The legal protection of clients of financial institutions Abstract The first chapter focuses on the definition of basic concepts essential to the subject of this work. Emphasis was placed on defining the term of client in relation to the notion of a customer who is often used in positive law at both European and national level. Furthermore, the concept of consumer is defined, which is a generally used category of customers and is offered the highest legal protection. The notion of financial institution and the concept of legal protection are also important in defining the scope of this work. Given the diversity of the current financial services market, in the rest of my thesis I have focused only on the most important providers of financial services and the legislation governing their activities. The concept of legal protection is defined in the sense of division into institutional and normative legal protection, with the focus being on normative protection. The aim of the second chapter was to describe the basic aspects of two complementary principles of law as the theoretical basis of legal protection of clients, which are the concept of autonomy of will and the protection of the weaker party. The principle of protection of the weaker party and its modality of consumer protection has been introduced from...

Este trabalho fornece evidências sobre o papel de ativos e passivos de tributos diferidos como instrumento de tolerância regulatória e arbitragem de capital regulatório por instituições financeiras brasileiras no período de 2004 a 2009. Visando atingir o objetivo da pesquisa, foram desenvolvidas duas hipóteses: a) a tolerância regulatória, visando verificar se os gestores utilizaram tributo diferido para apoiar ou atingir níveis de capital regulatório e quão realistas eram as estimativas sobre a capacidade de realização do tributo diferido, e b) a estratégia de arbitragem de capital regulatório, visando verificar se as escolhas sobre tributos diferidos dos gestores estavam relacionadas com o capital regulatório. Para tanto, este estudo obtêm evidências analisando informações contábeis anuais. As hipóteses são testadas utilizando as técnicas de análise de dados de regressão linear múltipla e regressão com dados em painel. Como resultado, o estudo mostrou que as instituições financeiras brasileiras utilizaram tributo diferido como instrumento de tolerância regulatória. As instituições financeiras não teriam atingido o capital regulatório mínimo sem esses valores. Apesar disso, foram apresentadas evidências de que os gestores foram realistas no reconhecimento de tributo diferido. Também foi mostrado que as decisões dos gestores das instituições financeiras brasileiras estavam orientadas pelo tributo diferido. Conforme apurado, as instituições financeiras com mais fortes posições de capital (maior Nível I) tendem a reportar maior tributo diferido ativo, contrariando a literatura internacional. De maneira geral, revelouse apenas um caso de como a contabilidade pode servir de ferramenta para interferir em questões políticas, econômicas e em setores regulados, buscando atingir fins regulatórios ou cumprir acordos dos quais o país faça parte. / This paper provides evidence on the role of assets and liabilities of deferred taxes as a tool of regulatory forbearance and regulatory capital arbitrage by Brazilian financial institutions in the period 2004 to 2009. In order to achieve the goal of research, two hypotheses were developed: a) the regulatory forbearance in order to verify whether the deferred tax managers used to support or achieve levels of regulatory capital and how the estimates were realistic about the ability to perform the deferred tax, b) the arbitrage strategy of regulatory capital in order to verify that the choices on deferred taxes of managers were related to regulatory capital. Therefore, this study obtained evidence by analyzing annual financial information. The hypotheses are tested using the techniques of data analysis of multiple linear regression and regression with panel data. As a result, the study showed that the Brazilian financial institutions have used deferred tax as a tool of regulatory forbearance. Financial institutions have not reached the minimum regulatory capital without these values. Nevertheless, evidence was presented that the managers were realistic recognition of deferred tax. It was shown that the decisions of the managers of Brazilian financial institutions were guided by deferred tax. As established, the financial institutions with stronger capital positions (higher Tier I) tend to report higher deferred tax asset, contrary to international literature. Overall, it was revealed just a case of how accounting can serve as a tool to interfere in political, economic and regulated industries, seeking to achieve regulatory purposes or to comply with agreements to which the country is part.

