Search Results

Zürich Tech Leadership Conference Tech and Data Science Executives Register Now! In-Person Event | 2023 Attending Companies Discover More Why Attend our Event? Exclusive Content – In-depth, trend-forward sessions – with tons of practical takeaways and ideas to keep you ahead in the IT space. Connections – Hundreds of seasoned IT decision makers, cyber security experts, strategists, risk managers, data heads, marketers, and more to mingle and connect with. Meet your customers, vendors, expert resources, friends and colleagues. Network with leading solution providers – As a delegate, you will experience cutting-edge technology from solution providers that can fulfil your business requirements. Showcase of Technology solutions - Gather practical perspectives from many real-world use cases shared by the market’s leading players, including early adopters and leaders from across the region. Key Topics Technology is part of our daily lives and even more so in our professional environment. The goal of this invitation-only event is to encourage discussions and dialogue on what it means to be a successful IT executive and to provide tools and strategies to assist current and emerging leaders. We urge our leaders to confidentially share their experiences and plans while hearing from inspirational and visionary speakers. We explore and share the main topics amongst which artificial intelligence, fintech, cybersecurity and the metaverse are the most popular. We encourage you to come and meet some of the biggest players when it comes to cloud computing, big data security, customer service and enterprise technology. Coming together will not only expand your networks and knowledge, you can meet the industry specialists and learn more about their expert services. Innovation & Emerging Technologies Cybersecurity, Data Protection & IT Risk Management Metaverse, Blockchain & Cryptocurrencies Leadership & Business Transformation AI, Data & Analytics Cloud, Infrastructure & Operations The Agenda The event's dynamic agenda will take you through a series of roundtable discussions, real-life use cases, and dedicated industry tracks, giving you a bird's eye view of the current market situation, the latest technological innovations and strategies for propelling your organization to meet the unique challenges of these unprecedented times. Our Upcoming Events

Cookie Policy This is the Cookie Policy for Feyz International, accessible from www.feyzinternational.com . ​ What Are Cookies As is common practice with almost all professional websites this site uses cookies, which are tiny files that are downloaded to your computer, to improve your experience. This page describes what information they gather, how we use it and why we sometimes need to store these cookies. We will also share how you can prevent these cookies from being stored however this may downgrade or 'break' certain elements of the sites functionality. ​ How We Use Cookies We use cookies for a variety of reasons detailed below. Unfortunately in most cases there are no industry standard options for disabling cookies without completely disabling the functionality and features they add to this site. It is recommended that you leave on all cookies if you are not sure whether you need them or not in case they are used to provide a service that you use. ​ Disabling Cookies You can prevent the setting of cookies by adjusting the settings on your browser (see your browser Help for how to do this). Be aware that disabling cookies will affect the functionality of this and many other websites that you visit. Disabling cookies will usually result in also disabling certain functionality and features of the this site. Therefore it is recommended that you do not disable cookies. ​ The Cookies We Set Account related cookies If you create an account with us then we will use cookies for the management of the signup process and general administration. These cookies will usually be deleted when you log out however in some cases they may remain afterwards to remember your site preferences when logged out. Login related cookies We use cookies when you are logged in so that we can remember this fact. This prevents you from having to log in every single time you visit a new page. These cookies are typically removed or cleared when you log out to ensure that you can only access restricted features and areas when logged in. Forms related cookies When you submit data to through a form such as those found on contact pages or comment forms cookies may be set to remember your user details for future correspondence. Site preferences cookies In order to provide you with a great experience on this site we provide the functionality to set your preferences for how this site runs when you use it. In order to remember your preferences we need to set cookies so that this information can be called whenever you interact with a page is affected by your preferences. ​ Third Party Cookies In some special cases we also use cookies provided by trusted third parties. The following section details which third party cookies you might encounter through this site. This site uses Google Analytics which is one of the most widespread and trusted analytics solution on the web for helping us to understand how you use the site and ways that we can improve your experience. These cookies may track things such as how long you spend on the site and the pages that you visit so we can continue to produce engaging content. For more information on Google Analytics cookies, see the official Google Analytics page. Third party analytics are used to track and measure usage of this site so that we can continue to produce engaging content. These cookies may track things such as how long you spend on the site or pages you visit which helps