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Royal Society Hidden Wealth Report

From Dr James Wilsdon Director, Royal Society Science Policy Centre: I am pleased to announce the launch of the Society’s report Hidden wealth: the contribution of science to service sector innovation,...

Knowledge Exchange between Academics and the Business, Public and Third Sectors

A report issued by the Centre for Business Research (CBR) at the University of Cambridge There has been an increasing focus on the role that Universities can play in contributing to economic growth....

Artificial Immunology for computer viruses

With increased global interconnectivity, organizations must protect their systems from intrusion and computer-virus attacks. Current antivirus and network intrusion detection (ID) solutions can become...

Darwin, DNA & Financial Evolutionary Computing

Darwinian evolution is being used by computer scientists to provide solutions to a wide range of problems in finance, from non-linear factor models for stock-picking to adaptive load-balancing for dynamic...

Early stage R&D

A core objective for Res Novae is to roll out a range of resources and services to encourage and support early stage R&D. This includes support for blue-sky academic research and more focused research...

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Technology

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Thought Leadership in Trading Technology

Advancing Collaboration Between Industry & Academia and Exploring Innovation Challenges Thought Leadership in Trading Technology Workshop Venue: Holborn Bars, 138-142 Holborn,...

Easy CUDA integration

CuPP is a newly-developed C++ framework designed to ease integration of NVIDIA's GPGPU system CUDA into existing C++ applications [1]. "CuPP provides interfaces to reoccurring tasks that are easier...

Technology maps

Producers of financial services technology need in-depth knowledge of the global financial services "ecosystem" - that is, not only the potential clients but also the scientists who generate new technologies...

Technology events

On our events pages, Res Novae members can keep track of upcoming events such as technology conferences, exhibitions and workshops. Res Novae will also be holding its own events to bring together scientists,...

Science publications

Want to know what's going on in the world's research labs? Prefer to search covertly before approaching a research group with a view to collaboration? Or perhaps you just want to pick up some new ideas...

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Financial Services

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Focus Group Meeting on Systems Latency

Advancing Collaboration Between Industry & Academia and Exploring Innovation Challenges Thought Leadership Focus Group on Systems Latency Workshop...

Focus Group Meeting on Market Simulation

Advancing Collaboration Between Industry & Academia and Exploring Innovation Challenges Thought Leadership Focus Group on Market Simulation Workshop...

Focus Group Meeting on Historical Datasets

Advancing Collaboration Between Industry & Academia and Exploring Innovation Challenges Thought Leadership Focus Group on Historical Datasets Workshop Venue:...

What the Behavioural Sciences can teach us about Wholesale and Retail Financial Markets

A round-table discussion with Gulnar Muradoglu (Cass Business School), Werner DeBondt (DePaul University), William Forbes (Loughborough University Business School), Jose Manuel Varas (Cabot Financial)...

Financial Services Knowledge Transfer Network (KTN)

At an event to mark the launch of the new KTN on 20th October 2009, Sir Win Bischoff (Chairman of Lloyds Banking Group, above left) addressed some of the most senior and influential...

Dynamic SLAs for financial applications in the Cloud

Financial Services events

Financial Services maps

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TradeTech2009 Industry Leading Workshop

Royal Society Hidden Wealth Report

RoyalSociety
From Dr James Wilsdon
Director, Royal Society Science Policy Centre:

I am pleased to announce the launch of the Society’s report Hidden wealth: the contribution of science to service sector innovation, which is available for download at http://royalsociety.org/downloaddoc.asp?id=6511. Services make up about three-quarters of the UK economy. The report highlights the wider significance of science, technology, engineering, and mathematics (STEM) to the services sector, and makes a number of recommendations that I hope will be of interest to you.

We conclude that STEM is deeply embedded within the UK service sectors and has an extensive impact on service innovation processes, which is often hidden. Although STEM is important in services sector innovation now, it is also likely to play an important part in the future of services, as many services are on the cusp of a transition to more personalised and interconnected systems, which will require significant advances in STEM.

I would particularly like to draw your attention to the following recommendations that identify ways in which the contribution of STEM to innovation in services can be strengthened:

·       A need for greater engagement between the academic services community and services forms, in order to ensure that opportunities to exploit STEM in services are properly recognised, and to align research and market opportunities. We recommend that the Technology Strategy Board (TSB) and Research Councils initiate services-related Grand Challenges to address these issues.
·       The Sector Skills Councils should undertake a large-scale exploration of STEM skill needs in services sectors to inform the development of more suitable undergraduate and postgraduate courses that better meet the needs of service sectors. This should be overseen by the UK Commission for Employment and Skills.
·       An increase in the scale of knowledge exchange between services organisations and the academic STEM community through the creation of specific services Knowledge Transfer Partnerships by the TSB.
·       With regards to financial services:
o    The creation of world-leading centres of modelling and risk assessment that are relevant to and actively engaged with financial services institutions.
o    The Bank of England, Financial Services Authority and the Research Councils should explore ways for the science base to contribute to more effective modelling of systemic risk in financial services.
o    The Financial Services Authority and the Financial Services Skills Council should institute and mandate competency levels for those with managerial roles in the understanding of mathematical modelling and risk in complex systems.
o    Finally, the Funding Councils should review the contents of financial engineering and related courses in the UK and, in association with Higher Education Institutions, ensure the provision of appropriate curriculum elements such as considerations of risk, safety tolerances, testing, adherence to published standards, wider understanding of economic contexts, and also any ethical considerations.
·       Improving the understanding of services and service innovation models supported by STEM by policymakers, researchers and funders through the development of a greater body of academic research into services innovation. This initiative should be led by the Economic and Social Research Council, with other research funders providing additional support.
·       The need to foster innovation in the public services is high on the government’s agenda at present. We urge the Cabinet Office and the Department for Business, Innovation, and Skills (BIS) should establish a team to undertake detailed work on how STEM can be exploited more successfully to foster public sector innovation.
·       Finally, because the sector is mutating rapidly we recommend that official statistics on the services sector be improved.

I hope you find the report useful and would welcome your comments on it. If you wish to discuss issues in the report further I would be happy to arrange a meeting with members of the working group. We will be monitoring the implementation of these recommendations. If you wish to make any comments on the report or would like any hard copies, please contact Dr Rochana Wickramasinghe ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ).