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As the world becomes increasingly interconnected, the need for efficient and secure cross-border financial transactions continues to grow. Globalisation of trade and commerce, internationalisation of businesses are reshaping the extended needs of cross-border payment solutions. Adoption of common currencies, relaxation of border clearance formalities etc. have brought more seamless transfer of money within countries in selected blocs. Another great force behind the size of the cross border payment and transfer of money is the movements of the Diaspora Community from one to another Country or Continent. These communities significantly contribute to the economy of the host and respective home country as well.

With the advent of fintech capabilities of Lulu Financial Holding( LFH), the landscape of remittance has experienced a paradigm shift, covering enhanced efficiency, speed, security and compliance giving rise to innovative solutions. Profile management of remitter and receiver as two sides of a coin with variety of needs, is prime focus with a highly adaptive regulatory compliant environment, global reach and a better cross currency transfer markup offering us edge over multiple solutions available for customers to choose the best to move money with a peace of mind. Biometric authentication like fingerprints, facial recognition are now mandatory technologies to ease the onboarding processes. Effort score of every customer to be the minimum while interacting with applications with a self-service driven model, which is the core focus area.

Variety of technology solutions has enhanced the possibility of transferring money more securely with digital payment platforms, Online Operations and Mobile apps, Real Time Settlements, Funding models and Aggregations, and a Blockchain powered Distributed Ledger model enabling seamless movement of individual transactional messages, settlements and journal entries, within multiple Service Providers. While every individual component in the domain in its capacity, building Data Analysis, Artificial Intelligence( AI), Regulatory Technology(RegTech), Financial APIs and Open Banking etc and are grown as independent solutions and have gained unique propositions over a period of time. Every lead player is leveraging such capabilities to attract other smaller players and likeminded partners to operate under those bigger platforms built for such scalable operations at any size and with a decent amount of customizations. Technology is ever changing which then primarily eases the efforts of moving money security and instantly. LFH is offering a variety of such solutions to the customers, both internally and externally across the globe.

It is not easy to establish an enterprise level Business Infrastructure with all such complex networks, relationships, partnerships, and with a variety of regulatory frameworks, and a scalable infra and application landscape, to handle massive numbers of messages and secure information management seamlessly. LFH already has this space and is building unique Infrastructure which allows potential solution providers to connect and consume such proven capabilities. Every such engagement is additionally building propositions which are good for the global business and our individual expansion plans. We do encourage such labs, experiments and transformation programs within, and with similar intensity like we do our regular businesses. Our global presence, multiple treasury vaults, variety of operational licences and products are helping to build extended infrastructure which will be beneficial for all kinds of consumers, both Individually and as a Shared Service Provider. Another set of challenges most of the companies are facing are about De-risking and Business Continuity. It is a major agenda in every organisation and we are not different too.

Technical Infrastructure scalability is another area, to handle all possible and anticipated Business & Tech challenges are to be addressed professionally. With an investment of our sizable tacit knowledge and professionalism acquired from our long standing existence in the industry, strong and sizable frameworks have been established which are helping organisations to meet any kind of such exigencies and operational requirements. With a stringent Regulatory Framework and Data Security Standards Globally, every such business provider would be facing tough tasks to meaningfully and logically keep such infrastructure presented with confidence and offer the most modern facilities to abide by the strict guidelines released from various regulatory bodies. LFH is always keen to keep such operational models security and owning responsibility to assist achieving the desired results.

Partnership and coexistence is an essential culture in the financial industry and it helps to grow together consuming shared technology capabilities of various service providers. Lulu is always keen to work closely with the leading service providers and adopt the extended capabilities of Financial APIs and Open Banking. Such seamless interoperability helps setting a healthy operational environment with competition and innovative mindsets. Cross Border Payment Solutions, Hard currency business solutions ( Bank Notes) and Purpose based Payments are adopting similar capabilities to co-create and optimise the cash flow management, upselling and enhance revenue from combination of services.

Data driven decisions are helping organisations to set the goals and strategies in the ever changing competitive environments. As a pioneer player in the financial industry, our Technology driven initiatives are largely controlled by Data driven models. It covers Transaction Monitoring & Security, Compliance and Regulatory Reporting, Risk Scoring, Automation and Efficiency Driven Programs, Innovation and Product Engineering, and most importantly Customer Experience and Personalization. Our Customer Data Platforms, publishing of our individual feature capabilities with exposed APIs for the consumer and partners based on our earned capabilities and experience in the industry is the key to retain us as a frontline player always.

It is essential to diversify and grow laterally as well. Our market presence and growth aspects are complementing existing products and services line extensions. Our applications listen to the customer interactions, valuable data, and the measurable output created out of such engagements, are helping to access the possibilities around. Measuring market trends, competitive landscape, and with the strategic partnerships and alliances introducing new product lines to the vertical. Technology assist designing prototypes and simulation tools, to add additional product verticals to the scalable platforms already built to showcase services. Every such intuitive, and a low cost design principles are a triggering force to work with less noise, high efficiency and launching in style.

While aggressively speaking about the AI and ML opportunities, core strength is our people and a tribe who do not allow settling into the BAU environment, are our strength. Thinking wild and experimenting to derive the best out of the possibilities around us, without a fear of failure are keeping our fire alive, and we do challenge our benchmarks regularly. Every lateral growth opportunity does not come to the table by luck, but it has to be captured using the intentional experimentation and to allow adopting failures from labs. We do encourage challenging our Tech landscapes to derive such surprises and outputs. At the group level, we follow 2023 as A Year To Redefine, and that exactly fueling the purpose of redefining our People, Process & Technology for our Customers to attain the next level of Service Excellence.

Sreekanth Ramakrishnan

There is a wonderful saying that the world is a buffet of choices. And our life is an outcome of the choices we make. There is a strong correlation between effective decision-making and the quality of life. Every decision impacts us in some way, whether it is about our habits, career choices, building relationships, or going on vacations. Bigger the decision, higher the impact.

Quoting some examples, Mahatma Gandhi chose to lead the freedom movement solely on non-violence which made him one of the most respected leaders in the world. Sylvester Stallone made a choice of not just selling the script of the blockbuster Rocky movie but insisted on being hired as a lead actor in the movie. Satya Nadella made a choice of investing in AI technology to create the next big wonder ChatGPT. Whereas Mark Zuckerberg’s efforts of investing in the metaverse didn’t go well as expected so far. It is clear from these examples that decision-making impacts individuals, companies, and sometimes the entire nation in a big way. Therefore, one must give tremendous respect to the process of decision-making to ensure better outcomes. This article will cover five simple and practical models for effective decision-making.  So read on.

