Engy KHALIFAMarch 19, 2019


Dr. Mahmoud Mohie El Din is the first Vice President of the World Bank. He is responsible for the 2030 Development agenda and United Nations Relations and Partnership. He is talking about the jobs of the future.

jobsDr. Mahmoud has a strong academic track rekord. He graduated in Economics and Political Science at Cairo University, Egypt, then he obtained a diploma in Quantitative Development Economics from the University of WARWICK and a Master of Science degree ( Msc.) in Economical Social Policy Analysis. Later he gained his Ph.D in Economics from University of WARWICK.
Dr. Mahmoud started his career in Cairo University for more than 32 years now where he reached a professor of Economics and Finance. He also held the position of a board member of the Central Bank of Egypt; in addition of being the Minister of Investment and International Cooperation for more than 6 years.

In October 2010 he joined the World Bank Group as a managing director as a Managing Director, and currently he is currently an honorary professor at Durham Business School, besides being the senior vice president of the world bank.

Dr. Mahmoud created the ” Sustainability Index ( S&P / EGX ESG ) for listed companies in the Egyptian Stock Exchange “. Moreover he has an extensive list of publications.
EK: How would you describe the change that happened to the World bank since its formation?

MM: Overlapping crises, from climate change to pandemics, natural disasters to forced displacement, threaten to erase hard-earned development gains. And historic economic changes, in part from technological advancement and disruption, present risks for countries, but also opportunities if they have made the necessary investments in their people, communities, and economies to take advantage of them. The world needs partners that can help meet the challenges of today, while making the investments to prepare for the challenges of tomorrow like finding jobs.

There has been a great transformation in the way we do business and what we offer our client countries. By offering financing, knowledge, experience, and a long-term commitment to its country clients, the World Bank is a trusted partner for all its members to help transform economies and advance the 2030 sustainable development agenda.

With a mission to end extreme poverty and boost shared prosperity, the World Bank supports its client countries in three priority areas: promoting sustainable, inclusive economic growth; investing more—and more effectively—in people; and building resilience to fragility, shocks, and threats to the global economy. The Bank applies this three-pronged approach across all sectors of development so that countries make the integrated investments that can best help people lift themselves out of poverty, to find jobs.

EK: How would you describe its culture?

MM: The comparative advantage of the World Bank comes from its powerful combination of country depth and global breadth, public and private sector instruments and relations, multisector knowledge, and the ability to mobilize and leverage financing. The World Bank’s principal institutions—the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)—work in ever-closer coordination with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) to leverage the collective strength of the World Bank Group (WBG) for the benefit of its partner countries.

The comparative advantage of the WBG comes from the powerful combination of country depth and global breadth, public and private sector instruments and relationships, multisectoral knowledge, and the ability to mobilize and leverage financing. Collaboration across IBRD, IDA, IFC, and MIGA has grown over time, and spans a range of activities at the regional, country, sector, and thematic levels.

World Bank experts are organized across teams of Global Practices, which focus on key technical areas of development, as well as Global Themes, composed of teams working to deliver on cross-cutting corporate priority areas, such as climate change, gender, fragility, infrastructure, public private partnerships, and guarantees. Collaboration across these teams allow for the development of comprehensive solutions for clients.

The World Bank Group has made significant progress in aligning its budget to address development priorities, to reinforce selectivity and efficient delivery, and to maintain budget sustainability. It has done so through a combination of revenue expansion and spending containment measures that include completing an Expenditure Review that saved $400 million. The World Bank has also implemented new sustainability principles and budget indicators that allow for administrative expenses to be covered by revenues generated from operations and realigned its budget with strategic priorities. The Bank Group is committed to continued financial sustainability, strategic alignment, and efficiency.


EK: Its greatest success?

MM: Around the world, demand continues to rise for financing, expertise, and innovation. The needs are great—but the costs of failure are simply too high. Our shareholders are helping us meet that challenge with their approval of a historic $13 billion capital increase, which will strengthen the World Bank Group’s ability to reduce poverty, address the most critical challenges of our time, and help our client countries – and their people – reach their highest aspirations. In 2018, the World Bank Group committed nearly $67 billion in financing, investments, and guarantees.

In our work around the world, we’re facing overlapping crises such as climate change, conflict, pandemics, natural disasters, and forced displacement. We are simultaneously helping our client countries address immediate crises, build resilience against challenges on the horizon, and make enduring investments to prepare for an uncertain future.

We work to achieve our twin goals: to end extreme poverty by 2030, and to boost shared prosperity among the poorest 40 percent around the world. Across the World Bank Group, we are harnessing new technologies and developing financial innovations to drive progress on the three parts of our strategy to get there: accelerate inclusive, sustainable economic growth; build resilience to shocks and threats; and help our client countries invest in their people.

EK: How does the World Bank Group work to achieve its twin goals?

MM: First, to accelerate inclusive, sustainable economic growth, we need a new vision for financing development—one that helps make the global market system work for everyone and the planet. In a world where achieving the Global Goals will cost trillions every year, but official development assistance is stagnant in the billions, we cannot end poverty without a fundamentally different approach.

With the adoption of the Hamburg Principles in July 2017, the G-20 endorsed an approach that we call the Cascade, which will lead to our goal of Maximizing Finance for Development. The World Bank, IFC, and MIGA are working more closely together to create markets and bring private sector solutions in sectors such as infrastructure, agriculture, telecommunications, renewable energy, and affordable housing.

Second, to build resilience to shocks and threats—even as we continue developing climate-smart infrastructure and improving response systems—we need innovative financial tools to help poor countries do what wealthy ones have long done: share the risks of crises with global capital markets.

This spring, we saw the first impact of the Pandemic Emergency Financing Facility (PEF) with a rapid grant to support the Ebola response surge in the Democratic Republic of Congo. With this facility—and a similar one we are developing to improve responses to and prevent famine—we are finding new ways to help the poorest countries share risks with financial markets, helping break the cycle of panic and neglect that often occurs with crises.

Third, to prepare for a future where innovations will only accelerate, we must find new ways to help countries invest more – and more effectively – in their people. The jobs of the future will require specific, complex skills, and human capital will become an increasingly valuable resource. With the Human Capital Project, which we launched this year, we are developing a rigorous and detailed measure of human capital in each country.

At the Annual Meetings in Indonesia in October 2018, we unveiled the Human Capital Index, which ranks countries according to how well they are investing in the human capital of the next generation. The ranking puts the issue squarely in front of heads of state and finance ministers so they can accelerate investments in their people and prepare for the economy of the future.

EK: How is the World Bank Group supporting client countries to achieve the Sustainable Development Goals?


MM: The 2030 Agenda for Sustainable Development, adopted in 2015, was a watershed moment in development and diplomacy. Its declaration to protect people and our planet — and to leave no one behind — brought together nearly every nation on earth to endorse its 17 ambitious Sustainable Development Goals (SDGs) to be achieved by 2030. In July 2015, many of these same stakeholders met in Addis Ababa at the third Financing for Development Conference to discuss how this agenda would be sustainably financed. The World Bank Group participated in the formulation of these global agendas for sustainable development and financing and is already deeply engaged in helping to achieve them.

The SDGs are aligned with the World Bank Group’s twin goals to end extreme poverty and to build shared prosperity in a sustainable manner. Our country-led processes with our clients have shown us that countries have a strong desire to achieve the objectives of the 2030 Agenda, and as a result, our support for this work continues to grow. This work is not new to the World Bank Group; it was already part of our DNA as a development institution.

Yet the establishment of the global goals has energized our efforts to work with our partners to achieve these ambitious targets. We believe that, working together, we can create a world that is more prosperous, secure, and just. The World Bank Group is working to achieve not only individual SDGs, but also the broader agenda for implementation, including finance and data.

EK: What are doing to meet the global targets?


  • We engage with our country partners to help protect the poor and vulnerable, ensure inclusive and accountable service delivery, and improve resilience to economic, environmental, and humanitarian shocks.
  • We work to strengthen the private sector, so that it can create jobs and opportunities.
  • We promote regional cooperation on shared public goods and enable investments in critical infrastructure.
  • And we work with partners to provide assistance in education, health, nutrition, water & sanitation, energy, transport, technology, gender equality, the environment, climate change, and many other sectors.

Of course, to meet aggregated global targets, country-level results must be combined with the efforts of other nations. There are a number of daunting challenges to this global agenda — challenges which transcend borders, requiring international cooperation at many levels to address them — including climate change, pandemics, economic shocks, violence and fragility, inequality, lightning-fast changes in technology which disrupt markets, and polarization of our political and social institutions.

To overcome these challenges, we need to work in partnership with multilateral organizations, governments, the private sector, civil society, foundations, and other stakeholders at the global, local, and sub-national levels. As a development finance institution, the World Bank Group will continue to play a key role in leveraging and mobilizing investments in both physical and human capital — with the help of the private sector — to spur inclusive and sustainable growth, create good jobs, and improve the quality of people’s lives.

Based on our experience in working with partners such as the United Nations to achieve the Millennium Development Goals, we learned there are two other factors critical to success: the availability of quality data (including monitoring and evaluation); and evidence-based implementation which grows from a shared commitment with country partners, and which leverages multi-stakeholder partnerships to deliver results.


