LEADING WOMENPOWERING CAREERS

hays.co.uk/leading-women

At Hays we support the advancement of women in the workplace, which is why we are delighted to be supporting a number of the BritishAmerican Business Women’s Forum events this year. In the ever-changing workplace, there’s an imbalance of women in senior positions, seeing companies missing out on highly talented professionals. By improving access to this talent, organisations will be better equipped to drive performance, grow their business and secure future success.

We’re working hard to develop Leading Women, a forum for successful senior business women like you to share insight, develop expertise and advance your career. We want to successfully connect you with the world of work to help you fulfil your career ambitions.

With 102 offices within UK, we operate across 20 specialist areas, giving us the breadth and depth of expertise to help you build your networks.

If you would like to hear more about our Leading Women network contact us at [email protected]

LEADING WOMEN

UK-8375 BAB's Network Mag 06-03-2014_v3.indd 1 21/02/2014 11:32

CONTENTS

NEW YORK LONDON

2014, VOL. I I

NETWORKCyber Security:

Protect Your FirmWith insights from

BAE Systems Applied Intelligence,

IBM and KPMG

INSIDE An update on our policy work on the Transatlantic trade and Investment Partnership » » Page 15

FEATURING BAE SYSTEMS’

Jim Anderson

President, Americas RegionBAE Systems Applied Intelligence

BritishAmerican Business NETWORK 2014, VOL. II 1

View this edition of Network online:

BritishAmerican Business: The Company to Keep

BritishAmerican Business is the leading transatlantic business organization, dedicated to helping companies build their business on both sides of the Atlantic. Its membership brings together the world’s leading multinational and middle-market companies across sectors and geographies; and more than 100 of the world’s most successful CEOs support its work through their participation in its Advisory Board. It incorporates the American Chamber of Commerce (UK) and the British-American Chamber of Commerce (USA), which merged in 2000 to create a single, pre-eminent transatlantic organization that could support its members across the Atlantic.

BRITISHAMERICAN BUSINESS

London75 Brook StreetLondon, W1K 4ADTel: +44 (0)20 7290 9888Fax: +44 (0)20 7491 9172Email: [email protected]

New York52 Vanderbilt Avenue, 20th FloorNew York, NY 10017Tel: +1 (212) 661 4060Fax: +1 (212) 661 4074Email: [email protected]

Website: www.babinc.org tradeinvest.babinc.org

Follow us on:

Twitter @BABLondon

LinkedIn “BritishAmerican Business”

facebook.com/ BritishAmericanBusinessLondon

EDITORAmanda [email protected]

2 WELCOME Jeffries Briginshaw, Managing Director, BritishAmerican Business

TRANSATLANTIC COUNCIL MEMBERS

MEET THE NEW MEMBERS

3 New Board of Directors and International Advisory Board Listing

New Members Listing

CYBER SECURITY: PROTECT YOUR BRAND

6 Protection From Cyber Threats: What Your Board Needs To Know Jim Anderson, President, Americas Region, BAE Systems Applied Intelligence

8 Tackling Cyber Risk: A Complex Mission Nick Coleman, Global Head of Cyber Security Intelligence, IBM Services, and Jonathan Sage, EU Lead on Cybersecurity Policy, IBM Governmental Programmes

9 When Online Goes Offline: Total Internet Failure Stephen Bonner, Partner, KPMG UK

INDUSTRY INSIGHTS

10 Making Big Data Work on the Front Line Sean Doyle, Executive Vice President, Americas, British Airways

Helping SMEs Drive Growth Through Digital Skills, Miguel-Ángel Rodríguez-Sola Group Director for Digital, Marketing & Customer Development, Lloyds Banking Group

11 Learning from Nature: Adapting to the Environment Nina Glass, Consultant, Eric Salmon & Partners

Support Your Export Distributors: Localise Your Website! John Worthington, Managing Director, ibt partners

12 The Partnership Revolution: One Plus One Is Greater Than Two Claire Farrington, Partnership Manager, Grange Hotels

The Collateral Complications of International M&A Jason Martindale, Senior Director, UK and Europe, Radius

13 Hydraulic Fracturing In the UK: What’s the Latest? Caroline Almond, Senior Associate, Squire Patton Boggs

Are You Using 084 or 087 Numbers? If So, You May Want To Read This Keith Lourie Unified Communications Consultant, IP Solutions

14 AUTHOR SPOTLIGHTS

15 POLICY & FORUMS

Policy Update

16 An Update from our Law Forum, John Cater, Forums Programme Manager, BritishAmerican Business

17 Data Laws Update: Further Changes and New Initiatives for International Businesses to Note Rafi Azim-Khan, Chair, BritishAmerican Business Law Forum

EVENT HIGHLIGHTS

18 London Event Highlights

22 New York Event Highlights

24 UPCOMING EVENTS

London StaffJeffries Briginshaw Managing Director +44 (0)20 7290 9888 [email protected]

Membership Nick Royle Director of Membership +44 (0)20 7290 9880 [email protected]

Tariro Masukume Membership Manager +44 (0)20 7290 9881 [email protected]

Lucy Russell Membership Manager +44 20 7290 9882 [email protected]

Events and Marketing Katie Banham Director – Events & Marketing +44 (0)20 7290 9873 [email protected]

John Cater Forums Programme Manager +44 (0)20 7290 9874 [email protected]

Sabina Hussain Events Manager +44 (0)20 7290 9875 [email protected]

Amanda Zambon Communications Manager +44 (0)20 790 9879 [email protected]

Emanuel Adam Policy and Public Affairs Manager +44 (0)20 7290 9885 [email protected]

Office Management John Adam Office Manager/Accountant +44 (0)20 7290 9886 [email protected]

Sherry Dolatshahi Information Manager & Executive Assistant +44 (0)20 7290 9883 [email protected]

WELCOME

3M UK

ACE Overseas General

ACS International Schools

Addleshaw Goddard

ADP

AIG

AlixPartners

American Airlines

Aon UK Ltd

Arnold & Porter (UK)

Arup

Asia House

AT&T

BAE Systems Applied Intelligence

Baker & McKenzie

Bank of America Merrill Lynch

Barclays

Blick Rothenberg

BNY Mellon

BP International

British Airways

BT Group

CBRE

Chevron

Citi

City of London

Cubitt Consulting

Cushman & Wakefield

Deloitte

Delta Air Lines

Edelman

ExxonMobil

EY

Federal Express Europe

Ford Motor Company

Google UK

Grange Hotels

Gulfstream Aerospace Corporation

HCA International

Heathrow Airport

Herbert Smith Freehills

HP

HSBC

IBM

Invest Northern Ireland

IPSA International

J.P. Morgan

Jacksonville Jaguars, NFL International

Jones Lang LaSalle

JSI Logistics

Just Marketing International

King & Spalding

Knight Frank

KPMG

Linklaters

Links of London

Lloyd’s

Lloyds Banking Group

Lockheed Martin UK

London & Partners

London Philharmonic Orchestra

Magrath

Marriott Hotels International Limited

Marsh UK

Mastercard Worldwide

McKinsey & Company

Mercer

Moelis & Company

National Theatre

Northrop Grumman UK

PACCAR

Philharmonia Orchestra

Philip Morris

Pillsbury Winthrop Shaw Pittman

Pitch Factory

PwC

Raytheon UK

Reed Elsevier

Reed Smith

Shakespeare’s Globe

Shearman & Sterling

Shell

Speechly Bircham

Spence & Partners

Squire Patton Boggs

Standard Chartered Bank

State Street Bank & Trust Company

Sun European Partners

TASIS The American School in England

The British Land Company

The McGraw-Hill Companies

The New York Times Media Group

The Risk Advisory Group

Royal Bank of Scotland Group

TheCityUK

Thomson Reuters

UK Trade & Investment

United Airlines

Universal Music

UPS

US Embassy

Verizon Enterprise Solutions

Virgin Atlantic Airways

Weber Shandwick

Weil, Gotshal & Manges

Wells Fargo

Willis Group

Withers

WPP

Xerox

Zurich Insurance

TRANSATLANTIC COUNCIL MEMBERSTransatlantic Council Membership is reserved for a select group of BritishAmerican Business’s leading companies, and offers them a customized program of exclusive networking,

promotional, and business opportunities, in addition to the regular benefits associated with membership in BritishAmerican Business.

We’re off! Following a pause for a summer

programme break, our Autumn season is

upon us. Between now and Christmas, BAB

has a great schedule of events lined up for you, our

valued members. We are especially excited about

our upcoming gala dinner and reception to celebrate

the UK-US relationship on 10th September, which

will be attended by the Deputy Prime Minister, the

Rt Hon Nick Clegg MP and His Excellency Matthew

Barzun, the American Ambassador to the Court of

St James’s. Another highlight of this season will be

our Autumn Conference on The New Transatlantic

Market: Gamechangers, Opportunities and Risks, to

be hosted by Bloomberg on 8th October. We hope to

see you there!

In the meantime, I am delighted to present the

current edition of Network Magazine, on a theme

of critical importance to all our members: “Cyber

Security: Protect Your Firm”. Our Spring Conference on

Innovation and Disruptive Technology in May showcased

future technologies including wearable technology,

self-driving cars, 3D Printing, mobile internet and

the Internet of Things (see page 18 for photos of the

conference). However, as business moves increasingly

online, driving the application of technologies, new

vulnerabilities in terms of cyber threats create ever

more systemic risks. We hope that our three feature

articles from BAE Systems Applied Intelligence, IBM

and KPMG will be informative and provide you with

some tangible recommendations to help you to protect

your business.