O processo de evolução das técnicas de gestão de risco de crédito que vem ocorrendo no mercado financeiro nos últimos anos levou ao desenvolvimento de diversas metodologias de mensuração de risco de carteiras de crédito. Os principais modelos de risco de portfólio que se difundiram no setor bancário internacional têm aplicação restrita no Brasil, devido às características do nosso mercado de crédito. O objetivo desta pesquisa é propor um conjunto de procedimentos para mensurar o risco de portfólios de créditos concedidos por instituições financeiras a empresas, considerando a disponibilidade de dados do mercado de crédito brasileiro. O estudo foi realizado em duas etapas. Na primeira etapa foi desenvolvido um modelo de risco de crédito do tipo credit scoring, utilizando a técnica estatística da Regressão Logística. O modelo foi construído com base em uma amostra de empresas categorizadas como solventes ou insolventes. As variáveis explicativas que caracterizam a situação econômico-financeira das empresas são índices calculados a partir dos seus demonstrativos contábeis. Na segunda parte do trabalho foram apresentados os procedimentos para mensuração de risco de portfólios de crédito. Na abordagem proposta, as perdas das empresas são modeladas individualmente e os resultados são agregados para se obter as perdas totais do portfólio. Utilizando a técnica da simulação de Monte Carlo, são gerados milhares de cenários para a situação econômico-financeira futura das empresas da carteira. Os cenários gerados dão origem a possíveis valores de perda para as empresas e para o portfólio como um todo. O processo é ilustrado aplicando-se o modelo a um portfólio hipotético, construído com base nos dados das carteiras de crédito das instituições financeiras no Brasil. O modelo gera a distribuição das perdas da carteira de crédito, a partir da qual podem ser obtidas as medidas que quantificam o risco do portfólio e o capital econômico que deve ser alocado pela instituição. Os resultados obtidos indicam que o modelo proposto configura-se como uma alternativa que permite que o risco de carteiras de crédito de empresas seja mensurado no mercado brasileiro e ressaltam a importância da utilização de modelos de risco de crédito de portfólio na gestão de riscos das instituições financeiras. / The evolution of credit risk management techniques, which has occurred in the financial market in recent years, has led to the development of several methods to measure the credit risk of portfolios. The credit risk models that became popular in the international banking industry have limited application in Brazil due to the characteristics of our credit market. The objective of this research is to propose a set of procedures in order to measure the risk of banks\' corporate credit portfolios, considering the actual data available in the Brazilian credit market. The study was performed in two steps. In the first one, a credit scoring model was developed, using the statistical method of logistic regression. The model was based on a sample of companies classified either as solvent or insolvent. The variables that represent the financial situation of the companies are indices calculated from the financial statements. In the second step, the procedures defined to measure the credit portfolio risk were presented. In the proposed approach, the company losses are considered individually and then the results are consolidated to obtain the total loss of the portfolio. Using the Monte Carlo simulation, thousands of scenarios are generated in which the future financial situation of the companies belonging to the portfolio are considered. The scenarios generated give rise to possible loss values regarding the companies individually and the portfolio as a whole. The process is illustrated by applying the model to a hypothetical portfolio built based on the data of banks\' credit portfolios in Brazil. The model generates the loss distribution of the credit portfolio, from which measurements to quantify the risk of the portfolio, and the economic capital to be allocated by the financial institution can be obtained. The results indicate that the proposed model is an alternative to measure the credit risk of companies in the Brazilian market and highlight the importance of the application of credit risk portfolio modeling when performing risk managing in financial institutions.