EK: Africa has always been a forgotten destination, why are all the eyes on it now?

MM: Africa has never been forgotten by the World Bank Group and as region it has been our biggest recipient of our International Development Association (IDA), which is the part of the World Bank that helps the world’s poorest countries. IDA is one of the largest sources of assistance for the world’s 75 poorest countries, 39 of which are in Africa, and is the single largest source of donor funds for basic social services in these countries.

IDA lends money on concessional terms. This means that IDA credits have a zero or very low interest charge and repayments are stretched over 30 to 38 years, including a 5- to 10-year grace period. IDA also provides grants to countries at risk of debt distress. In addition to concessional loans and grants, IDA provides significant levels of debt relief through the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI).


Let me add that 18 African countries are fragile and conflict-affected States. They have struggled, or are struggling, through war or political conflict to rebuild themselves and lift their people out of poverty. They are called fragile states, nations with poor health and education, little or no electricity, disorganized or weakened institutions, and in many cases no functioning governments. We know that political conflict is bad for development.

It causes great human suffering and forces people to flee their homes and abandon their crops and livelihoods. It vandalizes communities and ruins institutions like healthcare, cutting off access to essential services and leaving workers and breadwinners without jobs and wages. It destroys roads, limiting cross-border and regional trade. And it diminishes hope and motivation, so that the millions of educated African youth who leave high school and university every year looking for jobs are left unemployed and dispirited.

The reasons people are fighting are largely economic – uneven access to natural resources such as land and water, too few jobs and persistent poverty. While conflict is bad for development, development is the answer to conflict. Therefore, the World Bank Group strategy for Africa builds on opportunities for growth and poverty reduction to support structural transformation, economic diversification, and inclusion within the new development finance framework. The region is made up of a combination of low, lower-middle, upper-middle, and high-income countries. Africa also has 13 small states, characterised by a small population, limited human capital, and a confined land area.

EK: What is the World Bank Group strategy for Africa?

MM: The Bank is responding to this diversity by providing a wide range of instruments – both traditional and innovative – tailored to the needs of the countries. Our strategy focuses on the following priority areas:

  • Agricultural productivity: There is a continuing need to accelerate progress in boosting agricultural productivity and output in Africa. Supporting smallholders through investment in improved technologies, rural financial services, and better access to markets is vital.  Equally important is the push to boost agribusiness investments and improve land and water management by adopting modern irrigation practices, preventing conflicts over water resources and implementing climate-smart agriculture solutions.


  • Affordable and reliable energy: Increasing access to affordable, reliable, and sustainable energy is a primary objective of the Bank’s work in Africa as inadequate electricity supply remains the greatest infrastructure obstacle in Africa. Thanks to the concerted efforts of the WBG, most of the energy generation conducted in Africa is handled by the private sector, and in a clean way. Through the maximizing finance for development (MFD) approach, we have mobilized over $2 billion in private investment in Kenya and nearly a billion in Cameroon so far.


  • Climate Change: Africa’s poor are likely to be hit hardest by climate change, particularly changes in temperature and rainfall patterns. Investing in climate change adaptation techniques and disaster risk management will remain top priority. To build climate resilience, countries will need help to both mitigate and adapt to the impacts of climate change and ensure food security. The Africa Climate Business Plan, presented at COP21, lays out a work program to help on both fronts.


  • Regional integration:Regional integration in Africa remains a critical emphasis of our strategy to improve connectivity, leverage economies of scale, and get collective action by countries to address shared challenges.


  • Urbanization: Integrated urban planning is at the core of our work in Africa, addressing water, sanitation, transport, housing, power and governance, that are vital to making urbanization a true driver of productivity and income growth.


  • High quality human capital: Each year in Africa and for the next decade, 11 million youth will enter the jobs market. Young Africans must be equipped with the right skills and training to finds jobs. There is still a mismatch between what African students are learning and the skills employers are actually seeking. To help bridge this gap, the Bank has launched initiatives to boost science, technology, engineering and mathematics (STEM) across the region.




Engy KHALIFAFebruary 17, 2019


Mohamed Fakhr Eldeen is currently the CEO of Optima world Egypt.
Formerly CEO & founder of “Logos International Egypt”. Mohamed is a Certified Trainer in Change Management Strategies and Techniques from IMD, Lausanne, Switzerland 2005, and a Certified Trainer from Xerox Corporation.
Mohamed has a B.Sc. in Civil Engineering from Alexandria University, and has been enrolled in preparing Master of Management Learning & Development MMLD at Euro Arab Management School Granada, Spain. He has thirty two years of progressive hands-on experiences covering Strategic/Tactical Planning & Business Development in Service Quality & HR Management, Human capital Training & Development, Assessment & Execution covering areas of: Change management, Leadership, education, Retail & Corporate Sales, Marketing, Telecom & Delivery Channels, with a specific focus on enhancing Sales & Customer Service Strategy Centric. Mohamed has a wide-spectrum portfolio of Senior Management jigsaw components that interlock together to formulate a strong platform to Lead Organisation & Business Development as well as Total Business Results Management & Execution for different wide range of business enterprises, that experience domain results from smooth management and effective running of different business functions with multinational companies, mainly companies adapting the concept of the “Learning organisation”, “Human Resources Value Recognised and Consultancy Relationship” as well as “Customer Value Added Services”.

  1. Can you tell us about the shifting from engineering to the field of business and management?

Well you are asking a very deep question as actually what happened about shifting from engineering to sales and business is not only a career change it has been a full paradigm shift, and it happened out of coincidence after I finished my engineering school and graduated I worked for two and half years as an engineer in the Egyptian Army where I did practice technical engineering in some aspects. When I finished my military services, I asked myself is this what I really want; I mean working in the concrete field with all those workers, graphs, and grey-colour environment?
The real answer was a big sharp no; I wouldn’t like to live this for the rest of my life. At that time, I didn’t have any clue on how to shift, but by chance when God sends you some signals you must follow them. Later I met a friend who was working for a company in the field of sales, marketing & customer service and he was just chatting with me about my plans at that time as I was done with my military service; my response was that I am looking for a job as an engineer but really, I was not so happy with the technicality of engineering. I like the methodology and the way of thinking I gained from engineering, but I don’t like the technical part. So, he proposed to me that I come and join same company, I will tell you later what’s his company is as its one of the major tycoons. For me to apply for that company as a salesperson I had been shocked and told him that I have never studied business or sales or marketing. He told me that I have what it takes to be a sales person, you are a very social person, extrovert, you have a good connection, and you can do some extra connections, you can join this company and it called “XEROX”.
I said what’s XEROX; he told me it’s the biggest worldwide organisation selling documents solutions and at that time I was shocked to find myself lacking some knowledge anyway.
In the interview I was hesitated as deep inside I was refusing the change, I was refusing to get out of my pre-known comfort zone. The branch manager I had been interviewed by told me that you are here for the job of sales what can you offer us? I answered him that I knew you want a person with a good connection and PR skills and I am that person.
Then I chatted with him for the rest of the interview and at the end he told me “Welcome to Xerox”. So when I went to join the training course of sales, for three months I was telling myself that I have to return to engineering but when I practised sales out of the scientific base they trained me on then I started making some success I found out that I am in the right place, I am a person for business not a person for technical engineering. That’s my story of shifting from engineering to sales and marketing. Moreover, I want to add something as at that time when I quit my job and I had to travel to Cairo as I was living in Alexandria at that time, I was a little bit amazed and puzzled and I didn’t know what to do. So I had the luck to have my father as my mentor; he told me that many successful people and he mentioned some names in the field of press are very successful despite to the fact that they hadn’t study literature or press and he mentioned some glorious name in Egypt so my father told me go and try whatever you think you like and come back if you didn’t like it you can shift to something else. I was lucky to have a mentor in my life that is why I see that every young man and woman needs to have a mentor in his life to help him to take decisions.

  1. What about the challenges you have faced and how did you manage to overcome them?

The first challenge I had was the shifting of the knowledge frame I had acquired from typical engineering base, columns, ceilings, and concrete to knowing how to sell in a scientific way; that was really challenging as all I was studying was technical and I had nothing to do with PR, Sales, or Marketing. I overcome this challenge by something I advise young people to do which is listening effectively to my trainer and to any one with experience to learn, acquire as much knowledge as you can from your teachers or trainers, and applied what I did learn scientifically and that helped me much to overcome the gap between what I thought I know and what I thought I don’t know.
In addition to this an incident had happened to me in the training which proved that learning can happen scientifically and efficiently; a part of the training was technically about the features of copy machines and the trainer kept telling us about the features of machines and I really felt that I don’t understand anything I felt that I want to quit the training and the job and went out of the classroom and my trainer felt that I am not digesting what she explained so she told me to go and copy some stuff with different sizes and jobs too. When I got to the copy room I found myself suddenly recalling what she taught us in the training and start applying what she taught me so that was the first gap between what I thought I knew and what I thought I did know. While working I had some gaps too like applying the sales science I knew, I also had some challenges which small details and I were could overcome this by try and error accompanied by mentors or more senior people coaching.
I also overcame this gap by continuous reading and continuous self-development as Stephen covey said as I have to  sharpen my own sew and continuous development of my own humble self-kept me always updating and always ahead of my colleagues and my fellows.
What also helped me is three things in addition to what I said; first thing was diversifying the field of knowledge I learn I mean reading and everything. Reading about business, technicality, finance, administration, engineering, politics, and even global conditions. So, reading to acquire different diversity of knowledge helped me a lot. The second thing is connecting myself to many people and making PR in different company departments, the company I worked for at the beginning of my career helped me to acquire a lot of knowledge which was beyond my core of business, I have connected with people in the field of HR, sales, finance, operation, and technical service. They gave me a lot of knowledge that broadened my spectrum of intellectual capacity. Third thing is connecting myself with some business and social communities; like the chamber of commerce, German chamber, Canadian chamber, and American chamber. All that stuff helped me to gain some connections, some PR, some business acquaintances. All of this was enveloped by the skill that my parents gave me which is reading; I always read a lot and acquire knowledge.