us to understand how we can improve the site for you. The Google AdSense service we use to serve advertising uses a DoubleClick cookie to serve more relevant ads across the web and limit the number of times that a given ad is shown to you. For more information on Google AdSense see the official Google AdSense privacy FAQ. We also use social media buttons and/or plugins on this site that allow you to connect with your social network in various ways. For these to work the following social media sites including; LinkedIn, Instagram, Facebook, will set cookies through our site which may be used to enhance your profile on their site or contribute to the data they hold for various purposes outlined in their respective privacy policies. ​ More Information Hopefully that has clarified things for you and as was previously mentioned if there is something that you aren't sure whether you need or not it's usually safer to leave cookies enabled in case it does interact with one of the features you use on our site. ​ If you would like to contact us to understand more about this Policy or wish to contact us concerning any matter relating to it, you may send an email to : data-protection@feyzinternational.com ​ This document was last updated on March 31, 2022

CONSUMER FINANCE IN THE DIGITAL AGE: LEVERAGING BIG DATA AND TECHNOLOGY TO PERSONALIZE PROTECTION Have you ever wondered why consumers tend to make suboptimal financial decisions, and why financial firms are often in a position to exploit them? Clearly, this is due in part to consumers’ biases and limited rationality. As consequence, even well-meaning policy interventions have often regulated for rational consumers and made them worse rather than better off. However, recent developments in behavioral science and economics seem to have made their way to traditional regulatory interventions. And while the combination of behavioral insights and big data analysis is raising issues relating to privacy and equality before the law, it is also opening up the possibility of tailoring the regulation of financial market behavior to more empirically valid characteristics. ​ Consuming Financial Products ​ Retail clients, you, me, we all engage with the financial system in various ways. We open accounts, we get personal loans, we may even be tempted to invest in bonds or shares. Some of the opportunities in the financial market are believed to dramatically improve our well-being. Pension-related products are one striking example: they help up save effortlessly for times when we will not have an income anymore. However, financial markets are complex and also expose consumers to greater risks than other marketplaces. Some risks are product specific and derive from the speculative nature of the instrument. Other risks are more general and related to consumers’ pattern of behavior. Even products such as insurance products that are not indexed to the ups and downs of the financial market do expose financial consumers to ill-suited or expensive choices. Decision-making and the Human Brain ​ It is now widely recognized that individual cognitive processing has limited capacity. The human brain deploys mechanisms to economize on cognitive processing in decision-making: this saves time but results in systematic errors in decision-making, which might not happen if the person was given unlimited time and the analytic resources to make these choices. Therefore, consumers make predictably costly mistakes in financial markets: they buy high and sell low, invest in attractively presented instruments they do not understand, and pay excessive fees. ​ The Myth of Rules of Thumb and the Rational Consumer ​ If we want to protect and empower the financial citizens that we are, close attention should be paid to consumers’ behaviors, to their imperfect analyses and distorted judgments. Let us not forget that many existing rules are written with a fictional (rational) consumer in mind: someone who reads labels and disclosures, takes the time to scrutinize contracts, and checks the terms and conditions. In reality, we are nothing like the fictional consumer. Instead, we use shortcuts to make decisions, relying on intuition rather than deliberation. Thus, many potential errors, anomalies or biases in consumer decision-making may be explained by the use of rules of thumb leading to incorrect beliefs. We are unlikely to make an active choice when one option is a default (‘inertia’). An example of this is automatically renewable contracts, such as are often found in banking services. It has also been established that we can only deal effectively with a limited amount of information (‘information overload’). For this reason, it is not sensible to throw into the terms and conditions of loan agreements more information than consumers can process. Another example is present bias. This causes us to discount costs that seem distant in the future (‘hyperbolic discounting’). For example, a credit card with a low introductory teaser interest rate and high long-term interest rate is regarded as attractive, irrespective of the total cost. A last example, ‘optimism bias’ can lead us to misjudge the amount of use we make of a service: thus we might believe that we will never be in a situation where we need an expensive overdraft. Errors of this kind can result in choosing a contract that does not suit our needs. ​ Leveraging Big Data and Technology to Personalize Protection ​ Businesses have long been aware of this set of behaviors and regulations have started to take into account and incorporate insight from behavioral studies. What would be useful is to bridge the gap with Big Data, which is just another key to understanding consumer behavior. The power of Big Data and associated predictive analytics could be used to improve the