New York Daily News: “Your Money: Bouncing back. Laid-off NYers get fresh start wth home businesses”

While hiring seems to be picking up again, the financial meltdown that began in 2008 resulted in a surge of home-based businesses as millions of laid-off workers scrambled to find a way to pay their bills.

In 2009, 18.4 million Americans worked at home, an increase from 16.5 million the previous year.  A little over half of all small U.S. businesses are based out of people’s homes, according to the latest Census Bureau data available.

But before would be self-employed moguls get started, they need to look realistically at what they’re hoping to accomplish, Bruce Bachenheimer, a professor of management and Director of Entrepreneurship at Pace University (pictured), advised Fran Golden of the New York Daily News

“Do you have a real strategy?  A lot of people in this bad economy see home-based as a way to be employed, fill a gap on the resume or whatever,” Bachenheimer said. “But it’s not as easy as it appears.”

To start a home-based business, Professor Bachenheimer gave New York Daily News readers the following EXPERT ADVICE:

  • SET REALISTIC GOALS:  To launch a business does take capital, time and money, and always twice as much as you think.
  • FIND A MENTOR: Talk to people who have started home-based businesses, join entrepreneur and small business groups, and get feedback about start-ups. Smart entrepeneurs surround themselves with even smarter experts.     
  • THINK SALES: A lot of people have a romantic vision that working at home means making your own hours and making money.  But the reality is, no matter what you’re offering , you need someone to buy it.  Entrepreneurs are optimistic by nature, but don’t confuse passion and stubborness.  You need someone to actually open up their wallet and want. 
  • BE HONEST WITH YOURSELF.  Not everyone is cut out to be an entrepreneur.  The best are risk-takers confident in themselves and their ideas.

Bloomberg Businessweek: “Pace: Compliance”

Lubin’s Center for Global Governance, Reporting and Regulation won’t open its doors until February 2. But it has already attracted attention and writeups from leading financial publications, such as Bloomberg Businessweek.

Comings and Goings

Pace Creates Center for Global Governance, Regulation

As reported by Carla Main in Bloomberg Businessweek:

Pace University’s Lubin School of Business has established a Center for Global Governance, Reporting and Regulation, according to a statement by the school.

John Alan (Jack) James, a Lubin professor and proponent of the teaching of comparative corporate governance, has been named the center’s inaugural executive director, the university said in the statement. James, an author and consultant for 40 years, has taught in business schools in France, Switzerland, and the U.S.

Next month the Lubin center will begin offering a six-month certificate program. The center will also serve as a setting for the exchange of views among professionals and policy makers on “issues facing world economies,” the university said in the statement.

NEWS RELEASE: “Pace University Establishes Center for Global Governance, Reporting and Regulation; John Alan James, Recognized International Corporate Governance Leader, Named Executive Director

“At no time in history have international governance and regulation been more important to the business, government and public sector than they are today,” said Neil S. Braun, Dean of the Lubin School of Business, in announcing Pace’s new Center for Global Governance, Reporting and Regulation. John Alan James (pictured), an international expert on how corporations are governed, has been named the center’s inaugural executive director. James has over 40 years of experience as an author and consultant in Europe, Asia and the U.S., and as an instructor at leading European business schools such as INSEAD and IMD.

Pace University Establishes Center for Global Governance, Reporting and Regulation

 John Alan James, Recognized International Corporate Governance Leader, Named Executive Director

“Future Business Leaders Must Be Prepared for a Global Regulatory Labyrinth,” Says Neil S. Braun, Dean of the Lubin School of Business

Offers Certified Compliance and Regulatory Professional Certificate – Classes Begin February 2, 2012 

NEW YORK, NY, January 23, 2012 – At a time when European financial uncertainty is underscoring the impact of international businesses and economies on the U.S., the Lubin School of Business at Pace University has established a Center for Global Governance, Reporting and Regulation.

John Alan (Jack) James, a Lubin professor and major proponent of the teaching of comparative corporate governance, has been named the center’s inaugural executive director. James brings the center over 40 years of experience as an author and consultant in Europe, Asia and the U.S., and as an instructor at leading European business schools including INSEAD (Institut Européen d’Administration des Affaires, near Paris), CEI (Centre d’Etudes Industrielles in Geneva, Switzerland), IMD (International Institute for Management Development in Lausanne, Switzerland), and the Northwestern Kellogg European Management Program (Lausanne).  In the United States, he has been a guest lecturer at The Wharton School of the University of Pennsylvania, Cornell and Northwestern.   

