Implications of Information Technology for Financial Institutions

Firms today try to act beyond their normal course of business towards the society. No longer is the society just a means of earning profit. Socially responsible firms believe that business and society are interwoven rather than being distinct. Such firms try to act in an ethical and responsible manner towards the society. They have a philanthropic approach towards society and communicate it to the society through advertisements. This study aims at analysing such socially responsible ads. More specifically, the study objectives were to identify the themes of socially responsible communication (SRC) promoted by India firms. To achieve the study objectives 68 print advertisements with SRC were content analysed to determine the focus of such communication. The results suggested that most advertisements were serving a multi-fold purpose. They created awareness for the product as well as for social issues which were largely neglected by the society. The study revealed that SRC advertisements could be classified into five categories i.e. Public Awareness, Environment, Child welfare, Health & Safety and Women Upliftment & Security. The overall results suggested that contemporary marketing communication were having a responsible outlook in order to make the society a better place to live in.

SMEs are small firms with small budgets, workforces, and scales of operations compared to large enterprises, and their risk-bearing ability is low. The recent outbreak of COVID-19 paralyzed these SMEs creating severe financial crises and threats to survival. Small firms already face a variety of challenges in their normal course of business while the spread of the virus has suddenly turned down the situation into an emergency for them. COVID-19 stalled the movement of the employees owing to the evolution of severe public health issues, and many SMEs shut down due to fear of the pandemic. Due to this scenario, all SME owners are keen to know more about the measures and strategies that could be implemented to mitigate the negative impact. Hence, adopting an exploratory approach with systematic literature review, this paper deliberates on how these issues can be addressed through a robust and well-drawn policy and discusses the mitigation strategies that will aid in softening the blow due to this pandemic and also helps in the resurgence of SMEs at a faster rate.

The article discusses the main provisions of the institution of intellectual property law — an unregistered industrial design, which was introduced into the legislation of Ukraine through the implementation of the provisions of Art. 212–217 Chapter 9 «Intellectual Property» ofthe Association Agreement between Ukraine, on the one hand, and the European Union, the European Atomic Energy Community and their Member States, on the other hand, and harmonization with the norms of Directive 98/71/EC of the European Parliament and of the Council of 13 October 1998 on the legal protection of designs and Council Regulation (EC) No 6/2002 of 12 December 2001 on Community designs.The authors analyzed the main features of the legal protection of industrial designs as unregistered industrial designs, namely: without registration for a short period of time, with a limited scope of rights. The legal regulation of the protection of an unregistered industrial design in Ukraine is similar to the legal regulation of an unregistered industrialdesign of the Community and has the same advantages and disadvantages.Since the Community Design Regulation came into force, one important question has always lingered: can a design which is first disclosed outside the EU territory be protected by an unregistered Community design right when it is subsequently disclosed within the EU? The UK court’s recent reference to the Court of Justice of the European Union may finally will answer this question. The same question arises in relation to an unregistered industrial design in accordance with the new legislation ofUkraine and requires further clarification in law enforcement practice.Of equal interest is a date for assessing the novelty of a design. Is the date for assessing the novelty of a design for which unregistered Community design protection is the date on which the unregistered Community design protection for the design came into being according to the Regulation, or alternatively the date on which the relevantevent of disclosure of the design could reasonably have become known in the normal course of business to the circles specialized in the sector concerned, operating within the Community, or alternatively some other, and if so, which date?

Judgment Aggregation in Creative Production: Evidence from the Movie Industry

This paper follows the development of the business continuity planning (BCP) programme at Lehman Brothers following the events of September 11th. Previous attempts to implement a `traditional' form of BCP had been ineffective, but following the events, the firm began to look at BCP in a new light. This paper deals with three main themes: creating a culture of resiliency, leveraging technology, and building flexible plans. Distributing accountability for BCP to business line managers, integrating BCP change management into the normal course of business, and providing every employee with personalised BCP information breeds a culture of resiliency where people are empowered to react to events without burdensome, hierarchical response and recovery procedures. Building a strong relationship with one's application development community can result in novel, customised BCP solutions; existing systems and data structures can be used to enhance an existing BCP. Even the best plans are often challenged by events; understanding that flexibility is essential to effective incident response is a critical element in the development of a proper business continuity plan.

The states of emotional stress arising in the normal course of business, have an adverse effect on health and professionally important qualities of a specialist. The aim of the study is to identify the relationship ratio indicators of structural and dynamic characteristics of functional asymmetry with indicators of the methods and techniques that reflect the characteristics of higher mental functions, sensorimotor reactions, voluntary movements. Subject of the research nature of the conditioned state of emotional stress individual psychological and psycho-physiological characteristics of the individual. The study was conducted using stabilometry methods, variational methods and cardiointervalometry difficult to assess sensorimotor reactions, tests and functional tests to identify functional asymmetry, subjective self-assessment methodology states. The study identified indicators that evaluate different severity levels of states of emotional stress, structural and dynamic indices of functional asymmetries and their relationships specific to each of the levels, their relationship to performance indicators sensorimotor reactions. The results allow for dynamic monitoring to assess the conditions of functional disorders or related conditions in them “healthy” respondents.

