How the fashion industry can get into a metaverse mindset – Forget Logos, Fashion Houses Are Clamouring for Colours – Why Stomach Tightening Is a New Skin-Care Trend – Risk transformations: The heart, the art, and the science – 10 of the Most Exciting New Watches of 2022

Again we at TextileFuture selected for you, dear Readers the latest items of actuality, based upon facts and figures.

The first feature is on “How the fashion industry can get into a metaverse mindset”, it is based upon a feature of McKinsey and works with pictures only, thus it is easy reading. Fashion is an item that always provokes new reading material.

The second item has also to do with fashion and was published in the Wall Street Magazine. It is entitled Forget Logos, Fashion Houses Are Clamouring for Colours”, written by guest author Katie Deighton from the Wall Street Journal.

The third feature tells youWhy Stomach Tightening Is a New Skin-Care Trend” and what you should use and wear, it is written by guest author Fiorella Valdesolo from the Wall Street Journal.

The fourth item is from McKinsey and bears the title “Risk transformations: The heart, the art, and the science”. It gives you an example on how risk is transformed and what is needed for a successful transformation.

The fifth feature is about the “10 of the Most Exciting New Watches of 2022” and was originally published by The Wall Street Journal Magazine. Watches are a sign of splendor and do have respective price tags.

We at TextileFuture hope you will read all the five features, because we feel that it is entertaining, educational and is offering you insights that you never thought of.

Have a successful week and create great highlights for your own business, and, don’t forget to return next Tuesday for the TextileFuture Newsletter.


Here is the start of the first feature:

How the fashion industry can get into a metaverse mindset


Shoppers, particularly those in Gen Z, are spending more time online and exploring the possibilities of the metaverse. Here’s what fashion and luxury players need to know about this emerging frontier.

There’s a lot of buzz surrounding the metaverse—which could be loosely defined as hyper-interactive, creative digital environments where people work, play, socialize, and shop. While the metaverse itself remains in its infancy, there’s plenty of interest in its potential. For brands, and for the broader fashion industry, it could well offer new opportunities to engage Gen Z and other tech-savvy, young consumers.

What do they need to know to tap in? And what role will nonfungible tokens (NFTs), gaming, and virtual fashion play in the future of shopping?

These questions are the focus of one chapter from The State of Fashion 2022, the latest industry report from McKinsey, in partnership with the Business of Fashion (BoF). Scroll on for insight on some of the most important findings about the metaverse mindset—and how it can offer fresh routes to creativity, community building, and commerce.











Here starts the second item:

Forget Logos, Fashion Houses Are Clamouring for Colours

Unique shades—often mixed by a designer and trademarked with colour authority Pantone—supplement branding in a visual era.

By guest author Katie Deighton from the Wall Street Journal

There was only one word to describe Valentino’s Fall 2022 show in Paris last month: pink. The runway, the walls, the eye shadow, the pillars of the historic Le Carreau du Temple, even celebrity ambassador Zendaya: All came bathed or bedecked in a hue on the hotter side of fuchsia. And that’s to say nothing for creative director Pierpaolo Piccioli’s designs—oversize powersuits, sequined knits, embellished ball gowns—monochrome in the truest sense of the word.

The shade, dubbed “Valentino Pink PP,” was developed by Piccioli, his design team and color specialists at Pantone. It is now splashed across the fashion house’s website and social media platforms. And all that pink clothing? It will be in boutiques this fall.

A bold departure from the pillarbox red beloved by the brand’s founder Valentino Garavani, the big bet on pink comes as more and more fashion brands claim specific colors to communicate who they are and what they stand for.

There’s the long-lasting: streetwear stalwart Supreme’s bright red that flashes on shopping bags, sweatshirts and even skateboards. There’s the new classic: Glossier’s slightly translucent, blushing millennial pink.

And there’s the contemporary steeped in history: Bottega Veneta’s parakeet green. The Italian house went heavy on it during the spring 2021 season, piquing the interest of a pandemic-weary crowd and elevating the playful shade to a shorthand of “Bottega Green.”

This fashion season, Bottega Veneta launched a brand’s new augmented reality app with a logo that is, simply, a square of green. A spokesperson for the brand points out the color has been used by the house for decades. Archive polaroids show the green painted on the company’s storefronts in the 1990s; it appears on branded dust bags in a 1985 film made by Andy Warhol.



