Risk management and the implementation of the Basel Accord in emerging countries: An application to Pakistan.

This paper addresses an important contemporary issue; namely the implementation of the Basel Accord worldwide. The Basel Accord provides a series of measures to improve the stability of the world’s financial system but its implementation poses a number of challenges for both developing and emerging economies. Pakistan faces a number of unique challenges in this regard due to its recent economic expansion and the fact that the rate at which the Basel Accord is being adopted lags behind that of other countries. This paper throws light on this and a number of related issues due to a combination of the novelty of the survey data from risk managers coupled with a rigorous statistical analysis. Results reflect that the Basel Accord is generally well regarded due to its underlying aims of improved capital standards and a scientific treatment of risk. However, operational risk emerges as a key barrier to implementation in Pakistan. A number of further obstacles are highlighted, which, do seem to have been addressed although only with a partial degree of success. Privately owned banks appear to be more technically competent and more favourably disposed towards implementation than publicly owned banks.Risk Management; Basel Accord; Banking; Financial Regulation; Emerging Markets

The Role of Futureproofing in the Management of Infrastructural Assets

Ensuring long-term value from infrastructure is essential for a sustainable economy. In this context, futureproofing involves addressing two broad issues: i. Ensuring the ability of infrastructure to be resilient to unexpected or uncontrollable events e.g. extreme weather events; and ii. Ensuring the ability to adapt to required changes in structure and / or operations of the infrastructure in the future e.g. expansion of capacity, change in usage mode or volumes. Increasingly, in their respective roles, infrastructure designers/builders and owners/operators are being required to develop strategies for futureproofing as part of the life cycle planning for key assets and systems that make up infrastructure. In this paper, we report on a preliminary set of studies aimed at exploring the following issues related to infrastructure / infrastructure systems: • What is intended by the futureproofing of infrastructural assets? • Why and when to futureproof critical infrastructure? • How can infrastructure assets and systems be prepared for uncertain futures? • How can futureproofing be incorporated into asset management practice? In order to seek answers to the above questions, the Cambridge Centre for Smart Infrastructure and Construction (CSIC) has conducted two industrial workshops bringing together leading practitioners in the UK infrastructure and construction sectors, along with government policy makers. This paper provides an initial summary of the findings from the workshops (part presentation, part working sessions), and proposes a simple framework for linking futureproofing into broader asset management considerations. To begin, an overview of futureproofing and motivate the need for futureproofing infrastructure assets is provided. Following this, an approach to futureproofing infrastructure portfolios is presented that organisations in the infrastructure sector can use. Key barriers to futureproofing are also presented before examining the ISO 55001 asset management standard to highlight the interplay between futureproofing and infrastructural asset management. Finally, different ways by which an effective futureproofing strategy can enhance the value of infrastructure are examined

Adopting augmented reality in the age of industrial digitalisation

Industrial augmented reality (IAR) is one of the key pillars of the industrial digitalisation concepts, which connects workers with the physical world through overlaying digital information. Augmented reality (AR) market is increasing but still its adoption levels are low in industry. While companies strive to learn and adopt AR, there are chances that they fail in such endeavours due to lack of understanding key challenges and success factors in this space. This study identifies critical success factors and challenges for IAR implementation projects based on field experiments. The broadly used technology, organisation, environment (TOE) framework was used as a theoretical basis for the study, while 22 experiments were conducted for validation. It is found that, while technological aspects are of importance, organisational issues are more relevant for industry, which has not been reflected to the same extent in the literature.No funding source. 22 experiments were conducted with in-kind support (employee time and company access) from Beckhoff Automation, Herman Miller and fluiconnecto as well as University of Cambridge students (see Table 1)

Augmented reality in support of Industry 4.0—Implementation challenges and success factors

Industrial augmented reality (AR) is an integral part of Industry 4.0 concepts, as it enables workers to access digital information and overlay that information with the physical world. While not being broadly adopted in some applications, the compound annual growth rate of the industrial AR market is projected to grow rapidly. Hence, it is important to understand the issues arising from implementation of AR in industry. This study identifies critical success factors and challenges for industrial AR implementation projects, based on an industry survey. The broadly used technology, organisation, environment (TOE) framework is used as a theoretical basis for the quantitative part of the questionnaire. A complementary qualitative part is used to underpin and extend the findings. It is found that, while technological aspects are of importance, organisational issues are more relevant for industry, which has not been reflected to the same extent in literature.University of Cambridg

Augmented reality in support of intelligent manufacturing – A systematic literature review

Industry increasingly moves towards digitally enabled ‘smart factories’ that utilise the internet of things (IoT) to realise intelligent manufacturing concepts like predictive maintenance or extensive machine to machine communication. A core technology to facilitate human integration in such a system is augmented reality (AR), which provides people with an interface to interact with the digital world of a smart factory. While AR is not ready yet for industrial deployment in some areas, it is already used in others. To provide an overview of research activities concerning AR in certain shop floor operations, a total of 96 relevant papers from 2011 to 2018 are reviewed. This paper presents the state of the art, the current challenges, and future directions of manufacturing related AR research through a systematic literature review and a citation network analysis. The results of this review indicate that the context of research concerning AR gets increasingly broader, especially by addressing challenges when implementing AR solutions.No funding was received

The Only Eye Study (OnES): a qualitative study of surgeon experiences of only eye surgery and recommendations for patient safety

OBJECTIVE: Performing surgery on patients with only one seeing-eye, where complications may result in catastrophic vision loss, presents unique challenges for the ophthalmic care team. There is currently no evidence regarding how surgeons augment their care when treating only eye patients and no guidelines for how these patients should be managed in hospital eye services. This study aimed to explore ophthalmic surgeons' experiences of only eye surgery and perceptions of current practice. DESIGN AND PARTICIPANTS: Ten ophthalmic surgeons were asked to relate their experiences and views on performing only eye surgery in indepth, semistructured interviews. Interviews were audio-recorded and transcribed. Qualitative data were subjected to thematic analysis to identify key themes. SETTING: Hospital eye service. RESULTS: Five key themes emerged relating to surgeons' experiences and perceptions of only eye surgery: (1) differences in approach to consent, (2) strategies for risk reduction, (3) unmet training needs, (4) value of surgical mentor and (5) emotional impact of unsuccessful outcomes. Recommendations for improving the surgical journey for both the patient and the surgeon related primarily to better recognition and understanding of the complexities inherent with only eye surgery. CONCLUSIONS: Outcomes of only eye surgery may be improved through a number of methods, including development of purpose-designed training fellowships, adoption of stress-reducing strategies and enhancement of available support services. The findings identify emerging themes unique to only eye surgery and the need for guidelines on the provision of care for these high-stakes surgical patients

Exact relativistic beta decay endpoint spectrum

The exact relativistic form for the beta decay endpoint spectrum is derived and presented in a simple factorized form. We show that our exact formula can be well approximated to yield the endpoint form used in the fit method of the KATRIN collaboration. We also discuss the three neutrino case and how information from neutrino oscillation experiments may be useful in analyzing future beta decay endpoint experiments.Comment: 12 pages, 3 figure

Two Loop Low Temperature Corrections to Electron Self Energy

We recalculate the two loop corrections in the background heat bath using real time formalism. The procedure of the integrations of loop momenta with dependence on finite temperature before the momenta without it, has been followed. We determine the mass and wavefunction renormalization constants in the low temperature limit of QED, for the first time with this preferred order of integrations. The correction to electron mass and spinors in this limit is important in the early universe at the time of primordial nucleosynthesis as well as in astrophysics.Comment: 8 pages and 1 figure to appear in Chinese Physics