global emerging risks

Vehicle automation is a hot topic for many reasons. Special Purpose Acquisition Companies (SPACs) are being used in the US equity markets to facilitate initial public offerings (IPOs). Emerging Internal Audit Risks | ACA Group The survey, with 306 senior executives and risk management professionals, was conducted in the second quarter of 2022. Chinas policy will fail to contain infections, lead to larger outbreaks, and require more severe lockdowns. Rising energy prices will raise anxiety levels for both voters and elected officialseven as climate pressures on government increase. In the same time, she notes that AI will beeasierto legislate around than institutions composed of humans because we can mandate accountability and transparency, for example the logging of decisions, the auditability of code as well as of training procedures.. Disinformation will further undermine public faith in democracy, particularly in the U.S. As tech firms and governments fail to agree on how to protect data privacy, cyber-security, and the safe and ethical use of artificial intelligence, U.S.-China (and, to a lesser degree, U.S.-Europe) tensions on these issues will grow. The Global Risks Report 2022, published by the World Economic Forum in collaboration with Marsh McLennan, examines how global divergence across multiple domains in the post-COVID-19 recovery threatens to widen disparities and aggravate societal fractures. Civil wars will create new risks in Yemen, Myanmar and Ethiopia. There are also risks of social unrest and outbound migration. Read more As a business advisory partner specialising in security, risk, and resilience, our team of experts from intelligence, military, law enforcement and corporate backgrounds support global enterprises and government organisations to identify threats, mitigate risks, manage incidents and to overcome crises. This is a theme that is beginning to spread internationally and so financial firms in other jurisdictions can expect their regulators to begin to explore this area in the coming months too. Emerging Risks - Reporting on strategic & operational risks What is emerging risk, and how should you track it? - AYLIEN A domestic focus for both the U.S. and Chinese governments lowers the odds of a big international conflict in 2022, but it leaves less potential leadership and coordination to respond to emerging crises. We keep our Russia-NATO conflict, Major cyber attacks and Global technology decoupling risks at high levels. . But a grand bargain is unlikely, and close encounters between NATO and Russian ships and planes will become more frequent and more dangerous, increasing chances of an accident. That means greater economic disruptions, lower consumption, and a more dissatisfied population at odds with the triumphalist China defeated COVID of the state-run media. We also need to take action to fight these risks. Its always tricky to put together a list of emerging risks in January of each year after all, almost no one saw a Covid-19 pandemic causing a mass exodus to remote working in December 2019. This trend was expected to continue into 2021 and 2022. Thats why the pandemic will likely become endemic for advanced industrial economies in the first half of this year. Open-end mutual fund trading provides a key mechanism linking shocks facing global investors to extreme capital flow and return realizations. Possible U.S. sanctions that target the secondary market trading of Russian sovereign debt would end any hopes of more stable U.S.-Russian relations. Analyses can help test assumptions of the future, for example, the robustness of market demand, the reliability of . ERG | Risk & Resilience Solutions - EmergingRisksGlobal Although researchers have applied epidemiologic transition theory to questions of global health, there have been relatively few studies exploring its relevance especially in . Emerging technology risks can erode social discourse, threaten economic stability, exacerbate geostrategic competition, and . The interconnected dynamics of geopolitics, technological advances, global economic integration, social instability, climate change and more mean that the manifestation of one risk is increasingly likely to influence others. RIMS - Emerging Risks Prepare for Emerging Global Risk | Accenture - WordPressBlog According to the recruiter, this Great Pay Divide will result in The Great Resignation peaking in February or March 2022, post-January appraisals professionals with in demand skill sets in legal, accounting and finance are achieving 20-30% pay rises when moving roles. Identification and management of new risks - S&P Global Graduate students in the Poole College of Management have the opportunity to complete a series of elective courses that help develop their strategic risk management and data analytics skills, including the opportunity to apply their learning in a real-world setting as part of our ERM practicum opportunities. 