Abstract: This research focused on the capability of health tourism to improve the economic and financial performance of healthcare companies. It is assumed that health tourism companies have better profitability and financial efficiency because they can also count on cross-border demand differently from no health tourism companies. A three-level gap analysis was conducted: the first concerns health tourism companies located in Italy and in the other EU28 states; in the second Italian and EU28, no health tourism companies were compared; the third level is about the Italian system with a comparison between health tourism and no health tourism companies. Findings highlighted that Italian healthcare companies have better profitability performance if compared to European ones, but they present weaknesses in the financial position given the illiquidity and excessive leverage. Furthermore, studying the Italian system, we found that health tourism companies are more profitable than no health tourism companies.
Abstract: The present study examines the way Gioachino Rossini’s librettos are selected and formed demonstrating the evolutionary trajectory of the composer during his operatic career. Rossini, a dominant figure in the early 19th century Italian opera, is demanding in his choice of librettos and has a preference for subjects inspired by European literature, of his time or earlier. He begins his operatic career with farsae and operas buffae, but he mainly continues with operas seriae, to end it with a grand opera that conforms to the spirit of romanticism as manifested in Paris of his time. His farsae, operas buffae and comic operas in general are representative of the trends of the time: in some the irrational and the exaggeration prevail, in others the upheavals, others are semi-serious and emotional with a happy ending and others are comedies with more realistic characters, but usually the styles are mixed and complement each other. The stories that refer to his modern era unfold mocking human characters, beliefs attitudes and their expressions in every day habits, satirizing current affairs, presenting innovative elements in dramatic intervention and dealing with a variety of social and national issues. Count Ory, his final comic work, consists of a complex witty urban comic opera entwined with romantic sensitivity. The themes he chooses for his operas seriae are characterized by tragic passion, take place in the era of the Trojan War, the Roman Empire, the Middle Ages, and the Age of the Crusades and are set in Italy, England, Poland, Greece, Switzerland, Israel and Egypt. In his early works he sketches the characters remotely, objectively and with static, reflexive emotional expression and a happy ending. Then he continues with operas for the San Carlo Theater, which are characterized by experimentation and innovation to end up his Italian operatic career with the ostensibly backward but in fact tragic Semiramis followed in Paris by William Tell, his ultimate dramatic achievement. There are indirect references to burning issues of his era but the censorship of the time does not allow direct reference to topics that would upset the status quo. In addition, Rossini lives in a temporal period of peace after the Napoleonic Wars and by temperament he resists openly engaging in political strife. Furthermore, the need for survival necessitates the search for the more profitable contracts. In conclusion, Rossini, as a liberal personality, shapes his librettos without interruptions or setbacks, with ideas that come out after a lot of thought and a strong sense of purpose. He moves from the moral and aesthetic clarity of the classic tradition of his early works to a more elaborate and morally ambiguous romantic style in a moderate and hesitant way.
Abstract: The morphology of most Persian words goes back to the Indo-European and Indo-Iranian periods. These words show the beliefs and views of the earliest people about their structure. It is also necessary to search for the vocabulary in the Indo-European and Indo-Iranian periods. During recent centuries, comparative linguistics and mythology have facilitated the common Indo-European lexicon to reconstruct. The Persians have been appeared in the Assyrian inscriptions and affected by the Mesopotamians. It is also worth paying attention to the cultural and linguistic exchanges with the Mesopotamian civilizations. This paper aims to show the morphology of Pārsa based on linguistic evolutions and historical-mythological traditions. The method of this study is also to reconstruct both morphology and the earliest form of Persia. Then, it is tried to find the most plausive meaning according to the historical-mythological traditions. In the end, the sickle or scythe is considered the most probable meaning for Pārsa.