Beginning February 2, the new Lubin center is offering a six-month program leading to a new Certified Compliance and Regulatory Professional (CCRP™) certificate.  The center also is planned to be an academic setting for professional organizations, business leaders and policymakers to exchange views on key issues facing world economies. It will provide thought leadership on current and emerging issues, conducting independent research and disseminating the findings, sponsoring guest speakers, hosting special events and participating in academic and industry conferences.

“At no time in history have international governance and regulation been more important to the business, government and public sector than they are  today,” said Neil S. Braun, the former President of the NBC Television Network and Chairman of Viacom Entertainment who is Lubin’s dean.

“Changes in the already-complex regulatory system are occurring daily in nations around the world,” Braun added. “The European Union is requiring new and tighter regulations, and the meetings of the G-20, the IMF and the Bank for International Settlements, Basel, are introducing numerous new ideas for achieving convergence and establishing a level playing field across the globe. Future business leaders must be prepared for a global regulatory labyrinth, and Lubin is building upon its track record in teaching comparative governance.”

James, an international expert on how corporations are governed, founded Management Counsellors International, S.A., a Belgian corporation, where he advised clients including 50 of the U.S. Fortune 100 major multinational corporations and foreign companies like Fiat, Henkel and Siemens on market entry strategies and operating in “foreign” regulatory environments. He is also the author of over 80 articles and 52 publications.  These include what are believed to be the first publications in English on how corporations are governed in Europe, detailing the stakeholder/workers’ voice approach used by all countries outside the U.S. and the British Commonwealth. 

Recalls James, “These loose-leaf text books were published in a series of three constantly updated versions entitled Company Law and Governance, Labor Law and Industrial Relations, and Employment Law and issued by my own publishing company in Brussels, which in 1979 was sold to Management Centre Europe, the European headquarters of the American Management Association. These ‘best-sellers’ became an important source of information for firms investing in Europe and a basis for integrating governance policies and regulations at the level of the European Commission (EC) — the executive body of the European Union (EU) — and national governments.” 

The new center’s first instructional program, a collaborative venture with the Association of International Bank Auditors (AIBA), leads to a certificate as a Certified Compliance and Regulatory Professional or CCRP™.  The comprehensive six-month, 75-hour, 25-session course — www.pace.edu/lubin/ccrp — will provide intensive regulatory strategy and compliance training to professionals in global financial services. The first students will include AIBA internal audit, compliance and internal control employees from the association’s membership in nearly 100 branches and agencies of foreign banks doing business in the United States.

James said developing the new CCRP™ program took four professors and eight industry professionals nearly 1,000 hours, adding that it is “the first collaboration by the AIBA with an academic partner.” 

International governance expert, author and global educator

James began his management consulting career with Hewitt Associates in Chicago and McKinsey & Co. in New York City. While consulting in Europe, from 1976 to 1980, he was appointed by Governor Ella Grasso as the State of Connecticut’s first Director of International Business and Economic Development, a part-time position. His activities resulted in moves of a dozen major European firms to build important subsidiaries in the state.

A frequent guest lecturer at business meetings around the world, James co-chaired the first UN conference on multinational companies and multinational trade unions at the International Labour Organization in ILO in Geneva in 1978. He was also an early contributor to the functions of the European Management Forum, now the World Economic Forum (WEF), in Davos.

A resident of Fairfield County, Connecticut, James earned his bachelor’s degree in political science from Northwestern University and an MBA from the University of Chicago’s Booth School of Business. In 2003, James joined Lubin as a Professor of Management, creating one of the first graduate business school courses in Comparative Corporate Governance Systems.  He also teaches a course on Regulatory Strategy.

In recent years he has been quoted as an expert source on corporate governance and regulation in such business publications as The Wall Street Journal, Financial Times and Investor’s Business.

