Advisory Board supporting the Finance Transparency Forum

Industry leaders and luminaries in key disciplines join government sector representatives within the Finance Transparency Forum, an independent community of decision makers and influencers, created to promote a new approach to transparency and control in finance.

As of 2017, the multidisciplinary effort of Wise Media’s Finance Transparency Forum expanded its reach to engage also with private sector representatives. Following a joint initiative with the strategy consulting company XY, a dedicated advisory board extended the FTF’s call to action to pivotal counterparts who can drive the modernization of policies, methodologies and technologies in the finance sector.

Based in New York and chaired by Wise Media's President, the Advisory Board promotes a modern vision of how to establish transparency and control in finance in the interest of all stakeholders of the global financial ecosystem. It is conceived as an interdisciplinary thought leadership symposium and aims to look at the scenario deriving from the digital revolution in the finance sector, in order to provide guidance to the industry’s regulators and clients alike. Created by Sophie B. de la Giroday, then President of Wise Media and Partner at XY, the initiative engages key figures from the world of business with global expertise in top management and industrial processes, luminaries in economics and societal development and scientists fathering disruptive technology innovation. Their contribution strengthens the effort of the government representatives, industry leaders and policy makers from around the world engaged over the years in Wise Media’s Finance Transparency Forum, which sees active contribution from its members to drive change in finance sector through the introduction of adequate systems and regulations.

“The era of big data and artificial intelligence calls for radical innovation in the framework of policies governing global digital economy,” says Sophie Boyer de la Giroday, President of Wise Media. “hyper-connected world flooded by data sees techno-social systems becoming ever faster and more machine-oriented.”

As an influential advisor monitoring trends in global digital society, Wise Media is consulted by policy makers, stakeholders of the digital economy, governments and private sector organizations. Its initiatives on global security and sustainable development have been granted the endorsement of public authorities and governments across five continents, by the European Commission and by Interpol.

Advocates for transparency and control

With the Advisory Board, personalities from different industries and luminaries in key disciplines convene at the table of innovation. Their joint contribution will support prime estate owners and regulators driving change in the finance sector in light of a new and comprehensive vision of the digital society’s requirements.

“Analyzing millisecond-scale data generated by the global financial market on an ongoing basis, it is becoming evident that we are facing a massive migration to a new all-machine phase characterized by large numbers of sub-second extreme events,” says Gérald Santucci, Directorate General Information Society at the European Commission, now member of the Advisory Board of the Finance Transparency Forum.

“In developed countries the priority is to introduce methodologies for independent control in order to re-establish investors’ confidence, says Suvi Lindén, former Minister of Communications Finland and member of the UN Broadband Commission, now member of the XY Advisory Board and Finance Transparency Forum. “As these same tools become available also in the developing world, societies can aspire to a quantum leap in modernization and establish a new credibility in combating corruption and fraud.”

“Independent data gathering intelligence can be enormously useful in casting a much needed spotlight on the activities of financial entities whose operations are less than transparent. Surveys show that many sophisticated investors and institutions are demanding greater transparency in the marketplace to reduce risk and make more informed decisions,” says Fen Osler Hampson, Director at the Center for International Governance Innovation (CIGI), co-director of the Global Commission on Internet Governance and now member of the Advisory Board of the Finance Transparency Forum. “Independent data gathering will invariably help to raise the bar on both transparency and accountability.”

“As public and private sector organizations worldwide turn to electronic payment mechanisms for the commerce of goods and services, governments must embark on an extensive review of processes, structures and regulations,” says Ali Al-Khouri, Vice-Chairman of the Arab Union for e-Commerce of the League of Arab States and a Director General at the UAE Ministry of Interior, now member of the XY Advisory Board and Finance Transparency Forum. “It is impossible to say what the unintended consequences of innovations in financial technology will be.”

"In the current scenario, a number of economic and financial variables if not properly policed with the latest technology, can have a major unexpected impact on stock market values of companies that operate internationally,” says Franco Tato’, top manager and former CEO of Enel and Mondadori. “Large industrial groups should adopt next-generation systems that can produce high quality information in real-time, describe the structure of available liquid financial assets at each and every instant and the risks to which they are exposed, as well as exposure to foreign exchange market fluctuations in interest rates and sensitivity to commodity prices."

“Technologies allow for real-time visibility of assets in industrial and supply chain scenarios,” says Åke Gustafson, Swedish inventor fathering disruptive innovations that led to the global diffusion of revolutionary products such as the Tetra Pak and Car Immobilizer and now member of the Advisory Board. “Similarly, tools for transparency must be developed to support control in wealth management."

"Confidence in the security of systems is a primary driver of economic and societal development,” says Bernard Didier, founder of Morpho Systèmes, the world’s leading biometric technology company and now member of the Advisory Board. “It is fundamental to create new instruments and solutions to restore trust in the finance sector, a domain in which it was recently severely challenged."

Partnering with Wise Media to launch the Advisory Board created to extend the reach of the Finance Transparency Forum, XY is an international group specialized in strategic consulting and the control of large estates. Authorized by FCA and FINMA, XY is as a pioneer of Estate Orchestration Technology (EO-Tech) and addresses the needs of ultra-high net worth individuals, large organizations and governments worldwide who seek for unbiased services free from conflict of interest.

Click on the picture and download the 12 x FTF statements on transparency in finance