efficiency of consumer law. While heterogeneity among consumers often means that regulations are over- and under-inclusive, the rise of Big Data has significantly decreased the costs associated with creating and administering personalized legal rules tailored to specific individual profiles or circumstances. This is just one example out of many more. In short, the combination of behavioral economics and Big Data analysis opens up the possibility of tailoring the regulation of market behavior to more empirically valid characteristics, and to personalize it. This exciting prospect also opens up major questions, relating in particular to how privacy can be ensured and how justice can be achieved. Nevertheless, private law can potentially embrace and harness these insights, and use them to solve problems such as unfair terms or debt payment issues. ​ by Geneviève Helleringer , 21.09.21 ​ Source : Knowledge Lab Essec

Paris Business Leadership Conference Transformation and Digital Executives Register Now! In-Person Event | 2023 Attending Companies Discover More Why Attend our Event? Exclusive Content – In-depth, trend-forward sessions – with tons of practical takeaways and ideas to keep you ahead in the digital space. Brilliant Speakers – Gain in-depth guidance from expert speakers on fine-tuning your technologies used, risk management and the industry best practices Network with leading solution providers – As a delegate, you will experience cutting-edge technology from solution providers that can fulfil your business requirements. Showcase of Technology solutions - Gather practical perspectives from many real-world use cases shared by the market’s leading players, including early adopters and leaders from across the region. Key Topics After the difficult past few years, economies are slowly being restored. This is an opportunity for us to build back better, more sustainably and responsibly. Our Business Leadership conference aims to bring leaders together to discover new ideas and exchange new insights. The expectations among our business pioneers are extremely high for reuniting physically, and this is why Feyz International is bringing the new Business Leadership conference to the best hotels which will be enriched with inspiring talks, relevant content and effective networking. This conference will give you an opportunity to recognise solutions that will bring value to your business. With the new trends and cutting-edge technologies, businesses need to adopt and adapt to them to increase their efficiency. Not only you will have the chance to brainstorm on current issues but valuable advice from keynote speakers will be brought forward. Talent, Culture & The Future of Work AI, Data & Analytics Metaverse, Blockchain & Cryptocurrencies Leadership & Business Transformation Cybersecurity, Data Protection & IT Risk Management Privacy & Ethics in a Digital Society The Agenda The event's dynamic agenda will take you through a series of roundtable discussions, real-life use cases, and dedicated industry tracks, giving you a bird's eye view of the current market situation, the latest technological innovations and strategies for propelling your organization to meet the unique challenges of these unprecedented times. Our Upcoming Events

Legal Information This site is edited by: Feyz International LLC Limited Liability Company – SIREN 911672723, SIRET 91167272300028, VAT FR70911672723 Business address: 16 Allée du Puits, 92130, Issy-les-Moulineaux, France Tel: +33 7 57 83 83 33 Legal mentions of the site

SOCIAL ACCOUNTING: A TOOL FOR MEASURING CORPORATE SUSTAINABILITY ​ ​ Corporate social responsibility is an increasingly popular topic in the corporate world and beyond, highlighting a need for best practices and a stronger understanding of what it really means to be a sustainable business. For this to occur, we need ways of measuring corporate sustainability: social accounting is one way of doing so. Adrian Zicari, professor at ESSEC, explains its merits, as well as its limitations, in a recent chapter in the Handbook on Ethics in Finance. ​ First, a primer: social accounting refers to the measurement of an organization’s social and environmental performance, recognizing the need to go beyond measuring economic impact only. There are a number of indicators that can be used, for example the disclosure of pollution information or the composition of the company’s workforce, among others. The list of indicators goes on, as assessing social and environmental information is a complex matter. This makes the scope of social accounting quite broad, and also leads to the question of balancing comprehensiveness and comprehension: more information is not necessarily better, as it can make reports hard to understand. Many of these indicators are not measurable in financial terms, so practitioners of social accounting need to go beyond conventional accounting and gather information from different sources. This requires a significant investment. As a result, social reports are more common in bigger companies. ​ Dr. Zicari explored five issues (1): The motivation behind corporate disclosure of social & environmental information The use of social accounting internally for management purposes The link between social accounting and financial performance Whether or not regulation contributes to sustainability The potential that social accounting has for contributing to sustainable practices ​ Disclosure on social and environmental information ​ Today, the disclosure of social and environmental information is usually voluntary, though some European countries have recently implemented regulations. For instance, some companies in France have to present a “déclaration de performance extra-financière”. This means that in many cases, companies can pick and choose