Magister Commercii - MCom / Many financial organisations are working hard to design a skills management strategy that reflects the overarching national skills need for an institution, in the process of attracting highly skilled Information Technology (IT) specialists. But there are many organisations that are less concerned about mobility across nations and more concerned about the need to retain highly skilled IT staff. The pace and ubiquity of the information technologies’ (IT) progress means that organisations need to improve on their technologies, and so the skills needed to operate and utilise these technologies. The need for a highly IT skilled workforce is rising and, therefore, organisations will have to move beyond their traditional policies and practices to retain highly skilled IT staff.Organisations are employing and utilising various models, frameworks and strategies to nurture and address the retention of skilled IT staff. Even though these methods are well implemented and coordinated within organisations, skilled IT staff still leave organisations and minimises the level of retaining skilled IT staff. This is a functional shortfall at a management level, since a coherent lack to monitor the impact of external factors on retention strategies are overlooked. The same holds for the financial sector in South Africa. Therefore the aim of this research was to propose effective retention strategies for employers within the financial environment, to retain their skilled IT workforce. In order to fulfil the objectives of this study, the literature review had been performed followed by the empirical field research. The field data were gathered by using twofold data collection technique: disseminating a questionnaire and interviewing participants in this study. The fieldwork followed the University of the Western Cape guidelines on research ethics.The outcomes of the study showed that there is a strong correlation between having good HR retention policies and procedures, and the management of these policies and procedures. The findings suggested the importance of involving employees at all employment levels to provide input on the development of these policies and procedures so that the retention process is well understood across the firm Apart from contributing to the existing academic knowledge area, the study outcomes can beneficially contribute to organisations’ advantage and ability to retain skilled IT staff on a long-term basis.From a financial services sector perspective, this study will possibly contribute to the existing body of knowledge in the field of Staff Retention especially the area of Information Technology.

The aim of the thesis is to determine the value of Citfin, spořitelní družstvo to date 31.12.2013 for the purpose of strategic decision regarding the future functioning concept of the coop. The work includes a profile of the cooperative followed by financial and strategic analysis. Financial plan is based on the findings from the financial and strategic analysis. The valuation is based on asset analysis, additionally on yield analysis and market comparison.

Cette thèse propose une analyse détaillée des effets de la supervision prudentielle (une composante de la réglementation bancaire) sur la stabilité du secteur bancaire, la solvabilité des institutions financières et, au niveau macro-économique, étudie son impact sur le crédit domestique. La méthodologie de recherche adoptée permet l‘intégration de l‘hétérogénéité dans l'analyse, tant au niveau systémique qu'à celui de l‘agent individuel. Des méthodes d‘estimation bayésiennes sont à la base de la partie empirique, alors que les sections théoriques utilisent la modélisation multi-agent. Le premier chapitre étudie les effets de la supervision prudentielle sur le crédit domestique dans 27 pays de l‘UE. Les résultats montrent qu‘une aggravation de la dureté de la supervision produit des effets positifs sur le crédit dans les pays ayant un système de supervision unifié. Le deuxième chapitre étudie les effets de la supervision couplée avec des outils réglementaires « traditionnels » sur la résilience et les profits bancaires dans des conditions de crise de long-terme. Parmi les instruments étudiés, c’est la taxe qui assure la profitabilité bancaire à long terme et l‘adaptation à la crise. Le troisième chapitre étudie une fraude financière complexe qui a eu lieu en Moldavie en 2011-2015. Un modèle qui réplique les schémas de fraude est construit pour étudier l‘optimalité de la décision de non-intervention de la Banque Centrale. Les résultats montrent qu'une intervention précoce n‘aurait pas minimisé les pertes du système bancaire, mais que la Banque Centrale aurait pu améliorer la situation en intervenant quand l‘exposition du secteur aux fraudeurs était minimale. / This thesis aims to provide an in-depth analysis of the effects of prudential supervision (a component of banking system regulation) on the stability of the banking sector, the soundness of financial institutions and, at a macro-economic level, its impact on domestic credit. The adopted research methods facilitate the integration of heterogeneity at the systemic and individual-agent levels into the analysis. Bayesian estimation techniques are used in the empirical part, whereas the theoretical sections utilize agent-based modeling. The first chapter studies the effects of prudential supervision on domestic credit in 27 EU countries. The results show an increase in supervisory stringency to produce a positive effect on credit in countries with unified supervisory frameworks. The second chapter investigates the effects of prudential supervision coupled with “traditional” regulatory tools on bank resiliency and profits under long-lasting crisis conditions. Taxes are found to be the most efficient tool as they potentiate long-term profitable bank operations and adaptation to the crisis. The third chapter provides a case-study of a complex financial fraud that took place in Moldova in 2011-2015. An agent-based model that replicates the schemes is constructed to study the optimality of the Central Bank’s decision to not intervene. The results show that early intervention wouldn’t necessarily have minimized the financial losses of the banking sector, but that the Central Bank could have improved the outcome of the crisis by intervening when the exposure of the banking sector to the fraudsters was minimal.