  1. From your own experience; what is your best success recipe and strategy?

Well; I do believe there are a lot of diverse aspects to success; I can remember a movie I have seen about 20 years ago which was “Secret to my success” which addressed one part of success which is being an opportunist. In addition to this I do think from my humble opinion is that success is the submission of totally integrated aspects that formulate success, something like six sigma concept, however I would add other factors. The first factor is learning; where it comes from acquiring knowledge from a knowledgeable people or during life incidents. The second thing is the trial under coaching which is an essential part of success. Then; thinking out of the box as for me I used to dream first then go and achieved what I am dreaming of I do remember while I was working in sales I used to dream of approaching specific client with a specific solution or product and everyone thought that it was impossible but I succeeded and I was awarded as being the first person to achieve top salesperson from the company outside the headquarters. Next is the smart hit, you must know where to hit not just hit. Another factor is PR where you must increase your social network and business network and as Philip Kotler said in his books “Marketing is Relationships” marketing is not only your products but also yourself. Also playing in a team is a very important factor besides believing in yourself. Finally; you have to know what the mission or vision of the company you work for and you have to make it your own motto. I think these are the magic recipe for success.

  1. What do you think about the youth inclusion in the Egyptian economic development?

First let’s talk about the idea of inclusion and integration in itself, you cannot have any sort of movement, change, or development unless you include all the stakeholder of that change. Our Egyptian demography consists mainly of youth; and those young people have inherited and took over the Egyptian economy of the past three decades so if you don’t include them and integrate them in the development plans there will be failure.
We can include them in two ways:

  • First way is to get them prepared and that can be done through forums, conferences, trainings, and education to be ready to take over the economical platform in the coming decades.
  • Second way is having them to mirror-image the role of the senior economists and I think that the government is doing a great job now in terms of preparing the youth. Examples are available as the presidential leadership programme. If you don’t prepare them; you will find two bad things. First thing is the negative momentum pulling us back as they refuse to go with the change and the second thing is wrong actions in term of economical knowledge which will take us back. In addition to that we will find something taking place which is very negative that these young people will refuse the actions that are done by elders and will formulate a resistance that will take us away from the development action plan that is being executed in Egypt now.

By the way the Egyptian vision is named under 2030 which means they are preparing the youth for year 2030 so the youth by any means will take over their place. Final thing we will use is that we will not get the feedback of our real customers that will take over our economic platform who are “Young people” , so I do think that the government are doing some efforts to include the youth in major activities. Also, if we talk about the integration and inclusion of youth in terms of philosophy and concept itself there are some individuals’ trials in our community that have proved success of inclusion of youth, one of the success stories I know is about the Egyptian Scout & Girl Guide Federation which is part of the Arab Scout Federation and the world Scout bureau which has been working for years now to include and integrate the young leaders to take over the leadership and strategic management of the Egyptian Scout Federation this federation includes almost one million boys and girls.
Also, I would love to mention something I observed during working with young people for many years now; a new trend of the youth and we cannot neglect them as they are our customers. The new trend is the start ups and the small micro-businesses accordingly as this is the mindset of the young people we cannot even deny that a major part of our future economical growth will be composed of small and medium enterprises as these young people have the will to start up and they are succeeding in it.

  1. And what advice would you give to young entrepreneurs?

Well I cannot give an advice as it is a big word, but I can give some guidelines for success. First I say have your vision, have your dream, dream and don’t be afraid of dreaming, and if you dream work to accomplish it, think out of the box, think what others might not be thinking of ; so, my first advice is Dream.
Second advice is when you dream you push the walls far from you, break the walls.
Third advice is after dreaming and thinking out of the box, take a deep breath, go back and look from a very far and deep eagle-eye perspective and work out on how to achieve that dream in a practical way.
Another piece of advice do not refuse and always consider elders opinions, they might say old style wisdom yet the cheapest way to learn is to learn on the cost of others experience,  elders made their mistakes and they don’t want you to repeat their same mistake.
Also, they must take into their consideration the definition of stupidity. which is doing things every time the same way and expecting different results, so don’t repeat what the others do in the same way. I mean get the benefits of learning and put your own hands to achieve it. Additional advice is don’t be afraid of trying, try, make mistakes, and get the benefits out of it.
Work as a team; you cannot succeed alone, have your own labelled idea, persona, style; even if it is different or considered wild or mad just have your own fingerprint. Another advice that might seem a little bit old, but once I read a book about sales and in page 2 there is a quote that said “ Customers like to deal with people they like and trust because they are professional and different” so my advice to young people is be professional do your job up to standard and books so you will be different and people will like to work with you or buy from you if you have something to sell; stick to the values and Good behaviours because still people like well raised up people, being out of the box or wild does not mean being impolite or rude. One very important advice is adopting the concept of quality which means doing things right from the first time and every time and have everything written and follow the recipe and what you promise is delivered 100 % of it. Believe in yourselves, believe in your GOD, believe in capabilities. Globalization is very good but doesn’t mean losing your persona or your own Identity.

  1. How do you evaluate the current Investment ground in Egypt?

Let me tell you my observations as a business person and sales trainer, I think what is happening now is that we are trying to shift our investment from consumer-based investment to real long term investment in the infrastructure which leads to better economic status and growth in the industry, I mean that investment in Egypt used to be for a while in consumer goods like FMCGs; of course I have nothing against them but what I mean is that they are just consuming goods. So, what we need now is to know where our strength is; I think our strength in this country comes from more than one factor. First factor is the Human Capital which if developed and led the right way will be a great power, we must invest in infrastructure and that’s exactly what the government is doing now. They are investing in electricity, water, new cities, roads, and all that stuff. Assessing our investment Geo-economic map; creating diversity all over Egypt as every governorate has its own strengths and opportunities for investment. We also must work on integrating all these investments opportunities all over Egypt in the main 2030 vision. I think we need to develop our people, know where to invest, how to invest, and know our strengths and work on it. I recommend not doing the investment in things that are not ours. Now we are shifting from economic situation of consuming to real production.

  1. So, what is your opinion about the Egyptian sustainable development experience?

I think from my humble opinion it is the first time to have a real vision and a master plan for this country. This vision really contains many diverse fronts that we are working on, very integrated yet smart I mean some objectives are very smart, achievable, and measurable. My only concern is that according to the change management theories and concept, there will face some resistance people are not ready to share creating their stake in the GDP, some people are used to get paid without working. We are also facing another problem which the parallel economy is where people are working and not paying taxation and are working in an unorganized way. Anyway, this vision looks to be achievable, realistic, also tough because it contains a part which is letting people work, really work and not just having money without working. I went through the 2030 in every aspect and I think we will achieve it, yet I am focusing on the resistance that we might face.

  1. In your opinion; how can the Egyptian regime overcome the change resistance?

Let me tell you first where the resistance will come from, scientifically when a change happens in the beginning the population of change is divided into three sectors. Maximum of 25 % of the population is called “early adaptors”, minimum of 25 % of the population is called “resistors”, and 50 % of the population are called “inbetweeners”.
The inbetweeners are waiting to see the WIFM; what’s in it for me from this change. Either the benefit of doing that change or the loss of not doing that change.
The major vital role of the change steering committee is the will and the continuous process to convince many of those 50% people to join the 25% of early adaptors to formulate the big cluster that will achieve change. Yet at the end I think we will have refusers that will stay like this, unfortunately I have to say this, but they will be distinct, obsolete and they will not be considered in the future population of the change. We must know first why people refuse change where the resistance come from. The reasons are fear of loss, feeling comfortable in their place, not being convinced with the subject of the change, not believing in the steering committee, or even people that are not changers by nature; these are the main reasons of resisting to change and the steering committee must handle every refuser out of his own reason. Yet, we value resistance for some other reasons, because they must know that they are mistaken, they must know that they have to change a little bit to fit more, they might be reasons of raising up some extra questions that helps us to do the change in a better way, or the tactical benefit of showing themselves to know where the  resistance  is coming from. Every change is not a resistance and every change has got the distinct part of the population.

