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SIX WAYS TO FIND YOUR AUTHENTIC VOICE AS AN ETHNIC MINORITY LEADER.

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Debbie Tembo, Managing Director, The Black British Business Awards.

 

The pursuit of authentic leadership is important for everyone, but it is an altogether unique challenge for ethnic minority leaders who may already feel supressed by the weight of being in the minority. Indeed, comfort in being one’s true self, sharing information of one’s home and personal life and establishing social connection are proven to be easier within one’s own group than they are across a demographic boundary – in the case of this discussion, racial background.

I have met many people of colour who, through no fault of their own, fail to comprehend that the impact they have as a leader and their chance of progression is likely affected by their colleagues’ natural feelings of closeness towards them. We are all familiar with the systemic inequality that exists so deeply for ethnic minorities within the workplace, so on the surface finding one’s true voice may seem insignificant. The evidence, my own lived experience, and the experiences of my colleagues, however, is there to tell us otherwise.

Not only is authenticity fundamental to influential leadership, but study after study has also highlighted the direct link between leaders who can relate to their colleagues and how successful a business is. In fact, one study has also shown that employees’ perception of authentic leadership serves the strongest predictor of job satisfaction and it can have a positive impact on work-related attitudes and happiness.

It is important to note that finding an authentic voice is not about changing who you are as an individual. Rather, it is about gaining an increased understanding of how contexts can constrain expressions of authenticity for you as a minority ethnic professional so you can build the skills to flex personal style and energy to counter this.

Let us remember, what works for the majority does not always apply in the same way to the minority, not because minority leaders lead differently, but because being a minority leader challenges many of the entrenched assumptions of what leadership looks like.

Here are six ways you can find your voice as an ethnic minority leader.

  1. Believe in your worth: The colour of your skin does not determine your worth. No doubt you will have heard this many times before, but it is an important drum to bang. Let’s also acknowledge that when racism forms the backdrop of your everyday life, it can be hard to believe this is not the truth. Remember, where you come from and the experiences you have had, have helped form every part of who you are. Looking inward and gaining a keen sense of self-awareness is one of the most important traits of a leader. Asking yourself how your experiences have helped form your strengths can help you re-frame negative thoughts.
  2. Remain true to yourself: Extra-curricular and social events are important avenues to building trust and connection with other employees. However, studies have shown that racial boundaries can be a real impediment to socialising because some people fear being judged because of having different views and cultural references. Your power lies in your difference, and you should not shrink or change to fit the mould of the majority. Instead, look to take up space respectfully. Acknowledging what you believe to be your difference and sharing your experiences can help to kindle bonds.
  3. Make your voice heard: Lean into moments of discomfort and get comfortable speaking up, especially if it does not come naturally to you. You may not always have an ally in the room, but if you are asked for your opinion, embrace the opportunity to express yourself with impact. Taking a leap of faith when things get difficult can inspire and influence. Indeed, it’s likely there are others in a similar position to you who are seeking a role model for guidance and reassurance. You may have come this far without your own, but it’s time to take responsibility and be a guiding light for others. As Ann Cairns, Chair of the 30 Per Cent Club, said at an event I recently attended, “Don’t be a lady in waiting”.
  4. Prioritise personal development: Understand your capabilities, leverage your experience, and say yes to stretch assignments that allow you to grow and develop new skills. This is not a commitment to perfection, but rather an acknowledgement that investing in oneself will ultimately help your team and the business thrive. If stretch assignments are not offered, put your hand up and ask for them. Nobody can advocate for you if you do not advocate for yourself.
  5. Give your intuition a voice: If the voice you’re using doesn’t feel right for you, it’s probably not. I am naturally an intuitive leader guided by an innate sense of being and I find this to be one of my most powerful lights. It is no one’s place to tell you that this sense is invalid. Successful leadership requires a whole-brained approach, acting on facts will only take you so far.

Attend a targeted race and ethnicity leadership programme: Traditional leadership programmes seldom speak to the lived experience of those in the minority. Content insights, activities and practical recommendations often overlook the role that race plays in shaping perceptions during interpersonal interactions and of leadership. As I previously mentioned, what works for the majority does not always apply in the same way to the minority. Psychological safety and permission to talk freely and openly about experiences of inequality and discrimination are essential. You may have never had the opportunity to discuss your past experiences in a safe space with like-minded peers. You may find it enriching and reassuring to learn alongside other talented ethnic minority professionals who have similar aspirations and who face similar obstacles to you. Do not underestimate how beneficial this no filter approach could be for your personal growth.

 

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Mitigating the insurance risks of climate change through geospatial data visualisation

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Richard Toomey, Senior Manager, Commercial Insurance at LexisNexis Risk Solutions UK and Ireland

 

In the lead up to the 26th United Nations Climate Change Conference of the Parties (COP26)[i] November 2021, A United in Science report[ii]  provided a stark warning of the impact and acceleration of climate change. The UK Environment Agency also warned of more extreme weather leading to increased flooding and drought[iii]. While some progress was made at the conference, understanding the changing risks created by extreme weather to price property insurance more effectively, and more importantly, to help mitigate the physical risks posed by climate change, has become imperative.