Made available in DSpace on 2016-04-25T18:40:44Z (GMT). No. of bitstreams: 1 Bruno Costa Barino.pdf: 2053797 bytes, checksum: 03302bd2b0b02bce6a105c0e5cbd5040 (MD5) Previous issue date: 2010-07-06 / In order to be competitive in the global environment, the companies should perform all stages of the productive process with excellence, what leads to the necessity of having efficient management tools in place. In this context is introduced the Balanced Scorecard, positioned as a tool able to manage and connect all department within the company. The current work presented a research conducted in a global financial institution with operations in Brazil, which implemented the Balanced Scorecard since the management of the company up to each individual in all hierarchic levels, using the tool as a way to measure the individual performance and also to communicate the company s strategy. The goal of this work was evaluating BSC s potential as a tool to communicate the company s strategy across the different hierarchic levels presented in the company. Therefore, it was conducted a research with 196 employees in the institution, categorized by hierarchic level (management and operational/non management), in order to identify the evaluation towards the BSC contribution to the improvement of the company s overall performance and, specifically, regarding finance, clients process and people, the BSC s four dimensions. Supported statistical analysis like T Test, Linear Regression Model and Pearson Correlation, the research identified that the evaluation of the two groups regarding the tool is similar, both in terms of overall efficiency and also in terms of each BSC dimension separately. Based on this information, the research concluded that the BSC was aligned and implemented across the different hierarchic levels of the company in a uniform process, with a consistent performance evaluation for all employees involved. An interesting aspect that demands additional research is the employee s evaluation regarding the main impacts of the BSC in the company: according to the research results, both the employees in the operational levels and also in the management level identify the BSC as an efficient tool to align the strategy and develop new metrics to evaluate the company s performance, but on the other hand, they don t present a positive evaluation regarding BSC s direct impact in the improvement of the company s performance / Para que sejam competitivas em um ambiente global, as empresas devem realizar as etapas do seu processo produtivo com excelência, o que leva à necessidade de ferramentas de gestão estratégica eficientes. É neste contexto que se apresenta o Balanced Scorecard, posicionando-se como uma ferramenta de gestão capaz de gerenciar e conectar todas as áreas da empresa. O trabalho em questão apresentou uma pesquisa conduzida em uma instituição financeira global com atuação no Brasil, que realizou a implementação do BSC desde o nível da alta gerencia ate o nível de cada funcionário individualmente, utilizando a ferramenta como um instrumento de avaliação de performance e comunicação da estratégia. O objetivo do trabalho foi avaliar o potencial do BSC como ferramenta de comunicação da estratégia considerando os diferentes níveis hierárquicos dentro da empresa. Para tanto, foi realizada uma coleta de dados com 196 funcionários da instituição, separados por níveis hierárquicos (gerencial e operacional), a fim de identificar qual era a sua avaliação em relação à contribuição do Balanced Scorecard para melhoria do desempenho da empresa como um todo e, especificamente, em relação a finanças, clientes, processos e pessoas, as quatro dimensões do BSC. Com o suporte de técnicas e analises estatísticas como Teste t , Modelo de Regressão Linear e Correlação de Pearson, identificou-se que a avaliação dos dois grupos estudados em relação ao uso da ferramenta é similar, tanto no que diz respeito à eficiência como um