Elsewhere in this edition, you will find Industry

Insights from other members on issues including: big

data, adapting to new markets, mergers, the importance

of partnerships, changes to UK phone numbers and

hydraulic fracking. As a broad church of different

sectors and pursuits, we have an advantage in being

able to show you in every edition of Network a great

cross section of business cutting edge, you might say.

We have also included an update on our policy work

with a specific focus on the Transatlantic Trade and

Investment Partnership (TTIP) and in keeping with

the technology theme once again, an insight from

our Law Forum Head Rafi Azim-Khan of Pillsbury

Winthrop Shaw Pittman LLP on data laws.

We are also pleased to share some of our best photo

snaps captured during our successful season of events

throughout the Spring, including our Annual Corporate

Citizenship Awards Dinner, honouring Peter Hancock,

CEO of AIG and Peter Sands, Group CEO of Standard

Chartered Plc, our popular Women’s Forum, and also

a number high-level roundtables with business and

government leaders (pages 18-20).

Don’t forget to turn to page 24 where we have outlined

some of the highlights of the upcoming events programme

– we are looking forward to seeing you soon! n

Jeffries BriginshawManaging Director, BritishAmerican [email protected]

2 BritishAmerican Business NETWORK 2014, VOL. II


MEET THE NEW MEMBERS

New Transatlantic Counci l Members

JSI LOGISTICS Building 553 Shoreham Road TW6 3RG, Heathrow Airport UK+44 (0) 20 8759 6375www.jsilogistics.comGerry Power, MD UK & Ireland [email protected]

JSI provides integrated, flexible logistics solutions that address the unique and diverse needs of our customers across the globe.

SHEARMAN & STERLING Broadgate West9 Appold Street London, EC2A 2AP UK+44 (0) 20 7655 5000www.shearman.comBarney Reynolds, [email protected]

Shearman & Sterling is recognised and one of the leading international corporate and commercial law firms in London.

IBM UNITED KINGDOM 76 Upper GroundLondon, SE1 9PZ UK+44(0) 20 7202 3000www.ibm.comRichard Ward, Public Affairs [email protected]

IBM is the world's largest IT and consulting services company with approximately 20,000 UK employees.

SUN EUROPEAN PARTNERS 2 Park Street1st FloorLondon, W1K 2HX UK+44 (0) 20 7318 1118www.suneuropeanpartners.comMichael Kalb, Senior Managing [email protected]

Sun European Partners, LLP is the European adviser to Sun Capital Partners, Inc., that focuses on leveraged buyouts, equity, debt, and other investments in market leading companies throughout Europe.

New Board and IAB MembersBAB is governed by a transatlantic Board of Directors, led by our Chairman, Irene Dorner, Group Managing Director HSBC Holdings plc, and President and CEO of HSBC USA, and our Deputy Chairman/President, Nicholas C. Walsh, Vice Chairman, AIG Property Casualty, Senior Vice President, AIG. The Board’s active support and commitment to BAB and its objectives are important to ensuring our continued success as an organization. We also enjoy strong support from our International Advisory Board, consisting of chairmen and CEOs from more than 100 major, multinational companies. We are delighted to announce that the following new members have recently join our Board of Directors and International Advisory Board.

NEW BOARD MEMBERS

JAMES BARDRICK Citi Country Officer Vice Chairman Corporate & Investment Banking Citi

SIMON BROCKLEBANK-FOWLER Managing Partner Cubitt Consulting

INTERNATIONAL ADVISORY BOARD MEMBERS

GREG HODKINSON

Global Chairman

Arup

DOMINIC JERMEY

Chief Executive

UK Trade & Investment

BARBARA BYRNE Vice Chairman, Investment Banking Barclays

VIVIAN HUNT Managing Partner McKinsey & Company

JESSICA IRSCHICK Global Head of Equities Sales Strategy Bank of America Merrill Lynch

DANIEL T. RYAN Partner in Charge- New York Office & Regional Managing Partner for the Financial services Practice in the Americas Heidrick & Struggles

SPENCE & PARTNERS 1 Berkeley StreetLondon, W1J 8DJ UK+44 (0) 20 7495 5500www.spenceandpartners.co.ukMarian Elliott, [email protected]

Spence & Partners is a privately owned UK firm of actuaries, consultants and pensions administrators.

OUR MEMBERSHIP

TEAM WOULD LOVE TO

HEAR FROM YOU! Please contact Nick Royle,

Tariro Masukume, or

Lucy Russell if you would like to

discuss how to make the most of

your membership. You can find

their contact details on

page 1 of this magazine.


New Sponsor Members

DLA PIPER 3 Noble Street

London, EC2V 7EE UK

44 (0)87 0011 1111

www.dlapiper.com

Justin Portess

Senior Marketing and

Business Development Manager

[email protected]

CROWELL & MORING 11 Pilgrim Street

London, EC4V 6RN UK

+44 (0) 20 7413 0011

www.crowell.com

Carol Martin

Senior Counsel

[email protected]

BULGARI HOTEL & RESIDENCES 171 Knightsbridge

London , SW1 7DW United Kingdom

+44 (0) 20 7151 1055

www.bulgarihotels.com

Zoe Collings

Membership Manager

[email protected]

UNIVERSITY OF EDINBURGH BUSINESS SCHOOL 29 Buccleuch Place

Edinburgh, EH8 9JS UK

+44 (0) 131 651 4212

www.business-school.ed.ac.uk

Mhorag Sharp

Employer Relations Manager

[email protected]

K+L GATES One New Change

London, EC4M 9AF United Kingdom

+44 (0) 20 7648 9000

www.klgates.com

James Millward

Associate Partner

[email protected]

TRUPHONE 4 Lombard Street

London, EC3V 9HD

United Kingdom

+44 (0) 20 3002

www.truphone.com

Naresh Chouhan

UK Marketing Director

[email protected]

NEXIA SMITH & WILLIAMSON 25 Moorgate

London, EC2R 6AY UK

+44 (0) 20 7131 4000

www.smith.williamson.co.uk

Stephen Drew

Partner, Head of International Services

[email protected]

New Corporate Members

Ascot Racecourse

Sopher & Co

Immigration in to America .Com

BARBRI

Coach

TMF

Pestana Hotel

MADE

Ogletree Deakins

BDHL

Andaz

Eric Salmon & Partners

The Landmark

Dr. Paul Milata International Executive Search

Cleveland Clinic

Worldstrides Capstone Programs

BAB Autumn Conference 2014

The New Transatlantic Market: Game Changers, Opportunities and Risks

Wednesday 8th October 2014, at Bloomberg,

Hosted by conference2014.babinc.org@BABLondon #BABConf14

Speakers include:

Also featuring experts from: • Bloomberg News • Level 39 • OECD • British Bankers Association • Thomson Reuters • RLM Finsbury

Register your place now!• Transatlantic Council Members

2 FREE places

• Sponsor Level Members 1 FREE place

• Corporate Level Members £95 + VAT

• Non Members £145 + VAT

Inga Beale CEO

Lloyds

Janan Ganesh Political Commentator

Financial Times

Charles Grant Director

Centre for European Reform

Professor G. Anandalingam Dean, Imperial College

Business School

Topics will include:• Financial Services

The challenge of maintaining transatlantic leadership

• Wellbeing & Quality of Life The new barometer for success?

• Distribution & Logistics The impact of new technology

• UK/US/EU Politics Outlook and implications in election year


What are some helpful tips for executives still trying to convince the “board room” of the cyber security imperative?Business growth will increasingly depend on the digitally interconnected

and highly mobile nature of modern organizations. It is therefore essential

that boards understand the true nature and extent of the increasing risks

associated with “bad actors” adapting to current security environments

and infiltrating data. While many Boards authorize significant spend

on IT security, it is often misplaced due to an outdated understanding

of the threats and their potential business impacts.

A worrying observation is that even though many organizations are

becoming increasingly aware of the risk, it often takes an emotional

experience before real action is taken. In fact, according to our most

recent Cyber Security Monitor research, 50 per cent of respondents

said it would take clear understanding of vulnerabilities for their

Board to take the risk of cyber attacks more seriously.

We typically find that attacks can be felt very personally by Board

members after an event, because the impact can be very immediate

to business performance and often will directly affect a company’s

reputation. In my opinion, any company that doesn’t invest in security

will undoubtedly face repercussions associated with some sort of

data breach.

It is important to be informed and prepared to proactively manage

this risk. There needs to be clear ownership of the risk at the Board

level. Constant vigilance is essential through effective monitoring of

networks and information assets for signs of attack so that actions are

taken ahead of any harm being done. Robust plans should also be put

in place to ensure a swift response to any successful attack, which

can dramatically minimize any impact.

Clearly, there is a need to convey the urgency of what is not a well

understood and technical subject to Board members. A better understanding

will enable them to both mitigate a very significant company risk while

also recognizing the financial benefits of protecting customer data.

Is cyber crime the same in every sector? In our hyper connected world, rarely a week goes by without the

news of a prominent organization, such as Target, eBay, or even

Dominos becoming the victim of a cyber attack. For example, financial

institutions are consistently targeted because of the financial assets

they hold. For many years, security experts in this sector have been

dealing with the threat of cyber crime and this has put them ahead of

other organizations in terms of preparedness. Conversely, the retail

sector has recently become a target for attackers.

Different sectors have different vulnerabilities. As was seen with

the attack on Target, Point of Sales (POS) devices are vulnerable

and can be exploited to steal sensitive data. On the other hand, the

oil and gas sector doesn’t have POS devices. Instead it has networks

for Operational Technology (OT) such as industrial control systems

or SCADA systems. OT provides unique opportunities to would-be

attackers, driving the cyber related crimes like the one reported by

the US Department of Homeland Security in May which revealed that

the industrial control system of a public utility had been hacked by a

sophisticated threat actor.

