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Wiki	Wiki Summary
Big Five personality traits	The Big Five personality traits is a suggested taxonomy, or grouping, for personality traits, developed from the 1980s onward in psychological trait theory. \nStarting in the 1990s, the theory identified five factors by labels, for the US English speaking population, typically referred to as:\n\nopenness to experience (inventive/curious vs.
Test management	Test management most commonly refers to the activity of managing a testing process. A test management tool is software used to manage tests (automated or manual) that have been previously specified by a test procedure.
Information technology	Information technology (IT) is the use of computers to create, process, store, retrieve, and exchange all kinds of electronic data and information. IT is typically used within the context of business operations as opposed to personal or entertainment technologies.
Regulatory risk differentiation	Regulatory risk differentiation is the process used by a regulatory authority (the regulator - most often a tax administration) to systemically treat entities differently based on the regulator's assessment of the risks of the entity's non-compliance.\nRegulators can include law enforcement agencies.
Periodical cicadas	The term periodical cicada is commonly used to refer to any of the seven species of the genus Magicicada of eastern North America, the 13- and 17-year cicadas. They are called periodical because nearly all individuals in a local population are developmentally synchronized and emerge in the same year.
Richard Hilton	Richard Howard Hilton (born August 17, 1955) is an American businessman. He is the chairman and co-founder of Hilton & Hyland, a real estate brokerage firm based in Beverly Hills, California, that specializes in homes and estates in Beverly Hills, Holmby Hills, Bel-Air, Brentwood, Pacific Palisades, Malibu, Hollywood Hills, as well as estates from Santa Barbara to San Diego.
Intimate relationship	An intimate relationship is an interpersonal relationship that involves physical or emotional intimacy. Although an intimate relationship is commonly a sexual relationship, it may also be a non-sexual relationship involving family, friends, or acquaintances.Emotional intimacy involves feelings of liking or loving one or more people, and may result in physical intimacy.
Capital punishment	Capital punishment, also known as the death penalty, is a state-sanctioned practice of killing a person as a punishment for a crime. The sentence ordering that an offender is to be punished in such a manner is known as a death sentence, and the act of carrying out the sentence is known as an execution.
Badminton	Badminton is a racquet sport played using racquets to hit a shuttlecock across a net. Although it may be played with larger teams, the most common forms of the game are "singles" (with one player per side) and "doubles" (with two players per side).
Formula One regulations	The numerous Formula One regulations, made and enforced by the FIA and later the FISA, have changed dramatically since the first Formula One World Championship in 1950. This article covers the current state of F1 technical and sporting regulations, as well as the history of the technical regulations since 1950.
Eurasian Conformity mark	The Eurasian Conformity mark (EAC, Russian: Евразийское соответствие (ЕАС)) is a certification mark to indicate products that conform to all technical regulations of the Eurasian Customs Union. It means that the EAC-marked products meet all requirements of the corresponding technical regulations and have passed all conformity assessment procedures.
Diosmin	Diosmetin, also known as 5,7,3′-trihydroxy-4′-methoxyflavone, is an O-methylated flavone, a chemical compound that can be found in the Caucasian vetch.It has been found to act as a weak TrkB receptor agonist.\n\n\n== Glycosides ==\nDiosmetin is the aglycone of diosmin.
Capital punishment in Malaysia	Capital punishment in Malaysia is a legal penalty, though a moratorium is in force since 2018.\nMalaysia held 33 capital crimes, including murder, drug trafficking, treason, acts of terrorism, waging war against the Yang di-Pertuan Agong, and, since 2003, rape resulting in death or rape of a child.
Iraq	Iran (Persian: ایران Irân [ʔiːˈɾɒːn] (listen)), also called Persia, and officially the Islamic Republic of Iran, is a country in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmenistan to the north, by Afghanistan and Pakistan to the east, and by the Gulf of Oman and the Persian Gulf to the south.
Mortgage-backed security	A mortgage-backed security (MBS) is a type of asset-backed security (an 'instrument') which is secured by a mortgage or collection of mortgages. The mortgages are aggregated and sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy.
Advanced process control	In control theory, Advanced process control (APC) refers to a broad range of techniques and technologies implemented within industrial process control systems. Advanced process controls are usually deployed optionally and in addition to basic process controls.
Cyberattack	A cyberattack is any offensive maneuver that targets computer information systems, computer networks, infrastructures, or personal computer devices. An attacker is a person or process that attempts to access data, functions, or other restricted areas of the system without authorization, potentially with malicious intent.
Process risk	Process Risk is considered to be a sub-component of operational risk. It exists when the process that supports a business activity lacks both efficiency and effectiveness, which may then lead to financial, customer, and reputational loss.
List of corporate titles	Corporate titles or business titles are given to company and organization officials to show what duties and responsibilities they have in the organization.\n\n\n== List of corporate titles ==\nChief administrative officer (CAO) - A top-tier executive who supervises the daily operations of a business and is ultimately responsible for its performance\nChief analytics officer (CAO) - The senior manager responsible for the analysis of data within an organization\nChief brand officer (CBO) - Officer responsible for a brand's image, experience, and promise\nChief business development officer (CBDO) - Identifies new opportunities for the corporation and develops strategies to pursue those opportunities\nChief business officer (CBO) - A position that allocates a company’s resources to meet strategic and financial goals.
Phrased Differently	Phrased Differently is an independent music publishing, production and artist development company founded in 2006, by former Universal Records executive and songwriter Hiten Bharadia. Their offices in Shoreditch, East London, are also home to seven underground recording studios, which are occupied by their signed writers including Bharadia, Philippe-Marc Anquetil, Knightstarr, Andreas Moe, Nathan Duvall (Disciples), Maegan Cottone, Michael Stockwell, Raphaella, Sky Adams, Commands, Mark Vallance, Dimitri Elrlich, and Phoebe Jo Brown.
Strategic alliance	A strategic alliance (also see strategic partnership) is an agreement between two or more parties to pursue a set of agreed upon objectives needed while remaining independent organizations.\nThe alliance is a cooperation or collaboration which aims for a synergy where each partner hopes that the benefits from the alliance will be greater than those from individual efforts.
Cash flow forecasting	Cash flow forecasting is the process of obtaining an estimate or forecast of a company's future financial position; the cash flow forecast is typically based on anticipated payments and receivables.\nSee Financial forecast for general discussion re methodology.
Negotiated order	Negotiated order is an approach in sociology that is interested in how meaning is created and maintained in organizations. It has a particular focus on human interactions.
Christopher Voss	Christopher "Chris" Voss is an American businessman, author, and academic. Voss is a former FBI hostage negotiator, the CEO of The Black Swan Group Ltd, a company registered in East Grinstead, England, and co-author of the book Never Split the Difference.
Atomic bombings of Hiroshima and Nagasaki	The United States detonated two atomic bombs over the Japanese cities of Hiroshima and Nagasaki on 6 and 9 August 1945, respectively. The two bombings killed between 129,000 and 226,000 people, most of whom were civilians, and remain the only use of nuclear weapons in armed conflict.
Dyslexia	Dyslexia, also known as reading disorder, is a disorder characterized by reading below the expected level for their age. Different people are affected to different degrees.
Zubieta Facilities	The Zubieta Facilities (Basque: Zubietako Kirol-instalakuntzak, Spanish: Instalaciones de Zubieta), is the training ground of the Primera Division club Real Sociedad. Located in Zubieta, an enclave of San Sebastian (adjacent to the San Sebastián Hippodrome), it was opened in 2004 in its modernised form, although was originally inaugurated in 1981.
Resource acquisition is initialization	Resource acquisition is initialization (RAII) is a programming idiom used in several object-oriented, statically-typed programming languages to describe a particular language behavior. In RAII, holding a resource is a class invariant, and is tied to object lifetime.
Center for Regulatory Effectiveness	The Center for Regulatory Effectiveness (CRE) is an industry-funded, for-profit think tank. It focuses on federal agency compliance with "good government" laws which regulate the regulators.
Airbus A380	The Airbus A350 is a long-range, wide-body airliner developed and produced by Airbus.\nThe first A350 design proposed by Airbus in 2004, in response to the Boeing 787 Dreamliner, would have been a development of the A330 with composite wings and new engines.
Zero interest-rate policy	Zero interest-rate policy (ZIRP) is a macroeconomic concept describing conditions with a very low nominal interest rate, such as those in contemporary Japan and in the United States from December 2008 through December 2015. ZIRP is considered to be an unconventional monetary policy instrument and can be associated with slow economic growth, deflation and deleverage.

