WorldWideScience

Sample records for generation risk management

  1. Performance of Generating Plant: Managing the Changes. Part 4: Markets and Risk Management Strategy

    Energy Technology Data Exchange (ETDEWEB)

    Moss, Terry; Loedolff, Gerhard; Griffin, Rob; Kydd, Robert; Micali, Vince [Eskom (South Africa)

    2008-05-15

    The WEC Committee on the Performance of Generating Plant (PGP) has been collecting and analysing power plant performance statistics worldwide for more than 30 years and has produced regular reports, which include examples of advanced techniques and methods for improving power plant performance through benchmarking. A series of reports from the various working groups was issued in 2008. This reference presents the results of Working Group 4 (WG4). WG4 will monitor the development of power markets, in particular from the market risk management point of view, including operational risks. It will assess various risk management strategies used by market players around the world and develop recommendations for a wider deployment of successful strategies. The report covers the project approach and outcomes.

  2. Risk management

    OpenAIRE

    McManus, John

    2009-01-01

    Few projects are completed on time, on budget, and to their original requirement or specifications. Focusing on what project managers need to know about risk in the pursuit of delivering projects, Risk Management covers key components of the risk management process and the software development process, as well as best practices for risk identification, risk planning, and risk analysis. The book examines risk planning, risk analysis responses to risk, the tracking and modelling of risks, intel...

  3. Risk management frameworks: supporting the next generation of Murray-Darling Basin water sharing plans

    Science.gov (United States)

    Podger, G. M.; Cuddy, S. M.; Peeters, L.; Smith, T.; Bark, R. H.; Black, D. C.; Wallbrink, P.

    2014-09-01

    Water jurisdictions in Australia are required to prepare and implement water resource plans. In developing these plans the common goal is realising the best possible use of the water resources - maximising outcomes while minimising negative impacts. This requires managing the risks associated with assessing and balancing cultural, industrial, agricultural, social and environmental demands for water within a competitive and resource-limited environment. Recognising this, conformance to international risk management principles (ISO 31000:2009) have been embedded within the Murray-Darling Basin Plan. Yet, to date, there has been little strategic investment by water jurisdictions in bridging the gap between principle and practice. The ISO 31000 principles and the risk management framework that embodies them align well with an adaptive management paradigm within which to conduct water resource planning. They also provide an integrative framework for the development of workflows that link risk analysis with risk evaluation and mitigation (adaptation) scenarios, providing a transparent, repeatable and robust platform. This study, through a demonstration use case and a series of workflows, demonstrates to policy makers how these principles can be used to support the development of the next generation of water sharing plans in 2019. The workflows consider the uncertainty associated with climate and flow inputs, and model parameters on irrigation and hydropower production, meeting environmental flow objectives and recreational use of the water resource. The results provide insights to the risks associated with meeting a range of different objectives.

  4. Risk Management

    OpenAIRE

    Černák, Peter

    2009-01-01

    The Master's Thesis deals with the topic of risk management in a non-financial company. The goal of this Thesis is to create a framework for review of risk management process and to practically apply it in a case study. Objectives of the theoretical parts are: stating the reasons for risk management in non-financial companies, addressing the main parts of risk management and providing guidance for review of risk management process. A special attention is paid to financial risks. The practical...

  5. Risk management.

    Science.gov (United States)

    Chambers, David W

    2010-01-01

    Every plan contains risk. To proceed without planning some means of managing that risk is to court failure. The basic logic of risk is explained. It consists in identifying a threshold where some corrective action is necessary, the probability of exceeding that threshold, and the attendant cost should the undesired outcome occur. This is the probable cost of failure. Various risk categories in dentistry are identified, including lack of liquidity; poor quality; equipment or procedure failures; employee slips; competitive environments; new regulations; unreliable suppliers, partners, and patients; and threats to one's reputation. It is prudent to make investments in risk management to the extent that the cost of managing the risk is less than the probable loss due to risk failure and when risk management strategies can be matched to type of risk. Four risk management strategies are discussed: insurance, reducing the probability of failure, reducing the costs of failure, and learning. A risk management accounting of the financial meltdown of October 2008 is provided.

  6. Managing Risks

    DEFF Research Database (Denmark)

    Alaranta, Maria Eliisa; Mathiassen, Lars

    2014-01-01

    , analyze, and mitigate risks during post-merger IS integration. They identify key risks relating to IS integration content, process, and context, and present five strategies for mitigating those risks. Their framework aims to help managers proactively reduce the impact of adverse events. Adopting......Mergers and acquisitions (M&A) require organizations to blend together different information system (IS) configurations. Unfortunately, less than 50 percent of M&A's achieve their goals, with IS integration being a major problem. Here, the authors offer a framework to help managers prepare for...... the framework supported by their templates is straightforward and the time and resources required are minimal. When properly executed, adoption increases the likelihood of successful merger outcomes; the framework is thus a valuable addition to the management tool box and can be applied in collaboration...

  7. Risk Management.

    Science.gov (United States)

    Rakich, Ronald

    1982-01-01

    Beginning on the front page, this article explains ways of establishing a sound risk management insurance program that can improve a school district's financial position. Organizations that can help are listed. Available from the American Association of School Administrators, 1801 North Moore Street, Arlington, VA 22209. (MLF)

  8. Advanced in-vessel retention design for next generation risk management

    Energy Technology Data Exchange (ETDEWEB)

    Suh, Kune Y.; Hwang, Il Soon [Seoul National University, Seoul (Korea, Republic of)

    1997-12-31

    In the TMI-2 accident, approximately twenty (20) tons of molten core material drained into the lower plenum. Early advanced light water reactor (LWR) designs assumed a lower head failure and incorporated various measures for ex-vessel accident mitigation. However,one of the major findings from the TMI-2 Vessel Investigation Project was that one part of the reactor lower head wall estimated to have attained a temperature of 1100 deg C for about 30 minutes has seemingly experienced a comparatively rapid cooldown with no major threat to the vessel integrity. In this regard, recent empirical and analytical studies have shifted interests to such in-vessel retention designs or strategies as reactor cavity flooding, in-vessel flooding and engineered gap cooling of the vessel. Accurate thermohydrodynamic and creep deformation modeling and rupture prediction are the key to the success in developing practically useful in-vessel accident/risk management strategies. As an advanced in-vessel design concept, this work presents the COrium Attack Syndrome Immunization Structures (COASIS) that are being developed as prospective in-vessel retention devices for a next-generation LWR in concert with existing ex-vessel management measures. Both the engineered gap structures in-vessel (COASISI) and ex-vessel (COASISO) are demonstrated to maintain effective heat transfer geometry during molten core debris attack when applied to the Korean Standard Nuclear Power Plant (KSNPP) reactor. The likelihood of lower head creep rupture during a severe accident is found to be significantly suppressed by the COASIS options. 15 refs., 5 figs., 1 tab. (Author)

  9. Optimal Bidding Strategies for Generation Companies in a Day-Ahead Electricity Market with Risk Management Taken into Account

    Directory of Open Access Journals (Sweden)

    Azmi Saleh

    2009-01-01

    Full Text Available Problem statement: In a competitive electricity market with limited number of producers, Generation Companies (Gencos is facing an oligopoly market rather than a perfect competition. Under oligopoly market environment, each Genco may increase its own profit through a favorable bidding strategy. The objective of a Genco is to maximize its profit and minimize the associated risk. In order to achieve this goal, it is necessary and important for the Genco to make optimal bidding strategies with risk management before bidding into spot market to get an expected high profit, since spot prices are substantially volatile. This study propose a method to build optimal bidding strategies in a day-ahead electricity market with incomplete information and considering both risk management and unit commitment. Approach: The proposed methodology employs the Monte Carlo simulation for modeling a risk management and a strategic behavior of rival. A probability density function (pdf, Value at Risk (VaR and Monte Carlo simulation used to build optimal bidding strategies for a Genco. Results: The result of the proposed method shows that a Genco can build optimal bidding strategies to maximize expected total profit considering unit commitment and risk management. The Genco controls the risk by setting the confidence level. If the Genco increase the confidence level, the expected total VaR of profit decrease. Conclusions/Recommendations: The proposed method for building optimal bidding strategies in a day-ahead electricity market to maximize expected total profit considering unit commitment and risk management is helpful for a Genco to make a decision to submit bidding to the Independent System Operator (ISO.

  10. Project Risk Management Phases

    OpenAIRE

    Claudiu-George BOCEAN

    2008-01-01

    Risk management is the human activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Notwithstanding the domain of activities where they are conducted, projects often entail risks, and risk management has been widely recognized as a success factor in project management. Following a concept clarification on project risk management, this paper presents a generic list steps in the risk management proce...

  11. Projection of hospital and clinic health care risk waste generation quantities and treatment capacities for the national waste management strategy implementation project

    CSIR Research Space (South Africa)

    Rogers, DEC

    2006-09-01

    Full Text Available This paper addresses the need for quantitative data for planning health care risk waste (HCRW) management from hospitals and clinics in South Africa. Quantitative estimates of HCRW generation and treatment capacity are determined for hospitals...

  12. A performance overview about fire risk management in the Brazilian hydroelectric generating plants and transmission network

    Energy Technology Data Exchange (ETDEWEB)

    Duarte, Dayse [Universidade Federal de Pernambuco, Dept. de Engenharia de Producao, Recife, PE (Brazil)

    2004-01-01

    Power plants and substations have been around for quite some time, so ample engineering experience exists and the public is familiar with their equipment and structures (i.e. transformer, circuit break, transmission lines, etc). They also have a substantial economic incentive to prevent accidents. In spite of mature technology, good management, and incentives to keep the plant or substation from blowing up, uncontrollable fire rages within them on occasion, killing operators and causing substantial losses. Fire in substations range from those which have a relatively minor impact, in which there is little or no interruption of the operation to the interconnect network to major catastrophe: the blackout in Buenos Aires, Argentina in 1995 being synonymous. While the engineers who design the substation have the knowledge and understanding to recognise the fire hazard throughout the system interactions and take measures, which will reduce the risk of a fire occurring, it is the substation operators who are responsible for its safe operation on a day-to-day basis. They must be aware, not only of the inherent hazard of the process of which they are in charge, but also of what can go wrong and, perhaps more importantly, how it can go wrong. However, professional fire safety practice today is dominated by traditional regulatory codes, standards and insurance considerations that are based on our past experience, i.e. failures. These methods should be suffice in a simple workplace producing simple and unchanging products or services. However, today's power plant or substation are rarely simple and unchanging. Their complexities require a more effective approach to fire safety. A new way of thinking is essential. It should enable us to use the wisdom of past experience and state-of-the-art knowledge in foreseeing fire hazard interactions. The approach to fire and explosion espoused in this paper is based on performance. The performance analysis involves two steps

  13. NASA's Risk Management System

    Science.gov (United States)

    Perera, Jeevan S.

    2013-01-01

    Phased-approach for implementation of risk management is necessary. Risk management system will be simple, accessible and promote communication of information to all relevant stakeholders for optimal resource allocation and risk mitigation. Risk management should be used by all team members to manage risks - not just risk office personnel. Each group/department is assigned Risk Integrators who are facilitators for effective risk management. Risks will be managed at the lowest-level feasible, elevate only those risks that require coordination or management from above. Risk informed decision making should be introduced to all levels of management. ? Provide necessary checks and balances to insure that risks are caught/identified and dealt with in a timely manner. Many supporting tools, processes & training must be deployed for effective risk management implementation. Process improvement must be included in the risk processes.

  14. RISK MANAGEMENT IN PHARMACEUTICALS

    Directory of Open Access Journals (Sweden)

    V. SIVA RAMA KRISHNA

    2014-04-01

    Full Text Available Objective: To review the risk in pharmaceutical industries and the risk management process and tools. There is risk always in anything we do. All the industries on this globe perform actions that involve risks; risk is only dangerous when there is no anticipation to manage it. Risks if assessed and controlled properly will benefit the industries against the fall and makes stronger. Risk should not be assessed as bad, but should assess as an opportunity for making things resilient by proper management. Risk management can benefit industries from disasters either natural or human. The impact of the risk should be assessed in order to plan alternatives and minimize the effect of the impact. Risk in pharmaceutical industry is very high because it involves research, money and health. The impact is severe and the probability of the risk is more often in pharmaceutical industry. A risk management plans and control measures will help the companies to do better at the time of uncertainties and create positive opportunities to turn those risks into benefits which maximize quality. Materials and Methods: The information was collected and compiled from scientific literature present in different databases and articles, books. Results: The risk management process and tools helps to minimize the risk and its effects. Conclusion: The risk management is at the core of any organization. Risk management should be part of organization culture. The risk management is a wise investment if properly processed.

  15. NGNP Risk Management Database: A Model for Managing Risk

    Energy Technology Data Exchange (ETDEWEB)

    John Collins; John M. Beck

    2011-11-01

    The Next Generation Nuclear Plant (NGNP) Risk Management System (RMS) is a database used to maintain the project risk register. The RMS also maps risk reduction activities to specific identified risks. Further functionality of the RMS includes mapping reactor suppliers Design Data Needs (DDNs) to risk reduction tasks and mapping Phenomena Identification Ranking Table (PIRTs) to associated risks. This document outlines the basic instructions on how to use the RMS. This document constitutes Revision 1 of the NGNP Risk Management Database: A Model for Managing Risk. It incorporates the latest enhancements to the RMS. The enhancements include six new custom views of risk data - Impact/Consequence, Tasks by Project Phase, Tasks by Status, Tasks by Project Phase/Status, Tasks by Impact/WBS, and Tasks by Phase/Impact/WBS.

  16. Risk, innovation and change : design propositions for implementing risk management in organizations

    NARCIS (Netherlands)

    van Staveren, Martinus Theodorus

    2009-01-01

    This Ph.D. research generated unique design propositions for implementing existing risk management methodologies in organizations. The resulting design propositions incorporate a synthesis of risk management, innovation management and change management. True implementation of risk management is

  17. Risk, innovation and change : design propositions for implementing risk management in organizations

    NARCIS (Netherlands)

    Staveren, van Martinus Theodorus

    2009-01-01

    This Ph.D. research generated unique design propositions for implementing existing risk management methodologies in organizations. The resulting design propositions incorporate a synthesis of risk management, innovation management and change management. True implementation of risk management is defi

  18. Managing risk and uncertainty

    OpenAIRE

    Coulson-Thomas, Colin

    2015-01-01

    Examines risk management and contemporary issues concerning risk governance from a board perspective, including risk tolerance, innovation, insurance, balancing risks and other factors, risk and strategies of diversification or focus, increasing flexibility to cope with uncertainty, periodic planning versus intelligent steering, and limiting downside risks and adverse consequences.

  19. RISK MANAGEMENT: AN INTEGRATED APPROACH TO RISK MANAGEMENT AND ASSESSMENT

    Directory of Open Access Journals (Sweden)

    Szabo Alina

    2012-12-01

    Full Text Available Purpose: The objective of this paper is to offer an overview over risk management cycle by focusing on prioritization and treatment, in order to ensure an integrated approach to risk management and assessment, and establish the ‘top 8-12’ risks report within the organization. The interface with Internal Audit is ensured by the implementation of the scoring method to prioritize risks collected from previous generated risk report. Methodology/approach: Using evidence from other research in the area and the professional expertise, this article outlines an integrated approach to risk assessment and risk management reporting processes, by separating the risk in two main categories: strategic and operational risks. The focus is on risk prioritization and scoring; the final output will comprise a mix of strategic and operational (‘top 8-12’ risks, which should be used to establish the annual Internal Audit plan. Originality/value: By using an integrated approach to risk assessment and risk management will eliminate the need for a separate Internal Audit risk assessment over prevailing risks. It will reduce the level of risk assessment overlap by different functions (Tax, Treasury, Information System over the same risk categories as a single methodology, is used and will align timings of risk assessment exercises. The risk prioritization by usage of risk and control scoring criteria highlights the combination between financial and non-financial impact criteria allowing risks that do not naturally lend themselves to a financial amount to be also assessed consistently. It is emphasized the usage of score method to prioritize the risks included in the annual audit plan in order to increase accuracy and timelines.

  20. NGNP Risk Management Database: A Model for Managing Risk

    Energy Technology Data Exchange (ETDEWEB)

    John Collins

    2009-09-01

    To facilitate the implementation of the Risk Management Plan, the Next Generation Nuclear Plant (NGNP) Project has developed and employed an analytical software tool called the NGNP Risk Management System (RMS). A relational database developed in Microsoft® Access, the RMS provides conventional database utility including data maintenance, archiving, configuration control, and query ability. Additionally, the tool’s design provides a number of unique capabilities specifically designed to facilitate the development and execution of activities outlined in the Risk Management Plan. Specifically, the RMS provides the capability to establish the risk baseline, document and analyze the risk reduction plan, track the current risk reduction status, organize risks by reference configuration system, subsystem, and component (SSC) and Area, and increase the level of NGNP decision making.

  1. The Uncertainties of Risk Management

    DEFF Research Database (Denmark)

    Vinnari, Eija; Skærbæk, Peter

    2014-01-01

    of risk management tools in an internal audit context. It shows how, despite recurring attempts to refine risk management, further uncertainties are continuously produced, thus providing an empirical illustration of how reframing and overflowing intertwine in a continual process.......Purpose – The purpose of this paper is to analyse the implementation of risk management as a tool for internal audit activities, focusing on unexpected effects or uncertainties generated during its application. Design/methodology/approach – Public and confidential documents as well as semi......-structured interviews are analysed through the lens of actor-network theory to identify the effects of risk management devices in a Finnish municipality. Findings – The authors found that risk management, rather than reducing uncertainty, itself created unexpected uncertainties that would otherwise not have emerged...

  2. Risk management in Takaful

    OpenAIRE

    2010-01-01

    Risk management is of vital importance in Islam and Takāful provides a way to manage risks in business according to Sharī’ah principles. This research paper attempts to identify various types of risks involved in Takāful business that affect operational and investment functions of Takāful operators across the globe. It lays down criteria for Takāful operator to manage those risks effectively. However, Takāful operators often face difficulty in managing market and credit risks as Sharī’ah comp...

  3. Agile risk management

    CERN Document Server

    Moran, Alan

    2014-01-01

    This work is the definitive guide for IT managers and agile practitioners. It elucidates the principles of agile risk management and how these relate to individual projects. Explained in clear and concise terms, this synthesis of project risk management and agile techniques is illustrated using the major methodologies such as XP, Scrum and DSDM.Although the agile community frequently cites risk management, research suggests that risk is often narrowly defined and, at best, implicitly treated, which in turn leads to an inability to make informed decisions concerning risk and reward and a poor u

  4. Financial Risk Management

    OpenAIRE

    Catalin-Florinel Stanescu; Laurentiu Mircea Simion

    2011-01-01

    Concerns about the financial risk is increasing. In this climate, companies of all types and sizes want a robust framework for financial risk management to meet compliance requirements, contribute to better decision making and increase performance. Financial risk management professionals working with financial institutions and other corporate clients to achieve these objectives.

  5. Risk Management Implementation Tool

    Science.gov (United States)

    Wright, Shayla L.

    2004-01-01

    Continuous Risk Management (CM) is a software engineering practice with processes, methods, and tools for managing risk in a project. It provides a controlled environment for practical decision making, in order to assess continually what could go wrong, determine which risk are important to deal with, implement strategies to deal with those risk and assure the measure effectiveness of the implemented strategies. Continuous Risk Management provides many training workshops and courses to teach the staff how to implement risk management to their various experiments and projects. The steps of the CRM process are identification, analysis, planning, tracking, and control. These steps and the various methods and tools that go along with them, identification, and dealing with risk is clear-cut. The office that I worked in was the Risk Management Office (RMO). The RMO at NASA works hard to uphold NASA s mission of exploration and advancement of scientific knowledge and technology by defining and reducing program risk. The RMO is one of the divisions that fall under the Safety and Assurance Directorate (SAAD). I worked under Cynthia Calhoun, Flight Software Systems Engineer. My task was to develop a help screen for the Continuous Risk Management Implementation Tool (RMIT). The Risk Management Implementation Tool will be used by many NASA managers to identify, analyze, track, control, and communicate risks in their programs and projects. The RMIT will provide a means for NASA to continuously assess risks. The goals and purposes for this tool is to provide a simple means to manage risks, be used by program and project managers throughout NASA for managing risk, and to take an aggressive approach to advertise and advocate the use of RMIT at each NASA center.