Colours, when claimed by fashion companies, can act as a type of visual shorthand for a brand that can easily be spotted from a distance—or in an Instagram Story. They can supplement or even substitute logos, and are proving to be useful tools as fashion moves further online, said Emily Safian-Demers, editor at Wunderman Thompson Intelligence (the trend forecasting unit of marketing agency Wunderman Thompson).

“Colour can be used in a lot more ways than a logo can. [It’s] much more easily translatable in all of these visually driven digital environments,” Ms. Safian-Demers said. That includes the metaverse, a digital environment where creatives will no longer be inhibited by the constraints of reality when it comes to color. They could, in theory, paint the sky, the trees and even avatars in their brands’ signature hues, Ms. Safian-Demers said.

Some colours are already cemented in clients’ minds as representing heritage fashion brands. Hermès’s warm citrus box, for instance, was first born out of necessity in the Nazi-occupied Paris of the 1940s, when materials were in short supply, and the only boxes available happened to be orange. The boxes went on to become collectors’ items; the shade went on to adorn the products that went inside them, including an orange USD 3,500 cashmere blanket and a leather band for the USD 1,300 Series 7 Apple watch.

Tiffany’s robin’s-egg blue, meanwhile, appeared on the cover of the jeweler’s first sales catalogue in 1845.

It wasn’t until 1998 that “Tiffany Blue” was registered as a color trademark and 2001 that it was standardized by Pantone (“1837 Blue”) as a custom color exclusively for the brand’s use. (Today, Tiffany even offers jewelry in its signature color, including an Elsa Peretti Bone cuff inset with turquoise for USD 9,000 and a pair of USD 14,400 aquamarine-and-diamond drop earrings.)

Newer companies aren’t waiting so long to develop and plant a flag in their chosen colors, says Laurie Pressman, vice president of the Pantone Color Institute, Pantone’s division that forecasts color trends and advises companies on matters of brand identity.

Marketers are leveraging color to stand out in a crowded market, Ms. Pressman said. At the same time, digital media means companies have more opportunities to get their colors in front of consumers, and can build the psychological bridge between hue and brand quicker than they could before, she said.

“Now what took years doesn’t [anymore],” Ms. Pressman said, “because we’re seeing it on a phone every day.”

One of the newest fashion brands to claim a color is Brady, the eponymous athletic line launched in January by NFL quarterback Tom Brady. The company worked with Pantone to create Brady Blue—a vivid shade close to cobalt that features throughout the footballer’s first sportswear collection. The Brady team wanted to develop a color distinct from another of Brady’s blues—the navy of the New England Patriots—that could establish what the new brand was all about, said its chief marketing officer, Jamie Girdler.

“This blue, we feel, really inspires a lot of those founding principles like fearlessness, and resilience and confidence towards achieving greatness,” he said. Blue is also associated with determination, commitment and loyalty, Girdler said.

Now, the custom colour sits on Pantone’s official scale at number 112-22, and, for USD 95, fans can buy a Brady Blue hoodie or USD 55 for a Brady Blue long-sleeve T-shirt. And if that’s too much of one hue, there’s a pair of USD 20 socks—in Brady Blue, of course.


That’s the beginning of the third feature:

Why Stomach Tightening Is a New Skin-Care Trend

When it comes to skin care, we’ve turned our attention below the neck.

By guest author Fiorella Valdesolo from the Wall Street Journal

The “Miu Miu set,” a scant crop top and ultra-low-rise pleated mini that was part of the brand’s spring/summer 2022 collection, has now been photographed and knocked off so many times that it has its own Instagram account (@miumiuset). While the look is a paragon of the Y2K frenzy besieging fashion, its popularity and that of other midriff-baring runway styles (see the low-slung pants at Vaquera, Balmain, Tom Ford, Lanvin, Brandon Maxwell and Marni, among others) are also helping drive a surge in interest for body treatments. “Given that the most recent Fashion Weeks displayed that exposed midriffs and micro-minis are back, there has definitely been an increase in requests for body-contouring methods,” says Shirley Madhère, plastic surgeon and founder of Jet Set Beauty Rx, adding that the most requested procedures in her Manhattan practice have been tummy tucks and liposuction of the abdomen and thighs.

In January, comedian Amy Schumer revealed on her Instagram that she’d had liposuction, explaining to Chelsea Handler in an interview in March: “I just want to be real about it.” Laura Dyer, a physician assistant who treats patients at dermatologist Amy Wechsler’s practice, says celebrity transparency helps set more realistic expectations for everyone. “Honesty around how they achieve their bodies is important,” says Dyer. “Not everyone looks 22 using just olive oil.”

