutusta.

Coping with international atrocities through criminal law : a study into the typical features of international criminality and the reflection of these traits in international criminal law

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A law of the wall formulation for recirculating flows

This work presents a new law of the wall formulation for recirculating turbulent flows. An alternative expression for the internal length which can be applied in the separated region is also presented. The formulation is implemented in a numerical code which solves the k-epsilon model through a finite volume method. The theoretical results are compared with the experimental data of Vogel and Eaton (J. of Heat Transfer, Transactions of ASME, vol.107, pp. 922-929, 1985). The paper shows that the present formulation furnishes better results than the standard k-epsilon formulation.