Knowledge Retention Challenges in Information Systems Development Teams

Information systems development (ISD) is an integral part of organizational agility in today’s competitive business environment. High turnover, agile ways of working, and fluid work environments pose challenges for ISD. This paper explores the erosion of knowledge retention (KR) arising from ISD staff churn in a New Zealand-based financial organization in the aftermath of a major earthquake. In this exploratory study, the authors develop a causal model of KR in the ISD context, which articulates the challenges to and consequences of ineffective KR at the routine and exiting stages of KR. The model identifies four challenges—coordination complexity, insufficient resources for knowledge retention, insufficient attention to knowledge retention, and slow staff replacement and handover processes—that can affect the loss of ISD knowledge when routine and exiting KR fall into disarray. This study also reveals that role stress and reduced ISD agility reinforce the cycle of knowledge loss.

Analysis of the new central bank of the russia requirements for operational risk management to ensure information security.

On October 1, 2020, the new Regulation of the Central Bank of the Russian Federation No. 716-P “On requirements for the Operational risk Management System in a Credit institution and a banking group” came into force. The article is devoted to the analysis of the requirements of the regulation that must be taken into account before January 1, 2022 within the information security management system in connection with the use of a risk-oriented approach to the allocation of resources of a financial organization.

Risk Control Management of New Rural Cooperative Financial Organizations Based on Mobile Edge Computing

Rural cooperative financial organization is a new type of cooperative financial organization in recent years. It is a community financial institution created by farmers and small rural enterprises to voluntarily invest in shares in order to meet the growing demand for rural financing. However, this financial organization has many flaws in the design of the system; it has not promoted the better development of rural mutual fund assistance. In addition, mobile edge computing (MEC) can be used as an effective supplement to mobile cloud computing and has been proposed. However, most of the current literature studies on cloud computing provide computing offload just to propose a network architecture, without modeling and solving to achieve. In this context, this paper focuses on the practical application of MEC in the risk control of new rural cooperative financial organizations. This paper proposes a collaborative LECC mechanism based on machine learning under the MEC architecture. The experimental simulation shows that the HR under the LECC mechanism is about 17%–23%, 46%–69%, and 93%–177% higher than that of LENC, LRU, and RR, respectively. It is unrealistic to want to rely on meager loan interest for long-term development. The most practical way is to increase the income level of the organization itself.

Structure of International AML System and It's Development

The profound transformations in the financial sector carried out within the framework of the fight against money laundering and the financing of terrorism have affected all countries of the world, every bank, every financial organization. Approaches to assessing the prospects of new financial products have changed, mechanisms have appeared to restrict access to the global financial system not only for the largest banks, but also for entire countries. Taking into account the scale of transformations and the depth of their impact not only on finance, but also on the economy and public relations in general, it is necessary to determine the directions in which financial science could become a benchmark for effective development. The paper substantiates the development of research methods for assessing the scale of money laundering.

Experience of Research Misseling in the Practices of Russian Retail Banks

The study examined phenomenon of misseling — a sales practice in in which a product or service is deliberately misrepresented or a customer is misled- in the activities of banks in the retail market. Currently, this phenomenon is clearly insufficiently studied, especially from a scientific standpoint. Meanwhile, the problem of banks using unfair practices is relevant not only because of violation of consumer rights, but also because it undermines the strategic foundations for the development of the banks themselves and the banking system as a whole, destroying the trust and customer loyalty to banks and the banking system as a whole. The authors employed Mystery Shopper observation method and content analysis of ads posted on social networks Instagram, Facebook, YouTube to study the misseling in the activities of three banks in Irkutsk .The study found the presence of misseling: deliberately providing consumers with incomplete information about the characteristics of the product; using not entirely reliable information in working with clients by hiding possible alternatives for choosing and persistently offering a certain solution option as the only one or the best; imposing additional services or product options; the use of manipulative methods of persuading consumers in advertising of the bank and its products. We believe that the use of misseling reduces the socio-economic role of the bank as a financial organization, and its activities "slide" to the level of usury.

Factors Affecting Total Risk in Banking Sector of Pakistan: Empirical Evidence from Panel Data Analysis

If a financial organization flops, it can impose an externality nationwide as a whole. Augmented globalization along with deregulation of financial organizations has not only given rise to competition, but it has also amplified the need for powerful policies to manage risk for the industry. Being cautious of elements which might direct to failure of banking organization support in future for evading losses by introducing preemptive initiatives to minimize damage caused by risk. This study analyzes the factors affecting total risk in banking sector of Pakistan using sample data from 2006 to 2013. The results revealed that the size of bank, financial leverage, liquidity, loan to asset ratio, growth in real GDP, supply of money and spread of interest rates all seem to be statistically significant with total risk faced by bank. However, the ratio of loan losses remained statistically insignificant. This study stresses the insertion of macroeconomic factor as a probable determining factor for total risk.

