Control of the Australian life insurance industry: an example of regulatory externalities within the Australian financial sector 1870-1945

The regulatory environment in which the Australian life insurance industry operates has its antecedents in two major periods of legislative intervention. The first established the principle of ‘freedom with disclosure’ in the 1870s, which has since formed the basis of the regulatory approach. In the 1940s, the second refined the concept in the context of a general recognition of an interventionist approach to financial markets. It is suggested that regulation of the life insurance market in Australia came about not in response to problems associated with market failure but in reaction to external influences not directly related to conditions in the Australian life insurance industry. This was impacted not only on the timing of intervention but on the approach taken as well.

A prospective study on building quality : enforcement of control in the Australian housing industry

The Australian housing industry is beset with quality issues with repeated building defects causing problems with customer satisfaction and housing performance. These defects are caused by a combination of initial poor workmanship and poor quality materials and subsequently by poorly executed or inadequate maintenance. These poor work practices increase the cost and maintenance of housing. The waste and rectification work generated by such practices means that the housing industry generally is not engaged with sustainability. Building Control is part of achieving quality of building output. Whilst the Australian Building Code has regulations for initial-build material quality and workmanship, there is no continuing control and effective enforcement over a house over its life span. Sustainability is not dealt with as a topic at all in the Building Code with only energy efficiency concerns regulated. Inadequate knowledge transfer, to the mainly small builders who produce the majority of Australia’s housing, is seen to be a key issue. Mechanisms to make the transfer of knowledge to those who need to use it need to be improved. Building regulations, for example, could be more visual and accessible in their content and small builders should be encouraged to update their knowledge and skills. This comparative research will guide industry service providers in improving their performance and suggest how overall housing quality can be improved (thereby reducing wasteful practices), by considering more appropriate mechanisms for knowledge transfer among industry service providers in the Australian housing industry.

Surveillance, responsibility and control: an analysis of government and industry discourses about 'problem' and 'responsible' gambling

Background: Discussions of gambling have traditionally focused on ideas of “problem” and “responsible” gambling. However, few studies have examined how Institutions attempt to exert social control over gamblers in order to promote so-called “responsible” behaviour. In this study, we examine the way “problem” and “responsible” gambling are discussed by Australian governments and the gambling industry, using a theoretical framework based on the work of Foucault.

Method: We conducted a thematic analysis of discourses surrounding problem and responsible gambling in government and gambling industry websites, television campaigns and responsible gambling materials.

Results: Documents distinguished between gambling, which was positive for the community, and problem gambling, which was portrayed as harmful and requiring medical intervention. The need for responsible gambling was emphasised in many of the documents, and reinforced by mechanisms including self-monitoring, self-control and surveillance of gamblers.

Conclusions: Government and industry expect gamblers to behave “responsibly”, and are heavily influenced by neoliberal ideas of rational, controlled subjects in their conceptualisation of what constitutes “responsible behaviour”. As a consequence, problem gamblers become constructed as a deviant group. This may have significant consequences for problem gamblers, such as the creation of stigma.

Cold rolling mill thickness control using the cascade-correlation neural network

The improvements in thickness accuracy of a steel strip produced by a tandem cold-roIling mill are of substantial interest to the steel industry. In this paper, we designed a direct model-reference adaptive control (MRAC)  scheme that exploits the natural level of excitation existing in the closed-loop with a dynamically constructed cascade-correlation neural network (CCNN) as a controller for cold roIling mill thickness control. Simulation results show that the combination of a such a direct MRAC scheme and the dynamically constructed CCNN significantly improves the thickness accuracy in the presence of disturbances and noise in comparison with to the conventional PID controllers.

Thermal control of high pressure die casting using computational fluid dynamics

The quality of high pressure die castings is a function of many interdependent parameters. It has been observed that many defects detected in the HPDC castings can be tracked back to poor die temperature distribution in the critical areas. It has therefore been recommended that the development of a technique to directly control the critical features - making them less sensitive to thermal related parameters - be very beneficial to the HPDC industry. From the information obtained from thermal image (processing), computational fluid dynamics has been applied to design the layout of internal cooling system and assign the flow conditions such as flow rate and pressure of the cooling water. it is observed that CFD prediction provides an excellent insight into the thermal balance of the high pressure die casting.

The resource-based view of strategy: application to the agricultural industry

IP a The paper examines the application of the Resource-Based View of strategy (RBV) to the Australian floral industry. Despite the RBV's successful application to research in a number of discipline areas and the formalisation of its relationship with Competitive Advantage (CA) 15 years ago, the empirical support for the benefit of the RBV and development of research constructs has been inadequate. This has been partly due to the difficulty of identifying and separating the contribution of resources. The RBV literature is now consistent in the criteria required of a resource for CA and identifies a range of empirical research objectives (e.g. the need for contextual constructs), data evaluation focuses (e.g. measuring the impact of management, process, regional and scale affects) and results objectives (such as identifying the causal structure of resources). Research was conducted in the Australian floral industry to produce supporting generalisable data and constructs for the RBV. This industry is well bounded with several strongly differentiating resources and operates in a global market environment, which is necessary for these research objectives. Six hypotheses were examined; (1) the use of resources as the input of the CA, (2) the impact of the development process on resources, (3) the impact of management control on the development of resources (4) the impact on capability of management, process, region and scale, (5) the impact of resource development maturity on the approach to resource development and (6) the possibility of evaluating individual resources according to various criteria. The data was collected using selected participant interviews, with validation of conclusions by industry experts. It was analysed using content analysis, comparative analysis and cognitive mapping. The research determined that organisations in the Australian floral industry possessed important resources including geography, skills, technology, R&D, supply chains and production costs. These contributed to four CA creating production outputs; quality, capacity, reliability and customer convenience. The research findings supported hypotheses 1, 3, 4, 5 and 6. The lack of support for the two remaining hypotheses, relating to the process of resource development, may be explained by the low resource development maturity of the industry which masks the impact of the resource development process. The results also determined that one resource could contribute to a number of CAs and that resources not meeting all of the normal RBV CA criteria could still provide a CA in an industry where few resources met all criteria. It was postulated that these resources’ contribution to competitive was not durable.