  6. RISK MANAGEMENT AND FINANCIAL RISKS

    Directory of Open Access Journals (Sweden)

    Caruntu Andreea Laura

    2011-12-01

    Full Text Available Throughout the last years the financial economic crisis has seriously affected the worldwide economies and what we know is that the risk is a phenomenon that appears daily in each company’s activity. It is seen as the probability of an event and its consequences. Each company needs to take into consideration that a good risk management is necessary if they want to survive in the economic environment. The purpose of this article is to bring into notice of the readers already known notions relating to risk and risk management so that it is understood how important it is to take immediate measures in cases of risky situations. Unfortunately, many companies do not take into consideration such a serious aspect and this only leads to serious financial problems.

  7. Liquidity risk management

    Directory of Open Access Journals (Sweden)

    Milošević Miloš

    2014-01-01

    Full Text Available Liquidity risk management is a major activity of every bank. To be able to honor its matured liabilities, a bank strives to provide and maintain the required level of liquidity on a daily basis. Although each commercial bank has its own methodology of calculating the required liquidity level, in line with its adopted policies, the central bank has enacted the Decision on Liquidity Risk Management, prescribing the obligatory liquidity risk management policy.

  8. Exchange Risk Management Policy

    CERN Document Server

    2005-01-01

    At the Finance Committee of March 2005, following a comment by the CERN Audit Committee, the Chairman invited the Management to prepare a document on exchange risk management policy. The Finance Committee is invited to take note of this document.

  9. Identifying and Managing Risk.

    Science.gov (United States)

    Abraham, Janice M.

    1999-01-01

    The role of the college or university chief financial officer in institutional risk management is (1) to identify risk (physical, casualty, fiscal, business, reputational, workplace safety, legal liability, employment practices, general liability), (2) to develop a campus plan to reduce and control risk, (3) to transfer risk, and (4) to track and…

  10. Enterprise Risk Management Models

    CERN Document Server

    Olson, David L

    2010-01-01

    Enterprise risk management has always been important. However, the events of the 21st Century have made it even more critical. The top level of business management became suspect after scandals at ENRON, WorldCom, and other business entities. Financially, many firms experienced difficulties from bubbles. The problems of interacting cultures demonstrated risk from terrorism as well, with numerous terrorist attacks, to include 9/11 in the U.S. Risks can arise in many facets of business. Businesses in fact exist to cope with risk in their area of specialization. Financial risk management has focu

  11. Liquidity and Risk Management

    OpenAIRE

    Holmström, Bengt; Tirole, Jean

    2007-01-01

    This paper provides a model of the interaction between risk-management practices and market liquidity. On one hand, tighter risk management reduces the maximum position an institution can take, thus the amount of liquidity it can offer to the market. On the other hand, risk managers can take into account that lower liquidity amplifies the effective risk of a position by lengthening the time it takes to sell it. The main result of the paper is that a feedback effect can arise: tighter risk man...

  12. Minimizing forced outage risk in generator bidding

    Science.gov (United States)

    Das, Dibyendu

    Competition in power markets has exposed the participating companies to physical and financial uncertainties. Generator companies bid to supply power in a day-ahead market. Once their bids are accepted by the ISO they are bound to supply power. A random outage after acceptance of bids forces a generator to buy power from the expensive real-time hourly spot market and sell to the ISO at the set day-ahead market clearing price, incurring losses. A risk management technique is developed to assess this financial risk associated with forced outages of generators and then minimize it. This work presents a risk assessment module which measures the financial risk of generators bidding in an open market for different bidding scenarios. The day-ahead power market auction is modeled using a Unit Commitment algorithm and a combination of Normal and Cauchy distributions generate the real time hourly spot market. Risk profiles are derived and VaRs are calculated at 98 percent confidence level as a measure of financial risk. Risk Profiles and VaRs help the generators to analyze the forced outage risk and different factors affecting it. The VaRs and the estimated total earning for different bidding scenarios are used to develop a risk minimization module. This module will develop a bidding strategy of the generator company such that its estimated total earning is maximized keeping the VaR below a tolerable limit. This general framework of a risk management technique for the generating companies bidding in competitive day-ahead market can also help them in decisions related to building new generators.

  13. Perspectives: Intellectual Risk Management

    Science.gov (United States)

    Hall, James C.

    2013-01-01

    Ask a college administrator about students and risk management, and you're likely to get a quick and agitated speech about alcohol consumption and bad behavior or a meditation on mental health and campus safety. But in colleges and universities, we manage intellectual risk-taking too. Bring that up, and you'll probably get little out of that same…

  14. Perspectives: Intellectual Risk Management

    Science.gov (United States)

    Hall, James C.

    2013-01-01

    Ask a college administrator about students and risk management, and you're likely to get a quick and agitated speech about alcohol consumption and bad behavior or a meditation on mental health and campus safety. But in colleges and universities, we manage intellectual risk-taking too. Bring that up, and you'll probably get little out of that same…

  15. Risk Management and Simulation

    DEFF Research Database (Denmark)

    Skovmand, David

    2014-01-01

    Review of: Risk Management and Simulation / Aparna Gupta. Boca Raton, FL: CRC Press, 2013, xxix + 491 pp., $99.95(H), ISBN: 978-1-4398-3594-4.......Review of: Risk Management and Simulation / Aparna Gupta. Boca Raton, FL: CRC Press, 2013, xxix + 491 pp., $99.95(H), ISBN: 978-1-4398-3594-4....

  16. Agricultural risk management

    DEFF Research Database (Denmark)

    Lund, Mogens; Oksen, Arne; Larsen, Torben U.

    2005-01-01

    A new model for risk management in agriculture is described in the paper. The risk model is constructed as a context dependent process, which includes four main phases. The model is aimed at agricultural advisors, who wish to facilitate and disseminate risk management to farmers. It is developed...... and tested by an action research approach in an attempt to make risk management more applicable on family farms. Our obtained experiences indicate that farmers don’t apply probabilistic thinking and other concepts according to formal decision theory....

  17. Supply chain risk management

    Directory of Open Access Journals (Sweden)

    Christian Hollstein

    2013-03-01

    Full Text Available Background: Supply chain risk management increasingly gains prominence in many international industries. In order to strengthen supply chain structures, processes, and networks, adequate potentials for risk management need to be built (focus on effective logistics and to be utilized (focus on efficient logistics. Natural-based disasters, such as the case of Fukushima, illustrate how crucial risk management is. Method: By aligning a theoretical-conceptual framework with empirical-inductive findings, it may be hypothesized that logistical systems do have a positive effect on supply chain risk management activities.  Result/conclusion:  Flexibility and capacity, as well as redundancy and standardization, are often viewed as being conflictionary. It shows, however, that in the light of supply chain risk management, those factors may yield a common benefit if proper logistics systems are applied.  

  18. Risk Management In SMEs

    OpenAIRE

    Agarwal, Riya

    2010-01-01

    Small and medium enterprises are the backbone for the development of the economy. They provide employment, contribute to GDP and an important source of revenue for the country especially India employing approximately 30 million people and generating 40% of the export surplus. However the SMEs have to face lot of operational risks- credit risk, liquidity risk, foreign exchange risk, interest rate risk, competition from the MNCs and foreign buyers. Despite the failure of several SMEs, those pul...

  19. Managing Risk and Opportunity

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Garvey, Maxine; Roggi, Oliviero

    This book promotes good risk governance and risk management practices to corporate managers, executives, and directors wherever they operate around the world. The major corporate scandals have their roots in governance failure pointing to the link between risk governance and good performance...... outcomes. This topic is timely and of interest both to the academic community as well as to practicing managers, executives, and directors. The volume focuses on contemporary risk leadership issues based on recent research insights but avoids excessive technical language and mathematical formulas. The book....... The underlying logic is built on the principles of financial economics where benefits derive from reducing bankruptcy costs and increasing future cash inflows. This provides a stringent framework for analyzing the effect of different risk management actions and behaviors in effective risk-taking organizations...

  20. Individual Property Risk Management

    Directory of Open Access Journals (Sweden)

    Michael S. Finke

    2010-01-01

    Full Text Available This paper reviews household property risk management and estimates normatively optimal choice under theoretical assumptions. Although risk retention limits are common in the financial planning industry, estimates of optimal risk retention that include both financial and human wealth far exceed limits commonly recommended. Households appear to frame property losses differently from other wealth losses leading to wealth-reducing, excess risk transfer. Possible theoretical explanations for excess sensitivity to loss are reviewed. Differences between observed and optimal risk management imply a large potential gain from improved choice.

  1. Internal Audit and Risk Management

    OpenAIRE

    Constantin Nicolae Vasile; Alexandru Georgiana

    2011-01-01

    Internal audit and risk management have the same goal: the control of risk. There are various roles for the internal audit in respect of risk management. The main limitations of internal audit in respect of risk management regards assuming risk management tasks. One of the main issues regarding risk management is to make sure that the key risks are taken into consideration and that the management and the board of the organization take action as needed. Internal audit could give advice to mana...

  2. Risk Management Plan Rule

    Science.gov (United States)

    RMP implements Section 112(r) of the 1990 Clean Air Act amendments, and requires facilities that use extremely hazardous substances to develop a Risk Management Plan and revise/resubmit every five years. Find guidance, factsheets, training, and assistance.

  3. Risk management: concepts and guidance

    National Research Council Canada - National Science Library

    Pritchard, Carl L

    2015-01-01

    .... Supplying comprehensive coverage of risk management tools, practices, and protocols, the book presents powerful techniques that can enhance organizational risk identification, assessment, and management{u2014...

  4. Adaptation and risk management

    Energy Technology Data Exchange (ETDEWEB)

    Preston, Benjamin L [ORNL

    2011-01-01

    Adaptation assessment methods are compatible with the international risk management standard ISO:31000. Risk management approaches are increasingly being recommended for adaptation assessments at both national and local levels. Two orientations to assessments can commonly be identified: top-down and bottom-up, and prescriptive and diagnostic. Combinations of these orientations favor different types of assessments. The choice of orientation can be related to uncertainties in prediction and taking action, in the type of adaptation and in the degree of system stress. Adopting multiple viewpoints is to be encouraged, especially in complex situations. The bulk of current guidance material is consistent with top-down and predictive approaches, thus is most suitable for risk scoping and identification. Abroad range ofmaterial fromwithin and beyond the climate change literature can be used to select methods to be used in assessing and implementing adaptation. The framing of risk, correct formulation of the questions being investigated and assessment methodology are critical aspects of the scoping phase. Only when these issues have been addressed should be issue of specific methods and tools be addressed. The reorientation of adaptation from an assessment focused solely on anthropogenic climate change to broader issues of vulnerability/resilience, sustainable development and disaster risk, especially through a risk management framework, can draw from existing policy and management understanding in communities, professions and agencies, incorporating existing agendas, knowledge, risks, and issues they already face.

  5. Steam generator asset management: integrating technology and asset management

    Energy Technology Data Exchange (ETDEWEB)

    Shoemaker, P.; Cislo, D. [AREVA NP Inc., Lynchburg, Virginia (United States)]. E-mail: paul.shoemaker@areva.com

    2006-07-01

    Asset Management is an established but often misunderstood discipline that is gaining momentum within the nuclear generation industry. The global impetus behind the movement toward asset management is sustainability. The discipline of asset management is based upon three fundamental aspects; key performance indicators (KPI), activity-based cost accounting, and cost benefits/risk analysis. The technology associated with these three aspects is fairly well-developed, in all but the most critical area; cost benefits/risk analysis. There are software programs that calculate, trend, and display key-performance indicators to ensure high-level visibility. Activity-based costing is a little more difficult; requiring a consensus on the definition of what comprises an activity and then adjusting cost accounting systems to track. In the United States, the Nuclear Energy Institute's Standard Nuclear Process Model (SNPM) serves as the basis for activity-based costing. As a result, the software industry has quickly adapted to develop tracking systems that include the SNPM structure. Both the KPI's and the activity-based cost accounting feed the cost benefits/risk analysis to allow for continuous improvement and task optimization; the goal of asset management. In the case where the benefits and risks are clearly understood and defined, there has been much progress in applying technology for continuous improvement. Within the nuclear generation industry, more specialized and unique software systems have been developed for active components, such as pumps and motors. Active components lend themselves well to the application of asset management techniques because failure rates can be established, which serves as the basis to quantify risk in the cost-benefits/risk analysis. A key issue with respect to asset management technologies is only now being understood and addressed, that is how to manage passive components. Passive components, such as nuclear steam generators

  6. Indicators of Disaster Risk and Risk Management

    OpenAIRE

    Omar D. Cardona

    2005-01-01

    This document is the summary report of the IDB-sponsored system of disaster risk and risk management indicators presented at the World Conference on Disaster Reduction in Kobe, Japan, 2005. The indices estimate disaster risk loss, distribution, vulnerability and management for 12 countries in Latin America and the Caribbean. The objective of this program is to facilitate access to relevant information on disaster risk and risk management by national decision-makers, thus making possible the i...

  7. IT-Risk-Management

    OpenAIRE

    Lin, Yimei

    2014-01-01

    E-Business Risk ist eine Kombination von Gesch?ftsmodell und Technologie. Gegenstand eines effektiven und effizienten IT-Risk Managements ist folglich die Verbindung von Gesch?ftsmodell und Technologie. Es wird als Gesamtheit aller Ma?nahmen, Prozesse und Institutionen verstanden, die auf eine zielgerichtete Gestaltung der vom Informationsmanagement ausgehenden Gef?hrdungen auf die Gesch?ftsprozesse und Gesamtrisikolage des Wirtschaftssubjektes ausgerichtet sind. Neben den technologischen Ein...

  8. Managing Generational Differences in Radiology.

    Science.gov (United States)

    Eastland, Robin; Clark, Kevin R

    2015-01-01

    Diversity can take many forms. One type of recent focus is generational differences and intergenerational issues. Much research exists regarding generational differences in the workplace and in healthcare as a whole. Very little has been done on generational differences within the field of radiology. An analysis of current research of generational differences within radiology, nursing, and healthcart in general was performed to identify current trends and establish similarities and discordance in available studies. An emphasis was placed on how generational differences influence education, teamwork, and patient care, along with what challenges and opportunities exist for managers, leaders, and organizations.

  9. The Management Object in Risk Management Approaches

    DEFF Research Database (Denmark)

    Christiansen, Ulrik

    Using a systematic review of the last 55 years of research within risk management this paper explores how risk management as a management technology (methodologies, tools and frameworks to mitigate or manage risks) singles out risks as an object for management in order to make action possible....... The paper synthesise by developing a framework of how different views on risk management enable and constrain the knowledge about risk and thus frame the possibilities to measure, analyse and calculate uncertainty and risk. Inspired by social studies of finance and accounting, the paper finally develops...... three propositions that illustrate how the framing of risk establishes a boundary for how managers might understand value creation and the possible future and how this impacts the possible responses to risk....

  10. Smart Grid Risk Management

    Science.gov (United States)

    Abad Lopez, Carlos Adrian

    Current electricity infrastructure is being stressed from several directions -- high demand, unreliable supply, extreme weather conditions, accidents, among others. Infrastructure planners have, traditionally, focused on only the cost of the system; today, resilience and sustainability are increasingly becoming more important. In this dissertation, we develop computational tools for efficiently managing electricity resources to help create a more reliable and sustainable electrical grid. The tools we present in this work will help electric utilities coordinate demand to allow the smooth and large scale integration of renewable sources of energy into traditional grids, as well as provide infrastructure planners and operators in developing countries a framework for making informed planning and control decisions in the presence of uncertainty. Demand-side management is considered as the most viable solution for maintaining grid stability as generation from intermittent renewable sources increases. Demand-side management, particularly demand response (DR) programs that attempt to alter the energy consumption of customers either by using price-based incentives or up-front power interruption contracts, is more cost-effective and sustainable in addressing short-term supply-demand imbalances when compared with the alternative that involves increasing fossil fuel-based fast spinning reserves. An essential step in compensating participating customers and benchmarking the effectiveness of DR programs is to be able to independently detect the load reduction from observed meter data. Electric utilities implementing automated DR programs through direct load control switches are also interested in detecting the reduction in demand to efficiently pinpoint non-functioning devices to reduce maintenance costs. We develop sparse optimization methods for detecting a small change in the demand for electricity of a customer in response to a price change or signal from the utility

  11. INVENTORY AND RISK MANAGEMENT: DECREASING DELIVERY RISK OF PURCHASERS

    Directory of Open Access Journals (Sweden)

    Grzegorz MICHALSKI

    2008-12-01

    Full Text Available The basic financial purpose of an enterprise is maximization of its value. Inventory management should also contribute to realization of this fundamental aim. The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences for the recipients firm that can result from operating risk that is related to delivery risk generated by the suppliers. The present article offers a method that uses portfolio management theory to choose the suppliers.

  12. Credit risk management in banks

    OpenAIRE

    Pětníková, Tereza

    2014-01-01

    The subject of this diploma thesis is managing credit risk in banks, as the most significant risk faced by banks. The aim of this work is to define the basic techniques, tools and methods that are used by banks to manage credit risk. The first part of this work focuses on defining these procedures and describes the entire process of credit risk management, from the definition of credit risk, describing credit strategy and policy, organizational structure, defining the most used credit risk mi...

  13. Reducing Risk for the Next Generation Nuclear Plant

    Energy Technology Data Exchange (ETDEWEB)

    John M. Beck II; Harold J. Heydt; Emmanuel O. Opare; Kyle B. Oswald

    2010-07-01

    The Next Generation Nuclear Plant (NGNP) Project, managed by the Idaho National Laboratory (INL), is directed by the Energy Policy Act of 2005, to research, develop, design, construct, and operate a prototype forth generation nuclear reactor to meet the needs of the 21st Century. As with all large projects developing and deploying new technologies, the NGNP has numerous risks that need to be identified, tracked, mitigated, and reduced in order for successful project completion. A Risk Management Plan (RMP) was created to outline the process the INL is using to manage the risks and reduction strategies for the NGNP Project. Integral to the RMP is the development and use of a Risk Management System (RMS). The RMS is a tool that supports management and monitoring of the project risks. The RMS does not only contain a risk register, but other functionality that allows decision makers, engineering staff, and technology researchers to review and monitor the risks as the project matures.

  14. Nuclear risk management

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-07-01

    This paper gives the list of contributions to Eurosafe 2001 which was organised around two round tables on the first day and five seminars on the second day. The first round table dealt with the technical, organisational and societal aspects of risk management aimed at the prevention of accidents in nuclear power plants. The second round table focused on radiological risks from the normal operation of nuclear installations. Special consideration has been given to the involvement of stakeholders. The five seminars were held in order to provide opportunities for comparing experiences and learning about recent activities of IRSN, GRS and their partners in the European Union and Eastern Europe: - Safety assessment and analysis of nuclear installations; -Nuclear safety research; -Environment and radiation protection; - Waste management; - Nuclear material security. (author)

  15. Banking Risk Management in the Light of Basel II

    Directory of Open Access Journals (Sweden)

    Vasile DEDU

    2010-02-01

    Full Text Available This study presents a summary of what is the meaning of risk management in light of the Basel II Agreement. The study is structured in three parts, namely: credit risk management, significant credit risk management and credit risk management under Basel II Agreement. Thus, in the first part it refers to how developed the credit risk management over time and which are current phenomena that generate these risks, continuing in the second part with a summary of the reasons for which one wishes management of such credit risks, following the third party to talk about the shippings of Basel II in terms of credit risk management.

  16. Effective risk management SOGO life cycle management

    OpenAIRE

    Ali, Mohamed Omar

    2012-01-01

    After new or upgrade projects the offshore installation gets maintenance or support through the life cycle management organization at Siemens. Small to medium modification projects are executed by the life cycle management. Risk assessment on these projects show different risks when it comes to estimation and pricing of projects, planning and executing, resource management, competence and knowledge.

  17. Effective risk management SOGO life cycle management

    OpenAIRE

    Ali, Mohamed Omar

    2012-01-01

    After new or upgrade projects the offshore installation gets maintenance or support through the life cycle management organization at Siemens. Small to medium modification projects are executed by the life cycle management. Risk assessment on these projects show different risks when it comes to estimation and pricing of projects, planning and executing, resource management, competence and knowledge.

  18. Manual of Educational Risk Management.

    Science.gov (United States)

    Cody, Frank J.; Dise, John H., Jr.