Decoding effective decision-making is like searching for precious gems and pearls. The journey to effective decision-making does have obstacles and distractions along the way. Some of these obstacles are biases, impulses, lack of self-awareness, greed, fear, uncertainty, and complexity. The influence of these obstacles can be so subtle that it is almost impossible to identify them. Only after making several wrong decisions, do people learn to differentiate the influence of these obstacles. The million-dollar question is, how can we overcome biases and other obstacles before making important decisions in our lives?

Most people are unconscious of their personal decision-making approach. Some people are skewed toward intuition and impulses for taking decisions while others are more logical and unemotional. Scientists believe, relying solely on logic or intuition may not always give a balanced view of the situation. Following an unconscious and skewed approach to decision-making may prove expensive and faulty. Scientists believe one must take cues from both intuition and logic to arrive at decisions. However, sometimes people are faced with situations where they don’t have prior information or experience to apply logic and intuition. They may feel extremely overwhelmed in such a situation and may end up taking a wrong decision. It can be extremely frustrating and stressful. They need a way to evaluate their option thoroughly to arrive at better decisions.

These five decision-making models can make life easy. While working with these models, it may further help to develop both logic and intuition. When there is logic and intuition, people are more confident to make wise decisions based on the big picture. Let us explore these decision-making models with the help of an example.

Consider a situation, where a person needs to choose between investing a windfall gain of USD 100000, in one of the two options –

• A. Invest in a retirement fund
• B. Buy a luxury car

Let us evaluate these options through 5 decision-making models such as –

1. Rating Model

2. Impact on Stakeholders Model

3. Ethics and Values Model

4. Personal Vision Model

5. Advisor Model

Rating Model  

The rating model is rational and logical in nature. In the model, you must identify important parameters for evaluating the alternatives. Give a score on each parameter ranging from 1 to 5 where 5 is the highest score. Total up the score for both alternatives. The alternative with the maximum score stands out. Take a look at the table given below to understand this better. The decision-maker identified 5 parameters that will be impacted by the decision, lifestyle, security, happiness, peace, and finance.

After the rating is given for each parameter, the total comes to 17 for option A and 13 for option B. In this model, Option A looks more promising than Option B.

Impact on Stakeholders Model 

This model is intuitive in nature. It considers the impact of the decision on the stakeholders. It measures the feeling of stakeholders about the decision. Identify the stakeholders affected by the decision. The impact and feeling may be observed as positive, negative, or neutral. Give a score of (+1) if the impact is positive, (-1) for negative, and (0) for neutral. Check the given table below for understanding it well.

As per this model, the sentiment score for option A is higher than option B. Taking Option-A will make the majority of the stakeholders happier.

Ethics & Values Model

This model is based on ethics, personal values, belief system, integrity, and commitment. This model is intuitive in nature. These elements have a very profound impact on the decision-making. Hence, considering them is extremely important. This model enables people to listen to their inner voice and gauge their feeling toward the available options. The option that is aligned with ethics and personal values feels better. The inner voice will give subtle indications that need to be captured carefully. This is like a supercomputer doing quick calculations based on the software to give the final answer. This process is a very natural and powerful one. Go for the option that feels right. In this example, look at the responses captured by the decision-maker for both options. Option-A feels more right by the decision-maker.

Personal Vision Model

This model requires the decision-maker to match the available options with the personal vision. Having a personal vision is a great way to navigate oneself in life. Introspection at regular intervals may be useful to develop a personal vision. One must evaluate the consequences of each option on the personal vision. Find out which choice has a high potential to support the vision. A choice that supports the vision must be given due preference. Mark the choice as ‘Supportive’ or ‘Unsupportive’ against the choices. Let’s say the vision of the decision-maker is to buy a farmhouse in the hill station for spending retirement years and enjoy a peaceful life in nature. Look at the given table below for a clear understanding.

As per this model, Option-A is marked as supportive compared to the other option.

Consultation Model

In this model, a decision-maker is expected to consult with people in the close network. It may consist of mentors, close friends, colleagues, family members, and professionals. It is important to carefully choose the people in the advising circle who can contribute with some valuable input in making decisions. Explain the situation to the advisors and share the available choices. Consult them and capture their responses for each alternative. Look at the table given below. In the end, check the number of ‘Yes’ for each choice. The choice with a majority of ‘Yes’ can be given a higher preference.

In this model, Option-A receives 5 Yes and Option-B gets only 3, hence investing in a retirement fund can be preferred.

At the end of this analysis, the decision-maker is in a better position to choose the right option. As per the analysis across the five (5) models of decision-making, Option-A (Building a retirement fund) is a clear winner.

At last, it can be concluded that decision-making is an important skill that shapes the fate of people, companies, and the nation. A good decision requires overcoming the influence of biases, impulses, greed, or fear. Scientists recommend considering both logic and intuition for a more balanced decision. Decision-making models can help people develop logic and intuition to make informed decisions with high conviction and confidence. It may increase their probability of success and eliminate the risk. Spending time developing and sharpening decision-making skills is of utmost importance. Let us become a better decision-makers to prosper well!

About the author:

Gaurav Warman is a Talent Development Practitioner with 17 years of experience in large organizations across Asia, Middle East, and the APAC region. He currently working as Head of Learning and Performance Management at Lulu Financial Holdings in Abu Dhabi (UAE). He is passionate about topics such as behavioral psychology, leadership, and personal effectiveness.  He loves reading, listening to music, and cycling.

The traditional approach to risk management involves periodic assessments and controls to identify and mitigate potential risks. However, in today’s rapidly changing business environment, organizations need to adopt a real-time approach to risk management to stay ahead of emerging threats.

Need for real-time risk management.
Here are some reasons why there is a need for real-time risk management:

⦁ Increasing complexity and speed of business: The pace of business is accelerating, and organizations are becoming more complex. Real-time risk management can help organizations keep up with this pace and address risks as they arise.

⦁ Emergence of new risks: New risks are constantly emerging, particularly in cybersecurity and data privacy areas. Real-time risk management can help organizations identify and address these risks quickly.

⦁ Regulatory requirements: Many regulatory requirements now require real-time monitoring of risks. For example, the General Data Protection Regulation (GDPR) requires organizations to report data breaches within 72 hours.

⦁ Impact of risks: The impact of risks can be significant and sometimes result in business failure. Real-time risk management can help organizations mitigate the impact of risks and minimize potential damage.

⦁ Changing business models: Many organizations are changing their business models, and real-time risk management can help ensure that risks associated with these changes are identified and addressed quickly.

Real-time risk management can help organizations stay ahead of the curve and address risks as they arise rather than reacting to them after the fact. By implementing real-time risk management processes, organizations can better protect themselves and their stakeholders from the negative impact of risks.

In this blog post, we will explore the concept of real-time risk management through audit, risk & compliance and its potential to revolutionize corporate governance.

What is real-time risk management?

Real-time risk management is an approach that enables organizations to identify, assess, and mitigate risks in real time. The goal is to prevent risks from materializing into significant problems by addressing them as soon as they are identified.

Real-time risk management through an audit, risk & compliance

The Audit, Risk, and Compliance Committee (ARC Committee) is a subcommittee of a company’s board of directors that oversees the company’s audit, risk management, and compliance functions. The committee’s primary role is to provide independent oversight of these functions to ensure that they are effectively managed and that the company is operating in accordance with relevant laws, regulations, and best practices.

The audit, risk & compliance (ARC) function is critical to real-time risk management. It provides an integrated approach to risk management, ensuring that risks are identified and mitigated across the organization. The ARC function consists of three key components:

⦁ Audit: The audit component of ARC provides independent and objective assurance that the organization’s operations are conducted in compliance with relevant laws, regulations, policies, and procedures. It evaluates the adequacy and effectiveness of the organization’s internal controls, identifies potential risks, and provides recommendations to mitigate those risks.

⦁ Risk: The risk component of ARC identifies, assesses, and manages risks across the organization. It develops risk management strategies, monitors the effectiveness of risk mitigation efforts, and provides recommendations to improve risk management capabilities.

⦁ Compliance: The compliance component of ARC ensures that the organization operates within the legal and regulatory framework. It evaluates the organization’s compliance with relevant laws, regulations, policies, and procedures and provides recommendations to improve compliance where necessary.

By combining the audit, risk, and compliance functions into a single integrated framework, organizations can adopt a real-time approach to risk management. The ARC function can leverage advanced technology, such as artificial intelligence, machine learning, and predictive real-time data analytics, to monitor business operations, identify potential risks, and take corrective action in real time. This approach enables organizations to address risks as soon as they are identified rather than waiting for periodic assessments.

The benefits of real-time risk management through ARC
Real-time risk management through ARC provides several benefits for organizations, including:

⦁ Early identification and mitigation of risks: Real-time risk management enables organizations to identify and mitigate risks as soon as they are identified, reducing the likelihood of risks materializing into significant problems.

⦁ Improved decision-making: Real-time data analytics gives organizations real-time insights into business operations, enabling them to make better and more informed decisions.

⦁ Enhanced agility and responsiveness: Real-time risk management enables organizations to respond quickly to emerging risks, improving their agility and responsiveness to changing business conditions.

⦁ Improved compliance: Real-time risk management through ARC ensures that organizations operate within the legal and regulatory framework, reducing the risk of non-compliance.
Examples of real-time risk management in the money transfer business:

⦁ Compliance monitoring: Money transfer businesses must comply with various regulatory requirements and sanctions lists to prevent money laundering and terrorist financing. Real-time compliance monitoring enables businesses to monitor transactions in real time and identify any potential compliance violations before they occur.

⦁ Currency exchange rate monitoring: Currency exchange rates fluctuate constantly, and money transfer businesses must adjust their rates accordingly to remain competitive. Real-time monitoring of exchange rates enables businesses to adjust their rates in real-time, ensuring they stay competitive and profitable.

⦁ Risk-based transaction monitoring: Real-time risk-based transaction monitoring involves analyzing transactions in real time and identifying high-risk transactions based on various risk factors, such as transaction amount, destination country, and customer history. This approach enables businesses to prioritize their resources and focus on high-risk transactions, reducing the likelihood of financial losses due to fraud or non-compliance.

⦁ Real-time fraud monitoring: Money transfer businesses can leverage advanced analytics and machine learning algorithms to monitor real-time transactions and identify potentially fraudulent activity. By analyzing transactional data in real-time, companies can identify and prevent fraudulent activity before it causes significant financial losses.

Conclusion

Real-time risk management through audit, risk & compliance is the future of corporate governance. This approach enables organizations to adopt a real-time approach to risk management, leveraging advanced technology to monitor business operations, identify potential risks, and take corrective action in real time.

Real-time risk management through ARC provides several benefits for organizations, including early identification and mitigation of risks, improved decision-making, enhanced agility and responsiveness, and improved compliance. In addition, the ARC function provides an integrated framework for risk management, ensuring that risks are identified and mitigated across the organization.

As such, organizations should consider adopting a real-time approach to risk management through ARC to stay ahead of emerging threats and position themselves for future success.

About the Author:

Ramesh is a Chartered Accountant from ICAI, India, and a seasoned professional with 22 years of experience across various sectors such as Banking, Financial Services, Mutual Funds, Manufacturing & Retail, and IT Services. He has handled multiple roles such as Internal Audit, Risk Management & Governance, Sarbanes Oxley Compliance, Finance, Accounts, Management & Financial Reporting, and Outsourcing. Ramesh has worked with prominent UK-based banks, leading NBFCs, and other MNCs in India and UAE.

Every human being has the inbuilt psychological need to reach their full potential during their lifetime. Success is a barometer to realize whether a person has achieved their full potential. Success incites strong emotions of happiness and joy among people. It makes people feel powerful and accomplished. However, we all know that success seldom comes easy. Every great success is built upon tremendous failure, pain, hardships, and sacrifices. It is during the phase of suffering that most people give up. Suffering has indeed killed more dreams than failure itself. Therefore, leading oneself to success requires much resilience. And when the scope of the goal is beyond oneself, where it is for a larger community, it requires resilience and leadership both. Resilient leadership is built on the foundation of a leader’s ability to persevere in tough times and strong people management.

Resilient leadership is a potent combination that increases the possibility of achieving success by many folds. People with resilient leadership find their way to gather the much-needed resources and motivation despite obstacles. They grow and mature with every hardship. They gain the right attitude, knowledge, skills, capital, or people over time. Resilient leadership has the magnetic power to pull all kinds of resources together to reach the finish line. Let us recall the inspirational life story of Nelson Mandela and his resilient leadership.

