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19Sep2024

DEVLHON Consulting Decodes: Risk-Weighted Assets (RWA)

Posted By: DEVLHON Consulting

DEVLHON Consulting Decodes: Risk-Weighted Assets (RWA)

Risk-Weighted Assets (RWA) represent a fundamental concept in the management of financial and prudential risks. They denote the amount of a financial institution’s assets weighted according to their level of risk. This measure is used to determine capital requirements, ensuring that the institution holds enough capital to cover potential losses from its exposures. The calculation of RWAs helps to maintain the institution’s financial stability while limiting systemic risks to the broader financial sector.

Defining the Scope of Participations for RWA Calculation

In the context of Risk-Weighted Assets (RWA) calculation, it is crucial to clearly define the scope of participations to ensure an accurate representation of the risks borne by the institution. This scope is determined in line with the provisions of the Capital Requirements Regulation (CRR) and the applicable prudential framework.

The prudential consolidation scope includes:

→ Credit institutions, financial institutions, and ancillary services undertakings (Articles 4(1), 1, 2, 3, 18, and 26 of the CRR).

→ Participations in non-financial companies may also be included, provided they represent a substantial risk of unexpected support to a subsidiary (step-in risk). In such cases, proportional or full consolidation may be necessary for prudential purposes.

It is also important to note that the prudential scope may differ from the accounting scope. For instance, certain participations, particularly those in insurance companies or securitization vehicles, may not be consolidated but must be valued as equity holdings. In some cases, competent authorities may request the inclusion of non-financial entities in the consolidation scope if they represent a significant risk.

Application of Positive or Negative Weightings Based on Data

Once the participation scope has been defined, positive or negative weightings are applied to adjust capital requirements based on the inherent risk of each participation. These weightings are established according to the level of risk involved, in line with CRR guidelines:

High-risk participations: Particularly risky exposures, such as venture capital investments or speculative real estate investments, are assigned a weighting of 150%. This reflects the high level of risk these assets pose to the institution.

Participations in non-financial companies: Depending on their nature and classification, participations in non-financial sector companies may be subject to specific, generally higher, weightings to account for their increased risk compared to participations in financial institutions.

Exposures secured by mortgages: Loans secured by residential mortgages typically receive a 35% weighting, while loans secured by commercial mortgages may receive a weighting ranging from 50% to 100%, depending on the characteristics of the exposure and the conditions defined in Articles 125 and 126 of the CRR.

These weightings help adjust the required capital levels based on credit risk and sectoral risk levels, ensuring that the institution’s risk profile is aligned with regulatory requirements.

Conclusion

In conclusion, the precise identification of participations and the appropriate application of weightings in the RWA calculation are essential to ensure rigorous financial risk management. By adhering to CRR provisions and considering the specifics of each exposure, financial institutions can ensure that their capital allocation matches their risk profile. This approach strengthens their resilience while meeting prudential requirements, which is crucial for the stability of the global financial system.

18Sep2024

CET1 Ratio and Capital Requirements for Financial Institutions

Posted By: DEVLHON Consulting

DEVLHON Consulting explains: CET1 Ratio and Capital Requirements for Financial Institutions

The Common Equity Tier 1 (CET1) ratio is a key indicator of the financial strength of banking and financial institutions. It represents the highest quality capital, mainly composed of common stock and retained earnings, after deducting intangible assets and risk-weighted assets.

 Composition of Capital

The overall capital of financial institutions consists of three main categories:

Common Equity Tier 1 (CET1): Common shares, undistributed earnings, after regulatory deductions.

Additional Tier 1 (AT1): Financial instruments with specific characteristics, such as convertible bonds.

Tier 2 Capital: Long-term subordinated debt instruments.

CET1 is the strongest and most liquid component of capital, essential for absorbing losses during a crisis.

 

 Regulatory Requirements on Solvency Ratios

According to Regulation (EU) No 575/2013 (CRR), financial institutions must meet the following minimum ratios:

CET1 Ratio: Must be at least 4.5% of risk-weighted assets (RWA), plus capital buffers.

Tier 1 Ratio: Must be at least 6% of RWA, plus capital buffers.

Overall Solvency Ratio: Must be at least 8% of RWA, plus capital buffers.