  1. Now let us talk about what is currently happening globally; What do you think about BREXIT?

I think in my humble opinion that politics is based on pragmatism which means where your interests comes or goes, you go after it. So, the British people as history proved; they go for the interest of their own country. Now the BREXIT is for the favour of the Britain and not to the other European countries, as they found themselves not having a lot of benefits from the political and economic point of view from being among the European Union, so they are quitting. In my opinion this Brexit will formulate two clusters USA and Britain in one party and the other European Countries on the other party. Germany and France will pay the bill as usual, the English people will refuse to share their part of the bill. Anyway; it is part of the new regime. The European Union might have the will to continue together, so they must again study their benefits, and what every country will add to this European Union. Also, what Britain took away with them during their exist should be compromised by the other countries. I can see also another formula or mirror imaging from this Brexit, which was what QATAR did in quitting the OPEC after 57 years of being a member. I think something is happening now intentionally to break the classical old clusters of this world, we will see in the coming days some counter actions and some corrective actions from the owners of those clusters to rectify their position.

  1. What about “Yellow Vests”? Do you think that Globalization is related to them?

well the yellow colour is always meant to be an alert colour “take care”, anyway what I say now is unfortunately the European Spring , it is phase two of what was called the Arab Spring as this is a movement of other bigger entities to take care of this mess or this chaos, what I mean that all of these are a bad expressing of anger and I think these yellow vests are moved by some other major movers who are moving them from behind the curtains, I am not sure if they are really expressing anger from the economic situation or from the high cost of living. I think it is an act that was intending to be part of the big plan of “springs” formula or phenomena.
Globalization is good; globalization is a mean of crossing the border, but it has a good part and bad part. Good part is like increasing the trade, the bad part is losing your identity. I think each country must have both sides of the coin. The global part in terms of relationships and trading with others, and the other side is the local part where you keep your identity. I do like the Japanese part of Globalization which is exceptionally modern and well related to western world and yet they still keep their Japanese persona and cultural depth.

Heinz LORSENovember 19, 2018


Compliance – Placebo für den Vorstand?

Versetzt der Glaube Berge? Irgendwann zu Beginn des 21. Jahrhunderts hielt „Compliance“ Einzug in die Chefetagen (!) der Deutschen Wirtschaft. Zunächst in Aktiengesellschaften, zog der Mittelstand schnell nach. Endlich hatte man ein System zur Verfügung, mit dessen Hilfe man den leidigen Regelverstößen und Rechtspflichtverletzungen einen Riegel vorschieben konnte. Glaubte man zumindest und schluckte fleißig diese Wunderpille. Wie das gelingen sollte, wurde eifrig diskutiert. Das Testat der Wirtschaftsprüfer verlieh dem „Compliance-Management-System“ Segen und Anerkennung. Also alles bestens! Oder etwa nicht?

Auf bunten „Blättern“ verkünden die Webseiten bis heute die angebliche Wirkung. Vertrauen, dieser Begriff wird darin arg strapaziert. Im Widerspruch dazu stehen die Skandale, insbesondere in der Automobilindustrie und im Finanzsektor, aber nicht nur dort. Hat das Compliance-Management-System nun Risse bekommen, oder tritt einfach nur zu Tage, dass der Grundgedanke an sich fragwürdig ist?

Compliance ist ein zusätzliches Regelwerk zur Beachtung von ohnehin bestehenden und verbindlich zu beachtenden internen Regeln und externen Rechtsvorschriften. Eine in der Wirtschaft wohl einmalige Konstruktion. Der Glaube an das Compliance-Versprechen ist bist heute ungebrochen: Mache Compliance und nichts passiert. Versetzt der Glaube jedoch wirklich Berge? Verhalten sich die Menschen nach der ‚Einführung des CMS wirklich von jetzt auf gleich regeltreu? Ein merkwürdiges Führungs- und Menschenverständnis, dass es einer Regel bedarf, damit Regeln beachtet werden. Ja sind denn die Regelverstöße in der Automolindustrie oder im Finanzsektor nicht bekannt, die trotz Compliance betrieben wurden (und möglicherweise weiterhin werden?)?

Es tobt ein hybrider Wirtschaftskrieg, der endlich als solcher verstanden werden muss. Offene Flanken, ausgelöst durch Regelverstöße, sind zusätzliche und sehr willkommene Einfallstore für die Gegner, welche mit neuen, ganz anderen und innovativen Kundenproblemlösungen Mehrwert anbieten und die „alten Hasen“ links und rechts liegen lassen, einfach so, und dass mit beachtlichem Erfolg. Das ist neu, die „Großen“ sind angreifbar geworden, sogar substituierbar. Darin liegt die eigentliche Gefahr für die schwerfälligen und in überholten Unternehmens-, Kommunikations- und Führungsstrukturen verhafteten Flaggschiffe der Deutschen Wirtschaft. Die Aufgabenfelder „Strategie, Recht und Integrität“ sind, sofern überhaupt vorhanden, selten funktional ausgebildet. Ebenso schlimm erscheint das falsche Verständnis der eigenen Produkte, die selten ganzheitlich durchdacht und am Kunden ausgerichtet angeboten werden. Der Kunde wünscht Mobilität, aber er erhält weiterhin ein Auto wie zuvor. Marketing preist unentwegt glänzendes „Blech“ mit viel Elektronik und tollen Versprechungen an. Die „Freude am Fahren“ vergeht in den überfüllten Städten spätestens bei der Suche nach einem wohnungsnahen Parkplatz. Wenn dann die Abgaswerte „geschummelt“ werden und Fahrverbote drohen, fällt jeglicher Glanz und Glaube ab.

Rechtsverstöße und Regelverletzungen wirken toxisch und beschleunigen den Niedergang. Die Gegner haben leichtes Spiel! Das Management spürt davon offenbar wenig. Man baut weiterhin (nur) Fahrzeuge und verkauft Finanzprodukte, die man selbst nicht versteht.

Strategie heißt, Heute für das Morgen Sorge (Prokura) tragen und handeln. Auf Strategie zu verzichten, ist jedoch auch eine Form strategischen Handelns, wenn auch eine sehr gefährliche. In diesen beiden Sätzen sind die gegenwärtigen Defizite vieler Unternehmen beschrieben. Das führt zu verletzlichen und angreifbaren Strukturen. Charismatische Vorstände, z. B. Alfred Herrhausen, waren leuchtende Vorbilder und haben die Gesellschaften geprägt und erfolgreich an den Märkten positioniert. Die Nachfolger haben davon gezehrt, jedoch dann den Konzernen einen anderen Stempel aufgedrückt, der an die Herrschaft im römischen Reich erinnert. Die persönliche Macht (und deren Erhalt) wurde zum alles bestimmenden Faktor.

Der Wandel der Zeit, durch die Globalisierung und Digitalisierung gegenwärtig wie von einem Turbo-Lader angetrieben, führt zu vollkommen neuen Anforderungen in den Unternehmen. Der globale Wandel und die Digitalisierung greifen tief in die unternehmerischen Strukturen ein und erfordern eine neue Führung, damit Delegation von unternehmerischer Verantwortung möglich wird. Nur dann werden auf globalen Märkten Mensch und Technik im Sinne kundenorientierten Handelns zusammenfinden. Die Zeiten sind vorbei, in denen sich der Unternehmenswert an immer neuen Absatz- und Umsatzrekorden und höchst zweifelhaften Bilanzgewinnen orientiert, die dann irgendwann über Rückstellungen abgeschrieben werden. Nur selten werden die für diese Entwicklung verantwortlichen Manager „zur Kasse“ gebeten. Das bleibt in der Belegschaft nicht verborgen.

In diesem Zusammenhang ist nun die Frage der Wirksamkeit von Compliance-Systemen zu stellen. Wurden die Regelwerke nicht verstanden? Wurden sie anhand ihres Umfangs überhaupt jemals verstanden? Haben die ständigen Kontrollen und Prüfungen des rechtskonformen Verhaltens versagt oder war die Anzahl der Kontrolleure zu gering? Oder haben die Ursachen für das Scheitern von Compliance nicht vielmehr viel tiefere Ursachen?

Die Großen verschlafen immer noch den Wandel der Zeit! Das gilt nicht für den Mittelstand, der Säule der Deutschen Wirtschaft. Hier werden fortgesetzt hervorragende Leistungen erbracht, die weltweit Anerkennung und damit Umsatz und Ergebnis finden. Ganzheitlich durchdachte Kundenproblemlösungen – viel mehr als ein Produkt – tragen dazu bei. Denkbar auch, dass die im Vergleich zur Großindustrie eher bescheidene Größe Vorteile für die Führung und damit die Unternehmensfunktion bietet. Denkbar auch, dass hier Führung noch in einer ursprünglichen und förderlichen, die Menschen motivierenden Art und Weise möglich ist. Das zeigt sich dann auch darin, dass Regelverstöße eher eine Ausnahme sind. Vom Mittelstand lernen, wäre eine erste Empfehlung an die Großen!

