How Can Financial Institutions Prepare for AI Risks? | Knowledge@Wharton


Artificial intelligence (AI) technologies hold big promise for the financial services industry, but they also bring risks that must be addressed with the right governance approaches, according to a white paper by a group of academics and executives from the financial services and technology industries, published by Wharton AI for Business.

Wharton is the academic partner of the group, which calls itself Artificial Intelligence/Machine Learning Risk & Security, or AIRS. Based in New York City, the AIRS working group was formed in 2019, and includes about 40 academics and industry practitioners.

The white paper details the opportunities and challenges of implementing AI strategies by financial firms and how they could identify, categorize, and mitigate potential risks by designing appropriate governance frameworks.

Source: How Can Financial Institutions Prepare for AI Risks? – Knowledge@Wharton

Want to Make Retail Customers Happy? Give Them a ‘Wow’ Experience | Knowledge@Wharton


Retailers must create “wow” shopping experiences if they want to satisfy customers and keep them coming back, according to a recent study from Wharton’s Baker Retailing Center and The Verde Group, a global customer experience consultancy.

The survey-based study found that retailers can increase shopper repurchase intent by nearly 60% by consistently delivering a great experience, whether in-store or online. What defines a “wow” depends on the shopper and type of store, but hassle-free customer support is at the top of the list.

Source: Want to Make Retail Customers Happy? Give Them a ‘Wow’ Experience – Knowledge@Wharton

Biden’s Infrastructure Plan: Who Are the Winners and Losers? | Knowledge@Wharton


The American Jobs Plan (AJP) proposed by President Biden on March 31 would spend $2.7 trillion and raise $2.1 trillion dollars over the 10-year budget window of 2022–2031, according to the Penn Wharton Budget Model (PWBM), a nonpartisan initiative that analyzes the economic impact of public policy proposals.

The AJP’s tax and spending provisions would increase government debt by 1.7% and reduce GDP by a quarter percentage point by 2031, the study projected. By 2050, however, government debt would fall by 6.4% and GDP would decrease by 0.8%, according to its estimates.

Source: Biden’s Infrastructure Plan: Who Are the Winners and Losers? – Knowledge@Wharton

‘Fighting for Survival.’ Mongolia’s China Problem | Time


Back in August of 2014, Tsakhiagiin Elbegdorj had Xi Jinping over for lunch.

Mongolia’s then president had been coached by Chinese officials about the pomp expected when entertaining their head of state—but it was a tall order. “In Mongolia, we don’t have many rooms for dancing,” Elbegdorj laughs.

He decided instead on a more low-key approach. Elbegdorj, Xi and their wives enjoyed a meal of Mongolian staples—grilled meat, cheese, dumplings—at the president’s residence in a southern part of the capital Ulaanbaatar. In these quiet surroundings, Elbegdorj says the two leaders broached several sensitive issues. They discussed the potential for ethnic Mongolians to freely travel between Mongolia and the Chinese territory of Inner Mongolia. They also spoke of nationalist Chinese calls for Mongolia to be absorbed into the People’s Republic, and even discussed Tibet’s spiritual leader the Dalai Lama, who is venerated by Mongolian Buddhists yet reviled by Beijing as a dangerous seditionary.

Source: ‘Fighting for Survival.’ Mongolia’s China Problem | Time

New Celebrity Memoirs Prioritize Honesty Over Hollywood | Time


Sharon Stone wants you to know that she’s a survivor. And it would be easy to assume that her new memoir, The Beauty of Living Twice, draws its title from its opening passage—which describes her 2001 hospitalization after suffering a brain hemorrhage and stroke that left her with a 1% chance of survival. But the book contains an entire lifetime marked by beating the odds.

Stone details miraculously surviving near-decapitation, being struck by lightning and walking away from her totaled car after skidding on black ice. The most compelling passages, however, are the clear-eyed, and at times brutally honest, recollections of how she’s persevered in the wake of trauma inflicted not by nature or accident but by other people, ranging from the physical and sexual abuse she experienced as a child to the many ways her consent has been undermined at work and beyond.

Source: New Celebrity Memoirs Prioritize Honesty Over Hollywood | Time

IBM’s Independent Managed Infrastructure Services Business to be Named Kyndryl

IBM (NYSE: IBM) today announced that Kyndryl will be the name of the new, independent company that will be created following the separation of its Managed Infrastructure Services business, which is expected to occur by the end of 2021.

“Kyndryl evokes the spirit of true partnership and growth,” said Martin Schroeter, Chief Executive Officer of Kyndryl. “Customers around the world will come to know Kyndryl as a brand that runs the vital systems at the heart of progress, and an independent company with the best global talent in the industry.”

Source: IBM’s Independent Managed Infrastructure Services Business to be Named Kyndryl

Nineteen Burmese protesters sentenced to death—Europe get off your sofa! | Frank Hoffer

The military in Myanmar is fully aware of Europe’s response to the killing spree against democracy protesters. It is not impressed.

Nineteen protesters were sentenced to death by a military tribunal in Myanmar last Thursday. Since February more than 700 people have been killed by the military. The junta is is trying to terrorise the people of Myanmar into submission.

Source: Nineteen Burmese protesters sentenced to death—Europe get off your sofa! – Frank Hoffer

The European Union and global governance | Guido Montani

The EU’s strategic ambition must not be just to carve out a niche for itself among the major powers but to reshape global governance.

With a conference in February organized by the European Union Institute for Security Studies and the Portuguese presidency, the EU launched a public discussion of the main objectives for its foreign policy and the means for their realization. The resulting ‘Strategic Compass’ is expected to be adopted in the first half of 2022.

Source: The European Union and global governance – Guido Montani

Ukraine calls for path into NATO after Russia masses troops | EURACTIV.com


President Volodymyr Zelenskiy called on NATO on Tuesday to lay out a path for Ukraine to join the Western military alliance, after days in which Russia has massed troops near the conflict-hit Donbas region.

Zelenskiy’s comments drew an immediate rebuke from Moscow, which said Kyiv’s approach to NATO could further inflame the situation in Donbas, where violence has increased in recent days.

The Pentagon, perhaps due to the sensitivities, flatly declined a request to comment on Zelenskiy’s request at a news briefing.

Russian-backed separatists have fought since 2014 against Ukrainian forces in the Donbas, a conflict that Kyiv says has killed 14,000 people.

Source: Ukraine calls for path into NATO after Russia masses troops – EURACTIV.com

Biden Highlights Need to Invest in US Chip Infrastructure | GovCon Wire


President Joe Biden said the U.S. should invest in its semiconductor infrastructure to address the current chip shortage, NBC News reported Tuesday.

“These chips, these wafers … batteries, broadband — it’s all infrastructure. We need to build the infrastructure of today and not repair the one of yesterday,” Biden said Monday during the CEO Summit on Semiconductor and Supply Chain Resilience. “The plan I propose will protect our supply chain and revitalize American manufacturing.”

Source: Biden Highlights Need to Invest in US Chip Infrastructure – GovCon Wire