what, how, and when they disclose. This makes it difficult to compare companies, as there are many different frameworks in use. ​ If it is not mandatory, why do companies disclose this kind of information? One reason is to show their legitimacy, i.e. living up to social expectations. Others may have a more “defensive” strategy in play, like if they are under fire from environmental agencies. If they do produce social reports, their motivations may impact the content. Researchers have noted that companies with poorer environmental performance tend to talk more about their environmental projects (2) and use more optimistic language (3). ​ In other words, companies tend to be strategic when deciding what they share and how they share it, and their motivation is often based on protecting or enhancing the company’s reputation. This does not necessarily mean that companies are acting in bad faith, but it does mean that they may not disclose all their social and environmental indicators. Dr. Zicari notes that this can lead to tensions between companies and stakeholders: companies may not disclose all information, while stakeholders may seek more transparency. ​ Should disclosure be mandatory? ​ Corporate social responsibility initiatives and social accounting alike are typically voluntary, but there are increasingly calls for more mandatory reporting. This would be beneficial in that it could increase comparability, standardize reporting, boost the scope of information shared, result in better-informed consumers. ​ One way to increase regulation is through “soft-law” initiatives, meaning the use of frameworks that are voluntary, but provide structure, like GRI, SASB, and Integrated Reporting. If a company says that it complies with one of those, then it has to abide by that and provide the according data. This could also boost stakeholder engagement by providing a reference point and also make it easier to compare companies, as currently comparisons are hindered by the many different frameworks out there. ​ Another option is the use of “hard-law”, legally-binding regulations. One example of this is the Directive 2014/95/EU of the European Union, under which companies with over 500 employees disclose non-financial information. Some initial research suggests that this could have a negative impact on information quality, as companies prefer to share good news (4). ​ Increased regulations on social reporting could help, but regulation alone will not ensure disclosure, nor does increased disclosure lead to increased sustainability. This suggests that while regulation could be useful, it does not replace the need for stakeholders to advocate for sustainability. ​ Using social accounting internally ​ Much of the discussion has focused on disclosure to external parties. What about the goings-on inside the company? Internal indicators can help managers make decisions that align with CSR indicators. However, since the indicators can be hard to decipher, managers may struggle to work with them, especially as CSR work can be siloed within the organization. ​ Companies use different approaches when using social accounting internally. An “inside-out” approach highlights the use of internal social accounting information by managers in their decision-making processes; this can be combined with the “outside-in” perspective, wherein external stakeholders use report information to inform their decisions (5). Both of these perspectives are important in striving for sustainability. To facilitate this process and also help managers interpret the information, CSR discussions should be integrated into corporate performance and dealt with across the organization, rather than being the responsibility solely of a specialized team. ​ What is the link between social accounting and financial performance? ​ Social accounting is not interchangeable with conventional accounting: how exactly do they relate? Their scopes are different, but there is a lot of overlap, both in content and in audience. For example, perhaps a firm makes an expenditure to make a process greener: this will be reported in Profit and Loss Statements (the cost) and in social reports (the effect of the green initiative). An investor may read both these statements, as the financial statements help evaluate the company’s potential and social reports show its environmental impact. ​ The research is mixed when it comes to how sustainability actually impacts financial performance; as a result, managers may be unsure about the profitability of sustainable policies, even if they think the ethical rationale is strong. When measuring the situation, managers thus need to carefully consider the framework they use, and whether or not it is appropriate for the situation. ​ Can social accounting lead to organizational change? ​ Even if the link between sustainability and financial performance is unclear, sustainability remains a worthy goal. This means that social accounting, too, is useful, as a tool for achieving sustainability. What can it actually achieve? ​ Some scholars (cf. 6) suggest that social accounting can inform better decision-making and facilitate teamwork. Others are less certain (cf. 7), who argue that it is mainly symbolic and may not lead to significant change. One thing is true: realizing true improvements is difficult, and the mere implementation of social accounting processes will not automatically improve sustainability. Further, over-reliance on social accounting may lead to a focus on the “small picture”, rather than truly revisiting conventional business models. ​ While social accounting is not a silver bullet, it has shown success; the KPMG Survey of Corporate Reporting (2017) (8), studying reporting practices in 50 countries, found that social reporting is widespread, and