Mandela went on to lead the African National Congress struggle against the racially oppressive apartheid regime of South Africa. In 1963, he went to prison for 27 years for his efforts to bring peace and justice to his countrymen. During this time, he was diagnosed with tuberculosis and received the lowest treatment from prison workers as a Black political prisoner. However, while imprisoned, Mandela earned a Bachelor of Law degree. He gained tremendous public support and worldwide popularity despite being in prison. In 1993, Mandela was awarded the Nobel Peace Prize for their work toward demolishing apartheid in South Africa. In 1994, Mandela was elected president in South Africa’s first democratic elections. Nelson Mandela was an inspiration to millions, and through his speeches, he influenced the youth for the better. Mandela once quoted, “Do not judge me by my successes, judge me by how many times I fell down and got back up again.”

How to be a resilient leader?

⦁ Learn – Learn more to develop your wisdom to improve your reasoning. Better reasoning will make your arguments stronger to gain support and bring change. In addition, it will help in generating newer ideas and alternatives as solutions during hardships. A learning person may anticipate possible difficulties before the event occurs and prepare in advance.

⦁ Listen – Listen to the stakeholders, including sponsors, customers, team members, community, and beneficiaries, to understand the scope well. Understanding the scope well may reduce errors and will keep one on track. This will also help gain stakeholders’ support for better advice and other resources to meet the challenges.

⦁ Recall – Recall the past incidences where you handled the hardships well. Or think about someone who did a brilliant job managing the hardships and came out victorious. Recall the stories of Nelson Mandela, Gandhi, and Martin Luther King.

⦁ Ask questions – Ask questions to yourself and others when there is a hardship. Why is there hardship? Can you do something about it? Is it worth getting stressed about something you cannot control? What is under your control? What can you do best for the things under your control? How will your reaction impact your team members? Sometimes asking questions yourself gives the best answers. Discuss with your mentor and team members to clarify and identify the bottlenecks. You may carve out a better solution this way.

⦁ Relax to recover – Take a break when you hit a roadblock. Let the disappointment settle down. Gain energy during the break and start all over again with enthusiasm.

⦁ Look at the big picture – Go back to basics and look at the big picture. Why did you start this journey, and what was the ultimate objective? Hardships may push you hard to quit. Quitting the mid-way sounds easy, but it may be a bad decision in the long term for oneself and others. If quitting is bad in the long term, then remind yourself to persevere and continue.

At last, resilient leadership may prove to be extremely powerful in achieving the dreams and goals of oneself and the larger community. Every hardship provides an opportunity to develop resilient leadership. One must take this as an opportunity. People love resilient leaders as they are truly inspirational and give better outcomes.

About the author:

Gaurav Warman is a Talent Development Practitioner with 17 years of experience in large organizations across Asia, the Middle East, and the APAC region. In his current position as Head of Learning and Development at Lulu Financial Holdings in Abu Dhabi (UAE), he successfully manages talent development requirements for a large and diverse workforce across 11 countries. He has delivered over 1200 workshops, trained more than 45000 professionals, and developed over 300 training programs. He is passionate about behavioral psychology, leadership, and personal effectiveness. In addition, he loves reading, listening to music, and cycling long-distance rides. He specializes in Executive Coaching, Talent Development, Leadership Development, Learning & Development, Quality Management, Project Management, and Keynote Speaking.

It is globally observed that amid continuous changes in Regulations within the Financial Services industry and political instability worldwide, compliance costs are increasing rapidly. The United Nations Security Council and most governments are continuously imposing financial and other types of sanctions on targeted countries and designated individuals to support world peace; these sanctions come as an alternative to war but increase the pressure on Financial Services providers, requiring continuous updates and more controls in place to identify cases related to financial crime and sanctions evasion. How can a Financial Services provider be continuously updated on all these changes? How can a Financial Services provider continuously update its controls to comply with all these Regulatory requirements? All these have a financial cost; hence the increasing requirements directly relate to the increase in the cost of compliance. Lulu Financial Holdings Limited and all subsidiary companies and associates worldwide (the “Group”) seriously consider the need for compliance and the cost of compliance; these issues are promptly addressed and actioned. The first solution to the issue is “investment in the latest technology”; the Group must continuously implement automation and tools to identify, assess, and manage compliance risks, including sanctions evasion, money laundering, and terrorist financing, production of arms for mass destruction (proliferation), and other types of financial crime including fraud.
Financial Crime Investigation Platforms are provided by software companies specializing in this sector. Most of them use extended Artificial Intelligence to identify compliance risks exposing the Group and resulting from its business and operations. Artificial Intelligence and Machine Learning capabilities are used as enablers within the Compliance Function to identify risks, whereas the human factor is still critical in the investigation and decision- making process.

The second solution to the issue is “investment in appropriate resources”; even though compliance risk management is highly demanding human resources, people are the most costly asset the Group has. The overall human resources cost may vary in the different sectors of the Financial Services Industry, but the Regulators would like to see a serious investment done for this besides pressure on financial performance and profitability; if the Group considers increasing the human resources proportionately to the increase in Regulatory requirements, then the cost of compliance shall increase disproportionately to the revenue incurred. So, the Group prudently invests more in qualified and experienced compliance human resources and robotic technology to speed up compliance risk management decisions. Applying a risk-based approach through a speedy decision-making process is essential for the Group and its operations. The third solution to the issue is “investment in knowledge”; the more educated the front- line members and all other employees of the Group are on matters related to sanctions violations identification, anti-money laundering, and counter-terrorism financing, non-proliferation, and anti-financial crime techniques, the less shall be the exposure to these compliance risks. The Group has a diversified portfolio of compliance training programs, blended between face-to-face and virtual delivery techniques. The latest trends are for the Group to use virtual conferences and eLearning platforms to increase knowledge, which can easily and quickly be amended to incorporate changes in the regulatory requirements; additionally, this is an efficient and effective way to create a learning culture among the Group’s employees.
The benefits of using technology in compliance are multiple; however, the most evident ones are related to “time”, i.e., the speed of dealing with compliance risks, the “quality”, i.e., the efficiency and effectiveness of controls if appropriately used, and “reduced overall cost”, i.e., the capital investment in compliance resources, human and technical, to reduce the Regulatory implications for non-compliance leading to reputation damages and heavy financial penalties.

