Article Consumption Data Types

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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blockquote>“Progress is quiet until it isn’t.”
― Kierra C.T. Banks</blockquote>

Bullet list

• The CRO should have the right mix of education and industry experience and the IRM’s pathway to Fellowship is the gold standard for ERM professionals.
• The CRO should have ‘skin in the game’ on every engagement and be involved in every key decision referred to management. This will ensure the CRO has a ‘seat at the table’ as part of the management committee.
• The CRO should be exposed to various risk management techniques, governance issues, diverse business/services, and risk regulations.
• The CRO should work on building a risk culture across the organisation through Business/Function Risk Officers, thereby creating future leaders who think about breadth aspects in addition to their areas of expertise.
• The CRO should be aware of global developments, industry updates, geopolitics, economic aspects, etc. Strong corporate connections, networking, and a broad reading spread are key.
• The CRO should invest in creating qualified risk champions who are not risk experts but business experts taking risk-based decisions in various departments.

Number list

1. False Urgency: This dark pattern refers to an act of misleading a user into believing that there is a false sense of urgency or scarcity to persuade them to act quickly and make a purchase, e.g. showing false popularity of a product or service to influence a user’s decision. A lot of times, when users are adding products to their cart, there is an instant pop-up stating, “only a few items are left”, when in fact the product remains in stock even after weeks (sometimes even at reduced prices!).
2. Basket Sneaking: This dark pattern is the act of automatically adding extra items like products, services, charitable contributions or donations during the checkout process on a platform without the user’s consent, resulting in an unintended increase in the total amount payable by the user. The most common example being the Rs. 1/- donation, which is automatically added during checking out and does not usually meet the eyes of the customers (given that the addition made to the cart is almost negligible).
3. Forced Action: This dark pattern refers to compelling a user to purchase extra items, subscribe to unrelated services, or share personal information just to access or buy the initially desired product or service. A very common example of ‘Forced Action’, is that of gated websites. There are numerous websites/applications which allow the users to access the information/data only after signing up. These are a means to collect personal data for targeted advertisements, et al.
4. Subscription traps: Also known as a “Roach Motel”, this pattern makes it difficult or impossible for users to cancel a subscription, such as by requiring them to call a customer service number or navigate through a complex maze of menus. There are several applications, which do not show the option of closing or de-activating the account in a straight-forward manner. In a market where every user is not tech savvy or has the patience of going through several steps to de-activate his/her account, the accounts of such users remain active, thereby granting perpetual access to their personal data.

Table 1

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#WATCH | Delhi: Several flight operations delayed at IGI airport due to low visibility amid the fog. pic.twitter.com/2gRM6Pa1N9

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

JPMorgan increases CEO Jamie Dimon’s pay to $36 million for 2023

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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JPMorgan Chase & Co. raised Chief Executive Officer Jamie Dimon’s pay to $36 million for 2023, a year in which the bank notched the highest profit in the history of American banking.

The board granted Dimon a $1.5 million salary and $34.5 million of performance-based incentive compensation, according to a regulatory filing Thursday. His total pay is up 4.3% from 2022, when he made $34.5 million.

“The firm is in a uniquely fortunate position to be led by such a highly talented and experienced executive who continues to grow the company, maintain market leadership positions, strengthen the firm’s reputation, invest in opportunities for the future, promote diversity and best practices, manage risk and develop great leaders, while also maintaining his focus on the firm’s clients,” the board said in the filing.

JPMorgan pulled in $49.6 billion last year, boosted by the Federal Reserve’s interest rate hikes and its purchase of First Republic Bank in a government-led auction. Shares rose 27% during the year, outperforming all major rivals.

Also Read: “It’s a mistake to assume all is hunky-dory,” JPMorgan CEO Jamie Dimon says

That’s now turning into raises of more than 5% for the bank’s top brass. The firm awarded $30 million to President Daniel Pinto, $27 million to longtime asset and wealth management chief Mary Erdoes and $18.5 million apiece to consumer-banking co-heads Jennifer Piepszak and Marianne Lake, according to the company.

Dimon, a billionaire, has been in his role for 18 years — a longer tenure than the CEO of any other major bank — and is often the highest-paid of his peers. In October, New York-based JPMorgan said in a filing that Dimon plans to sell 1 million of the bank’s shares, the first such transaction since he took the helm at the Wall Street giant, for financial diversification and tax-planning purposes.