Paul Jarrod Frank, a cosmetic dermatologist in Manhattan, thinks one factor driving more people to explore body treatments is that there are significantly more options and advances than there were even a few years ago. For crepiness and skin tightening, Frank has been deploying body-specific radio-frequency microneedling handpieces, which use tiny needles to deliver high-intensity radio-frequency energy to targeted tissue; for superficial sun damage, he turns to BroadBand Light Hero light therapy. (Still, for severe laxity or to significantly change body shape, he steers people away from noninvasive treatments towards a surgical intervention like tumescent liposuction.)

Dyer’s gold standard for body contouring remains CoolSculpting, despite the negative press around it after model Linda Evangelista experienced paradoxical adipose hyperplasia (PAH), a rare, but not unknown, side effect in which the fat increases instead of diminishing. According to Allergan Aesthetics, the brand behind CoolSculpting, the reaction occurs in 1 out of 3,000 treatments. Frank says he’s used liposuction to fix many cases of PAH and that patients should always be aware of potential side effects. “Complications can occur with non-invasive as well as invasive too,” he says.

At L.A.’s popular Le Jolie Medi Spa, Emsculpt Neo, a noninvasive toning procedure using radio frequency and high-intensity electromagnetic energies, is the most requested treatment, and the abs the most requested area for it. Dennis Gross, a New York–based dermatologist says that appointments in his office for SculpSure, a laser for contouring, have been off the charts. Younger women, in particular, are asking to “snatch their waistline” to make their hips look more pronounced, says Gross’s director of aesthetics, Courtney Brooks, citing the curvature of women like Adele, Beyoncé and the Kardashians as the driving force.

New York dermatologist Ellen Marmur has been using Renuva, a new injectable treatment that helps address cellulite dimples, by replacing fat and volume loss with your body’s own fat. On Instagram, dermatologist Robert Anolik recently posted a photo showcasing the results of laser therapy on a patient’s post-pregnancy midriff stretch marks (pink striae rubra). He says the photo was taken after three sessions, one month apart, using a pulsed dye laser, which diminishes the pink hue and tightens collagen fibres.

At Joanna Vargas’s popular midtown salon, clients are now booking her signature facials with a 60-minute session in the full-body oxygen chamber, which, says Vargas, increases circulation and collagen production and reduces stress, inflammation and redness. “People really see the value of caring for the whole body since the world reopened,” she adds. Facialist Shamara Bondaroff of SB Skin, which has locations in New York and Miami, can couple her microcurrent facials with microcurrent bodywork, applying quantum body pads to stimulate muscle contractions that mimic those of sit-ups.

Ricari Studios founder Anna Zahn, a lymphatic massage expert, has seen a dramatic uptick in bookings for the Ricari Method, her custom body treatment with infrared heat, manual massage, Lyma laser stimulation and the Icoone, a vacuum massage device that uses rollers and rhythmic vibrations to enhance lymphatic flow, reduce cellular deposits and stimulate collagen and elastin.

Stimulating collagen and elastin is something we usually look for in our facial skin-care products, and it’s no accident that it’s now a priority for the body as well. “We know that body skin care isn’t an afterthought, because we can see the large volume of people in the U.S. alone searching body skin–specific terminology on Google,” says Annie Kreighbaum, co-founder of Soft Services, a body-care brand. And more face-focused brands are broadening their scope to body. Kreighbaum says that the rise of athleisure has helped fuel our evolving body skin-care needs too; wearing tight, synthetic clothes throughout the day from exercising to Zooming is leading to an increase in issues like body acne. Says Zahn, “If our skin is our biggest organ, why would we only treat part of it?”

Body of Evidence

Products for soothing and smoothing stomach skin:

The dermatologist Dr. Macrene Alexiades supervised clinical trials on the medical device NuEra, and her study focused on the most effective radio frequency for the therapy. An earlier version of this article incorrectly said that she participated in the trials and focused on the optimal temperature for the therapy. (Corrected on April 7)


Here starts the fourth feature:


Risk transformations: The heart, the art, and the science

By guest authors Andreas Hefter, Olivia Loadwick, Thomas Poppensieker, and Anke Raufuss. Andreas Hefter is an associate partner based in McKinsey’s Sydney office, where Olivia Loadwick and Anke Raufuss are partners; Thomas Poppensieker is a senior partner in the Munich office.

Successful large-scale risk transformation requires a combination of heart, art, and science to keep the momentum and deliver sustainable outcomes.