Evolution from accounting standards

The new Center for Global Governance, Reporting and Regulation is an outgrowth of Lubin’s Center for the Study of International Accounting Standards, itself an outgrowth of Lubin’s 105-year record as a leader in the teaching of accounting.

The earlier Center sponsored major conferences between 2008 and 2010 on the impending convergence of U.S. and international accounting standards, and developed curriculum segments for Lubin courses on the global spread of such standards. That, in turn, led to a realization that knowledge of international reporting standards alone is not sufficient in the current business environment and that grounding in governance and regulatory compliance also is essential.

“This is one of the essential expertises of the future,” James underscored.

About the Lubin School of Business at Pace University: Globally recognized and prestigiously accredited, the Lubin School of Business integrates New York City’s business world into the experienced-based education of its students at Pace’s suburban and downtown campuses, implemented by the region’s largest co-op program, team-based learning, and customized career guidance. Its programs are designed to launch success-oriented graduates toward upwardly mobile careers.  www.pace.edu/lubin

About Pace University: For 105 years Pace has produced thinking professionals by providing high quality education for the professions on a firm base of liberal learning amid the advantages of the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Lubin School of Business, Dyson College of Arts and Sciences, College of Health Professions, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. www.pace.edu.

About The Association of International Bank Auditors (AIBA): The AIBA membership consists of internal audit, compliance and internal control professionals of nearly 100 U.S. branches and agencies of foreign banks.  The mission of the AIBA is to foster the professional standing of its members by increasing their knowledge and capacities to carry out their responsibilities with respect to international banking.

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Pace Media Contact: Samuella Becker, sbecker2@pace.edu; 212-346-1637 (office) or 917-734-5172 (mobile)

CCRPTM Program Contact: BrianPew, bpew@pace.edu; 212-618-6444

Human Resource Executive Online: “Eurozone Challenges”

The intense economic pressures in the European Union, combined with high unemployment, restrictive labor policies, an aging workforce and high costs of living, offer some key challenges for HR leaders. Intensified workforce planning is crucial advises Ibraiz Tarique, associate professor of human resources management and director of global HRM programs at the Lubin School of Business.

Extreme uncertainty is plaguing employers operating today in the eurozone, as fears of government/bank default, euro breakup, bankruptcies and employee/customer distress continue to percolate.

The eurozone, which is comprised of 17 European Union members that have adopted the euro as their common currency, face some serious challenges as economic conditions continue to unravel.

Ibraiz Tarique, associate professor of human resources management and director of global HRM programs at Pace University in New York, says HR executives face three key challenges when it comes to managing in deteriorating eurozone conditions.

One is the changing psychological contract between employers and employees. Tarique says factors such as high unemployment — especially among the youth — rising levels of poverty and falling real wages are changing the way people view work there.

“For the first time in many years, job insecurity is becoming a reality for many people,” he says in an interview with Human Resource Executive Online. “The traditional European work model can no longer be sustained. It was nice while it lasted, but now there are new realities.”

As a result, there is a shift from “work to live” to “live to work.” This new attitude toward work has implications for HR, mainly in the increased competition among workers. Motivation to learn and develop will be high among workers looking for work.

“HR will have to develop incentive models that focus on what motivates key talent,” he says, adding that — similar to the Western labor markets — boundaries between private and work life will intersect; HR practices that balance work and life will become critical in a labor pool that is used to “life” in the work/life balance equation.

A second major change is occurring in the role of HR — an increased emphasis on the “HR as a broker” model.

Traditionally, Tarique says, the influential and extensive labor laws and regulations in the EU have limited HR’s ability to staff, train and terminate employees. Now, to create jobs and sustain current jobs in an era of limited budgets and resources, governments are looking at ways to deregulate labor markets.

As a result, HR’s role is changing significantly, he says.

For example, one challenge for HR is dealing with the so-called “flexibility-security nexus,” which requires HR leaders to balance increased EU labor-market flexibility — which is necessary to enable global competitiveness — with possible deregulation of employee protections.

“In this context, the role that theHR function plays is mostly of a broker between an organization’s management and the labor force,” Tarique says. “HR has to satisfy three key stakeholders — governments, employers and employees. This is not an easy task.”

Tarique says HR also has an important social role here, as governments most likely will look to organizations — which, in turn, will look to HR to develop policies — to facilitate job creation. For HR, “job design” will become critical.