The article researches the principles of internal control, the importance, the rationale for the essence of the system of internal control and the legislative building in budgetary institution. It describes the main challenges and problems of practical application of internal control in the normal course of business in modern enterprises. It reveals the following elements of the internal control of a budget institution as: control environment, risk assessment process of a budget institution, information systems, control procedures and control monitoring. The dependence between the effectiveness of accounting and internal control of a budget institution is determined. The paper highlights the methods of evaluation of internal control of a budget institution. This method is recommended for use in the preliminary assessment of control risk budget institution. The concept of «decision» as on the whole and also in particular in internal control is covered. The essential grouping indications of internal control decisions are defined and every type of decisions is characterized. The main directions of improvement of internal control to prevent violations in accounting of a budgetary institution is examined.

The purpose of the study is to identify the impact of specific types of related parties, which are allocated in International Standards on Auditing 550 “Related Parties”, not only on the organization of the audit of financial statements in the context of assessing the risk of material misstatement, but also on the organization of accounting in enterprises. To achieve the goal set in the work, a complex of general scientific methods (analysis, synthesis, induction, deduction, abstraction) and methodical techniques (systematization, generalization, review, comparison) based on the provisions of International Standards of Auditing was used. In the study of the essence of related parties transactions and elaboration their classification method of system analysis, logical method, and method of modeling were used. There are three major tasks within the overall responsibility of the auditor while fulfilling such engagement as audit of the financial statements have been determined. It is substantiated that two different phrases (“has a responsibility to perform audit procedures” and “needs to obtain an understanding”) which are used in International Standards on Auditing 550 “Related Parties” requires a separate approach to formation a set of optimal audit procedures. Specific types of related parties based on the International Standards 550 “Related Services” that should be considered when performing audit of financial statements has been identified. Classification of related parties transactions according to their riskiness and connection with the normal course of business into four different types has been elaborated. Two groups of inquiries concerning related parties transactions have been analyzed. It has been proved that making inquiries the auditor should provide as much information as possible in order to avoid misunderstandings, which may lead to difficulties in forming an opinion. It is noted that determining the characteristics of the dominant influence and significant transactions will allow effective communication and cooperation between auditors, management staff and those responsible for governance in formation inquires and answers for them. Using proposed classification in the process of audit of financial statements and in developing regulatory documents for accounting at the entity will allow appropriate assessing of risk of material misstatement and increasing the effectiveness of internal control at the entity. It has been substantiated that the objectives of accounting policy not only in terms of meeting the interests of the company as an entity that prepares financial statements and interacts with related parties, but also in terms of meeting the interests of the entity as a responsible party, interacting with the auditor, that seeks to establish an internal control system that will ensure reducing its own risks.

Three basic themes played indispensable roles in Reinhold Niebuhr’s engagements with economic issues: (1) the foundational importance of a theological anthropology for his critical assessment of complex social, economic, and political issues; (2) his focus on two clashing theories of economic order: Adam’s Smith’s doctrine of laissez-faire capitalism and Karl Marx’s revolutionary vision for the collective ownership of property within a centralized state system; and (3) his endorsement of a realistic yet viable alternative to these two classic theories, one that involved pragmatic and incremental steps toward fostering economic justice through the public regulation and oversight of a free-market economy. These pragmatic measures included allocating government resources for vitally important public goods and services at federal, state, and local levels. Though Niebuhr was initially drawn to some form of democratic socialism, he embraced this incremental strategy within the context of President Franklin Delano Roosevelt’s implementation of his New Deal agenda. My analysis of Niebuhr’s contributions concludes with attention to new challenges confronting contemporary quests for economic justice in a post–New Deal era, one marked Soundings, Vol. 95, No. 4, 2012 Copyright © 2012 The Pennsylvania state University, University Park, Pa di sc us sio n diussion

