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The one bad apple spoiling the barrel has become a common metaphor to describe risk culture in organisations. This ‘inside-out’ perspective begins with the individual as the unit of analysis and follows with inferences to the broader environment. Since the global financial crisis (GFC) of 2008, risk culture for many has become the explanation for shortcomings, poor decisions and moral failures in organisations. We present an institutional perspective of some of the forces that shape risk culture in organisations.
How does “Tone at the top” travel from the board room to the rest of the organisation? While the qualitative description of tone at the top provides a noble and virtuous vision for guiding or changing risk culture, the mechanisms for actualisation are less clear. There has been a revival and emphasis of tone at the top after the Global Financial Crisis as it became widely espoused as both an explanation and a solution for the crisis. Tone at the top continues to symbolise risk culture maintenance and improvement for firms and their regulators. However, the processes and structures that are relevant to transmitting and propagating culture and values espoused by the leadership of the firm have been less explored.
We study the impact of charisma and strength of connections on transmission and persistence of culture in a given social network structure. Specifically, we analyse the effort to change culture in a firm by looking at communication effectiveness of opinion leaders throughout the firm; while influential, they are secondary to the board but act as “repeater stations” in transmitting the tone set by the board. This is a refinement of the classical approach to culture (Schein, 1990) which tends to focus more on messages from senior leaders, consistent with tone from the top, but without accounting for the social network of the firm’s staff.
We present a risk culture model using an agent-based algorithm which considers how the structural patterning of risk culture varies with the influence levels of opinion leaders given the social network in the organisation. To complement the hypothesis, we highlight the indicative relationship between the charisma and strength of connections of opinion leaders versus the survivability of risk culture in an organisation.
Risk culture warrants a broad and multidisciplinary view. Our authors have provided insights and brought new thinking to this topic as an antidote to approaching the subject with linear thinking and prescriptive solutions. Their chapters provide multiple lenses for understanding and exploring risk culture as an organisational phenomenon.
The one bad apple spoiling the whole barrel has become a common metaphor used with reference to risk culture in organisations. This “inside-out” perspective begins with the individual as the unit of analysis and follows with inferences to the broader environment. Since the Global Financial Crisis (GFC) of 2008, risk culture for many has become the explanation for shortcomings, poor decisions, and moral failures in organisations. This volume presents an institutional perspective of the forces that shape risk culture, and culture more generally, in organisations through a multi-disciplinary examination from a variety of leading academics and subject specialists. The authors demonstrate that firms play a role as manufacturers and managers of risk and they challenge common conceptions that attribute risk to chance circumstances or rogue behaviours. The foundational concepts needed for an institutional view of risk culture are highlighted with subsequent links to significant developments within society and firms.
We provide a new framework for valuing multidimensional real options where opportunities to exercise the option are generated by an exogenous Poisson process, which can be viewed as a liquidity constraint on decision times. This approach, which we call the Poisson optional stopping times (POST) method, finds the value function as a monotone sequence of lower bounds. In a case study, we demonstrate that the frequently used quasi-analytic method yields a suboptimal policy and an inaccurate value function. The proposed method is demonstrably correct, straightforward to implement, reliable in computation, and broadly applicable in analyzing multidimensional option-valuation problems.
Combining additive manufacturing (AM) with carbon fiber reinforced polymer patched composites unlocks potentials in the design of individualized, lightweight biomedical structures. Arising design opportunities are geometrical individualization of structures using the design freedom of AM and the patient-individual design of the load-bearing components employing carbon fiber patch placement. To date, however, full exploitation of these opportunities is a complex recurring task, which requires a high amount of knowledge and engineering effort for design, optimization, and manufacturing. The goal of this study is to make this complexity manageable by introducing a suitable manufacturing strategy for individualized lightweight structures and by developing a digitized end-to-end design process chain, which provides a high degree of task automation. The approach to achieve full individualization uses a parametric model of the structure which is adapted to patients’ 3D scans. Moreover, patient data is used to define individual load cases and perform structural optimization. The potentials of the approach are demonstrated on an exoskeleton hip structure. A significant reduction of weight compared to a standard design suggests that the design and manufacturing chain is promising for the realization of individualized high-performance structures.
This study investigated the characteristics of subjective memory complaints (SMCs) and their association with current and future cognitive functions.