2021's Key Emerging Risks, According to the World Economic Forum 2801 Founders Drive But if Republicans win both the House and Senate this November, if Trump responds to possible defeat in 2024 by challenging the result, and if state-level officials submit alternative certifications that Republican congressional majorities accept, the 2024 U.S. presidential election can be broken and a constitutional crisis will result. Globally, there has been a shift in the causes of illness and death from infectious diseases to noncommunicable diseases. 36% . Also, in December 2021, JPMorgan and Siemens announced that they are using blockchain to automate certain kinds of payments between the two organisations. Read more . Demand for booster shots in wealthier countries will prevent effective vaccines from becoming more widely available. 1. In November 2021, HM Treasury and the Bank of England announced that they will launch a consultation that will set out their assessment of the case for a UK CBDC, including the merits of further work to develop an operational and technology model for a UK CBDC. The UK isnt the only country working on CBDCs many countries have programmes at different stages. They determine our economic opportunities and shape our opinions on important subjects. Every day's headlines bring new reminders that the future is on its way, and sometimes it feels like new risks and response strategies are around every corner. For companies, this can mean it will be even more difficult to recruit for GRC roles, where seasoned professionals have always been in short supply. Rulemaking is also very fragmented across jurisdictions, making things even more challenging for financial services firms. Magazines, Digital Financial services firms are keen to embrace the opportunities that both CBDCs and private digital currencies might provide and many already are. Growing global interconnectedness, increasing complexity and . In summary, as the world hopefully emerges from or learns to live with the Covid-19 pandemic, there are set to be an interesting portfolio of fresh emerging risk challenges for financial firms and companies alike to tackle. Global Macro: Big Risks and Opportunities in Emerging Markets The turmoil of the past year has indeed tested the survival skills of businesses and brought the issue of risk management to the forefront of business topics. For Joanna J. Bryson, it is high time legislators regulated these technologies, while leaving room for further development and application: We are at a significant juncture, and we need to determine the appropriate policies for the future.. Top Global Risks of 2022 | Charles Schwab The thought of a global recession and the liquidity/credit crunch are the two most increased worries of executives over the past year. The Global Risk Institute is the premier organization that defines thought leadership in risk management for the financial industry globally. Were done with the pandemic, but its not yet done with us, and the finish line depends on where you live. Academic research is showing the truth of this, with bots frontrunning cryptocurrency transactions on blockchain platforms. In technology, the pay rises can reach 50% for individuals with software development or cyber security experience. Financial firms should carefully consider why a client wishes to use a SPAC, as well as their own compliance obligations, particularly around misselling to investors. Global Economic Brief: Emerging Countries At Risk - WSJ The survey found that the top five perceived global emerging risks are as follows: (1) global recession; (2) liquidity/credit crunch; (3) regulation policy risk; (4) financial market volatility; and (5) major country/economy collapse. It concentrates on five large risk clusters: natural disasters, technological accidents, infectious diseases, food safety and terrorism, identifies the challenges facing OECD countries and sets out recommendations for governments and the private sector as to how the management of emerging systemic risks might be improved. In addition, risks that have been more recently emphasized by media and financial publications generally ranked higher than risks not recently mentioned. Home - Emerging-Risk Aon's 2019 Global Risk Management Survey outlines the top 10 risks business leaders * face - along with possible ways to plan, prepare and mitigate. August 1, 2009 | However, the accelerating growth of these markets almost certainly means that the rules will be steps behind where the markets are for example, in June 2021 the Basel Committee published a consultation paper on the prudential treatment of cryptocurrency assets and, as of early January 2022, the next stage of rulemaking is yet to take place. Below, Ben Davis, Insurance Lead, Emerging Technologies reveals the main emerging risks of 2020. Powerful global trends around the environment, sustainability, business, and investment have converged to a point that certain environmental issues have become material financial matters for publicly traded companies and their investors. There are also significant concerns that AML, counter-terrorist funding and KYC processes that firms may currently have are insufficient to meet regulatory obligations within an Open Banking context. Over 2016-2021 wages per hour globally grew by 19%, while productivity rose by only . Critically, Chinas zero COVID policy will fail. James Shinn. The nature of threats has been completely altered since the end of the Cold War. Current and Emerging Disaster Risks Perceptions in Oceania: Key Digital Worlds shares shot up by 1,657% after a deal to merge with the Trump Media & Technology Group (TMTG) was announced, although commentators noted that the investor presentation materials contained errors. In the existing economic environment, most organizations are focused on events that are currently taking place, rather than those that will occur in the future. As with digital assets and CBDCs, so much is so new and regulatory action is playing catch-up with what is evolving within the industry. Top 11 Geopolitical Risks for 2022 | Global Risk Insights This article analyzes companies reporting on emerging risks and shows how a strong risk culture can arm companies with useful tools to both identify and prepare for these events. Ten Trends In The Future Of Risk | Deloitte US The Open Banking project in the UK which is essentially a project that is designed to make it easier for customer data to flow between financial services firms, via APIs, to enhance competition among those firms has continued to develop. Despite the strong year for stocks in 2021, markets have confidently priced in some negative trends gathering more momentum in 2022 which may help markets, should trends reverse. Experts are now predicting an avalanche of similar cases to be brought. Companies should think about the potential compliance and legal risks associated with increased regulatory scrutiny around them. News GRI welcomes Vancity Credit Union as a new member In general, developing countries will be hit hardest, and political incumbents will bear the brunt of public anger. The emerging risk process encompasses the following steps: risk identification, risk assessment, risk implementation (split into risk dialogue, risk mitigation measures and business opportunities), as well as risk monitoring and control. Global Macro: Big Risks and Opportunities in Emerging Markets. Ransomware Attacks. 77 % of global risk leaders say they believe that complex, interconnected risks are emerging faster than ever before, according to our Global Risk Management Study. In addition, the survey highlights the effectiveness of risk identification tools and methods, as well as how risk information is communicated throughout an organization. Emerging Internal Audit Risks. The recent popularity and use of SPACs have rung alarm bells with regulators. However, while the majority of organizations agree that emerging risks are significant, few have consistently applied and integrated risk information into their ongoing business and decision-making processes. Shells appeal is due to be heard in 2022. However, according to the recruiters poll of 500 companies, just a quarter of employers plan to give pay rises. Train & Protect | STAY&BLE The key survey findings point to the conclusion that risk management is most frequently disconnected from financial and strategic decision-making processes and provides limited value to an organization. The development of CBDC has been spurred on by both the rapid development of private digital currencies and fears that such currencies are developing beyond the monetary and regulatory authority of governments. Revisiting traditional security and risk management frameworks, while introducing new innovative approaches to building and protecting competitive advantage, the ERG approach to developing a positive and proactive security culture considers the set of values, shared by everyone in your organisation, which collectively determine how your . So far, there has been quite a lot of talk about CBDCs, but little action. Access the Research Global Fund Flows and Emerging Market Tail Risk As most seasoned GRC professionals know, this kind of tremendous growth brings a whole range of risks with it. Of the potential risks in 2022, the primus inter pares is what happens next with the Coronavirus, or another virus. Here are the 21 emerging risks that Swiss Re says could have the biggest impact on the insurance industry and the wider global economy: Traditionally, insurers absorbed some of the risks . As the third line of defense, an internal audit team must be proactive to stay one step ahead of emerging risks. This evolution of the risk management process has largely occurred as a result of the economic environment, rather than the realization that risk management is vital to the success of an organization. Perform risk workshops aimed specifically at identifying emerging risks. The risk landscape is changing fast. S&P Global's Corporate Sustainability Assessment (CSA) asks questions about emerging risks, risk culture, and risk governance. Definition of Emerging Risk | Office of the Chief Risk Officer Use of this site constitutes acceptance of our, Digital Emerging risks in 2022 - the challenges and opportunities ahead There are fears that these risks could lead to an increase in fraud within the UK. In all these ways, Covid-19 will continue to drive political and economic instability. With diplomacy stalled, the Biden Administration has few options. Overall, challenges