Comment piece, Don McClumpha
Just like that, another ICAP Charity Day has been and gone. On December 10, 2019, ICAP held its 27th annual global Charity Day welcoming charities and their celebrity ambassadors through our doors, and onto the broking floor where they assisted brokers in closing deals to help raise as much money as possible for their respective charities. This year, I’m delighted to say, ICAP Charity Day raised an impressive$6 million globally, bringing the total amount raised to approximately$190 million since the first ICAP Charity Day in 1993.
For those of you who aren’t aware, each year the ICAP business donates 100% of the revenues and its brokers’ commissions generated on one day to a variety of causes around the globe.The day is great for morale, the atmosphere is fantastic with employees dressing up and uniting to raise money for charity.In the APAC region, we welcomed fabulous guests and supported 28 charities across seven nations.In Singapore, we were joined by the famous faces of actor and singer William So, FLY Entertainment Artistes Constance Lau and Adele Wong, celebrity aesthetician Dr Georgia Lee, and actor and model Paul Foster. Five excellent charitable organisations were selected to benefit in Singapore, including Down Syndrome Association, KKH Health Endowment Fund, Lions Home For The Elders, Society for the Prevention of Cruelty to Animals (SPCA) and The Singapore Repertory Theatre.
Months of planning and preparation goes into making ICAP Charity Day the spectacular event it is, anticipation and excitement builds among clients, charities and employees alike, but once that final trade is agreed and the last celebrity leaves the building the day doesn’t just end, oh no, that’s when the real work begins.
ICAP’s donations enable charities to fund and develop projects and programmes that make a real difference in the areas, and to the people, who need it the most.In Bangkok, we are supporting World Vision Foundation of Thailand (WVFT). WVFT is a humanitarian children’s charity whose aim is to protect children suffering from poverty, conflict and disaster or difficult circumstances which leave children living in fear of hunger and exploitation, for example. A donation from ICAP Charity Day will support some of Thailand’s most vulnerable children with opportunities to access education, learning resources, libraries and a safe place to live – it’s truly inspirational.
Australian based foundation, Top Bloke’s ‘Junior Top Blokes’ programme is dedicated to tackling mental health issues within young men. Through peer-led mentoring and community leadership programs, young men develop positive decision-making skills, decreasing their risk-taking and anti-social behaviour while developing personal qualities of integrity and self-respect.
Many of the 100 charitable organisations we have supported in 2019 focus on the issue of social mobility. In keeping with the company’s overall CSR strategy, ‘A Voice for All’, we firmly believe that everyone should be given a chance to succeed in life whatever their background or circumstances. As ICAP is part of TP ICAP group, the world’s largest interdealer broker, we feel it is our duty to support the communities in which we operate and help support the next generation – who knows; they may end up becoming brokers!
This is why we encourage our employees to volunteer throughout the year. In Singapore, where I am based, we spend time getting to know the charities we will be supporting in upcoming Charity Day’s as it shows our people why we are supporting the charity and how the money we raise will help them achieve their goals. In October, twelve employees visited KK Women’s and Children hospital dressed as princes and princesses with the Kidz Horizon Appeal. We surprised the children staying at the wards and distributed goodie bags, as well as speaking with nurses and parents and understanding how important this faculty is in offering the children and parents relief and support.
Our Bangkok office participates in an annual volunteering day where the entire office takes part in an event. In 2018, they visited Takopid Thong School, a Border Patrol Police School in SuanPueng, Ratchaburi Province. The school cares for 220 students ranging from three to eleven years old, with a large percentage of pupils coming from extreme poverty or dysfunctional backgrounds such as orphanages. During the visit, ICAP Thailand donated food, sporting equipment, school stationery, cooking utensils and agricultural tools as well as personal items.
Over the years,we have experienced great success stories with the charities and projects we’ve supported all over the APAC region. In 2015, we supported the Bone Marrow Donor Programme from the funds raised in Singapore. On World Marrow Donor Day, fifty human statues took centre stage on Orchard Road to raise greater awareness of this issue and to represent the average number of patients at any one time. The day played a crucial role in educating the public to sign-up as bone marrow donors with the event gaining extensive media coverage, which led to 700 new donor sign-ups.
We supported Hong-Kong based charity ‘Operation Breakthrough’ in 2014, which uses sport as a means to help, rehabilitate and positively reinforce young people from disadvantaged backgrounds. The money raised helpsto fund football, cricket and dragon boat programmes, as well as an apprenticeship programme and sports forum, ‘Sport Can Change Lives’. These programmes opened up space for young people to develop their skills for the future, subsequently helping to fight crime and juvenile delinquency. These programmes are now voluntarily run by serving and retired police officers and assisted by social workers.