there is a community dedicated to its improvement and implementation. Social accounting could also help with the “big picture”: while reports may highlight smaller, incremental improvements, these could inform long-term changes to conventional business practices. For example, mining: by definition a polluting activity, but nevertheless one that is necessary for industrial production. Using social accounting could give managers and stakeholders information that could help reduce the environmental impact as a short-term strategy, while preserving the need to look for long-term solutions that are better for the planet. ​ Social accounting is necessary and helpful for improving business models. Increased disclosure illuminates managers how the company can improve and informs the company’s efforts to be socially responsible. More transparency will benefit stakeholders and empower the public. We need to remember that social accounting remains a means to an end, and it will be tested by how effectively it creates measurable change in corporate practices. ​ Key points and takeaways ​ Tension exists between companies and stakeholders, as the former may not share all information and the latter seek greater transparency. Regulation could improve report quality, but will not automatically improve disclosure. Managers may find it challenging to work with social and environmental indicators, leading us back to the first point: some information may not be disclosed because it is not well understood or not readily available. We still do not have a clear picture of the link between sustainability and financial performance. We must be clear-eyed on the promise of social accounting. It can help improve existing business models, but does not create new ones, and managers should be encouraged to use complementary tools. All things considered: social accounting is an increasingly helpful tool for managers and stakeholders, and can help improve corporate sustainability. ​ References ​ Zicari, A. (2020). The many merits and some limits of Social Accounting: Why disclosure Is not enough. Handbook on Ethics in Finance, 541–557. https://doi.org/10.1007/978-3-030-29371-0_14 Cho, C. H., & Patten, D. M. (2007). The role of environmental disclosures as tools of legitimacy: A research note. Accounting, Organizations and Society, 32(7-8), 639-647. Cho, C. H., Roberts, R. W., & Patten, D. M. (2010). The language of US corporate environmental disclosure. Accounting, Organizations and Society, 35(4), 431-443. Costa, E., & Agostini, M. (2016). Mandatory disclosure about environmental and employee matters in the reports of Italian-listed corporate groups. Social and Environmental Accountability Journal, 36(1), 10-33. Burritt, R. L., & Schaltegger, S. (2010). Sustainability accounting and reporting: fad or trend?. Accounting, Auditing & Accountability Journal. Burke, J. J., & Clark, C. E. (2016). The business case for integrated reporting: Insights from leading practitioners, regulators, and academics. Business Horizons, 59(3), 273-283. Rodrigue, M., Magnan, M., & Cho, C. H. (2013). Is environmental governance substantive or symbolic? An empirical investigation. Journal of Business Ethics, 114(1), 107-129. Blasco, J. L., & King, A. (2017). The road ahead: the KPMG survey of corporate responsibility reporting 2017. Zurich: KPMG International. ​ by Adrián Zicari , 08.06.21 ​ Source : Knowledge Lab Essec

GDPR COMPLIANCE IN LIGHT OF HEAVIER SANCTIONS TO COME—AT LEAST IN THEORY ​ Ridiculously low ceilings on administrative fines hindered the effectiveness of EU data protection law for over twenty years. US tech giants may have seen these fines as a cost of doing business. Now, over two years after the commencement of the European Union’s widely heralded General Data Protection Regulation (GDPR), the anticipated billion-euro sanctions of EU Data Protection Authorities, or ‘DPAs’, which were to have changed the paradigm, have yet to be issued. Newspaper tribunes and Twitter posts by activists, policymakers and consumers evidence a sense of unfulfilled expectations. DPA action has not supported the theoretical basis for GDPR sanctions—that of deterrence. However, the experience to date and reactions to it inspire recommendations for DPAs and companies alike. ​ In our working paper, EU General Data Protection Regulation Sanctions in Theory and in Practice , forthcoming in Volume 37 of the Santa Clara High Technology Law Journal later in 2020, we explore the theoretical bases for GDPR sanctions and test the reality of DPA action against those bases. We use an analysis of the various functions of sanctions (confiscation, retribution, incapacitation, etc.) to determine that their main objective in the GDPR context is to act as a deterrent, inciting compliance. To achieve deterrence, sanctions must be severe enough to dissuade. This has not been the case under the GDPR as shown through an examination of the actual amount of the sanctions, which is paradoxical, given the substantial increase in the potential maximum fines under the GDPR. Sanctions prior to the GDPR, with certain exceptions, were generally capped at amounts under €1 million (e.g. £500,000 in the UK, €100,000 in Ireland, €300,000 in Germany and €105,000 in Sweden). Since the GDPR has applied, sanctions have ranged from €28 for Google Ireland Limited in Hungary to €50 million for Google Inc in France, far below the potential maximum fine of 4% of turnover, or approximately €5.74 billion for Google Inc. based on 2019 turnover. While the highest sanctions under the GDPR have been substantially greater than those assessed under the prior legislation, they have been far from the maximum fines allowed under the GDPR. ​ Nonetheless, this failure of DPAs, especially the Irish DPA responsible for overseeing most of the