What are some of the key differences you’ve seen in cyber attacks from one country to another? Similar techniques are used globally in cyber attacks. Some of the main

categories are: Spear Phishing, Water Hole Attacks, Distributed Denial

PROTECTION FROM

CYBER THREATS:

WHAT YOUR BOARD NEEDS TO KNOW

Jim AndersonPresident, Americas Region

BAE Systems Applied Intelligence

FEATURE: CYBER SECURITY


of Service (DDoS), Malware and Trojans. Some attacks are designed to

be just a nuisance; however, many “bad actors” are determined to reach

financial gain or to access critical assets such as intellectual property.

Today, attackers are leveraging social engineering to be familiar

with their targets. This means language, culture and familiarity are all

factors that are now employed by “bad actors.” For example, the “Putter

Panda” cyber attacks used popular productivity applications such as

Adobe Reader and Microsoft to target golf-playing conference attendees.

This was used to gather intelligence on US government organizations

as well as satellite, aerospace and communication companies.

In another example, Shylock attackers used drive-by downloads from

legitimate websites to install malware – often leveraging behind the

scenes social engineering techniques to direct victims to compromised

websites. This particular type of malware was also capable of altering

the helpline phone number on the websites to prevent victims from

getting support.

As threat levels continue to rise and new threats emerge, what can firms do to be proactive instead of reactive in their security planning?The majority of cyber attacks we see are not entirely new, they are

variations on a theme – whether it is an email based spear phishing,

delivery of malware via a compromised website, or direct attacks

against internet facing systems. Increasingly, we see a number of attacks

derived from “cyber kit” that can be purchased on the open market.

Unfortunately, there is no silver bullet which can address the variety of

security threats that today’s businesses face. Therefore, strong defenses

need to be built on the foundations of threat intelligence, predictive

analytics, smart processes, and cyber forensics.

Many businesses realize that their existing approaches, which are

often heavily reliant on legacy products, are neither efficient nor are

effective in managing risk. When clients engage us to help enhance

their security, we will often commence with an assessment of the threat

landscape – looking into the threats which are most pertinent to their

business, and how those can be mitigated. Such an approach is not a

one-off exercise. The assessment needs to be continually updated as

the landscape evolves, using threat intelligence received from vendors,

the security community, and open-source to keep up with known attack

groups and techniques.

After an initial assessment of the threat, we then recommend

companies look at what enduring capability they need to be able to

collect, manage and exploit this intelligence. It is essential to get the

right teams in place, and give them the tools they need so that they

can focus on the interpretation and production of intelligence for the

business. This intelligence-led approach to security helps organizations

stay current and connect what they’ve learned about the threat with

their operational security teams.

What are some of the ways different industry sectors are responding to threats? There is actually quite a lot of commonality between sectors – differences

are more a question of spend on security and how far along the “security

journey” companies have travelled.

The legacy security offerings like anti-virus and firewalls are deployed

in most if not all sectors. However, newer techniques like behavioral

based analytics used to detect Advanced Persistent Threats (APTs)

are increasingly being used. Security maturity is closely correlated

with how much attention a certain sector has received from attackers.

Companies that form national infrastructures have been battling

sophisticated cyber criminals for years. The same can be said for top

tier financial institutions that have been faced with the ever increasing

sophistication of cyber criminals for many years. However, businesses

in the professional services sector, which have not been traditionally

targeted, are now becoming more aware of the risk they face and are

looking to build defenses.

That said there are factors that lead to different security postures

between industry sectors. For example, DDoS attacks have been a

big issue for banks and online retailers, driving them to implement

security controls to handle this threat. Manufacturing companies are

less likely to be subject to a DDoS attack and therefore are unlikely to

spend money on this type of defense.

The oil and gas industry also have unique challenges, requiring

specialized approaches. The OT that is central to this sector is not the

same technology deployed in a bank or supermarket. The systems and

environments are different and the attack surfaces vary.

In summary, the key takeaways regarding cyber security are: first,

today’s cyber security defenses are not about a strong perimeter. To

ensure success, the strategy has to be based on the understanding

that “bad actors” will get in. The objective is to block the infiltration

of data. Second, Board members must take an aggressive approach

to managing threat intelligence. It’s crucial that you know and act on

the threats targeting your business assets as well as those aimed at

your network technologies. Finally, no one strategy or tool can fully

guard an organization against digital criminality. It’s the unification of

smart processes, cyber forensics, and predictive analytics with threat

intelligence that ensures full situational awareness. n

“A worrying observation is that even though many organizations are becoming increasingly aware

of the risk, it often takes an emotional experience before real

action is taken.”

As we look back at the first half of 2014, it is

clear that the number of cyber attacks against

public and private organizations is on the

increase. Another dimension is that these attacks – on

your business – will originate from all parts of the

world. Motivations vary – from stealing intellectual

property, disrupting your business operations or

harming your reputation. In some cases the aggressor

lies in wait to execute a plan at a later date.

So what is the problem and what can you do about it?

The challenge is that everyone has become a potential

target and understanding what the attacker is trying

to do and why they are doing it, how they mount the

attack and sometimes a more difficult question – do

I have the capability to deal with a cyber attack? Or

have I got the appropriate cyber “hygiene measures”

in place to defend myself?

No Magic Bullet

There’s no magic bullet to protect against cyber

risk – it’s much more complex than that. A range of

measures are needed – from creating the leadership

and operation model for security, through to having

the right technical countermeasures and intelligence

within your network, all the way to educating employees

and thereby creating a culture of security awareness

within your organization.

A Continuous Process: No rest for the wicked!

A state of the art approach to cyber security no

longer just relies on the traditional methods of

protecting your network such as anti-virus protection.

Cybersecurity is more than any one individual step;

it is a continuous process where you need to follow

the cycle of: Learn, Monitor, Analyze, Decide and

Respond. Today’s cyber threats require continual

inspection and analysis of high volumes of dynamic

data from sensors and other devices so that accurate,

real-time insights can be gained into possible threats

and system compromises.Understanding patterns and behaviors across diverse

data streams from many channels is necessary to

detect evasive attacks. Similar to a military operation,

it is important to have a high degree of advanced

“situational awareness”. A cyber attack can disguise

itself to appear as normal user activity – hence the

need to understand bigger sets of data. In the heat

of battle of a cyber incident where humans cannot

keep up with the pace of the threat, defenses need to

be able to fuse information from a variety of sources,

including real-time observations. Ideally these are

then automated in order to adapt and respond to the

threat dynamically so that business processes and

productivity are not impacted.

Let’s work together! Public-Private Coordination

Such real time analysis should also be supported

through concerted and globally consistent action in

both the public and private sectors. There is no one

single action, or treaty, or piece of legislation that

can be pursued to solve the issue. Wherever possible,

national level responses should be internationally

coordinated and globally consistent, especially given

the global markets and resources that industry in

general now relies upon.

Perhaps the biggest cyber risk within an organisation

lies in complacency. While you are never going to

be able to have 100% security against the myriad of

cyber threats out there, what you can do is implement

and enforce security excellence where employees

and partners are aware of the risks and how to

address them. The culture needed also comes from

the top-level management.

So how does this relate to what’s happening

in Europe?

The European Commission is rightly concerned

with differing levels of cyber preparedness across

the EU. The Commission’s Network and Information

Security (NIS) proposal is however deemed by many

in industry to overreach in terms of mandatory

incident reporting across a wide range of actors.

Legislation alone which mandates reporting

may well have the opposite effect to the desired

outcome of increasing resilience, as it could create

a “tick the box” compliance attitude and could

divert resources away from the core challenge,

which is how to respond to threats on the one hand

and having the right level of preparedness on the

other. The proposed Directive is likely to aim at

assuring a minimum level of preparedness across

the EU, combined with general awareness raising

campaigns to achieve better consistency and pan

European coordination.

IBM is doing its part to help make progress via our

own technical contributions and via participation in

public-private initiatives such as Common Criteria

and Trusted Technology Forum and we stand ready

to engage on national and international policy

initiatives and dialogues, just as we are able to

support operational initiatives via our comprehensive

array of security capabilities. n

FEATURE: CYBER SECURITY

TACKLING CYBER RISK : A COMPLEX MISSION

Nick Coleman Global Head of Cyber Security Intelligence, IBM Services [email protected]

Jonathan SageEU Lead on Cybersecurity Policy, IBM Governmental Programmes [email protected]


The subject of internet blackout risk receives

relatively little attention. It is often drowned

out by tales of the risks associated with state

sponsored cyber crime and sophisticated malware.

As a consequence companies could be in for a shock,

at any point in the near future.

I think that we have experienced an extremely

unlikely and unusual period of stability of core internet

services like routing tables and name lookups. This

good luck has meant most organisations don’t take

the threat of long-term internet outage seriously

enough. I think one of the biggest IT risks that we

face is the combination of capacity and complexity

issues causing internet failures.

Who pays for the internet’s utility bill?

Organisations should be surprised that the internet

works so well, rather than be surprised when it fails

– given that no one body is responsible for making

it work. This is only an issue because it has become

normal to think of the internet as a utility such as

power, telecommunications or water, where a service

is paid for with contractually agreed service levels.

Organisations do protect their connection to the

internet, for example by using ‘dual pipes’ from two

providers, but out of sight, the internet is cobbled

together in a whole series of insecure, outdated

technologies which are lashed together with the

sweat and tears of network engineers.

Spiralling out of control

The internet is also dependent on numerous other

factors which cannot be controlled by end users.