For example, HR needs to figure out how to design jobs that will increase productivity. There also will be considerable focus on developing pools of contingent or part-time workers, he says.

“HR will have to play a strategic role here and form partnerships with various government agencies,” he says.

Finally, Tarique says, changing labor demographics and retention of talent represent serious challenges. With a projected eurozone negative population growth by 2015-2020, managing an older or aging workforce will be a key hurdle for HR.

“An important issue for HR is to develop policies and practices to motivate and engage the aging workforce,” he says. “Another issue for HR is to design practices that capture, retain and transfer knowledge from an older workforce to other employee groups.”

Tarique adds that eurozone companies may also attract a diverse group of employees from a variety of Asian countries, where population trends are relatively different. With a diverse workforce, HR will need to become a change agent focusing on effective cross-cultural transformations and communications.

On the flip side, he adds, if the current economic decline continues, talent flow out of Europe may become an issue for many organizations, especially at the senior-management level.

“Top talent may flow to Asian-Pacific countries and India,” he says, “so retention of key talent will become an issue for HR.”

Tarique says organizations must also be concerned about the risk of losing key talent when the economic conditions improve, as a shortage of talent at a global level may result in rising voluntary turnover rates in the EU.

“HR will need to be extremely proactive and design retention strategies for an eventual recovery,” he says. “With limited financial resources, HR may have to focus on non-financial rewards to retain and motivate employees.”

 

WNYC: “The Global Salon: Cities in Brazil” – An Evening of Conversation and Performance

On December 9, “The Global Salon: Cities in Brazil” will examine the country’s astounding transformation in economic prosperity and global infrastructure. Among the featured panelists is Lubin’s Claudia Green, who has made 18 trips to Brazil in the past 11 years, initiating projects in the Brazilian Atlantic Rainforest and Rio de Janeiro.

The Global Salon: Cities in Brazil

In collaboration with PEN World Voices Festival

Friday, December 9, 2011 at 7:00 PM
Duration: 1 hour, 30 minutes
Tickets: $20.00

The Global Salon: Brazil will examine the country’s astounding transformation in economic prosperity and global infrastructure navigated by New York Public Radio Host Eddie Robinson.

The evening includes Conversation and Performance with:

Larry Rohter, Award-winning journalist; New York Times Culture Reporter; former Newsweek correspondent and New York Times bureau chief for the Rio de Janeiro office; author of “Brazil on the Rise”

Helio Alves, Pianist and composer Helio Alves has received high praise as an in-demand sideman with Joe Henderson, Yo-Yo Ma, Slide Hampton, Airto Moreira and Flora Purim, Paquito D’Rivera, Claudio Roditi, Oscar Castro-Neves and Gato Barbieri, to name but a few. And now, with more than 40 recordings as a sideman – and two at the helm of his own ensembles – this incomparable musician is quite deservedly earning respect as a leader too.

Claudia G. Green, Executive Director/Associate Professor, Center for Global Business Programs at Pace University, Lubin School of Business; organizer of “Rio Green Map” initiative on sustainable development in preparation for Rio+20, World Cup 2014, and Olympics 2016; leader of  ‘Amigos Digitais,’ a non-profit that links students in the favellas of Rio with students in the Lower East Side of NYC for cultural and educational exchange

Béco Dranoff, Award-winning music/film producer — Red Hot + Rio; the documentary, “Beyond Ipanema;” and Brazilian radio show, Sonoridade

Nilson Matta, considered one of the greatest bass players in the world and since his arrival in New York in 1985 he has become the first call of many of the top US musicians. Nilson studied bass at the Federal University of Rio de Janeiro (UFRJ) with Sandrino Santoro, Brazil’s premier classical bass player. Since his arrival in New York 1985 he has become the first call of many of the top US musicians. His mastery of the instrument and unique sound have earned him a reputation as one of the industry’s most sought after players. Throughout his career, Matta has been the “go to” bassist for numerous top musicians from around the globe.