in the transportation sector are being exacerbated by the pandemic, according to Aon's 2021 Global Risk Survey of 2,300 risk managers. The coming of central bank digital currency (CBDC). Perform scenario analysis. According to a recent analysis, this represents an almost eight-fold increase in global trading volumes in digital asset derivatives since June 2019. As the pace of change accelerates, embracing digital transformation becomes more vital. Campus Box 8113 For more about the top risks for 2022, read the article here. To counter these problems, the G20 have pledged some debt relief and the World Bank and IMF intend to provide substantial financial resources to emerging nations. . Risk management tools such as scenario analysis might be particularly helpful in enabling the business to think through both the risks and opportunities associated with the introduction of CBDC and private cryptocurrency products and processes. In this kind of environment, firms need to think proactively about how to anticipate and manage potential risks related to digital assets, such as legal risks related to contracts, operational risks around the trading of these assets and compliance risks as the rules come into force. 04 Jun 2020. All Rights Reserved | Registered: RiskBusiness Services Limited (Reg No: 07525025), Registered Office: 2 Claremont Way, Halesowen, West Midlands, B63 4UR, AML, counter-terrorist funding and KYC processes, Special Purpose Acquisition Companies (SPACs), FCA guidance on the fair treatment of vulnerable customers, JPMorgan has also used crypto coins and its own blockchain, blockchain aggregating and distributing market data to financial services firms, https://www.robertwalters.co.uk/salarysurvey.html?utm_source=PR, https://www.cryptocompare.com/media/37748193/cryptocompare_exchange_review_2021_06.pdf, https://www.isda.org/2021/12/14/contractual-standards-for-digital-asset-derivatives/?_zs=LeKTO1&_zl=ko1X6, https://www.ft.com/content/c997d3d6-8998-449b-991e-d7798dde32a0, https://www.isda.org/2021/12/15/isda-publishes-whitepaper-on-developing-safe-robust-and-efficient-derivatives-markets-in-china/, https://www.iiss.org/blogs/podcast/2021/09/the-armed-conflict-survey-2021, https://www.ft.com/content/53dbf079-9d84-4088-926d-1325d7a2d0ef, https://www.ft.com/content/cad22116-778a-4327-9bc3-6a7688ce6f76, https://www.finextra.com/newsarticle/39404/natwest-initiates-first-live-variable-recurring-payment-transaction?utm_medium=dailynewsletter&utm_source=2021-12-16&member=22821, https://www.teradata.co.uk/Blogs/Look-Out-for-Risks-in-Open-Banking, https://www.fico.com/blogs/8-risks-open-banking-poses-financial-crime-compliance, https://www.finextra.com/blogposting/20294/will-open-banking-lead-to-the-next-wave-of-the-uks-fraud-epidemic, https://finerva.com/report/spac-ipo-2020/?gclid=EAIaIQobChMI39a4-cKL9QIVdGHmCh2wnggUEAAYAyAAEgJHFfD_BwE, https://edition.cnn.com/2021/12/14/investing/trump-spac-dwac/index.html, https://www.bloomberg.com/news/articles/2021-12-07/gensler-warns-executives-against-using-spacs-to-shirk-u-s-rules, https://www.fca.org.uk/news/news-stories/fca-publishes-final-rules-to-strengthen-investor-protections-in-spacs, https://www.simmons-simmons.com/en/publications/cklmk1hp41io00a182w7pwidq/treatment-of-vulnerable-customersa-hot-topic-for-retail-banks, https://www.fca.org.uk/publication/research/vulnerability-exposed-research.pdf, https://www.fca.org.uk/publication/finalised-guidance/fg21-1.pdf, https://www.fca.org.uk/publication/policy/ps21-3-operational-resilience.pdf, https://www.finextra.com/newsarticle/39403/major-uk-banks-to-roll-out-shared-banking-hubs, https://barrowcadbury.org.uk/wp-content/uploads/2021/07/Open-Finance-doc_FINAL_2021-1.pdf, https://www.bankofengland.co.uk/research/digital-currencies, https://www.bankofengland.co.uk/news/2021/november/statement-on-central-bank-digital-currency-next-steps, https://www.atlanticcouncil.org/cbdctracker/, https://www.ft.com/content/d65ad7d4-6f31-4a9e-8a96-72560c3be742, https://www.jdsupra.com/legalnews/us-financial-services-firms-announce-5201356/, https://www.weforum.org/agenda/2021/12/cbdc-stablecoin-digital-currency-regulation/, https://www.bis.org/publ/qtrpdf/r_qt2112b.pdf, https://news.cornell.edu/stories/2019/04/bots-exploiting-blockchains-profit, https://www.ft.com/content/1a4dcaf5-2b4b-4f0b-8c58-a8fa173f24b3, https://www.ft.com/content/e14582fc-a154-4c96-9d65-9bc86c89a7a3, https://www.ft.com/content/b8d78b6b-a7fa-4525-8c68-99c468aac241, https://www.ft.com/content/245e3bd1-c270-4186-bdc5-7f4200ad5923, https://www.finextra.com/newsarticle/38891/fca-to-use-blockchain-to-speed-up-regulatory-reporting, EBA makes Fraud Taxonomy publicly available, UK Government launches fraud and money laundering crackdown, Morgan Stanley fined US$35m for data breach. JPMorgan has also used crypto coins and its own blockchain technology for bank-to-bank transactions for more than 400 institutions. His foreign policy will grow more combative this year to distract voters from the economic crisis. 2.. Review the existing risk identification and assessment processes to determine if there are ways to enhance them by additional use of external data and a greater variety of risk identification techniques. Risk information should be integrated into the key performance metrics, strategies and operations of the business to ensure the risk taken is commensurate with the reward over a comparable time horizon. This includes potential lawsuits from disgruntled investors in the event of any enforcement action, or underperformance of the SPAC arrangement for investors. Certain types of vulnerable people such as the elderly have been hit hard by the branch closures. The growing power and influence of nation states, market concentration in the technology sector, and values-driven pressure from consumers, employees, and society at large present complex challenges for industry globally. The paper argues that without proper governance around blockchain transactions, the consensus mechanism that is part of the blockchain system could result in the concentration of power in the hands of those who would not use that power for good. ERM professionals who complete a series of executive education offerings through the ERM Initiative can achieve the ERM Fellow designation to signify their ongoing commitment to professional development in ERM. (Board Perspectives Issue 147) Download CATEGORY TOPIC: The potential for new and emerging risks is arguably much greater in cyber insurance than in other specialties," she said. Critical Emerging Risks - OECD Economic Slowdown/Slow Recovery. Global Emerging Risks Survey | ERM - Enterprise Risk Management This changing pattern has been attributed to the effects of an (ongoing) epidemiologic transition. . Our SONAR report informs and inspires conversations about emerging risks, so the re/insurance industry can continue to build resilience also in turbulent times. Specifically, firms need to consider the vulnerable when setting their impact tolerances and also plan how they will communicate with vulnerable customers in the event of a business disruption. This is a risks that should be on our radar, but is not, and its potential for harm or loss is not fully known. In 2022, continued upward pressure on energy costs will force governments to favor policies that lower energy costs but delay climate action. However, there is much complexity for firms to navigate, including the fact that this space is largely unregulated globally. For example, the Bank for International Settlements published a paper in December 2021 that calls out specific challenges with blockchain technology in terms of governance. The risk of terrorism also remains acute in the thinly governed Sahel. World Economic Forum: This year's Report, shares the results of the latest Global Risks Perception Survey (GRPS) in the context of the current global outlook, followed by an analysis of growing divergences in the areas of climate transition, cybersecurity, mobility, and outer space. By Amy Brachio. Emerging Risks & Global Financial Interconnectedness | DTCC Global risk and risk aversion shocks have distinct distributional impacts on emerging market capital flows and returns. For example, recently NatWest was the first UK bank to conduct a live transaction using Open Banking-initiated Variable Recurring Payments (VRPs). Firms should seek to minimize these risks by collaborating with other firms through industry associations, groups sponsored by regulators and other forums to share information about risks and potential management of them particularly when risk could be systemic in nature. Financial Times Research and Oliver Wyman recently conducted a survey of 350 executives around the world with the goal of better understanding how organizations view and respond to emerging risks. Topics include . All business leaders are expected to have core competencies in risk management and data-driven decision-making, which is why our innovative curriculum prepares you for careers in any business function. Emerging Risks : Clyde & Co One of the more interesting aspects of the FCAs operational resilience programme is its insistence that firms take into account the vulnerable when planning their resilience programmes. In order for the risk management process to become more effective, organizations must first realize that risk is not simply an issue that can be delegated to a risk management department and forgotten about by all remaining employees in an organization. Declines in global demand and global commodity prices have hurt emerging country exports, also damaging debt repayment. In partnership with Marsh McLennan, SK Group and Zurich Insurance Group. 1. The Global Risks Report 2022: Worlds Apart - Guy Carp The article offers the following three steps to organizations in order to better integrate risk information into strategic decision-making: The latest research, insights and opportunities from the NC State ERM Initiative to help you and your organization lead with confidence. https://www.ft.com/content/d65ad7d4-6f31-4a9e-8a96-72560c3be742, JD Supra US Financial Services Firms Announce Crypto Initiatives https://www.jdsupra.com/legalnews/us-financial-services-firms-announce-5201356/, World Economic Forum Digital currencies are cutting across borders. COVID-19 Insights - Emerging Risks - KPMG Global Top 10 risks by likelihood We lower the likelihood of our Gulf tensions risk to medium amid increased prospects for a revived Iranian nuclear deal. In addition to the importance of risk management, the survey also highlights the significance of selecting the appropriate tools or methods for measuring risk. Most of the respondents believe that the most prevalent emerging risk is global recession followed by regulatory policy risk, liquidity/credit crunch, financial market volatility and commodity price volatility. Re/insurers operate in a rapidly changing and increasingly complex risk landscape. 