Funds from ICAP Charity Day 2012 enabled Shanghai Adream Charity Foundation to help build five new Adream learning centres in underserved semi-rural and rural Chinese provinces; benefiting over 6,000 students. The learning centres contained multimedia classrooms and were equipped with books, coloured movable tables and chairs, networked computers, projectors and LSC screens. The designs were contemporary and created a vibrant learning environment. Our donations and support also helped to develop the Adream Teacher Incentive Plan, Adream Salon and Adream Staff Incentive Plan and Administration cost all helping improve the quality of education in China.
ICAP Charity Day is so much more than one day; it’s supporting long-term projects that change the lives of so many people around the world for the better. It’s a global workforce that wants to engage and be involved in giving back too and helping their local communities, and when you look at it like that, the work never stops, and I for one am proud to be a part of ICAP Charity Day.
How to use data to protect and power your business
By Dave Parker, Group Head of Data Governance, Arrow Global
Employees need to access data to do their jobs. But as data governance professionals, it’s our job to protect it. Therefore, we must perform a fine balancing act to weigh robust data protection against the productivity of workers who need the data to maintain business-as-usual working processes.
Data grows exponentially, and most organisations will admit that they simply don’t know what data they have, where it is, and the controls that exist around it. This creates 2 challenges:
- Burgeoning amounts of unstructured data makes the business increasingly vulnerable from external attackers or internal data breaches.
- Because data is the key to understanding a customer’s wants and needs, if the business can’t identify its data and unlock its value, it’s at a competitive disadvantage.
As a European investor and alternative asset manager, here at Arrow Global we take care of £50bn of assets and own a data estate exceeding 160TB. How we manage our data is key to our success. We understand the difficulties involved in opening up environments to allow people to work productively, while at the same time locking them down to protect our organisation.
When it comes to analytics, I believe that Arrow is highly proficient because we employ a talented team of data scientists. But even for us, the sheer volume of raw and processed data, that resides in both our structured systems and unstructured data repositories, has the potential to put our business at risk.
We know there’s always more that can be done to strengthen our security posture and ensure regulatory and contractual compliance, while at the same time using our data to drive the business forward.
Data protection isn’t just about compliance
For many organisations, data protection has centred on demonstrating compliance with the GDPR. At Arrow, our efforts have gone one step further to include our contractual exposure.
Being a more mature data organisation, we had previously tried to develop an application in-house to manage our data estate. However, with 160TB across the company in production data alone, we simply couldn’t achieve the scale we needed to handle the sheer volume of data. Of course, the volume is just the start – once you know what data you have, you then need to be able to categorise the data and put it into a structure, so the business can analyse it for a specific use case.
We knew we needed to go to market to find an industrial-strength data discovery product to replace our in-house application. By aligning our choice of product to our overall IT and change strategy, meant that ultimately, we ended up with a far better outcome than we’d anticipated.
Position data as both a risk and an asset
Data touches every part of an organisation, so when it came to building a business case for buying-in a data discovery software platform, we approached it in a way that would speak to different people at the same time. We did this by posing the question:
“What do we want to do with data in a way that is GDPR-compliant, contractually-compliant and enables us to better service our clients?”
These are the black and white tests of data governance – to recognise the importance of securing and protecting data. They’re applied in a way that enables us to commoditise data and use it to drive the business forward, by forcing us to consider how we would use the data – for example, creating value-based pricing for our clients.
In aligning the business case to initiatives that were already priorities within the boardroom, we knew that we’d gain the attention of the senior leadership team and it would be easier to get the buy-in and budget we needed. And in the end, everyone wins – we get what we need to protect the data, and the business gets to distil the data’s value to better meet our customers’ expectations.
Get visibility of data at scale
For us, things got really exciting once we were able to see all of our data at scale. We chose Exonar because it allowed us to discover our data in ways that other products couldn’t. And the interface between the user and Exonar meant that everyone – both technical and non-technical users – could understand the technology and the findings it revealed.
When we saw exactly what data was in the estate, where it was and who had access to it, data security became much easier and the risk of data being compromised was dramatically reduced. We can see exactly where the vulnerabilities are and restructure how our data is stored to strengthen security. Then over time, we can use search, workflow and analysis to optimise the infrastructure and continually identify new areas to improve.
Commercialise the data
From a wider-business perspective, once people can see the data, they can start asking “What if…” to query it and distil its value. But it’s more than just the data itself. It’s not uncommon for data relating to the same thing to exist in unconnected systems across the business. For example, customer interactions and incidents or events.
Exonar is capable of joining the dots in disparate data sets. By stitching these data sets together, we can get a better overall view of our customers and use the outcomes to think of new, different or better ways of serving them through enhancing or adapting our offerings.
Why other financial services businesses should also take a smarter approach to data
- By changing the way you approach data, you can use it to protect and power your business and the people you serve.
- By positioning data as both a risk and an asset, you elevate its position to give it priority in the boardroom. Ultimately, it’s data that helps the business make informed strategic decisions about how to strengthen its competitive advantage.
- By gaining visibility of data at scale, you can see exactly what data you have and where it is. This gives the business confidence about the actions needed to ensure it is secured in both a regulatory and contractually compliant way, and that people are doing the right thing with data at all times.
- And joining different data sets provides you with a single view of ‘X’ within your data, no matter where it is. Helping to support your wider-business strategy and priorities, it gives you the information you need to secure a business advantage and generate value.
How business leaders can find the right balance between human and bot when investing in AI
By Andrew White is the ANZ Country Manager of business transformation solutions provider, Signavio
The digital world moves quickly. From keeping up with consumer behaviour patterns, to regulation and compliance, the most successful organisations are always on the cutting-edge of technological developments.
However, when it comes to investing in artificial intelligence (AI), a hard and fast strategy does not guarantee a top spot amongst the league of tech greats. Instead, it pays to take a considered approach to balancing reliance on automated processes with a human touch. Why? Because creative and strategic thinkers are the true propellers of innovation; automation is simply the enabler.
The International Monetary Fund (IMF) developed the ‘Routine Task Intensity’ (RTI) index as a measure of which processes are likely to benefit most from automation. According to this metric, jobs requiring analytical, strategic, communicational and technical skills score low on the RTI index, while simple, repetitive tasks scored highly.
The lesson for business leaders here is simple; your digital investments are just as important as your stake in talent. When deciding which processes to automate, start simple, and remember to value the skills and potential of your people.
Keep customer-centricity at your core
Customer-centricity means that every business decision, dollar spent and new hire is centred on one question: how does this benefit my customer? Investments in AI are no different. To be truly successful, they must have a customer-focused outcome.
Where companies get this wrong is by implementing cost-saving measures or ‘copy and paste’ software that fails to improve the customer experience – often having the adverse effect.
Take the virtual chat-bot, for example; if implemented poorly, it can send your customers into a frustrating and seemingly infinite cycle of dead-ends. The modern consumer is far too digitally savvy for this shortcut, and will quickly move onto the next merchant offering a more seamless customer service experience.
To guarantee your investments are delighting rather than infuriating your customers, it helps to take an outside-in perspective of your business processes, aided by Customer Journey Mapping (CJM).
Before you commit to digital investments, CJM can trace and map each customer touchpoint, signalling pain points or conversion rates throughout their journey. These data-driven insights lead you to the areas that would benefit the most from automation, instead of implementing a broad band-aid solution.
Avoid the ‘set and forget’ method
When investing in enterprise-wide AI, the ‘set and forget’ method rarely works. Real transformation requires an ongoing dedication to refining and improving AI-driven processes, as well as adapting them to the evolving needs of your customers. This is the best way to achieve customer loyalty, by proving that your organisation listens to, and understands its users.
A human perspective is invaluable here, paired with process mining – a method that thrives on finding process inefficiencies – to create a consistent feedback loop of improvement.
During periods of uncertainty, customer loyalty is everything, so aim to protect it at all costs.
The power of your people
The rise of automation can be linked to the corporate world’s obsession with speed and efficiency. However, the psychology behind this goes deeper than being the biggest and fastest producer; it’s also about reallocating resources into attracting and retaining the brilliant minds that drive companies into the future.
When communicating digital change, it’s critical to highlight the valuable impact AI has on augmenting jobs; removing the burden of mundane, repetitive tasks and allowing for more strategic skill-sets to shine through. For lower-skilled workers, invest in upskilling or re-education where possible.
Successfully rolling-out digital transformation plans means that every employee across all tiers of your company understands the value of AI. The starting point here is education to achieve buy-in. Change communications must be accessible, constructive and value-focused, supported by key culture influencers who champion automation within teams.
Enterprise-wide buy-in is an important element of refining and improving digital processes, as cross-functional collaboration can offer valuable insights into common pain points or inefficiencies ripe for automation. Supported by process mining, collaboration provides a holistic view of how each investment will impact other processes. There is no point investing in automation that streamlines one process and makes another more people-centric, so be sure to take a balanced approach to your investments.
Remember, AI is not about creating an army of robot workers; it’s about increasing efficiency and productivity so that an organisation, and its people, can work smarter.
Are you a fighter or a freezer? The 4 “F’s” of Surviving Danger
By Dr.Roger Firestien, Author of Create In a Flash.
The fight, flight, freeze survival response – or FFF for short – is designed to mobilize our brain and body to fight an enemy, run from a tidal wave or freeze to hide from a predator.
FFF is how humans react when they encounter a dangerous situation. It is a primal response that happens instinctively even before we are able to think about the situation we are confronting.
The FFF alarm causes our brain to focus on negative memories, probably to scan them to avoid repeating dangerous situations and negative outcomes. We get tunnel vision as our pupils dilate to increase our focus and long-range vision, but as a result we lose our peripheral vision.
Humans use the FFF response and so do organizations.
When organizations encounter dangerous situations, like, say, trying to survive a global pandemic, they can respond by either fighting the situation, fleeing from the situation, or freezing and waiting for the situation to pass.
I would like to propose a fourth strategy for organizations to deal with a danger like the pandemic. It is the fourth “F.” The farm response. More on that later.
What kind of organization is yours?
The fighter organizations were the ones that fought the idea of a global pandemic or pushed back against the research that reported how serious the virus was. Think of the meat processing plants that didn’t provide proper protective gear or the religious organizations that refused to take a break from large services.
The results were catastrophic for the organizations and deadly to the employees and worshippers.
It is pretty easy to identify the fleeing organizations. You don’t see them anymore. Unfortunately, this is the organization that just doesn’t have the resources or the energy to fight. You will recognize them by the “For Rent” signs in the windows of the buildings they used to occupy.
The organizations that freeze are a little more difficult to identify. They are still around but are frozen by fear. They are the organizations that, although they are in a position to move forward, are too frightened to take a risk or even look at the periphery of their business. Their tunnel vision blinds them to opportunity. The freezers hide and wait for the danger to pass. They are the ones who miss out on possibilities.
For example, if you are in the business of supplying concessions to sporting events, airports and national parks, your business is in deep trouble now. So, what are some ways to keep people buying food and drinks with so many venues closed?
Many national parks are now open and visitors need to eat. How can you sell food while supporting social distancing? Answer: Sell picnic meals to your patrons. And, sell a blanket that commemorates the park that diners can spread out and have lunch while social distancing with their families. Then, they’ll keep the blanket that reminds them of their visit to the park.
Sound like a good idea? It sure does. You can keep your park concession business, allow people to social distance and add to your product line with that commemorative blanket. Did the company implement the idea? Unfortunately, they did not. They froze and missed the opportunity.
However, businesses are finding ways to optimize their organization and capture opportunities. They are the farmers. The farmer organizations study the situation, just like farmers study the weather and the land. They look at the resources available to them and get to work.
Farmer organizations pivot and get creative.
Distillers, who before the pandemic, were making vodka, whiskey, gin and other spirits quickly changed their operation from distilling booze to distilling sanitizer.
Telemedicine, which had limited acceptance before the pandemic, almost immediately became the accepted way to deliver care. Now, the doctor comes to you.
Fitness trainers are conducting their sessions via Zoom or in person outside on sidewalks in front of their gyms so they can social distance.
My favorite ranch, SK Herefords, sells their beef at local farmer’s markets in the Western New York area. This spring when the large packing houses shut down and grocery stores were limiting the amount of beef customers were able to buy, my farmer friends were there at the markets with locally produced farm-raised beef. Sales soared and demand skyrocketed.
Why? The farmers were ready. They used their resources and were not afraid to optimize them in a rapidly changing and volatile environment. Farmers live with constantly changing weather conditions and market prices and are accustomed to rapid change.
To operate with constant change, all of us, like farmers, need to be constantly creative. Phil Keppler, my philosopher farmer friend from SK Herefords says, “Creativity helps you to not look at things as a problem. It’s trying to find the solution – and that’s the exciting thing about it. Things aren’t problems anymore. It’s just difficult situations and you’re trying to find a solution to that situation.”
A good mindset for what our world is experiencing now… it’s a difficult situation and we are creating solutions daily.
Fight, flight, freeze or farm. What kind of organization is yours? And, what can you learn from “the farmers?”
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