We, the Compliance Team within the Group, are proud to use and continuously upgrade our technology to manage compliance risks related to business and operations; we are pioneers in using every useful compliance technological tool to support the compliance professionals in making appropriate decisions and adequately train all our employees to avoid been engaged in business and operations that expose us into unbearable risks. Ultimately, we are trying to maintain the overall financial cost of compliance at a low level and avoid any possible regulatory exposure and reputation risk.

Christos Christou, Aifs, MBA, CAMS, CGSS
Chief Compliance Officer
Lulu Financial Group

As per Gallup research, “Companies who listen to employees are 21% more profitable than the competition”. Intrapreneurship is becoming more relevant in today’s era of rising competition and the shrinking life span of the organization. The culture of intrapreneurship creates an apt environment for breeding innovation. Organizations have started establishing incubation centers to promote intrapreneurship and innovation within the workplace. In this article, you will discover some of the most prominent success stories of Intrapreneurship.

⦁ Frito-Lay – Flamin’ Hot!

In the mid-1980s, to boost revenue the Frito-Lay CEO announced an initiative for all 300,000 employees to “adopt an owner’s mindset.” All employees were invited to share innovative ideas to boost the growth of the organization. A janitor named Richard Montañez, shared an idea with the CEO. Noticing that there was no product catering to the Latino community, he added a home-made spice mix to some Cheetos and brought them to his meeting. The management was stunned by the taste. His idea was chosen for implementation right away.

“If you’re afraid of looking foolish, you’re never going to achieve anything great”. – Richard Montañez

⦁ McDonald’s – The happiest meal

In 1977, St. Louis Regional Manager, D. Brams began trying a new meal just for kids. He pitched his boxed idea to management, and two years later, McDonald’s rolled out its first circus-themed Happy Meal.
Result: Happy Meals have become so essential to McDonald’s business and brand identity that 3 million Happy Meals are sold every day.

⦁ Amazon Prime

Amazon’s The Prime membership idea was created by Amazon employees led by Amazon VP Greg Greeley, who believed that customers would pay more to be part of an exclusive membership that gave them two-day delivery, considered a luxury back then.

⦁ Starbucks – A tall order

Starbucks, founded in 1971 had a mission to become a “third place” to go, to provide a relaxing environment and experience for its customers. One barista decided to start writing the names of customers on cups.
Result: The idea was shared with the corporate office. Months later, this ‘first-name’ approach became a standard at every Starbucks store. The company has since launched designated advertising efforts to promote this personalized touch. Today, this ‘first-name’ approach is used four billion times a year at 30,000 locations globally.

⦁ Sony – Persistence plays

While now a globally recognized phenomenon, the PlayStation was initially a project that garnered resistance. Sony junior staff member Ken Kutaragi, a self-proclaimed ‘tinkerer’ worked with Nintendo developers to make the PlayStation a reality.
Result: Nintendo rejected the idea, but Sony Computer Entertainment (SCE) has become the company’s most profitable business line. Kutaragi became the Chairman and Group CEO of SCE and became “The Father of the PlayStation.”

“I wanted to prove that even regular company employees could build something big”. – Ken Kutaragi

⦁ 3M – Made to stick

3M Spencer Silver invented a sticky adhesive that Art Fry, a fellow 3M employee discovered when searching for a way to keep pages in his books.
Result: Silver and Fry began developing the product after realizing the potential to share messages around the office. Fry supplied the company with the sticky notes, and they were loved by everyone. Post-Its now generate ~$ 1 billion annually.

“I thought, what we have here isn’t just a bookmark. It’s a whole new way to communicate.” – Art Fry

⦁ Gmail by Google

Gmail is a successful outcome of intrapreneurship at Google with their legendary 20%-time policy allowing employees to utilize part of their work hours for personal projects, Paul Buchheit took that chance to create Gmail, which went on to become an important piece of Google’s lineup.
Result: Gmail didn’t just blow away Hotmail and Yahoo Mail, the main free webmail services of the day, but it went on to become a dominant email service. Today Gmail has reportedly more than 1.5 billion global active users, it has gone from a small experiment to becoming a key service of Google’s product offering.

⦁ ITC India

ITC is known to foster the culture of employee ownership and to give them enough autonomy. It is the concept of intrapreneurship that allowed the company to procure agri-products directly from farmers while allowing farmers online access to faraway markets. The idea of e-choupal germinated when Sivakumar, a manager in the ITC Group’s agribusiness unit, approached ITC’s chairman, with a request of Rs 50 lakh to test an idea. He wanted to procure farm produce from soya farmers in Madhya Pradesh, thereby eliminating middlemen.
Result: Today, e-Choupal, reaches out to millions of farmers growing a range of crops in over 40,000 villages in India. It provides valuable information to farmers such as weather forecasts, domestic and international commodity prices, and better crop management methods. It has boosted the productivity of farmers and made the agri-products market more competitive.

⦁ Southwest Airlines

Flight attendant Martha Cobbs became tired of her standard safety announcement monologues and decided to add some humor and heart to it. “In the event, you haven’t been in an automobile since 1960, our flight attendants will now show you how to fasten a seatbelt.” Comments like these would leave passengers laughing.
Result: Cobbs garnered YouTube fame through recordings of her announcements, and Southwest began to encourage staff to embrace humor. Southwest Airlines’ safety announcements are estimated to be worth $140m a year in increased customer loyalty.

Conclusion:

Intrapreneurship carries tremendous potential for organizations. It increases the probability of organizational success by taking the first-mover advantage and beating the competition. The leadership team must encourage employees to adopt the mindset of business owners. Employees with a business-owner mindset are more engaged and satisfied compared to their peers. It increases their chances of growth within the organization.

** The end**

Gaurav Warman

About the author: Gaurav Warman is a Talent Development Practitioner with 15 years of experience in large organizations across Asia, Middle East, and the APAC region. In his current position as Head of Learning and Chief Ideas Enabler at Lulu Financial Holdings in Abu Dhabi (UAE), he is successfully managing the talent development and innovation for a large and diverse workforce across 11 countries. He has delivered over 1200 workshops, trained more than 45000 professionals, and developed over 300 training programs. He is passionate about topics such as behavioral psychology, leadership, and personal effectiveness. He loves reading, listening to music, and cycling long-distance rides. He specializes in Executive Coaching, Talent Development, Leadership Development, Learning & Development, Quality Management, Project Management, and Keynote Speaking.

