Seven critical components of new performance management
With many aspects of performance, upfront clarity is needed about the target, standard, and minimum acceptable levels. General criteria such as “5 SMART Objectives” etc risk constraining top performers or providing insufficient clarity to poor performers or those in developmental stages. General organisation-wide processes should be seen by managers as minimum requirements, not the best. Expectations should be calibrated for fairness at this stage—like setting a handicap before the metaphorical contest begins, not after the contest has ended. Monitoring and measuring is about ensuring that both the manager and the employee are engaged in monitoring and measuring all key aspects of performance (WHAT, HOW, and GROWTH). Only then will each individual receive sufficient, timely, and useful feedback to support improvement. This element also ensures that future assessment can be evidence-based. Enabling and enhancing is the key to performance management and oftentimes given insufficient attention. We know that every interaction between a manager and a member of staff can have a significant impact on that individual’s motivation and performance.
How Are Regulators Reacting to the Speed of AI Development?
“The speed of AI development is incredibly exciting, as the finance industry
stands to benefit in several ways. But we’d be naive to think such rapid
technological change cannot outstrip the speed at which regulations are created
and implemented. “Ensuring AI is adequately regulated remains a huge challenge.
Regulators can start by developing comprehensive guidelines on AI safety to
guide researchers, developers and companies. This will also help establish
grounds for partnerships between academia, industry and government to foster
collaboration in AI development, which brings us closer to the safe deployment
and use of AI. “We can’t forget that AI is a new phenomenon in the mainstream,
so we must see more initiatives to educate the public about AI and its
implications, promoting transparency and understanding. It’s vital that
regulators make such commitments but also pledge to fund research into AI safety
and best practices. To see AI’s rapid acceleration as advantageous, and not risk
reversing the fantastic progress already made, proper funding for research is
non-negotiable.”
Russia hacks Microsoft: It’s worse than you think
This time around, though, Midnight Blizzard didn’t have to build a sophisticated
hacking tool. To attack Microsoft, it used one of the most basic of basic
hacking tricks, “password spraying.” In it, hackers type commonly-used passwords
into countless random accounts, hoping one will give them access. Once they get
that access, they’re free to roam throughout a network, hack into other
accounts, steal email and documents, and more. In a blog post, Microsoft
said Midnight Blizzard broke into an old test account using password spraying
and then used the account’s permissions to get into “Microsoft corporate email
accounts, including members of our senior leadership team and employees in our
cybersecurity, legal, and other functions,” and steal emails and documents
attached to them. The company claims the hackers initially targeted information
about Midnight Blizzard itself, and that “to date, there is no evidence that the
threat actor had any access to customer environments, production systems, source
code, or AI systems.” As if to reassure customers, the company noted, “The
attack was not the result of a vulnerability in Microsoft products or
services.”
Prioritizing Data: Why a Solid Data Management Strategy Will Be Critical in 2024
Good decisions rely on shared data, especially the right data at the right time.
Sometimes, the challenge is that the data itself often raises more questions
than it answers. This trend will continue to worsen before it improves, as
disjointed data ecosystems with disparate tools, platforms, and disconnected
data silos become increasingly challenging for enterprises. This is why the
concept of a data fabric has emerged as a method to better manage and share
data. Data fabric’s holistic goal is the culmination of data management tools
designed to manage data from identification, access, cleaning, and enrichment to
transformation, governance, and analysis. That is a tall order and will take
several years to mature before adoption happens across enterprises. Current
solutions were not fully developed to deliver all the promises of a data fabric.
In the coming year, organizations will incorporate knowledge graphs and
artificial intelligence for metadata management to improve today’s offerings,
and these will be a key criterion for making them more effective. Semantic
metadata will enable decentralized data management, following the data mesh
paradigm.
Transforming IT culture for business success
The “Creatorverse” work environment fosters creativity and collaboration through
its blend of virtual work and state-of-the art physical workspaces, Wenhold
says. “All of this keeps our culture alive and keeps Business Technology a
destination department,” he adds. An obsessive focus on simplicity anchors the
belief and value system underpinning IT culture at the Pacific Northwest
National Laboratory (PNNL), according to Brian Abrahamson, associate lab
director and chief digital officer for computing and IT. For years, the lab
struggled under the weight of decentralized IT and government standards and
regulations, which complicated procedures and spurred too many overly complex
systems that didn’t talk to one another. Under Abrahamson’s direction, the IT
organization spent the past decade embracing human-centered design principles,
delivering mobile accessibility, and creating personalized and effortless
consumer-grade experiences designed to create connections among scientists and
give them ready access to a workbench primed for scientific discovery.
The top four governance, risk & compliance trends to watch in 2024
Financial institutions handle sensitive consumer data every day, which is a
responsibility integral to maintaining the trust consumers place in banks,
credit unions, and similar entities. Safeguarding this data is not only a
critical duty but also subject to rigorous regulation. The gravity of this
responsibility is underscored by the potential ramifications of cyber incidents,
which not only jeopardise consumer information but also strain a financial
institution’s technological infrastructure. The fallout may include financial
losses, reputational damage, and legal consequences. While many organisations
have existing cybersecurity plans and incident response programs, the focus in
2024 is expected to shift towards rigorous testing. The dynamic nature of
cybersecurity threats necessitates a proactive approach to ensure these plans
and programs remain effective in the face of evolving challenges. Financial
institutions may increasingly turn to external consultants for assistance in
developing cybersecurity incident response policies or reviewing existing plans
to ensure alignment with regulatory requirements.
5 ways tech leaders can increase their business acumen
There’s an opportunity to help business stakeholders advance their technical
acumen and use the dialog to develop a shared understanding of problems,
opportunities, and solution tradeoffs. Humberto Moreira, principal solutions
engineer at Gigster, says, “The opportunity to interact directly with
technologists can also give business stakeholders a useful peek behind the
curtain at how tools they use every day are developed, so this meeting of the
minds can be mutually beneficial to these two groups that don’t always
communicate as well as they should.” ... Engineers must recognize the scale and
complexity of automation before jumping into solutions. Following one user’s
journey is insufficient requirements gathering when re-engineering a complex
workflow involving many people and multiple departments using a mix of
technologies and manual steps. Technology teams should follow six-sigma
methodologies for these challenges by documenting process flows, measuring
productivity, and capturing quality defect metrics as key steps to developing
business acumen before diving into automation opportunities.
AI in 2024: Should We Still Be “Moving Fast and Breaking Things”?
It was clear from the moment it arrived on the scene that generative AI’s
proficiency with natural language was a gamechanger, opening up this technology
to legal professionals in a way that simply wasn’t possible in the past.
Additionally, as time goes on, generative AI is able to work with larger and
larger blocks of text. The days when the generative AI models could only handle
1000 words are in the rearview mirror; they can now handle 200,000 words. ...
The best bet here is to look for vendors with an in-depth understanding of daily
legal workflows combined with an understanding of which areas would actually
benefit from AI as a way to streamline, accelerate, or otherwise enhance those
workflows. After all, some workflows just need some Excel rules or some other
“low tech” solution – while others scream out for the efficiency that AI can
bring. Established vendors with domain expertise will understand these nuances.
... An old adage in Silicon Valley famously advises companies to “move fast and
break things.” There was a little bit of that mindset over the past year, as
firms jumped into generative AI because it was the technology of the moment, and
no one wanted to seem like they were behind the curve for such a groundbreaking
new technology.
eDiscovery and Cybersecurity: Protecting Sensitive Data Throughout Legal Proceedings
In today’s digital world, hackers are a constant threat to the security of
sensitive data found in legal proceedings. Even law firm computer systems can be
vulnerable to a hacker attack. Hackers who harbor malicious intent could then
turn around and take advantage of the stolen data, using it to steal others’
identities, commit financial fraud, or even worse. ... Law firms and attorneys
are responsible for keeping client data safe and meeting privacy regulations.
Not doing so results in liability lawsuits, charges of professional malpractice,
and even the loss of customer confidence. Implications springing from data
breaches in law don’t stop there, however. Lawsuits brought by affected
individuals or regulatory bodies are a potential legal consequence of data
breaches. These lawsuits can bring huge penalties for damages; they have sunk
even the most inveterate firm. Legal professionals involved in a data breach
also may face professional sanctions, potentially including suspension or
revocation of their licenses. Ethically, the mishandling of sensitive data goes
against the principles of client confidentiality and trust.
Prioritizing cybercrime intelligence for effective decision-making in cybersecurity
Given the vast amount of cybercrime intelligence data generated daily, it is
crucial for security teams to effectively prioritize the information they use
for decision-making. To do this, I recommend security teams conduct regular
risk assessments that should consider the organization’s risk profile,
considering historical data and similar companies in their industry. Once the
risk profile is created, security teams can leverage the most suitable threat
intelligence feeds and sources. Evaluation of these risks should not be
static but rather a continuous process that allows teams to regularly review and
update their priorities based on the evolving threat landscape. ... To
have a balance between gathering cybercrime intelligence and respecting privacy
and adhering to legal considerations, organizations need to follow strict legal
compliance, including data protection laws. Organizations should also minimise
the collection of sensitive information and focus only on essential data, and
establish clear ethical guidelines for their intelligence gathering
activities.
Quote for the day:
''Leaders draw out ones individual
greatness.'' -- John Paul Warren
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