US Tech Giants, has not gone unnoticed, as shown by EU institutional reports on the GDPR’s first two years. Indeed, increased funding of DPAs and greater use of cooperation and consistency mechanisms are called for, highlighting the DPAs’ current lack of means. Here, we underscore the fact that, in the area of data protection, there has been perhaps too much reliance on national regulators whereas in other fields (banking regulation, credit rating agencies, etc.), the European Union has tended to move toward centralization of enforcement. Despite these short-fallings, the GDPR’s beefing-up of the enforcement toolbox has allowed for actions by non-profit organizations mandated by individuals (such as La Quadrature du Net that took action against tech giants after the GDPR came into force), making it easier for individuals to bring legal proceedings against violators in the future, and an EU Directive on representative actions for the protection of consumer collective interests is in the legislative pipeline. ​ On the side of businesses, there has been a lack of understanding of certain key provisions of the GDPR and, as compliance theorists tell us, certain firms may be overly conservative and tend to over-comply out of too great a fear of sanction. This seems to be the case with the GDPR’s provisions regarding data breach notifications, where unnecessary notifications have overtaxed DPAs. The one-stop-shop mechanism, which is admittedly complex, also created misunderstanding. This mechanism allows the DPA of the main establishment in the European Union of a non-EU company to become the lead supervisory authority in procedures involving that company, which potentially could lead to companies’ forum-shopping on this basis. However, there is also a requirement that the main establishment has decision-making power with respect to the data processing to which the procedure relates. Failure to consider the latter requirement could result in companies selecting main establishments in countries where there is not such decision-making power, and thereby halt attempts at forum-shopping for a lead supervisory authority for certain processing. One example of this culminated in the French DPA (CNIL)’s largest fine so far, imposed on Google, whereas the latter argued that the Irish DPA was its lead supervisory authority. ​ As we explain in our paper, a lack of GDPR enforcement carries risks. Not only does it undercut the deterrent effect of the GDPR, but it also provides a tenuous basis for risk assessment by companies. While the GDPR’s first two years involved a sort of grace period when DPAs focused on educating companies and spent time painfully investigating complaints to litigation-proof their cases, some companies model their risk assessment of regulation based on enforcement histories. If there is a push for greater enforcement, which EU institutional reports would tend to foreshadow, the basis for companies’ models will be inaccurate. Furthermore, such dependence on risk evaluation ignores potential benefits to firms of increased trust and efficiency involved with expanding compliance to adopt a higher data protection compliance standard applied to customers worldwide. ​ Thus, we argue, not only should DPAs sanction offenders, but DPAs should sanction them severely when justified, establishing the necessary deterrence effect for EU data protection law. Moreover, DPA’s communication should in many cases be modified to stop downplaying sanctions: such communication is counterproductive to the desired effect of sanctions. Companies, on the other hand, should take efforts to fully understand the GDPR, and embrace compliance, leaving behind data protection forum-shopping as a potentially ineffective action. Furthermore, the typical securities lawyer warning that, ‘past performance is no guarantee of future results’, may be a forewarning to companies using past sanctions to create their compliance risk-assessment models that the results may not be accurate for the future. ​ W. Gregory Voss is an Associate Professor in the Human Resources Management & Business Law Department at TBS Business School ​ Hugues Bouthinon-Dumas is an Associate Professor in the Public and Private Policy Department at ESSEC Business School. ​ by Hugues Bouthinon-Dumas , 04.12.20 ​ Source : Knowledge Lab Essec

Insights & News We provide updates and training on the latest legislative changes and industry news. All aimed at providing important insights and competitive advantages. Access all our latest resources and updates on Feyz International and our portfolio companies. What's New THE ROLE OF VENTURE CAPITAL SECURITIES IN ENTREPRENEURSHIP For entrepreneurs to flourish, they need funding: venture capital is financial capital provided to early-stage, high-potential, high-risk, growing entrepreneurial companies. Venture capital is particularly attractive for... CYBERSECURITY 2023: CLOUD SECURITY IS KEY ISSUE FOR COMPANIES What challenges do companies currently face regarding security? What is their cybersecurity strategy for the future? And what role does digital sovereignty play in this?... Load More Latest Publications CONSUMER FINANCE IN THE DIGITAL AGE: LEVERAGING BIG DATA AND TECHNOLOGY TO PERSONALIZE PROTECTION Have you ever wondered why consumers tend to make suboptimal financial decisions, and why financial firms are often in a position to exploit them? Clearly, this is due in part to consumers’ biases and limited rationality... BIG DATA AND THE LEAN STARTUP APPROACH AS TOOLS FOR INNOVATION IN LARGE FIRMS Can larger firms face and survive the challenge of startups? The one question that comes to mind these days is whether they are still capable of fostering innovation... SOCIAL ACCOUNTING: A TOOL FOR MEASURING CORPORATE SUSTAINABILITY Corporate social responsibility is an increasingly popular topic in the corporate world and beyond, highlighting a need for best practices and a stronger understanding of what it really means to be a sustainable business... EU SUSTAINABLE GROWTH REGULATIONS: THE CHALLENGES OF TRANSPARENCY, COMPARABILITY, AND LEADERSHIP With the European Green Deal of December 2019 supporting long-term signals to support green investments, and the proposed European Climate Law as a framework for... Load More

Our Company Feyz International is part of the Feyz Global group that operates in multiple countries around the world. The historically grown focus of the group's activities lies on the transportation & logistics, international trade, construction, private military and security industries with a special emphasis on business in Europe and Middle East. However, the functional competencies also comprise financial services, investments, event management and business consulting. Our Values Our Community A positive future for humanity is achievable. However, in all areas of society, building a better tomorrow requires the unlocking of resourcefulness. That is why we give our time and expertise to support communities and inspire people, especially those who are disadvantaged, to become the innovators and leaders of tomorrow. Our Organisation Our History 2018 Established Feyz & Co LLC in Paris ​ 2019 Opened business bases in Europe ​ 2020 Service operations start in France Dissolved Feyz & Co LLC 2021 Established Feyz International LLC in Moscow Service operations start in Russia ​ 2022 Opened a branch in Paris Service operations end in Russia Headquarters location changed ​ 2023 Service operations start in Turkey

About Us Feyz International is a growing company offering consulting services, event management and investment assistance to local and international clients - both in France and abroad. Founded by a diverse group of international development professionals, Feyz International has delivered development consulting projects in Switzerland, France, Turkey, Russia and the surrounding region since 2018. Our Activity Feyz International is a European Consulting company providing guidance and solutions to businesses. Founded in 2018, Feyz International is specialized in legal, financial & tax advisory, and corporate event management. With more than 100 customers across the world, we have been rolling out solutions in major projects for many years. Recognized for their expertise and valued for their analysis and technical skills, our consultants and engineers engage across all sectors ranging from financial services and transportation, to healthcare and technology. Our experts, around Europe, design, manage and accompany transformation processes with measurable results. ​ Our unique business model allows us to blend management consulting skills, hands-on industry expertise and functional knowledge, including such substandard competences as tax management, process optimisation, technology consulting, FDI & FPI, sourcing support, procurement strategy and much more… Feyz International’s Corporate Event management team organises customised summits, conferences and gala dinners for industry leaders with trending innovative topics and their solutions. We provide our clients a networking platform constituting of 5000+ C-level executives from different backgrounds and industries, such as Media, Retail, Banking or Healthcare, who can anticipate issues and help companies strive. Our team will guide and cater for our customers to have the best possible experience! Our Mission Connecting Passionate Leaders to Provide a Better Future ​ At Feyz International, we connect passionate professionals to create insightful solutions to any challenges they may face. Our ability to anticipate, comprehend and provide a deep understanding of our clients' engineering, strategic and planning needs leads to sustainable results and long-term partnerships. Our commitment to individual empowerment and continuous development enables us not only to best serve our clients, but also to better influence our own destiny, shaping the future of society. Our Vision To provide authentic solutions driven by commitment and perseverance to create sustainable business value ​ We strive to be known for our ability to find genuine, simple and sustainable solutions to our clients' most compelling opportunities and complex challenges. By earning trust through bold actions, our associates will be recognized for their success in delivering world-class solutions and maximizing customer satisfaction. To realize this vision, we will be at the forefront of staff development and sustainable business transformation. ​ Our Events

BIG DATA AND THE LEAN STARTUP APPROACH AS TOOLS FOR INNOVATION IN LARGE FIRMS ​ Can larger firms face and survive the challenge of startups? The one question that comes to mind these days is whether they are still capable of fostering innovation. Many large companies try to adapt to this new challenging environment by behaving like startups, which, as the researchers point out, is not the key to successful innovation for incumbent firms. ​ Adapt or… Die Trying ​ Previous research shows that incumbent firms find it difficult to adapt their business models (and thus their strategy) for various reasons including the complexity of the organization, a focus on short-term rather than long-term gains, and competition for resources among managers. Large companies often suffer from innovation blindness caused by the very fact that they hold onto outdated models and assumptions on how the world works. This difficulty in changing the business model makes it extremely challenging for firms to respond to the new forms of competition brought forth by startups. While changing the business model is often