Nigel Gurney was appointed Chief Financial Officer in July 2014.  He is a qualified chartered accountant with 20 years’ experience in the financial services, wholesale distribution and telecommunications industries.  He was previously Chief Financial Officer at Lepe Partners LLP, a specialist independent banking company, prior to which he was Chief Financial Officer of Merchant Securities Group plc and Chief Financial Officer of W.H. Ireland Group plc.

Nigel Gurney, CFO comments: “I am delighted to be joining Lombard Risk at this time and to be part of a team that has achieved demonstrable growth over the last number of years.  Having previously worked in the regulated sector I appreciate the benefits that Lombard Risk’s suite of products brings to financial institutions in this evolving regulatory landscape.  I look forward to assisting the continued development of the company at a time of substantial opportunity for Lombard Risk and its products.”

Chief Executive Officer, John Wisbey, commented on the results:

“I would like to welcome Nigel Gurney to the Board on behalf of myself and my fellow directors.  We are confident that the experience he brings to the Board will be an asset to the company.  He brings with him both good knowledge of AIM from his time as CFO of WH Ireland, and very relevant knowledge of part of the market space in which our regulatory compliance business operates.”

Bravura Solutions Pty Limited (Bravura) has announced the appointment of a new Chief Financial Officer (CFO).

Martin Deda has been appointed to the CFO role, reporting directly to Bravura’s global Chief Executive Officer, Tony Klim.  He will also serve as an Executive Director on the Board of Bravura.

Klim said: “We are delighted to welcome Martin to the company and the Executive team. With more than 19 years’ experience in senior finance and operations roles, predominately within the IT and professional services industry sectors, his extensive knowledge and expertise will be a valuable addition to our growing organisation.”

Deda’s most recent position was as Chief Operating Officer (COO) / CFO for leading regional law firm Minter Ellison. In this role, he had overall responsibility for the firm’s financial and management accounting and reporting, tax, treasury, commercial and bid support, facilities management, IT infrastructure, applications and support, and corporate/office services.

Prior to joining Minter Ellison, Deda had built a long and successful career in numerous finance positions. In July 2008, he was appointed CFO of iSOFT Ltd, an ASX200 listed global Healthcare IT provider. This role included responsibility for tax, treasury, financial and management accounting and reporting, investor relations, company secretarial, commercial, M&A and bid & contract management.

Previous to this, Deda served as regional COO / CFO with CSC for Central and Eastern Europe, and he also held senior finance and operations roles at TNT and StorageTek in EMEA. At CSC and StorageTek, he was a key member of highly effective management teams that significantly improved the performance of these businesses. This was preceded by eight years of management consulting experience at PA Consulting Group, leading projects in Australia, UK, Netherlands and Germany, focusing primarily on M&A, performance improvement and re-engineering.

Commenting on his new role, Deda remarked: “Given the strong global interest Bravura is experiencing for its wealth management and life insurance applications, this is an exciting time to join the company and play a role in its future growth and development. I look forward to applying my finance skills and international experience, as well as my deep expertise in technology services, to continuously improving the performance of the business.”

Deda studied Economics and Accounting at the University of Western Australia and at the Australian National University. He has a Master of Business Administration from the University of Sydney and a Bachelor of Science from the University of New South Wales. He is a Certified Practicing Accountant (FCPA, Australia) and a Graduate of the Australian Institute of Company Directors (GAICD).

Deda will officially commence his role on 22 September 2014.

NY Mellon, a global leader in investment management and investment services, has signed a trade processing partnership with Helaba (Landesbank Hessen-Thuringen) and the G25, a group which represents the 25 largest Sparkassen in Germany.

Helping Helaba and the Sparkassen attract new trade flows to Germany, BNY Mellon will act as a business entry point for small and medium sized German enterprises seeking to trade with the Asia-Pacific region (APAC). BNY Mellon will promote the partners' brands in APAC via BNY Mellon's correspondent banking network, and in return, Helaba and the Sparkassen will route letters of credit from German importers via BNY Mellon's branch network.

"This agreement strengthens Helaba's position as a trade finance partner," said Klaus-Jorg Mulfinger, designated management board member of Helaba who is also responsible for business conducted with the Sparkassen. "With export flows on the rise, the Sparkassen need to provide adequate trade finance support to their corporate clients. Helaba is committed to helping the Sparkassen meet these client needs by providing an extensive array of trade finance products, buyer credit and forfaiting, and the assumption of bank and country risk."

"The G25 Sparkassen and Helaba are proud of this strong partnership regarding the important trade finance and letter of credit business," said Josef Hastrich, Deputy Chief Executive Officer at Kreissparkasse Koln. "This agreement will offer new opportunities for the German Sparkassen Finanzgruppe to expand globally and will significantly complement the global performance of the Landesbanken. We'd also welcome other Sparkassen who would like to participate in the partnership. The German Sparkassen are the most important partners for the Mittelstand in Germany and we are looking forward to extending this partnership to the international trade finance business."

"This deal helps connect the famed Mittelstand with the fastest growing region in the world," said Ian Stewart, Chief Executive Officer, Treasury Services at BNY Mellon. "We will provide a common solution for Helaba and Germany's Sparkassen which will give them access to our network of correspondent banks in APAC. Helaba and the Sparkassen will be able to leverage our strong brand presence in Asia where we have been based for over half a century. This, in turn, will help German companies drive export growth into new and exciting markets."

The German Sparkassen and Landesbanken are one of the largest banking groups in the world and have over 15,000 branch offices throughout Germany. BNY Mellon already delivers a range of solutions to Germany's Sparkassen and has acted as one of their partner banks since almost 50 years.

SunGard, one of the world’s leading software and technology services companies, has ranked first on the Selling Power 50 Best Companies to Sell For list. Each year, the corporate research team at Selling Power magazine assembles and publishes its list of the 50 Best Companies to Sell For. The list has appeared in the magazine for 14 consecutive years and SunGard was ranked No. 1 on the list in 2013 and 2014, tying with Heartland Payment Systems this year.

Participating companies were evaluated on customer growth and retention; hiring, compensation, sales training and enablement; and company recognition and reputation. The list includes companies of all industries and sizes, with sales forces ranging from fewer than 100 salespeople to companies with sales force numbers in the thousands. 

Jim Neve, senior vice president of sales and marketing operations at SunGard, said, “We’re thrilled to once again be named the best company to sell for by Selling Power magazine. It shows that SunGard’s investment in a strategic approach to training, tools, incentives and career development of our sales staff is a winning combination, enabling us to serve our customers to the best of our ability.”

In addition to a comprehensive sales training and coaching program, SunGard fosters an entrepreneurial spirit within its sales team through ample career advancement and leadership development opportunities, competitive compensation packages, commission incentives and bonuses, and a number of other benefits.

Gerhard Gschwandtner, Selling Power magazine’s founder and publisher, says the companies on the list excel by supporting salespeople via coaching, training and offering sales-enablement solutions; keeping salespeople motivated; and creating an active selling culture. 

Emerging Markets Payments Limited (EMP) has announced the official opening of its new office in the UAE. Located in Dubai, the office will strengthen EMP’s presence in the UAE as well as supporting its expansion across the entire Arab Gulf Area. “EMP is proud to have been a leader in the development of the electronic payments industry across Africa for over a decade,” said Paul Edwards, Executive Chairman of EMP. “It initially operated under the name Mediterranean Smart Cards Company (MSCC) before becoming part of the EMP Group in 2010. In 2011 we acquired Visa Jordan, which opened up the Levant region. We believe that our expansion into the Arab Gulf Area is an important strategic step for our business, given the sophisticated financial services sector in the region and the willingness to adopt the latest electronic payments technologies.” Edwards pointed out that EMP operates across all links in the electronic payments chain and currently serves 130 banks and 30,000 retailers across 49 countries in MEA. According to Naeem Kola, EMP’s Chief Financial Officer, in addition to serving as EMP’s processing hub for the region, the Dubai operation will also house the company’s International Disaster Recovery (IDR) site. The IDR site is a state-of-the-art facility which will ensure that EMP’s customers will enjoy the highest levels of service availability. “In addition to its acquiring, issuing and switching business, EMP offers an innovative and wide wide of products for banks, merchants and governments which include advisory services, data analytics, credit scoring, collections, mobile payments and electronic bill presentment and payment among many others ” said Kola.