Abstract: The inverse social gradient in life satisfaction (LS) is a well-established research finding. Although objective aspects of inequality or individuals’ socioeconomic status are among the approved predictors of life satisfaction; however, less is known about the effect of subjective inequality and the interplay of these two aspects of inequality on life satisfaction. It is suggested that individuals’ perception of their socioeconomic status in society can moderate the link between their absolute socioeconomic status and life satisfaction. Nevertheless, this moderating link has not been affirmed to work likewise in societies with different welfare regimes associating with different levels of social inequality. In this study, we compared the moderative influence of subjective inequality on the link between objective inequality and LS. In particular, we focus on differences across welfare state regimes based on Esping-Andersen's theory. Also, we explored the moderative role of believing in the value of equality on the link between objective and subjective inequality on LS, in the given societies. Since our studied variables were measured at both individual and country levels, we applied a multilevel analysis to the European Social Survey data (round 9). The results showed that people in different regimes reported statistically meaningful different levels of LS that is explained to different extends by their household income and their perception of their income inequality. The findings of the study supported the previous findings of the moderator influence of perceived inequality on the link between objective inequality and LS. However, this link is different in various welfare state regimes. The results of the multilevel modeling showed that country-level subjective equality is a positive predictor for individuals’ LS, while the Gini coefficient that was considered as the indicator of absolute inequality has a smaller effect on LS. Also, country-level subjective equality moderates the confirmed link between individuals’ income and their LS. It can be concluded that both individual and country-level subjective inequality slightly moderate the effect of individuals’ income on their LS.
Abstract: This paper identifies leading triggers of deficient episodes in terms of GDP growth based on a sample of countries at different stages of development over 1994-2017. Using logit models, we build early warning systems (EWS) and our results show important differences between developing countries (DCs) and advanced economies (AEs). For AEs, the main predictors of the probability of entering in a GDP growth deficient episode are the deterioration of external imbalances and the vulnerability of fiscal position while DCs face different challenges that need to be considered. The key indicators for them are first, the low ability to pay its debts and second, their belonging or not to a common currency area. We also build homogeneous pools of countries inside AEs and DCs. For AEs, the evolution of the proportion of countries in the riskiest pool is marked first, by three distinct peaks just after the high-tech bubble burst, the global financial crisis and the European sovereign debt crisis, and second by a very low minimum level in 2006 and 2007. In contrast, the situation of DCs is characterized first by a relative stability of this proportion and then by an upward trend from 2006, that can be explained by more unfavorable socio-political environment leading to shortcomings in the fiscal consolidation.
Abstract: This study presents an investigation of diesel vehicle particulate-phase emissions with neat ultralow sulphur diesel (B0, ULSD) and 5% waste cooking oil-based biodiesel blend (B5) in Hong Kong. A Euro VI light duty diesel vehicle was tested under transient (New European Driving Cycle (NEDC)), steady-state and idling on a chassis dynamometer. Chemical analyses including organic carbon (OC), elemental carbon (EC), as well as 30 polycyclic aromatic hydrocarbons (PAHs) and 10 oxygenated PAHs (oxy-PAHs) were conducted. The OC fuel-based emission factors (EFs) for B0 ranged from 2.86 ± 0.33 to 7.19 ± 1.51 mg/kg, and those for B5 ranged from 4.31 ± 0.64 to 15.36 ± 3.77 mg/kg, respectively. The EFs of EC were low for both fuel blends (0.25 mg/kg or below). With B5, the EFs of total PAHs were decreased as compared to B0. Specifically, B5 reduced total PAH emissions by 50.2%, 30.7%, and 15.2% over NEDC, steady-state and idling, respectively. It was found that when B5 was used, PAHs and oxy-PAHs with lower molecular weight (2 to 3 rings) were reduced whereas PAHs/oxy-PAHs with medium or high molecular weight (4 to 7 rings) were increased. Our study suggests the necessity of taking atmospheric and health factors into account for biodiesel application as an alternative motor fuel.
Abstract: Cumbria is a geo-political county in Northwest England within which the Lake District National Park, a UNESCO World Heritage site is located. Whilst the area has a formidable reputation for natural beauty and historic assets, the innovation ecosystem is described as ‘patchy’ for a number of reasons. The county is one of the largest in England by area and is sparsely populated. This paper describes the needs, development and delivery of an SME business-support programme funded by the European Regional Development Fund, Lancaster University and the University of Cumbria. The Cumbria Innovations Platform (CUSP) Project has been designed to respond to the nuanced needs of SMEs in this locale, whilst promoting the adoption of research and innovation. CUSP utilizes a funnel method to support rural businesses with access to university innovation intervention. CUSP has been built on a three-tier model: Communicate, Collaborate and Create. The paper describes this project in detail and presents results in terms of output indicators achieved, a beneficiary telephone survey and wider economic forecasts. From a pragmatic point-of-view, the paper provides experiences and reflections of those people who are delivering and evaluating knowledge exchange. The authors discuss some of the benefits, challenges and implications for both policy makers and practitioners. Finally, the paper aims to serve as an invitation to others who may consider adopting a similar method of university-industry collaboration in their own region.