    This is the first risk management publication for school administrators that attempts to be comprehensive by addressing all potential areas of risk to school districts and offering specific guidelines on how to manage those areas. Chapter 1 gives directions on how to use the manual. Chapter 2 contains a complete overview of risk management,…

  19. GYROSCOPIC MANAGEMENT AND GENERATION Y

    Directory of Open Access Journals (Sweden)

    Orhei Loredana

    2012-12-01

    Full Text Available In the professional field of business and management there is still little research done on the possibility if the Generation Y members (born between 1980 and 2000, which are the managers off the future, need a different approach in education and training to be prepared for the future. The authors will explain how a new didactical approach in business and management called “Gyroscopic Management” can prepare these new managers to be of added value for the business. This specific approach was the start in 2007 of a specific (international HRQM Bachelor study programme at Arnhem Business School, HAN University in the Netherlands. During this study programme, students are confronting this specific training and didactical approach with characteristics as self-reliance, self-study, and Socratic dialogue, ethical and “gyroscopic” management. The programme has a clear vision and mission and didactical approach that triggers the above-mentioned elements. The approach focuses on the need for development of specific competencies like “Intercultural adaptability”, “International business awareness” and “Social entrepreneurship” as added to the existing competencies needed for a Bachelor level in business and management education. As researchers, lecturers and trainers, the authors used and researched this approach during many lectures, seminars, trainings and workshops in the last years at Universities in Romania and The Netherlands. The authors present the characteristics of the members of the new Y generation and relate them to main elements of gyroscopic management as practice and the results of this practice for students. For this, the authors did a so-called “Grounded action research”, from 2009 until 2012, among students of business and management studies. Further, the research was supported by focus groups over the same period. The authors have the opinion that this research is

  20. RISK MANAGEMENT IN CONSTRUCTION INDUSTRY

    OpenAIRE

    V. Sankara Subramaniyan; K. Veerakumar

    2017-01-01

    Construction industry is highly risk prone, with complex and dynamic project environments which create an atmosphere of high uncertainty and risk. The industry is vulnerable to various technical, socio-political and business risks. The track record to cope with these risks has not been very good in construction industry. Risk management is a concept which becomes very popular in a number of businesses. Many companies often establish a risk management procedure in their projects for improving ...

  1. Managing Corruption Risks

    DEFF Research Database (Denmark)

    Krause Hansen, Hans

    2011-01-01

    This article investigates the emerging engagement of private actors and specifically Western corporations in international anti-corruption, drawing on Foucauldian studies of governmentality. It explores this engagement as governing practices that have emanated quite independently from the inter......-state system commonly understood to be at the core of the anti-corruption regime. It demonstrates how corporate anti-corruption ties in with a relatively new way of perceiving corruption. In this framing, anti-corruption comes out as risk management, which is latched on to notions of corporate social...... responsibility and business ethics. Moreover, the constitution of corruption risk relates to the rise of new actors and networks engaged in a wider business of anti-corruption, including commercial and hybrid actors that supply corporations with managerial instruments, benchmarks for best practice, rankings...

  2. Managing Risks and Beyond

    Science.gov (United States)

    2010-04-01

    situation occurring and its undesirable consequences          • Risk (Project Management Body of Knowledge  PMBOK ) – An uncertain even or condition that, if it...favorable or advantageous combination of circumstances – A chance for progress or advancement  • Opportunity ( PMBOK ) – A condition or situation favorable to...opportunities and reduce threats to project objectives      PMBOK – Includes Mitigation and Contingencies – Includes acceptance of the risk or issue

  3. Communicating Risk to Program Managers

    Science.gov (United States)

    Shivers, C. Herbert

    2005-01-01

    Program Managers (PM) can protect program resources and improve chances of success by anticipating, understanding and managing risks. Understanding the range of potential risks helps one to avoid or manage the risks. A PM must choose which risks to accept to reduce fire fighting, must meet the expectations of stakeholders consistently, and avoid falling into costly "black holes" that may open. A good risk management process provides the PM more confidence to seize opportunities save money, meet schedule, even improve relationships with people important to the program. Evidence of managing risk and sound internal controls can mean better support from superiors for the program by building a trust and reputation from being on top of issues. Risk managers have an obligation to provide the PM with the best information possible to allow the benefits to be realized (Small Business Consortium, 2004). The Institute for Chartered Accountants in England and Wales sees very important benefits for companies in providing better information about what they do to assess and manage key business risks. Such information will: a) provide practical forward-looking information; b) reduce the cost of capital; c) encourage better risk management; and d) improve accountability for stewardship, investor protection and the usefulness of financial reporting. We are particularly convinced that enhanced risk reporting will help listed companies obtain capital at the lowest possible cost (The Institute of Chartered Accountants in England &Wales, June 2002). Risk managers can take a significant role in quantifying the success of their department and communicating those figures to executive (program) management levels while pushing for a broader risk management role. Overall, risk managers must show that risk management work matters in the most crucial place-the bottom line- as they prove risk management can be a profit center (Sullivan, 2004).

  4. Managing Research in a Risk World

    Science.gov (United States)

    Anton, W.; Havenhill, M.

    2014-01-01

    The Office of Chief Medical Officer (OCHMO) owns all human health and performance risks managed by the Human System Risk Board (HSRB). While the HSRB manages the risks, the Human Research Program (HRP) manages the research portion of the overall risk mitigation strategy for these risks. The HSRB manages risks according to a process that identifies and analyzes risks, plans risk mitigation and tracks and reviews the implementation of these strategies according to its decisions pertaining to the OCHMO risk posture. HRP manages risk research work using an architecture that describes evidence-based risks, gaps in our knowledge about characterizing or mitigating the risk, and the tasks needed to produce deliverables to fill the gaps and reduce the risk. A planning schedule reflecting expected research milestones is developed, and as deliverables and new evidence are generated, research progress is tracked via the Path to Risk Reduction (PRR) that reflects a risk's research plan for a design reference mission. HRP's risk research process closely interfaces with the HSRB risk management process. As research progresses, new deliverables and evidence are used by the HSRB in conjunction with other operational and non-research evidence to inform decisions pertaining to the likelihood and consequence of the risk and risk posture. Those decisions in turn guide forward work for research as it contributes to overall risk mitigation strategies. As HRP tracks its research work, it aligns its priorities by assessing the effectiveness of its contributions and maintaining specific core competencies that would be invaluable for future work for exploration missions.

  5. Asia-Pacific Region Global Earthquake and Volcanic Eruption Risk Management (G-EVER) project and a next-generation real-time volcano hazard assessment system

    Science.gov (United States)

    Takarada, S.

    2012-12-01

    The first Workshop of Asia-Pacific Region Global Earthquake and Volcanic Eruption Risk Management (G-EVER1) was held in Tsukuba, Ibaraki Prefecture, Japan from February 23 to 24, 2012. The workshop focused on the formulation of strategies to reduce the risks of disasters worldwide caused by the occurrence of earthquakes, tsunamis, and volcanic eruptions. More than 150 participants attended the workshop. During the workshop, the G-EVER1 accord was approved by the participants. The Accord consists of 10 recommendations like enhancing collaboration, sharing of resources, and making information about the risks of earthquakes and volcanic eruptions freely available and understandable. The G-EVER Hub website (http://g-ever.org) was established to promote the exchange of information and knowledge among the Asia-Pacific countries. Several G-EVER Working Groups and Task Forces were proposed. One of the working groups was tasked to make the next-generation real-time volcano hazard assessment system. The next-generation volcano hazard assessment system is useful for volcanic eruption prediction, risk assessment, and evacuation at various eruption stages. The assessment system is planned to be developed based on volcanic eruption scenario datasets, volcanic eruption database, and numerical simulations. Defining volcanic eruption scenarios based on precursor phenomena leading up to major eruptions of active volcanoes is quite important for the future prediction of volcanic eruptions. Compiling volcanic eruption scenarios after a major eruption is also important. A high quality volcanic eruption database, which contains compilations of eruption dates, volumes, and styles, is important for the next-generation volcano hazard assessment system. The volcanic eruption database is developed based on past eruption results, which only represent a subset of possible future scenarios. Hence, different distributions from the previous deposits are mainly observed due to the differences in

  6. Managing Climate Change Risks

    Energy Technology Data Exchange (ETDEWEB)

    Jones, R. [CSIRO Atmospheric Research, PMB1 Aspendale, Victoria 3195 (Australia)

    2003-07-01

    Issues of uncertainty, scale and delay between action and response mean that 'dangerous' climate change is best managed within a risk assessment framework that evolves as new information is gathered. Risk can be broadly defined as the combination of likelihood and consequence; the latter measured as vulnerability to greenhouse-induced climate change. The most robust way to assess climate change damages in a probabilistic framework is as the likelihood of critical threshold exceedance. Because vulnerability is dominated by local factors, global vulnerability is the aggregation of many local impacts being forced beyond their coping ranges. Several case studies, generic sea level rise and temperature, coral bleaching on the Great Barrier Reef and water supply in an Australian catchment, are used to show how local risk assessments can be assessed then expressed as a function of global warming. Impacts treated thus can be aggregated to assess global risks consistent with Article 2 of the UNFCCC. A 'proof of concept' example is then used to show how the stabilisation of greenhouse gases can constrain the likelihood of exceeding critical thresholds at both the both local and global scale. This analysis suggests that even if the costs of reducing greenhouse gas emissions and the benefits of avoiding climate damages can be estimated, the likelihood of being able to meet a cost-benefit target is limited by both physical and socio-economic uncertainties. In terms of managing climate change risks, adaptation will be most effective at reducing vulnerability likely to occur at low levels of warming. Successive efforts to mitigate greenhouse gases will reduce the likelihood of reaching levels of global warming from the top down, with the highest potential temperatures being avoided first, irrespective of contributing scientific uncertainties. This implies that the first cuts in emissions will always produce the largest economic benefits in terms of avoided

  7. Generational Dynamics and Librarianship: Managing Generation X.

    Science.gov (United States)

    Cooper, Julie F.; Cooper, Eric A.

    1998-01-01

    Explores the abilities of Generation X (individuals born 1961 to 1981) librarians to respond to the evolving needs of society. Highlights include age demographics, generational attributes, technology, and the seniority system. (PEN)

  8. Credit derivatives and risk management

    OpenAIRE

    Michael S. Gibson

    2007-01-01

    The striking growth of credit derivatives suggests that market participants find them to be useful tools for risk management. I illustrate the value of credit derivatives with three examples. A commercial bank can use credit derivatives to manage the risk of its loan portfolio. An investment bank can use credit derivatives to manage the risks it incurs when underwriting securities. An investor, such as an insurance company, asset manager, or hedge fund, can use credit derivatives to align its...

  9. Managing information technology security risk

    Science.gov (United States)

    Gilliam, David

    2003-01-01

    Information Technology (IT) Security Risk Management is a critical task for the organization to protect against the loss of confidentiality, integrity and availability of IT resources. As systems bgecome more complex and diverse and and attacks from intrusions and malicious content increase, it is becoming increasingly difficult to manage IT security risk. This paper describes a two-pronged approach in addressing IT security risk and risk management in the organization: 1) an institutional enterprise appraoch, and 2) a project life cycle approach.

  10. Risk management in anesthesia.

    Science.gov (United States)

    Cabrini, L; Levati, A

    2009-11-01

    Anesthesia is considered a leading discipline in the field of patient safety. Nevertheless, complications still occur and can be devastating. A substantial portion of anesthesia-related adverse events are preventable since risk factors can be detected and eliminated. Risk management (RM) in anesthesia includes preventive and remedial measures to minimize patient anesthesia-related morbidity and mortality. RM involves all aspects of anesthesia care. Classically, the following four steps are needed to prevent critical incidents or to learn from them: (1) detection of problems, (2) assessment, (3) implementation of solutions, and (4) verification of effectiveness. Problems and solutions can be identified into the fields of structures, processes and personnel. Authoritative agencies like the World Health Organization, the World Federation of Societies of Anesthesiologists, the Section and Board of Anesthesiology of the European Union of Medical Specialties and the Italian Scientific Society of Anesthesiologists (Società Italiana di Anestesia, Analgesia, Rianimazione e Terapia Intensiva SIAARTI) have proposed initiatives addressing safety in the operating room. The central role of a well-trained, constantly present anesthesiologist and the usefulness of checklists have been highlighted. Cost cutting and production pressure in medical care are potential threats to safety. A shared knowledge of the best standards of care and of the potential consequences of unscrupulous actions could make the daily management of conflicting interests easier. A correctly applied RM can be a powerful, highly beneficial aid to our practice.

  11. Managing demographic risk.

    Science.gov (United States)

    Strack, Rainer; Baier, Jens; Fahlander, Anders

    2008-02-01

    In developed nations, the workforce is aging rapidly. That trend has serious implications. Companies could face severe labor shortages in a few years as workers retire, taking critical knowledge with them. Businesses may also see productivity decline among older employees, especially in physically demanding jobs. The authors, partners at Boston Consulting Group, offer managers a systematic way to assess these dual threats--capacity risk and productivity risk--at their companies. It involves studying the age distribution of their employees to see if large percentages fall within high age brackets and then projecting--by location, unit, and job category--how the distribution will change over the next 15 years. Managers must also factor in both the impact of strategic moves on personnel needs and the future supply of workers in the market. When RWE Power analyzed its trends, the company learned that in 2018 almost 80% of its workers would be over 50. What's more, in certain critical areas its labor surplus was about to become a sizable shortfall. For instance, a shortage of specialized engineers would develop in the company just as their ranks in the job market thinned and competition to hire them intensified. Reversing its downsizing course, RWE Power took steps to increase its supply of workers in those key positions. The authors show how companies that face talent gaps, as RWE Power did, can close them through training, transfers, recruitment, retention, productivity improvements, and outsourcing. They also describe measures that companies can take to keep older workers productive, including workplace accommodations, revised compensation structures, performance incentives, and targeted health care management. The key is to identify and address potential problems early. Firms that do so will gain an edge on rivals that are still relentlessly focused on reducing head count.

  12. Risk management in construction company

    OpenAIRE

    Nučič, Jernej

    2011-01-01

    In master's thesis I discuss the field of risk management process in construction projects from the viewpoint of a building contractor. I present risk overview, previous research in this area and a new approach to risk analysis in construction by project components. The proposed methodology for risk management in a construction company, described in this thesis is based on the proposed checklist. Proposed checklist includes all identified risks in terms of building contractor and ...

  13. Risk assessment and risk management in managed aquifer recharge

    CSIR Research Space (South Africa)

    Page, D

    2012-06-01

    Full Text Available This chapter presents the methodologies used for risk assessment and risk management in MAR in Australia and the European Union, qualitative and quantitative approaches adopted within the RECLAIM Water project and case studies where the outcomes...

  14. Methods of Financial Risk Management

    Directory of Open Access Journals (Sweden)

    Korzh Natalia

    2016-10-01

    Full Text Available The essence and nature of financial risks are investigated. Their classification is conducted. The features of financial risk management and the main methods of management are considered. The ways of risk compensation are identified. It is proved that the objective external risk basis is such market imperfections as externalities of enterprises and incomplete information about the operation of the business environment and internal objective basis risk – the objective function to maximise profits in a competitive environment. It is revealed that to compensate market imperfections business entities should develop a strategy that combines fill in missing information and neutralise or minimise externalities that tactically implemented in financial risk management programs.

  15. IMPLEMENTING A RISK MANAGEMENT STANDARD

    Directory of Open Access Journals (Sweden)

    Constantin PREDA

    2013-01-01

    Full Text Available After risk management “conquered” more and more project managers’ minds and showed its benefits for business and programs, the need to have a global risk management standard has become a crucial issue in the world of risk management. But having a global risk management standard has been a big challenge, starting from the decision of developing the standard (March-June 2005, to the moment of publishing it, November 2009. So, developing the ISO 31000:2009 standard has been more or less like a bumpy ride. Apparently, the people involved in developing the global risk management standard understood from the very beginning that no challenges are too big, nor any tasks too small and that the task of having a new, comprehensive global risk management standard should be completed with excellence: defining the principles and the framework guiding the risk management process applicable for all type of organizations and for a wide range of activities. Coming up with a global standard should always be based on the real organizations’ needs and should fulfill real risk management requirements. The article is trying to present the pros and cons of risk management standard implementation, challenging the implementation process itself and the added value of implementing the standard due to the lack of implementation enablers, like risk culture, a real problem especially in an international environment.

  16. Innovations in Quantitative Risk Management

    CERN Document Server

    Scherer, Matthias; Zagst, Rudi

    2015-01-01

    Quantitative models are omnipresent –but often controversially discussed– in todays risk management practice. New regulations, innovative financial products, and advances in valuation techniques provide a continuous flow of challenging problems for financial engineers and risk managers alike. Designing a sound stochastic model requires finding a careful balance between parsimonious model assumptions, mathematical viability, and interpretability of the output. Moreover, data requirements and the end-user training are to be considered as well. The KPMG Center of Excellence in Risk Management conference Risk Management Reloaded and this proceedings volume contribute to bridging the gap between academia –providing methodological advances– and practice –having a firm understanding of the economic conditions in which a given model is used. Discussed fields of application range from asset management, credit risk, and energy to risk management issues in insurance. Methodologically, dependence modeling...

  17. Risk Management and Value Creation

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Roggi, Oliviero

    Corporate failures, periodic recessions, regional debt crises and volatile financial markets have intensified the focus on risk management as the means to deal with turbulent conditions. The ability to respond effectively to abrupt environmental impacts is considered an important source...... of competitive advantage. Yet, surprisingly little research has analyzed whether the presumed advantages of effective risk management are associated with superior outcomes. Here we present a comprehensive study of risk management effectiveness and the relationship to corporate performance based on more than 33...

  18. Risk management and corporate value

    Directory of Open Access Journals (Sweden)

    Milan Cupic

    2015-12-01

    Full Text Available The paper presents a theoretical framework for assessing the impact of risk management on corporate value. As the relevant factors that determine this impact, the paper analyzes market imperfections and investors’ risk aversion. The results of the present research indicate that risk management contributes to an increase in corporate value if, under the influence of market imperfections, corporate risk exposure is concave. As an expression of market imperfections, the paper analyzes the costs of financial distress, agency costs, and taxation. The results of the research also indicate that the risk management policy should not aim to minimize, but rather optimize risk exposure, by taking into account the costs of risk management, investors’ risk aversion and the competitive advantage a corporation has on the relevant market.

  19. Improving Information Security Risk Management

    Science.gov (United States)

    Singh, Anand

    2009-01-01

    manaOptimizing risk to information to protect the enterprise as well as to satisfy government and industry mandates is a core function of most information security departments. Risk management is the discipline that is focused on assessing, mitigating, monitoring and optimizing risks to information. Risk assessments and analyses are critical…

  20. Risk management of precious metals

    NARCIS (Netherlands)

    S.M. Hammoudeh (Shawkat); F. Malik (Farooq); M.J. McAleer (Michael)

    2010-01-01

    textabstractThis paper examines volatility and correlation dynamics in price returns of gold, silver, platinum and palladium, and explores the corresponding risk management implications for market risk and hedging. Value-at-Risk (VaR) is used to analyze the downside market risk associated with

  1. Improving Information Security Risk Management

    Science.gov (United States)

    Singh, Anand

    2009-01-01

    manaOptimizing risk to information to protect the enterprise as well as to satisfy government and industry mandates is a core function of most information security departments. Risk management is the discipline that is focused on assessing, mitigating, monitoring and optimizing risks to information. Risk assessments and analyses are critical…

  2. Challenges to sustainable risk management

    Energy Technology Data Exchange (ETDEWEB)

    Pinto, Ariel C., Aurora, Ashish, Hall, Dennis E.,

    2004-08-09

    This paper summarizes the intermediate lessons learned from the analyses of the risk management problems in three technological endeavors. These problems are: the absence of a structure for rewarding successful project risk management; the need for an ever-more accurate economic measure of risk; and the difficulty of transferring risks to contract-bound independent outsourcing entity. This paper also describes recent advancement towards providing answers to these challenges and future research endeavors in this field.

  3. Managing the risks of risk management on large fires

    Science.gov (United States)

    Donald G. MacGregor; Armando. González-Cabán

    2013-01-01

    Large fires pose risks to a number of important values, including the ecology, property and the lives of incident responders. A relatively unstudied aspect of fire management is the risks to which incident managers are exposed due to organizational and sociopolitical factors that put them in a position of, for example, potential liability or degradation of their image...

  4. Knowledge management: an innovative risk management strategy.

    Science.gov (United States)

    Zipperer, Lorri; Amori, Geri

    2011-01-01

    Knowledge management effectively lends itself to the enterprise risk process. The authors introduce the concept of knowledge management as a strategy to drive innovation and support risk management. They align this work with organizational efforts to improve patient safety and quality through the effective sharing of experience and lessons learned. The article closes with suggestions on how to develop a knowledge management initiative at an organization, who should be on the team, and how to sustain this effort and build the culture it requires to drive success.