 

 Additional Capital Buffers

Beyond the minimum ratios, financial institutions must maintain capital buffers:

Capital Conservation Buffer: 2.5% of RWA, serving as a reserve to absorb losses during financial stress.

Countercyclical Buffer: A variable rate set by the High Council for Financial Stability (HCSF), currently at 0% since April 1, 2020, due to the health crisis. This buffer aims to strengthen requirements during periods of excessive credit growth.

 

 Concept of Exemptions (Thresholds)

The “exemption” in terms of capital refers to thresholds or exemptions granted under certain conditions. For financial institutions:

Exemptions: Certain institutions may be exempt from applying capital requirements if they are subsidiaries of a banking group, in line with Article 7 of the CRR regulation.

Adaptation of Requirements: The Prudential Supervision and Resolution Authority (ACPR) may, on a case-by-case basis, require a financial institution to hold capital above the regulatory minimum, based on its risk profile.

 Importance of the CET1 Ratio

The CET1 ratio is crucial for:

Ensuring Financial Resilience: It ensures that the institution has sufficient high-quality capital to absorb unexpected losses.

Investor and Depositor Confidence: A high ratio strengthens confidence in the institution’s stability.

Regulatory Compliance: Failure to meet CET1 requirements can result in regulatory sanctions and limit the institution’s ability to pay dividends.

 Conclusion

The CET1 ratio and associated capital requirements are essential for the stability of the financial system. Financial institutions must not only meet the regulatory minimum ratios but also consider additional buffers and possible extra requirements imposed by the ACPR. Understanding and effectively managing these prudential obligations are crucial for ensuring the sustainability and resilience of financial institutions

12Sep2024

Payment Services Directive 3 (PSD3)

Posted By: DEVLHON Consulting

DEVLHON Consulting Decodes: Payment Services Directive 3 (PSD3)

General Context

The Payment Services Directive 3 (PSD3) is a major regulatory development introduced by the European Commission in June 2023 to modernize payment services and the financial sector as a whole. It follows PSD2, which has been in effect since 2019, and aims to enhance payment security, strengthen user trust, and stimulate innovation through open banking and improved data sharing between financial players. This directive is crucial for the banking sector, consumers, and businesses.

Main Objectives of PSD3:

– Enhance payment security.

– Strengthen consumer protection.

– Drive innovation in the financial sector, particularly through open banking.

– Establish stricter rules for access to payment systems and user authentication.

 

Key New Features Introduced by PSD3

Verification of Payee (VoP) 

One of the key additions in PSD3 is the Verification of Payee (VoP), a system that verifies the match between the beneficiary’s name and the IBAN before any transfer. This system, which is set to be rolled out in multiple phases until 2027, aims to reduce errors and fraud in electronic transactions.

For businesses, this verification system will add an important layer of security during mass transfers and will require adjustments in IT systems and internal processes. Therefore, corporate treasurers should start preparing for the integration of this system into their practices.

Strong Customer Authentication (SCA) 

PSD3 also strengthens the rules for Strong Customer Authentication (SCA). Introduced under PSD2, SCA will be expanded to cover more types of transactions and use cases, such as recurring payments or Mail Order/Telephone Order (MOTO) transactions. PSD3 also introduces specific exemptions for certain types of transactions to simplify their processing while maintaining high security standards.

Access to Payment Systems and Open Banking 

PSD3 aims to facilitate non-bank payment service providers (PSPs) access to EU payment infrastructures. It strengthens the open banking rules introduced under PSD2 by removing barriers that hinder new providers’ access to customer data and payment systems.

Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs) will have smoother access to banking systems, with banks required to publish statistics on the availability and performance of their APIs. This will contribute to fairer competition and greater transparency in financial services.

 

Implications for Businesses and Consumers

Impacts on Businesses 

– Fraud and Liability: PSD3 introduces additional measures to combat fraud, including holding technical service providers (e.g., wallets) responsible in the event of fraud if SCA measures are not properly implemented.

– Adaptation to New Standards: Businesses will need to prepare to integrate VoP into their systems, especially for mass transfers. Collaboration with banks will be necessary to ensure beneficiary data is reliable.

Impact on Consumers 

– Increased Security: The new SCA rules and the widespread implementation of VoP will offer better protection against fraud, while enabling consumers to retain control over their financial data through interactive dashboards.

