Improving the ability of guarantors to make a real choice : lenders' practices in taking third party guarantees

This article considers recent cases on guarantees of business loans to identify the lending practices that led the court to set aside the guarantee as against the creditor on the basis that the creditor had engaged in unconscionable conduct. It also explores the role of industry codes of practice in preventing unconscionable conduct, including whether there is a correlation between commitment to an industry code and higher standards of lending practices; whether compliance with an industry code would have produced different outcomes in the cases considered; and whether lenders need to do more than comply with an industry code to ensure their practices are fair and reasonable.

Relationship between CEO salaries and performance of banks in Australia and Germany

Purpose: The purpose of this paper was to examine the relationship between CEO salaries and firm performance in the banking sector. Design/methodology/approach: The data relating to a six year period (2007 - 2012) was gathered from databases and the websites of the major banks in Australia and Germany. The data was subjected to Regression and Pearson Correlation Analysis to test if there was a positive correlation between total salary including incentive bonuses against the variables indicating the performance of the firm. Findings: The tests indicate a weak relationship between the CEO salary package and the key indicators of a firm's performance in Australian banks but a strong relationship in the German banks. Research limitations/implications: This study was limited in that it only covers the major banks in Australia and Germany and may therefore not be relevant to different countries with different economic climates. Practical implications: This study provides additional evidence to support the continued debate regarding the need to have greater accountability for CEO salary packages linked to actual performance measures of firms. Originality/value: This paper adds to the literature in so far as it compares two different Countries of the banking sector in a global market

Security ceremonies : including humans in cryptographic protocols

Whether by using electronic banking, by using credit cards, or by synchronising a mobile telephone via Bluetooth to an in-car system, humans are a critical part in many cryptographic protocols daily. We reduced the gap that exists between the theory and the reality of the security of these cryptographic protocols involving humans, by creating tools and techniques for proofs and implementations of human-followable security. After three human research studies, we present a model for capturing human recognition; we provide a tool for generating values called Computer-HUman Recognisable Nonces (CHURNs); and we provide a model for capturing human perceptible freshness.

Dynamic weaving in aspect oriented business process management

Reducing complexity in Information Systems is an important topic in both research and industry. One strategy to deal with complexity is separation of concerns, which results in less complex, easily maintainable and more reusable systems. Separation of concerns can be addressed through the Aspect Oriented paradigm. Although this paradigm has been well researched in programming, it is still at the preliminary stage in the area of Business Process Management. While some efforts have been made to extend business process modelling with aspect oriented capability, it has not yet been investigated how aspect oriented business process models should be executed at runtime. In this paper, we propose a generic solution to support execution of aspect oriented business process models based on the principle behind dynamic weaving of aspects. This solution is formally specified using Coloured Petri Nets. The resulting formal specification serves as the blueprint to the implementation of a service module in the framework of a state-of-the-art Business Process Management System. Using this developed artefact, a case study is performed in which two simplified processes from real business in the domain of banking are modelled and executed in an aspect oriented manner. Through this case study, we also demonstrate that adoption of aspect oriented modularization increases the reusability while reducing the complexity of business process models in practice.

Would you like data with that? Library provision of financial datasets

Within the QUT Business School (QUTBS)– researchers across economics, finance and accounting depend on data driven research. They analyze historic and global financial data across a range of instruments to understand the relationships and effects between them as they respond to news and events in their region. Scholars and Higher Degree Research Students in turn seek out universities which offer these particular datasets to further their research. This involves downloading and manipulating large datasets, often with a focus on depth of detail, frequency and long tail historical data. This is stock exchange data and has potential commercial value therefore the license for access tends to be very expensive. This poster reports the following findings: •The library has a part to play in freeing up researchers from the burden of negotiating subscriptions, fundraising and managing the legal requirements around license and access. •The role of the library is to communicate the nature and potential of these complex resources across the university to disciplines as diverse as Mathematics, Health, Information Systems and Creative Industries. •Has demonstrated clear concrete support for research by QUT Library and built relationships into faculty. It has made data available to all researchers and attracted new HDRs. The aim is to reach the output threshold of research outputs to submit into FOR Code 1502 (Banking, Finance and Investment) for ERA 2015. •It is difficult to identify what subset of dataset will be obtained given somewhat vague price tiers. •The integrity of data is variable as it is limited by the way it is collected, this occasionally raises issues for researchers(Cook, Campbell, & Kelly, 2012) •Improved library understanding of the content of our products and the nature of financial based research is a necessary part of the service.