An effective value proposition strengthens audience connections and fosters growth, yet many advisors have had little objective guidance in formulating such statements until now, according to a new study released from Pershing, a BNY Mellon company. What Do Top Advisors Say and What Do Investors Really Think? Reveals how an advisor can communicate their value proposition to investors and differentiate themselves from other advisors in the industry.

A unique value proposition answers the critical question "Why should I choose you?", yet according to the survey 60 percent of investors say that many advisors make similar promises, making it difficult to distinguish between them. The strongest value propositions incorporate these four key elements:

·         attributes of the advisor;

·         benefits for the investor;

·         a rational explanation of how the firm's attributes benefit the client;

·         and language that evokes emotion

"Developing an effective value proposition can have larger implications on an advisor's overall business than they may realize," saysKim Dellarocca, managing director at Pershing. "In many instances, the value proposition is the first impression potential clients experience and can be the catalyst for a future relationship. It is also an opportunity for advisors to promote business growth by using language that differentiates themselves and targets their ideal client base by articulating attributes and features that appeal to specific demographics. Of course, the real test is delivering on what you promise."

Choosing the right language can make a big difference for investors. Pershing's study found that investors prefer value statements that incorporate "comprehensive" over "holistic" by a ratio of seven to one. Additionally, two topics that investors care about most – conservative investment approaches and trust – are under-represented in most value propositions.

Based on a systematic look at the value propositions used by top advisors, and investor reactions to these and other value propositions, Pershing has identified key takeaways for advisors to consider when creating a value proposition of their own.  They are as follows:

·         Include core promises—but add more. Investors found three themes to be the most compelling among advisors' value propositions: tailored solutions to meet their needs, advisors working for the investors' best interest and experienced investment managers. An advisor's website and marketing materials should include these top promises.  Advisors who do not mention these in their value propositions risk being excluded from consideration by potential clients. Successful advisors also need to include something extra to differentiate themselves, such as why investors should choose them over other advisors or unusual client benefits like building a family legacy or understanding personal aspirations.

·         Don't oversell simplicity. Many websites promise to simplify investing and relieve clients of the burden of managing wealth, but according to Pershing's study, most investors accept the need to take an active role in managing their own finances.

·         Give conservative approaches more prominence. If advisors' money management approaches place special emphasis on preservation of capital, it should be a highly visible component of their value proposition.

·         Work hard to establish trust. Trust remains a much bigger concern for investors than the financial industry realizes. Advisors must ensure their value propositions include a message on why investors should trust in them and includes themes like trust, accountability, integrity and fiduciary responsibility.

·         Tailor the message to the ideal client profile. Different market segments place higher emphasis on different attributes. Advisors should know who their ideal client base is and what is most important to them in an advisor, and make sure their value propositions exhibit those points. For instance, investors under 40 place higher importance on advisors who will provide guidance through life's major events and relieve the burden of managing finances.

·         Watch your language. Investors dislike jargon and favor words with emotional connotations- that means how the value proposition is formulated is just as important as the message it is trying to portray. For example, when judging between near-synonyms, investors prefer words with an emotional punch, such as "unwavering" and "passionate" rather than "committed" and "dedicated".

Emerging markets and selected high yield debt appear to offer opportunities in the current environment of heightened geopolitical risk, according to the summer bond market observations from Standish Mellon Asset Management Company LLC, the Boston-based fixed income boutique for BNY Mellon.

Periods of market volatility associated with this type of risk historically have provided buying opportunities, according to the Standish Bond Market Observations July/August Part II (BMO).

"Over the past two decades, investors who bought the popular global or high yield bond indexes during spikes in volatility on average ended up with positive total return six months later," said David Leduc, chief investment officer of Standish and author of the report.

This time around, conflicts in Ukraine and Iraq have contributed to higher volatility and risk assets began to sell off, the report said. Standish expects both Ukraine and Iraq will settle into an unstable equilibrium. While both have the potential to unsettle financial markets, Standish said they believe that neither is likely to derail global economic expansion in the second half of 2014.

Looking at emerging markets, Standish said valuations appear to be particularly compelling in Latin America and Asia.   However, Leduc added, "We worry about the vulnerability of the sector to the eventual tightening of Fed policy despite the improvement in market technical signals."  The improvement in technical signals followed the sell-off that occurred in the spring of 2013 when talk of tapering quantitative easing first arose, Standish said.

Overall, Standish expects the U.S. and China to lead accelerating global growth in the 2014 second half.  The report cites stimulus measures implemented by China earlier in the year that are beginning to filter through to the broader economy.  The report also noted that economic output in the U.S. rebounded in the second quarter of 2014. 

Thomson Reuters has released a case study examining CPA firm Windham Brannon's switch to PPC's SMART Practice Aids to address the challenge of audit efficiency and over-auditing.

Over-auditing often occurs when financial statement auditors spend too much time on low-risk areas and too little time on high-risk areas.

"This type of over-auditing is particularly insidious," said Scott Spradling, Vice President of Audit & Accounting in the Tax & Accounting business of Thomson Reuters. "It reduces the efficiency of the financial statement audit as well as the effectiveness — exposing the auditor to business risk and the profession to greater regulatory risk."

Windham Brannon, a large firm in the Atlanta area, recently contended with the challenge of ensuring that every engagement is conducted in the most effective and efficient way possible, ensuring compliance with all auditing standards but avoiding over-auditing. It was important to the firm to choose an audit tool that added value to its workflow, helping the firm to apply professional judgment effectively and assisting the firm in making tough decisions.

After using one third party product for two years, Windham Brannon found that it was not meeting their needs. They went back to the marketplace to evaluate alternatives and selected PPC's SMART Practice Aids, a fully integrated and customizable financial statement audit solution.

"Third party products can help the audit process or hinder it. If the product ends up adding too many steps to the process, steps that aren't relevant, the auditor ends up over-documenting," said Leslie Tourial, CPA and Audit Senior Manager with Windham Brannon. "We needed to find a product that leveraged our expertise as a firm and did not suggest additional work to document considerations that do not apply to the engagement."

Due to the customizable nature and technological capabilities of PPC's SMART Practice Aids, the firm has increased efficiency by better tailoring its audit approach for each client.

"We found PPC's SMART Practice Aids to be very flexible. We can add forms specific to a particular engagement. We can delete forms and substitute them with forms customized for our firm," said Tourial. "It has allowed us to use the knowledge that we have while guiding us through the process and customizing it as well."

"We've been able to tailor our approach a lot easier and don't feel like we're in a box," said John Henriquez, CPA and Audit Partner at Windham Brannon. "We've found it to be much more integrated, and it runs so much better on our systems."

In addition to Windham Brannon, many other audit professionals have improved efficiency and effectiveness with PPC's SMART Practice Aids. This includes Jay Tolsma, CPA, with ELO Prof. LLC.

"We have used PPC's SMART Practice Aids to better evaluate and document the risk assessment process, and tailor our audit programs to conduct our audits in a more efficient process," said Tolsma. "We have improved our realization rates with the implementation and more effective usage of PPC's SMART Practice Aids."

To learn more about the benefits Windham Brannon experienced using PPC's SMART Practice Aids, download the full case study at tax.thomsonreuters.com/WindhamBrannonCaseStudy. For more information on PPC's SMART Practice Aids, visit tax.thomsonreuters.com/products/brands/checkpoint/PPC.