Abstract: International guidelines recommend removing any
artificial body in Low Earth Orbit (LEO) within 25 years from
mission completion. Among disposal strategies, electrodynamic
tethers appear to be a promising option for LEO, thanks to the
limited storage mass and the minimum interface requirements to the
host spacecraft. In particular, recent technological advances make it
feasible to deorbit large objects with tether lengths of a few kilometers
or less. To further investigate such an innovative passive system,
the European Union is currently funding the project E.T.PACK
– Electrodynamic Tether Technology for Passive Consumable-less
Deorbit Kit in the framework of the H2020 Future Emerging
Technologies (FET) Open program. The project focuses on the design
of an end of life disposal kit for LEO satellites. This kit aims to
deploy a taped tether that can be activated at the spacecraft end of life
to perform autonomous deorbit within the international guidelines.
In this paper, the orbital performance of the E.T.PACK deorbiting
kit is compared to other disposal methods. Besides, the orbital decay
prediction is parametrized as a function of spacecraft mass and tether
system performance. Different values of length, width, and thickness
of the tether will be evaluated for various scenarios (i.e., different
initial orbital parameters). The results will be compared to other
end-of-life disposal methods with similar allocated resources. The
analysis of the more innovative system’s performance with the tape
coated with a thermionic material, which has a low work-function
(LWT), for which no active component for the cathode is required,
will also be briefly discussed. The results show that the electrodynamic tether option can be a
competitive and performant solution for satellite disposal compared
to other deorbit technologies.
Abstract: The article presents an ongoing work in research projects such as SCAN4RECO or ARCH, both funded by the European Commission under Horizon 2020 program. The former one concerns multimodal and multispectral scanning of Cultural Heritage assets for their digitization and conservation via spatiotemporal reconstruction and 3D printing, while the latter one aims to better preserve areas of cultural heritage from hazards and risks. It co-creates tools that would help pilot cities to save cultural heritage from the effects of climate change. It develops a disaster risk management framework for assessing and improving the resilience of historic areas to climate change and natural hazards. Tools and methodologies are designed for local authorities and practitioners, urban population, as well as national and international expert communities, aiding authorities in knowledge-aware decision making. In this article we focus on 3D modelling of object geometry using primarily photogrammetric methods to achieve very high model accuracy using consumer types of devices, attractive both to professions and hobbyists alike.
Abstract: Alice Munro is a Canadian short-story writer who has been regarded as one of the greatest writers of fiction. Owing to her great contribution to fiction, she was the first Canadian woman and the only short-story writer ever to be rewarded the Nobel Prize for Literature in 2013. Her literary works include collections of short stories and one book published as a novel. Her stories concentrate on the human condition and the human relationships as seen through the lens of daily life. The setting in most of her stories is her native Canada- small towns much similar to the one where she grew up. Her writing style is not only realistic but is also characterized by autobiographical, historical and regional features. The aim of this research is to analyze one of the key stylistic devices often adopted by Munro in her fictions: the juxtaposition of the past and the present, with reference to the title story in Munro's short story collection Too Much Happiness. The story under exploration is a brief biography of the Russian Mathematician and novelist Sophia Kovalevsky (1850 – 1891), the first woman to be appointed as a professor of Mathematics at a European University in Stockholm. Thus, the story has a historical protagonist and is set on the European continent. Munro dramatizes the severe historical and cultural constraints that hindered the career of the protagonist. A pragmatic stylistic framework is being adopted and the qualitative analysis is supported by textual reference. The stylistic analysis reveals that the juxtaposition of the past and the present is one of the distinctive features that characterize the author; in a typical Munrovian manner, the protagonist often moves between the units of time: the past, the present and, sometimes, the future. Munro's style is simple and direct but cleverly constructed and densely complicated by the presence of deeper layers and stories within the story. Findings of the research reveal that the story under investigation merits reading and analyzing. It is recommended that this story and other stories by Munro are analyzed to further explore the features of her art and style.
Abstract: The goal of option pricing theory is to help the
investors to manage their money, enhance returns and control their
financial future by theoretically valuing their options. Modeling
option pricing by Black-School models with jumps guarantees to
consider the market movement. However, only numerical methods
can solve this model. Furthermore, not all the numerical methods
are efficient to solve these models because they have nonsmoothing
payoffs or discontinuous derivatives at the exercise price. In this
paper, the exponential time differencing (ETD) method is applied
for solving partial integrodifferential equations arising in pricing
European options under Merton’s and Kou’s jump-diffusion models.
Fast Fourier Transform (FFT) algorithm is used as a matrix-vector
multiplication solver, which reduces the complexity from O(M2)
into O(M logM). A partial fraction form of Pad`e schemes is used
to overcome the complexity of inverting polynomial of matrices.
These two tools guarantee to get efficient and accurate numerical
solutions. We construct a parallel and easy to implement a version
of the numerical scheme. Numerical experiments are given to show
how fast and accurate is our scheme.
Abstract: The General Data Protection Regulation (GDPR), concerning the protection of natural persons within the European Union with regard to the processing of personal data and on the free movement of such data, became applicable in the European Union (EU) on 25 May 2018 and transformed the way personal data were being treated under the Data Protection Directive (DPD) regime, generating sweeping organizational changes to both public sector and business. A social practice that is considerably influenced in the way of its day-to-day operations is Human Resource (HR) management, for which the importance of GDPR cannot be underestimated. That is because HR processes personal data coming in all shapes and sizes from many different systems and sources. The significance of the proper functioning of an HR department, specifically in human-centered, service-oriented environments such as the education field, is decisive due to the fact that HR operations in schools, conducted effectively, determine the quality of the provided services and consequently have a considerable impact on the success of the educational system. The purpose of this paper is to analyze the decisive role that GDPR plays in HR departments that operate in schools and in order to practically evaluate the aftermath of the Regulation during the first months of its applicability; a comparative use cases analysis in five highly dynamic schools, across three EU Member States, was attempted.
Abstract: Mobility is one of the most important societal needs for amusement, business activities and health. Thus, transport needs are continuously increasing, with the consequent traffic congestion and pollution increase. Aeronautic effort aims at smarter infrastructures use and in introducing greener concepts. A possible solution to address the abovementioned topics is the development of Small Air Transport (SAT) system, able to guarantee operability from today underused airfields in an affordable and green way, helping meanwhile travel time reduction, too. In the framework of Horizon2020, EU (European Union) has funded the Clean Sky 2 SAT TA (Transverse Activity) initiative to address market innovations able to reduce SAT operational cost and environmental impact, ensuring good levels of operational safety. Nowadays, most of the key technologies to improve passenger comfort and to reduce community noise, DOC (Direct Operating Costs) and pilot workload for SAT have reached an intermediate level of maturity TRL (Technology Readiness Level) 3/4. Thus, the key technologies must be developed, validated and integrated on dedicated ground and flying aircraft demonstrators to reach higher TRL levels (5/6). Particularly, SAT TA focuses on the integration at aircraft level of the following technologies [1]: 1) Low-cost composite wing box and engine nacelle using OoA (Out of Autoclave) technology, LRI (Liquid Resin Infusion) and advance automation process. 2) Innovative high lift devices, allowing aircraft operations from short airfields (< 800 m). 3) Affordable small aircraft manufacturing of metallic fuselage using FSW (Friction Stir Welding) and LMD (Laser Metal Deposition). 4) Affordable fly-by-wire architecture for small aircraft (CS23 certification rules). 5) More electric systems replacing pneumatic and hydraulic systems (high voltage EPGDS -Electrical Power Generation and Distribution System-, hybrid de-ice system, landing gear and brakes). 6) Advanced avionics for small aircraft, reducing pilot workload. 7) Advanced cabin comfort with new interiors materials and more comfortable seats. 8) New generation of turboprop engine with reduced fuel consumption, emissions, noise and maintenance costs for 19 seats aircraft. (9) Alternative diesel engine for 9 seats commuter aircraft. To address abovementioned market innovations, two different platforms have been designed: Reference and Green aircraft. Reference aircraft is a virtual aircraft designed considering 2014 technologies with an existing engine assuring requested take-off power; Green aircraft is designed integrating the technologies addressed in Clean Sky 2. Preliminary integration of the proposed technologies shows an encouraging reduction of emissions and operational costs of small: about 20% CO2 reduction, about 24% NOx reduction, about 10 db (A) noise reduction at measurement point and about 25% DOC reduction. Detailed description of the performed studies, analyses and validations for each technology as well as the expected benefit at aircraft level are reported in the present paper.
Abstract: With its spatial data reliability, interpretation and questioning capabilities, Geographical Information Systems make significant contributions to scientists, planners and practitioners. Geographic information systems have received great attention in today's digital world, growing rapidly, and increasing the efficiency of use. Access to and use of current and accurate geographical data, which are the most important components of the Geographical Information System, has become a necessity rather than a need for sustainable and economic development. This project aims to enable sharing of data collected by public institutions and organizations on a web-based platform. Within the scope of the project, INSPIRE (Infrastructure for Spatial Information in the European Community) data specifications are considered as a road-map. In this context, Turkey's National Geographic Information System (TUCBS) Integration Project supports sharing spatial data within 61 pilot public institutions as complied with defined national standards. In this paper, which is prepared by the project team members in the TUCBS Integration Project, the technical process with a detailed methodology is explained. In this context, the main technical processes of the Project consist of Geographic Data Analysis, Geographic Data Harmonization (Standardization), Web Service Creation (WMS, WFS) and Metadata Creation-Publication. In this paper, the integration process carried out to provide the data produced by 61 institutions to be shared from the National Geographic Data Portal (GEOPORTAL), have been trying to be conveyed with a detailed methodology.
Abstract: Women's Employment is one of the most important issues in the global economy. The article discusses the stated topic in Georgia, through historical content, Soviet experience, and modern perspectives. The paper discusses segmentation insa terms of employment and related problems. Based on statistical analysis, women's unemployment rate and its factors are analyzed. The level of employment of women in Transcaucasia (Georgia, Armenia, and Azerbaijan) is discussed and is compared with Baltic countries (Lithuania, Latvia, and Estonia). The study analyzes women’s level of development, according to the average age of marriage and migration level. The focus is on Georgia's Association Agreement with the EU in 2014, which includes economic, social, trade and political issues. One part of it is gender equality at workplaces. According to the research, the average monthly remuneration of women managers in the financial and insurance sector equaled to 1044.6 Georgian Lari, while in overall business sector average monthly remuneration equaled to 961.1 GEL. Average salaries are increasing; however, the employment rate remains problematic. For example, in 2017, 74.6% of men and 50.8% of women were employed from a total workforce. It is also interesting that the proportion of men and women at managerial positions is 29% (women) to 71% (men). Based on the results, the main recommendation for government and civil society is to consider women as a part of the country’s economic development. In this aspect, the experience of developed countries should be considered. It is important to create additional jobs in urban or rural areas and help migrant women return and use their working resources properly.
Abstract: The aim of this paper is to analyse the different environmental policies adopted in Europe for car emissions, to comment on some of the possible perverse effects generated and point out these policies which are considered more efficient under the environmental perspective. This paper is focused on passenger cars as this category is the most significant in road transport. The utility of this research lies in this being the first step or basis to improve and optimise actual policies. The methodology applied in this paper refers to a comparative analysis from a practical and theoretical point of view of European environmental policies in road transport. This work describes an overview of the road transport industry in Europe pointing out some relevant aspects such as the contribution of road transport to total emissions and the vehicle fleet in Europe. Additionally, we propose a brief practice guide with the combined policies in order to optimise their aim.