necessary, if not vital, there are no clear best practices and many firms have followed the route of trying to behave like a startup. This approach, however, is doomed to fail as it does not recognize the fundamental differences between the two types of organizations in areas such as resources, speed of decision-making, focus etc. ​ Adapt. Do not adopt! ​ There has been research encouraging large companies to adopt the lean startup methodology[1] for product innovation, suggesting that in this way, legacy companies would be able to quickly adjust and adapt the business model to create and appropriate the most value. But while a startup is by definition “an organization formed to search for a repeatable and scalable business model”, a legacy firm already has a business model. Therefore, to be economically competitive, incumbent firms need to be ambidextrous. In other words, they should be able to execute in present markets while innovating for new ones. According to Steven Seggie and his peers, incumbent firms should leverage advantages such as big data and adapt (not adopt) the lean startup methodology. Let us not forget that big firms have clear advantages in big data both through the amount that is available to them and also through the resources they have to analyze the data and act upon the results of the analysis. ​ It is not the Size of Your Data that Matters but What You Do with it ​ The real question then is: “How should firms leverage big data and adapt the lean startup methodology as a means of changing the business model to allow for successful innovation and successful competition with startups?” Traditionally, big data analysts have talked about the 3Vs of big data: volume, variety, and velocity.Each of these characteristics creates a learning challenge, which can then be addressed through use of parts of the lean startup methodology. ​ Volume Volume refers to the increasing amount of data that is available. This volume leads to confirmation bias as a greater amount of data provides opportunities to confirm prior beliefs that inform decision-making. The solution provided by the lean startup methodology is to use the analysis of big data not to reach conclusions but instead to develop hypotheses, which can subsequently be tested through experimentation. ​ Variety Variety means that firms have access to data from very different sources that were not available in the past. Although variety is seen as a good thing, it leads to an increased complexity of both the data and analysis, thus making it difficult to communicate insights for decision-making. The lean startup methodology suggests the introduction of a concept called innovation accounting[2]. It requires regular reporting on the progress of an innovation project with a decision to quit, persevere with, or pivot. The advantage is that it facilitates the access to insights throughout the process. ​ Velocity Velocity refers to the fact that firms are getting real-time data. The richness and timeliness of the data suggest an increased ability to predict the future, and thus creates an illusion of control. The solution offered by the lean startup methodology is to include a build-measure-learn loop into the innovation process as this allows firms to engage in validated learning on an incremental basis. The risk is minimized, as all innovations are incremental in nature. So even if managers have the illusion of control, they will not be able to take large risks that may come back to haunt them in case of unexpected occurrences. ​ Let Us Call a Spade a Spade ​ With unprecedented amounts of Venture Capital money being invested in startups, incumbent firms are under greater pressure than ever before to maintain their status as leaders in their fields. Some of them have adopted, recklessly, the lean startup methodology with generally disastrous results. In sum, a startup is not a small version of a legacy company, neither is a legacy company just a large version of a startup. Therefore, incumbent firms should adapt the lean startup methodology instead of adopting it as it is. Firms should leverage the resource advantages they have regarding big data and combine these advantages with the adapted lean startup methodology to enable large companies to adjust their business models to allow for successful innovation. ​ −−− [1] The lean startup methodology is a quick and iterative process that requires minimal resources compared to more traditional models of innovation (Blank, S. (2013). Why the lean startup changes everything. Harvard Business Review May, 4–9.) [2] A measurement process used to evaluate innovation throughout the innovation process ​ by Steven Seggie , 04.10.21 ​ Source : Knowledge Lab Essec

Library WHY CYBER RISK ASSESSMENTS SHOULD BE A PART OF YOUR BUSINESS STRATEGY Every day brings with it the news of yet another company falling victim to a cyberattack. The costs the affected businesses face are enormous: lost critical data, stolen assets and damaged reputations... HOW SECURE ACCESS SERVICES EDGE SECURITY WILL TRANSFORM NETWORKS During a media event at Netskope’s SASE Week, Steve Riley, the discussion moderator and field chief technology officer for Netskope, asked, “What’s the driving force for SASE? Why now? What’s changed?”... THE ROLE OF VENTURE CAPITAL SECURITIES IN ENTREPRENEURSHIP For entrepreneurs to flourish, they need funding: venture capital is financial capital provided to early-stage, high-potential, high-risk, growing entrepreneurial companies. Venture capital is particularly attractive for... CYBERSECURITY 2023: CLOUD SECURITY IS KEY ISSUE FOR COMPANIES What challenges do companies currently face regarding security? What is their cybersecurity strategy for the future? And what role does digital sovereignty play in this?... Coming soon...