Estimating mean exposures from censored data: exposure to benzene in the Australian petroleum industry

A retrospective assessment of exposure to benzene was carried out for a nested case control study of lympho-haematopoietic cancers, including leukaemia, in the Australian petroleum industry. Each job or task in the industry was assigned a Base Estimate (BE) of exposure derived from task-based personal exposure assessments carried out by the company occupational hygienists. The BEs corresponded to the estimated arithmetic mean exposure to benzene for each job or task and were used in a deterministic algorithm to estimate the exposure of subjects in the study. Nearly all of the data sets underlying the BEs were found to contain some values below the limit of detection (LOD) of the sampling and analytical methods and some were very heavily censored; up to 95% of the data were below the LOD in some data sets. It was necessary, therefore, to use a method of calculating the arithmetic mean exposures that took into account the censored data. Three different methods were employed in an attempt to select the most appropriate method for the particular data in the study. A common method is to replace the missing (censored) values with half the detection limit. This method has been recommended for data sets where much of the data are below the limit of detection or where the data are highly skewed; with a geometric standard deviation of 3 or more. Another method, involving replacing the censored data with the limit of detection divided by the square root of 2, has been recommended when relatively few data are below the detection limit or where data are not highly skewed. A third method that was examined is Cohen's method. This involves mathematical extrapolation of the left-hand tail of the distribution, based on the distribution of the uncensored data, and calculation of the maximum likelihood estimate of the arithmetic mean. When these three methods were applied to the data in this study it was found that the first two simple methods give similar results in most cases. Cohen's method on the other hand, gave results that were generally, but not always, higher than simpler methods and in some cases gave extremely high and even implausible estimates of the mean. It appears that if the data deviate substantially from a simple log-normal distribution, particularly if high outliers are present, then Cohen's method produces erratic and unreliable estimates. After examining these results, and both the distributions and proportions of censored data, it was decided that the half limit of detection method was most suitable in this particular study.

The health watch case - control study of leukemia and benzene:the story so far

A case–control study nested in the Health Watch cohort of petroleum industry workers, investigated whether the excess of lymphohematopoetic cancers, identified among male members of the Health Watch cohort, was associated with benzene exposure. Cases of non-Hodgkin’s lymphoma (n=31),multiple myeloma (n=15), and leukemia (n=33)were identified between 1981 and 1999. Cases were age-matched to five controls. Exposure was retrospectively estimated for each occupational history using an algorithm in a relational database. Benzene exposure measurements, supplied by Australian petroleum companies, were used to estimate exposure for specific tasks. The tasks carried out within the job, the products handled, and the technology used,were identified from interviews with contemporary colleagues. More than half of the subjects started work after 1965 and had an average exposure period of 20 years. Exposure was low, 85% of the cumulative exposure estimates were<10 ppm years. Matched analyses showed that non-Hodgkin’s lymphoma and multiple myeloma were not associated with benzene exposure. Leukemia risk, however, was significantly increased for the subjects with greater than 16 ppm years cumulative exposure, odds ratio (OR) 51.9 (5.6–477) or with greater than 0.8 ppm intensity of highest exposed job. Cumulative exposures were similar to those found in comparable studies.The inclusion of occasional high exposures, for example, as a result of spillages, reduced the ORs, when the exposure was treated as either a continuous or a categorical variable. Our data demonstrate a strong association between leukemia and modest benzene exposure. The choice of cut-point and reference group has a marked effect on the ORs, but does not change the overall conclusions.

Industrial application of thermal image processing and thermal control

Industrial application of infrared thermography is virtually boundless as it can be used in any situations where there are temperature differences. This technology has particularly been widely used in automotive industry for process evaluation and system design. In this work, thermal image processing technique will be introduced to quantitatively calculate the heat stored in a warm/hot object and consequently, a thermal control system will be proposed to accurately and actively manage the thermal distribution within the object in accordance with the heat calculated from the thermal images.

Money laundering control and suppression of financing of terrorism : some thoughts on the impact of customer due diligence measures on financial exclusion

Purpose – The purpose of this paper is to explore the relationship between anti-money laundering (“AML”) and combating of financing of terrorism (“CFT”) customer due diligence (“CDD”) measures in the financial services industry, and exclusion from financial services.
Design/methodology/approach – An introduction to the concept of financial exclusion is provided as well as an overview of international AML/CFT CDD standards. The paper highlights a softening of national CDD measures in South Africa and the UK to lessen the impact on financial exclusion.
Findings – Countries should consider the impact that CDD requirements may have on financial exclusion when they design their AML/CFT systems.
Research limitations/implications – Multi-discilinary research is required to improve the understanding of the broader interaction between AML/CFT objectives, financial exclusion and economic development, especially in countries with a large informal economy.
Practical implications – CDD requirements may unnecessarily exacerbate financial exclusion if they are not formulated with care to reflect the reality of the particular country setting.
Originality/value – The paper offers insights into the international standards resulting to the identification of clients and the experiences in the UK and South Africa regarding the implementation of these standards on financial exclusion.