Risk and regulatory reforms in the securities industry: a need for a paradigm shift?

Gentzoglanis, Anastassios

doi:10.1504/ijfmd.2010.035769

Cited by 6 publications

(3 citation statements)

References 5 publications

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“…All in all, the financial aggregation industry is growing but there are some stumbling blocks to its growth. Data protection, privacy, security and fraud issues are some serious concerns users have which may inhibit or at least retard future growth (Gentzoglanis, 2010). Financial aggregation service providers should acknowledge customers' concerns and attitudes and adopt new technologies and strategies that would increase safety and establish a good reputation for the industry.…”

Section: Data and Main Findings Of The Studymentioning

confidence: 99%

Fraud and Privacy Violation Risks in the Financial Aggregation Industry: The Case of Regulation

Gentzoglanis¹,

Levin²

2023

Preprint

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<p>The financial aggregation industry is on the rise again. After having experienced high growth rates during the pre-financial crisis of 2007-2008, the industry has undergone significant changes in terms of structure, behaviour and performance. Plagued by lack of trust on behalf of the customers and under the pressure of changing technologies and in the absence of a regulatory framework, new entrants had difficulties in penetrating the market the way have originally anticipated. In the meantime, banks and other financial institutions refined their strategies and consolidated their positions in the new emerging industry. To survive, many early entrants developed new strategies and became suppliers of technology to the banks and other financial institutions. This study uses the SCP paradigm to analyze the emerging financial aggregation industry and the attitudes young customers have toward these services. The results show that customers are seriously concerned with the risks of violation of privacy and fraud associated with aggregation activity online and they are ready to pay a prime to get a more secure service. Nonetheless, regulating of the aggregation industry on the ground of these risks is premature. Yet, the existing regulatory agencies should increase awareness concerning the looming risks and provide incentives to financial aggregators to adopt technologies and operational strategies that minimize the potential for fraudulent behaviour online.</p>

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Section: Data and Main Findings Of The Studymentioning

confidence: 99%

Fraud and Privacy Violation Risks in the Financial Aggregation Industry: The Case of Regulation

Gentzoglanis¹,

Levin²

2023

Preprint

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“…Marchant et al describe the complicated and lengthy political process to revise existing laws and regulations and the tardiness and delays of regulatory agencies to act when important technological changes disrupt the status quo in sensitive industries like energy, telecommunications and finance. Gentzoglanis [18] also argues that the recent financial crisis in the US and elsewhere is mainly due to the tardiness of regulatory authorities to properly oversight the rapidly evolving financial sector due to product (and technology) innovations brought about in the financial sector. The existing model of regulation of the financial industry supposes that industry participants are disciplined by the increasing competition which emerges from overseas and the globalization of the markets.…”

Section: Best Practices From Other Industries: Lessons For the Shmentioning

confidence: 99%

Emerging Technologies and regulatory hold-up: The case of shale gas in Europe and North America

Gentzoglanis

2012

2012 9th International Conference on the European Energy Market

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The shale gas industry is at the cross-roads. The current regulatory frameworks have not lived up to expectations as the recent experiences in Europe (France) and North America (Quebec) demonstrate. To better understand the reasons for such a performance, this paper examines best practices in nanotechnology and financial industries. Five lessons emerge from this analysis. Generally, disruptive technologies create a "knowledge gap" between the industry and regulatory agencies and this makes the latter less responsive to changing industry models and technologies. It appears that France and Quebec were unsuccessful in making their shale gas regulation credible essentially because they have not taken into serious consideration the environmental, health and equity issues. Unless regulators develop new regulatory frameworks that take into account the five lessons learned from the analysis of other dynamic industries with disruptive technologies, the development of the shale gas industry and a country's growth are at stake.

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“…or bearing of risk is contingent upon commitment and support from Upper ManagementHenriksen and Uhlenfeldt (2006) Upper Management formulates and decides objectives and strategies for organizational risk management activities, mission, and overall objectivesYoung and Jordan (2008) Suggest "the essence of Upper Management support related to effective decision-making to manage risk and to researcherize business process change"Barton et al (2002) The Board of Directors should create a risk management program to protect assetsGentzoglanis (2010) Increase the measures taken, such as hedging the risks, depending on the point of view of senior management and level of confidenceExternal audit qualityPaape and Speklé (2011) Firms that hire high-quality auditors are more committed to risk managementBeasley et al (2005) …”

mentioning

confidence: 99%

Factors Affecting Risk Management in Industrial Companies in Jordan

Abu Kwaik,

Sweis,

Allan

et al. 2023

Administrative Sciences

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This study aims to identify and rank the critical factors affecting risk management from the perspective of top and Lower Management in Jordanian industrial companies. Based on a rigorous literature review, critical factors affecting risk management are factors related to (1) flexibility and adaptation in the economic environment; (2) company characteristics; (3) external audit quality; (4) government rules and regulations; (5) top management and the board of directors; (6) organizational structure; (7) internal audit effectiveness; (8) trust; (9) human resources efficiency and training (10); communications (11); information technology (12); and the company’s culture. Quantitative research methods were used. A questionnaire was developed and distributed to a random sample of senior managers of industrial companies in Jordan. Kendall and Mann–Whitney tests, RII, and EFA were used to analyze the acquired data. The results show that all discussed factors have an effect on risk management, and there is no difference between top and Lower Management’s opinions regarding the ranking of the importance of those factors on risk management. This study provides an original perspective on the concept of risk management and the factors that impact it. These findings have important implications for Jordanian industrial companies’ decision makers. Companies should apply the results to their strategies and policies to reduce risks.

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Risk and regulatory reforms in the securities industry: a need for a paradigm shift?

Cited by 6 publications

References 5 publications

Fraud and Privacy Violation Risks in the Financial Aggregation Industry: The Case of Regulation

Fraud and Privacy Violation Risks in the Financial Aggregation Industry: The Case of Regulation

Emerging Technologies and regulatory hold-up: The case of shale gas in Europe and North America

Factors Affecting Risk Management in Industrial Companies in Jordan

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