– Cost Transparency: PSD3 will require greater transparency in payment fees, especially for transfers outside the EU and currency conversions.

 

Timeline and Implementation

PSD3 and the Payment Services Regulation (PSR) will be finalized by the end of 2024, with implementation expected by 2026. Businesses and financial institutions will have a transition period to comply with the new rules.

Conclusion

PSD3 is a response to the rapid changes in the payments market, bringing enhanced security and a modernized regulatory framework to support innovation and competition in the financial sector. Businesses, consumers, and institutions will need to adapt to the new requirements to fully leverage the opportunities offered by this directive.

11Sep2024

DEVLHON Consulting and WPDI, a Mutually Enriching Collaboration!

Posted By: DEVLHON Consulting

DEVLHON Consulting and WPDI, a Mutually Enriching Collaboration!

Devlhon Consulting is proud to announce its collaboration with the organization founded by renowned American actor Forest Whitaker: the “Whitaker Peace and Development Initiative” (WPDI).

What are WPDI’s missions?

WPDI operates in regions around the world facing conflict, armed violence, or exclusion. It mobilizes men and women to help them become peace mediators, entrepreneurs, and community leaders. Their goal is to promote sustainable development and peace by supporting young leaders through training in reconciliation, conflict mediation, entrepreneurship, and information and communication technologies. They also strengthen communities by encouraging social innovation, the development of youth- and women-led businesses, and other projects aimed at overcoming local challenges. WPDI spreads a culture of peace by promoting the values of dialogue, tolerance, and inclusion, while raising awareness of global injustices. In France, WPDI is active in Aubervilliers.

 

Our Partnership for the Entrepreneurship Program

Patrick Vernet, Senior Manager at DEVLHON Consulting, was a member of the jury for the second consecutive year during the session of oral presentations and project pitches held on June 21, 2024. Fourteen projects were pitched this year.

 

During the award ceremony, Jean-Pierre Rochette, Senior Advisor at DEVLHON Consulting, represented the company. This event, held on June 27, 2024, recognized seven projects, all of which received grants to help them establish their ventures.

 

Strongly committed to CSR initiatives, DEVLHON Consulting has confirmed its dedication to supporting WPDI in the years to come.

 

WPDI France website: [https://wpdi.org/fr/pays/france/](https://wpdi.org/fr/pays/france/)

DEVLHON Consulting website: [https://www.devlhon-consulting.com/fr/](https://www.devlhon-consulting.com/fr/)

10Sep2024

What is the Sustainability Report – CSRD?

Posted By: DEVLHON Consulting

What is the Sustainability Report – CSRD?

The Corporate Sustainability Reporting Directive (CSRD) is a European directive adopted in December 2022, which strengthens companies’ obligations to disclose information on sustainability. The goal of this directive is to enhance corporate transparency regarding their environmental, social, and governance (ESG) impacts. This transparency is essential for directing financial flows towards more sustainable investments and allowing companies to be evaluated on their contribution to sustainability.

 Information to be disclosed

The required information is divided into three main themes:

– Environment: This includes resource management, reducing greenhouse gas emissions, protecting biodiversity, and transitioning to a low-carbon economy.

– Social: This refers to working conditions, human rights, gender equality, diversity and inclusion, as well as interactions with stakeholders such as local communities.

– Governance: This section focuses on transparency in corporate management, the composition of boards of directors, anti-corruption practices, and risk management systems.

This information must comply with the double materiality principle. This means that the company must assess both the impacts of its activities on the environment and society, as well as the impact of these issues on its own financial performance. For example, a company should report not only on its contribution to greenhouse gas emissions but also on the potential impact of climate change on its operations.

 Companies concerned

The CSRD applies to several categories of companies:

– Listed companies on regulated markets in the European Union, including small and medium-sized listed enterprises (SMEs);

– Large companies exceeding two of the following three criteria: a total balance sheet exceeding €25 million, a net turnover exceeding €50 million, or more than 250 employees;

– Non-European companies with European net turnover exceeding €150 million and a branch in Europe.

Micro-enterprises are excluded from these obligations, while certain subsidiaries may benefit from exemptions under specific conditions.

 Context and objectives

The directive is part of the European Green Deal, launched in 2019, which aims to transform the Union into a modern and sustainable economy with net-zero greenhouse gas emissions by 2050. The sustainability report is designed to provide reliable and comparable information to investors, authorities, and citizens, thereby enabling more informed decision-making. It also helps harmonize sustainability reporting standards across the European Union.