Abstract: Vehicular emission is the key source of air pollution in the urban environment. This includes both fine particles (PM2.5) and coarse particulate matters (PM10). However, particulate matter emissions from road traffic comprise emissions from exhaust tailpipe and emissions due to wear and tear of the vehicle part such as brake, tire and clutch and re-suspension of dust (non-exhaust emission). This study estimates the share of the two sources of pollutant particle emissions from on-roadside vehicles in the Addis Ababa municipality, Ethiopia. To calculate its share, two methods were applied; the exhaust-tailpipe emissions were calculated using the Europeans emission inventory Tier II method and Tier I for the non-exhaust emissions (like vehicle tire wear, brake, and road surface wear). The results show that of the total traffic-related particulate emissions in the city, 63% emitted from vehicle exhaust and the remaining 37% from non-exhaust sources. The annual roads transport exhaust emission shares around 2394 tons of particles from all vehicle categories. However, from the total yearly non-exhaust particulate matter emissions’ contribution, tire and brake wear shared around 65% and 35% emanated by road-surface wear. Furthermore, vehicle tire and brake wear were responsible for annual 584.8 tons of coarse particles (PM10) and 314.4 tons of fine particle matter (PM2.5) emissions in the city whereas surface wear emissions were responsible for around 313.7 tons of PM10 and 169.9 tons of PM2.5 pollutant emissions in the city. This suggests that non-exhaust sources might be as significant as exhaust sources and have a considerable contribution to the impact on air quality.
Abstract: The purpose of this study is to investigate the impact of tourists’ culture on perception and evaluation of hotel service experience and behavioral intentions. Drawing on Hofested’s cultural dimensions, this study seeks to further contribute towards understanding the effect of culture on perception and evaluation of hotels’ services, and whether there are differences between Saudi and European tourists’ perceptions of hotel services evaluation. A descriptive cross-sectional design was used in this study. Data were collected from tourists staying in five-star hotels in Saudi Arabia using the self-completion technique. The findings show that evaluations of hotel services differ from one culture to another. T-test results reveal that Saudis were more tolerant and reported significantly higher levels of satisfaction, were more likely to return and recommend the hotel, and perceived the price for the hotel stay as being good value for money as compared to their European counterparts. The sample was relatively small and specific to only five-star hotel evaluations. As a result, findings cannot be generalized to the wider tourist population. The results of this research have important implications for management within the Saudi hospitality industry. The study contributes to the tourist cultural theory by emphasizing the relative importance of cultural dimensions in-service evaluation. The author argues that no studies could be identified that compare Saudis and Europeans in their evaluations of their experiences staying at hotels. Therefore, the current study would enhance understanding of the effects of cultural factors on service evaluations and provide valuable input for international market segmentation and resource allocation in the Saudi hotel industry.
Abstract: In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option.
Abstract: The financial sector is exposed to the risk of cyber-attacks like any other industrial sector. Furthermore, the topic of CybeRisk (cyber risk) has become particularly relevant given that Information Technology (IT) attacks have increased drastically in recent years, and cannot be stopped by single organizations requiring a response at international and national level. IT risk is never a matter purely for the IT manager, although he clearly plays a key role. A bank's risk management function requires a thorough understanding of the evolving risks as well as the tools and practical techniques available to address them. Upon the request of European and national legislation regarding CybeRisk in the financial system, banks are therefore called upon to strengthen the operational model for CybeRisk management. This will require an important change with a more intense collaboration with the structures that deal with information security for the development of an ad hoc system for the evaluation and control of this type of risk. The aim of the work is to propose a framework for the management and control of CybeRisk that will bridge the gap in the literature regarding the understanding and consideration of CybeRisk as an integral part of business management. The IT function has a strong relevance in the management of CybeRisk, which is perceived mainly as operational risk, but with a positive tendency on the part of risk management to the identification of CybeRisk assessment methods that are increasingly complete, quantitative and able to better describe the possible impacts on the business. The paper provides answers to the research questions: Is it possible to define a CybeRisk governance structure able to support the comparison between risk and security? How can the relationships between IT assets be integrated into a cyberisk assessment framework to guarantee a system of protection and risks control? From a methodological point of view, this research uses a case study approach. The choice of “Monte dei Paschi di Siena” was determined by the specific features of one of Italy’s biggest lenders. It is chosen to use an intensive research strategy: an in-depth study of reality. The case study methodology is an empirical approach to explore a complex and current phenomenon that develops over time. The use of cases has also the advantage of allowing the deepening of aspects concerning the "how" and "why" of contemporary events, on which the scholar has little control. The research bases on quantitative data and qualitative information obtained through semi-structured interviews of an open-ended nature and questionnaires to directors, members of the audit committee, risk, IT and compliance managers, and those responsible for internal audit function and anti-money laundering. The added value of the paper can be seen in the development of a framework based on a mapping of IT assets from which it is possible to identify their relationships for purposes of a more effective management and control of cyber risk.