Die „Großen“ besäßen das Vermögen, sich Denkfabriken zu leisten, in denen die Zukunft strategisch vorbereitet wird und Lösungen entwickelt werden, die weg von der Einzelbetrachtung eines Produkts und hin zu ganzheitlichen Anwendungen führen. Am Beispiel der Automobilindustrie kann dieser Anspruch einfach aufgezeigt werden. Es werden „Autos“ hergestellt und verkauft, viel Blech, noch mehr Elektronik, selbstfahrend usw. Tatsächlich benötigt der Kunde Mobilität. Diese ist im Zeitalter der Digitalisierung möglich, gleichwohl sind die diesbezüglich möglichen Lösungen strategisch bisher wohl noch nicht bedacht worden. Man beschäftigt sich weiterhin mit Compliance und verspricht Vertrauen auf den Webseiten, bunten Blättern im Herbst gleich, die von den Bäumen fallen. Aber davon nehmen scheinbar nur die Kunden Kenntnis. Der Winter kommt bestimmt!

Wenn das Unternehmen wie eine mechanische Uhr tickt, die vielen Rädchen im Gleichklang „ticken“, dann, nur dann funktionieren die Geschäftsprozesse. Nur dann haben alle Beschäftigten verstanden, was unternehmerische Verantwortung bedeutet. Regelverstöße und Rechtspflichtverletzungen stören den Gleichklang und sind tabu. Das erkennen die in ganzheitlich modellierten Prozessen unternehmerisch tätigen Menschen. Regeltreue wird zum Standard. Das macht Führung aus, wenn die Menschen nicht mehr Mit-Arbeiter sind, sondern ihr Vermögen (!) in unternehmerisches verantwortliches Handeln umwandeln (dürfen, können!) und in der Summe einen lebendigen Organismus verwandeln, der gemeinsam auf die Ziele und für die Kunden hinarbeitet. Das System „Ameisenstaat“ kommt in den Sinn, die Ordnung im scheinbaren Chaos, die uns beim Spaziergang im Wald so beeindruckt. Alles ständig in Bewegung, die Kunden im Fokus, und das in einer ständig selbstlernenden Gemeinschaft. Nur so hat profitables Wachstum auf globalen Märkten in Zukunft Chance.

Compliance? Nein! In Zukunft muss Regeltreue selbstverständlicher Anspruch in organisch strukturierten unternehmerischen Gebilden sein, in denen neue Formen von Führung, soziale und unternehmerische Verantwortung aller Glieder praktiziert wird.

Die Zukunft muss täglich neu erfunden werden. Der Wandel beginnt im Kopf!

Heinz Lorse November 2018

Michael KOHLHAASSeptember 27, 2018


Welches Bild haben Sie vor Augen, wenn Sie das Wort „Mitarbeiterbindung“ hören? Gleichwohl ich den Sinn und die positive Absicht durchaus verstanden habe, war mir der Begriff immer suspekt. Die Führungskraft bindet ihre Mitarbeiter! Wie glücklich wären Sie selbst, würde Ihr Chef oder Ihre Chefin Sie an das Unternehmen „binden“? Bei mir stellte sich dabei immer ein solches Bild ein:

Meissa LOAugust 14, 2018


Résumé : Dans cet article, je montre l’utilité de diversifier les sources de financement dans une entreprise basée dans les pays émergents. Cette diversification stratégique peut contribuer à booster les marchés financiers dans ces états et zones où la bourse est très peu développée. L’article traite également de la corrélation qui exister entre un initial public offering (IPO) et le poids de certaines places boursières.

Le financement dans une entreprise comme dans un Etat se fait par deux modes, soit par des fonds internes à l’entité ou externes à celle-ci. La mondialisation a facilité depuis la deuxième moitié du XXe siècle, le mouvement des flux financiers, ayant comme conséquence, un choix de mode de financement des Etats et des grandes entreprises du monde orienté vers la dette [le financement par l’extérieur (banque, place boursière, fonds commun de placement)]. IL est évident que les raisons d’un recours à un financement externe pour les entreprises sont différentes de celles des Etats. Mais, l’intervention sur les places boursières est le premier choix des acteurs cités plus haut. Au niveau des Etats, par exemple, c’est le moyen le plus souvent utilisé par les pays développés (ou émergents), lorsqu’ils veulent financer de grands projets. Il s’agit d’un espace financier qui voit intervenir différents acteurs (Etats, grandes entreprises, fonds d’investissement etc.) et qui est souvent organisé de façon fonctionnelle (le marché de capitaux compartimenté par un marché monétaire et un marché des changes, marché boursier lui-même divisé entre celui des actions de sociétés et celui des obligations publiques et privées, etc.), temporelle (les marchés fonctionnent aujourd’hui 24h/24 et de plus en plus en temps réel), et enfin géographique (Europe , Amérique , Asie , Afrique).

Par ailleurs, on note une réelle corrélation entre le poids de ces places financières, et celui des différentes zones du monde où elles se situent. Le classement suivant des plus grandes places boursières du monde montre l’absence de l’Afrique ou de ses Entreprises (New York avec 19 223 milliards de dollars, Nasdaq 6 831 milliards de dollars, London Stock Exchange 6187 milliards de dollars, Tokyo 4 485 milliards de dollars, Shanghai 3 986 milliards de dollars, Hong Kong 3 325 milliards de dollars, Euronext avec 3 321 milliards de dollars). IL est aisé de constater ici, l’important des transactions financières qui s’opèrent dans les marchés et entre eux, se passe en Amérique du nord, Europe, et Asie, autrement dit entre les pays développés appelés super puissances. Ces places boursières enregistrent d’importantes capitalisation comme nous pouvons le constater et donc une capacité de financement assez importante pouvant attirer toute entreprise qui est dans un état de besoin de financement et qui compte faire recours à d’autres types de financement autre que l’endettement bancaire.

Pourtant, le continent Africain compte une vingtaine de place boursière avec près de 2 000 entreprises cotées, avec des ressources incommensurables (gaz, pétrole, diamant, blé, or etc.) échangées un peu partout dans le monde et donc une capitalisation boursière africaine qui n’est que d’environ 2% de la capitalisation mondiale, en 2014 le continent Africain présente aussi avec l’Asie Pacifique, des taux de croissance plus importants qu’en Europe ou aux USA.

Dans ces places financières africaines, on peut y retrouver quelques filiales de multinationales telles que Danone, Unilever, Total, Société Générale, China State Construction and Engineering Corporation (société chinoise de BTP), Bouygues, Exxon Mobil, Chevron, Shell, Randgold Ressources, Air liquide etc.

Des études ont permis de noter qu’un grand nombre de sociétés de gestion d’actifs investissent dans des sociétés africaines à potentiel rendement, ainsi qu’un nombre important de fonds communs de placement ont été créés notamment par KKR, Franklin Templeton, Nordea Investment Funds S.A, LFPI Asset Management, JPMorgan Asset Management ou Swiss & Global Asset Management

Mais aussi, la Chine, qui depuis un certain temps est vu comme désormais la première puissance économique, est implantée en Afrique. Son importante croissance a poussé les investisseurs chinois à trouver d’autres relais de croissance, ce qui expliquerait le choix de l’Afrique et les investissements dans le secteur des matières premières (agriculture, pétrole, mines) ce qui leur a permis d’avoir un positionnement stratégique, et par conséquent, ils apportent de remarquables flux de capitaux en Afrique. Et aujourd’hui ce pays est présenté comme le premier investisseur en Afrique. Qu’est ce qui expliquerait alors cette difficulté des bourses africaines à s’imposer par rapport aux autres ? S’agit-il d’un problème d’organisation des marchés financiers ? La cause serait-elle liée à une faible introduction en bourse des entreprises africaines ? Si oui, les conditions favorables à une importante introduction en bourse existent elles dans ces places boursières africaines ? Ces questions nous amènent à faire une étude sur les conditions posées par les bourses jugées aujourd’hui dynamique et qui facilitent aux entreprises une introduction réussie sur les places boursières. L’enjeu principal des entreprises nationales comme internationales est dans la recherche de financement. Les banques ont été pendant longtemps le seul interlocuteur des entreprises, exigeant des états financiers solides. L’entreprise dans ce cas a le choix et peut s’autofinancer sans avoir recours à des sources de financement externes. Ainsi, une source alternative de financement vit le jour afin de diminuer le pouvoir de négociation des intermédiaires financiers : il s’agit là des marchés financiers par appel public à l’épargne. Elle se définit selon le code monétaire et financier par les opérations suivantes :

  • L’admission d’un instrument financier aux négociations sur un marché réglementé ;

  • L’émission ou la cession d’instruments financiers dans le public

Pour avoir accès à ces marchés des capitaux, l’entreprise est tenue de réaliser une introduction en bourse. L’IPO (en anglais) qui consiste à placer sur le marché financier les titres de l’entreprise. Si les titres sont créés pour l’occasion, on parle d’une introduction en bourse par augmentation de capital. Et lorsque aucun nouveau titre n’est créé, on parle dans ce cas d’introduction en bourse par cession de titres.

De ce fait, l’organisation et la normalisation des marchés financiers se présentent comme les bases d’un marché efficient qui enregistre d’importants IPO. Cependant, nous pouvons noter que les conditions d’introduction en bourse nécessitent une amélioration ou réforme afin de permettre aux différentes entreprises locales comme internationales d’y être coter. Ce processus de formalisation et d’amélioration des conditions d’introduction en bourse pourraient être les facteurs clés de succès d’un marché efficient, dynamique précisément pour les places boursières africaines pas encore mature et qui sont sur la voie de l’émergence.