In conclusion, the sustainability report mandated by the CSRD is a central element of the ecological transition and the promotion of a responsible economy in Europe.

 

Source : CELEX_32022L2464_FR_TXT

5Sep2024

DEVLHON Consulting deciphers the latest Trade Finance news

Posted By: DEVLHON Consulting

Lloyds Bank continues to innovate with AI: A strategic partnership with Cleareye.ai

A pioneer in digital trade

A few months ago, we told you about Lloyds Bank’s first transaction using an Electronic Bill of Lading (eBL). Today, the British bank is taking another step forward by announcing a new partnership with Cleareye.ai, a platform specializing in artificial intelligence for international trade. This collaboration, the first of its kind in the UK, aims to automate and optimize the processing of trade documents for the bank’s clients, relying on Cleareye.ai’s cutting-edge ClearTrade® technology.

Artificial intelligence at the service of trade

Cleareye.ai’s ClearTrade® technology, now implemented by Lloyds Bank, uses AI to extract key information from trade documents, whether digital or paper-based, including documentary letters of credit, documentary collections, undertakings, and trade loans. The tool is built on three core technologies: optical character recognition (OCR), machine learning, and natural language processing. These solutions enable the digitization of documents, simplify their processing, and accelerate compliance checks.

Moreover, this AI-powered technology will conduct automated document checks in line with the International Chamber of Commerce’s rules on documentary credits and collections. Critical checks, such as those for trade-based money laundering (TBML), will also be automated, enhancing the security and efficiency of transactions.

Simplifying and speeding up transactions for clients

Rogier van Lammeren, Head of Trade and Working Capital Products at Lloyds Bank, emphasized the importance of this innovation for clients: “We are constantly looking for ways to help our clients trade more simply, quickly, and efficiently. This partnership with Cleareye.ai allows us to streamline critical parts of the trade finance process, which is a key benefit for our clients.”

The implementation of ClearTrade® represents a significant advancement for the industry, particularly for companies that rely on international trade, as they can now benefit from faster and smoother document processing.

A strong commitment to digital transformation

This new partnership is part of Lloyds Bank’s ongoing history of UK and global firsts. In February 2024, the bank became the first in the UK to complete an entirely digital documentary collection using Electronic Bills of Lading (eBL) and digital Promissory Notes. This transformation reduced the processing time from 15 days to just 24 hours, resulting in savings on working capital costs.

In 2023, Lloyds Bank made history by becoming the first bank globally to transact under the UK’s Electronic Trade Documents Act (ETDA). In 2022, the bank also completed the UK’s first digital promissory note purchase under contractual law, leveraging the International Trade and Forfaiting Association (ITFA)’s Digital Negotiable Instrument Initiative.

A forward-looking collaboration

Mariya George, CEO and Co-Founder of Cleareye.ai, said: “Lloyds Bank is a true trailblazer in digital trade. This partnership reflects their ability to forge strategic collaborations to accelerate digital transformation. We are excited to apply our technology to their trade finance and compliance processes and look forward to seeing the benefits for their clients and teams.”

Through this collaboration and the growing adoption of digital trade instruments, Lloyds Bank continues to position itself at the forefront of banking innovation, increasingly using technology to serve its clients better.

 

OUR TRADE FINANCE OFFER : Offer AML-CFT Trade Finance (1) (1)

 

 

Source : https://cleareye.ai/lloyds-bank-partners-with-cleareye-ai-to-provide-cutting-edge-trade-finance-tech-solutions/  https://www.tradefinanceglobal.com/posts/lloyds-bank-adopts-ai-technology-for-trade-finance-operations/

4Sep2024

The Financial Challenges of Phasing Out Coal

Posted By: DEVLHON Consulting

DEVLHON Consulting Deciphers: The Financial Challenges of Phasing Out Coal to Meet Global Climate Goals

Energy transition is at the heart of global concerns today, particularly regarding the reduction of CO2 emissions to limit global warming to 1.5°C by 2050. In this context, DEVLHON Consulting is focusing on the financial and technical challenges associated with the closure of coal-fired power plants, a major source of CO2 emissions.