A cohort of 209 community-dwelling individuals without dementia aged 47–90 years old was recruited for this 3-year study. Participants underwent neuropsychological and clinical assessments annually. Participants were divided into SMCs and non-memory complainers (NMCs) using a single question at baseline and a memory complaints questionnaire following baseline, to evaluate differential patterns of complaints. In addition, comprehensive assessment of memory complaints was undertaken to evaluate whether severity and consistency of complaints differentially predicted cognitive function.
SMC and NMC individuals were significantly different on various features of SMCs. Greater overall severity (but not consistency) of complaints was significantly associated with current and future cognitive functioning.
SMC individuals present distinctive features of memory complaints as compared to NMCs. Further, the severity of complaints was a significant predictor of future cognition. However, SMC did not significantly predict change over time in this sample. These findings warrant further research into the specific features of SMCs that may portend subsequent neuropathological and cognitive changes when screening individuals at increased future risk of dementia.
Based on seven measured sections from Svalbard, the marine strata of the Permian Kapp Starostin Formation are arranged into seven transgressive–regressive sequences (TR1–TR7) of c. 4–5 Ma average duration, each bound by a maximum regressive surface. Facies, including heterozoan-dominated limestones, spiculitic cherts, sandstones, siltstones and shales, record deposition within inner, middle and outer shelf areas. The lowermost sequence, TR1, comprises most of the basal Vøringen Member, which records a transgression across the Gipshuken Formation following a hiatus of unknown duration. Temperate to cold, storm-dominated facies established in inner to middle shelf areas between the latest Artinskian and Kungurian. Prolonged deepening during sequences TR2 and TR3 was succeeded by a long-term shallowing-upward trend that lasted until the latest Permian (TR4–TR7). A major depocentre existed in central and western Spitsbergen while to the north, Dickson Land remained a shallow platform, leading to a shallow homoclinal ramp in NE Spitsbergen and Nordaustlandet. The Middle Permian extinction (late Capitanian) is recorded near the base of TR6 in deeper parts of the basin only; elsewhere this sequence is not recorded. Likewise the youngest sequence, TR7, extending to the upper formational contact of latest Permian age, is found only in the basin depocentre. Comparison with age-equivalent strata in the Sverdrup Basin of Canada reveals a remarkably similar depositional history, with, for example, two (third-order) sea-level cycles recorded in the Late Permian of both regions, in keeping with the global record. Sequence stratigraphy may therefore be a powerful correlative tool for onshore and offshore Permian deposits across NW Pangaea.
Defensive chemicals in anuran skin secretions function in protection against potential predators. Although studies have demonstrated that particular chemicals are effective against certain predators, very little is known about how different chemicals from different species function against the same predators. Understanding how different chemicals function as a defence against similar predators is fundamental to the ecology and evolution of chemical defences in frogs. In the present study, the defensive function of bufadienolide-based defences in adult Rhaebo haematiticus (Bufonidae) were compared with alkaloid-based defences in adult and juvenile Dendrobates auratus (Dendrobatidae) against the same predators. Most bufonids contain synthesized bufadienolides, whereas dendrobatids contain dietary-derived alkaloids. Predation trials were performed with two potential invertebrate predators, Paraponera clavata (bullet ant) and Cupiennius coccineus (ctenid spider), to determine how these predators respond to two different types of frog chemical defence. The non-chemically defended frog Craugastor fitzingeri served as a control in all predation trials. Our results suggest that bufadienolide defences of R. haematiticus and alkaloid defences of D. auratus are equally effective towards bullet ant and ctenid spider predators. The similar avoidance and cleaning behaviours exhibited by these ants and spiders after contact with bufadienolides and alkaloids suggest that both types of defence are unpalatable to these arthropod predators.
We describe a hybrid pixel array detector (electron microscope pixel array detector, or EMPAD) adapted for use in electron microscope applications, especially as a universal detector for scanning transmission electron microscopy. The 128×128 pixel detector consists of a 500 µm thick silicon diode array bump-bonded pixel-by-pixel to an application-specific integrated circuit. The in-pixel circuitry provides a 1,000,000:1 dynamic range within a single frame, allowing the direct electron beam to be imaged while still maintaining single electron sensitivity. A 1.1 kHz framing rate enables rapid data collection and minimizes sample drift distortions while scanning. By capturing the entire unsaturated diffraction pattern in scanning mode, one can simultaneously capture bright field, dark field, and phase contrast information, as well as being able to analyze the full scattering distribution, allowing true center of mass imaging. The scattering is recorded on an absolute scale, so that information such as local sample thickness can be directly determined. This paper describes the detector architecture, data acquisition system, and preliminary results from experiments with 80–200 keV electron beams.