For example, reliable power and access to cooling is

needed and a global network of cables needs to be

protected from being cut by construction machinery

or damaged by fishing trawler nets. Then of course,

there are risks caused by those acting maliciously

– which has happened in the past. ‘Worms’ for

example have spread rapidly across the internet,

causing significant disruption.

It represents a giant leap of faith for so many

organisations to bet their business model on the

internet, which is managed with so few formal

controls. Ironically, it is also an endorsement for

this ‘unregulated’ approach, as it appears to be

more robust than highly regulated systems such as

power or financial networks which have rare, but

very significant outages.

Exponential growth versus linear growth

The loads and complexity of internet usage is growing

exponentially while the skills and capability to manage

the systems is growing (at best) in a linear fashion. Last

year, we passed the point where more than half of all

internet traffic was created by machine-to-machine

communication – the number and criticality of con-

nections facilitated by the internet is far outpacing

the resources dedicated to maintaining it. More and

more data is being transferred by an ever more exotic

collection of devices, from fridges to pacemakers.

I believe that we will see substantial disruption to

organisations and entire businesses failing through

not appreciating that relying on the internet means

relying on third party services for which there are

no contracts and not even a clear owner.

Quantifying the impacts

I take no pleasure in suggesting that another item be

added to the already daunting list of IT risks which

need to be considered. However, heavily internet-

dependent businesses which have processes and

procedures in place to respond to the internet failing

for a number of days are currently likely to be in the

minority. Have you taken the time to consider the

impact on your business of an extended internet

outage beyond your (or your ISP’s) control?

It could be argued that organisations should

celebrate the miracle that is the internet proving

to be so robust for so long and press ahead with

business as usual, but having contingency plans in

place to survive a sustained loss of internet access is

probably wise – from maintaining access to business

critical information to interacting with customers

and having appropriate insurance to cover losses.

The internet is incredible, but this shouldn’t blind

us to the fact that it isn’t a traditional utility and its

prolonged failure is an IT risk. n

Stephen BonnerPartnerKPMG U.K.+44 (0)20 7694 1644 [email protected]

WHEN ONLINE GOES OFFLINE: TOTAL INTERNET FAILURE


As Eric Schmidt and Jared Cohen said in their

book, The New Digital Age, the internet is

among the few things that humans have built

that they don’t fully understand. This continues to be

true. The internet is evolving – we hear daily about

new ways it can empower us, improve our lives and

make the world a better place.

However, although online access undoubtedly

provides a great opportunity for business, it is not

evenly taken up. The first ever Lloyds Bank UK

Business Digital Index, published in April this year,

showed that half of UK SMEs do not have a website

and of those that do, only around a third are using

it to do more than present their basic company

information, products and services.

Looking at the numbers, this translates to as many

as 1.7 million organisations in the UK that have a

very low level of digital capability and do not have

any web or social media presence.

At Lloyds Banking Group, we recognise we have a

huge role to play in helping individuals, businesses

and the community in improving their digital skills.

We created the Index to measure progress and to

help the digital skills charity Go ON UK, of which

we are a founding partner, to help meet their overall

objective of making the UK the world’s most digitally

skilled nation.

Although the UK is one of the most digital savvy

places in Europe, it’s clear we still have some way

to go to meet our digital aspirations. Beyond being

connected, there is a fundamental need for better

use of the possibilities of web-based applications and

emphasising the benefits that the internet can bring.

A big challenge is attitudinal as a consequence of not

understanding the potential benefits; communicating the

upside to SMEs – whether it’s saving time, increasing

revenue or having deeper customer relationships

is critical. To help get these benefits across, we are

building a network of digital champions to help

SMEs, friends, family and other members of the

community realise their potential and the full power

of the internet.

Working with a wide range of partners such as Go

ON UK and the Government is part of our commitment

to extend digital inclusion and improve the digital

skills of individuals, charities and businesses.

Miguel-Ángel Rodríguez-SolaGroup Director for Digital, Marketing & Customer DevelopmentLloyds Banking Group020 7626 [email protected]

Helping SMEs Drive Growth Through Digital Skills

Making Big Data Work on the Front Line

The future success of any company will be

defined by the quality of understanding of its

customers. That understanding comes not only

from the ability to analyze proprietary and secondary

data effectively but also the ability to apply emotional

intelligence to deliver personalized experiences.

We are seeing companies move from a discussion

about the merits of Big Data to the practical application

of using that data to drive new efficiencies. Companies

that have heavily invested in combining legacy systems

and consolidating data warehouses are attempting to

understand and act upon signals in the data. Being

willing to test and learn based on those signals is

critical if a business wants to differentiate and maintain

a competitive advantage. At British Airways we are

translating this into simple technology platforms such

as enterprise applications loaded onto iPads to allow

real time message delivery and instant feedback by

front facing staff.

Most large companies understand the theoretical

advantages of investing in Big Data but unfortunately

moving from theory to practice can be a real challenge

as many of these businesses are inherently risk adverse.

An important first step is to ensure data analytics and

innovation are seen as horizontal functions across the

business and not vertical silos. A second important step

is to develop a strategy for stakeholder management.

The CFO, CMO and COO will all have very different

concerns, anticipating these can vastly reduce time

to market.

A possible approach is to look at how data can

be used to benefit the enterprise in three different

ways. The first is pure cost efficiency achieved by

being able to see an end-to-end view of a single

customer, allowing for faster service recovery and

reduced duplication of communication efforts. The

second is product and service development, smart

use of data allows the company to solicit feedback

to improve existing products and better predict what

they may want in the future. The third is marketing

and loyalty, developing highly tailored messages

delivered at the right time, in the right way to the

right audience increases the likelihood of a customer

responding to an offer, seeking you out in the future

and recommending you to a friend.

Sean DoyleExecutive Vice President, AmericasBritish Airways


INDUSTRY INSIGHTS


Nina GlassConsultant, Eric Salmon & [email protected]

Learning from Nature: Adapting To The Environment

When you enter a new geographic market,

what are the most important attributes you

look for in local senior management, apart

from technical ability? It should be:

• Understanding of the culture and mores of the

parent company;

• Effective inculcation and immersion in the new

market;

• Ability to fit in with both the local subsidiary

market and parent company market.History is littered with examples of failed forays

into foreign markets; even the ones you think should

pose no problem. For example, British retailers have

a patchy record of start-ups in the USA (Tesco, most

recently) and it’s hard not to draw a conclusion that

they didn’t place the right country management who

could help the brand adapt rather than invade. And

it’s not just Brits in the US. Many entrants to France

have crashed and burned at one time or another.

Home Depot faced a $160 million charge pulling

out of China. And Wal-mart famously abandoned

the German market after it struggled to impress

Bentonville on Berlin.

So where did they all go wrong? The thinking for

too long has been that “it works over here so they’ll

love it over there.” But do they?

Before imposing something on a local population

it pays to understand:• Do they want it?

• Can they afford it?

• Can country leadership manage to bridge local

to parent company?

If the answer to any of the queries is ‘no,’ then a

rougher ride can be expected. Assuming, though,

that the first two questions prompt a ‘yes,’ then the

lynchpin lies in appointment of the right people to

steward the business. In other words, best chance of

success stems from appointing leaders who can not

only fill the brief technically but also can navigate both

local and parent contexts and effectively link the two.

While sector and functional knowledge is critical,

it’s as important that your local management knows

what makes the local market tick and even more

so that they also know how business works for you

back at your head office, in the USA or UK. Bringing

together two, often contrasting styles is key and gives

the best chance of success. Believe me, I’ve been there.

Distributors can be a mixed blessing for exporters:

they help you put feet on the ground in your

export markets, but they can also misrepresent

your brand or lack the marketing zeal needed to really

drive your sales. Even the best distributors need a

helping hand and one of the most effective ways is to

build your company’s presence online in your export

markets. Building a localized website solves 4 key

export challenges:

• Controlling and building brand awareness

• Supporting your local distributor

• Coordinating multiple distributors

• Generating new leadsToday’s consumers and businesses want to know

the company behind the product, so brand ownership

and management has never been more important. In

your home market, you can rely on your reputation,

word of mouth and your established website. In

export markets, your local website has to work

overtime to build brand awareness. You can’t rely

on your distributor who may lack the resources or

serve multiple products. Brand visibility is essential

today and the place where businesses look for you

is online.Tip: Protect your brand by purchasing domains of

main target countries. If you don’t own them, your

competitors or distributors can.

Some 70% of B2B product sourcing starts with an

online search. Before signing up, your prospects are

likely to check out your website and social media.

Show them you know and care about their market.

Providing local marketing materials and generating

enquires through your local websites, supports your

distributor: They can focus on nurturing leads and

after sales support.

Tip: Show you care about the local market: provide case

studies, testimonials and marketing documentation

that is relevant to the local market.

Using localized websites allows you to coordinate

and optimize multiple distributors: harmonizing product

launches and pricing is fundamental to managing

multiple distributors.

Tip: Always use local currencies but keep exchange

rates updated – your clients will notice otherwise.

Generating new leads in export markets only happens

when the websites are localized. That includes local

search engine optimization: Make sure your target

clients can find you locally. Just because they can

find you easily in your home market doesn’t mean

they can find you in your export market.

Tip: Build a strong local community via social media

to drive traffic to your website.

John WorthingtonManaging Director ibt [email protected]

Support Your Export Distributors: Localize Your Website!

At firms heading towards a merger, acquisition,

or divestment, executives tend to maintain

a laser-like focus on the deal itself: What is

the share price? What are the terms?

But these events don’t happen in a vacuum. They

require a long list of compliance and operational

actions, big and small. And when deals happen across

multiple jurisdictions, the operational and compliance

fall-out also multiplies.