Références :

  1. PAOLA GRANATA, KATIE KIBUUKA et YIRA MASCARÓ : le coût du financement en Afrique : quelles politiques publiques pour réduire son coût et renforcer l’inclusion financière ?
    La finance africaine en pleine mutation, 2014/4 (N° 116), Pages 121 – 150.
    Editeur : Association d’Economie Financière
    Collection : Revue de l’Association d’Economie Financière
    ISBN : 978-2-916920-73-3
    368 pages – Parution : 01/2015#
  2. LUC RIGOUZZO : les fonds d’investissement : une source essentielle de capitaux à long terme pour les entreprises africaines
    La finance africaine en pleine mutation, 2014/4 Volume N° 116,
    Pages 213 – 228. Editeur : Association d’Economie Financière
    Collection : Revue de l’Association d’Economie Financière
    ISBN : 978-2-916920-73-3
    368 pages – Parution : 01/2015



Florent BOUILLYJuly 28, 2018


Lean managements technics are very efficient tools used to increase productivity  and processes in several sectors  (financial services) such as automotive. Indeed, automotive companies are using lean management technics for several years and a well-known pioneer of these technics is Toyota. The founder of lean approach was, Taiichi Ohno, an executive member of Toyota during the 50’s. He wanted to focus on production processes, wastes, value streams and the Kaizen to improve Toyota’s efficiency and be more competitive on the automotive market.

This is the reason why, today, Lean manufacturing is often called “Toyota Production System” and this model is analysed by many companies in order to improve their activities.

In 50 years, Toyota became leader of a highly competitive market being in average 4 times more productive and 2 times more profitable than other competitors. These results are mainly due to Lean management and the way Toyota is organized, consequently we will look at how can we implement this model in financial services in order to reduce wastes and produce a more profitable and qualitative service.

financial services

Indeed, financial services are following very strict procedures mainly because of legal requirements and these procedures can be improve using lean management technics. As we discussed in the introduction, effects of lean has been demonstrated in the automotive sector which is organised by a succession of stages aiming to produce a final product.

The way Financial services are operating today, using sets of procedures explaining steps by steps what to do to accomplish a specific task, lead us to the conclusion that lean management technics used in manufacturing industry can be adapted to financial activities.

Knowing that lean management can be adapted to financial company, the most difficult point is now to look at how can these technics be implemented.

5 steps to Implement a lean strategy:

A first step that company usually follow is to choose one or several pilot sites where they will test and generate their news technics and ideas on current practices. This step should last 1 or 2 years in order to analyse effects of this new organisation on company’s activities and observe points that need to be improved.

Step 1: Define a target:

Define several objectives corresponding to key deadlines which could be represented in term of value, time, customer satisfaction or any kind of measurable data.

Step 2: Map

This step is important because we will define every action needed to create value in the activity such as the different step of a car production. We will create a map or a timeline going form the current state to the future state. This timeline or map is commonly called “value stream”. Then we will identify and categorize waste in the Current State, and eliminate them. This step will end up with a process where only “useful” steps are present.

Step 3: Flow

We will organise the value stream as a flow of step that we perform one after another. Then we will turn the flow to a product or service-focussed organization in order to put the service’s quality and performance as main point in the company. This will directly impact the production’s duration or services performance.

Step 4: Pull

This steps is mainly use for production of finished good as we will let the customer pull products as needed and so eliminate the need for sales forecast. In a services industry, such as finance, we will highlight which steps are needed by customers and focus on these ones. Consequently, it will remain only useful task and services in the company’s process as both customers and organisations will express what do they expect from each other.

Step 5: Perfection

This steps is not the end of lean implementation process because we can always improve a service or a production. We will restart at step 1 and go through every step again and again in order to keep only essential parts of the value stream.

What impact can we expect on Financial activities?

We can often hear people saying that lean management is only efficient in manufacturing activities because they are producing the same kind of product several times over long periods and that we can easily standardize this flow of production.

When we talk about implementing lean in industry of services, main part of people say that lean management is not applicable because tasks are too complicated.

When we step back and reflect about it, we observe that services are composed of long processes which could be sometimes more complex than those of manufacturing industries because they need to be specific to each client. The important thing to notice is that as long as we have processes to improve, lean management will be useful for the company. Hence, having processes in the financial industry makes the lean management implementable.

A difficult point will be now to convince people to get involve in a such organisation as lean strategy usually takes place on the long term and result are difficult to see on the sort term.

Many people will ask you the following questions: “Does this strategy will positively impact the financial turnover of the company? Will we see a real improvement on a financial point of view?”

A simple answer to this question is to make a quick exercise.

Find two teams having similar missions such as entering consumer transaction. We will give to each member post-it and ask them to detail how they process step by step to accomplish the task. This will create a map of the employee activity and way of working. At the end, we will put on a wall every map coming from each employee and will see which step are the most listed. This will give us the most important part to keep in the process and we will be able to look at the remaining others and see if it is possible to remove them.

After this exercise, we can now prove that on a middle to long term strategy, after some change in team’s organizations, the company will be able to perform a quicker and more qualitative service to its customer. The financial result of this strategy will be the reduction of costs, (less time to perform a task) and also an increase of the company’s turnover because employees will be able to perform more tasks in a same period of time compare than before thanks to this new organisation.

Lean is about standardizing processes to make problems visible and developing your employees’ critical thinking ability so that they can solve those problems and improve work processes. In these conditions, financial industry can take advantage of these methods and it’s sure that some of them have already started to use them in their daily activities.







Julien CASTELAINJuly 19, 2018


La diversification classique, c’était avant

La gestion actuelle met en avant la disparition du concept de diversification appartenant à la théorie moderne du portefeuille développée par Markowitz dans les années 1950.

Le modèle de Markowitz a pour but de construire un portefeuille contenant des actifs à faible corrélation qui sont principalement des actifs risqués, d’une part, tels que les actions et des actifs non risqués d’autre part, tels que les obligations. Le mixte de ces deux classes d’actifs permet de minimiser le risque auquel un portefeuille est exposé pour un rendement donné. Ce portefeuille est usuellement nommé le portefeuille efficient. Le risque actions prédominant, les gérants se sont réorientés vers d’autres types de gestions.

Par la suite, la seconde génération de gestion a vu l’introduction, dans les portefeuilles des gérants de nouvelles classes d’actifs afin de réduire ce risque actions. Les fonds exposés à cette stratégie ont finalement été impacté au même titre que les actions par différentes crises telles que la bulle internet, les subprimes ou encore la crise de la dette souveraine pour ne citer que les plus récentes. Les classes d’actifs incorporées dans les portefeuilles dans un but de diversification se révèlent positivement corrélées aux actions.

Désormais, « prime » à l’investissement factoriel

Après un entretien avec un membre d’une société de gestion afin de connaître davantage cette stratégie, j’ai pu en apprendre davantage sur ces portefeuilles long/short qui représentent le présent de la gestion de portefeuille institutionnelle. Exit la diversification opposant actions et obligations qui tendent à se corréler en période de forte aversion au risque, les actifs tels que les actions sont désormais décomposés en facteurs (Figure 1).

Figure 1 : Les facteurs utilisés




Rendement des actions supérieur au taux sans risque.


Rendement des actions surévaluées comparé à celles sous évaluées.


Les actions qui ont performé dans un passé plus ou moins proche tendent à performer davantage que les autres.


Préférence des actions à faible volatilité qui surperforment historiquement.


Les petites entreprises surperforment les grandes en rendement.

La nouvelle génération de gestionnaires considère donc ces facteurs afin d’optimiser leur rendement en lieu et place des actifs traditionnels.

À partir de ces facteurs, il est possible de construire les portefeuilles long/short précédemment évoqués afin de bénéficier des primes provenant de chaque facteur (Figure 2).

Facteur value:

L’idée est que la prime de valeur est obtenue en étant long des actions sous-évaluées (rapport entre le dernier prix de l’action et son prix moyen à long terme) et short des actions surévaluées. Partant du

principe que les prix des actions devraient converger vers leur prix moyen, ce principe d’arbitrage permet de se couvrir en période de crise même si le risque reste présent.

Facteur momentum :

La prime momentum est la plus intuitive puisqu’elle consiste à acheter les actions qui ont performé dans un passé plus ou moins proche, généralement 1 an et, à l’inverse, vendre celles qui ont sous-performé en comparaison à un ensemble d’actions.

Facteur volatilité :

La volatilité est une mesure importante du risque. Elle est calculée à partir de l’écart-type des rendements des actions en portefeuille. Plus le rendement espéré d’un portefeuille est important, plus le risque qui en découle, matérialisé par la volatilité, sera important. La prime de volatilité provient par conséquent de l’achat des actions à plus faible volatilité et la vente des actions à forte volatilité.

Facteur taille :

Historiquement, les petites capitalisations surperforment les grandes capitalisations puisque les premières peuvent être comparées à des valeurs de croissance tandis que les secondes à des valeurs de rendement. L’achat des petites capitalisations couplé à la vente des grandes capitalisations permet par conséquent d’obtenir une prime qui est appelée prime de taille.