Many financial institutions have recently undergone major risk transformations that drove universal risk capability uplift and cultural shift. Uplifting risk management capability for financial institutions can be particularly challenging if the required transformation requires coordination across business areas and functions. For two decades, there has been (and still is) an intense focus on nonfinancial risks (NFRs). While regional or global “super incidents” originally drove the emergence of NFRs as a theme, the evolution of NFR management is ongoing, with variations in form and severity from one region to another (Exhibit 1). NFR can arise from shifting customer or community expectations, change to or breaches of regulations (for example, financial crime, privacy), malicious external attacks (such as fraud, cyber), or external events (for example, the COVID-19 pandemic).

The implications of a super incident can be significant and include direct financial losses, fines (Exhibit 2), compensation or remediation costs, and reputational damage. Secondary effects could include reduced sales or accelerated disintermediation by other market participants (such as fintechs) due to lost trust. 1

This environment drove financial institutions to initiate major risk transformation programs to address incidents, immediate issues, and deeper root causes. These programs have significant monetary cost. However, the opportunity cost for the organization is much higher, given the amount of management attention and organizational capacity required for successful delivery and sustainable conclusion.

The biggest challenge in starting a risk transformation is often not the “why” or the “what,” but the “how.” Questions include how to set it up and conclude it, and then transition back to enhanced business as usual. Large-scale risk transformations often fail because change is not effectively implemented across the organisation: milestones are ticked off without actually improving risk management, addressing underlying culture, or reducing risk.

In this article, we consider different forms of risk transformations and unpack the heart, art, and science of their successful delivery and conclusion. (For more on key success factors for a large-scale transformation, see “An interview with Scott Wharton: Insights from the frontline of large-scale transformations.”)

An interview with Scott Wharton: Insights from the frontline of large-scale transformations

Scott Wharton’s career spans over 20 years in financial services and other industries across Australia, Asia, and the United States. He has led numerous large-scale transformations, including the delivery of Commonwealth Bank of Australia’s (CommBank) Remedial Action Plan (RAP), in response to the Australian Prudential Regulation Authority’s (APRA) Prudential Inquiry into governance, culture, and accountability in 2018. CommBank is Australia’s leading provider of integrated financial services. The Independent Reviewer assuring CommBank’s progress over the last three years expressed in their final report 1 that delivery of the RAP was “one of the most comprehensive, if not the most comprehensive, reforms of corporate culture in recent Australian memory.”

  1. What are three key success factors for a large-scale transformation?

There are a range of factors that influence the success of a transformation. These are three that I’ve found important.

First, motivation matters. Motivation is the bedrock for the success of any transformation. In the initial stages, you need a clear definition of what success looks like and why change is necessary. Ask what will be better post-transformation, and rally around that vision. We had an imperative to change that helped to rally the organization, and while that was helpful at first, imperatives for change dissipate over time. We maintained our motivation through deliberate interventions, including a strong tone from the top that continually reinforced the importance of what we were doing and why. Transformation is a marathon, not a sprint.

Second, have a detailed and dynamic plan. It is critical to have a detailed plan that sets out what needs to be done and by when. Then, that plan needs to be adjusted as you and your team move through it, embracing learnings and adapting. A plan review cycle can help achieve this. In our case, this cycle occurred quarterly, and considered learnings and reflections from a broad set of stakeholders involved in the transformation. We created an ongoing rhythm of reflect, learn, iterate.

Third, ensure accountabilities are clear. A plan is no use unless it drives outcomes. To enable this, mechanisms need to be put in place so that people understand what they need to get done and by when. Careful architecting of accountabilities, coupled with pragmatic governance, will sharpen accountabilities by shining a light on both progress and where help or escalation is needed. In my experience, this works best when you also foster a mindset of learning from failures and escalating concerns early.

  1. What are typical challenges of a large-scale transformation?

There will be a range of challenges to overcome, and these will differ depending on the context the organisation is confronting. Two common challenges are getting the change to permeate throughout the organisation and ensuring changes are sustainable.

One key blocker to getting changes to permeate is change fatigue, especially in the middle of the organization where change is crucial. Strong change management and communications to support leaders at all levels is important, as is helping leaders build their own skills to drive the change. Playing back the incremental wins as they happen along the way can also help to inject energy and maintain a sense of progress. Ultimately a transformation program isn’t successful unless the changes are sustainable after the program finishes. Establishing an enduring capability beyond the formal program that can monitor, continuously improve, and sustain the outcomes delivered is often overlooked but is critically important.

  1. What role did senior leaders play in the RAP at CommBank?

At CommBank, our senior leaders were deeply involved from the get-go. This helped ensure alignment on, and understanding of, the work ahead. This level of engagement continued throughout the course of the RAP, including participation in key elements of implementation, ongoing learning, and adjustment of the approach.

As the Independent Reviewer pointed out in their final report on CommBank’s transformation, the critical foundation for the program was “strong” and “unified leadership from the board and executive leadership team,” which delivered a “consistent and persistent tone from the top.”

  1. How did you ensure the change landed successfully?

There is a natural tension between the transformation program and the business’s usual priorities. It is important to be mindful of this tension, and do all that is feasible to ensure the business can successfully absorb the change coming from the transformation program with minimal disruption.

One step we took was the creation of a rolling 12-month view of the changes on the horizon. Every quarter we would then spend time with our businesses to gain their feedback on the forward view of change, including working with them to assess their ability to effectively implement what was expected. This enabled us to proactively adjust and re-sequence the overall transformation plans, and identify where additional support was needed.

We also took steps to regularly garner views on the transformation from people at all levels of the organization. This was helpful in shaping effective change management plans, as well as maintaining a broad base of support for the changes being implemented.

  1. Any final comments?

Albeit much has been done at CommBank to transform the organization, there is still much more to do. The journey of continuous improvement never ends.

The biggest challenge in starting a risk transformation is often not the “why” or the “what,” but the “how.” Questions include how to set it up and conclude it, and then transition back to enhanced business as usual. Large-scale risk transformations often fail because change is not effectively implemented across the organization: milestones are ticked off without actually improving risk management, addressing underlying culture, or reducing risk.

In this article, we consider different forms of risk transformations and unpack the heart, art, and science of their successful delivery and conclusion. (For more on key success factors for a large-scale transformation, see “An interview with Scott Wharton: Insights from the frontline of large-scale transformations.”)

The shapes and forms of risk transformations

There are four broad categories of risk transformations:

  • Business area or end-to-end process capability uplift and remediation (for example, global markets, business banking, mortgages). These transformations are typically business-led, driven by embedded line-one risk and control teams. Such transformations often include process, system, and control mapping; process simplification, digitization, and automation; documenting, decommissioning, and building ideally automated, preventative controls and monitoring in critical process break points; and clarifying responsibilities.
  • Risk-type-specific capability uplift and/or remediation (for example, financial crime, cyber, privacy, conduct). These transformations are typically driven by the respective risk experts (such as a money laundering reporting officer for financial crime and chief information security officer for cyber crime) and supported by the risk function. Such transformations often include risk-type framework and operating-model uplift, paired with targeted remediation of severe issues for a specific risk type. They are often triggered by severe incidents, issues, and regulatory scrutiny. Typically, significant resource buildup occurs to work through issues and incidents, as could be observed in financial crime programs at global banks using hundreds and even thousands of case analysts.
  • Risk function operating-model uplift (for example, changes to structure, internal risk functions, and company-wide processes). These transformations are typically driven by the risk function. Such transformations often include defining the ambition and value proposition of the risk function; improving the structure of the function (including divisions, risk-type expertise regions, and shared services); simplifying and clarifying the interactions with the business and other functional areas; and identifying and hiring capabilities to deliver.
  • Holistic enterprise-wide risk transformation (for example, uplift of underlying frameworks, governance, risk culture, remuneration, accountabilities). These transformations are typically board or CEO-sponsored programs involving all businesses and functions and considering all (nonfinancial) risks. Such transformations often include uplifting the risk management framework and policy governance; establishing, improving or operationalizing the risk taxonomy; improving the risk appetite statement, in particular, for NFR metrics cascaded into business and operationalization; uplifting and implementing a code of conduct and consistently operationalizing the three lines of defense model; uplifting risk culture measurement; uplifting remuneration for risk-based adjustments, and so on. Holistic risk transformations generally do not focus on direct risk reduction but rather on changing the general way the business operates—they are broader business transformations.

Risk transformations often take two to three years of dedicated effort, with enterprise-wide transformations typically taking three to five years. While transformation setups differ, most have a central program team of five to ten full-time equivalents (FTEs) for smaller transformations, with holistic risk transformations running central teams of 15 to 50 FTEs that focus on coordination, tracking, quality assurance, sharing of best practices, and support for the most challenging problems, including the coordinated delivery of change across business areas and functions.