The Need for a Rapid Coal Phase-Out

According to the International Energy Agency (IEA), to meet the 1.5°C climate target, it is imperative to cease all coal-based electricity production by 2040. Coal represents the largest source of CO2 emissions, making it a priority for decarbonization policies. However, the early closure of coal-fired power plants poses numerous financial and technological challenges, particularly regarding stranded assets and the replacement with low-carbon energy sources.

The Costs of the Transition

One of the main conclusions of the study is that 70% of the current coal-fired power plant capacity needs to be shut down immediately to comply with the 1.5°C scenario. This closure would result in stranded assets worth $842 billion globally. Replacing this capacity with low-carbon energy sources would require an initial investment estimated at $4.5 trillion, accompanied by debt financing costs reaching $3.1 trillion. In total, the energy transition to coal-free electricity production could cost $8.4 trillion.

Potential Long-Term Savings

Despite these high initial costs, the transition could generate significant long-term savings. Coal-fired power plants have much higher operational costs due to the need to supply fuel and pay for CO2 emissions. In contrast, low-carbon technologies, while requiring significant initial investment, have significantly lower operational costs. Over time, the net operational gains from replacing coal-fired power plants with low-carbon alternatives could amount to $3.8 trillion, offsetting nearly half of the total transition costs.

Conclusion

For the transition to low-carbon energy to be financially viable, it will be crucial to reduce financing costs and increase carbon pricing. In this context, DEVLHON Consulting will continue to closely monitor the developments of this critical transition and provide in-depth analyses of its financial and environmental impacts.

 

 

Source : https://www.banque-france.fr/fr/publications-et-statistiques/publications/haute-tension-financer-la-voie-vers-la-sortie-du-charbon

22Aug2024

 The Role of Digitization in the Trade Finance Sector

Posted By: DEVLHON Consulting

 The Role of Digitization in the Trade Finance Sector

In a constantly evolving world, digitization has become an indispensable lever for the trade finance sector. Globalization, while creating numerous opportunities for businesses by facilitating access to new markets and sources of supply, has also introduced increased complexity into global supply chains. This complexity requires advanced tools to effectively manage risks and maintain the fluidity of international trade operations.

 Digitization: A Catalyst for Transparency and Efficiency

One of the main contributions of digitization in the trade finance sector is the improvement of transparency within supply chains. By digitizing processes, companies can collect and analyze data in real-time, allowing them to have a clear and instant view of every step in the supply chain. This transparency is crucial for strengthening trust among the various players in international trade, including manufacturers, suppliers, and customers. For example, the use of artificial intelligence (AI) enables real-time tracking of shipments, providing precise information on the status of goods throughout their transit.

At the same time, digitization significantly enhances the efficiency of trade finance operations. Technologies such as robotics, cloud computing, and machine learning optimize processes by automating tasks that were previously manual and streamlining logistics. For instance, digital systems allow for more accurate management of inventory levels based on current demand, thereby reducing costs associated with unnecessary storage of raw materials or finished products. Additionally, automation facilitates functions such as returns, refunds, and customer service management, increasing the speed and accuracy of operations.

 Strengthening Resilience Through Digitization

In the context of international trade, the resilience of supply chains is essential to minimize the impact of disruptions, whether they stem from geopolitical, natural, or economic origins. Digitization plays a key role in strengthening this resilience. By using data collected through digital systems, companies can model different risk scenarios, anticipate potential problems, and develop strategies to address them. Predictive analysis, facilitated by AI and Internet of Things (IoT) technologies, allows for better demand forecasting, more precise inventory management, and continuous evaluation of supplier performance. Thus, companies can make informed decisions that minimize risks and optimize costs.

 Conclusion

Digitization is profoundly transforming the trade finance sector by providing innovative solutions to manage the growing challenges associated with the globalization of supply chains. By improving transparency, efficiency, and resilience, digitization enables companies to navigate more confidently in a complex international trade environment. To remain competitive and ensure the stability of their operations, businesses must continue to invest in digital technologies that will allow them to adapt to the changing demands of the global market.