Lidia Santos, was born in Rio de Janeiro, Brazil, where she received a B.A. in Literatures of Portuguese Language from the University of Rio de Janeiro –UFRJ. Her Ph.D in Spanish American Literature was received from the University of São Paulo –USP. Before arriving at the Graduate Center, Prof. Santos taught at Yale University and at the Federal Fluminense University –UFF, in Brazil.

Venue: A new destination for artists and audiences, The Greene Space was created for live performances, signature WNYC radio shows and video webcasts — with concerts, audio theatre, political and cultural discussions, visual arts, public radio events and more.  It is located on the ground floor of WNYC’s new home at 44 Charlton Street (at Varick Street).

NEWS RELEASE: The Lubin School of Business at Pace University and the Association of International Bank Auditors Launch Joint Six-Month, 25-Session Certified Compliance and Regulatory Professional (CCRP™) Certificate Program

“We are very excited to partner with Pace’s Lubin School of Business, a leader in advanced management education, in offering this unique Certified Compliance and Regulatory Professional (CCRP™) certificate program to provide intensive regulatory risk management training for industry professionals,” said Steven Lewis, Chairman of the Association of International Bank Auditors (AIBA). Classes begin January 19, 2012.

Classes Begin January 19, 2012

NEW YORK, NY, December 2, 2011 – The Lubin School of Business at Pace University has formed a strategic alliance with the Association of International Bank Auditors (AIBA) to offer a Certified Compliance and Regulatory Professional (CCRP) certificate program targeting professionals working in the global financial services industry, including AIBA’s internal audit, compliance and internal control members representing nearly 100 branches and agencies of foreign banks. 

The CCRP™ Program will be the inaugural course offered in the new Center for Global Governance, Reporting and Regulation at Lubin, which will develop and apply knowledge growing out of the business school’s years of experience with international accounting standards and corporate management. CCRP™ classes begin January 19, 2012, and run Thursday evenings at Pace University’s Midtown Center in the landmark Fred French Building at 551 Fifth Avenue between 45th and 46th Streets. Course details and registration information are at www.pace.edu/lubin/ccrp.

“The complexity of world markets and diverse political systems means managing international business activities is both more important and more difficult than ever,” said Neil S. Braun, Dean of the Lubin School of Business and former President of the NBC Television Network and CEO of Viacom Entertainment. “It has become evident that planning and execution are as important in matters of risk management and regulatory compliance as they are in the traditional business disciplines. The CCRP™ will provide the analytical framework to enhance management’s ability to anticipate and address a fast changing and increasingly regulated world with specific focus on the international banking industry.”

“We are very excited to partner with Pace’s Lubin School of Business, a leader in advanced management education, in offering this unique program to provide intensive regulatory risk management training for industry professionals,” said Steven Lewis, Chairman of the AIBA.

Among the reasons the industry needs a certification from a well-recognized and highly respected business school such as Lubin, combined with a well-known industry audit and compliance association such as AIBA to administer a value-added certification, are: 

  • Financial institutions are facing an increased regulatory burden both in the U.S. and abroad. Furthermore, the pace of regulatory changes is increasing dramatically.
  • The regulatory compliance market requires a significant set of skills, equaling what is needed in the accounting, finance and legal space.
  • Existing certifications simply do not offer enough depth in their programs to allow the student to possess the knowledge to make an impact in the workforce.
  • Ongoing retraining in this ever-changing environment is critical and must be professionally administered. 

Who Will Benefit 

The Lubin/AIBA CCRP™ Program is designed for all banking professionals who seek a solid understanding of the growing significance of regulation and the need for compliance, including: 

  • Regulators and compliance professionals
  • Attorneys
  • Internal Auditors
  • Risk Decision Makers
  • Accounting and Operational Management

Curriculum  

Course One: Corporate Governance in Financial Institutions

  • Course Introduction and Corporate Governance in the International Banking Industry (1/19/12)
  • Corporate Governance & Compliance: Overview of Key Statutes and Regulatory Agencies (1/26/12)
  • Enterprise Risk Management (ERM) – External Governance vs. Internal Governance – The Role of the Board of Directors, the Audit Committee, and All Levels of Management (2/2/12)
  • Compliance Risk Management (CRM) and How ERM Affects All Levels of Bank Management (2/9/12)
  • ERM and the Role of Audit (2/16/12)
  • Operational Risk and Compliance Management (2/23/12)
  • Comparing Similarities of the U.S. Regulatory System with Other Key Countries (3/1/12)
  • Summary Session and Course Exam Preparation (3/8/12)