After supporting numerous businesses through transformations, we have found that while the science of transformations is crucial to get right, it is the heart and the art that deliver transformation programs to their successful conclusion and sustainably embed the change across the organization (Exhibit 3).

Science speaks to the mechanics that need to be in place around program structure, integrated plan development, delivery mechanisms, and regulator engagement throughout the process.

Art refers to capabilities, accountability, prioritization, and use of targeted interventions to keep the program on track.

While the science of transformations is crucial to get right, it is the heart and the art that deliver transformation programs to their successful conclusion and sustainably embed the change across the organisation.

Heart includes genuine shared motivation or purpose, a transformation mindset, a willingness to challenge cultural norms, and a program of communication that connects with the professional identity of employees. With science and art, the key conditions are in place for a successful risk program. But heart is a prerequisite for deep cultural change, which is required for a sustainable enterprise-wide transformation.

Getting to the ‘heart’

While we live in a rationality-driven work environment, human actions and behaviors are driven by deeper mindsets and cultural traits. Driving a transformation that changes those mindsets and cultural traits is hard; it needs to go below the surface and work with what motivates the organisation and its individuals.

  • Motivation. “Because the regulator wants it” is not an intrinsic motivation—one needs to dig deeper and consider the motivations of employees. Successful transformation in any circumstance will require as much of a change in mindset as in any system or process. An in-depth diagnostic of the psychology of the organization can help define a vision of change that connects to the collective motivation and purpose of the organization and ensures that the desired change will stick in the long term. “Serving our customers better” is an example of a collective motivation.
  • Transformation mindset. The mindset of the transformation needs to balance delivery discipline and accountability; agility and pragmatism; continuous improvement; and a sense of chronic unease. This finely balanced mindset will enable organizations to do what they say while still being able to course-correct and improve when new information becomes available and to quickly spot and address emerging challenges. If a risk transformation is initiated in response to a major incident, an honest appraisal of what drove the failures and adequate humbleness when considering the magnitude of the required cultural change are key.
  • Culture. Organizations have a variety of cultural traits that help them thrive in transformation but also some that hold them back. Traits that often lead to unsuccessful or stalled transformations include being too siloed or too collaborative. This can lead to change being implemented inconsistently or stopped by a few business areas, or over-collaboration that results in lack of productivity and missed deadlines. Continuous reflection is required to be aware of and address deeply rooted cultural challenges, including honest appraisal of successes and failures, celebration of positive cultural behaviors, and constructive challenging of cultural norms, all while maintaining psychological safety.
  • Communication. Motivation must reach the hearts and minds of employees. Intensive and continuous dialogue with a broad set of stakeholders allows a transformation program to keep its finger on the pulse while also enabling staff to own challenges and drive solutions. Communication needs to build on the organization and its leadership’s personal motivation—this is what makes it genuine and effective.

Appreciating the ‘art’

More basic than the heart but still more fundamental than the science of transformation is the art. The art supports smooth and effective delivery of a program that leads to sustainable change–versus merely delivering a set of activities and milestones.

  • Capability. The skills required to transform are often not those required to manage. A risk transformation program team must have capabilities across project execution, strategy, and risk management. The team should adopt both an inward- and outward-looking mindset that leverages the experiences of others (for example, learning visits at global peers and regular exchange with local peers). Key roles in the business and the risk function may require new talent to bring fresh impetus to transform or deviate from ingrained practices (that is, breaking the mold). Targeted external support for expertise and ongoing challenges and advice is reasonable.
  • Accountability. Large-scale risk transformations require collective accountability: the whole executive team must stack hands to deliver the target outcome. The complexity and duration of these programs makes them hard to execute; they are often costly and feel more like a burden than an opportunity. Balancing the accountabilities of individuals versus the whole organisation, and linking program outcomes to remuneration, are both critical. Strong top-down authority from the board and CEO is essential in supporting prioritisation, providing advice, and clearing roadblocks.
  • Prioritisation. One of the biggest challenges is managing competing priorities and ensuring that the organization can absorb the amount of change required. This requires clear articulation of short- and long-term milestones to prioritize and sequence change at regular intervals. A radical simplification lens, which addresses gold plating by particular framework teams and over-implementation by the businesses, can reduce the need to deprioritize and descope.
  • Intervention mechanisms. Means to anticipate hurdles and support course correction must be created: formal mechanisms to identify expected challenges in the form of regular premortem exercises and formal program reviews are essential. The central decision-making body needs the authority to rapidly course correct through reprioritizing or redeploying resources. This is also critical to address change fatigue, which will naturally occur over the course of a three-year programme.