Judicial Protection of the Rights of Consumers of Financial Services

. The institution of a financial ombudsman significantly affects the procedure for protecting the rights of consumers of financial services. The problem is that the protection of consumer rights in the courts is complicated by the factual double mandatory pre-trial procedure for resolving a dispute, in which, before going to court, the consumer is obliged to contact a financial organizationand a financial ombudsman. The purpose of this article is to formulate a theoretical approach to the balance between consumer access to justice and the burden on the judicial system. Research objectives: characteristics of the consumer of financial services; assessment of the pre-trial procedure for protecting the rights of consumers of financial services; search for the optimal ratio of pre-trial and judicial procedures for protecting the rights of consumers of financial services. When writing this article, general scientific methods (system, functional, group of logical methods) and special legal methods (formal legal, legal modeling method) were applied. The article criticizes the existing procedure for protecting the rights of consumers of financial services for the imbalance between consumer access to justice and the burden on the judicial system. The author proposes the introduction of a mixed jurisdiction of disputes involving consumers, in the framework of which it is assumed that after contacting a financial organization, the consumer will have the choice of a jurisdictional body- the consumer will be able to appeal to both the financial ombudsman and the court. At the same time, the development of the institution of a financial ombudsman by improving the efficiency, efficiency and other characteristics of dispute resolution will increase its attractiveness for consumers, stimulating them to resolve disputes out of court.

Fragmentation and Financial Recentralization

In creating four General commands (zonglingsuo) between 1141 and 1145, at the end of the first Song-Jin war, the central government of the Song Empire hoped to marshal resources from the four areas along the new border while also controlling the military officials in charge of the armies. With the fragmentation of the monetary system, this financial organization resulted in a real autonomy of these strategic areas. Eventually, this reform induced the fragmentation of the fiscal and financial authority and, as accounting procedures became more complex, generated a new kind of technical communication between the regional and the central administrations. Lastly, it allowed high-ranking civil servants involved in this process to reinforce their institutional positions.

Automation of business processes of financial organization for checking clients based on information from open sources

The aim of this work is to increase the efficiency of the business process of checking clients of financial organizations by using solutions in the field of robotics. These technologies are considered as an alternative to the classic manual routine check of borrowers, which is carried out both at the initial request of clients to the Bank, and on a periodic basis, according to the legislation of the Russian Federation. The article contains a detailed analysis of the "robotic process automation" method for credit organizations in the framework of organizing the process of financial monitoring of borrowers. This technology allows you to automate standard employee actions performed in a standard graphical user interface (GUI). The article discusses the problems that arise when implementing RPA technologies in banks, the main reasons for their occurrence, as well as methods for solving them. The possible software implementation of the proposed methods using the Automation Anywhere software product and integration of the results into the MS Dynamics AX system are shown. The cost estimation of the effectiveness of this method is made, and positive non-economic effects are considered. In conclusion, we describe the main prospects for the development of RPA technology in the banking sector, possible integration with other software solutions used in credit institutions.

INSTITUTE OF THE FINANCIAL OMBUDSMAN IN RUSSIA AND THE EUROPEAN UNION COUNTRIES: THE ARGUMENTS “FOR” AND “AGAINST”

The article is devoted to a new method of out-of-court dispute resolution for domestic law – the institution of financial ombudsman. The article explores the history of the institution; based on the analysis of the Federal Law of 4 June 2018 No. 123-ФЗ “On the Commissioner for the Rights of Consumers of Financial Services”, the author identified problems of the functioning of this institution in the Russian Federation (the absence in Russian legislation of the purpose of the financial ombudsman, the introduction of mandatory pre-trial settlement of the dispute by the financial ombudsman, the absence of the financial ombudsman’s right to reduce the amount of the penalty, the absence of the right to recover a fine in case of violation of the rights of a consumer of financial services, etc.), and also suggested ways to solve them. As possible vectors for the development of the institution under study, the researchers propose to expand the concept of a conflict of interest, establishing the same grounds for challenging a financial commissioner, which are established by civil procedural legislation for challenging a judge. And also, provide the financial ombudsman with the right to reduce the penalty charged to the financial organization, and provide the financial ombudsman with the right to collect a fine from the financial organization.