La liste des facteurs présentés précédemment est une liste non-exhaustive. Il existe d’autres facteurs qui ne seront pas abordés dans cette article tels qu’entres autres les facteurs de croissance, de qualité et de dividende.

Une stratégie d’arbitrage factoriel

Figure 2 : Exemples de stratégies

Source : Revue Banque, Septembre 2016

Une fois les stratégies mises en place, le rôle de l’asset manager (AM) est de déterminer quels sont les actions à vendre ou à acheter. Dans le cas du facteur value, l’AM doit déterminer quels sont les actifs sous-évalués (respectivement surévalués) qu’il achètera (vendra).

En règle générale, l’AM effectue un classement des actifs présents dans un certain univers (Figure3). Prenons l’exemple d’un fond ayant pour benchmark le CAC40, l’univers représentera l’ensemble des 40 actions composant l’indice français. Le gérant choisira ensuite les N valeurs les mieux classées et les N valeurs les moins bien classées afin de constituer son portefeuille. Le choix du N varie en fonction des fonds prenant en compte le risque auquel ceux-ci acceptent de s’exposer.

Figure 3 : Constitution d’un portefeuille

Source : Revue Banque, Septembre 2016

Et le risque me diriez-vous?

Le risque d’une stratégie smart béta peut être mesuré à l’aide de 3 indicateurs :

  • Exposition aux facteurs des titres

  • Covariances entre les facteurs

  • Covariances entre les titres

Il s’agit finalement de calculer la variance du portefeuille comme pour une gestion active traditionnelle sauf que les facteurs d’expositions sont désormais pris en comptes.

Soit :

X =

la matrice d’exposition des n titres aux k facteurs.
F =

La matrice de variance covariance des rendements des facteurs.
Variance du portefeuille :
vecteur des poids des N actifs
Δ = vecteur des risques spécifiques des actifs
L’investissement factoriel, un investissement « smart »

Les points forts du « smart beta » sont donc multiples. Malgré un risque qui persiste et qui ne disparaitra jamais en intégralité, il peut être atténué. La stratégie d’arbitrage des portefeuilles long/short permet de se couvrir ou du moins d’atténuer le risque de perte en cas de forte volatilité ou encore de crise. Historiquement, les fonds dont la stratégie est l’investissement factoriel tendent à traverser les crises avec des pertes moins conséquentes que pour des fonds gérer « traditionnellement ».

Reste à savoir si, comme beaucoup de stratégies d’investissement, le « smart beta » ne restera qu’une mode temporaire ou si celle-ci persistera dans le temps.

Bibliographie :

  • « Les écueils des méthodes d’allocation d’actifs traditionnelles », Revue Banque, Juin 2016
  • « La systématisation progressive de l’alpha des gérants », Revue Banque, Juillet 2016
  • « L’espoir de la diversification effective par les primes de style académiques », Revue Banque, Septembre 2016
  • « La corrélation entre les facteurs au centre du jeu », Revue Banque, Octobre 2016
  • « Pour une mise en œuvre robuste des stratégies d’investissement factoriel », Revue Banque, Décembre 2016
  • « L’investissement factoriel », Vanguard, Avril 2015

Matthieu VITEAUJuly 13, 2018


Les Cahiers de la revue Défense Nationale ont publié en juin 2013 un numéro portant sur le thème “Nouveau monde, nouveaux décideurs?“. Parmi les articles proposés figure un entretien croisé mené par trois stagiaires d’écoles françaises (Ecole Nationale d’Administration et Ecole de Guerre) autour de l’aide à la prise de décision. Ils ont choisi d’interroger deux conseillers politiques et un conseiller juridique qui avait achevé leurs missions quelques mois auparavant.
En voici quelques extraits (l’intégralité de l’entretien se trouve pages 37-44 du numéro et accessible à partir de ce lien: http://0602.nccdn.net//000/000/057/16d/Int-gral-articles-Nouveau-monde–nouveaux-d-cideurs.pdf#page=39).
Qu’appelle-t-on « l’aide à la prise de décision » ?
« L’aide à la prise de décision » renvoie à tout ce qui permet au décideur d’analyser le cadre de son action qu’il s’agisse de ses forces, de ses vulnérabilités, du temps ou du lieu de son action. Deux types de conseillers fournissent cette aide au chef: certains s’inscrivent dans la durée et influent, confortent ou contredisent l’analyse et la décision du chef. Les autres possèdent une connaissance approfondie dans un domaine et sont chargés de traduire en concepts les questions éventuellement imprécises posées par le décideur.
Le preneur de décision doit nécessairement reconnaître qu’il ne dispose pas de l’ensemble des informations pour prendre une décision éclairée. Il doit alors faire appel à un ou plusieurs individus disposant de compétences (méthodologie, connaissances sectorielles, savoir-faire, savoir-être…) susceptibles de lui faire appréhender la complexité des environnements affectés par et affectant sa propre prise de décision.
En quoi les conseillers impliqués dans la prise de décision éclairent-ils le décideur?
Ils interviennent en planification opérationnelle pour enrichir le processus non seulement de leurs compétences et connaissances mais également de leurs perceptions et sensibilités. A ce niveau de prise de décision, les opérations sont par essence complexes et transverses: les spécialistes n’interviennent que s’ils s’enrichissent mutuellement pour créer des ponts et dégager la cohérence de cette complexité. Les généralistes sont capables de faire communiquer les intuitions, les faits (y compris dissociés) et les compétences de manière fluide et itérative. Beaucoup de questions appellent des réponses pluridisciplinaires.
Le chef demeure cependant celui qui décide: les conseillers ne doivent pas se substituer au chef et encore moins décider pour lui.
Un autre rôle des conseillers est celui d’interface avec le monde extérieur de l’organisation que dirige le chef. Ils peuvent interagir avec la presse et les media, les investisseurs et actionnaires, les autorités politiques locales, etc. En plus de maintenir un contact avec la réalité et les environnements dans lesquels évolue le chef, ils peuvent, s’ils ont été autorisés par ce dernier, agir en tant qu’extension de sa volonté. Cela donne au chef une autre perception des réalités, parfois en décalage avec l’esprit de l’organisation qu’il dirige. Cette vision hors de la boîte lui est précieuse.
Le décideur décide-t-il encore avec la part croissante de cette aide à la décision ? Quelle est sa véritable marge de manœuvre ?
Le décideur est toujours amené à agir dans un cadre de contraintes plus ou moins important et rigide. Il doit avoir une vision la plus claire possible de sa marge de manœuvre. Il semble qu’il n’y ait pas de liberté de décision totale. Une prise de décision peut être optimale en fonction des informations nécessaire ment limitées et relatives à un instant « T ».
La marge de manœuvre est une perception que le preneur de décision a vis-à-vis de ses supérieurs, ses subordonnées et des environnements dans lesquels il évolue. Même dans un environnement a priori fortement contraint, il dispose de marges de manœuvre : c’est à lui de les trouver, avec une éventuelle aide à la décision.
Un décideur efficace est celui qui sait trouver l’équilibre entre le recours à l’aide à la décision, entre le moment et la capacité de trancher, et la capacité à justifier/expliquer/persuader en amont comme en aval, sa décision.
Le conseiller n’est pas censé se transformer en organe de décision d’où la nécessité pour lui de proposer diverses options. Le décideur conserve le pouvoir final de décision, éventuellement en prenant un ou plusieurs risques qu’auront préalablement identifiés son état-major et ses conseillers. En revanche, dans certaines situations, il existe un risque que des conseillers prennent une place trop importante et ne présentent pas certaines options car ils les considèrent trop risquées (« impossibles »), ce qui prive effectivement dans ce cas le décideur d’une partie de sa marge d’appréciation.
Trop d’aide à la prise de décision dans trop de domaines ne paralyse-t-elle pas l’action du décideur ?
Il est dans la logique des choses d’aboutir de temps à autre à des avis conflictuels entre « aides à la décision » mais c’est précisément au décideur qu’il appartient de faire prévaloir tel avis sur tel autre.
Cette paralysie est d’autant plus fréquente et importante que l’on fait appel à des « experts » ou « spécialistes » sectoriels qui peinent à envisager leurs missions et leurs positions dans un cadre d’action global. À force de se focaliser sur leur champ d’expertise, ils en oublieraient l’image globale.
L’aide à la décision pourrait être appréhendée comme une équipe de généralistes dont la démarche cognitive et la réflexion serait en perpétuel mouvement, en recherche d’information – y compris, celles pouvant paraître farfelues – mais qui permettraient d’envisager une problématique sous un nouveau jour. Il reviendrait au décideur de déterminer la taille, et si possible, la forme de l’aide dont il estime avoir besoin.
De manière plus générale, le potentiel « négatif » de l’augmentation des outils d’aide à la décision (humains ou informatiques) va grandement dépendre de la personnalité du décideur et sa conception de son rôle. Des ordres généraux qu’il va donner à son état-major et à ses conseillers (et surtout de l’autorité qu’il va leur déléguer) va découler le poids de structures d’aide à la décision.
N’assiste-t-on pas, avec cette aide à la décision, à une forme de dilution de la responsabilité du décideur ?
Le décideur est bien le seul responsable devant l’opinion publique ou la justice. Il se sait pertinemment et constamment observé.
La responsabilité d’un décideur peut être mise en cause parfois avant même qu’elle ne soit établie. La sanction, suite à une éventuelle faute ou erreur perçue (par les médias, les responsables politiques, économiques, la société…) peut être administrée de manière formelle (notamment par la justice selon le code de procédure pertinente) ou bien de manière informelle (attaque informationnelle par le moyen du Net, entre autres).
L’aide à la décision, lorsqu’elle est synonyme de commande à un cabinet « d’aide à la décision », « de stratégie »… peut être le moyen de se prémunir, ou de limiter la mise en cause de la responsabilité en se procurant un bouclier à prix d’or (ex. : « je suis peut-être responsable de cette erreur, mais je ne suis pas le seul : j’avais au préalable fait appel à tels et tels cabinets qui m’ont suggéré d’agir ainsi. Et ces cabinets, ce ne sont pas n’importe qui… »). Le décideur est celui qui prend en dernière instance sa décision. C’est sa volonté qui s’exprime dans le cadre des limites que ses supérieurs et ses environnements lui imposent. Il y a des cas où la dilution de la responsabilité découle du caractère du décideur. Et généralement, cela s’en ressentait à travers toute l’organisation qu’il dirigeait.
L’aide à la décision s’est étoffée justement parce que la responsabilité personnelle du décideur est de plus en plus fréquemment engagée, ce qui nécessite de lui présenter une vision plus globale – et plus précise, que celle qu’il pourrait se créer tout seul afin que l’ensemble des risques soit effectivement pesés. En cas de mise en cause, tous les documents produits par les différents acteurs de l’aide à la décision lui permettront de bâtir sa défense de façon plus efficace.
En termes de rapport au temps, les conseillers sont-ils en mesure d’apporter une véritable aide à la décision du chef des opérations compte tenu des calendriers (temps politique, temps de l’action, temps médiatique) parfois en décalage sinon en contradiction ?
La décision doit s’inscrire dans le moment opportun.
Par conséquent, c’est à l’aide à la prise de décision d’anticiper ! Cela induit nécessairement que l’expert doit savoir se limiter dans l’exercice de sa compétence technique ou en tout cas rester synthétique, s’il veut être au rendez-vous fixé par le chef. Il faut être dans le tempo.
Il faut absolument comprendre les différentes temporalités qui affectent une opération (l’immédiateté d’une opération tactique, la planification opérationnelle, les considérations stratégiques, le temps politique, la longue durée historique) pour comprendre l’environnement humain dans lequel le chef évolue.
Bien que de préférence généraliste, les conseillers au niveau décisionnel n’en sont pas moins différents les uns des autres par leur manière d’envisager une situation, par leur savoir-être…
Ils travaillent néanmoins au sein d’une équipe au service du chef. L’idéal serait qu’ils travaillent en équipe, c’est-à-dire ne perdant pas de vue et l’image générale et le but à atteindre.