Excelling at the ‘science’

Last but not least, the science is not merely technical. There are ways to optimize the science oftransformation, to excel at it.

  • Programme structure. Banks often consider risk transformation as the accountability of the risk function. However, this setup may just scratch the surface and fail to address root causes and systemic issues. Effective large-scale risk transformation requires particular accountability for the program to be assigned across functional leadership and business areas, where many of the inadequacies in systems, processes, and behaviors originate. Coordination between these stakeholders is essential and often driven by a neutral, central program team that sits outside of lines one and two. The rationale is that the engagement between these lines is often part of the problem, as in the three lines of defense model, and that the capability and mindset of both lines require improvement. The central team intervenes and escalates when the program is off track, with support from a communications team and change infrastructure. While the central team is accountable for coordination, it is important that the accountability for framework design and implementation delivery remains with the business-as-usual owners (line two/functional teams and line one/business teams, respectively).
  • Integrated plan. Integration of roles, responsibilities, and deliverables within the overall program is challenging. Creating an integrated view of change by using an integrated plan allows for prioritization, sequencing, and interdependency management. It also allows for a clear lineage between relevant problem statements, target states, activities, milestones, and outcomes. Structuring the plan into design, implementation, and embedment is helpful to coordinate delivery and distinguish the shift from the design of framework elements in functional areas to their implementation in business areas. The embedment stage includes ensuring new practices become part of the organization’s DNA and smoothly transitioning back to enhanced business as usual.
  • Delivery mechanism. Implementation of complex change across the business (line one) is often where risk transformations fail. The best-designed set of change initiatives can fail without an effective delivery mechanism that supports implementation and sustainable embedment of change. Developing a mechanism to ensure appropriate engagement between lines two and one in the design of change initiatives—and a well-coordinated and considered delivery mechanism for supporting line one implementation—is critical. Ideally, this mechanism is aligned with natural business rhythms such as quarterly delivery and performance cycles.
  • Regulatory engagement. Transparency and continuous dialogue with regulators are important. Proactive, professional, and respectful engagement can enable greater understanding and appreciation for regulators with respect to the challenges faced in large-scale risk transformations and can encourage offers for guidance and positive reinforcement. Regulators might share their own expectations and observations from other institutions and provide insight into their own priorities. It is crucial to understand the regulator’s priorities and motivation—they are large institutions with public profiles, reputations, and individual ambitions.

The end is often only the beginning

As the above three elements (heart, art, and science) demonstrate, successfully concluding a risk transformation seldom ends with just milestones in a work plan, ending a monitorship, or meeting regulatory commitments. These are important, but genuinely transformative success lies in the smooth shift from programmatic setup to sustainably uplifted business-as-usual operations with embedded mechanisms for further improvement.

For this to happen, the uplifted capabilities need to be fully embedded into the regular business and risk cycles owned by their business-as-usual owners. They need to be regularly reviewed for fit-for-purpose and scope for further improvement. These regular cycles can include annual strategic planning, risk appetite refresh, policy reviews, assurance, audit schedules, quarterly change prioritization, and performance tracking as well as trigger-based uplifts driven by new business, new products, new regulations, and incidents.

The relatively short time frame of a risk transformation allows for improvement of frameworks, processes, and governance, but it takes time and often a few improvement cycles for the organization to fully embrace and internalise them.

Finally, the learnings of the transformation should be captured and shared because the external environment is constantly evolving, and often another risk transformation looms around the corner.


Here is the beginning of the fifth item:


10 of the Most Exciting New Watches of 2022

The watch world’s annual trade show Watches and Wonders Geneva reconvened in person for the first time in three years. Here are the top timepieces that made their debut.

By guest author Michael Clerizo and Jenny Hartman from the Wall Street Magazine

The trade show Watches and Wonders Geneva, one of the watch industry’s largest annual events, took place this past week for the first time in-person since 2019. Thirty-eight brands presented in the Palexpo exhibition hall, and about 22,000 guests attended the event. Newbies included mega-brands, like Patek Philippe and Rolex, as well as Swiss brand Oris and Japanese powerhouse Grand Seiko. Below, WSJ.’s top 10 new designs from the fair.