OUR TRADE FINANCE OFFER : Offer AML-CFT Trade Finance (1) (1)

Source : https://www.tradefinanceglobal.com/posts/strengthening-global-supply-chains-role-digitalisation-enhancing-transparency-efficiency-resilience/

21Aug2024

DEVLHON Consulting Decodes: Green Trade Finance

Posted By: DEVLHON Consulting

DEVLHON Consulting Decodes: Green Trade Finance

Definition of Green Trade Finance

Green Trade Finance represents an evolution of traditional Trade Finance, incorporating environmental concerns into international trade transactions. This concept is part of Corporate Social Responsibility (CSR) initiatives, where the term “green” refers to aspects related to environmental protection.

Scope of Green Trade Finance

Green Trade Finance is specifically designed to support and finance projects that have a positive environmental impact. It applies to a wide range of international transactions that meet sustainability criteria. Examples of projects supported by Green Trade Finance include:

– The creation of wind farms.

– The improvement of water resource management.

– The development of clean transportation systems.

Green Financial Instruments

To encourage these initiatives, Green Trade Finance uses specialized financial instruments, such as:

– Green letters of credit.

– Green bank guarantees.

These instruments are designed to finance projects or products that directly contribute to the reduction of carbon emissions or the protection of natural resources.

Carbon Footprint Reduction

One of the main objectives of Green Trade Finance is to reduce the carbon footprint of international supply chains. Companies that adopt sustainable business practices can benefit from more favorable financing conditions, while also meeting the growing expectations of consumers and regulators regarding sustainability.

Sustainability Criteria

Transactions financed under Green Trade Finance are rigorously evaluated according to specific sustainability criteria. These criteria often include compliance with recognized environmental standards, such as the United Nations Sustainable Development Goals (SDGs).

Transparency and Reporting

To ensure that allocated funds truly serve environmental objectives, Green Trade Finance requires a high level of transparency and reporting. This ensures that funded projects adhere to their environmental commitments.

Conclusion

Green Trade Finance represents a significant advancement towards more responsible international trade. By integrating sustainability criteria into financing solutions, it not only secures transactions but also actively contributes to environmental protection on a global scale.

 

Sources : https://wholesale.banking.societegenerale.com/fr/lexique-financier/trade-finance-green-trade-finance-commerce-international-commerce-international-vert/

31Jul2024

(Français) Les Étapes Clés pour Mettre en Place une Gouvernance des Données Efficace

Posted By: DEVLHON Consulting

Key Steps to Establishing Effective Data Governance

In today’s world, where data plays a central role in the operations and strategy of financial sector enterprises, establishing effective data governance has become a priority. Data governance involves managing the availability, integrity, security, and use of data within an organization. Good data governance maximizes the value of data while minimizing risks. This article explores the key steps to implementing effective data governance.

Assessment of Current Situation

The first step to establishing effective data governance is to conduct a comprehensive assessment of the current situation. This involves auditing existing data to identify data sources, their quality, usage, and potential issues. It is also crucial to identify stakeholders involved in the data governance process, including representatives from various departments, data experts, and compliance officers.

Definition of Policies and Standards

Once the initial assessment is completed, it is necessary to define clear policies and standards for data management. These policies should cover aspects such as data quality, security, confidentiality, access, and use. It is also important to define the roles and responsibilities of different stakeholders in data management. This includes appointing a Chief Data Officer (CDO) or a data governance manager who will oversee the implementation and compliance with data governance policies.

Implementation of Processes and Tools

Implementing data governance also requires the establishment of appropriate processes and tools. This includes selecting and implementing data management software that monitors, manages, and protects data effectively. Processes should include procedures for data cleansing, validation, and updating to ensure data quality. It is also important to train teams on best practices in data management and raise awareness of data governance issues.

Monitoring and Continuous Improvement

Data governance is not a one-time project but a continuous process that requires regular monitoring and continuous improvements. It is essential to establish key performance indicators (KPIs) to measure the effectiveness of data governance. These KPIs may include measures of data quality, compliance with security policies, and end-user satisfaction. It is also important to regularly review data governance policies and processes to ensure they remain relevant and effective in the face of technological advancements and new regulations.

Conclusion

Establishing effective data governance is crucial for maximizing the value of data while minimizing risks. By following the key steps of assessment, defining policies and standards, implementing processes and tools, and continuous monitoring, companies can ensure reliable and secure data management. Good data governance not only improves the quality and integrity of data but also promotes a data-driven culture where decisions are based on reliable and accurate data. In a world where data is a strategic asset, data governance is an essential investment for long-term success.

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