Mapped geospatial data intelligence including live data on flood warnings and river flows, viewed alongside data held by insurance providers on the properties in their portfolio, can be a key ally in helping to protect customers and reduce claims losses created by extreme weather events.

With the air temperature rising and heavy rain becoming more and more frequent due to climate change insurance providers are looking to identify properties that are more at risk than others. For example, properties with basements carry more of a substantial risk of surface water claims than others and especially in London where space is tight and water runoff is low. In the autumn of 2021, the industry saw a number of high value claims due to basement flooding. There are some really large high net worth (HNW) households with big basements which carry a significant insurance risk.  The problem is that in many cases insurance providers don’t know if they have a property ‘on cover’ that actually has a basement.

The huge and growing volume of data now available to the insurance market to assess property risk to the level the industry needs, could easily overwhelm and prove a barrier to the swift decisions needed in weather-related surge events. However, the evolution of desktop based geospatial data visualisation tools such as LexisNexis® Map View means insurance providers can make quick, informed decisions based on a picture or map of risk, looking at a specific geographical region, a postcode, an address or a single property outline.

They can look at environmental risks including flood, fire and subsidence and live flood data updated every 15 minutes direct from the Environment Agency, as well as highly predictive flood risk data from respected flood modelling organisations. Insurance providers can also bring in data on the characteristics of a property to understand more about its construction, including the type of roof it has, how many floors there are, the square footage, as well as further data on the location and the individuals behind a business to gain a more holistic understanding of risk for pricing.

Mapping of historical flood data brings a further dimension to the understanding of risk, revealing the maximum extent of all individually recorded flood outlines from rivers, the sea and groundwater springs in England and Wales. This takes into account the presence of defences, structures, and other infrastructure where they existed at the time of flooding and includes floods where overtopping, such as at seawalls, river breaches or blockages may have occurred.

But the real step-change for the market has been recent ability to view live flood and other environmental data in tandem with customer and policy data held within an insurance providers’ own databases.

Crucially, this means insurance providers can pinpoint down to individual properties, the policyholders most at risk as weather events unfold, should a river burst its banks, or a flood barrier fail and those properties that may actually be vacant at the time of the event.

Through data visualisation tools, insurance providers can gauge where flood water may go so that policyholders can be warned to take measures to protect themselves, their possessions and to move any vehicles to higher ground. They can even see where roads may have been closed due to fallen trees. All this intelligence helps with planning on the ground resources, working with local authorities and claims adjusters. Then, in the immediate aftermath, rather than wait for a deluge of claims, insurance providers are in a position to reach out to customers known to be in areas affected to support them through the claims process.

The inherent flexibility of today’s geospatial data visualisation tools for the insurance market means risk can be assessed as needed or as constant monitor for a whole commercial property portfolio. Fundamentally these tools are designed to streamline the assessment of property risk.

In the future, commercial and residential property claims data gathered from the whole of the market may allow insurance providers to look at a whole portfolio alongside past claims, but for now they can bring in their own claims data to build a more granular picture of risk, to price more accurately and understand how they could help mitigate future claims and potential losses caused by weather events.

A picture can say a thousand words and data visualisation tools can certainly make highly complex risk data easy to understand and act upon. Being able to instantly visualise an environmental risk to policyholders – day or night – using highly granular data on past and present flood events puts insurance providers in a more powerful position to reduce the misery and costs caused by extreme weather.

[i] https://ukcop26. org/wp-content/uploads/2021/07/COP26-Explained. pdf

[ii] https://public. wmo. int/en/media/press-release/climate-change-and-impacts-accelerate

[iii] https://www. gov. uk/government/news/adapt-or-die-says-environment-agency – The Environment Agency’s third adaptation report October 2021

 

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From compliance to the metaverse: Investment trends to look out for during the year ahead

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By Rami Cassis, Founder and CEO of Parabellum Investments

 

In the investment world, the old saying, knowledge is power, has never been more pertinent. As any investor will testify, it is essential to retain an in-depth, and up to date, understanding of news, predictions and trends that specifically relates to his or her specific area of interest.

This is particularly true for investors in the financial sector.

We all know just how quickly the sector can change beyond recognition. The demands of consumers are forever changing, new technology is always waiting in the wings to re-write the financial status quo and the next big digital company is constantly looking to increase its market share. There is always a new trend to look out for.

As we move into a brand-new year and prepare to face the opportunities – and challenges – that doubtless lie ahead, these are some of the trends that are likely to develop during the next 12 months.

 

Personal banking conversations

In its Tech Trends 2021: A financial services perspective Deloitte states that today’s pioneering companies are using advanced digital technologies, virtualized data, and cobots to transform supply chain cost centres into customer-focused, value-driving networks, based around a personal experience.

The concept of personal banking provides a perfect example of how the financial services sector has evolved to deliver digital personal banking.

Before the digital banking revolution, personal banking involved a visit to a high street branch to sit down with a personal banker in the flesh. This personal banker would be the customer-facing, end point of a complex supply-chain, involving training centres, degree courses, carbon-emitting journeys into work – the list goes on.

Compare this to the current version of personal banking. Digital financial services firms such as Monzo have revolutionised banking thanks to sophisticated analytics and a personalised interface. The big banks are now catching up, offering their own versions of ‘modern’ banking insights for the everyday user, and furnishing them with the latest online, smartphone-powered gadgets to enable them to manage their money 24/7, wherever they might be in the world.

However, even this is now becoming somewhat stale, with many financial services providers still seeing personalization simply in terms of personalized messages. Instead, the next chapter will involve smart banks understanding that good personalization requires personalized conversations, not just messages.

Enterprise software is one of the specific investment interests of Parabellum Investments. One of our portfolio companies is ieDigital, a specialist UK financial technology provider. The team from ieDigital and Parabellum Investments analyses the latest developments in business technology regularly.

We understand the importance of pushing digital boundaries. Indeed, one eye should constantly be scanning the horizon to identify the digital tools that the customers of tomorrow will expect. The interpretation of digital transformation is specific to each organisation and translating technology into practical business outcomes requires the focused specialism the combined IE Digital & Parabellum Investments team is qualified to deliver.

We understand – and see daily – the pressure that banks are coming under to deliver an ever more personal service, and see the ability to deliver these personal conversations is one of the trends to watch during the next 12 months.

 

The metaverse

The word ‘metaverse’, is defined in the Oxford English Dictionary as a “virtual-reality space in which users can interact with a computer-generated environment and other users”.

When Facebook changed its name to Meta in 2021 it may have come as a surprise to many of the platform’s users, but it was a major moment in the company’s history. It signalled Mark Zuckerberg’s ambitions for his business; to be the leader in the development of the metaverse.

Indeed, the future of the metaverse is looking sophisticated and bright. With giants like Facebook and Microsoft introducing metaverse elements into the fabric of their business models, it’s a concept that cannot be ignored, and one which is likely to expand rapidly throughout the next 12 months.

Returning to the financial services sector as an example, in a blog post titled Metaverse, the end of banking digital transformation?, CoinYuppie speculates that the metaverse will change banking in a number of ways including:

  • Identify verification. In the metaverse, identity verification will be performed via VR glasses and Metaverse sensor devices which contain a security chip.
  • Real-time creation of financial products. In the meta universe, virtual product managers use gestures to drag and drop the entire process of digital product manufacturing.
  • Games and attractions become a source of bank traffic. You can open branches on Mount Everest, in the Tarim Basin, on the Kunlun Mountains, or in Jiuzhaigou. The bank will combine these magnificent landmarks to fully personalize its branches and display its products.

This is just the financial services sector. Just imagine the opportunities for other industries – and the tools that will be needed to deliver them.

People are likely to need virtual-reality headsets, for example, together with related components such as sensors, as virtual-reality technology becomes intrinsically linked with the metaverse world.

 

Compliance

Another key trend to look out for as we move into 2022 and beyond is how companies deal with their compliance issues.

In the wake of the global Covid pandemic, we are seeing a much-increased hybrid working model, with a large proportion of the workforce now based at home. This creates a logistical headache for compliance teams, who must now ensure that sensitive data and company secrets remain just that, despite a workforce now using multiple digital platforms, messaging systems, mobile phones and landlines.

Cloud-based archive systems that can capture multi modal communications are likely to become essential for companies to remain compliant.

 

Alternative currencies

Cryptocurrencies are likely to retain their position as one of the most talked about developments in the world of alternative currencies.

As an example, Bitcoin has risen nearly 70% since the start of 2021, driving the entire crypto market to a combined $2 trillion in value. However, heightened regulatory scrutiny and intense price fluctuations have somewhat dampened bitcoin’s prospects in recent months.

Despite this, we are likely to see banks increasingly looking at offering mainstream crypto services. We have already seen the start of this, with the first major crypto company going public with the debut of Coinbase in April, increased participation from Wall Street banks like Goldman Sachs, and the approval of the first U.S. exchange-traded fund linked to bitcoin.

 

Conclusion

We all know how quickly the financial sector changes. If you happen to be reading this just a few months after it was written, several of my points might now be in the mainstream – or they might be completely obsolete.

The fact is that unless an investor possesses superhuman powers, it is impossible to identify, with 100 per cent accuracy, what the next big investment trend is. All we can do is use our experience, insights, and up-to-date sector knowledge to predict what the next big trends are likely to be.

 

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