Lombard Risk Management plc (Lombard Risk), a leading UK provider of end-to-end European Banking Authority reporting automation, and automated XBRL tools in this market, has comprehensive support for multiple versions of XBRL taxonomies at the same time.  As the EBA’s requirements continue to be rolled out, this is a mandatory functional must-have. The operational reporting requirements of firms under COREP and FINREP regimes are further complicated by the phased introduction of additional reporting challenges for firms subject to new parts of the regime including Asset Encumbrance reporting.  These changes, and taxonomy adjustments from the regulator to deal with inconsistencies, mean that firms have to cope with the live environment which will include more than one taxonomy.  Operationally, this means any XBRL submission, or more importantly resubmission, made by any firm has to be in the format that was applicable at such time. Firms can be confident that the XBRL solution provided by Lombard Risk will automatically know which version of the taxonomy to use when compiling the regulatory transmission.  Unlike other systems which may require users to set version toggles, the Lombard Risk REPORTER product suite simply allocates the correct taxonomy version automatically based on the date of the data being submitted.  This approach also ensures that Lombard Risk clients may test new XBRL taxonomy versions before they are live simply by deploying the date functionality. James Phillips, Lombard Risk’s Regulatory Strategy Director, commented on the simplicity of the solution: “What I find rather appealing is the transparency to the user.  REPORTER can hold as many taxonomies as are needed for current or historical resubmission purposes, yet there is no client action required as this is all transparent–the user only needs to select the regulatory submission and the date to which it relates, and the correct XBRL taxonomy will be used.” Phillips further commented: “It’s also worth noting that Lombard Risk is the only supplier in the market with a free-of-charge tool, “XBRL-Checker”, which checks the XBRL produced (whether this is from our system or not) against the taxonomy, and also visualizes regulatory XBRL in human-readable format.  Again these tools facilitate handling multiple taxonomies.” Lombard Risk REPORTER is a fully automated end-to-end regulatory reporting suite which provides support for all aspects of the reporting cycle, from data collection to report submission.  The handling of multiple transmission technologies at the same time is a typical challenge which the product has had in scope for many years, providing support for regulators which have mixed submission methods, or as in this case, there is more than one version in use for various reasons at any one time. 

The Shelby County Trustee's office has chosen Thomson Reuters Aumentum software to automate property tax billing and collection administration.

Shelby County, Tennessee, which surrounds Memphis, collects more than $750 million in property tax revenue annually, representing 60% of the County's net revenue.

In 2013, the Shelby County Trustee and the City of Memphis agreed to a partnership in which the County will collect current and delinquent property taxes for the municipality. The Trustee also has agreements to provide property tax administrative support for Arlington, Bartlett, Collierville, Germantown, Lakeland, and Millington municipalities.

Debra Gates, Deputy Treasurer for Shelby County, said that consolidating administrative functions — specifically the selection of a single tax automation system rather than two independent systems — the Trustee and City of Memphis have saved $2.5 million.

By combining administrative tax functions, the County is expected to collect a third more tax revenue (over $1 billion), mail more than 1 million tax bills per year, and log an estimated 230,000 telephone inquiries from taxpayers. "The cost savings are dramatic when you add the efficiency gains that the software offers — such as the ability to make a single assessment in a common system from one office at one time and issue one bill associated with that change," said Gates.

Thomson Reuters Aumentum software was selected because it offers a stable, flexible, and configurable platform. "For taxpayers, there is greater convenience," said Tina Walker, Deputy Chief Administrative Officer for the Shelby County Trustee. "For example, instead of completing a separate application for property tax relief with the county and the city, a taxpayer will only complete it in one place and at one time."

Shelby County's current property tax system had become increasingly difficult, risky, and expensive to maintain.

It was once common for governments to write their own software systems and to independently maintain that software in perpetuity. With rising labor costs and a shrinking pool of programmers for aging technology platforms, however, the cost to independently maintain these systems has risen dramatically. Additionally, staying current with new technologies requires significant system improvements. For example, to upgrade to a newer version of SQL Server requires changing 900 stored procedures within Shelby County's existing tax system.

"There is a real fear of breaking something in the system," said Gates.

Explaining the selection of Thomson Reuters, Gates said, "We believe this is not merely just a vendor-client relationship, but rather a partnership committed to the County's success."

"Shelby County and the City of Memphis are to be commended for bringing their taxpayers more efficient, effective and convenient property tax technology," said Tom Walsh, managing director for Thomson Reuters.

More than 1,100 jurisdictions in the United States use Thomson Reuters Aumentum software to manage property tax, valuation, land recordation, land management, and e-services for governments' operations.