Also Read: JPMorgan has a new way to gauge its green progress

He’s long quipped that he plans to stay in his seat five more years, no matter when asked. That joke turned serious in 2021 when the board gave him a special incentive package worth more than $50 million to stay until at least 2026. Still, Dimon hasn’t indicated he views that award as a career closer.

“I can’t do this forever, I know that, but my intensity is the same,” Dimon, 67, said at the firm’s investor day last year. “I think when I don’t have that kind of intensity, I should leave.”

Also Read: JPMorgan CEO Jamie Dimon says China risk-reward equation has “changed dramatically”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Amazon layoffs: Nearly 30 employees face job cuts in Buy with Prime unit

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tech layoffs that began in 2024 do not seem to be pausing even in the third week of the year as Amazon has announced that it is now trimming the workforce in its Buy with Prime unit by about 30 employees.

According to a CNBC International report on January 18, Amazon, without divulging a specific number, has said the fresh job cuts will affect fewer than 5% of staff in the Buy with Prime division.

“We regularly review the structure of our teams and make adjustments based on the needs of the business and, following a recent review, we’ve made the difficult decision to eliminate a small number of roles on our Buy with Prime team,” an Amazon spokesperson said in a statement cited by CNBC International.

Buy with Prime programme, a service that lets online stores offer the same two-day shipping benefits available to Prime subscribers, was expanded by Amazon since its launch in April 2022, including tie-ups with Shopify and Salesforce.

According to the report, few of the affected employees worked in Amazon’s multichannel fulfillment unit, which sits alongside Buy with Prime under the “Project Santos” organisation, overseen by Peter Larsen, a longtime vice president at the company, a person with knowledge of the cuts told CNBC International.

Amazon, however, has said it is supporting the laid-off staff to find roles inside and outside the company, Reuters reported.

Earlier this month, Amazon already announced its decision to implement significant layoffs across its Prime Video and MGM Studios divisions as well as its livestreaming unit Twitch.

Since the end of 2022, Amazon has implemented the most extensive series of layoffs in its history, amounting to over 27,000 job cuts across various departments. The latest reductions are being seen as part of Amazon’s continued commitment to optimising its operations for sustained growth.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Delhi University to allow Republic Day parade participants to take missed exams

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Delhi University students, who are taking part in the Republic Day 2024 celebrations, will get an opportunity to appear for missed exams. As per the official notification released on Thursday, the university said it will give a “special chance” to the final year students, who have been busy with the preparations for Republic Day and couldn’t take their exams held during that period.

Besides, the varsity is also contemplating a relaxation for students who represent the institution in national or international sporting events, including the Olympics.

According to PTI, the final-year students of Delhi University will take part in the Delhi contingent of NCC. “We will offer a special chance to final-year students of Delhi University who were busy with parade rehearsal and therefore couldn’t appear or the examination held during the period,” OSD of examination, Ajay Arora said.

He added the university will also be considering including the first and second-year students participating in the Republic Day parade for the same after evaluating the number of students needing the relaxation.

“We want to encourage students to learn from their experiences beyond the classroom teaching. Because of this, it is important that they participate in such events and gain exposure,” Arora said. “This will also help grow a sense of nationalism in young minds.”

The datesheet for the special examination will be released soon and the exams will be held accordingly to avoid any clash with the other papers during the scheduled time.

As many as 2,274 cadets, including students from Delhi University, will represent the Delhi Contingent this year. The 75th Republic Day parade will also see a record number of 907 girl cadets marching on the occasion.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Google CEO Sundar Pichai says layoffs will continue through 2024 to reach ‘ambitious goals’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Alphabet-owned Google CEO Sundar Pichai told employees in an internal memo that more job cuts are likely in 2024, The Verge reported on January 18.

The firm has “ambitious goals” and will invest in “big priorities” this year, Pichai said, pointing towards more layoffs in the months to come. “These role eliminations are not at the scale of last year’s reductions, and will not touch every team,” he said in the memo on January 17.

Pichai, as per the memo cited by The Verge, added: “The reality is that to create the capacity for this investment, we have to make tough choices.”

So far, those “tough choices” have included layoffs and reorganisations in Google’s hardware, ad sales, search, shopping, maps, policy, core engineering, and YouTube teams, the report said.

A Google representative confirmed to Reuters that an email was sent to all employees, but refused to disclose the contents of the memo.

The memo from Pichai comes days after Google already let go of people in several divisions. The company laid off hundreds of employees working on its hardware, voice assistance and engineering teams as part of cost-cutting measures on January 11.

Google on January 16 said it was laying off hundreds of employees in its advertising sales team. Last week, Google said it would lay off several employees in its Voice Assistant units, hardware teams responsible for Pixel, Nest and Fitbit, as well as in its augmented reality team.

It must be noted that in January 2023, Alphabet announced plans to cut 12,000 jobs or 6% of its global workforce. As of September 2023, the company had 182,381 employees globally.

The move comes as companies look to adopt artificial intelligence software and automation to lighten workloads.

Google is not the only one reducing headcount, Amazon.com too last week said it would lay off several hundred employees in its streaming and studio operations and 500 workers at its video streaming platform, Twitch.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

HDFC Bank is now the 8th Indian firm to have over two lakh employees

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The headcounts at HDFC Bank surpassed the two lakh mark in the December 2023 quarter, after the largest private lender in the country went on an aggressive hiring spree to support its expansion plans and to rein in increased attrition. With the latest addition, the total number of employees at the bank has almost doubled in four-and-a-half years.

In fact, there are only eight companies in India that boast a workforce of minimum two lakh. While the IT bellwether Tata Consultancy Services (TCS) tops the list with a headcount of over six lakh employees, Reliance Industries (RIL) occupies second spot with close to four lakh employees.

Also Read: HDFC Bank’s US-listed shares shed another 9%, drop to the lowest since July 2022

While all the top four IT services companies are part of the list, state-owned firms like State Bank of India and Coal India are also among the companies that have two lakh employees on their rolls. However, except HCL Technologies, the other three IT services firms have reported a drop in employee count in the December quarter.

Interestingly, expansion in the workforce in the banking sector comes alongside lower intake in the IT sector. Banks, especially private ones have been experiencing higher attrition over the last many quarters and a significant part of which was at the ‘non-supervisory staff’ levels, which includes sales officers.

Also Read: This Indian IT services firm is the only one among top four that wants to increase headcount in Q4

The number of employees at HDFC Bank has increased by 10,167 in the December quarter to 2,08,066. At a 5.1% rise in the number of employees, the lender clocked its highest sequential growth in the last one year, barring the September quarter. “In order to position us for greater engagement, we have added 41,000 employees over the last 12 months and 10,000 during the quarter,” said Srinivasan Vaidyanathan, CFO of HDFC Bank post the third quarter earnings.

HDFC Bank — the largest lender by market cap — had witnessed an attrition of 34.15% in FY23, as against an industry average of 24.7%. A total of 53,760 employees quit the bank in FY23, while 85,814 were added.

Further, HDFC Ltd, which was amalgamated with the bank in July 2023 had an headcount of about 4,000 at the end of FY23.

Companies with a market capitalisation of Rs 10,000 crore and above are included in this study.

Also Read: PwC survey says 45% CEOs not confident their firms will survive over 10 years — What needs to change

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PwC survey says 45% CEOs not confident their firms will survive over 10 years — What needs to change

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Nearly 45% of CEOs globally are not confident that their companies would survive more than a decade on their current path, PwC Global CEO Survey has found. This is even as the 4,702 CEOs responding to the latest survey were more optimistic about global economic growth than last year.

The survey suggests that the impetus to reinvent is intensifying. CEOs expect more pressure over the next three years than they experienced over the previous five from technology, climate change and nearly every other megatrend affecting global business, it said.

“A whopping 97% of respondents to PwC’s 27th Annual Global CEO Survey report have taken some steps to change how they create, deliver and capture value over the past five years.”

The findings reflect a growing unease, as 45% of respondents doubted their company’s current trajectory would keep them viable beyond the next decade— up from 39% just 12 months earlier.

In an exclusive interaction with CNBC-TV18 on the sidelines of the World Economic Forum (WEF) summit in Davos, PwC Global Chairman Bob Moritz said the CEO community is more optimistic this year than the last but the optimism is still fragile.

“The good news is that India is the standout, the degree of confidence from the Indian CEOs on the Indian economy, their optimism on their ability to raise revenues in the next 12 months is number one,” he said.

Also Read: Davos 2024 | ‘Chip War’ author says the world sees India as an attractive alternative to China

From diversity, freshers strategy, navigating talent landscape, to adapting to technology, artificial intelligence, making policy and cultural changes, Roshni Nadar Malhotra, Chairperson of HCLTech, PWC Global Chairman Bob Moritz and Mahindra Group MD and CEO Dr Anish Shah discussed ways in which corporate policies can be evolved.

Reflecting on the opportunities that exist for India and Indian tech, HCLTech chairperson Roshi Nadar, in the panel discussion, said, there is “cautious optimism” and the world is definitely looking at India as not just a destination that offers services but also as a strategic location.