NO CLASS/Spring Break – Take-Home Exam due 3/15/12

Course Two: Regulatory Affairs within International Banking

  • Course Introduction and Regulatory Landscape (3/22/12)
  • Role of Compliance within the Firm (3/29/11)
  • Compliance Risk Assessment – Understanding Key Risk Factors of Complying with Statutes and Regulations to Determine the Risk Level Posed to an International Bank – How Do We Test and Monitor Compliance with Statutes and Regulations Based on Risk? (4/5/12)
  • Key Statutes and Regulations Session I – Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) – Bank Secrecy Act (BSA) / USA PATRIOT Act of 2001, Part 1 (4/12/12)
  • Key Statutes and Regulations Session II – Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) – Bank Secrecy Act (BSA) / USA PATRIOT Act of 2001, Part 2 – U.S. Money Laundering Prevention and Terrorist Financing Directives  vs. the European Union Money Laundering Prevention and Terrorist ML & Financing Directives (4/19/12)
  • Key Statutes and Regulations Session III – Introduction to Project Work/Mentors Introduced  (4/26/12)
  • Role of Technology in Establishing Proper Compliance Programs (5/3/12)

Course Three: Developing and Managing a Banking Compliance Program

  • Course Introduction and Establishing Compliance Policies and Procedures – Reference Manuals to Use as Resource Material – Developing a Compliance Manual – Key Elements for Writing an Effective and Comprehensive Compliance Policy – Key Elements for Writing an Effective and Comprehensive Compliance Procedure – Incorporating  Head Office Policies into U.S. Policies – Continuation of Project Work – Individual Team Project Themes to be submitted (5/10/12)
  • Establishing Compliance Policies & Procedures II – Continuation of Project Work/Creating Specific Policies & Procedures (5/17/12) 
  • Establishing Compliance Policies & Procedures III – Continuation of Project Work (5/24/12)
  • Preparation and Conduct during a Regulatory Examination (5/31/12)
  • Delivery of Preliminary Reports by Project Working Groups with Mentors (6/7/12)
  • Enforcement Actions (6/14/12)
  • Presentation of Final Project Report, Written & Oral, to Board with Mentors (6/21/12)
  • Final Examination Preparation (6/28/12)
  • NO CLASS/Fourth of July Weekend (7/5/12)
  • Final Examination (7/12/12)

For roughly the last third of the program, each student will participate in a practical project, mentored by experienced practitioners.

Faculty

A combination of distinguished academics and seasoned compliance and regulatory professionals has developed the curriculum and will be teaching the classes, enriched by guest speakers from relevant industries. 

The CCRP™ certificate will be awarded to those participants who successfully complete the program in a continuous six-month period and pass the CCRP™ exam. While weekly attendance is strongly encouraged, lectures will be videotaped and archived online for later viewing if occasional business travel takes a student out of town.

Tuition

$2,500 per CCRP™ Program Course and a $400 fee for administration of the CCRP™ Certification Examination. Each CCRP™ Program Participant will also be responsible for an application fee of $70. CCRP™ Program Participants will be personally responsible for the cost of textbooks and other CCRP™ Program Course related materials.

About The Center for Global Governance, Reporting and Regulation (CGGRR) at Lubin

CGGRR sponsors research and discussion on the development and implementation of global financial reporting standards, regulatory compliance and governance.  It also develops programs to develop proficiencies and expertise in these areas and hosts conferences and events on relevant topics featuring leaders in these fields. CGGRR originated as the Center for the Study of International Accounting Standards, and evolved into its current iteration as a natural progression. Reporting standards alone are not sufficient in the current global business environment; governance and regulatory compliance are essential in international business.