  5. DEFENSE PROGRAMS RISK MANAGEMENT FRAMEWORK

    Directory of Open Access Journals (Sweden)

    Constantin PREDA

    2012-01-01

    Full Text Available For the past years defense programs have faced delays in delivering defense capabilities and budget overruns. Stakeholders are looking for ways to improve program management and the decision making process given the very fluid and uncertain economic and political environment. Consequently, they have increasingly resorted to risk management as the main management tool for achieving defense programs objectives and for delivering the defense capabilities strongly needed for the soldiers on the ground on time and within limited defense budgets. Following a risk management based decision-making approach the stakeholders are expected not only to protect program objectives against a wide range of risks but, at the same time, to take advantage of the opportunities to increase the likelihood of program success. The prerequisite for making risk management the main tool for achieving defense programs objectives is the design and implementation of a strong risk management framework as a foundation providing an efficient and effective application of the best risk management practices. The aim of this paper is to examine the risk management framework for defense programs based on the ISO 31000:2009 standard, best risk management practices and the defense programs’ needs and particularities. For the purposes of this article, the term of defense programs refers to joint defense programs.

  6. Management plan abstract and keyword generator

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — This fill-in-the-blank Word form will generate abstracts for common management plans including: cropland management, disease contingency, fire management, fishing,...

  7. Credit Risk Management

    Directory of Open Access Journals (Sweden)

    Viorica IOAN

    2012-11-01

    Full Text Available The bank is exposed to credit risk, the risk of not being able to recuperate the debtor claims as a result of the activity of granting loans to the clientele. Also, credit risk may manifest due to investments in other local and foreign credit institutions. Credit risk may be minimized through the careful evaluation of credit solicitors, through their monitoring along the duration of the loan and through the establishing of risk exposure limits, of significant risk margins as well as the acceptable balance between risk and profit.

  8. Selecting Copulas for Risk Management

    NARCIS (Netherlands)

    H.J.W.G. Kole (Erik); C.G. Koedijk (Kees); M.J.C.M. Verbeek (Marno)

    2006-01-01

    textabstractCopulas offer financial risk managers a powerful tool to model the dependence between the different elements of a portfolio and are preferable to the traditional, correlation-based approach. In this paper we show the importance of selecting an accurate copula for risk management. We exte

  9. Selecting Copulas for Risk Management

    NARCIS (Netherlands)

    H.J.W.G. Kole (Erik); C.G. Koedijk (Kees); M.J.C.M. Verbeek (Marno)

    2006-01-01

    textabstractCopulas offer financial risk managers a powerful tool to model the dependence between the different elements of a portfolio and are preferable to the traditional, correlation-based approach. In this paper we show the importance of selecting an accurate copula for risk management. We

  10. Corporate risk management : an overview

    NARCIS (Netherlands)

    Oosterhof, Casper M.

    2001-01-01

    Corporate risk management and hedging are important activities within financial as well as non-financial corporations. Under the assumptions of Modigliani and Miller [1958], corporate risk management is a redundant activity. However, the existence of market imperfections can explain the corporate us

  11. MODELS OF BANKING RISKS MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Bente Corneliu Cristian

    2009-05-01

    Full Text Available Banking risks management as a fundamental element of banking management aims at diminishing as much as possible the negative impact of risk factors, at minimizing losses by expenditures cut-off and maximizing direct and transferred influxes, changing the

  12. What risk management teaches us about ecosystem management

    Energy Technology Data Exchange (ETDEWEB)

    Shrader-Frechette, Kristin S. [Environmental Sciences and Policy Program and Department of Philosophy, University of South Florida, Tampa, FL (United States)

    1998-03-31

    This paper outlines two of the dominant ecosystem-management paradigms, one based on the traditional paradigm of ecological risk assessment and the other based on the health paradigm of ecological risk assessment. After showing the central ethical strengths and weaknesses of the traditional paradigm and the health paradigm, the essay argues that the uncertainties surrounding these two paradigms require ecosystem management to focus on default assumptions. The argument is that, just as most of the major battles of risk management are being fought on the ground of stakeholder participation and default assumptions, so most of the important battles of ecosystem management need to be fought on the battleground of stakeholder participation and default assumptions. Otherwise massive scientific uncertainties will compromise the credibility of both ecology and environmental management. Coping with problems from dioxin to nuclear power, the contemporary risk-management community is witnessing a dramatic battle between `environmental hypochondriacs` and `industrial cannibals`. The environmental hypochondriacs often argue that only zero risk is ethically and environmentally acceptable. They forget that virtually nothing has zero risk, provided analysis can detect the smallest threats. The industrial cannibals frequently maintain that almost any level of risk is justifiable, provided that the economic benefits are substantial enough. They forget that not everything has a price. In more sophisticated and realistic risk-management circles, a similar battle pits the wholists against the reductionists. The wholists believe that risk is a multiattribute concept. For them, health and environmental risks are complex and extra-scientific, involving not only threats to human and planetary safety but also threats to values-to trust, autonomy, sustainability, cultural integrity, equal protection, due process, future generations, and free informed consent. The wholists believe that we

  13. TRManager – Technical Risk Manager

    Directory of Open Access Journals (Sweden)

    Mark A. Gregory

    2009-06-01

    Full Text Available This paper presents research into the development of a new information management technique called Technical Risk Manager. Project management involves the use of processes and information management techniques to aid decision making in the pursuit of project success. Project success may be achieved by meeting time, cost or performance criteria. Current project management practices focus on achieving time and cost project success criteria by using three information management techniques developed in the 1950s: Gantt, PERT and Critical Path Method. Technical Risk Manager has been developed to provide an information management technique that may be used to aid project management decision making in the pursuit of achieving the performance project success criteria.

  14. Managing risk in software systems

    Energy Technology Data Exchange (ETDEWEB)

    Fletcher, S.K.; Jansma, R.M.; Murphy, M.D. [and others

    1995-07-01

    A methodology for risk management in the design of software systems is presented. It spans security, safety, and correct operation of software within the context of its environment, and produces a risk analysis and documented risk management strategy. It is designed to be iteratively applied, to attain appropriate levels of detail throughout the analysis. The methodology and supporting tools are discussed. The methodology is critiqued relative to other research in the field. Some sample applications of the methodology are presented.

  15. RISK MANAGEMENT MEASURES IN CMMI

    OpenAIRE

    Mahmoud Khraiwesh

    2012-01-01

    Risk management is a continuous process that could endanger the objectives of a project or application.Risks are handled to reduce and avoid threats effects on the objectives of the project. The sources of riskare both internal and external to the project. This research will identify general measures for the specificgoal and its specific practices of Risk Management Process Area (PA) in Capability Maturity ModelIntegration (CMMI). CMMI is developed by Software Engineering Institute (SEI) in C...

  16. Integrated supply chain risk management

    Directory of Open Access Journals (Sweden)

    Riaan Bredell

    2007-11-01

    Full Text Available Integrated supply chain risk management (ISCRM has become indispensable to the theory and practice of supply chain management. The economic and political realities of the modern world require not only a different approach to supply chain management, but also bold steps to secure supply chain performance and sustainable wealth creation. Integrated supply chain risk management provides supply chain organisations with a level of insight into their supply chains yet to be achieved. If correctly applied, this process may optimise management decision-making and assist in the protection and enhancement of shareholder value.

  17. INTERNAL AUDIT AND RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Elena RUSE

    2014-04-01

    Full Text Available The existence of risk in economic activity can not be denied. In fact, the risk is a concept which exists in every activity, the term of risk being identified with uncertainty, respectively the (unchance to produce an undesirable event. Internal audit and risk management aim at the same goal, namely the control of risks. Internal Audit performs several roles in risk management plan. The objectives of the internal audit function varies from company to company, but in all economic entities internal audit department aims to improve performance management, enterprise performance and thus improve the internal control system. This paper aims to demonstrate, among other things, that any event that may result in failure is unquestionably classified as risk.

  18. PROCESSES USED IN RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Corina-Maria, DUCU

    2014-11-01

    Full Text Available In today's world, entities must pay a particular attention to the risks they have to face, risks that affect the developed activities. This requires the development of some processes of risk management, internal control and corporate governance, whose main purpose is to reduce them to a significant level.

  19. Risks Management in Software Engineering

    Directory of Open Access Journals (Sweden)

    Dishek Mankad

    2012-12-01

    Full Text Available Risk management is an action that helps a software development team to understand what kinds of risks are there in software development. Risk is always concern with today’s and yesterday’s uncertainty. It is a potential problem. So, it might happen, it might not. It is better to identify its probability of occurrence.

  20. Enterprise risk management and disclosure

    Directory of Open Access Journals (Sweden)

    Nicoleta Farcane

    2008-01-01

    Full Text Available Our paper deals with aspects regarding risk and uncertainty. Many risk management methods are today implemented in organizations. This perspective reveals that managers are linked in different forms to the activities they are managing, depending on the conditions and levels of uncertainty they are in. Actually, these multiple levels of uncertainty lead to the conclusion that any situation in an organizational system can be classified in two different models of organizational phenomena: the organizational phenomena that are putting managers and stakeholders in conditions of risk and the organizational phenomena that are putting them in condition of uncertainty. Using content analyze in this paper we survey the disclosure level of risk management information in the annual report of top Romanian listed companies.

  1. Risk Management Issues - An Aerospace Perspective

    Science.gov (United States)

    Perera, Jeevan S.

    2011-01-01

    Phased-approach for implementation of risk management is necessary. Risk management system will be simple, accessible and promote communication of information to all relevant stakeholders for optimal resource allocation and risk mitigation. Risk management should be used by all team members to manage risks--risk office personnel. Each group is assigned Risk Integrators who are facilitators for effective risk management. Risks will be managed at the lowest-level feasible, elevate only those risks that require coordination or management from above. Risk reporting and communication is an essential element of risk management and will combine both qualitative and quantitative elements.. Risk informed decision making should be introduced to all levels of management. Provide necessary checks and balances to insure that risks are caught/identified and dealt with in a timely manner, Many supporting tools, processes & training must be deployed for effective risk management implementation. Process improvement must be included in the risk processes.

  2. RISKS IN INVESTMENT AND MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Ms. Tatiana A. Ykovleva

    2016-12-01

    Full Text Available The article discusses the features of investment risks and their causes, as well as provides a detailed classification of investment risks. The authors reveal the essence and content of the investment process, risk management, providing material for presentation in the form of a diagram. In conclusion, the article explains the use of the system of specialized institutions as a way to exclude the basic, or primary investment risk.

  3. Applied software risk management a guide for software project managers

    CERN Document Server

    Pandian, C Ravindranath

    2006-01-01

    Few software projects are completed on time, on budget, and to their original specifications. Focusing on what practitioners need to know about risk in the pursuit of delivering software projects, Applied Software Risk Management: A Guide for Software Project Managers covers key components of the risk management process and the software development process, as well as best practices for software risk identification, risk planning, and risk analysis. Written in a clear and concise manner, this resource presents concepts and practical insight into managing risk. It first covers risk-driven project management, risk management processes, risk attributes, risk identification, and risk analysis. The book continues by examining responses to risk, the tracking and modeling of risks, intelligence gathering, and integrated risk management. It concludes with details on drafting and implementing procedures. A diary of a risk manager provides insight in implementing risk management processes.Bringing together concepts ...

  4. Natech disasters risk management in France

    OpenAIRE

    Vallée, Agnès

    2004-01-01

    International audience; France is subjected to several types of natural phenomena (floods, earthquake, landslides, storms, forest fires...) and to attacks potentially generated by human activities (industrial facilities, nuclear power plants, transportation of dangerous goods...). The natural and technological risks are managed in France, as regards prevention, protection, intervention, in order to limit their human and economic consequences. Furthermore, an industrial accident could be trigg...

  5. Knowledge management in support of enterprise risk management

    OpenAIRE

    Rodriguez, Eduardo; Edwards, John S.

    2014-01-01

    Risk management and knowledge management have so far been studied almost independently. The evolution of risk management to the holistic view of Enterprise Risk Management requires the destruction of barriers between organizational silos and the exchange and application of knowledge from different risk management areas. However, knowledge management has received little or no attention in risk management. This paper examines possible relationships between knowledge management constructs relate...

  6. Knowledge management in support of enterprise risk management

    OpenAIRE

    Rodriguez, Eduardo; Edwards, John S.

    2014-01-01

    Risk management and knowledge management have so far been studied almost independently. The evolution of risk management to the holistic view of Enterprise Risk Management requires the destruction of barriers between organizational silos and the exchange and application of knowledge from different risk management areas. However, knowledge management has received little or no attention in risk management. This paper examines possible relationships between knowledge management constructs relate...

  7. Legal risk management in shipping

    DEFF Research Database (Denmark)

    Siig, Kristina

    The book discusses the most typical legal challenges met in the chartering, broker, agent or port management part of the shipping industry. It discusses these issues in both English and Scandinavian law and gives indications on how to best ensure your legal risk management in these parts of the i......The book discusses the most typical legal challenges met in the chartering, broker, agent or port management part of the shipping industry. It discusses these issues in both English and Scandinavian law and gives indications on how to best ensure your legal risk management in these parts...

  8. The Theme of Risk Management

    Directory of Open Access Journals (Sweden)

    Chua, D. K. H.

    2014-07-01

    Full Text Available The papers in this issue of the Journal come from different industry sectors, yet there can be a common theme that ties them together. Two of the papers address explicitly the issue of risk management, while the other three may be related to it in different degrees. One of the critical factors for project success is risk identification, as determined by Chua et al. (1999. The importance of risk management cannot be overemphasized. Failure to identify crucial risk elements in a project can lead to significant project failures in terms of cost and schedule.

  9. The Theme of Risk Management

    OpenAIRE

    Chua, D. K. H.

    2014-01-01

    The papers in this issue of the Journal come from different industry sectors, yet there can be a common theme that ties them together. Two of the papers address explicitly the issue of risk management, while the other three may be related to it in different degrees. One of the critical factors for project success is risk identification, as determined by Chua et al. (1999). The importance of risk management cannot be overemphasized. Failure to identify crucial risk elements in a project can le...

  10. Managing Risk and Opportunity

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Garvey, Maxine; Roggi, Oliviero

    . Hence, the book addresses the potential for upside gains as much as the threats of downside losses that represent the conventional risk perspectives. It states the simple fact that you must be willing to take risk to increase strategic responsiveness and corporate manoeuverability. The text builds...

  11. Risk Management and Value Creation

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Roggi, Oliviero

    ,500 observations in 3,400 firms over the turbulent 20-year period 1991-2010. Determining effective risk management as the ability to reduce earnings and cash flow volatility, we find that both have significant positive relationships to lagged performance measures after controlling for industry effects, company......Corporate failures, periodic recessions, regional debt crises and volatile financial markets have intensified the focus on risk management as the means to deal with turbulent conditions. The ability to respond effectively to abrupt environmental impacts is considered an important source...... of competitive advantage. Yet, surprisingly little research has analyzed whether the presumed advantages of effective risk management are associated with superior outcomes. Here we present a comprehensive study of risk management effectiveness and the relationship to corporate performance based on more than 33...

  12. Risk Management for Food Allergy

    DEFF Research Database (Denmark)

    Risk Management for Food Allergy is developed by a team of scientists and industry professionals who understand the importance of allergen risk assessment and presents practical, real-world guidance for food manufacturers. With more than 12 million Americans suffering from food allergies and little...... indication of what is causing that number to continue to grow, food producers, packagers and distributors need to appropriately process, label and deliver their products to ensure the safety of customers with allergic conditions. By identifying risk factors during processing as well as determining...... the epidemiology of food allergy, assessing allergen thresholds and risk, specifics of gluten management and celiac disease, and much more. The practical advice on factory risk management, catering industry practices, allergen detection and measurement and regulatory controls is key for food industry professionals...

  13. Causal Models for Risk Management

    Directory of Open Access Journals (Sweden)

    Neysis Hernández Díaz

    2013-12-01

    Full Text Available In this work a study about the process of risk management in major schools in the world. The project management tools worldwide highlights the need to redefine risk management processes. From the information obtained it is proposed the use of causal models for risk analysis based on information from the project or company, say risks and the influence thereof on the costs, human capital and project requirements and detect the damages of a number of tasks without tribute to the development of the project. A study on the use of causal models as knowledge representation techniques causal, among which are the Fuzzy Cognitive Maps (DCM and Bayesian networks, with the most favorable MCD technique to use because it allows modeling the risk information witho ut having a knowledge base either itemize.

  14. Complex Choices: Producers Risk Management Strategies

    OpenAIRE

    Pennings, Joost M.E.; Isengildina, Olga; Irwin, Scott H.; Good, Darrel L.; Garcia, Philip; Frank, Julieta; Kuiper, W. Erno

    2005-01-01

    Producers have a wide variety of risk management instruments available. How do producers make a choice of risk management instruments? Using the recently developed choice bracketing framework, we examine what risk management strategies producers use and identify the factors that drive their risk management decisions. Our results identify that producers use a wide variety of combinations of risk management instruments and that they bracket their choices into sets of alternative risk management...

  15. Risk assessment and risk management of mycotoxins.

    Science.gov (United States)

    2012-01-01

    Risk assessment is the process of quantifying the magnitude and exposure, or probability, of a harmful effect to individuals or populations from certain agents or activities. Here, we summarize the four steps of risk assessment: hazard identification, dose-response assessment, exposure assessment, and risk characterization. Risk assessments using these principles have been conducted on the major mycotoxins (aflatoxins, fumonisins, ochratoxin A, deoxynivalenol, and zearalenone) by various regulatory agencies for the purpose of setting food safety guidelines. We critically evaluate the impact of these risk assessment parameters on the estimated global burden of the associated diseases as well as the impact of regulatory measures on food supply and international trade. Apart from the well-established risk posed by aflatoxins, many uncertainties still exist about risk assessments for the other major mycotoxins, often reflecting a lack of epidemiological data. Differences exist in the risk management strategies and in the ways different governments impose regulations and technologies to reduce levels of mycotoxins in the food-chain. Regulatory measures have very little impact on remote rural and subsistence farming communities in developing countries, in contrast to developed countries, where regulations are strictly enforced to reduce and/or remove mycotoxin contamination. However, in the absence of the relevant technologies or the necessary infrastructure, we highlight simple intervention practices to reduce mycotoxin contamination in the field and/or prevent mycotoxin formation during storage.

  16. Risk Management for e-Business

    OpenAIRE

    Floarea NASTASE; Pavel NASTASE

    2007-01-01

    In the new Internet economy, risk management plays a critical role to protect the organization and its ability to perform their business mission, not just its IT assets. Risk management is the process of identifying risk, assessing risk, and taking steps to reduce risk to an acceptable level. The risk management is an important component of a IT security program. Information and communications technology management and IT security are responsible for ensuring that technology risks are managed...

  17. Legal risk management in shipping

    DEFF Research Database (Denmark)

    Siig, Kristina

    The book discusses the most typical legal challenges met in the chartering, broker, agent or port management part of the shipping industry. It discusses these issues in both English and Scandinavian law and gives indications on how to best ensure your legal risk management in these parts...

  18. Collision risk management in geosynchronous orbit

    Science.gov (United States)

    Jenkin, A. B.; Peterson, G. E.

    2004-01-01

    A systematic method has been developed for managing long-term collision risk posed to operational satellites in geosynchronous orbit. Long-term collision risk reduction is achieved by proper selection of local collision probability thresholds that trigger actions to reduce risk. Such actions can be requests for more accurate orbital data, special sensor tasking, or collision avoidance maneuvers. The cost of collision risk reduction is measured by the frequency of actions taken to reduce the collision risk. This action frequency is dependent on the accuracy of the orbital data and the frequency of close approaches. A case study was performed for a set of satellites. The analysis used position error models for two-line element sets. A conjunction simulation was used to process approximately three years of archived orbital data, including publicly available two-line element sets, in order to generate conjunction statistics. From these results, a graphical representation called a χ-plot was generated. This plot permits the selection of thresholds as a function of total risk reduction and tolerable action frequency. Results of the study indicate that collision risk management in geosynchronous orbit can be very costly using data of insufficiently high accuracy, because data errors induce high action frequency for even modest amounts of collision risk reduction.

  19. Issue Management Risk Ranking Systems

    Energy Technology Data Exchange (ETDEWEB)

    Novack, Steven David; Marshall, Frances Mc Clellan; Stromberg, Howard Merion; Grant, Gary Michael

    1999-06-01

    Thousands of safety issues have been collected on-line at the Idaho National Engineering and Environmental Laboratory (INEEL) as part of the Issue Management Plan. However, there has been no established approach to prioritize collected and future issues. The authors developed a methodology, based on hazards assessment, to identify and risk rank over 5000 safety issues collected at INEEL. This approach required that it was easily applied and understandable for site adaptation and commensurate with the Integrated Safety Plan. High-risk issues were investigated and mitigative/preventive measures were suggested and ranked based on a cost-benefit scheme to provide risk-informed safety measures. This methodology was consistent with other integrated safety management goals and tasks providing a site-wide risk informed decision tool to reduce hazardous conditions and focus resources on high-risk safety issues. As part of the issue management plan, this methodology was incorporated at the issue collection level and training was provided to management to better familiarize decision-makers with concepts of safety and risk. This prioritization methodology and issue dissemination procedure will be discussed. Results of issue prioritization and training efforts will be summarized. Difficulties and advantages of the process will be reported. Development and incorporation of this process into INEELs lessons learned reporting and the site-wide integrated safety management program will be shown with an emphasis on establishing self reliance and ownership of safety issues.

  20. Issue Management Risk Ranking Systems

    Energy Technology Data Exchange (ETDEWEB)

    F. M. Marshall; G. M. Grant; H. M. Stromberg; S. D. Novack

    1999-06-01

    Thousands of safety issues have been collected on-line at the Idaho National Engineering and Environmental Laboratory (INEEL) as part of the Issue Management Plan. However, there has been no established approach to prioritize collected and future issues. The authors developed a methodology, based on hazards assessment, to identify and risk rank over 5000 safety issues collected at INEEL. This approach required that it was easily applied and understandable for site adaptation and commensurate with the Integrated Safety Plan. High-risk issues were investigated and mitigative/preventive measures were suggested and ranked based on a cost-benefit scheme to provide risk-informed safety measures. This methodology was consistent with other integrated safety management goals and tasks providing a site-wide risk-informed decision tool to reduce hazardous conditions and focus resources on high-risk safety issues. As part of the issue management plan, this methodology was incorporated at the issue collection level and training was provided to management to better familiarize decision-makers with concepts of safety and risk. This prioritization methodology and issue dissemination procedure will be discussed. Results of issue prioritization and training efforts will be summarized. Difficulties and advantages of the process will be reported. Development and incorporation of this process into INEEL's lessons learned reporting and the site-wide integrated safety management program will be shown with an emphasis on establishing self reliance and ownership of safety issues.

  1. Managing longevity risk

    NARCIS (Netherlands)

    Li, Hong

    2015-01-01

    The thesis first examines the choice of sample size for mortality forecasting, and then deal with the hedging of longevity risk using longevity-linked instruments. Chapter 2 proposes a Bayesian learning approach to determine the (posterior distribution of) the sample sizes for mortality forecasting

  2. RISK MANAGEMENT MEASURES IN CMMI

    Directory of Open Access Journals (Sweden)

    Mahmoud Khraiwesh

    2012-02-01

    Full Text Available Risk management is a continuous process that could endanger the objectives of a project or application.Risks are handled to reduce and avoid threats effects on the objectives of the project. The sources of riskare both internal and external to the project. This research will identify general measures for the specificgoal and its specific practices of Risk Management Process Area (PA in Capability Maturity ModelIntegration (CMMI. CMMI is developed by Software Engineering Institute (SEI in Carnegie MellonUniversity in USA. CMMI is a framework for improvement and assessment of computer informationsystems. The method we used to define the measures is to apply the Goal Questions Metrics (GQMparadigm to the specific goals and its specific practices of Risk Management Process Area in CMMI.

  3. Risk management in radiology departments

    Science.gov (United States)

    Craciun, Horea; Mankad, Kshitij; Lynch, Jeremy

    2015-01-01

    Medical imaging and interventional radiology sustained prompt changes in the last few years, mainly as a result of technology breakthroughs, rise in workload, deficit in workforce and globalization. Risk is considered to be the chance or possibility of incurring loss or of a negative event happening that may cause injury to patients or medical practitioners. There are various causes of risks leading to harm and injury in radiology departments, and it is one of the objectives of this paper to scrutinize some of the causes. This will drive to consideration of some of the approaches that are used in managing risks in radiology. This paper aims at investigating risk management in radiology, and this will be achieved through a thorough assessment of the risk control measures that are used in the radiology department. It has been observed that the major focus of risk management in such medical setting is to reduce and eliminate harm and injury to patients through integration of various medical precautions. The field of Radiology is rapidly evolving due to technology advances and the globalization of healthcare. This ongoing development will have a great impact on the level of quality of care and service delivery. Thus, risk management in radiology is essential in protecting the patients, radiologists, and the medical organization in terms of capital and widening of the reputation of the medical organization with the patients. PMID:26120383

  4. Risk management in radiology departments

    Institute of Scientific and Technical Information of China (English)

    Horea; Craciun; Kshitij; Mankad; Jeremy; Lynch

    2015-01-01

    Medical imaging and interventional radiology sustained prompt changes in the last few years, mainly as aresult of technology breakthroughs, rise in workload, deficit in workforce and globalization. Risk is considered to be the chance or possibility of incurring loss or of a negative event happening that may cause injury to patients or medical practitioners. There are various causes of risks leading to harm and injury in radiology departments, and it is one of the objectives of this paper to scrutinize some of the causes. This will drive to consideration of some of the approaches that are used in managing risks in radiology. This paper aims at investigating risk management in radiology, and this will be achieved through a thorough assessment of the risk control measures that are used in the radiology department. It has been observed that the major focus of risk management in such medical setting is to reduce and eliminate harm and injury to patients through integration of various medical precautions. The field of Radiology is rapidly evolving due to technology advances and the globalization of healthcare. This ongoing development will have a great impact on the level of quality of care and service delivery. Thus, risk management in radiology is essential in protecting the patients, radiologists, and the medical organization in terms of capital and widening of the reputation of the medical organization with the patients.

  5. NGNP Risk Management through Assessing Technology Readiness

    Energy Technology Data Exchange (ETDEWEB)

    John W. Collins

    2010-08-01

    Throughout the Next Generation Nuclear Plant (NGNP) project life cycle, technical risks are identified, analyzed, and mitigated and decisions are made regarding the design and selection of plant and sub-system configurations, components and their fabrication materials, and operating conditions. Risk resolution and decision making are key elements that help achieve project completion within budget and schedule constraints and desired plant availability. To achieve this objective, a formal decision-making and risk management process was developed for NGNP, based on proven systems engineering principles that have guided aerospace and military applications.

  6. Prevention through health risk management.

    Science.gov (United States)

    Friedman, G M

    1992-08-01

    Risk can lead to catastrophe. Risk-management systems are highly effective in preventing the catastrophes of fire, earthquakes, and work-site injuries. No such effective systems are present to prevent health and social problems. A practical, cost-effective system to manage risk in children is being developed by the nonprofit Arizona Health Evaluation and Longevity Planning (HELP) Foundation. Information regarding such risk is collected in the school setting. This voluntary information comes from the administration, the school nurse, physical fitness testing, blood testing by the local hospital, self-esteem instruments, and parent, teacher, and child questionnaires. The HELP Foundation then develops an individual child and class risk profile that is presented to the teacher, school nurse, principal, and parent. Those involved with each child then prioritize, plan, and implement programs and activities to manage the identified risk(s). Risks is tracked throughout the child's school career by periodic reassessment. Evaluation of change in problem outcome will be a natural extension of the process.

  7. Risk management or political micromanagement?

    Science.gov (United States)

    Barton, E L

    1991-04-01

    A major healthcare issue of the 1990s is whether providers will create effective risk management programs to cope with government reform mandates or whether an increasingly costly and complex regulatory structure will force them to make changes. Compliance with the Joint Commission on Accreditation of Healthcare Organizations (JCAHO) standards on patient care will become increasingly important to healthcare risk management in the 1990s. The JCAHO standards create a benchmark from which government entities set their present standards and assemble agendas for the future. Another healthcare risk management factor is compliance with the National Practitioner Data Bank. The data bank is intended to protect healthcare consumers from providers who have demonstrated a tendency to commit malpractice. However, the data bank could cause problems for healthcare providers: Inaccurate or misleading data could unfairly haunt them. Healthcare risk managers should be familiar with the prohibitions on patient dumping found in the Consolidated Omnibus Budget Reconciliation Act of 1985. The amendments of the Omnibus Budget Reconciliation Act of 1989 (OBRA '89) do not create strict liability, nor do they impose traditional tort standards that could guide courts in cases that will inevitably result from new rules, creating a "litigation time bomb." And OBRA '90 significantly revises the law. Other risk management issues include the manner in which facilities handle and dispose of medical waste and the manner in which they resolve disputes.

  8. Risk management methodology for RBMN project

    Energy Technology Data Exchange (ETDEWEB)

    Borssatto, Maria F.B.; Tello, Cledola C.O.; Uemura, George, E-mail: fborssatto@gmail.com, E-mail: tellocc@cdtn.br, E-mail: george@cdtn.br [Centro de Desenvolvimento da Tecnologia Nuclear (CDTN/CNEN-MG), Belo Horizonte, MG (Brazil)

    2013-07-01

    RBMN Project has been developed to design, construct and commission a national repository to dispose the low- and intermediate-level radioactive wastes from the operation of nuclear power plants and other industries that use radioactive sources and materials. Risk is a characteristic of all projects. The risks arise from uncertainties due to assumptions associated with the project and the environment in which it is executed. Risk management is the method by which these uncertainties are systematically monitored to ensure that the objectives of the project will be achieved. Considering the peculiarities of the Project, that is, comprehensive scope, multidisciplinary team, apparently polemic due to the unknowing of the subject by the stake holders, especially the community, it is being developed a specific methodology for risk management of this Project. This methodology will be critical for future generations who will be responsible for the final stages of the repository. It will provide greater guarantee to the processes already implemented and will maintain a specific list of risks and solutions for this Project, ensuring safety and security of the repository throughout its life cycle that is the planned to last at least three hundred years. This paper presents the tools and processes already defined, management actions aimed at developing a culture of proactive risk in order to minimize threats to this Project and promote actions that bring opportunities to its success. The methodology is based on solid research on the subject, considering methodologies already established and globally recognized as best practices for project management. (author)

  9. Next generation network management technology

    Science.gov (United States)

    Baras, John S.; Atallah, George C.; Ball, Mike; Goli, Shravan; Karne, Ramesh K.; Kelley, Steve; Kumar, Harsha; Plaisant, Catherine; Roussopoulos, Nick; Schneiderman, Ben; Srinivasarao, Mulugu; Stathatos, Kosta; Teittinen, Marko; Whitefield, David

    1995-01-01

    Today's telecommunications networks are becoming increasingly large, complex, mission critical and heterogeneous in several dimensions. For example, the underlying physical transmission facilities of a given network may be ``mixed media'' (copper, fiber-optic, radio, and satellite); the subnetworks may be acquired from different vendors due to economic, performance, or general availability reasons; the information being transmitted over the network may be ``multimedia'' (video, data, voice, and images) and, finally, varying performance criteria may be imposed e.g., data transfer may require high throughput while the others, whose concern is voice communications, may require low call blocking probability. For these reasons, future telecommunications networks are expected to be highly complex in their services and operations. Due to this growing complexity and the disparity among management systems for individual sub-networks, efficient network management systems have become critical to the current and future success of telecommunications companies. This paper addresses a research and development effort which focuses on prototyping configuration management, since that is the central process of network management and all other network management functions must be built upon it. Our prototype incorporates ergonomically designed graphical user interfaces tailored to the network configuration management subsystem and to the proposed advanced object-oriented database structure. The resulting design concept follows open standards such as Open Systems Interconnection (OSI) and incorporates object oriented programming methodology to associate data with functions, permit customization, and provide an open architecture environment.

  10. Risk Management Programs for Defense Acquisition Systems

    Science.gov (United States)

    2007-11-02

    The audit objective was to evaluate the effectiveness of risk management programs for Defense acquisition systems. Specifically, we determined whether DoD risk management policies and procedures for Defense acquisition systems were effectively implemented and what impact risk management programs bad on reducing program risks and costs. We also reviewed management controls as they applied to the audit objectives.

  11. IMPROVEMENT METHODOLOGY FINANCIAL RISK-MANAGEMENT

    OpenAIRE

    E. Kachalova

    2016-01-01

    The article examines the vital issues of improvement methodology financial risk-management. The author reveals the economic essence of the concept of «financial risk-management». Methodological approaches for the efficient management of risks in the system of risk-management in Russia.

  12. Obstetrics Hospitalists: Risk Management Implications.

    Science.gov (United States)

    Veltman, Larry

    2015-09-01

    The concept of having an in-house obstetrician (serving as an obstetrics [OB] hospitalist) available 24 hours a day, 7 days a week provides a safety net for OB events that many need immediate intervention for a successful outcome. A key precept of risk management, that of loss prevention, fits perfectly with the addition of an OB hospitalist role in the perinatal department. Inherent in the role of OB hospitalists are the patient safety and risk management principles of improved communication, enhanced readiness, and immediate availability.

  13. How to manage risk better

    CSIR Research Space (South Africa)

    Walwyn, DR

    2002-09-01

    Full Text Available the last ten years in improving the returns from R&D through the implementation of quality assurance processes such as the stage-gate methodology, considerable potential still exists for improving the management of investment risk and ensuring a return...

  14. Floods Risk Management in Colombia

    Directory of Open Access Journals (Sweden)

    Leonardo Güiza Suárez

    2013-10-01

    Full Text Available The last rainy season 2010-2011 resulted in Colombia in around 500 casualties and more than 3.6 million of victims. Although this rainfall term accounted for one of the strongest it was not an unprecedented event since for more than fifty years this phenomenon has been taking place in the same Colombian regions producing casualties and victims. This fact makes us to think about the public management by authorities regarding flooding prevention in our country. This article elaborates on this topic explaining the risk management system in case of flooding in Colombia. It shows some national figures of the main ravages brought about by the 2010 2011 rainy seasons. Finally the article analyzes two cases of study of how operational is this public policy in risk management: La Mojana and Canal del Dique regions. It was evident that the state failed in managing the risk management from flooding because despite the important investment, every year the victims, casualties and material damages are increasing steadily.

  15. Overview of the Hanford risk management plan

    Energy Technology Data Exchange (ETDEWEB)

    Halverson, T.G.

    1998-03-26

    The Project Hanford Management Contract called for the enhancement of site-wide decision processes, and development of a Hanford Risk Management Plan to adopt or develop a risk management system for the Hanford Site. This Plan provides a consistent foundation for Site issues and addresses site-wide management of risks of all types. It supports the Department of Energy planning and sitewide decision making policy. Added to this requirement is a risk performance report to characterize the risk management accomplishments. This paper presents the development of risk management within the context of work planning and performance. Also discussed are four risk elements which add value to the context.

  16. Risk Management for e-Business

    Directory of Open Access Journals (Sweden)

    2007-01-01

    Full Text Available In the new Internet economy, risk management plays a critical role to protect the organization and its ability to perform their business mission, not just its IT assets. Risk management is the process of identifying risk, assessing risk, and taking steps to reduce risk to an acceptable level. The risk management is an important component of a IT security program. Information and communications technology management and IT security are responsible for ensuring that technology risks are managed appropriately. These risks originate from the deployment and use of IT assets in various ways, such as configuring systems incorrectly or gaining access to restricted software.

  17. The next generation of revenue cycle management.

    Science.gov (United States)

    Hammer, David C

    2007-07-01

    The revenue cycle management environment is dynamic. Revenue cycle leaders are now responsible for additional functional areas and have to deal with new financing arrangements that expose the organization to greater financial risk. Financial managers can use key performance indicators and the suggested practice processes checklist to determine whether their revenue cycle operations are in good shape or need shaping up.

  18. 12 CFR 917.3 - Risk management.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk management. 917.3 Section 917.3 Banks and Banking FEDERAL HOUSING FINANCE BOARD GOVERNANCE AND MANAGEMENT OF THE FEDERAL HOME LOAN BANKS POWERS AND RESPONSIBILITIES OF BANK BOARDS OF DIRECTORS AND SENIOR MANAGEMENT § 917.3 Risk management. (a) Risk...

  19. Process and progress in risk management

    OpenAIRE

    Anthony M. Santomero

    2003-01-01

    President Anthony Santomero discusses three points: risk management as its own distinct discipline; the financial industry's work to improve risk-management techniques and regulators' increased commitment to risk-focused examinations; and the need to improve risk-management systems even further.

  20. The complete idiot's guide to risk management

    CERN Document Server

    Cortez, Annetta

    2010-01-01

    Risk. It's what business is all about. The key to success is to anticipating and managing the risks that can impact business. The Complete Idiot's Guide(r) to Risk Management provides the key information necessary to manage business risk successfully.

  1. Risk Management for Food Allergy

    DEFF Research Database (Denmark)

    indication of what is causing that number to continue to grow, food producers, packagers and distributors need to appropriately process, label and deliver their products to ensure the safety of customers with allergic conditions. By identifying risk factors during processing as well as determining...... appropriate "safe" thresholds of ingredients, the food industry must take increasingly proactive steps to avoid direct or cross-contamination as well as ensuring that their products are appropriately labeled and identified for those at risk. This book covers a range of critical topics in this area, including......Risk Management for Food Allergy is developed by a team of scientists and industry professionals who understand the importance of allergen risk assessment and presents practical, real-world guidance for food manufacturers. With more than 12 million Americans suffering from food allergies and little...

  2. Automating defence generation for risk assessment

    NARCIS (Netherlands)

    Gadyatskaya, Olga

    2016-01-01

    Efficient risk assessment requires automation of its most tedious tasks: identification of vulnerabilities, attacks that can exploit these vulnerabilities, and countermeasures that can mitigate the attacks. E.g., the attack tree generation by policy invalidation approach looks at systematic automati

  3. Asteroid-Generated Tsunami and Impact Risk

    Science.gov (United States)

    Boslough, M.; Aftosmis, M.; Berger, M. J.; Ezzedine, S. M.; Gisler, G.; Jennings, B.; LeVeque, R. J.; Mathias, D.; McCoy, C.; Robertson, D.; Titov, V. V.; Wheeler, L.

    2016-12-01

    The justification for planetary defense comes from a cost/benefit analysis, which includes risk assessment. The contribution from ocean impacts and airbursts is difficult to quantify and represents a significant uncertainty in our assessment of the overall risk. Our group is currently working toward improved understanding of impact scenarios that can generate dangerous tsunami. The importance of asteroid-generated tsunami research has increased because a new Science Definition Team, at the behest of NASA's Planetary Defense Coordinating Office, is now updating the results of a 2003 study on which our current planetary defense policy is based Our group was formed to address this question on many fronts, including asteroid entry modeling, tsunami generation and propagation simulations, modeling of coastal run-ups, inundation, and consequences, infrastructure damage estimates, and physics-based probabilistic impact risk assessment. We also organized the Second International Workshop on Asteroid Threat Assessment, focused on asteroid-generated tsunami and associated risk (Aug. 23-24, 2016). We will summarize our progress and present the highlights of our workshop, emphasizing its relevance to earth and planetary science. Sandia is a multiprogram laboratory operated by Sandia Corporation, a Lockheed Martin Company, for the United States Department of Energy under Contract DE-AC04-94AL85000.

  4. Analysis of foreign schools of risk management

    OpenAIRE

    I.M. Posokhov

    2013-01-01

    The aim of the article. The aim of the article is to study the scientific development of foreign scientific schools of risk management and analysis of their main publications; the allocation of foreign scientific schools of risk management. The results of the analysis. Research of modern risk management is carried out leading foreign schools. The most famous school in the theory of financial risk and risk management is American school. Among its current members are D. Galai, H. Greuning, A...

  5. Generative Learning Management: A Hypothetical Model

    Science.gov (United States)

    Osterberg, Peter

    2004-01-01

    It is proposed that to reach a state of generative learning, an organization requires a "generative learning manager": a person who understands the importance of development and directing of knowledge. The purpose of this study was, therefore, both to explain mechanisms like knowledge distribution, goal setting and symbolic convergence from a…

  6. Managing risks and hazardous in industrial operations

    Energy Technology Data Exchange (ETDEWEB)

    Almaula, S.C. [Woodward-Clyde International, Oakland, CA (United States)

    1996-12-31

    The main objective of this paper is to demonstrate that it makes good business sense to identify risks and hazards of an operation and take appropriate steps to manage them effectively. Developing and implementing an effective risk and hazard management plan also contibutes to other industry requirements and standards. Development of a risk management system, key elements of a risk management plan, and hazards and risk analysis methods are outlined. Comparing potential risk to the cost of prevention is also discussed. It is estimated that the cost of developing and preparing the first risk management plan varies between $50,000 to $200,000. 3 refs., 2 figs., 1 tab.

  7. Managing IT Integration Risk in Acquisitions

    DEFF Research Database (Denmark)

    Henningsson, Stefan; Kettinger, William J.

    2016-01-01

    The article discusses a framework for evaluating risk of information technology (IT) integration in acquisitions. Topics include the use of the experience of serial acquirer Trelleborg AB to show the merits of the framework for managing the risk and to determine low-risk acquisitions......, the importance of managing IT integration risk, and various risk areas for acquisition IT integration....