todo, quanto em relação às quatro dimensões do BSC individualmente. Desta forma, chegou-se a conclusão de que o BSC foi alinhado e implementado nos diferentes níveis hierárquicos da empresa de maneira uniforme, fazendo com que todos possuíssem uma metodologia consistente de avaliação do seu desempenho. Um ponto interessante e que demanda estudos futuros mais aprofundados é a avaliação dos funcionários a respeito dos principais impactos da implementação do BSC na empresa: de acordo com o resultado desta pesquisa, tanto os funcionários de nível operacional, quanto os funcionários de nível gerencial classificam o BSC como uma ferramenta eficiente para o alinhamento da estratégia e desenvolvimento de novas métricas de avaliação de performance, mas por outro lado, não possuem uma avaliação positiva quanto ao impacto direto do BSC na melhoria da performance da empresa

隨著網際網路的興起，網路銀行應運而生。十年多來，網路銀行在IT技術與相關法令方面，日益完整。網路銀行的競爭已由技術層面提升到行銷面，其中最重要的課題就是顧客關係管理。 顧客關係管理的實施對企業的流程、策略與組織結構等等都可能產生重大影響，因此需要將其定位為一種策略工具，才能獲得成功，不能只把它當成是一種科技解決方案。為了解成功的金融機構如何建立起其顧客關係管理策略，本文採用個案研究方法，透過了解台灣在這方面績效優異的金融機構，探討其顧客關係管理策略，以供有關業者與學者之參考。 關鍵字：顧客關係管理、網路銀行、金融機構 / In the internet era, e-Banking evolves exceedingly. Over the last ten years, e-Banking technology has grown day after day. e-Banking solutions are now readily available. Lately, competition in e-Banking is more on the Marketing aspect, rather than Information Technology itself. Among various important topics underneath Marketing, the most critical one is Customer Relationship Management. Implementation of Customer Relationship Management implies change of processes, tactics and institutional framework within an organization. Therefore, it should be positioned as one of the strategic issues rather than simply a tactic. In order to understand how a Financial Institution can establish its Customer Relationship Management strategy effectively, this paper adopts case study approach to explore what the Customer Relationship Management strategy of a successful Financial Institution entails. Key words: Customer Relationship Management, e-Banking， Financial Institution

The purpose of this research is to understand and describe the causes affecting the financial institutions’ implementation of reverse mortgage in Sweden as well as the consequences of a large scale implementation, shedding some new light upon the issue of reverse mortgages. This was done from a financial institution point of view. As existent literature in this field of research is currently small in extent, especially in a Swedish context where almost no academic literature has been written, it serves as an exploratory research. From a researcher’s point of view it could hopefully give interesting insights on how new financial products are implemented in general, shedding some light on possible difficulties that may arise during these processes. The research was designed using a qualitative research method. In order to investigate the issues presented several individuals were interviewed from different financial institutions offering various kinds of reverse mortgages in Sweden. Interviews were semi-structured and only the six financial institutions that offer reverse mortgage in Sweden were included. The findings made, as well as the interview questions, were divided into several different sections adopted from the theoretical framework so as make the research more comprehensible and stringent. Because the research design is of exploratory nature it evolved over time, as the authors did not know initially what they would find. The findings provided many interesting insights that were not thought of before. Three major themes were found that could help explain the causes affecting the financial institutions’ implementation of reverse mortgage in Sweden as well as the consequences of a large scale implementation. These themes were age, generation, mentality, macro economical factors, and financial institutions offering reverse mortgage.