The development of innovative information technologies in the modern world has become a necessity for improving the efficiency of activities of financial institutions and improving the quality of financial services provided to economic agents. The State plays an important role in creating a favorable environment for the implementation of such technologies. However, the introduction of innovative technologies by financial institutions is associated with risks that require the State-based regulation to ensure the stability and reliability of functioning of a financial system. The article discusses the issues of improving the State-based regulation of the processes of development and introduction of information and innovative technologies by financial institutions in Ukraine. Particular attention is paid to the substantiation of the need for such regulation. It is determined that the construction of a model of such regulation should be based on the balance of interests of financial institutions, their desire to implement digital technologies for their own development, on the one hand and, on the other hand, their clients, who want to be sure that their personalized information will not be made public to third parties thus leading to a loss of financial resources. The article fragmentarily analyzes the current trends in the development of banking and non-bank financial institutions, describes the transformation processes that have taken place in the model of the State-based regulation of financial institutions in Ukraine. As a result, taking into account the current objective processes of digitalization of both the activities of financial institutions and public authorities that regulate them, measures for the formation and ensuring the effectiveness of the State-based regulation on the introduction of information and communication technologies by financial institutions are proposed, namely: creation of a transparent and open regulatory environment; ensuring a high level of cybersecurity and protection of the customers’ personal data; promoting active cooperation between the State-based regulators, financial institutions, and public organizations for the development and implementation of innovative solutions in the field of balanced use of such technologies.

These technological advances have resulted in tremendous efficiency for the economy. Financial institutions have changed approaches and practices. His financial business. However, rapid technological progress has resulted in negative consequences, such as an increase in more sophisticated cyber crimes. This research aims to examine technology-based crimes involving data theft using online lending and digital banking modes. This research uses a normative juridical type with data collection using literature studies, as well as correlative analysis. The results of this research show that criminals collaborate with financial service institutions. Using sophisticated information technology and computers to steal client online loan application data. Financial service institutions usually only commit document falsification, embezzlement and corruption as victims. Efforts to prevent these crimes include the ITE Law which regulates formal cyber crimes.

A new journal is starting with this page, and we – the editors – hope that this launch will be a successful one! Before we start with the normal course of the editorial business, let us explain why we made the decision to start a new journal.

The effort to develop globally competitive Micro Business needs an Information Technology to fulfill the needs of the said business. This is to ease the administration system of the Micro Business, fast in service, easy to develop product and easy to gain trust from financial institutions. Information Technology implementation in a micro financial institution is important to develop itself. Information technology of a Micro Financial Institution will enable to professionalize a company and is committed to give the best Information Technology products and services for Micro Financial Institution, not only in Indonesia but also in the world. Thus, competitive advantage such as experience, competence (specialization), after-sales, and product quality from micro financial institution is attained.

PurposeThe national and global digital transformation makes investments in information and communications technology (ICT) by financial institutions a necessity, not only for gaining a competitive advantage but also for expanding their knowledge and learning about their customers. This study assesses the business value of ICT investments by financial institutions using a mixed-method approach.Design/methodology/approachThis study adopted a mixed-method approach. First, financial data were gathered from Omani banks' annual financial reports and through a longitudinal quantitative analysis in order to assess the value of ICT in financial institutions' profitability performances. Second, a Delphi qualitative approach was utilized in order to further assess how top managers view the impact of ICT investments in different aspects of business. We used an extended balanced scorecard (finance, customer, internal process and learning and growth) and a sector perspective to address how future ICT investments can offer value that goes beyond traditional metrics of profitability.FindingsThe results of the longitudinal study demonstrated significant evidence of the impact of ICT investment on finance performance indicators; ICT value is significantly positive. Furthermore, the results indicated that there is an acceptable consensus among business and ICT managers that ICT is linked to performance indicators beyond financial; ICT value is linked also to customer indicators, internal process indicators and learning and growth indicators in addition to sector indicators.Originality/valueICT is vital for a diversified and knowledge-based economy, especially for developing countries, because modern banking and financial institutions are relatively new in economies such as those that had previously relied on cash and informal financing institutions. Therefore, continued ICT investments face challenges and may not succeed. Most of the existing literature on ICT value has focused on tangible financial performance indicators. The financial evaluation of intangible performance indicators of ICT investments still remains a problematic area of high relevance to decision-makers. The present study provides an integrated assessment that enables financial institutions to develop their strategies and assessments in terms of ICT investments and to go beyond typical, tangible financial profitability indicators. Furthermore, it integrates assessment indicators that are beyond organizations themselves and reaches sectors and countries. This type of investigation is limited in the literature yet important for the financial sector as it is highly integrated by nature and critical to the development of a nation's economy.

The financial sector is one area that is greatly influenced by the development of information technology. Both in administrative processes in financial institutions such as the Bhakti Karya savings and loan cooperative and non-formal training in the form of training outside financial institutions. Almost all financial institutions, companies, government agencies, financial institutions and others have switched to using electronic-based applications. The aim is to be able to process data easily and quickly. The Microsoft Excel training given to Ksp Karya Bhakti members/employees by the Community Service Team went smoothly. The institution welcomed this training activity because members/employees often feel overwhelmed when it is the end of the month to prepare the institution's financial reports. Especially members/employees in the reporting section who are still relatively new to using Microsoft Excel software in making institutional financial reports, so far making calculation reports has been done manually by writing in books and using a calculator.