Also Read: India is back to number 5 among global investment destinations

However, a factor she feels people don’t give enough attention to is diversity, which without inclusion is a big trap that many organisations get into because they keep chasing metrics of, say 50% women staff target by 2030 or each team which is five and above should have at least one woman.

She pointed out that at HCLTech, there are four women directors on its board, and that’s much more than many boards, not just in India, but across the world.

“All the women that we have on the board have been in leadership positions, have been executives. They’ve been on the other end and risen.” She believes there’s a lot to learn, for instance, a firm may have 50% women freshers but the trouble starts at the leadership level.

“I am still a believer that women also don’t want to be put into quotas, we want to rise on merit,” she said.

Also Read | WEF 2024: Global leaders reiterate urgency to address persistent gender parity challenges

Seconding Nadar, Mahindra Group MD and CEO Dr Anish Shah asserted that it’s the culture that needs to change because organisations need to have a diversity of thought as diversity within teams makes them better.

Watch the accompanying video for the full interview

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

China starts publishing youth jobless data again, with a new method and a lower number

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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China published youth unemployment data Wednesday for the first time since the jobless rate hit a record high in June last year, using a new method that showed an apparent improvement.

China announced a 14.9% jobless rate for people between 16 and 24 in December, using the new method, which excludes students. The statistics bureau stopped publishing the politically sensitive figure last year, after it reached 21.3% in June.

It came as the National Bureau of Statistics announced that China’s economy hit growth targets in 2023, following the end of the country’s years of pandemic-era isolation.

The change in methodology came after youth unemployment surged following an economic slowdown in 2023. Regulatory crackdowns on sectors like technology and education, which typically employed a younger workforce, also made jobs harder to find.

Also Read: China population extends historic decline as Covid-19 deaths surged

Previously, the youth unemployment rate counted students who worked at least one hour a week as employed, and those who said they wanted jobs but could not find them as unemployed. It’s not clear how the methodological change affects the stated unemployment rate.

“Calculating the unemployment rate by age group that does not include school students will more accurately reflect the employment and unemployment situation of young people entering society,” the statistics bureau said in a statement, adding that students should focus on their studies instead of finding jobs.

It said that the 16 to 24-year-old population includes some 62 million school students, over 60% of people that age.

Also Read: China hits GDP growth goal as focus turns to support in 2024

Excluding school students from the jobless rate will allow authorities to provide youths with “more precise employment services, and formulate more effective and targeted employment policies,” the bureau said.

The bureau also published an unemployment rate for 25 to 29-year-olds for the first time, to reflect the employment situation of university graduates. That jobless rate, which also excludes students, stood at 6.1% in December.

China’s overall urban unemployment rate stood at 5.1% in December, inching up slightly from 5.0% for the months of September through November.

China is under pressure to boost job creation and bolster employment, with official estimates that the number of university graduates will hit a record high of 11.79 million this year.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dominican Republic to start four-day work week programme in February; what it means

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In the Dominican Republic, companies are prepping up for the voluntary six-month trial of a four-day work week, a first-of-its-kind initiative for the Caribbean nation. The Dominican government said that the programme would begin in February and that workers would receive the same pay despite working for 36 hours instead of 44 from Monday through Thursday, The Guardian reported.

Luis Miguel de Camps, Dominican Republic’s labour minister said the initiative prioritises people, “improving health and wellbeing, and promoting a sustainable and environmentally friendly productivity”.

Among the companies involved in this initiative are Claro, EGE Haina, IMCA, and the Dominican government’s national health insurance agency.

A local university has been tasked to analyse the results of this initiative, including any health changes in workers, while also looking at the relationship between work and their personal lives.

At present, companies in the Dominican Republic allocate eight hours of work on weekdays and another four hours on Saturdays. However, they are free to distribute this time as per their needs, as long as it is not more than 44 hours in a week, the report stated.

Through this, the country is following in the footsteps of Britain, which in 2023 launched what was touted as the world’s largest trial of a four-day work week and witnessed positive outcomes.

Britain 2023 launched what was considered the world’s largest trial of a four-day workweek and found positive results.

In the United States, several companies have also switched to a shorter work week. Last year, the results of a Morning Consult survey showed that an overwhelming majority, 87%, of workers showed their interest in a four-day workweek, while 82% of people stated that widespread adoption in the US would be successful.

Back in 2022, Belgium had also initiated a four-day week, while in Chile, legislators approved a bill in 2023 to trim down the work week from 45 to 40 hours.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow