https://www.um.edu.mt/library/oar/handle/123456789/4654 2026-04-11T11:28:04Z https://www.um.edu.mt/library/oar/handle/123456789/144680 Title: A study of the role of risk management in ensuring business continuity in the Maltese igaming sector Abstract: Purpose: This study offers insights into the importance of risk management for business continuity in the context of the iGaming sector in Malta, which plays a vital role in Malta’s GDP. Tied to increasing digital exposure and regulatory scrutiny, the iGaming sector is susceptible to special forms of risk, from cyber threats to service interruptions to changing compliance parameters. This study seeks to explore present risk management practices, share best practice learnings, and recommend a specialized risk management framework that can be used to boost resilience and prepare for crises in this dynamic sector. Methodology: This qualitative and quantitative research study follows a mixed-methods approach. They also conducted primary data collection through in-depth interviews, focus groups and surveys with key stakeholders such as iGaming operators, insurers, and government personnel. Secondary data from scholarly publications, industry reports, and regulatory documents supplemented the analysis. Quantitative data analysis employed descriptive statistics and correlation analysis to explore the relationship between risk management practices and business continuity outcomes. Thematic analysis was used for qualitative data to uncover insights into organisational practices and stakeholder perceptions. Findings: The findings reveal that proactive risk management significantly contributes to organizational resilience and operational stability during crises. Key elements include robust business continuity planning, effective crisis communication, and regular testing of risk mitigation strategies. The study identified gaps in employee training, cross-functional collaboration, and resource allocation, which hinder the full implementation of risk management frameworks. The COVID-19 pandemic catalysed organisations to expand their risk management scope, incorporating health risks, supply chain vulnerabilities, and advanced technological solutions. Implications of the Study: For practitioners, the study underscores the importance of integrating risk management into strategic decision-making to ensure business continuity and stakeholder confidence. Policymakers can leverage the findings to develop regulatory frameworks that balance innovation, consumer protection, and industry resilience. It emphasizes the need for constant improvements through trainings, stakeholder engagements, and investments in new technologies such as AI and block chain to meet emerging risks. Innovation and original contribution: To the best of our knowledge, this study is one of the very few to provide a thorough analysis of the intersection between risk management and business continuity. The research also aims to offer practical guidance for industry stakeholders, regulators, and policymakers by customizing a risk management framework to the operational and regulatory landscape of the sector. Inclusion of new-age technologies, along with the emphasis on the role of employees and stakeholders in mitigation of risks, also add to the novelty of the study. Moreover, these results add to the ongoing conversation about risk management in the context of digital dependent industries and can serve as a model for other sectors facing the same challenges. Description: M.A.(Melit.) 2025-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/144679 Title: The role of asset allocation in mitigating investment income volatility for Maltese life insurers Abstract: The impact of differences in asset allocation on the stability of investment income from life insurance companies in Malta was investigated in this study. Observing the impact of keeping a balanced portfolio on returns and uncertainty, as well as confirming whether firm capital reserves and Solvency II compliance contribute to financial stability, were the goals of the study. The data was derived from the financial statements of five primary life insurers in Malta from 2018 to 2023. Using tools such as descriptive statistics, correlation analysis, regression modeling, and sensitivity analysis available in Python, it was possible to determine the relationship between investments in asset classes, equities, debt, real estate, private equities, and hedge funds and the stability of investment income. The research findings revealed that the higher the value of debt and real estate a portfolio was correlated with more stable income while the higher the value of the equities in a portfolio or the other alternative asset in portfolio was equally associated with income change. Holding capital reserves and, about the Solvency II requirements, was proven to stabilize the incomes of the insurance companies, making it necessary to check and prevent risks periodically. The study concludes that local regulators and firms should aim to ensure that smaller insurers diversify their risks, thereby allowing them to continue operating and providing for their policyholders even when market conditions evolve. Description: M.A.(Melit.) 2025-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/144678 Title: Economic policies and quality of life : a study of risks & impacts in small EU member states Abstract: The years which brought the World to a standstill and, which led to global social and economic disruptions, including mass cancellations of events, lockdowns and the largest economic recession were followed by the Russia–Ukraine war, and the resulting energy crisis and inflationary pressures. Governments had to act fast to recover from all these emergency situations which although one may be prepared with the Country’s Cris Management Plan, no one could ever prepare well for such situations happening at the same time. The results of a Country’s economic policy give a positive or negative outlook, which can be compared to other Countries. But are these figures enough to understand the Quality of Life within that Country. This dissertation investigates the economic policy responses of three small European Union member states - Malta, Cyprus, and Luxembourg - to the major shocks the World faced in the past 5 years. It critically examines the extent to which these responses, aligned with EU strategic frameworks (including the Recovery and Resilience Facility, the European Green Deal, and the Sustainable Development Goals) and evaluates their impacts on the quality of life of citizens. Using a comparative mixed-methods approach, the research draws on national and EU-level quantitative data (including GDP growth, unemployment, inflation, debt, housing and energy poverty) and qualitative analysis of policy documents, government strategies, and social outcomes. The findings show that while all three countries demonstrated resilience and policy agility, the benefits of economic recovery were unevenly distributed. Vulnerable groups—such as low-income households, migrants, and youth—continued to face housing stress, energy insecurity, and rising inequality. This study contributes to a growing body of literature that challenges the traditional focus on GDP as the primary indicator of national progress. The experiences of Malta, Cyprus, and Luxembourg during the turbulent years of 2020–2025 demonstrate that resilience is multidimensional, and that public policy must prioritize not only recovery and growth, but also social inclusion, housing stability, environmental sustainability, and energy justice. The combination of limited market size, high external dependence and fiscal pressure requires constant innovation and public governance. For a better Quality of Life, apart from a robust economic policy, policy makers need to take into consideration areas which are directly affecting individual households such as affordable living, stable jobs, better mental health facilities and care, environmental and social justice, together with future confidence and intergenerational fairness. As the European Union continues to navigate the twin transitions of green and digital transformation, alongside ongoing geopolitical tensions, the lessons from these small states offer timely insights into how to build equitable and sustainable societies in a rapidly changing world. It shows the importance of linking economic stability to well being, quality of life and contentment. Description: M.A.(Melit.) 2025-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/144677 Title: The importance of government fiscal policies on debt, and their potential impact on financial stability and systemic risk Abstract: This thesis explores the relationship between fiscal policies, sovereign debt, and systemic financial risks in Western economies, focusing on comparing case studies of Mediterranean countries like Greece, Italy, and Spain, and Northern European nations such as Germany, the Netherlands, and Finland. It examines how institutional frameworks, such as Germany’s "debt brake" and the Netherlands’ trend-based budgeting, promote fiscal discipline and economic resilience. In contrast, weaker governance in Mediterranean countries has led to unsustainable debt levels and increased systemic risks. The research highlights the damaging effects of austerity measures in Greece, which increased economic contractions and social unrest, compared to Germany’s countercyclical policies that stabilized growth without increasing debt. Spain’s mixed approach of labour reforms and stimulus illustrates the need for tailored strategies during crises. The study also investigates systemic risks from sovereign-banks, showing how Northern Europe’s diversified banking systems avoided the "doom loops" that destabilized Mediterranean economies. Additionally, it emphasizes the importance of proactive reforms to address long-term challenges like aging populations, as seen in Germany’s linkage of retirement ages to life expectancy. The thesis advocates for greater EU fiscal coordination, including proposals like a European Debt Agency to manage sovereign debt collectively and reduce market disparities. By creating these insights, the research provides recommendations for balancing fiscal discipline with economic flexibility while safeguarding financial stability in an interconnected global economy. Description: M.A.(Melit.) 2025-01-01T00:00:00Z