References:
⦁ 14 inspiring examples of intrapreneurship and employee ideas in action, Available at – https://ideas.sideways6.com/article/inspiring-examples-of-intrapreneurship-and-employee-ideas-in-action
⦁ 10 Inspiring Examples of Intrapreneurship, Available at – https://unyscape.com/inspiring-examples-of-indian-intrapreneurship/
⦁ Intrapreneurship Examples: Top 5 Stories from Google, Airbus and More, Available at – https://studiozao.com/resources/intrapreneurship-examples
⦁ Leaving the cult of entrepreneurship: Intrapreneurs are the true drivers of innovation, Available at – https://bigthink.com/smart-skills/intrapreneurs/
⦁ Intrapreneurship Stories To Learn From, Available at – https://lmarks.com/our-blog/intrapreneurship-stories-to-learn-from/
⦁ 30 Books Every Intrapreneur Should Read in 2022, Available at – https://intrapreneurnation.com/skills/books-for-intrapreneurs/

Post-Covid 19 pandemic, the laws governing consumer protection in UAE are gaining much prominence and are continuously evolving. While the free zones of DIFC and ADGM have their own sector-specific Consumer Protection Regulations (“CPR’s”), there is a pressing need to adopt CPR’s within the financial services sector as an important step toward safeguarding the rights of the consumers.
Accordingly, the Central Bank of the UAE issued the Consumer Protection Regulation (Circular No. 08 of 2020) on 31st December 2020. The CPR’s and its associated standards set out the basic requirements for a Licensed Financial Institution to apply the necessary protocols or safeguards while dealing with sensitive consumer data. Since Companies in the financial sector are required to handle diversified and most sensitive consumer protection data, it is very much imperative for such to analyze and understand the intricacies of CPRs and its accompanying standards.
Licensed Financial Institutions are mandated to comply with the new regulations and standards maximum by 31st December 2022.

Why Consumer Protection Regulations and how it can be effectively implemented:
The Pandemic has drastically impacted the consumer’s financial health and therefore regaining and rebuilding the confidence and trust of the consumers is one of the competitive and paramount challenges faced by any Licensed Financial institutions. Further, the technological advancements in the digital landscape necessitated the need to process consumer data effectively, which emphasized the need for CPR’s and its associated standards. Below are the key highlights of CPR’s:

⦁ Ensure the quality and timing of effective disclosure to the consumers by Licensed Financial Institutions concerning the matters or risks that may affect a consumer’s decision to purchase a financial product or service.

⦁ Providing consumers with the access to the right information at the right time to enable them the opportunity to make informed decisions.

⦁ Addressing unreasonable barriers and limits to fair competition and giving importance to consumer choice.

⦁ Implementing a proper forum and mechanism for redress of consumer complaints including the need to establish a department dedicated to managing consumer protection data.

⦁ Licensed Financial Institutions should report in a timely manner consumer data breaches to the UAE Central Bank. A proper mechanism and protocol to be put in place in the event of the occurrence of a consumer data breach. Adequate training programs need to be conducted by the Company for the employees, to ensure adequate data protection for the consumers. UAE Federal Data Protection Laws require organizations to adopt an organized and collaborative approach to conducting data privacy programs that aim to uphold the privacy rights of individuals in the UAE.
Paradigm Shift while dealing with the Consumers:
⦁ All Licensed Financial Institutions, prior to providing information to the consumers must independently assess and seek only the relevant data required for the financial product and services. The Consumer Protection policies should be framed in such a manner so as to minimize data collection and retention (presently for a period of five years) and consumers should be made aware of the Company’s retention policies. The formats and templates of consumer protection policies should be framed to suit the best needs of the consumers.

⦁ Disclosure documents of a financial product and service must necessarily contain ‘Warning Statements’ and should clearly intimate to the consumer the consequences in the event of the Consumer’s failure to meet the Licensed Financial Institution’s terms and conditions. Also, use ‘Warning boxes’ to highlight key risks related to the purchase of financial products and services.

⦁ Disclosure to the third parties or related parties of the consumers shall be made only after obtaining written consent from the consumers. The forms should necessarily contain a clause pertaining to this condition.

It is very much imperative for the Licensed Financial institutions to comply with the disclosure obligations seriously as the UAE Central Bank may impose huge fines and penalties in the event of non -compliance of the same.

Conclusion:

When the UAE Central Bank issued the CPR’s on 31.12.2020, it was welcoming news for the consumers. It was aimed at better protection for the consumers, intended to cut red tape, and put in place a simpler and clearer consumer protection law that would be easier to interpret and enforce. The parameters contained in CPR’s are in tune with the changing times and is comparable with the standards of the European Union General Data Protection Regulation (EU GDPR). The UAE Federal Data Protection Law also combines the leading practices from global data protection laws including EU GDPR and other forward-looking technological concepts.
As consumers remain more wary, while sharing sensitive data with Licensed Financial Institutions, proper protocols and data security policies are to be framed by the Fintech firms, which will be further explored in the coming articles.

Ms. Deepthi Azad

Successful Organisations are set up on the tripod of Vision, Mission, and Values.

The mission statement communicates the purpose of the organization. The vision statement provides insight into what the company hopes to achieve or become in the future. The values statement reflects the organization’s core principles and ethics.

Let us look closely at the relevance of ‘Vision’ for an Organisation.

Organizations draw up Vision Statement to provide a sense of purpose and direction for their business. Vision is the picture of the future that an Organisation desires to embrace. Vision projects before the Organisation the goal which it strives to reach, an embodiment of its hopes and dreams, giving focus and a clear road map to success.

Vision, more than just an Organisational aspiration, is the committed, concerted, conviction of all the stakeholders about the futuristic icon imaging all aspects of the Organisation. For the Vision to be truly potent and fruitful, it must be shared by all the stakeholders of the organization, unifying, inspiring, motivating, and synergizing the efforts of all in an ambitious and sincere way.

In the Management parlance and OB (Organisational Behaviour) discussions in Business Governance, management maestros draw the analogy of an Elevator/Lift to explain the importance of shared vision and conceiving a common goal by all the people in the Organisation.

Imagine you are working in a Corporate Office in the heart of a busy metropolitan city. Your office is on the 12th Floor of a twenty-storeyed building housing many large and small offices, working mostly from 10 a.m. to 5 p.m. It is common, on most of the working days, to see a small crowd of employees of these offices reaching the building a few minutes before 10 O’clock by different modes of transport- by trains, buses, four-wheelers, two wheelers, etc. anxiously waiting for the Lift. Yes, there will be a crowd on the ground floor, in front of the Lift, as the employees wait for the Lift to reach their respective offices. When the Lift comes and its door opens, people step in, and when the capacity load is reached, the door closes, leaving many behind waiting for the next trip. Usually, the person standing close to the panel- board of buttons indicating the floor numbers, presses the requisite buttons as the other persons enter the Lift request. When the Lift goes up and reaches, say 3rd Floor, the person who has to get down on that floor might be standing at the rear of the Lift, away from the door, as he would have entered with the first few at the head of the crowd waiting initially at the ground floor. When the Lift door opens on the 3rd Floor other persons standing on the front side of the Lift, nearer to the door, would make room for the 3rd-floor person to offboard. For this, sometimes, a few will have to even step out of the Lift. Likewise, the Lift moves up, stopping at different floors with people stepping out or in, and after the ascend to the top ultimately continues the mobility with the descend for the next trip.

Now, let us observe the Lift journey a bit closely:

(i)      Usually, individuals enter the Lift in a disciplined way, not pushing out others along the way, on a ‘first come first in’ principle. If the capacity of the Lift is for 10 people, and you are not in a lot of the first 10 on arrival at the Lift front, you will stand back for the next trip. Of course, there might be a few unconcerned, unruly guys, jostling in! But these are exceptions!
(ii)     Once inside the Lift, the person standing near the buttons goes on pressing the floor-indicator buttons as per the request of the person standing away from the panel of buttons. Seldom does he say, “I am not your servant; if you want, come here and press the button yourself”.
(iii)    Nobody standing nearer to the gate usually stands rooted in his position, unbudging when a person standing in the rear wants to get out, with cursing and grumbling that “if you wanted to get out first, you should stand close to the door.”
(iv)    When we enter the Lift, our perception is that it is a neat, small room well paneled with switches, buttons, and lights, sometimes with fans and music. But there are much more to a Lift – -pulleys, chains, different bolts, nuts, gears, etc. which we rarely think about. All of these help the smooth functioning of the Lift. A small bolt, which may have a financial worth of less than a rupee, is equally important as the sturdy chains that hold the Lift, for if this small bolt is broken, the entire machinery may come to a grinding halt!
Let us examine the behavioral pattern of the passengers in the Lift as seen in points (i), (ii), and (iii) above. The behavior exhibited indicates an unspoken and sometimes unconscious effort on the part of the persons to adjust, accommodate and cooperate with each other.
Why is this?
All the persons boarding the Lift have a common goal; the goal is to reach their respective offices on time, before 10, and mark their attendance. Visualizing and sharing this simple but important requirement, each one desists himself from any action that would delay realizing or reaching the goal. It is the shared vision of reaching one’s work desk in time that prompts everyone to adjust and cooperate to the maximum!
Lift itself is akin to an Organisation ascending to the success of reaching the vision of goal-realization and each employee in the Organisation, like every passenger in the Lift has to imbibe in himself the importance of a shared vision of success and a focussed view of purpose behind any effort. We have seen that in a Lift every single nut or bolt is important and indispensable. Similarly, in an Organisation, every employee is important, whether he is a Peon or the Managing Director and each one must play a significant and crucial role in the smooth running and progress of the Organisation.

This is the gist of the “Elevator Theory” in Organisational management.

A tailpiece:

Why is ‘shared vision’ important for an Organisation?

Peter Senge, the author of “The Fifth Discipline: The Art and Practice of the Learning Organization” sites ‘shared vision’ as one of the cardinal disciplines necessary to create a learning organization. Continuous improvement, even in the midst of changes constantly happening, is the mainstay of progress for any organization committed to growth. Continuous improvement requires a commitment to learning. To render focus and purpose to learning, there should be a beacon to guide you and that bright beacon is the vision you hold. Each employee should fervently believe in the vision- a belief strong enough to evangelize it to others and ultimately support the team, in its pursuit.
AS Senge emphasizes “A shared vision is not an idea. It is not even an important idea such as freedom. It is, rather, a force in people’s hearts, a force of impressive power.” We should keep ourselves open to continuously court this impressive power in our hearts as well as in our organization.

Mr. Mathew Vilayil

For every business, one of the most important goals is bringing in new customers. You would agree that the bigger goal is holding the customers for a longer period. Businesses need to constantly devise strategies to acquire and hold the customers onboard to be successful in the long run. Digital disruption and social media have brought more opportunities for the customers and brands. At the same time, this also intensified the competition in the market.

In this era, what makes customers stay with the brand for a longer time? Is it the price, product or service, brand, awareness, loyalty reward program, customer experience or marketing strategies? This is an ever-changing landscape.

In this article, you will get to know about the impact of brand intimacy on holding customers for a longer period by building brand intimacy. You will also discover ways to build brand intimacy to unlock next level of business growth.

What is Brand Intimacy?

Brand intimacy is the emotional science that measures the bonds we form with the brands we use and love. – MBLM

Why is Brand Intimacy matters?

Daniel Kahneman mentioned about the dominant role of emotional and intuitive processes on the human mind in his book ‘Thinking fast and slow’. Human beings use emotions as their first natural choice to take decisions.

As per Natarelli M. (2020), We now know that up to 90 percent of the decisions we make are based on emotion. Almost every decision we make is based on emotion, not rational thought, and measured consideration. The same is true for the consumer while taking purchase decision about the brands.

Hence, brands making a more emotional connect with the consumers are more likely to grow faster compared to other brands.

As per Brand Intimacy Study 2020, the most intimate brands have continued to perform better than the S&P and the Fortune 500 for ten years running when it comes to profit, revenue and other key financial indices. These percentage differences are significant and indicate intimate brands generate millions more dollars in revenue and profit annually and over the long term.

The top five intimate brand in USA of 2020 are – 1st Amazon, 2nd Disney, 3rd Apple, 4th Ford, 5th Jeep.

Figure 2- US Top 10 Most Intimate Brands 2020

Advantages of Brand Intimacy

• Focuses on the emotional science that drives on-brand behaviors and purchase.
• Promotes customer-centricity by enhancing bonds based on reciprocity.
• Demonstrates superiority as intimate brands outperform the S&P and Fortune 500 across profit and revenue.
• Consumers are more willing to pay a premium for highly intimate brands than for brands with lower levels of intimacy.