About the Lubin School of Business and Pace University

Founded in 1906, Pace University has nearly 13,000 students across six schools. Globally recognized and prestigiously accredited, the Lubin School of Business integrates New York City’s business world into the experienced-based education of its students at both the suburban and downtown campuses, implemented by the region’s largest co-op program, team-based learning, and customized career guidance—all designed to launch success-oriented graduates toward upwardly mobile careers.  www.pace.edu/lubin

About The Association of International Bank Auditors (AIBA): The AIBA membership consists of internal audit, compliance and internal control professionals of nearly 100 branches and agencies of foreign banks.  The mission of the AIBA is to foster the professional standing of its members by increasing their knowledge and capacities to carry out their responsibilities with respect to international banking.

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 Pace Media Contact: Samuella Becker, sbecker2@pace.edu; 212-346-1637 (office) or 917-734-5172 (mobile)

 CCRP™ Program Contact: BrianPew, bpew@pace.edu; 212-618-6444

MEDIA ALERT: Tuesday, Dec 13 at 7 PM – “The Global Marketplace: Challenges & Opportunities” – An Inside Track Event with Pace President Stephen J. Friedman and Mario J. Gabelli, Institutional Investor’s “Money Manager of the Year”

Get the “INSIDE TRACK” on the global marketplace with Pace President Stephen J. Friedman and Award-Winning Money Manager Mario Gabelli. Gabelli’s firm returned 28.6% for institutional clients in 2010, and has generated annualized returns of 16.3% since 1977.

TUESDAY, DECEMBER 13 at 7:00 PM, NYC CAMPUS

INSIDE TRACK WITH PRESIDENT STEPHEN J. FRIEDMAN

 Institutional Investor’s “Money Manager of the Year”

Mario J. Gabelli discusses:

” The Global Marketplace: Challenges & Opportunities”

 Gabelli’s firm returned 28.6% for institutional clients in 2010,

has generated annualized returns of 16.3% since 1977 

 

When: Tuesday, December 13, 7:00 PM to 8:30 PM.

Where: Pace University, Michael Schimmel Center for the Arts, 3 Spruce Street, New York, NY 10038. Directions: http://bit.ly/qxH0g3

Who: Mario J. Gabelli, one of the leading investors of our time in a compelling discussion on the unique challenges and opportunities of today’s global marketplace. Gabelli is the founder, Chairman and CEO of GAMCO Investors, Inc. (NYSE:GBL), with $31.3 billion in assets under management, a widely recognized provider of investment advice and financial services to alternative investments, mutual funds, institutional, and high net worth investors. GAMCO returned 28.6% for institutional clients in 2010, and since inception in 1977 has generated annualized returns of 16.3%.

Gabelli is a frequent commentator on CNBC and CNN and in financial print media including Institutional Investor, Business Week, Fortune, Forbes, Money and Changing Times. In April, Institutional Investor selected Gabelli as “Money Manager of the Year.”

Inside Track with President Stephen J. Friedman brings renowned thought leaders and policymakers into engaging conversations on critical issues with Pace’s president, a former senior partner at Debevoise & Plimpton LLC, commissioner of the Securities and Exchange Commission, deputy assistant secretary of the Treasury; executive vice president at The Equitable Companies Incorporated and the E.F. Hutton Group Inc., and U.S. Supreme Court law clerk. Each guest’s presentation is followed by a question-and-answer session including questions from the audience.

RSVP: The event is free and open to the public and the Pace community. Media admission by press passes. Please register in advance online at www.pace.edu/insidetrack.

Furthermore: Among Gabelli’s ace stock pickers is a team called FOCUS FIVE which selects five stocks every quarter that should outperform the market in a significant way. The group has an impressive performance record – beating the market averages each quarter. Since FOCUS FIVE’s inception on January 31, 2006, its stock bets have risen over 200% versus about 4.5% for the Standard & Poor’s 500-stock index. FOCUS FIVE’S stock picks for the current quarter are:

  • Cameco Corporation (NYSE: CCJ) – one of the world’s largest uranium producers.
  • Dana Holding Corporation (NYSE: DAN) –  a world leader in the supply of driveline products
  • Southwest Gas Corporation (NYSE: SWX) – a natural gas provider to more than 1.8 million customers
  • Ixia (NASDAQ: XXIA) – next generation wireless
  • Xylem Inc. (NYSE: XYL) – a spin-out of ITT’s water unit.