When we advise clients contemplating a deal, we

help them create a roadmap of pre and post-deal

operational changes and compliance hurdles. It’s

imperative that they begin this planning process from

the outset – you never want to find out on the eve

of a major acquisition that your plans for workforce

reductions at the foreign firm you’re buying conflict

with local labor law.

And that’s just one potential complication. In a deal

that transfers most or all of the assets of one company

to another, for example, you’ll have to contend with

local rules for winding down the shell entity. If you’re

purchasing a foreign entity as is, you still may need

to update its directors and registered address. The

devil is often in the details, and there are a lot of them.

From a compliance and operations perspective, the

most challenging aspect of these events is frequently

HR. There are little things: Will a change in company

name or location affect the visa status of any expat

employees? And there are much bigger things: The EU

has strict TUPE – Transfer of Undertakings (Protection

of Employment) – laws to ensure that workers retain

their employment rights when they’re transferred to

a new employee. They require close consultation

with employees and union representatives on both

sides of a deal.

And of course there’s the question of workforce

compatibility. The culture clash between the management

of German automaker Daimler AG and that of the

American firm Chrysler, unanticipated by senior

executives, famously contributed to the failure of

DaimlerChrysler.

But if you do successfully plan and execute around

an international deal, the payoff can be enormous. We

should know. Radius Inc. was born this spring out of

a merger between the U.S. firm High Street Partners

and UK-based Nair & Co. It’s already bearing fruit.

Jason MartindaleSenior Director, UK and Europe, Radiusjason.martindale@ radiusww.com

The Collateral Complications of International M&A

INDUSTRY INSIGHTS

The Partnership Revolution: One Plus One Is Greater Than Two

Consider this: Some of the business world’s greatest

success stories have been engineered by two or

more entrepreneurs possessing complementary

skills. Take Apple. Tech genius (Steve Wozniak) +

marketing mastermind (Steve Jobs) = one of the world’s

top brands and market leaders. It seems every industry

is looking at strategic partnering and co-branding to

increase reach and overall sales, offer something new,

boost awareness and inspire consumer confidence.

These tips are just a guide but, as City A.M. stated at

the beginning of the year: ‘Partnerships may be the big

trend in 2014’. I, for one, am not disagreeing with them.Choose

Pick a corporate partner who shares your company’s

vision and values, and the benefits can go well beyond

simple co-branding, joint marketing and projects.

The motives for each partner can be different. The

overall objectives and methods, however, need to be

the same. There are obvious links to be aware of – the

companies’ products and/or services, customer bases

and future potential target audiences.

Create

Discuss both corporate objectives and agree on priorities.

Take time to discuss your company's vision and mission

with your new partner and vice-versa to develop a joint

vision and mission. Make sure each partner’s needs

and expectations are addressed. Sometimes a partner

is sought for capital, sometimes for expertise, sometimes

for connections. These are not always expressed, yet

they remain as an underlying expectation. Setting

out clear guidelines at the start of the partnership

means both sides know where they stand and what to

expect, allowing for a clear and successful relationship

to flourish. And a partnership agreement should be

drawn up and reviewed, ideally, on a quarterly basis.Communicate

I make sure that staff at all levels, not just senior

management, at Grange Hotels know about our

partnerships and, therefore, are enrolled in them

and understand why we are working with them.

Be sure to make the most of any joint marketing

activities as there’s double the audience. It’s also

good to be seen ‘talking’ and supporting each other

on all social media platforms, that way your clients,

stakeholders and followers know that there is such

a strategic relationship that they could, depending

on the context, take advantage of.

The result: a hybrid of skills, consumer bases and

services result in quicker, sometimes, slicker execution

and an enhanced image. Go forth and collaborate!

Claire FarringtonPartnership Manager, Grange [email protected]


The Partnership Revolution: One Plus One Is Greater Than Two


Hydraulic Fracturing In The UK: What’s The Latest?

Fracking for shale gas in the UK remains topical,

particularly now previous estimates of UK

shale gas reserves have been revealed as far

too low. Those against fracking cite significant

environmental risks whilst the proponents (including

the UK Government) argue that it is vital the UK

embraces this opportunity.Reports abound from both sides. A March 2014 report

“Are We Fit to Frack?” by conservation organisations

contained numerous recommendations including

setting up “no frack zones” around conservation areas.

The Chief Executive of the United Kingdom Onshore

Operators Group retaliated that the report contained

critical inaccuracies and highlighted that the industry

already has to comply with 17 European Directives

and obtain up to 9 separate UK environmental permits

involving a multitude of regulators.UK permitting requirements for fracking are complicated

and the Government is determined to streamline

them. Recent reports by Bloomberg estimate 6 months

plus to obtain UK fracking permits while in Texas it

only takes 7 - 14 days. The UK permitting problems

helps explain the lack of uptake, despite the known

shale gas reserves and the tax breaks offered by the

Government.

To add to this are growing fears that after obtaining

all the necessary permits, an operator will be faced

with landowners (who in the UK also own the sub-soil

beneath the surface of their land) invoking the law

of trespass to prevent shale exploration going ahead

without their consent. The UK government countered

(as part of the Queens Speech on 4 June 2014) that

it will consult on amending current trespass laws to

ensure that these are not a barrier to fracking.

The public remain to be convinced – despite the

Government’s latest incentive strategy under which

operators pay £100,000 in community benefits at

exploration phase, per well-site, and 1% of revenues

from production wells go to communities that host them.

2014 has been cited as the year UK shale gas

exploration will make significant progress towards

becoming a viable resource. However with the biggest

potential UK shale gas operator still describing a 5-year

lead-in time before viable exploitation of shale gas,

it looks like we have a long road ahead.

Caroline AlmondSenior AssociateSquire Patton Boggs+44 121 222 [email protected]

On Friday the 13th of June, it became illegal for

businesses to present customers with costly

non-geographic numbers to contact them.

The government are working towards putting an

end to expensive premium 084 and 087 numbers

for customers calling to consult their service or

product provider.

The ruling is part of “The Consumer Contracts

Regulations 2013”; it helps prevent customers having

to pay more than standard rate charges to consult

providers. The ruling includes an exception that

affects a number of sectors that have been classified

as “better governed by sector specific rules”. These

include gambling, package travel, timeshare and

certain financial services.

Businesses using 084 or 087 numbers will have

to switch to either a geographical number (such as

01 or 02) or, if they still require the technological

benefits of a non-geographic number, an 03 number.

A Better Customer Experience

The change in regulation is designed to protect

customers from paying over the odds for a level

of service that should be provided by their initial

agreement.

It’s a real drive towards delivering better levels of

customer service and labels 084 and 087 numbers

as ‘unfriendly’. Companies using these numbers for

other areas of the business should begin reviewing

the reasons they utilise them; if the reasons only

benefit the business and not the customer or prospect

engaging the company, then a review of your options

should be on the agenda.

Businesses have seen dramatic increases in inbound

enquiries and levels of marketing campaign engagement,

not from re-inventing their propositions and marketing

content, but from getting their inbound strategy

“customer friendly”; this all starts with getting the

right number in place.

Review Your Options

With numerous technologies available in the

marketplace, it makes sense for businesses to regularly

assess their inbound setup. Whether you’re still

using 084 or 087 numbers, looking to improve the

customer journey or track marketing campaigns more

effectively, ensure you’re aware of your options and

you’re getting the most value from your budget.

Keith LourieUnified Communications Consultant, IP [email protected]

Are You Using 084 or 087 Numbers? If So, You May Want To Read This

AUTHOR SPOTLIGHT


SMALL MOVE, BIG CHANGE

Caroline Arnold’s “Small Move, Big Change:

Using Microresolutions to Transform Your

Life Permanently” is here to rescue your

failing New Year’s resolutions with a unique

approach to following through with goals.

Rather than creating vague, wistful resolu-

tions to “get fit” or “be organized”, the key

to accomplishment are “microresolutions”:

small, attainable goals that you have no

excuse to avoid but will slowly engrain themselves as habit. By

accumulating microresolutions over an extended period of time,

these small adjustments transform into big changes. Arnold

makes practical use of behavioral science to weed out habits that

undermine our goals, and draws on personal examples of her

life as one of the most sought-after tech leaders on Wall Street.

A wife, mother, and Wall Street innovator, Arnold uses her

own successes and failures as case studies. Contrasting her career

success and her personal resolution failures,

Arnold recounts how by analyzing her own

behavior she was able to engineer her resolu-

tions to succeed every time, from losing weight

to improving key relationships. She also presents

fascinating research on willpower, habit, and the

outsize impact a small behavioral change can have

on weight, fitness, relationships, career, health,

sleep, spending, organization, and punctuality. nCaroline ArnoldManaging Director Goldman Sachs

BEST PRACTICES OF THE BEST DEALMAKERS:

VALUABLE GUIDANCE FROM 51 OF THE MOST ACTIVE MIDDLE MARKET M&A PRACTITIONERS

What are the most important elements of

successful dealmaking? Is it education,

experience, or instinct? What strategies

are tried and true? What tactics are work-

ing most effectively in the current dealmaking climate? Mer-

rill Datasite together with The M&A Advisor presents ‘The

Best Practices of the Best Dealmakers series – Complete

First Edition’. Building it’s foundations on the principle that

there is no “one size fits all” in M&A strategy it delivers key

industry insight from over 50 leading dealmakers including

buyers, sellers, attorneys, accountants, investment bank-

ers, and consultants who have mastered the mechanics and

the more subtle human aspects of making a deal happen.

Featuring video interviews, the contents of the electronic

version of this book follow the progression of the M&A life cycle,

from the definition of the M&A acquisition strategy through

target identification, due diligence, negotiation and integra-

tion, and features a special

section on Distressed

Investing, Restructuring

and Turnarounds.

THE TALENT EQUATION

A data-driven approach to HR can help

companies make smarter decisions about

their most important asset: their people. In

the wake of the greatest shock to the labor

market since the Great Depression, compa-

nies are faced with looming skill shortages,

retention concerns, and questions regarding

the effective composition of their workforce.

Along with co-authors Matt Ferguson (Careerbuilder) and

Lorin Hitt (Wharton School), Prasanna Tambe (NYU’s Stern

School) commissioned a landmark big data study of more than

2,700 employers and 33 million resumes to find the relation-

ship between market performance, education attainment, and

employee tenure. The Talent Equation explores:

• The ROI of increased education levels and retention rates

• The benefits of continuous recruitment and talent pipelines

• The growth of the recruitment technology market and how

workforce analytic tools are changing talent

acquisition

• The importance of reducing long-term unem-

ployment through training and reskilling.

Smart and timely, “The Talent Equation” also

incorporates case studies from leading brands –

both global and domestic – that further illustrate

staffing issues facing executives today. n

Prasanna TambeAssociate Professor NYU Stern

INTERNATIONAL FINANCE REGULATION: THE QUEST FOR FINANCIAL STABILITY

Effective financial regulation inspires market

confidence, stability, consumer protection, and

a reduction in financial misconduct and crime.

International finance expert Georges Ugeux

explains that while individual nations have

reformed domestic regulations, these combined

measures are still insufficient to prevent future

financial crises. His new book, “International Finance Regulation:

The Quest for Financial Stability” WILEY; 2014), demonstrates that

global financial stability is managed in a fragmented and incoherent

manner, and offers a model for strategic international regulation.

Finance consistently operates within an expanding global paradigm,

and an overarching regulation scheme is becoming increasingly

necessary for sustainable growth. “International Finance Regula-

tion” focuses on the inspirations behind regulation and examines

the global risks and consequences of fragmentation.

With three decades of experience in the legal and

economic aspects of international business, author

Georges Ugeux is uniquely positioned to provide

counsel from the perspective of a top global author-

ity. Ugeux offers insights into the lessons learned

from the recent financial crises, and shows why the

current financial laws, rules, and risks are often

seemingly overbearing.

Georges UgeuxCEO Galileo Global Advisors

A year after negotiations for a Transatlantic Trade and Investment Partnership (TTIP) were launched, we are receiving continued interest in the prospective agreement from BAB members and also members of the BABC. We have therefore continued to take a leadership role in promoting the TTIP, which could bring potentially massive benefits not only to our members but also to the UK, US and EU economies at large.

Public Briefing on Investment in TTIP with EU Commissionner Karel De GuchtIn June, we convened a public briefing in London on the investment dimension in TTIP in conjunction with partners such as Thomson Reuters. We were joined by the EU Trade Commissioner, Karel de Gucht, and a panel of experts from Herbert Smith Freehills LLP, BASF Group, Northrop Grumman Corporation, The Dow Chemical Company, and Thomson Reuters.

Investment protection was described by the Commissioner in his keynote remarks as “a basic principle of the law”, ensuring protection against discrimination and expropriation and providing for fair and equitable treatment of investors. The event was endorsed by the UK Trade Minister, Lord Livingston, who noted that the Commission consultation on Investor State Dispute Settlement (ISDS) was an excellent opportunity for public debate on an important issue.

Written Response to the European Commission’s Public Consultation on ISDSFollowing our event on investment in TTIP, we submitted our written response to the European Union’s public consultation on investment protection and ISDS in TTIP in July, stressing the importance of investment for the transatlantic economy. We underlined that investment protection and ISDS provisions should represent an important part of TTIP, especially given the opportunity that TTIP presents for setting new benchmark conditions for investment globally as well as strengthening investment protection across the Atlantic.

Continuing TTIP Road ShowsOur TTIP Road Shows around the UK have continued to build momentum, highlighting to companies how they can benefit from a successful trade and investment deal between the EU and the US. In recent months, we have visited Cardiff, Glasgow (with a keynote speech from the Rt Hon Ken Clarke MP), Birmingham and Liverpool, with Edinburgh and Sheffield already scheduled for the Autumn. Our expert panel of speakers has included SMEs, MPs and members of Government, and continues to address issues such as:

• Current status of the negotiations and what companies can gain from an agreement;

• Success stories showcasing investment between the UK and the US;

• Current government trade promotion initiatives and support relevant to US markets.

To register your interest for the road shows, please contact Emanuel Adam, Policy and Public Affairs Manager at BritishAmerican Business at [email protected] or +44 (0)20 7290 9885.

Update from the UK GovernmentOn 11th July, 2014, the UK government published its official response to the House of Lords EU Committee’s report on TTIP to which BritishAmerican Business has actively contributed by providing substantive written evidence to the House of Lords in October 2013. The Government response sets out the case for TTIP and the importance of the deal to the UK; addresses some of the myths and misconceptions about the deal; and covers the specific recommendations and observations made by the Committee.

We will continue to be active in our TTIP initiatives in the months ahead, alongside other policy priorities which we have been focusing on, including: tax, aviation policy, and immigration among others. n

POLICY AND FORUMS

POLICY UPDATETHE LATEST ON THE TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP


Above: EU Commissioner for Trade, Karel De Gucht

Above: TTIP Road Show, Glasgow. Left to Right: Linda Hanna, Senior Director, Strategy & Economics at Scottish Enterprise Iain McMillan CBE, Chairman SNABC; The Rt Hon Ken Clarke MP, Minister without Portfolio; David Mundell MP, Parliamentary Under-Secretary of State for Scotland; Jeffries Briginshaw, Managing Director, BritishAmerican Business London; Neil Amner Partner, DWF LLP

The longstanding legal community within the

BritishAmerican Business membership is one

of our most valued industry groups. Indeed,

the BAB Law Forum under the chairmanship of

Rafi Azim-Khan, Partner, Pillsbury Winthrop Shaw

Pittman LLP, has gone from strength to strength in

capturing this expertise throughout our eventing

and policy output.

There is also a high level of cross fertilization of

ideas for and with other forums. Legal perspectives

are vital to many of our events – and we have been

fortunate enough to welcome Law Forum members

to speak at other events in our programme including

sessions on nuclear energy, cyber security, social

media and unconventional gas.

At our recent Transatlantic Trade and Investment

Partnership (TTIP) event on Investor-State Dispute

Resolution (ISDS), we were pleased not only to be

joined by EU Commissioner for Trade, Karel De

Gucht, but also by two distinguished lawyers who

spoke on our panel of expert speakers: Christian

Leathley, Partner, Herbert Smith Freehills LLP, and

Wolf Von Kumberg, European Legal Director and

Assistant General Counsel, Northrop Grumman

Corporation. Our thanks also to Herbert Smith

Freehills for sponsoring the event.

Law Forum specific events have tended in recent

years to focus on smaller roundtable discussions

(often aimed specifically at attracting particularly

specialised groups such as Chief General Counsels),

with issues including the legal services act, press

regulation, shareholder activism and the UK Bribery

Act. These have been practical sessions led by

industry leading figures tackling some of the

most challenging issues impacting upon the BAB

and wider transatlantic business community – we

haven’t been afraid to tackle contentious issues,

including the aforementioned UK Bribery Act,

Sanctions and the UK-US extradition treaty.

Over the next few months, our members at the

intersection of international legal and business

communities will be looking forward to the Global

Law Summit, which will take place in London in

February 2015 (visit globallawsummit.com for

more information). It promises to be a ‘Davos’ for

those with an interest in interfaces between law,

commerce, and government. Watch this space as

we contribute our ideas!

Purpose of the forums

BAB has a large and diverse membership committed

to pursuing their transatlantic business priorities.

This is achieved through opportunities provided

by BAB networks and event platforms, sometimes

in collaboration with other like-minded business-

focused organisations. The forums play a vital role

in developing the networks, policies, themes, events

and other activities that are a central component

of BAB’s ongoing value to its members. Activities

are grouped around three themes – Networking,

Intelligence and Advocacy.

BAB has a unique, cross-sector transatlantic

character that presents a strong basis for engaging

with governments and advocating effective, evidence-

based and strategic approaches to the wide range

of regulatory challenges faced by transatlantic

business on a daily basis. These challenges are

both bilateral (eg. between the UK or EU and the

US), and also, increasingly, in the third country

marketplace (eg. other than in the US or the EU

Single Market) as our members seek to find common

cause in establishing a global level playing field

for business.

As a network based on insights, expertise, and

the cross-pollination of ideas, BAB Forums are

also a catalyst for the valuable relationships that

BAB seeks to nurture and sustain as intrinsic to

its mission and heritage. n

Upcoming forums include:

Aviation Forum

Friday 7 November

9:30am to 10:30am

At BritishAmerican Business’s Offices

Law Forum

Tuesday 2 December

8.30am to 9.30am

At Pillsbury Winthrop Shaw Pittman LLP

Taxation Forum

Thursday 4 December

8:30am to 9:30am

At Deloitte LLP

HR & Employment

Friday 5 December

8.30am to 9.30am

At Laytons Solicitors

All members are welcome to attend these meetings,

please contact John Cater to register your interest.

John CaterForums Programme ManagerBritishAmerican Business+44 (0) 20 7290 [email protected]

AN UPDATE FROM OUR LAW FORUM


In my earlier Network article, “A ‘Perfect Storm’

Of Data Law Changes”, I highlighted the huge

number of factors that were combining in an

unprecedented way and that would require all

businesses (whether or not “tech”/“web” companies

and whether US, EU or beyond) that operated

websites, used customer, marketing, employee or

partner data to urgently review what they were

doing/planning.

In the past year, the need for urgent review

and action has in fact increased. For example, the

threat of “nuclear” fines of 2% of global turnover/

revenue for breach of data privacy/protection (DP)

laws has not gone away but rather has increased

to 5%. Transfers of data across the Atlantic and

internationally has come under the spotlight of

enforcers and previous solutions (such as Safe

Harbor and Model Clauses) have been thrown

into doubt (more detail below). Regulators have

been hiring larger teams to pursue companies

more aggressively and we have now seen more

frequent use of six figure fines across the EU. This

is all before we are hit with the new DP Regulation

(which will bring in numerous requirements over

and above the current DP Directive).

Increased Fines & Enforcement

As a reminder, businesses need to note not just a

threat of possible new fines but the fact we already

now have significantly increased fines. Fine levels

have moved from minor irritant category (£5000) to

very serious (up to £500,000 in the UK, per breach).

The EU regulators have also increasingly thrown

their weight around, (e.g. a recent fine of £440,000

in the UK and similar six figure fines in Spain). Fines

in France, the Netherlands and Germany have been

equally significant and regulators have recruited

further enforcement staff.

Worse Fines, Audits to Come

However, more is to come. As mentioned above, new

fines of 5% of global revenue for DP law breaches are

part of the new Regulation, which will also increase

the risk of spot checks/audits by regulators throwing

up breaches. Some enforcers have announced they will

be ramping up audits/company visits. The Regulation

is widely expected to be implemented by the end of

next year (if not sooner).

International Transfers of Data

Another area under the spotlight is that of international

data transfers from Europe to the US and beyond.

So what exactly is the “best” solution for global

companies needing to handle and transfer personal

data across jurisdictions?

Any solution used by a company, even up to just a

year ago, may well now be out of date. Disadvantages

associated with model contract clauses, in addition

to recent serious concerns over the EU/US Safe

Harbour regime mean that Binding Corporate Rules

(“BCRs”) are becoming increasingly popular among

multinationals. They are also heavily promoted

by the Commission as the preferred route and the

“Privacy by Design” standard.

This increased further as the EU and APEC regulators

launched a practical checklist and comparative tool

(the “Referential”), which sets out the respective

requirements when seeking approval of BCRs and

APEC region’s version of BCRs i.e. Cross-Border

Privacy Rules (“CBPRs”).

The Referential presents itself as a pragmatic

means of “double certification” under both systems.

In other words, in complying with the checklist,

policies/procedures can be developed which should

help you be compliant across the EU and APEC.

So What Should You Be Doing Now?

Companies should urgently revisit what they are

doing (what procedures, policies, standards and

documents they are using, what agreements they

are entering, how they advertise/market, use the

web or databases, train staff, etc.) to check if they

are as compliant as they think they are.

The storm of new laws, new fines and new

enforcement, with even more to follow, should rightly

fast-track this to the top of the boardroom agenda.

Every cloud has a silver lining, however. The good

news is that with some proactive steps (including

using the new solutions) you can reduce risk and

future headaches. The key is to be able to show

real steps are being taken and heads are not in the

proverbial sand. n

Rafi Azim-KhanChair, British American Business’s Law ForumPartner IP/IT & Head Data Privacy, Europe, Pillsbury Winthrop Shaw Pittman [email protected]

DATA LAWS UPDATE – FURTHER CHANGES AND NEW INITIATIVES FOR INTERNATIONAL BUSINESSES TO NOTE


EVENT HIGHLIGHTS: LONDON


Spring Conference 2014 – Innovation & Disruptive Technology: Transforming our Business WorldOn Wednesday 14th May 2014, BAB held its annual Spring Conference at the BT Centre. The conference featured keynote addresses from Ed Vaizey MP, Under Secretary of State for Culture, Communications and Creative Industries, and Gerard Grech, CEO, Tech City UK. Also showcased were companies which have helped to shape innovation and disruptive technology, including: Songkick, McKinsey Global Institute, iMakr, BAE Systems Applied Intelligence, Shell, Baker Botts, BT Global Services, Open Data Institute, Dow Jones and ARM.

Above: LTR: Nicholas C. Walsh, BAB President & Vice Chairman, AIG Property Casualty Senior Vice President, AIG; Ed Vaizey MP, and Jeffries Briginshaw, Managing Director of BAB in London.

“BAB Conferences are outstanding in terms of content, organisation

and high level participation. I have never failed to be impressed by the calibre of the speakers and

have found the whole experience very worthwhile.”

Christopher Fraser OBE,

Strategic Counsel, BNY Mellon

A SPECIAL THANKS TO OUR CONFERENCE SPONSORS:

Above: Guests network ahead of the first panel on: “Predicting the future: What technologies are truly big and how can business leaders recognize, and harness their potential?”

Above: Panel 2 on “Managing disruption: Responding effectively to disruptive changes”. Left to right: Alex Mason, Special Counsel, Baker Botts; Thijs Jurgens, Vice President of Innovation, Shell; David Bailey, Chief Technical Officer, BAE Systems Applied Intelligence Cyber Security Business; Dr Nicola J. Millard, Customer Experience Futurologist, BT Global Services

Above: Gerard Grech, CEO, Tech City gives his keynote address on “The case for Britain as an innovation centre”

Annual Corporate Citizenship Awards Dinner, at the Merchant Taylors’ Hall, honouring Peter Hancock, CEO, AIG and Peter Sands, Group CEO, Standard CharteredBritishAmerican Business brought together business leaders from both sides of the Atlantic at its Annual Corporate Citizenship Awards Dinner at the Merchant Taylor’s Hall in London on 12th June. Dominic Jermey, the recently appointed Chief Executive of UK Trade and Investment, presented BritishAmerican Business’s corporate citizenship awards for 2014 to Peter Hancock, CEO, AIG, and Peter Sands, Group CEO, Standard Chartered PLC.

As part of the core executive team that led the turnaround of AIG, Peter Hancock is committed to making AIG the most valued insurer in the world in the eyes of its many constituents, and to using AIG’s long-standing risk expertise to enable greater security and prosperity across all levels of society. As Group Chief Executive, Peter Sands led Standard Chartered Bank through the financial crisis, maintaining a focus as a bank which fulfils its brand promise - Here for Good - and which is committed to society through sustainable finance, community initiatives and financial inclusion.

Above: LTR: Dominic Jermey, Peter Hancock, and Nicholas C Walsh, President of BAB and Vice Chairman, AIG Property Casualty, Senior Vice President, AIG

“I am pleased to accept the Corporate Citizenship award from

BritishAmerican Business. At AIG, we have benefitted greatly from our close engagement with

BAB, and from the excellent foundation it provides for building relationships among members on

both sides of the Atlantic”,

Peter Hancock, CEO of AIG

“We strongly support the work done by British American Business

in promoting free markets, a level playing field and business-

friendly government policies for international business. I am

therefore delighted to accept this award on behalf of my colleagues

at Standard Chartered”,

Peter Sands,Group CEO, Standard Chartered

Above: Guests networking in the beautiful courtyard of the Merchant Taylors’ Hall

Above: Peter Sands gives his acceptance speech

WITH THANKS TO OUR SPONSORS

PLATINUM SPONSORSAIG Property Casualty AONAscot UnderwritingDeloitteGoldman Sachs Marsh UKStandard CharteredWillis Group Holdings

GOLD SPONSORSEvercore Lockton Companies EYMcKinsey & Company Norton Rose FullbrightSullivan & Cromwell

SILVER SPONSORSAlixPartners Citi Deutsche Bank Philip Morris LimitedWells Fargo


EVENT HIGHLIGHTS: LONDON

Women’s Forum: “The Changing Face of Leadership – Profiling the 21st Century CEO”Sponsored by Hays and hosted by the Grange St Paul’s HotelOn Thursday 22nd May 2014, our expert panel discussed what makes an inclusive leader and how such attributes can add value to a company. Speakers included: Nicolas Aubert, Managing Director for the UK and Israel, EMEA, AIG Property Casualty; and Cora Lynn Heimer-Rathbone, Partner, Mercer Leadership & Organisation Performance.

Networking Reception hosted by the Deputy Chief of Mission of the US Embassy at her ResidenceSponsored by HCA International, Lockheed Martin, and Wells FargoOn Wednesday 4th June, we were delighted to be hosted by Elizabeth Dibble, the Deputy Chief of Mission of the US Embassy in London at her official residence at Wychwood House, Kensington. The above photo features (from left to right): Jeffries Briginshaw, Managing Director of BAB in London; Elizabeth Dibble; Jim Johnston, Executive Vice President, Regional President for EMEA, Wells Fargo.

London Insight: “Disunited Kingdom? The Scottish Referendum & Our Place in Europe”Hosted by Squire Patton BoggsOn 18th June, our panel of experts considered the implications of the results in the Scottish Referendum and the UK’s future role in the EU. Speakers included: Brian Groom, UK Business and Employment Editor, The Financial Times; The Rt Hon The Baroness Liddell of Coatdyke; and George McGregor, Group Head of Public Affairs, Interel.

Summer Networking Reception at Shakespeare’s GlobeHosted by the Globe TheatreOn 10th July, we were delighted to be hosted for an evening of networking, drinks and canapés at Shakespeare’s Globe, the iconic London venue on the banks of the River Thames. Guests were able to network in the atmospheric surroundings of the Globe’s under croft, directly beneath this famous playhouse’s stage making a fantastic setting for our last major networking reception before the summer break.


Special Thanks to Our Recent Event Sponsors and Hosts

Sponsors

>> Citi

>> Grange St Paul’s Hotel

>> Grosvenor House A JW Marriott Hotel, London

>> King & Spalding

>> KPMG

>> McKinsey & Company

>> Shakespeare’s Globe

>> Squire Patton Boggs

>> The Law Society of England and Wales

>> Thomson Reuters

Hosts

Recent Business and Government Leaders at our London Events

Policymaker Roundtable with Anthony Gardner, US Ambassador to

the European Union: “From the Outside Looking In –

Sustaining Competitiveness as an Investment Destination”

CEO Roundtable with Jeff Weiner, CEO, LinkedIn: “The Future of LinkedIn

and the Economic Graph”

Policymaker Roundtable with Anthony Foxx, U.S. Secretary for

Transportation

CEO Roundtable with Craig Kreeger, CEO, Virgin Atlantic: “The changing

role of a challenger brand”


Additional London Events » Business Briefing: “Ukraine – The Impact for Transatlantic Business”

» TTIP Roadshow, Birmingham: “The US-EU Trade Negotiations and the Coalition for Transatlantic Business”

» TTIP Road Show, Liverpool: “The US-EU Trade Negotiations and the Coalition for Transatlantic Business“

» Business Briefing: “TTIP and the Investment Dimension: What is the State of Play?”

» President’s Lunch

EVENT HIGHLIGHTS: NEW YORK


Business Briefing: New Energy Prospects — Shaping the Future of Commerce

Inaugural Pub Quiz

Ambassadorial Briefing with Sir Peter Westmacott, KCMG, LVO, British Ambassador the United States

Rooftop Networking Reception

Sponsored by National Grid and hosted by McGraw Hill Financial, our panel of experts led a discussion on the future of the US energy market, alternative fuels, and creative solutions to fuel demands. The panel included Ken Daly, President of National Grid New York, Chuck Imhof, Staff Vice-President, Delta Airlines, John Kingston, Director of News, Platts, and Eric Roston, Sustainability Editor, Bloomberg.

Members Gathered at The Churchill for a raucous night of trivia, networking and camaraderie. Congratulations to our first-place team from CIT, our second-place team from PwC, and to Standard Chartered for best team name (“Fish & Chicks”). Next quiz is in November!

BritishAmerican Business was delighted to host, together with the British Consul General in New York, Sir Peter for a briefing on the outlook for global affairs, sponsored by KPMG. Sir Peter touched on a number of regional and global issues, while responding to member questions and outlining current foreign policy goals.

We welcomed members to TOWN Residential’s rooftop space in Chelsea over-looking The High Line for a spring networking reception. Guests were treated to a special exhibit of jewelry from “Downton Abbey” as they were networking with new and existing members.


SPECIAL THANKS TO OUR RECENT PROGRAM SPONSORS AND HOSTS

Hosts

>> Baker & McKenzie

>> BBC Worldwide North America

>> Bloomberg

>> British Consul General New York

>> Debevoise & Plimpton

>> HSBC

>> Jaguar LandRover

>> McGraw Hill

>> Marsh & McLennan Companies

>> Paul Stuart

>> TOWN Residential

Sponsors

Recent Business Leaders at our New York Programs

Additional New York Programs

CEO Roundtable with Dan Glaser, CEO and President, Marsh & McLennan Companies: “Managing Risk, Resilience, and Return in a Transforming Landscape”

CEO Roundtable with Stephen Schwarzman, Chairman and CEO, Blackstone Group: “The Future of Finance”

>> Networking Reception and Exclusive Photography Exhibit at Paul Stuart

>> Women’s Forum: “The Balanced Board: The Future of Corporate Leadership”

>> European-American Chamber of Commerce Annual Spring

Social at The Central Park Boathouse >> BABC Annual Transatlantic Business Conference 2014 —

Building Platforms for Growth & Success: Key Trends, Game-changers and Opportunities in the Transatlantic Marketplace

>> Forum: Competing Effectively in a Globalized Economy

>> World Cup Networking Reception

>> Business Briefing: Global Rule of Law — Growing Your Business Responsibly

>> Chairman’s Reception

>> Exclusive Art Exhibition and Networking Reception

CEO Roundtable with Peter Grauer, Chairman, Bloomberg: “Embracing Contradiction in the Development of Next Generation Leadership”

UPCOMING EVENTS

BritishAmerican Business provides more than 100 occasions annually to connect with your fellow members and build your international business.

For further details, please visit our online events calendar at www.babinc.org/events.

SeptemberWednesday 3rdSME Forum Presents: A Networking Reception on the Terrace Pavilion at the House of CommonsSponsored by American Airlines, Cubitt Consulting, Fried Frank, GVA, Interel, Harrods, Radius and Standard & Poor’s

Wednesday 10thGala Dinner to celebrate the UK-US transatlantic relationship with The Rt Hon Nick Clegg MP, Tobias Ellwood MP & H.E. Matthew Barzun, U.S. Ambassador to the Court of St James’sVenue: One Great George Street Sponsored by McKinsey & Company and Wells Fargo

Tuesday 18th Aviation Forum presents: The Rise of the Megacity Sponsored by Heathrow Hosted by DLA Piper

Wednesday 24th Business Immigration Conference Sponsored by Magrath Venue: BMA House

Tuesday 30th New Members Reception Hosted by Hard Rock Café

October Wednesday 1st Young Professionals Series Presents: Speed Networking Sponsored by United Airlines Hosted by Grosvenor House A JW Marriot Hotel

Wednesday 8th BAB Autumn Conference: The New Transatlantic Market: Gamechangers, Opportunities and Risks Hosted by Bloomberg

Wednesday 15th Annual Member Meeting and Reception Hosted by McKinsey & Company

Monday 27th BAB & United Way UK Present an Exclusive Briefing: Trends in Corporate Giving – At Home and Around the World Venue: The Savoy

November Tuesday 4th Women’s Forum Presents: Building a Powerful Personal Brand Sponsored by Hays Hosted by The Grange St Paul’s Hotel

Wednesday 19th UK Energy Outlook Hosted by King & Spalding International

December Tuesday 9th BritishAmerican Business Annual Christmas Luncheon at The Dorchester Supported by Coach and Links of London

September Wednesday 17thSME Forum: Making Healthcare Reform Work for your CompanySponsored by HSBC and DDC Group

Thursday 18thCEO Roundtable with Clarke Murphy, CEO of Russell Reynolds AssociatesHosted by HSBC

Thursday 25thNetworking Reception at the Residence of the British Consul General

OctoberWednesday 8thCEO Roundtable with William Swanson, Chairman, Raytheon

Transatlantic Business Awards Dinner

Thursday 9thAmbassadorial BriefingSponsored by KPMG and Zurich Insurance

Thursday 23rdCyber Security RoundtableSponsored by BAE Systems Applied Intelligence

Tuesday 28thAnnual UK/US Tax ForumSponsored by Deloitte

Thursday 30thBusiness Briefing: “Connecting CSR with your People, PR, and Profit”Sponsored by ACCA

NovemberWednesday 12thCEO Roundtable with Eugene Ludwig, Founder & CEO, Promontory Financial GroupHosted by BBC Worldwide North America

Thursday 13thBAB Pub Quiz: “Think You’re Clever?”

DecemberFriday 12thAnnual Christmas Luncheon “A Covent Garden Christmas”


London

New York

Annual Christmas LuncheonTuesday 9th December 2014, The Dorchester, London, 12.00pm - 3.00pm

We hope that you, your colleagues and clients will join us for what promises to be another hugely enjoyable afternoon of networking and entertainment, and a fabulous array of prizes

to be won including flights, luxury hotel stays and much more!

Early Bird Prices for BAB Members available until Friday 10th October*

VIP Table of 10: £1950 +VAT (£2400) with premium seating and private branded corporate bar. Limited number of tables available.

Standard Table of 10: £1650+VAT (£1950) Single ticket: £165+VAT (£205)

Transatlantic Council members: 1 complimentary place

*Price after early bird expires is indicated in brackets

To book your table, please contact Sabina Hussain at [email protected] or 020 7290 9888.

Hosted by Supported by

The analyses, including ratings, of Standard & Poor’s and its affiliates are opinions and not statements of fact or recommendations to purchase, hold, or sell securities. They do not address the suitability of any security, and should not be relied on in making any investment decision. Standard & Poor’s does not act as a fiduciary or an investment advisor except where registered as such.

A Mid-Market Evaluation is not a credit rating. While the product is based on S&P Ratings’ corporate credit rating methodology, the analytical process is simplified and adjusted for mid-market companies.

www.standardandpoors.com

M I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O NM I D M A R K E T E V A L U A T I O N





MID-MARKET EVALUATION A PURPOSE-BUILT BENCHMARK OF CREDITWORTHINESS

The European mid-market funding environment has reached a crucial juncture. Mid-market companies are increasingly seeking to diversify their funding sources. Yet progress on linking them with willing capital has been slow. While investors and intermediaries have shown great interest, they have, to-date, struggled to understand and benchmark the relative credit risk of different mid-market companies.

We believe the answer lies with increased transparency. As such, we have launched Mid-Market Evaluation, an independent assessment of mid-sized companies’ creditworthiness. Mid-Market Evaluation is intended to help investors and intermediaries better navigate this complex and opaque market. Ultimately, it may also help to facilitate companies’ access to alternative sources of funding.

Mid-Market Evaluation is currently available in a limited number of countries. To learn more, contact us at [email protected] or visit www.standardandpoors.com/midmarket

network magazine 2014 vol ii - london

Documents

leading women network

transatlantic trade

policy work

imbalance of women

advancement of women

americas regionbae systems

world of work

edition of network