  1. Lange & Söhne, the German watchmaker known for its complicated timepieces, introduces its first minute repeater to the Richard Lange watch family. The new release features a single complication with a sliding pusher that triggers a chiming mechanism indicating the hours, quarter-hours and minutes in succession. Its aesthetics are as crisp as its acoustics, with a three-part white-enamel dial set inside a 39mm platinum case with slender black numerals, thermally blued steel hands and a classic seconds subdial at 6 o’clock. Lange & Söhne Richard Lange Minute Repeater, price upon request,

Vacheron Constantin reissues a classic with the new Historiques 222, which was first introduced in 1977 in celebration of the 222nd anniversary of the maison. Though it was not the brand’s first foray into sporty watches, it certainly became one of the most distinct, with its integrated bracelet, flat base and fluted bezel. Updates to the original 37mm yellow-gold form include a new in-house movement and an openworked caseback that reveals the caliber. Subtle additions include the Super-LumiNova coating on the hands and hours and a new approach to the bracelet’s articulations.Vacheron Constantin, Historiques 222, USD 62500, 

It’s easy to lose track of time with Van Cleef & Arpels’s new Lady Arpels Heures Florales Cerisier. Set inside the 38mm rose-gold case is a dynamic floral enamel motif that indicates the hour through a distinct pattern among 12 mechanical flowers that “bloom” in a specialized cycle at the start of every hour. The left case side features a retrograde linear minutes display.Van Cleef & Arpels, Lady Arpels Heures Florales Cerisier watch, USD246000,

TAG Heuer’s Carrera Plasma features 11.7 carats of lab-grown diamonds in four ways as well as the Heuer 02T in-house caliber. The dial is composed of finely ground diamond powder and set with diamond indices, while the 44mm aluminum case is set with precisely shaped diamonds—“shapes that would be very difficult, if not impossible, to do with an actual diamond,” says Frédéric Arnault, the CEO of TAG Heuer. The most striking component is the crown, which is itself a 2.5-carat diamond.TAG Heuer, Carrera Plasma Tourbillon Nanograph, USD 380000,

Panerai’s Submersible line gets a few playful updates with three new QuarantaQuattro watches, which come in a range of colored dials, materials and straps. The QuarantaQuattro Bianco is bright and fresh with a white dial, luminescent markers and a brushed steel case. Its army-green rubber strap is made partly of recycled materials. Panerai, Submersible QuarantaQuattro Bianco, USD 9600,

Patek Philippe’s new Calatrava offers a more casual, vintage inspired option to the line of timepieces. It features a textured charcoal gray dial with a black gradient rim and gold markers covered with a beige luminescent coating, all encased in a white-gold case. The flanks are embellished with a guilloché hobnail pattern that adds a retro touch. It also features a beige calfskin strap with a nubuck finish. Patek Philippe, Calatrava 5226G, USD 39033,

The Hermès Arceau Le Temps Voyageur is a two-time-zone watch that is playful and practical. “We like to propose serious complications [while] having fun and telling stories,” says Laurent Dordet, CEO of La Montre Hermès. The home time is viewed in an aperture at 12 o’clock, and the destination’s time is displayed on a satellite dial. Push a button on the case side to advance the satellite time zone indicated by city names ringed around the main dial. The dial shows a map of an imaginary world originally seen on an Hermès scarf. Hermès, Blue Arceau Le Temps Voyageur, USD 22550,

At first glance the new GMT Master II—with a bicolor bezel in green and black, date window and Oyster steel bracelet—looks similar to previously released versions. The difference? The crown has been moved to the left side of the watch, opening up the possibilities for the right-wristed watch wearers of the world. Rolex, Oyster Perpetual GMT Master II, USD 10050,

A new addition to the Cartier Privé collection, which is aimed at reissuing classic designs, reinvigorates a lesser-known Tank. The Tank Chinoise was first introduced in 1922 in a square case with substantial horizontal bars that square off its silhouette at the top and bottom, a design inspired by the porticoes of Chinese temples. The new version is in a rectangular case that adds a more fluid and sophisticated look to the watch. Cartier, Cartier Privé Tank Chinoise, USD 28300,


Hammer a gold dial, smear on three different green pigments, then put the concoction into an oven and subject it to extremely high temperatures. A much more precise version of this procedure creates the dial on the Endeavour Centre Seconds Concept Lime Green. A pop of colour and the hour, minute and seconds hands are the dial’s only features. No numerals, no brand name. Edouard Myelan, the CEO of H. Moser & Cie., says that “[there are] things that we feel are helping us think differently and explore new ways of doing watchmaking, especially on the movement side.” Moser & Cie., Endeavour Centre Seconds Concept Lime Green, USD 27600,




Newsletter of last Week

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