Gabelli’s long term philosophy is to “use the news of the day as a tailwind for your investment future,” managing investments against long-term trends in world affairs. GAMCO Investors, Inc. is best known for research-driven, value-oriented equity investing expertise based on the principles of Graham & Dodd — that is, investing in undervalued companies that have a high probability of achieving their intrinsic or private value over time.

 Pace Media Contact: Samuella Becker, sbecker2@pace.edu, 212-346-1637 or 917-734-5172

TeenBusinessForum: “Why Entrepreneurs Should Celebrate Global Entrepreneurship Week”

Global Entrepreneurship Week (November 14 – 20, 2011) is the world’s largest celebration of the innovators and job creators who launch startups that bring ideas to life, drive economic growth and expand human welfare. So why should entrepreneurs celebrate it?

7. To Celebrate The Entrepreneurial Mindset

Because entrepreneurship is a mindset — a way of thinking and acting, not simply about starting a business. It is about imagining new ways to solve problems and create value. These skills are important not only for those seeking to establish a new venture, but are increasingly critical in a wide variety of careers given today’s hyper-competitive marketplace, where rapid technological innovation and globalization has led to corporate downsizing and a dramatic change in the very nature of work.

Bruce Bachenheimer, Clinical Professor and Director of Entrepreneurship, Pace University

To read the other 19 responses on TeenBusinessForum, where teens discuss entrepreneurship, click here 

Kiplinger’s Retirement Report: “Help Your Child Launch a Business”

The tough job market has more people considering entrepreneurship. But starting a business requires capital that can also be difficult to secure, so many young entrepreneurs are turning to their parents for investments.

Bruce Bachenheimer, clinical professor of management and director of entrepreneurship at Pace’s Lubin School of Business, provides tips to parents who are considering helping an adult child start a business in the November issue of Kiplinger’s Retirement Report.

How much due diligence should the parents do to ensure the business is doable?  Should they require a kid to draw up a business and marketing plan? Should any loan be formal with a promissory note, etc.? How often should the parent check in on their investment? Should parents put kids in touch with other experts? How do you stay far enough away so you’re not meddling?  

Professor Bachenheimer’s “tips to parents who are considering helping an adult child start a business” are embedded below.

Crunch the numbers.

Bachenheimer suggests telling the budding entrepreneur you will invest your $50,000 after he or she finds outside investors willing to put up the other $100,000.

These investors “are going to know what a business plan should look like, what the valuation of the business should be and what the privileges of the investors are,” says Bachenheimer.

Write up the terms.

It’s critical to document in writing the terms of your loan or equity investment. At a minimum, your document should spell out the amount being invested, how the funds are to be used and how the parent investor will be repaid. Bachenheimer says you can find sample loan documents on the Internet or seek advice from experts at a small business development center.

“Parents usually have a very valuable amount of social capital,” Bachenheimer says. Your accountant, lawyer, banker, business associates or golf buddies could be potential customers, advisers or investors.

 

Interest.com: “6 ways to make giving to charity work for you”

Your mother always taught you to share with others. Yet, it’s often difficult to choose a charity and to know when to give, how much to give and when to move on to another cause. Pace’s Dr. Rebecca Tekula advises why it is important to “do your research” before giving back.

Interest.com, a Bankrate website which claims a readership of 500,000 monthly, helps consumers make smart decisions about almost every aspect of their financial lives, including donating to a cause they care about.

Rebecca Tekula, executive director of the Helene and Grant Wilson Center for Social Entrepreneurship at Pace University in New York, advocates using online resources to determine which charities really deserve your money.

Tip 5. Do your research.

Tekula suggests that people look at their philanthropic investments in the same way they’d view other investments.

You’re not only investing your funds, you also need to consider long-term expectations.

In addition to investigating a cause’s website, Tekula shares some of her favorite online resources for researching charities:

Guidestar — This is a great starting-off point and fundamental resource for analyzing facts, including tax returns and salaries.
Charity Navigator — This website uses a star system based on evolving and sophisticated fundamentals of the organizations. A great resource for the financially savvy reader that looks at the charities the way you look at a business, based on return on philanthropic investment, return on social investment.
GiveWell — The next step in evaluating a charity, according to Tekula, the top-rated charities it recommends are proven, cost effective, underfunded and outstanding.

To read all “6 ways to make giving to charity work for you” – click here