Risk Factors
SCHWAB CHARLES CORP Item 1A Risk Factors The Company faces a variety of risks that may affect its operations or financial results, and many of those risks are driven by factors that the Company cannot control or predict
The following discussion addresses those risks that management believes are the most significant, although there may be other risks that could arise, or may prove to be more significant than expected, that may affect the Company’s operations or financial results
For a discussion of the Company’s risk management, including technology and operating risk and legal and regulatory risk, see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Risk Management
” There has been aggressive price competition in the Company’s industry, which may continue in the future
The Company continually monitors its pricing in relation to competitors and periodically adjusts commission rates, interest rates, and other fee structures to enhance its competitive position
Increased competition, including pricing pressure, could harm the Company’s results of operations and financial condition
The industry in which the Company competes has recently undergone a period of consolidation and the Company now faces stronger competitors
The Company faces intense competition for the clients that it serves and the products and services it offers
There has recently been significant consolidation as financial institutions with which the Company competes have been acquired by or merged - 5 - ______________________________________________________________________ [43]Table of Contents THE CHARLES SCHWAB CORPORATION into or acquired other firms
This consolidation may continue
Competition is based on many factors, including the range of products and services offered, pricing, customer service, brand recognition, reputation, and perceived financial strength
Consolidations may enable other firms to offer a broader range of products and services than the Company does, or offer such products at more competitive prices
The Company faces intense competition in hiring and retaining qualified employees, especially for employees who are key to the Company’s ability to build and enhance client relationships
The market for quality professionals and other personnel in the Company’s business is highly competitive
Competition is particularly strong for financial consultants who build and sustain the Company’s client relationships
The Company’s ability to continue to compete effectively will depend upon its ability to attract new employees and retain existing employees while managing compensation costs
Extensive regulation of the Company’s businesses limits the Company’s activities and may subject it to significant penalties
As a participant in the securities and financial services industries, the Company is subject to extensive regulation under both federal and state laws by governmental agencies, supervisory authorities, and SROs
The requirements imposed by the Company’s regulators are designed to ensure the integrity of the financial markets and to protect clients
These regulations often serve to limit the Company’s activities by way of net capital, customer protection and market conduct requirements, and restrictions on the businesses in which the Company may operate
Despite the Company’s efforts to comply with applicable regulations, there are a number of risks, particularly in areas where applicable regulations may be unclear or where regulators revise their previous guidance
Any enforcement actions or other proceedings brought by the Company’s regulators could result in fines, penalties, cease and desist orders, enforcement actions, or suspension or expulsion of an affiliate, its officers, or employees, any of which could harm the Company’s reputation and adversely affect the Company’s results of operations and financial condition
In the ordinary course of business, the Company is subject to litigation and may not always be successful in defending itself against such claims
The Company is subject to claims and lawsuits in the ordinary course of its business, which can result in settlements and awards
It is inherently difficult to predict the ultimate outcome of these matters, particularly in cases in which claimants seek substantial or unspecified damages, and a substantial judgment, settlement, fine, or penalty could be material to the Company’s operating results for a particular future period, depending on the Company’s results for that period
Changes in legislation, rules, and regulations could negatively impact the Company’s business and financial results
New legislation, rule changes, or changes in the interpretation or enforcement of existing federal, state and SRO rules and regulations may directly affect the operation and profitability of the Company
The profitability of the Company could also be affected by rules and regulations which impact the business and financial communities generally, including changes to the laws governing taxation, electronic commerce, and security of client data
A significant decrease in the Company’s liquidity could negatively affect the Company’s business as well as reduce client confidence in the Company
Maintaining adequate liquidity is crucial to the business operations of the Company, including margin lending, mortgage lending, and transaction settlement, among other liquidity needs
A reduction in the Company’s liquidity position could also reduce client confidence in the Company, which could result in the loss of client accounts
In addition, if the Company’s broker-dealer or depository institution subsidiaries fail to meet regulatory capital guidelines, regulators could limit the Company’s operations and its ability to repay debt, pay cash dividends, and repurchase shares of its stock
In particular, any such limitations could have an adverse effect on CSC, which depends primarily on cash generated by its subsidiaries in order to fulfill its debt service obligations and otherwise meet its liquidity needs
The Company attempts to manage liquidity risk by maintaining sufficient liquid financial resources to fund its balance sheet and meet its obligations
The Company’s liquidity needs are met primarily through cash generated by operations, as well as cash provided by external financing
Risks in meeting these needs may arise with fluctuations in client cash or deposit balances, as well as changes in market conditions
- 6 - ______________________________________________________________________ [44]Table of Contents THE CHARLES SCHWAB CORPORATION Specific risk factors which may adversely affect the Company’s liquidity position include: • a reduction in cash held in banking or brokerage client accounts which may affect the amount of the Company’s liquid assets; • a significant downgrade in the Company’s credit ratings which could increase its borrowing costs and limit its access to the capital markets; and • a dramatic increase in the Company’s client lending activities (including margin, mortgage, and personal lending) which may reduce the Company’s liquid resources and excess capital position
Technology and operational failures could subject the Company to losses, litigation, and regulatory actions
The Company faces technology and operating risk which is the potential for loss due to deficiencies in control processes or technology systems of the Company or its outsourced service providers that constrain the Company’s ability to gather, process, and communicate information efficiently and securely, without interruptions
This risk also includes the risk of human error, employee misconduct, external fraud, computer viruses, terrorist attacks, and natural disaster
The Company’s business and operations could be negatively impacted by any significant technology and operational failures
Moreover, instances of fraud or other misconduct might also negatively impact the Company’s reputation and client confidence in the Company, in addition to any direct losses that might result from such instances
Despite the Company’s efforts to identify areas of risk, oversee operational areas involving risk, and implement policies and procedures designed to mitigate risk, there can be no assurance that the Company will not suffer unexpected losses due to technology or other operational failures, including those of outsourced service providers
The Company may suffer significant losses from its credit exposures
The Company’s businesses are subject to the risk that a client or counterparty will fail to perform its contractual obligations, or that the value of collateral held to secure obligations will prove to be inadequate
The Company’s exposure mainly results from margin lending activities, securities lending activities, its role as a counterparty in financial contracts, investing activities, banking loan portfolios, and indirectly from the investing activities of certain of the Company’s proprietary funds
Significant interest rate changes could affect the Company’s profitability and financial condition
The Company is exposed to interest rate risk primarily from changes in the interest rates on its interest-earning assets (such as margin loans and customer mortgages) and its funding sources, such as customer deposits and Company borrowings
Changes in interest rates could affect the interest earned on interest-earning assets differently than the interest the Company pays on its interest-bearing liabilities
In general, the Company is positioned to benefit from a rising interest rate environment, and could be adversely affected by a general decline in interest rates, although any potential reduction in net interest income may be offset by growth in the Company’s loan portfolio and inflows of client cash
In addition, in the event prevailing short-term interest rates declined to the point where yields available on money market mutual funds approached the level of management fees on those funds, the Company could find itself in the position of having to reduce its management fees so that it could continue to pay clients a competitive return on their assets
Potential strategic transactions could have a negative impact on the Company’s financial position
From time to time, the Company evaluates potential strategic transactions, including business combinations, acquisitions, and dispositions
Any such transaction could have a material impact on the Company’s financial position, results of operations, or cash flows
The process of evaluating, negotiating, and effecting any such strategic transaction may divert management’s attention from other business concerns, and might cause the loss of key clients, employees, and business partners
Moreover, the integration of any acquisition may create unforeseen challenges for the Company’s operational, financial, and management information systems, as well as unforeseen expenditures and other risks, including difficulties in managing facilities and employees in different geographic areas
In addition, an acquisition may cause the Company to assume liabilities or become subject to litigation
Further, the Company may not realize a positive return on any acquisition and any future acquisition could be dilutive to the Company’s current stockholders’ percentage ownership or to earnings per share (EPS)
- 7 - ______________________________________________________________________ [45]Table of Contents THE CHARLES SCHWAB CORPORATION The Company’s stock price has fluctuated historically, and may continue to fluctuate
The Company’s stock price can be volatile
Among the factors that may affect the Company’s stock price are the following: • speculation in the investment community or the press about, or actual changes in, the Company’s competitive position, organizational structure, executive team, operations, financial condition, financial reporting and results, effectiveness of cost reduction initiatives, or strategic transactions; • the announcement of new products, services, acquisitions, or dispositions by the Company or its competitors; • increases or decreases in revenue or earnings, changes in earnings estimates by the investment community, and variations between estimated financial results and actual financial results
Changes in the stock market generally or as it concerns the Company’s industry, as well as geopolitical, economic, and business factors unrelated to the Company, may also affect the Company’s stock price
Developments in the business, economic, and geopolitical environment could negatively impact the Company’s business
The Company’s business can be significantly affected by the general environment – economic, corporate, securities market, regulatory, and geopolitical developments all play a role in client asset valuations, trading activity, interest rates and overall investor engagement
These factors are outside of the control of the Company and could have a negative impact on the Company’s results of operations and financial condition