Matthieu VITEAU

Matthieu VITEAUJune 21, 2018


Resilience is the capacity of a system, be it an individual, a forest, a city or an economy, to deal with change and continue to develop. It is about the capacity to use shocks and disturbances (a financial crisis or climate change for instance) to spur renewal and innovative thinking[1]. I would contend that  “continuing to develop” means “continuing to create value to similar levels to the situation preceding the occurance of a shock”.
“Value” here is to be understood as a generic term similar to output: basically anything that a system creates to sustain itself, grow and reproduce before it expands its energy and degenerates. Value can be as obvious as life (manifested in the tendency shown by ecosystems and human beings to survive after the occurrence of, for example, natural disasters, terrorist attacks, wars, industrial accidents, even layoffs to an extent), goods and services. It can also be abstract and far less visible such as personal data, intellectual property, etc.
Systems are a set of elements linked together and interacting according to rules or principles. They can be living (ecosystems, human beings, etc.) or not (supply chains, transportation systems and energy grids); either tangible (human communities including companies and cities) or intangible (computer systems, satellite communication networks, etc.).
A shock is a situation either short (an event in a point in time) or more prolonged (such as war, a long lasting economic crisis, a constant threat etc.) that has a dramatic impact on what is considered by the system elements to be a (their) normal course of action.
A continuum of shocks?
As a consultant in strategy, I’ve been increasingly called upon to help decision makers shape, improve or step up (if not downright create) resiliency in the organisations they manage. Discussions I have when developing such a project usually reach a point where the question of opportunity arises: “how much will the creation of a redundant network of communication, the establishment of an alternate headquarters, the reduction of social tension, etc. cost my organization?”
This is where I believe vision and conviction come in. I have observed that the need to launch resiliency-related projects emerged at about the same time shocks, no matter their nature, were perceived to be occurring in unending strings. Organisations felt they no longer had the time necessary to recover from one shock before the next one occurred. Contingency plans’ purposes appear to not only make organisations better at reacting to a shock but also at inscribing them into a continuum of shocks (or situations perceived as such).
My perception is that an organization is deemed resilient if it is geared to endlessly absorb shocks while still being able to generate an amount of value close to the pre-shock situation. It may just be impossible for systems to sustain such a rhythm over an extended period of time, especially when it comes to living biological systems[2].
Shocks are the brutal confrontation of energies
Each shock entails the brutal encounter of at least two forces. Complex and/or successive shocks within a given timeframe usually involve more than two types of energy. Systems, whether abstract such as organisations or living like human beings, generate energy: this is what keeps them moving forward and generating value. Organisations have goals to meet, constraints to observe, resources to achieve their target objectives. These inputs go through a complex process to meet these objectives and they require energy to be processed, no matter if the objectives are met or not. Once an organization has settled into a rhythm (often noticeable by monthly, biannual and other time-sensitive reports), the amount of efforts needed to deliver on the target objectives decreases. The organization can enter into a sustained rhythm of delivery and work processes, until comes the shock.
The shock will disrupt that “cruising speed” and will endanger, at least momentarily, the organisation’s ability to generate value. The shock may be as radical as wiping a system out (living beings are killed and physical assets are destroyed; durable lack of confidence and reputational loss lead to the disintegration of the customer base and a company goes out of business), or just disruptive to a lesser degree (it may however translate into a temporary or permanent loss of competitiveness for instance).
Drawing upon energies to recover from shocks
As soon as the shock occurs, energy will be taken from inside the system to 1) protect it as much as possible, 2) repair it as quickly as possible.
A resilient professional organisation will have, before a shock occurs, thought of a business continuity plan. The latter contributes to the creation of output at close-to-normal levels while the organization mends itself.
However, no matter how resilient an organization is, it will have to readjust some or all of its internal energies to make it possible to absorb the shock and repair itself. It may also have to resort to external energy (asking for governmental support, for instance, or from its suppliers).
Organisations will require endless amounts of energy and investments if they begin to look at their environments as strings of endless shocks and expect themselves to be resilient over the long term. Their efforts will be commensurate to the degree of complexity and dynamism those environments experience.
In other words: if organizations start wanting to be resilient about everything over the long term, they risk exhausting all their resources. They will not only lose sight of their purpose and vision, but also they’d spend all their energies in into absorbing shocks instead of using it to move forward and fulfill their goals.
Resilience and systems of system
Resilience over the long term can only be achieved if systems evolve in environments that support them. That is, for example, companies can draw constant energies from their suppliers, customers, employees, shareholders, regulators, even competitors. That can only work if the supported organization also supports the other elements in the system of systems (the system of systems being here the fabric of an economy whatever its scale).
Environments are diverse and varied. They can be ecological, social, regulatory, cultural, financial – any nature, as environments are all facets of a single reality. They are everything phenomena that impact an organization’s ability to meet its desired end state. An organisation’s resilience is likely to be stronger when its environments contribute to the absorption of shocks. Resilience is not turned inward but outward: when a shock occurs, the energy needed to absorb it will be shared among various components of the system of systems the organization belongs to. The burden on a shocked organization will be less intense thus.
Resilience within, resilience without
The bottom line of resilience is that it is a systemic notion. It is not so much about an organization but the environments the organisation belongs to, what it contributes to them and what it can draws from it when disaster strikes.
[1] This generic definition is used by the Stockholm University and the Royal Swedish Academy of Science. The definition goes however further: “Resilience thinking embraces learning, diversity and above all the belief that humans and nature are strongly coupled to the point that they should be conceived as one social ecological system.” While this position may be seen as somewhat restricted and restrictive for tangible applications, it also has the advantage of considering humans within the physical environment. That is, they generate and are impacted by energies and shocks that may contribute to the unbalance of the ecosystems they live in.
[2] The most obvious and time-tried manifestation of that limit are armies. Military commanders and planners are fully aware that human beings (soldiers) and materiel (jets, ships, weapons systems etc.) need to recover after a given period of time otherwise they will stop “performing”. A soldier’s career follows a rhythm of “training, fighting, recovering”. The same goes for materiel as it is maintained, used in combat and repaired. Not recognizing these constraints and overusing either human beings or materiel leads to critical failures at dire times.