Creative services, apps and banks in Australia

This paper is divided in to three parts. The first part discusses recent CCI research on employment in creative services, with particular focus on the 'creative trident' model, and the distinction between cultural production and creative services occupations. The second part discusses the growth of the app economy and related employment details. The third part discusses mobile banking use, financial services and mobile devices, and apps created by or for banks.

Use and usefulnss of PDSs in the financial planning context

Following considerable criticism of the complexity and lack of readability of product disclosure statements (PDSs), regulatory changes were introduced requiring shorter PDSs for certain investment products. This paper reports the findings of an online survey of financial planners regarding use of managed investment scheme (MIS) PDSs with clients, the perceived usefulness of PDSs as an information source, and their views on shorter PDSs. Our findings highlight major concerns about the usefulness of the PDS and disclosure reforms.

For farmers, drought not the most dangerous predator on the horizon

Lack of water can be the least of a farmer’s worries in times of drought. Predatory banks can be just as deadly to a farmer’s livelihood. Former Queensland farmer and grazier Lynton Freeman has become increasingly anxious about the financial tightrope being walked by Australian farmers as the record floods of 2011 have given way in only three years to savage drought. He fears for hundreds of family farmers at risk — not from lack of water, but from lack of knowledge in how to manage their businesses through the drought and keep their heads above the financial water that will threaten many before this drought breaks.

CSR communication and legitimacy : an institutional and rhetorical perspective

This study drew on the notions of institutional theory, legitimacy, and rhetoric, and explored propositions drawn from these concepts to consider the why and how of corporate social responsibility (CSR) communication. In doing so, this thesis found that there was often a disconnect between why the organisations were communicating about CSR activities in their reports and how the organisations were communicating about these activities.

Socio-technological phishing prevention

Phishing is deceptive collection of personal information leading to embezzlement, identity theft, and so on. Preventive and combative measures have been taken by banking institutions, software vendors, and network authorities to fight phishing. At the forefront of this resilience are consortiums such as APWG (Anti-Phishing Working Group) and PhishTank, the latter being a collaborative platform where everyone can submit potentially phishing web-pages and classify web-pages as either phish or genuine. PhishTank also has an API that the browsers use to notify users when she tries to load a phishing page. There are some organizations and individuals who are very active and highly accurate in classifying web-pages on PhishTank. In this paper, we propose a defense model that uses these experts to fight phishing.

Crypto topics and applications II

In this chapter we continue the exposition of crypto topics that was begun in the previous chapter. This chapter covers secret sharing, threshold cryptography, signature schemes, and finally quantum key distribution and quantum cryptography. As in the previous chapter, we have focused only on the essentials of each topic. We have selected in the bibliography a list of representative items, which can be consulted for further details. First we give a synopsis of the topics that are discussed in this chapter. Secret sharing is concerned with the problem of how to distribute a secret among a group of participating individuals, or entities, so that only predesignated collections of individuals are able to recreate the secret by collectively combining the parts of the secret that were allocated to them. There are numerous applications of secret-sharing schemes in practice. One example of secret sharing occurs in banking. For instance, the combination to a vault may be distributed in such a way that only specified collections of employees can open the vault by pooling their portions of the combination. In this way the authority to initiate an action, e.g., the opening of a bank vault, is divided for the purposes of providing security and for added functionality, such as auditing, if required. Threshold cryptography is a relatively recently studied area of cryptography. It deals with situations where the authority to initiate or perform cryptographic operations is distributed among a group of individuals. Many of the standard operations of single-user cryptography have counterparts in threshold cryptography. Signature schemes deal with the problem of generating and verifying electronic) signatures for documents.Asubclass of signature schemes is concerned with the shared-generation and the sharedverification of signatures, where a collaborating group of individuals are required to perform these actions. A new paradigm of security has recently been introduced into cryptography with the emergence of the ideas of quantum key distribution and quantum cryptography. While classical cryptography employs various mathematical techniques to restrict eavesdroppers from learning the contents of encrypted messages, in quantum cryptography the information is protected by the laws of physics.

Corporate sustainability reporting of major commercial banks in line with GRI : Bangladesh evidence

Purpose – This paper aims to examine the tendencies of sustainability reporting by major commercial banks in Bangladesh in comparison with global sustainability reporting indicators outlined in the GRI framework together with banks' predilection toward reporting 16 GRI financial service sector (FSS) specific performance indicators. Design/methodology/approach – Based on the GRI G3 guidelines, the paper investigated banks' reporting in five broad areas of sustainability, such as environment, labour practices and decent works, product responsibility, human rights and society. The 2008/2009 annual reports of 12 major commercial banks listed on Dhaka stock exchange were analysed and coded using a content-based technique. Findings – The results show that information on society is addressed most extensively with regard to extent of reporting. This is followed by the disclosures prepared on decent works and labour practices and environmental issues. Furthermore, the disclosures of product responsibility information and the information for human rights are rather scarce in banks' reporting; on the subject of FSS-specific disclosures, only seven items out of 16 are disclosed by all sample banks. Research limitations/implications – The findings of the study indicate that Bangladeshi commercial banks' social disclosures could develop in this style to become more holistic and over time (in association with the country's central bank involvement) to resemble a type of structured reporting to the point where they are properly labelled per se. Originality/value – The study contributes to the social disclosure literature, in particular in a developing countries banking sector context, seeing as it disseminates evidence of the standing on social disclosures practices at the level of GRI with developing countries' banks data.

Creative Work Beyond the Creative Industries: An Introduction

Creative occupations exist across the entire economy. The creative worker’s habitus cannot be discovered by looking only in film studios, games companies or artist’s garrets. Work practices, evolved through the traditions of the creative and performing arts, are now deployed to create new services and products across all sectors, to develop process innovations, and to change the distribution thereof. Yet the bulk of academic study of creative work (both functionalist and critical), as well as the content of higher/further professional education programs and everyday understanding of creative workers, focuses on one subset of the Creative Industries: those involved in the production of cultural goods or services (film, television, music etc.) for consumption by the general public. And further, the bulk of existing academic work focuses on those creative workers employed in cultural production industries. However, as recent work has shown, this focus misses both the large (and increasing) number of creative workers embedded in industries beyond the core Creative Industries (for example, manufacturing, banking, mining) and those creative workers and firms that supply services to business as well as to the general public, such as architects, technical writers, and graphic designers (see Cunningham 2013; Potts and Cunningham 2008; Potts, Cunningham, Hartley and Omerod 2008). This book focuses on this subset of very important, and yet under-recognized creative workers: embedded creative workers and providers of creative services into other sectors of the economy, as indicated in the following taxonomy (Figure 1.1), which juxtaposes occupation and industry sector...

The IHR (2005), disease surveillance, and the individual in global health politics

Since the revisions to the International Health Regulations (IHR) in 2005, much attention has turned to two concerns relating to infectious disease control. The first is how to assist states to strengthen their capacity to identify and verify public health emergencies of international concern (PHEIC). The second is the question of how the World Health Organization (WHO) will operate its expanded mandate under the revised IHR. Very little attention has been paid to the potential individual power that has been afforded under the IHR revisions – primarily through the first inclusion of human rights principles into the instrument and the allowance for the WHO to receive non-state surveillance intelligence and informal reports of health emergencies. These inclusions mark the individual as a powerful actor, but also recognise the vulnerability of the individual to the whim of the state in outbreak response and containment. In this paper we examine why these changes to the IHR occurred and explore the consequence of expanding the sovereignty-as-responsibility concept to disease outbreak response. To this end our paper considers both the strengths and weaknesses of incorporating reports from non-official sources and including human rights principles in the IHR framework.

Multi-utility finance : a problematic case

This paper treats one particular version of the multi-utility strategy as experienced by the Hyder Group. We examine some aspectw of the company's financial performance and consider the implications.