Submitted by Daniele Amaral (daniee_ni@hotmail.com) on 2016-09-19T18:46:47Z No. of bitstreams: 1 DissRAQS.pdf: 7011030 bytes, checksum: 8e3c2b2424fbf8a19bb9de510f1866a6 (MD5) / Approved for entry into archive by Marina Freitas (marinapf@ufscar.br) on 2016-09-20T13:39:25Z (GMT) No. of bitstreams: 1 DissRAQS.pdf: 7011030 bytes, checksum: 8e3c2b2424fbf8a19bb9de510f1866a6 (MD5) / Approved for entry into archive by Marina Freitas (marinapf@ufscar.br) on 2016-09-20T13:39:35Z (GMT) No. of bitstreams: 1 DissRAQS.pdf: 7011030 bytes, checksum: 8e3c2b2424fbf8a19bb9de510f1866a6 (MD5) / Made available in DSpace on 2016-09-20T13:39:46Z (GMT). No. of bitstreams: 1 DissRAQS.pdf: 7011030 bytes, checksum: 8e3c2b2424fbf8a19bb9de510f1866a6 (MD5) Previous issue date: 2015-08-20 / Não recebi financiamento / Organizational Culture is a theme that has been gaining interest in the academic area and in business management, mostly since the 1980's. Organizational culture can be understood as a set of assumptions, values, and artifacts transmitted between its members, creating a meaning which defines a behavior pattern in an organization. This study aimed to analyze the alignment between cultural and work related values of potential employees in a Brazilian Financial Institution. It was relevant for the studied company to analyze the expectations of the new employees, since these expectations may or may not converge with the present cultural values, influencing these people. Since the organizational culture rules the company and its member's behaviors, according to the definition, it is believed that the analysis of the alignment between work related values and the organizational culture is an important diagnostic tool for strategic actions. The research was developed in a large financial institution, of mixed economy, and because of this fact, it shows the coexistence between public and private values. By performing a survey between the potential employees of that organization (approved in a public examination and summoned to take office), it was possible to identify the values that would orientate their work life and, afterwards, these values were compared to the cultural values already existing in the company. With regard to corporate values (declared by the organization), an alignment in the ones related to safety, accomplishment, universalism, and benevolence was observed. As far as organizational values go (values shared by the organization members), there was an alignment in those related to safety, conformity, and self-determination, as well as a partial alignment in the values related to realization, universalism, and benevolence. Considering both types of values as representatives of the company's organizational culture, we found an alignment in safety values and a misalignment in the values related to power, dominance, and prestige. The lack of alignment in these values must be observed by the company, since that can influence the satisfaction of new employees with their work negatively, contribute to a higher turnover rate, and even influence the financial performance of the company. Additionally, the new employees values can, over time, modify the company's culture itself. / Cultura Organizacional é um tema que ganhou crescente interesse tanto na área acadêmica quanto na gestão empresarial, principalmente, a partir da década de oitenta. A cultura organizacional pode ser entendida como um conjunto de pressupostos, valores e artefatos transmitidos entre seus membros, criando um significado que definem um padrão de comportamento em uma organização. Este trabalho teve o objetivo de analisar o alinhamento entre os valores culturais e os valores relativos ao trabalho de funcionários ingressantes em uma instituição financeira brasileira. Julgou-se relevante para a organização estudada analisar as expectativas dos ingressantes em seu quadro funcional, uma vez que essas podem ou não convergir com os valores culturais vigentes, influenciando-os. Como a cultura organizacional rege o comportamento da empresa e seus membros, segundo a definição, acredita-se que a análise do alinhamento entre valores relativos ao trabalho e cultura organizacional seja uma importante ferramenta diagnóstica para ações estratégicas. A pesquisa foi desenvolvida em uma organização financeira de grande porte, de economia mista, e que por esta característica tem presente em sua cultura a coexistência entre valores públicos e privados. Por meio da realização de uma pesquisa de levantamento (survey) entre os funcionários ingressantes naquela organização (aprovados em concurso público e convocados a tomar posse) foram identificados os valores que orientariam sua vida no trabalho e, posteriormente, estes foram comparados aos valores culturais já existentes na empresa. Com relação aos valores corporativos (declarados pelo organização) observou-se alinhamento naqueles relacionados à segurança, realização, universalismo e benevolência. Já em relação aos valores organizacionais (valores compartilhados pelos membros da organização), encontrou-se alinhamento naqueles relacionados à segurança, conformidade e autodeterminação, bem como um alinhamento parcial quanto aos valores de realização, universalismo e benevolência. Considerando os dois tipos de valores como representantes da cultura organizacional da empresa, encontramos alinhamento nos valores de segurança e desalinhamento nos valores poder, domínio e prestígio. A falta de alinhamento nesses valores deve ser observada pela organização, já que podem influenciar negativamente na satisfação dos ingressantes com o trabalho, contribuir para aumentar índices de rotatividade e, até mesmo, influenciar o desempenho financeiro da organização. Adicionalmente, os valores dos ingressantes podem ao longo do tempo modificar a própria cultura da organização.