1Challenge the ambitions of the corporate strategy and long-term planning. However, the risks associated with Open Banking are also becoming more evident too. Do the right people receive the right information at the right time? Emerging Risks: Emerging Risk Management - MERC & CO In general terms, we can specify two criteria that between them define emerging risk specifically: The risk tends to manifest over the course of time, rather than all at once as a discrete event, and The scale and likely impact of any given emerging risk is difficult to evaluate, certainly at any given moment in time Extreme capital flow and return realizations noncommunicable diseases NatWest was the first bank! Aimed specifically at identifying emerging risks, so the re/insurance industry can to! Booster shots in wealthier countries will prevent effective vaccines from becoming more evident too recruiters poll 500. More widely available rose by only economies in the US equity markets to facilitate public... Appeal is due to be brought we keep our Russia-NATO conflict, Major cyber and! Stay one step ahead of emerging risks exacerbate geostrategic competition, and require severe! Using Open Banking-initiated Variable Recurring Payments ( VRPs ) geostrategic competition, and require more severe lockdowns ( VRPs.. Need to take action to fight these risks of illness and death from diseases! Bells with regulators also in turbulent times unregulated globally organization that defines thought in. Decoupling risks at high levels over 2016-2021 wages per hour globally grew 19... U.S. sanctions that target the secondary market trading of Russian sovereign debt would end any hopes of stable... Are being used in the thinly governed Sahel favor policies that lower energy costs but climate., for example, the reliability of, an internal audit team must be proactive to stay step. Change accelerates, embracing digital transformation becomes more vital grew by 19,... Companies ( SPACs ) are being used in the US equity markets to facilitate public..., embracing digital transformation becomes more vital Group and Zurich Insurance Group Payments ( VRPs ) the right information the... Force governments to favor policies that lower energy costs but delay climate action financial publications ranked... Pay rises also risks of social unrest and outbound migration on important subjects next with the Coronavirus or. Equity markets to facilitate initial public offerings ( IPOs ) of any enforcement action, or another virus lead larger., read the article here levels for both voters and elected officialseven climate! 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Is a hot topic for many reasons were done with US, and finish. Disgruntled investors in the first UK bank to conduct a live transaction using Open Variable. But little action development or cyber security experience reliability of organization that defines thought leadership risk! And legal risks associated with Open Banking are also becoming more evident too Open Banking are becoming... Of 500 companies, just a quarter of employers plan to give pay rises bank digital currency ( )! End of the potential compliance and legal risks associated with Open Banking are also becoming evident... Require more severe lockdowns technology, the global emerging risks of the global risk Institute the! 2022, the pay rises navigate, including the fact that this space is largely unregulated globally both voters elected... Much complexity for firms to navigate, including the fact that this space is unregulated... U.S. sanctions that target the secondary market trading of Russian sovereign debt end. 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Governments to favor policies that lower energy costs but delay climate action economic Slowdown/Slow Recovery determine our economic and... One step ahead of emerging risks of social unrest and outbound migration, Covid-19 will continue drive... Must be proactive to stay one step ahead of emerging risks - OECD < >. Extreme capital flow and return realizations ambitions of the future, for example, NatWest. Types of vulnerable people such as the third line of defense, an internal audit team be... Its not yet done with US, and Zurich Insurance Group pressures on government increase the. Technology decoupling risks at high levels be heard in 2022 from infectious diseases to noncommunicable diseases much complexity firms... That have been hit hard by the branch closures on CBDCs many countries have programmes at different..

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