Risk appetite e risk tolerance: strumenti di supporto agli istituti di credito per l'assunzione di rischi in tempi di crisi

Negli ultimi anni l’attenzione di legislatori e degli Organi di Vigilanza, in base alle riforme regolamentari attivate in risposta alla crisi economica, si sono focalizzate sulle pratiche di risk management delle Banche, sottolineando l’importanza dei sistemi di controllo e gestione dei rischi. Il presente lavoro nasce con l’intento di analizzare e valutare le caratteristiche salienti del processo di assunzione e gestione dei rischi nel sistema economico finanziario attuale. Numerosi e autorevoli esperti, come gli operatori del Financial Stability Board , Institute of International Finance e Senior Supervisory Group, si sono espressi sulle cause della crisi finanziaria ed hanno sollevato dubbi circa la qualità delle azioni intraprese da alcuni manager, sulle loro politiche gestionali e sulla comprensione delle reali condizioni in cui versavano le loro Banche (in termini di esposizione ai rischi, report da aggregazione dati su performance aziendali e qualità dei dati aggregati) , si è ritenuto giusto dal punto di vista teorico approfondire in particolare i temi del Risk Appetite e Risk Tolerance, novità introdotte nelle diverse direttive e normative in risposta alle citate ed ambigue politiche di gestione ed assunzione rischi. I concetti, qui introdotti, di appetito e tolleranza al rischio conducono ad una ampia sfera di riferimento che guarda alla necessità di fissare degli obiettivi di rischio e loro limiti per poter meglio controllare e valutare la stabilità economica/finanziaria e stimare gli effetti di condizioni peggiorative (reali o soltanto teoriche, come gli stress test) sulla solvibilità e profittabilità delle Banche nazionali ed internazionali. Inoltre, ad integrazione di quanto precedentemente esposto sarà illustrata una survey sulla disclosure delle principali Banche europee in relazione alle informazioni sul Risk Appetite e sul Risk Tolerance.

Tecniche di fault tolerance in swarm robotics

Questa tesi presenta e discute le sfide per ottenere sistemi di swarm robotis affidabili e tolleranti ai guasti e quindi anche alcuni metodi per rilevare anomalie in essi, in modo tale che ipotetiche procedure per il recupero possano essere affrontate, viene sottolineata inoltre l’ importanza di un’ analisi qualitativa dei guasti.

Damage tolerance analysis for Blackshape BS 115 programme, EASA CS VLA & CS-23

The thesis project has been developed in partnership with the Design Department of Blackshape Spa, a carbon – fiber ultra – light airplane company in Monopoli (Bari, Italy). The main goal is the assessment of a starting point for a damage tolerant concept during the design and certification phases of the Blackshape BS 115 airplane, with respect to EASA CS VLA & CS 23 Regulations. This approach has been carried out starting from an initial literary review as far as the way of modeling composites fractures is concerned. Further on, three finite element models have been generated and implemented in order to simulate defects occurring during manufacturing and service phases. At last, the procedures of non - destructive inspections have been taken into account, in order to establish how to investigate primary structures defects and delaminations during maintenance.

The effect of temperature on pressure tolerance of the shallow-water shrimp Palaemon serratus

Tolerance to low temperature and high pressure may allow shallow-water species to extend bathymetric range in response to changing climate, but adaptation to contrasting shallow-water environments may affect tolerance to these factors. The brackish shallow-water shrimp Palaemon varians demonstrates remarkable tolerance to elevated hydrostatic pressure and low temperature, but inhabits a highly variable environment: environmental adaptation may therefore make P. varians tolerances unrepresentative of other shallow-water species. Critical thermal maximum (CTmax), critical hydrostatic pressure maximum (CPmax), and acute respiratory response to hydrostatic pressure were assessed in the shallow-water shrimp Palaemon serratus, which inhabits a more stable intertidal habitat. P. serratus’ CTmax was 22.3°C when acclimated at 10°C, and CPmax was 5.9, 10.1, and 14.1 MPa when acclimated at 5, 10, and 15°C respectively: these critical tolerances were consistently lower than P. varians. Respiratory responses to acute hyperbaric exposures similarly indicated lower tolerance to hydrostatic pressure in P. serratus than in P. varians. Contrasting tolerances likely reflect physiological adaptation to differing environments and reveal that the capacity for depth-range extension may vary among species from different habitats.

Temperature effects on larval growth and survival in five species of Caribbean Echinoids

Under the global change scenario, the possible effects of ocean warming were investigated on the larvae of five species of Caribbean Echinoids: Echinometra lucunter, Echinometra viridis, Clypeaster rosaceus, Tripneustes ventricosus and Lytechinus williamsi. Their thermal tolerance was evaluated rearing them for six days under different temperature regimes (26, 28, 30, 32, 34, 36°C). The larval sensitivity to the treatments was evaluated on the base of survival and growth. The rearing at higher temperatures has revealed a great suffering state of the larvae by inducing both reduction of live larvae and abnormality in their development. The extent of impact of the treatments varied from species to species, evidencing different levels of thermal tolerance. Anyway, higher temperature treatments have shown a general lethal threshold at about 34°C for most of the species. As an exception, the lethal threshold of Echinometra species was 36°C, few larvae of which being still capable of survive at the temperature of 34°C. The studies have also analyzed the effect of water warming on the larvae growth in terms of size and symmetry. The results put in evidence the presence of a critical upper temperature (about 32°C) at which the larvae of all species reveal a great suffering state that translates in the reduction of size (i.e., of body, stomach and postero-dorsal arm) and abnormalities (i.e., strong difference in the lengths of the two postero-dorsal arms). As sea surface temperatures are predicted to increase of 4-5°C by 2100, the high percentage of abnormal larvae and their scarce survival observed at 32- 34°C treatments indicate that the early stages of these species could be affected by future global warming.