How is Brand Intimacy can be developed?

There are three simple steps can be taken to build the brand intimacy –

1. Understand Where You Are Today

According to Daye D. (2020), the first step in building an iconic and thriving brand is to measure the emotions you are eliciting among your customers through all the touch points.

2. Identify Where You Need To Go

Identify the emotions that your brand wants to be known for.

For example, “Apple not only understands emotions, they use emotions as the beacon to guide their strategy and marketing. Apple has identified its core emotions it wants every customer to feel across every single touch point with which they engage.

The four emotions that Apple aims to elicit among customers are delight, surprise, connection, and love. Whether it is a new product like the iPad, the interface and UI of the AppStore, or the customer experience of the Genius Bar, Apple consistently targets those four emotions to drive long-term brand growth through emotional connection with those that are most important to its future” Daye D. (2020).

3. Bridge The Gap

“Once brand’s core emotions are identified, the key to building and growing the brand is executing every interaction with relentless consistency. The key to relentless consistency is to uncover which of your brand elements (i.e. colors, pack shape, logo lockup, brand script, brand characters, taglines, package shape, etc.) evoke the brand’s ‘core emotions’ and then ensure that these elements are executed across every touch point with relentless consistency” Daye D. (2020).

For example – Decathlon a French sports retail company measures the customers emotions after every sale through a digital monitor. They focus on delighting every customer. It forms the core of their culture. They have trained their staff to act like a coach rather than a salesman. They focus on understanding their needs of customers to recommend the best solution available. This gives decathlon an edge for building emotional bonds with their customers. They also engage customers by organizing various sports activities and adventures at regular intervals. As a result, Decathlon overtakes Adidas, Nike in sports gear retailing in India.

Conclusion

Emotions continue to remain the main influencer for arriving at the buying decision. The digital disruption and social media have brought consumers and brands closer to each other. The brands that are successful in build brand intimacy are more successful than their competitors in the long run. The entrepreneurs, business leaders, marketers and researcher have a great chance to emotionally engage with customers and create a win-win situation.

Gaurav Warman

References:

• How to Build Customer Loyalty with Brand Intimacy (CxOTalk #354), Available at – https://youtu.be/EB3JEEJXHxI [Accessed on 31st Dec 2021]
• Amazon ranked #1 company for “brand intimacy”, Available at – https://youtu.be/SZF2uOe8ifY [Accessed on 31st Dec 2021]
• Vogel K. (2020), 10 customer engagement strategies from real small businesses, Available at – https://www.ringcentral.com/us/en/blog/customer-engagement-strategies/, [Accessed on 31st Dec 2021]
• Natarelli M. (2020), How Emotion Drives Brand Choices And Decisions, Available at – https://www.brandingstrategyinsider.com/how-emotion-drives-brand-choices-and-decisions/, [Accessed on 31st Dec 2021]
• Daye D. (2020), Igniting Brand Growth Via Emotional Connections, Available at – https://www.brandingstrategyinsider.com/igniting-brand-growth-via-emotional-connections/, [Accessed on 31st Dec 2021]
• Malviya S. (2019), Decathlon overtakes Adidas, Nike in sports gear retailing, Available at – https://economictimes.indiatimes.com/industry/services/retail/decathlon-overtakes-adidas-nike-in-sports-gear-retailing/articleshow/68804024.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst, [Accessed on 16th Sept 2021]

Technologies are transforming the nature of work and its environment. The fact that level of input Technology has on our daily activities and life is growing in tremendous ways.
Whether we feel it and act to it, or just stay passive such input would occur.

How many of us were skeptical about online shopping and using our own credit cards as a method of payment before the COVID-19 pandemic? and how many were pushed to experience it during the pandemic and yet found it to be easy and safe?

This is just a small example of such an effect on us as a consumer and how our behavior as consumers are changing.

Such acceleration of adaptation to the new technology by the consumers has put most of the organizations in serious challenges toward their abilities to adapt and respond at the same speed as what is happening out within their consumers and competitors.

These challenges can become threats as well if they have not been resolved properly. This may lead to the loss of the clients and the business associated with them.

This issue leads us to a serious topic:
Ability to define and anticipate the consumer’s requirements and engage with them to ensure the retention and sustainability of the business within the work environment.

The question here is how can we be upfront in our thinking and what kind of skills do we need to learn that can equip us with such abilities?

Based on many studies and research that has been done, we can define some of these practices that would help us to acquire such capabilities.

1-To look ahead when defining critical rules.
We need to define what are the critical rules that are contributing to the implementation of our strategy. We need to rethink those needed skills with an increasing tech-enabled future and develop these tools in the current workforce. This may result in changing roles of people as we start to adapt to technology.

2-Ability to re-assess the nature of work and the needed skills and capabilities.
This will lead to identifying our assumptions of success of our people to perform within the new nature of work and accordingly to start building such capabilities within our people.

3-To focus on management development.
It will be needed to keep the development of management for re-skilling to equip them with the requirements of the new roles usually those supported by new technology.
Studies and research show that more than 60% of companies’ future roles can be filled with current employees, assuming that adequate programs are in place.

4-It is most important to get the people engaged with the technology.
The reason is that many of these technologies are AI-enabled processes.
The more we are shifting to the processes that can be done by machine, it means that those tasks previously used to be done by the employees will be replaced by the machine. People would need to understand the new roles to align themselves with the results generated from the machine.
We would like to leverage the technology with the alignment of the people to result in superior service to our clients and retain their loyalty.

5-We need to anticipate what the future managers would need in a work environment.
The future managers would be looking for a workplace with a real value proposition and this is different than what used to be earlier in the past.

As per the US Bureau of labor statistics by 2030 Millennials will make up 75% of the workforce.
This generation who are tech-savvy would need to have flexible schedules, diversity in the workplace, engagement, autonomy, and a meaningful connection with their employers.
This means we need to allow focus on factors that are most critical to retaining and inspiring our employees: A culture of inclusion, a workplace that makes getting things done fast and easy, and a top-notch rewarding system that evaluates contribution and productivity.

In conclusion, we need to agree that technology is fundamentally changing the nature of work. This means that to secure our future with such changing environment in the workplace driven by the latest technology, we need to act today to create an environment that inspires the people within the organization and allows them to excel with their future talents and abilities. Such an approach would allow us to retain our talented people and attract future stars to the organization in order to win the future game.

Osama Al Rahma