  8. Cattle farmers’ perceptions of risk and risk management strategies

    DEFF Research Database (Denmark)

    Bishu, Kinfe G.; O'Reilly, Seamus; Lahiff, Edward

    2017-01-01

    utilization were perceived as the most important strategies for managing risks. Livestock disease and labor shortage were perceived as less of a risk by farmers who adopted the practice of zero grazing compared to other farmers, pointing to the potential of this practice for risk reduction. We find strong...... potentially important policy implications for risk management strategies in developing countries.......This study analyzes cattle farmers’ perceptions of risk and risk management strategies in Tigray, Northern Ethiopia. We use survey data from a sample of 356 farmers based on multistage random sampling. Factor analysis is employed to classify scores of risk and management strategies, and multiple...

  9. Implications of Risk Management Practices on Financial ...

    African Journals Online (AJOL)

    Implications of Risk Management Practices on Financial Performance of Sugar ... is that risk management is an integral part of the decision-making process and ... can proactively help in overcoming the possibilities of the business failures.

  10. Risk Management Practices and Accounting Requirements.

    Science.gov (United States)

    Cheng, Rita Hartung; Yahr, Robert B.

    1989-01-01

    Reviews current school district risk management practices and the related accounting requirements. Summarizes the Governmental Accounting Standards Board's proposed accounting standards and the impact of these on school districts' risk management practices and on their financial statements. (11 references) (MLF)

  11. Integrative nature of financial risk management terminology

    OpenAIRE

    Akhmetova, Maynur

    2014-01-01

    Interdisciplinary approach to studying financial risk management terminology. Languages for special purposes of developed scientific fields are the most productive sources for borrowings for dynamically developing ones. Sources of term borrowings for financial risk management: their specific features and types.

  12. CRISIS: A System for Risk Management

    Directory of Open Access Journals (Sweden)

    Erica Y. Sanchez

    2012-12-01

    Full Text Available In a situation of an unexpected catastrophe, uncertainty and demand for information are constant. In such a disaster scenario, the CRISIS system arises as a tool to contribute to previous coordination, procedure validation, exercise execution, a good and frequent communication among organizations, and weakness and threat assessment for an appropriate risk management. It offers a wide variety of tools for online communication, consultation and collaboration that, up to this day, includes cartography, tasks, resources, news, forums, instant messaging and chat. As a complement, mathematical models for training and emergency management are being researched and developed. For Argentinean society, it is a necessity to switch from the current handcrafted, bureaucratic emergency management method to a decision-making management model. Previous coordination, exercise execution, a fluid communication among institutions, and threats and weaknesses assessment are required for a proper risk management. With that goal in mind, it is important to reduce confusion, avoid the duplication of efforts to fulfill the same tasks, and have access to a complete vision of the situation, generated from the data of all the organizations taking part. The CRISIS system is a secure web application, accessible to every node in a network formed by the organizations which have complementary responsibilities during prevention and response. It offers a wide variety of tools for online communication, consultation and collaboration that, up to this day, includes cartography, tasks, media (organization and resources, news, forums, instant messaging and chat. As a complement, mathematical models for training and emergency management are being researched and developed. Currently, there are toxicological and epidemiological emergency models available. The present paper analyses, from the perspectives related to risk management for emergencies and disasters, the strengths and weaknesses

  13. Best practice of nurse managers in risk management

    OpenAIRE

    2013-01-01

    OBJECTIVE: to identify the actions, undertaken by nurse managers in a risk management program, considered as best practice. METHOD: a case study undertaken in a private hospital in the south of Brazil. A risk manager and nurse managers working in a risk management program participated in this study. The data was collected between May and September 2011 through analysis of documents, semi-structured interviews and non-participant observation. Based on the triangulation, the data was analy...

  14. Study of International Standards of Risk Management

    Directory of Open Access Journals (Sweden)

    Dykan Volodymyr L.

    2014-01-01

    Full Text Available The goal of the article lies in the study of existing international standards of risk management, an important factor of improvement of risk management in domestic corporations and enterprises and development of recommendations on application of international standards in Ukraine, in particular, within the framework of building corporate systems of risk management. The conducted study shows that approaches on organisation of the process of risk management, used in standards of risk management, are of general character and differ with the degree of detailing. Their undoubted value in development of risk management in Ukraine is identification of a general direction of building corporate systems of risk management in practice. The said approaches at the national and corporate levels of standardisation in Ukraine within the framework of building corporate systems of risk management would allow improvement of risk management in corporations and enterprises. The prospect of further studies of domestic specialists in the field of risk management is development of the domestic standard of risk management with consideration of modern domestic specific features of development of risk management in Ukraine and leading foreign experience.

  15. 12 CFR 932.1 - Risk management.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Risk management. 932.1 Section 932.1 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK RISK MANAGEMENT AND CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.1 Risk management. Before its new capital plan may...

  16. Ecosystem services in risk assessment and management. ...

    Science.gov (United States)

    The ecosystem services (ES) concept holds much promise for environmental decision making. Even so, the concept has yet to gain full traction in the decisions and policies of environmental agencies in the United States, Europe, and elsewhere. Here we examine the opportunities for and implications of including ES in risk assessments and the risk management decisions that they inform. We assert that use of ES will: 1) lead to more comprehensive environmental protection; 2) help to articulate the benefits of environmental decisions, policies, and actions; 3) better inform the derivation of environmental quality standards; 4) enable integration of human health and ecological risk assessment; and 5) facilitate horizontal integration of policies, regulations, and programs. We provide the technical basis and supporting rationale for each assertion, relying on examples taken from experiences in the United States and European Union. Specific recommendations are offered for use of ES in risk assessment and risk management, and issues and challenges to advancing use of ES are described along with some of the science needed to improve the value of the ES concept to environmental protection. This paper is one of 4 papers generated from the 2014 Pellston Workshop “Ecosystem Services, Environmental Stressors and Decision Making,” organized jointly by the Society of Environmental Toxicology and Chemistry and the Ecological Society of America. The main workshop objective was

  17. US PWR steam generator management: An overview

    Energy Technology Data Exchange (ETDEWEB)

    Welty, C.S. Jr. [Electric Power Research Institute, Palo Alto, CA (United States)

    1997-02-01

    This paper provides an overview on the status of steam generator management activities in US PWRs, and includes: (1) an overview of the impact of steam generator problems; (2) a brief discussion of historical damage trends and the current damage mechanism of most concern; (3) a discussion of the elements of {open_quotes}steam generator management{close_quotes}; and (4) a description of the approach being followed to implement a degradation-specific protocol for tubing inspection and repair. This paper was prepared in conjunction with another paper presented during the Plenary Session of this Conference, {open_quotes}Steam Generator Degradation: Current Mitigation Strategies for Controlling Corrosion{close_quotes}, and is provided as a supplement to that material.

  18. 42 CFR 441.476 - Risk management.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 4 2010-10-01 2010-10-01 false Risk management. 441.476 Section 441.476 Public... Self-Directed Personal Assistance Services Program § 441.476 Risk management. (a) The State must... plan for how identified risks will be mitigated. (d) The State must ensure that the risk...

  19. Morf - Towards Next Generation Digital Media Management

    Energy Technology Data Exchange (ETDEWEB)

    Almquist, Justin P.; Connell, Linda M.; Johns, Zoe C.; Dillon, Heather E.; Elliott, Geoffrey

    2005-07-27

    The Morf project is developing next generation digital media management technologies by incorporating features of traditional systems such as digital libraries, knowledge bases, and content management systems. In particular, Morf supports fine-grained content management by allowing text, graphics, or any media to be reused throughout the system, which creates for a ?change once, permeate everywhere? environment. Additionally, Morf provides searching and browsing capabilities of multiple media types across internal and external content. This paper describes the requirements, design, and implementation of Morf and presents three web tools currently driven by the Morf platform.

  20. Spreadsheet Risk Management in Organisations

    CERN Document Server

    Rittweger, Ben G

    2010-01-01

    The paper examines in the context of financial reporting, the controls that organisations have in place to manage spreadsheet risk and errors. There has been widespread research conducted in this area, both in Ireland and internationally. This paper describes a study involving 19 participants (2 case studies and 17 by survey) from Ireland. Three areas are examined; firstly, the extent of spreadsheet usage, secondly, the level of complexity employed in spreadsheets, and finally, the controls in place regarding spreadsheets. The findings support previous findings of Panko (1998), that errors occur frequently in spreadsheets and that there is little or unenforced controls employed, however this research finds that attitudes are changing with regard to spreadsheet risk and that one organisation is implementing a comprehensive project regarding policies on the development and control of spreadsheets. Further research could be undertaken in the future to examine the development of a "best practice model" both for t...

  1. Osteoporosis screening and risk management

    Directory of Open Access Journals (Sweden)

    Consuelo H Wilkins

    2007-10-01

    Full Text Available Consuelo H WilkinsDepartment of Medicine, Division of Geriatrics and Nutritional Science, Washington University School of Medicine, St. Louis, MO, USAAbstract: Osteoporosis is common among older adults and results in costly osteoporotic fractures. Screening for this metabolic bone disorder is warranted in most older adults and clinicians must be diligent in identifying persons at risk. The evaluation should include an assessment of risk factors for falls, a bone density test, and consideration of possible secondary causes of osteoporosis. Several medications are available to improve bone density and decrease fractures. Adequate calcium and vitamin D intake (and treatment of vitamin D deficiency are paramount in the management of osteoporosis.Keywords: Osteoporosis, Fractures, Vitamin D

  2. Integrated Foreign Exchange Risk Management

    DEFF Research Database (Denmark)

    Aabo, Tom; Høg, Esben; Kuhn, Jochen

    Empirical research has focused on export as a proxy for the exchange rate exposure and the use of foreign exchange derivatives as the instrument to deal with this exposure. This empirical study applies an integrated foreign exchange risk management approach with a particular focus on the role...... of import in medium-sized, manufacturing firms in Denmark (a small, open economy). We find a strong, negative relation between import and foreign exchange derivatives usage on the aggregate level. Our findings are consistent with the notion that firms use import to match the foreign exchange exposure...... created by foreign sales activities....

  3. Integrated Foreign Exchange Risk Management

    DEFF Research Database (Denmark)

    Aabo, Tom; Høg, Esben; Kuhn, Jochen

    Empirical research has focused on export as a proxy for the exchange rate exposure and the use of foreign exchange derivatives as the instrument to deal with this exposure. This empirical study applies an integrated foreign exchange risk management approach with a particular focus on the role...... of import in medium-sized, manufacturing firms in Denmark (a small, open economy). We find a strong, negative relation between import and foreign exchange derivatives usage on the aggregate level. Our findings are consistent with the notion that firms use import to match the foreign exchange exposure...

  4. The necessity of operational risk management and quantification

    Directory of Open Access Journals (Sweden)

    Barbu Teodora Cristina

    2008-04-01

    Full Text Available Beginning with the fact that performant strategies of the financial institutions have programmes and management procedures for the banking risks, which have as main objective to minimize the probability of risk generation and the bank’s potential exposure, this paper wants to present the operational risk management and quantification methods. Also it presents the modality of minimum capital requirement for the operational risk. Therefore, the first part presents the conceptual approach of the operational risks through the point of view of the financial institutions exposed to this type of risk. The second part describes the management and evaluation methods for the operational risk. The final part of this article presents the approach assumed by a financial institution with a precise purpose: the quantification of the minimum capital requirements of the operational risk.

  5. Enterprise Content Management Implementation and Risk

    Directory of Open Access Journals (Sweden)

    Jaroslava Klegová

    2015-01-01

    Full Text Available Enterprise Content Management (ECM solutions are commonly used in many areas such as document management, record management, digital asset management, etc. Key features of ECM systems are capturing, indexing, preserving and retrieving of digital information. The state-of-the- art ECM solution can help revolutionize document management and further automated business processes which can lead to better decisions and competitive advantage. Risk management can reduce project failure and that is why controlling risk in ECM implementation projects is considered to be a major contributor to project success. To manage software risk, the first step is to identify a list of ECM projects’ risks. The present paper provides an overview of ECM implementation risks and contains findings from a small survey on experience of ECM implementation and risk in Czech enterprises. Risk of implementation in the public sector is discussed more deeply with case study examples.

  6. Calysto: Risk Management for Commercial Manned Spaceflight

    Science.gov (United States)

    Dillaman, Gary

    2012-01-01

    The Calysto: Risk Management for Commercial Manned Spaceflight study analyzes risk management in large enterprises and how to effectively communicate risks across organizations. The Calysto Risk Management tool developed by NASA's Kennedy Space Center's SharePoint team is used and referenced throughout the study. Calysto is a web-base tool built on Microsoft's SharePoint platform. The risk management process at NASA is examined and incorporated in the study. Using risk management standards from industry and specific organizations at the Kennedy Space Center, three methods of communicating and elevating risk are examined. Each method describes details of the effectiveness and plausibility of using the method in the Calysto Risk Management Tool. At the end of the study suggestions are made for future renditions of Calysto.

  7. Records management and risk management at Kenya Commercial Bank Limited, Nairobi

    Directory of Open Access Journals (Sweden)

    Cleophas Ambira

    2011-03-01

    Full Text Available Background: This paper reported empirical research findings of an MPhil in Information Sciences (Records and Archives Management study conducted at Moi University in Eldoret, Kenya between September 2007 and July 2009.Objectives: The aim of the study was to investigate records management and risk management at Kenya Commercial Bank (KCB Ltd, in the Nairobi area and propose recommendations to enhance the functions of records and risk management at KCB. The specific objectives of the study were to, (1 establish the nature and type of risks to which KCB is exposed, (2 conduct business process analysis and identify the records generated by KCB, (3 establish the extent to which records management is emphasised within KCB as a tool to managing risk, (4 identify which vital records of KCB need protection because of their nature and value to the bank and (5 make recommendations to enhance current records management practices to support the function of risk management in KCB.Method: The study was qualitative. Data were collected through face-to-face interviews. The theoretical framework of the study involved triangulation of the records continuum model by Frank Upward (1980 and the integrated risk management model by the Government of Canada (2000.Results: The key findings of the study were, (1 KCB is exposed to a wide range of risks by virtue of its business, (2 KCB generates a lot of records in the course of its business activities and (3 there are inadequate records management practices and systems, the lack of which undermines the risk management function.Conclusion: The findings of this study have revealed the need to strengthen records management as a critical success factor in risk mitigation within KCB and, by extension, the Kenyan banking industry. A records management model was proposed to guide the management of records within an enterprise-wide risk management framework in the bank.

  8. PLANNING AND MANAGING VIRTUALIZED NEXT GENERATION NETWORKS

    Directory of Open Access Journals (Sweden)

    Sukant K. Mohapatra

    2015-11-01

    Full Text Available Service convergence, content digitization, rapid and flexible service delivery, reduction of capital and operating costs, economies of scale, changes in telecom policy and regulation, and ever increasing competition have been key factors in the evolution of virtualized Next Generation Networks (vNGN. IPcentric converged networks aim to provide a multitude of services over a single network infrastructure. Tremendous success and benefit of server virtualization in data centers is driving the adaption of network virtualization. Network virtualization is applicable to enterprise data center, and enterprise as well as wide area networks. The focus of this paper is network virtualization aspects of service providers’ next generation network. The key factors for moving to virtualized network is optimal use and sharing of network infrastructure even among competitive service providers, programmability of network and rapid introduction of new service and standard based on open platform rather than proprietary implementation. Evolving Software Defined Network (SDN and Network Function Virtualization (NFV shall enable common network infrastructure sharing, control, and management at a higher layer thus making network devices more generic and less intelligent, thus enabling cost competitiveness and quick service delivery. Network virtualization shall enable key benefits such as lower cost, flexibility, efficiency, and security, However, the deployment of virtualized next generation networks has brought its unique challenges for network managers and planners, as the network has to be planned in a comprehensive way with effective management of virtual network elements, its correlation with physical infrastructure and monitoring of control functions and server platforms. This paper discusses generic next generation network, its virtualization, and addresses the challenges related to the planning and managing of virtualized next generation networks. This

  9. Managing project risks and uncertainties

    Directory of Open Access Journals (Sweden)

    Mike Mentis

    2015-01-01

    Full Text Available This article considers threats to a project slipping on budget, schedule and fit-for-purpose. Threat is used here as the collective for risks (quantifiable bad things that can happen and uncertainties (poorly or not quantifiable bad possible events. Based on experience with projects in developing countries this review considers that (a project slippage is due to uncertainties rather than risks, (b while eventuation of some bad things is beyond control, managed execution and oversight are still the primary means to keeping within budget, on time and fit-for-purpose, (c improving project delivery is less about bigger and more complex and more about coordinated focus, effectiveness and developing thought-out heuristics, and (d projects take longer and cost more partly because threat identification is inaccurate, the scope of identified threats is too narrow, and the threat assessment product is not integrated into overall project decision-making and execution. Almost by definition, what is poorly known is likely to cause problems. Yet it is not just the unquantifiability and intangibility of uncertainties causing project slippage, but that they are insufficiently taken into account in project planning and execution that cause budget and time overruns. Improving project performance requires purpose-driven and managed deployment of scarce seasoned professionals. This can be aided with independent oversight by deeply experienced panelists who contribute technical insights and can potentially show that diligence is seen to be done.

  10. CREDIT RISK MANAGEMENT IN THE COMMERCIAL BANKS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Mihaela SUDACEVSCHI

    2014-04-01

    Full Text Available Credit risk is one of the main risks faced by a bank. This kind of risk is generated by the crediting activity of the clients. To manage the credit risk, banks should identify the sources of the risk and to monitor their exposures. These activities mean a better knowledge of the existing and potential clients and their financial situations, by implementing new scoring methods. Also, to avoid the credit risk or to reduce losses, the banks could increase the value of guarantees required in regular credit activities, their periodically reassessment and the periodical analysis of the ability of customers to generate cash flows (for corporate clients and get constant income (for retail customers to provide repayment of credits. This paper aims to prevent and to analyze several measures of credit risk management and it assume that banks on the Romanian banking market and to identify some indices used for customers analysis.

  11. Integrated Risk and Knowledge Management Program -- IRKM-P

    Science.gov (United States)

    Lengyel, David M.

    2009-01-01

    The NASA Exploration Systems Mission Directorate (ESMD) IRKM-P tightly couples risk management and knowledge management processes and tools to produce an effective "modern" work environment. IRKM-P objectives include: (1) to learn lessons from past and current programs (Apollo, Space Shuttle, and the International Space Station); (2) to generate and share new engineering design, operations, and management best practices through preexisting Continuous Risk Management (CRM) procedures and knowledge-management practices; and (3) to infuse those lessons and best practices into current activities. The conceptual framework of the IRKM-P is based on the assumption that risks highlight potential knowledge gaps that might be mitigated through one or more knowledge management practices or artifacts. These same risks also serve as cues for collection of knowledge particularly, knowledge of technical or programmatic challenges that might recur.

  12. Acquisition Program Risk Management: Does the Department of Defense Risk Management Practices Guide Provide an Effective Risk Tool for Program Managers in Today’s Acquisition Environment?

    Science.gov (United States)

    2012-05-01

    Management Definition ........................................................................................... 32 Table 16. Risk Management Tracking...Other (please specify) 5 Table 15. Risk Management Definition Question 7: Does your Program Office or Risk Management IPT track risks for cost...aligned to collect information on program risk definition. Question 6 was designed to collect information on risk management definition . Participants

  13. Contradictions Between Risk Management and Sustainable Development

    Energy Technology Data Exchange (ETDEWEB)

    Olsen, Odd Einar; Langhelle, Oluf; Engen, Ole A. [Univ. of Stavanger (Norway). Dept. of Media, Culture and Social Science

    2006-09-15

    The aim of this paper is to discuss how risk management as a methodology and mindset influence on priorities and decisions concerning sustainable development. Management of risks and hazards often rely on partial analysis with a limited time frame. This may lead to a paradoxical situation where risk management and extended use of risk analysis could hamper long term sustainable development. The question is: Does the use of risk and vulnerability analysis (RaV-analysis) hamper or contribute to sustainable development? Because risk management and assessment has a more narrow scope and a limited time perspective based on well established methodologies, the tangible impacts of risk reducing measures in a project is easier to calculate than long-term and intangible impacts on global development. Empirical evidence is still scarce, but our preliminary conclusion is that mainstream risk management and assessments is counterproductive to sustainable development.

  14. Risk management in the construction industry: a new literature review

    Directory of Open Access Journals (Sweden)

    Renault Berenger Y.

    2016-01-01

    Full Text Available The construction industry is well known as a highly risk prone industry owing to the complexity of its activities and dynamic project environments generating an atmosphere of risks that must be taken into consideration in the decision process. For this reason, we have developed this treatise to elucidate the fundamentals of risk management through a concise new proposal of literature review for risk management in construction. Our explanation of this is venture is that over the years, this area has been acknowledged as a crucial process in the business institutions and the most discussed subject among experts and researchers in the construction sector. We have tried in this report to present the most recent studies considering the impossibility to present all definitions of the concept of risk. This study is mainly a literature review; it looks at the literature relating to the concept of risk, risk management in construction as well as methods used in construction industry.

  15. Cattle farmers’ perceptions of risk and risk management strategies

    DEFF Research Database (Denmark)

    Bishu, Kinfe G.; O'Reilly, Seamus; Lahiff, Edward

    2017-01-01

    This study analyzes cattle farmers’ perceptions of risk and risk management strategies in Tigray, Northern Ethiopia. We use survey data from a sample of 356 farmers based on multistage random sampling. Factor analysis is employed to classify scores of risk and management strategies, and multiple...... utilization were perceived as the most important strategies for managing risks. Livestock disease and labor shortage were perceived as less of a risk by farmers who adopted the practice of zero grazing compared to other farmers, pointing to the potential of this practice for risk reduction. We find strong...... evidence that farmers engage in multiple risk management practices in order to reduce losses from cattle morbidity and mortality. The results suggest that government strategies that aim at reducing farmers’ risk need to be tailored to specific farm and farmer characteristics. Findings from this study have...

  16. Cattle farmers’ perceptions of risk and risk management strategies

    DEFF Research Database (Denmark)

    Bishu, Kinfe G.; O'Reilly, Seamus; Lahiff, Edward

    2017-01-01

    This study analyzes cattle farmers’ perceptions of risk and risk management strategies in Tigray, Northern Ethiopia. We use survey data from a sample of 356 farmers based on multistage random sampling. Factor analysis is employed to classify scores of risk and management strategies, and multiple...... utilization were perceived as the most important strategies for managing risks. Livestock disease and labor shortage were perceived as less of a risk by farmers who adopted the practice of zero grazing compared to other farmers, pointing to the potential of this practice for risk reduction. We find strong...... evidence that farmers engage in multiple risk management practices in order to reduce losses from cattle morbidity and mortality. The results suggest that government strategies that aim at reducing farmers’ risk need to be tailored to specific farm and farmer characteristics. Findings from this study have...

  17. Risk management with options and futures under liquidity risk

    OpenAIRE

    Adam-Müller, A F A; Panaretou, A

    2009-01-01

    Futures hedging creates liquidity risk through marking to market. Liquidity risk matters if interim losses on a futures position have to be financed at a markup over the risk-free rate. This study analyzes the optimal risk management and production decisions of a firm facing joint price and liquidity risk. It provides a rationale for the use of options on futures in imperfect capital markets. If liquidity risk materializes, the firm sells options on futures in order to partly cover this liqui...

  18. Risk Management and Financial Derivatives: An Overview

    NARCIS (Netherlands)

    S.M. Hammoudeh (Shawkat); M.J. McAleer (Michael)

    2012-01-01

    textabstractRisk management is crucial for optimal portfolio management. One of the fastest growing areas in empirical finance is the expansion of financial derivatives. The purpose of this special issue on “Risk Management and Financial Derivatives” is to highlight some areas in which novel econome

  19. Manejo de riesgo (Risk Management). ERIC Digest.

    Science.gov (United States)

    Gaustad, Joan

    The ordinary conduct of school business is accompanied today by risks that were rare or unknown a few decades ago. This ERIC Digest in Spanish discusses how risk management, a concept long used by corporate decision makers, can help school boards and administrators conserve their districts' assets. Risk management is a coordinated effort to…

  20. Active Risk Management and Banking Stability

    NARCIS (Netherlands)

    Silva Buston, C.F.

    2013-01-01

    Abstract: This paper analyzes the net impact of two opposing effects of active risk management at banks on their stability: higher risk-taking incentives and better isolation of credit supply from varying economic conditions. We present a model where banks actively manage their portfolio risk by buy

  1. Risk Management. ERIC Digest, Number 86.

    Science.gov (United States)

    Gaustad, Joan

    The ordinary conduct of school business is accompanied today by risks that were rare or unknown a few decades ago. This ERIC Digest discusses how risk management, a concept long used by corporate decision makers, can help school boards and administrators conserve their districts' assets. Risk management is a coordinated effort to protect an…

  2. Active Risk Management and Banking Stability

    NARCIS (Netherlands)

    Silva Buston, C.F.

    2013-01-01

    Abstract: This paper analyzes the net impact of two opposing effects of active risk management at banks on their stability: higher risk-taking incentives and better isolation of credit supply from varying economic conditions. We present a model where banks actively manage their portfolio risk by

  3. Information risk management a practitioner's guide

    CERN Document Server

    Sutton, David

    2014-01-01

    Information risk management (IRM) is about identifying, assessing and prioritising risks to keep information secure and available. This accessible book provides practical guidance to the principles and development of a strategic approach to an IRM programme. The only textbook for the BCS Practitioner Certificate in Information Risk Management.

  4. Analysis of foreign schools of risk management

    Directory of Open Access Journals (Sweden)

    I.M. Posokhov

    2013-12-01

    Full Text Available The aim of the article. The aim of the article is to study the scientific development of foreign scientific schools of risk management and analysis of their main publications; the allocation of foreign scientific schools of risk management. The results of the analysis. Research of modern risk management is carried out leading foreign schools. The most famous school in the theory of financial risk and risk management is American school. Among its current members are D. Galai, H. Greuning, A. Damodaran, P. Jorion, J. Kallman, M. Crouhy, M. Mccarthy, R. Mark, T. Flynn and other scientists. Important contribution to the development of the theory and practice of risk management made British scientists and economists – the representatives of English Schools of Risk Management: T. Andersen, T. Bedford, A. Griffin, A. Zaman, R. Cooke, P. Sweeting, P. Hopkin, a German P. Schroder and others. A significant advance to the theory of risk management of German scientific school, based on the classic work of Zadeh has received significant results of the risk assessment using fuzzy logic and fuzzy sets. Graduate School of Risk Management of the University of Cologne is training and research group funded by the German Research Foundation (DFG under the project «Theoretical and Empirical Basis of Risk Management». The aim of Graduate School of Risk Management is to promote young scientists. The school risk management of the University of Cologne outstanding research conducted by German and foreign professors, such as: K. Mosler, A. Kempf, C. Kuhner, T. Hartmann-Wendels, C. Homburg, D. Hess, D. Sliwka, F. Schmid, H. Schradin. The author noted the existence and fruitful work in the capital of Switzerland Laboratory of risk management (Risk Lab Switzerland and its leading scientists: P. Embrechts, A. Gisler, M. Wüthrich, H. Bühlmann, V. Bignozzi, M. Hofert, P. Deprez, and the Basel Committee on banking supervision – Developer international standards of Basel

  5. Identifying risks in the realm of enterprise risk management.

    Science.gov (United States)

    Carroll, Roberta

    2016-01-01

    An enterprise risk management (ERM) discipline is comprehensive and organization-wide. The effectiveness of ERM is governed in part by the strength and breadth of its practices and processes. An essential element in decision making is a thorough process by which organizational risks and value opportunities can be identified. This article will offer identification techniques that go beyond those used in traditional risk management programs and demonstrate how these techniques can be used to identify risks and opportunity in the ERM environment.

  6. UK Oil and Gas Industry: Risks and Risk Management

    OpenAIRE

    2013-01-01

    Oil and gas industry is a developing industry, which faces multiple risks. A brief review of the industry is presented, followed by an overview of the risk management. A literature review which includes empirical studies and theories is provided. The purpose of this paper is the identification and quantification of risks in oil and gas industry. Also the impact of the existing risk management on the performance and value of the firms is examined. The data for the research were collected fro...

  7. WAYS TO IMPROVE RISK MANAGEMENT IN COMPLEX PROJECTS

    Directory of Open Access Journals (Sweden)

    Emilia IORDACHE

    2012-01-01

    Full Text Available Risk is present in all human activities; it can be associated with health, security, economy or environment. The goal of risk management is to control, prevent or decrease potential damages. Technically speaking, risk management means all the activities coordinated so as to orient and monitor an organization from the risk perspective. Risk management helps formulate the most adequate decisions by taking account of uncertainties and their effects upon the accomplishment of proposed goals, and argues the need to lay down and implement coercive, preventive actions typical of the management of a company. The benefits of good risk management and also the consequences of bad management shall undoubtedly be felt by an organization’s board, employees, shareholders, customers as well as by all other entities concerned with organizational performance. Projects generally include a number of risks in common with those in business as well as certain typical ones. In complex projects, it is this very feature – complexity – which generates the need to implement risk management for the purpose to diminish, remove, and monitor the risks which can influence the development of a project.

  8. Networked Risk Management : How to successfully manage risks in hyperconnected value networks

    NARCIS (Netherlands)

    Joosten, H.J.M.; Smulders, A.C.M.

    2014-01-01

    Networked Risk Management (NRM) is a methodology aimed at managing dynamic risks. The methodology facilitates the mind shift from risk management to success governance. The result is an accountable prioritisation of risks that could lead to being unsuccessful. NRM is applicable in combination with e

  9. Strategies for successful software development risk management

    Directory of Open Access Journals (Sweden)

    Marija Boban

    2003-01-01

    Full Text Available Nowadays, software is becoming a major part of enterprise business. Software development is activity connected with advanced technology and high level of knowledge. Risks on software development projects must be successfully mitigated to produce successful software systems. Lack of a defined approach to risk management is one of the common causes for project failures. To improve project chances for success, this work investigates common risk impact areas to perceive a foundation that can be used to define a common approach to software risk management. Based on typical risk impact areas on software development projects, we propose three risk management strategies suitable for a broad area of enterprises and software development projects with different amounts of connected risks. Proposed strategies define activities that should be performed for successful risk management, the one that will enable software development projects to perceive risks as soon as possible and to solve problems connected with risk materialization. We also propose a risk-based approach to software development planning and risk management as attempts to address and retire the highest impact risks as early as possible in the development process. Proposed strategies should improve risk management on software development projects and help create a successful software solution.

  10. Hybrid Risk Management Methodology: A Case Study

    Directory of Open Access Journals (Sweden)

    Jacky Siu-Lun Ting

    2009-10-01

    Full Text Available Risk management is a decision-making process involving considerations of political, social, economic and engineering factors with relevant risk assessments relating to a potential hazard. In the last decade, a number of risk management tools are introduced and employed to manage and minimize the uncertainty and threats realization to the organizations. However, the focus of these methodologies are different; in which companies need to adopt various risk management principles to visualize a full picture of the organizational risk level. Regarding to this, this paper presents a new approach of risk management that integrates Hierarchical Holographic Modeling (HHM, Enterprise Risk Management (ERM and Business Recovery Planning (BCP for identifying and assessing risks as well as managing the consequences of realized residual risks. To illustrate the procedures of the proposed methodology, a logistic company ABC Limited is chosen to serve as a case study Through applying HHM and ERM to investigate and assess the risk, ABC Limited can be better evaluated the potential risks and then took the responsive actions (e.g. BCP to handle the risks and crisis in near future.

  11. Managing Risk in Hodgkin Lymphoma.

    Science.gov (United States)

    Armitage, James O; Chen, Robert W; Moskowitz, Craig H; Sweetenham, John

    2015-02-01

    Approximately 90% of patients with limited-stage Hodgkin lymphoma are cured. The cure rate in advanced-stage Hodgkin lymphoma is dramatically better than it once was, but it is still lower than the rate in patients with limited disease. The choice of treatment is based on several factors, including symptoms, disease stage, extent of tumor burden, and prognosis. Positron emission tomography scanning can be used to assess the patient's stage of disease, which can allow further individualization of therapy. Traditional frontline treatment options include doxorubicin, bleomycin, vinblastine, and dacarbazine (ABVD) and, for high-risk patients, bleomycin, etoposide, doxorubicin, cyclophosphamide, vincristine, procarbazine, and prednisone (BEACOPP). Autologous stem cell transplantation cures approximately 50% of patients. The antibody-drug conjugate brentuximab vedotin is very active in relapsed/refractory Hodgkin lymphoma. Data presented at the 2014 meeting of the American Society of Hematology (ASH) showed that brentuximab vedotin was beneficial in several settings, including as consolidation therapy posttransplant in patients at high risk for relapse, as first-line salvage therapy in relapsed/refractory Hodgkin lymphoma prior to autologous hematopoietic cell transplantation, and in combination with bendamustine in relapsed/refractory disease. The ASH meeting also offered promising data on novel agents, such as the programmed cell death 1 (PD-1) inhibitors. In this monograph, 4 experts in the management of Hodgkin lymphoma discuss various aspects of the disease and provide their perspectives on the new data presented at the ASH meeting.

  12. Critical Success Factors for Risk Management Systems

    OpenAIRE

    Yaraghi, Niam

    2009-01-01

    Despite the existence of extensive literature regarding risk management, there still seems to be lack of knowledge in identification of Critical Success Factors (CSFs) in this area. In this research Grounded Theory is implemented to identify CSFs in Risk Management Systems (RMS). Factor analysis and one-sample t-test are then used to refine and rank the CSFs based on the results of a survey which has been performed among Risk Management practitioners in various types of Swedish corporations. ...

  13. Highly Enhanced Risk Management Emergency Satellite

    DEFF Research Database (Denmark)

    Dalmeir, Michael; Gataullin, Yunir; Indrajit, Agung

    HERMES (Highly Enhanced Risk Management Emergency Satellite) is potential European satellite mission for global flood management, being implemented by Technical University Munich and European Space Agency. With its main instrument - a reliable and precise Synthetic Aperture Radar (SAR) antenna...

  14. RISK MANAGEMENT MECHANISM OF GRAIN PROCESSING ENTERPRISES

    Directory of Open Access Journals (Sweden)

    I. P. Bogomolova

    2013-01-01

    Full Text Available In article the main characteristics of a control system by risks (the purpose, properties, the principles, requirements are defined, and also the possible mechanism of risk management of the flour-grinding enterprises is considered.

  15. Supply chain risk management; Lieferung mit Risiko

    Energy Technology Data Exchange (ETDEWEB)

    Kersten, Wolfgang; Hohrath, Philipp [Technische Univ. Hamburg-Harburg, Hamburg (Germany). Inst. fuer Logistik und Unternehmensfuehrung; Scholl, Jan [Pleyma GmbH, Hamburg (Germany)

    2010-03-15

    In spite of the high risk involved, about 40 percent of all wind power systems do not have a supply chain risk management. This is due to the supply structures of this relatively young industry. (orig.)

  16. Best practice of nurse managers in risk management

    Directory of Open Access Journals (Sweden)

    Veridiana Tavares Costa

    2013-09-01

    Full Text Available OBJECTIVE: to identify the actions, undertaken by nurse managers in a risk management program, considered as best practice. METHOD: a case study undertaken in a private hospital in the south of Brazil. A risk manager and nurse managers working in a risk management program participated in this study. The data was collected between May and September 2011 through analysis of documents, semi-structured interviews and non-participant observation. Based on the triangulation, the data was analyzed through practical measures. RESULTS: educational actions, the critical analysis of the context, and the multiple dimensions of the management were evidenced as best practice. CONCLUSIONS: the broadening of understanding regarding risk management best practice offers further support for nurse managers to achieve excellence in their actions and thus provide safe and quality care.

  17. Best practice of nurse managers in risk management.

    Science.gov (United States)

    Costa, Veridiana Tavares; Meirelles, Betina Hörner Schlindwein; Erdmann, Alacoque Lorenzini

    2013-01-01

    To identify the actions, undertaken by nurse managers in a risk management program, considered as best practice. A case study undertaken in a private hospital in the south of Brazil. A risk manager and nurse managers working in a risk management program participated in this study. The data was collected between May and September 2011 through analysis of documents, semi-structured interviews and non-participant observation. Based on the triangulation, the data was analyzed through practical measures. Educational actions, the critical analysis of the context, and the multiple dimensions of the management were evidenced as best practice. The broadening of understanding regarding risk management best practice offers further support for nurse managers to achieve excellence in their actions and thus provide safe and quality care.

  18. Educational Risk Management: Eliminate, Assume, or Transfer.

    Science.gov (United States)

    Shoop, Robert J.; Dunklee, Dennis R.

    1989-01-01

    An Educational Risk Management Plan (ERMP) should be incorporated throughout every school district. Discusses property and liability insurance classifications and features of a good ERMP. (12 references) (MLF)

  19. Business resilience: Reframing healthcare risk management.

    Science.gov (United States)

    Simeone, Cynthia L

    2015-09-01

    The responsibility of risk management in healthcare is fractured, with multiple stakeholders. Most hospitals and healthcare systems do not have a fully integrated risk management system that spans the entire organizational and operational structure for the delivery of key services. This article provides insight toward utilizing a comprehensive Business Resilience program and associated methodology to understand and manage organizational risk leading to organizational effectiveness and operational efficiencies, with the fringe benefit of realizing sustainable operational capability during adverse conditions. © 2015 American Society for Healthcare Risk Management of the American Hospital Association.

  20. RISK MANAGEMENT TOOLS IN PRECISION AGRICULTURE

    OpenAIRE

    Powers, Laura; Dillon, Carl R.; Isaacs, Steven G.; Shearer, Scott A.

    2003-01-01

    The objective of this project is to develop economic, risk management decision aids for precision agriculture practitioners to identify temporal risk spatially from production. Break-even analysis, coefficient of variation and a mean variance framework are used to identify risk. An interpretation of the resulting risk maps will also be presented.

  1. THE ANALYSIS OF RISK MANAGEMENT PROCESS WITHIN MANAGEMENT

    Directory of Open Access Journals (Sweden)

    ROMANESCU MARCEL LAURENTIU

    2016-10-01

    Full Text Available This article highlights the risk analysis within management, focusing on how a company could practicaly integrate the risks management in the existing leading process. Subsequently, it is exemplified the way of manage risk effectively, which gives numerous advantages to all firms, including improving their decision-making process. All these lead to the conclusion that the degree of risk specific to companies is very high, but if managers make the best decisions then it can diminish it and all business activitiy and its income are not influenced by factors that could disturb in a negative way .

  2. Risk Management for the International Space Station

    Science.gov (United States)

    Sebastian, J.; Brezovic, Philip

    2002-01-01

    The International Space Station (ISS) is an extremely complex system, both technically and programmatically. The Space Station must support a wide range of payloads and missions. It must be launched in numerous launch packages and be safely assembled and operated in the harsh environment of space. It is being designed and manufactured by many organizations, including the prime contractor, Boeing, the NASA institutions, and international partners and their contractors. Finally, the ISS has multiple customers, (e.g., the Administration, Congress, users, public, international partners, etc.) with contrasting needs and constraints. It is the ISS Risk Management Office strategy to proactively and systematically manages risks to help ensure ISS Program success. ISS program follows integrated risk management process (both quantitative and qualitative) and is integrated into ISS project management. The process and tools are simple and seamless and permeate to the lowest levels (at a level where effective management can be realized) and follows the continuous risk management methodology. The risk process assesses continually what could go wrong (risks), determine which risks need to be managed, implement strategies to deal with those risks, and measure effectiveness of the implemented strategies. The process integrates all facets of risk including cost, schedule and technical aspects. Support analysis risk tools like PRA are used to support programatic decisions and assist in analyzing risks.

  3. RISK MANAGEMENT IN THE ELECTRONIC BUSINESS

    OpenAIRE

    Georgeta Soava

    2016-01-01

    Risk should not be understood as a destructive phenomenon, but bear in mind that managers who know how to use it can lead to real opportunities. Manager must first recognize the existence of risk, namely to identify and then use specific methods to avoid or reduce the risk. The purpose of this paper is to enter the world, at all simple, of risk management, relatively easy concept to understand but not so easy to put into practice. Of course, the approach relates primarily at the risks i...

  4. Risk management method for small photovoltaic plants

    Directory of Open Access Journals (Sweden)

    Kirova Milena

    2016-09-01

    Full Text Available Risk management is necessary for achieving the goals of the organization. There are many methods, approaches, and instruments in the literature concerning risk management. However, these are often highly specialized and transferring them to a different field can prove difficult. Therefore, managers often face situations where they have no tools to use for risk management. This is the case with small photovoltaic plants (according to a definition by the Bulgarian State Energy and Water Regulatory Commission small applies to systems with a total installed power of 200 kWp. There are some good practices in the energy field for minimizing risks, but they offer only partial risk prevention and are not sufficient. Therefore a new risk management method needs to be introduced. Small photovoltaic plants offer plenty of advantages in comparison to the other renewable energy sources which makes risk management in their case more important. There is no classification of risks for the exploitation of small photovoltaic systems in the available literature as well as to what degree the damages from those risks could spread. This makes risk analysis and evaluation necessary for obtaining information which could aid taking decisions for improving risk management. The owner of the invested capital takes a decision regarding the degree of acceptable risk for his organization and it must be protected depending on the goals set. Investors in small photovoltaic systems need to decide to what degree the existing risks can influence the goals previously set, the payback of the investment, and what is the acceptable level of damages for the investor. The purpose of this work is to present a risk management method, which currently does not exist in the Bulgaria, so that the risks and the damages that could occur during the exploitation of small photovoltaic plants could be identified and the investment in such technology – justified.

  5. Corporate Risk Management in Slovenian Firms

    Directory of Open Access Journals (Sweden)

    Aleš S. Berk

    2009-09-01

    Full Text Available In today’s competitive environment the modern firm increasingly focuses on identifying, measuring and managing various risk exposures. Risk management is interwoven with the firm’s business strategy and impacts considerably on its competitive position. Thus, management should develop an integrated approach to address it. Although hedging using derivatives accounts for just one part of such an approach, the article solely covers financial risk management using derivatives. Namely, it is found that even Slovenian blue-chip firms still have room to improve as they have only recently started to use derivatives. The article reviews some of the most interesting characteristics and practices of modern Slovenian financial risk management departments and provides a practically oriented case-study which describes the important steps a risk manager must take to hedge commodity price exposure.

  6. Feedback on flood risk management

    Science.gov (United States)

    Moreau, K.; Roumagnac, A.

    2009-09-01

    For several years, as floods were increasing in South of France, local communities felt deprive to assume their mission of protection and information of citizens, and were looking for assistance in flood management. In term of flood disaster, the fact is that physical protection is necessary but inevitably limited. Tools and structures of assistance to anticipation remain slightly developed. To manage repeated crisis, local authorities need to be able to base their policy against flood on prevention, warnings, post-crisis analysis and feedback from former experience. In this objective, after 3 years of test and improvement since 2003, the initiative Predict-Services was developped in South of France: it aims at helping communities and companies to face repeated flood crisis. The principle is to prepare emergency plans, to organize crisis management and reduce risks; to help and assist communities and companies during crisis to activate and adapt their emergency plans with enough of anticipation; and to analyse floods effects and improve emergency plans afterwards. In order to reduce risks, and to keep the benefits of such an initiative, local communities and companies have to maintain the awareness of risk of the citizens and employees. They also have to maintain their safety plans to keep them constantly operational. This is a part of the message relayed. Companies, Local communities, local government authorities and basin stakeholders are the decision makers. Companies and local communities have to involve themselves in the elaboration of safety plans. They are also completely involved in their activation that is their own responsability. This applies to other local government authorities, like districts one's and basin stakeholders, which participle in the financing community safety plans and adminitrative district which are responsible of the transmission of meteorological alert and of rescue actions. In the crossing of the géo-information stemming from the

  7. Managing Risk Areas in Software Development Offshoring

    DEFF Research Database (Denmark)

    Persson, John Stouby; Schlichter, Bjarne Rerup

    2015-01-01

    Software companies are increasingly offshoring development to countries with high expertise at lower cost. Offshoring involves particular risk areas that if ignored increase the likelihood of failure. However, the offshoring client’s maturity level may influence the management of these risk areas....... Against this backdrop, we present an interpretive case study of how managers perceive and mitigate the risk areas in software development offshoring with a mature CMMI level 5 (Capability Maturity Model, Integrated) software company as the client. We find that managers perceive and mitigate most...... of the offshoring risk areas in accordance with the findings of previous research. However, the risk area of task distribution is a notable exception. In this case, managers perceive high task uncertainty, equivocality, and coupling across sites as risk mitigation rather than risk taking. The paper discusses how...

  8. Working group 7: pipeline risk management

    Energy Technology Data Exchange (ETDEWEB)

    Kariyawasam, Shahani; Weir, David

    2011-07-01

    This seventh working group of the Banff 2011 conference provided an understanding of risk management process in the pipeline industry, including system-wide risk assessment, risk based integrity systems and risk control techniques. The presentations furnished a basis on which to discuss programs, processes and procedures including reliability based decision support and performance measures that support a company's risk management policy. This workshop was divided into three sessions. The first session focused on the comparison between reliability methods and conventional deterministic methods in terms of accuracy, simplicity and sensitivity. Next, the importance of low probability high consequence events and the processes to prevent them were discussed. The last session discussed the consequences of management processes on failures and risks. The debates following these presentations tried to identify the best management practices to reduce risks, and the regulations and requirements to develop.

  9. Data Management in Metagenomics: A Risk Management Approach

    Directory of Open Access Journals (Sweden)

    Filipe Ferreira

    2014-07-01

    Full Text Available In eScience, where vast data collections are processed in scientific workflows, new risks and challenges are emerging. Those challenges are changing the eScience paradigm, mainly regarding digital preservation and scientific workflows. To address specific concerns with data management in these scenarios, the concept of the Data Management Plan was established, serving as a tool for enabling digital preservation in eScience research projects. We claim risk management can be jointly used with a Data Management Plan, so new risks and challenges can be easily tackled. Therefore, we propose an analysis process for eScience projects using a Data Management Plan and ISO 31000 in order to create a Risk Management Plan that can complement the Data Management Plan. The motivation, requirements and validation of this proposal are explored in the MetaGen-FRAME project, focused in Metagenomics.

  10. Model risk analysis for risk management and option pricing

    NARCIS (Netherlands)

    Kerkhof, F.L.J.

    2003-01-01

    Due to the growing complexity of products in financial markets, market participants rely more and more on quantitative models for trading and risk management decisions. This introduces a fairly new type of risk, namely, model risk. In the first part of this thesis we investigate the quantitative inf

  11. Environmental asset management: Risk management systems

    CSIR Research Space (South Africa)

    Naudé, Brian

    2017-07-01

    Full Text Available Environmental Asset Management (EAM) includes Environmental Asset Protection (EAP). Rare, important, and valuable natural assets need protection from vandalism and criminal syndicates determined to exploit these assets, for commercial gain or other...

  12. Strategic Risk Management and Corporate Value Creation

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Roggi, Oliviero

    is considered an important source of competitive advantage. However, surprisingly little research has analyzed if the presumed advantages of effective risk management lead to superior performance or assessed important antecedents of effective risk management capabilities. Here we present a comprehensive study...

  13. De kredietcrisis : het failliet van risk management?

    NARCIS (Netherlands)

    Koning, de W. Fred

    2009-01-01

    Ondanks alle ontwikkelingen op het gebied van kwantitatief risk management, die de laatste jaren hebben plaatsgevonden (mede gestimuleerd door Basel II), heeft de fi nanciële wereld de kredietcrisis1 niet kunnen vermijden. In dit artikel wordt onderzocht waarom risk management niet heeft kunnen bete

  14. Features of risk-management in innovative activity: regional aspect

    Directory of Open Access Journals (Sweden)

    Darmilova Zhenni, D.

    2015-03-01

    Full Text Available The main problems of risk management in modern conditions, especially in risk management innovation, tools, exposure to risks, directions of state support in the management of risk in a public- private partnership are considered in the paper.

  15. Risk Management In Perspective Of Knowledge Management A Brief Survey

    Science.gov (United States)

    Rehman, Zobia; Kifor, Claudiu V.

    2015-09-01

    This article explains the application of knowledge management for project risk management in industry. Combination of knowledge management and risk management is becoming a dire need for industries nowadays, because it has become necessary to make information reach timely to its destined users to achieve the desired goals. Quick decisions are needed throughout a project life cycle to mitigate or avoid a risk, but they are only possible when knowledge about it is in hand and can be inferred for fruitful decisions. Quality engineers make huge effort in analyzing and mitigating the risk and prepare various documents about different risk management stages. But this knowledge resides in documents or underutilized databases without any relation to each other that makes it useless for complex decision making. This article shall explain how knowledge management activities are helpful in risk management and the advantages of their fusion. It will also present a conceptual architecture of an Information Technology based solution for risk management and knowledge management combination.

  16. RISK MANAGEMENT PROCESSES IN SUPPLY CHAINS

    Directory of Open Access Journals (Sweden)

    Aleksandar Aleksić

    2009-06-01

    Full Text Available One of the keys of successful business last few years is effective dealing with risks in every meaning of that word. At the time when the world economic crisis largely limits business, successful Risk management is the only way of survival for a large number of business systems. This paper will present the processes of risk management in supply chains that are in accordance with the standards ISO 28000 and ISO 31000. By implementing a holistic, enterprise-wide supply chain risk management program, companies also can uphold their commitment to providing strong corporate governance on behalf of stakeholders and increase their market value.

  17. Modality and risk management for orthodontic extrusion procedures in interdisciplinary treatment for generating proper bone and tissue contours for the planned implant: a case report.

    Science.gov (United States)

    Maeda, Sachiko; Sasaki, Takeshi

    2015-12-01

    In adult interdisciplinary treatments with using dental implants, limited orthodontic treatment, especially orthodontic extrusion (OE), offers many benefits by both correcting teeth alignment and by contributing to the regeneration of periodontal tissues. However, orthodontic procedures carry some risks and unpredictabilities that might compromise tooth and/or periodontal tissue health. Especially in complex cases, it is difficult to decide which orthodontic treatment modalities should be combined, in what sequences they should be applied, and what their force systems and treatment times are.To achieve optimum results, some cases require two or more OEs to the same site being carried out at different times while taking the treatment effects into consideration. Such staged OE offers minimum intervention and maximum efficiency. In this case report, OE was first applied for orthodontic extraction. After bone regeneration followed by an implant placement and another surgical operation, a second OE was applied to align the inclination of an adjacent tooth. As a result, a predictable prognosis of implants as well as greatly improved esthetics and periodontal tissue health were achieved.

  18. Strategic Risk Management and Corporate Value Creation

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Roggi, Oliviero

    Major corporate failures, periodic recessions, regional debt crises and volatile markets have intensified the focus on corporate risk management as the means to deal better with turbulent business conditions. Hence, the ability to respond effectively to the often dramatic environmental changes...... is considered an important source of competitive advantage. However, surprisingly little research has analyzed if the presumed advantages of effective risk management lead to superior performance or assessed important antecedents of effective risk management capabilities. Here we present a comprehensive study...... of risk management effectiveness and the relationship to corporate performance based on panel data for more than 3,400 firms accounting for over 33,500 annual observations during the turbulent period 1991-2010. Determining effective risk management as the ability to reduce earnings and cash flow...

  19. Decisionmaking under risk in invasive species management: risk management theory and applications

    Science.gov (United States)

    Shefali V. Mehta; Robert G. Haight; Frances R. Homans

    2010-01-01

    Invasive species management is closely entwined with the assessment and management of risk that arises from the inherently random nature of the invasion process. The theory and application of risk management for invasive species with an economic perspective is reviewed in this synthesis. Invasive species management can be delineated into three general categories:...

  20. Risk management - What about software?

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-07-01

    Risks in software systems arise from many directions. There are risks that the software is faulty, that the system may be attacked, that safety hazards exist, that the system may be inoperable or untimely, that an abnormal event may cause unexpected actions, etc. Risk analysis tools should support and document risk-mitigation decisions and facilitate understanding of residual risks. These tools must be based on a sound theory of risk, which does not exist today. Probabilistic risk assessment techniques apply to physically-based systems where failure modes and event dependence are fairly well understood. But they cannot be blindly applied to software systems, which do not share these characteristics. Moreover, we need to meld many diverse aspects of risk for software systems. This presentation will explore some thought-provoking ideas about modeling, problem spaces, solution approaches, math, decision friendly output, and the role of risk analysis in the software lifecycle.

  1. Risk assessment and management logistics chains

    Directory of Open Access Journals (Sweden)

    Vladimir Vikulov

    2014-03-01

    Full Text Available Background: In the context of economic globalization and increasing complexity of economic relations enterprises need methods and techniques to improve and sustain their position on the global market. Integration processes offer business new opportunities, but at the same time present new challenges for the management, including the key objectives of the risk management. Method: On the basis of analysis tools known from the pertinent literature (Supply Chain Management and Supply Chain Risk Management methods, methods of probability theory, methods of risk management, methods of statistics the authors of this paper proposed their own risk assessment method and the method of management of logistics chains. The proposed tool is a specific hybrid of solutions known from the literature. Results: The presented method has been successfully used within the frames of economic-mathematical model of industrial enterprises. Indicators of supply chain risks, including risks caused by supplier are considered in this paper. Authors formed a method of optimizing the level of supply chain risk in the integration with suppliers and customers. Conclusion: Every organization, which starting the process of integration with supplier and customers, needs to use tools, methodologies and techniques for identification of "weak links" in the supply chain. The proposed method allows to fix risk origin places in various links of the supply chain and to identify "weak links" of a logistic chain that may occur in the future. The method is a useful tool for managing not only risks and risk situations, but also to improve the efficiency of current assets management by providing the ability to optimize the level of risk in the current assets management of the industrial enterprise.

  2. Project risk management in complex petrochemical system

    Directory of Open Access Journals (Sweden)

    Kirin Snežana

    2012-01-01

    Full Text Available Investigation of risk in complex industrial systems, as well as evaluation of main factors influencing decision making and implementation process using large petrochemical company as an example, has proved the importance of successful project risk management. This is even more emphasized when analyzing systems with complex structure, i.e. with several organizational units. It has been shown that successful risk management requires modern methods, based on adequate application of statistical analysis methods.

  3. Systems approach to project risk management

    Energy Technology Data Exchange (ETDEWEB)

    Kindinger, J. P. (John P.)

    2002-01-01

    This paper describes the need for better performance in the planning and execution of projects and examines the capabilities of two different project risk analysis methods for improving project performance. A quantitative approach based on concepts and tools adopted from the disciplines of systems analysis, probabilistic risk analysis, and other fields is advocated for managing risk in large and complex research & development projects. This paper also provides an overview of how this system analysis approach for project risk management is being used at Los Alamos National Laboratory along with examples of quantitative risk analysis results and their application to improve project performance.

  4. Social Risk and the Management of MNCs

    DEFF Research Database (Denmark)

    Taarup Esbensen, Jacob

    ” systems, which are based on the capability to identify frames and sensemaking processes. This paper show how social risk management can be conventionalised using distinct theoretical domains taking its outset in a sociological perspective on risk, linking International Business (IB) risk management......Multinational companies (MNCs) are increasing being exposed to risk that originate from local communities in the business environment where they operate. The response has been to implement systems for stakeholder engagement by including social issues into their risk management systems. However......, these seem to be ineffective in mitigating local community grievances. In this paper I argue that social risk is to be defined in terms of how local stakeholders construct reality through a sensemaking and framing process which constitute at risk by its combined capability to influence organisational value...

  5. RISKS MANAGEMENT. A PROPENSITY SCORE APPLICATION

    Directory of Open Access Journals (Sweden)

    Constangioara Alexandru

    2008-05-01

    Full Text Available Risk management is relatively unexplored in Romania. Although Romanian specialists dwell on theoretical aspects such as the risks classification and the important distinction between risks and uncertainty the practical relevance of the matter is outside existing studies. Present paper uses a dataset of consumer data to build a propensity scorecard based on relevant quantitative modeling.

  6. Portfolio Optimization under Entropic Risk Management

    Institute of Scientific and Technical Information of China (English)

    Wei ZHONG

    2009-01-01

    In this paper,properties of the entropic risk measure are examined rigorously in a general framework.This risk measure is then applied in a dynamic portfolio optimization problem,appearing in the risk management constraint.By considering the dual problem,we prove the existence and uniqueness of the solution and obtain an analytic expression for the solution.

  7. Quality Risk Management of Compliant Excipients

    Directory of Open Access Journals (Sweden)

    Brian Carlin

    2012-12-01

    Full Text Available Raw material compliance and GMP do not eliminate variability. Quality by Design should minimize the riskthat raw material variability will adversely affect the finished product Critical Quality Attributes. The sourcesof technological risk from excipients are reviewed and approaches to excipient risk management arediscussed. Supplier involvement throughout the product life-cycle is recommended to minimizeexcipient-related risk.

  8. The Professionalization of Risk Management: What Role can the ISO 31000 Risk Management Principles Play?

    DEFF Research Database (Denmark)

    Olechowski, Alison; Oehmen, Josef; Seering, W.

    2016-01-01

    Risk management is increasingly seen as a means of improving the likelihood of success in complex engineering projects. Yet the presence of a legitimacy gap, driven by the lack of empirical validation of published best practices, might explain low adoption of risk management on projects. We present...... an empirical investigation and discussion of the eleven principles of the ISO 31000:2009 Risk Management Standard via a large-scale survey of engineering and product development practitioners. Adhering to the risk management principles at a high level was found to be a significant factor in better reaching...... practice, and to catalyze the professionalization of project risk management....

  9. Risks in hospitals. Assessment and Management

    Directory of Open Access Journals (Sweden)

    Bradea Ioana-Alexandra

    2014-12-01

    Full Text Available In a complex world, characterized by a multitude of risks, managers need to manage the risks they encounter, in an efficient way and in the shortest time possible. In the current economic crisis, the concept of hospital risk management, as the process in which is identified, analyzed, reduced, or avoided a risk that may affect the hospital, gained great importance. The Romanian health system, distinguished by: lack of transparency, poor funding, the loss of the valuable medical staff, lack of hospitals in villages and small towns, inability to engage patients due to the old and poor equipment, lack of research and problems in information privacy and cyber-security, requires an appropriate management, enabling risk managers to take decisions in order to avoid the occurrence of risks. Important for the functioning of every hospital is the perception of patients and their degree of satisfaction, regarding the quality of services, which depend largely on the quality of human resources. But what are the human resources weaknesses and risks from the patient point of view? What are the risk indicators which must be monitored to avoid risks? And also, which is the most useful method for measurement and assessment of risk?

  10. Analysis and estimation of risk management methods

    Directory of Open Access Journals (Sweden)

    Kankhva Vadim Sergeevich

    2016-05-01

    Full Text Available At the present time risk management is an integral part of state policy in all the countries with developed market economy. Companies dealing with consulting services and implementation of the risk management systems carve out a niche. Unfortunately, conscious preventive risk management in Russia is still far from the level of standardized process of a construction company activity, which often leads to scandals and disapproval in case of unprofessional implementation of projects. The authors present the results of the investigation of the modern understanding of the existing methodology classification and offer the authorial concept of classification matrix of risk management methods. Creation of the developed matrix is based on the analysis of the method in the context of incoming and outgoing transformed information, which may include different elements of risk control stages. So the offered approach allows analyzing the possibilities of each method.

  11. FINANCIAL RISK MANAGEMENT IN TRADE BANKS

    Directory of Open Access Journals (Sweden)

    Ms. Tamara Ye. Kononenko

    2016-09-01

    Full Text Available The paper clarifies the concepts of «risk», «financial risk» in banking business, and considers the main problems of financial risk management in trade banks while financing borrowers. The authors single out the most relevant problems, and conduct the analysis of overdue payment in case of OJSC “Sberbank of Russia”. The authors also offer a number of measures to minimize financial risks in trade bank activities in modern conditions.

  12. Sustainable Risk Management in the Banking Sector

    Directory of Open Access Journals (Sweden)

    Županović Ivo

    2014-01-01

    Full Text Available The globalization of financial markets and negative consequences of the financial crisis resulted in negative connotations in the operation of many financial institutions, businesses and citizens and imposed the need to implement appropriate risk management measures in the banking sector. Evolution of the financial sector makes a lot of news in the field of risk management and particularly the modelling of market, credit and operational risk. The main methodology for risk management is the value-at-risk, which is used in practice with other techniques such as the capital- at-risk method in order to minimize business risks and achieve optimal results in the banking and, generally, financial operations. Accordingly, at all levels of governance in the banking sector, there are prudential policies in place governing the management of all types of financial and operational risks. Based on the abovementioned, the focus of the examination was on the above postulate, and prompt recognition, control and proper management of banking risks.

  13. Governance and Risk Management: Empirical Evidence from Malaysia and Egypt

    OpenAIRE

    Rashidah Abdul Rahman; Siti Balqis Noor; Tariq H Ismail

    2013-01-01

    The perceptions of Islamic banking professionals are surveyed through a questionnaire to explore whether the process of risk management mediates board involvement in risk management and risk management practices of Islamic banks in Malaysia and Egypt. The findings of this study identified that the Islamic banks in the selected countries are somewhat efficient in their risk management process. It was noticed that board involvement in risk management, process of risk management and risk managem...

  14. Risk Management in Biologics Technology Transfer.

    Science.gov (United States)

    Toso, Robert; Tsang, Jonathan; Xie, Jasmina; Hohwald, Stephen; Bain, David; Willison-Parry, Derek

    Technology transfer of biological products is a complex process that is important for product commercialization. To achieve a successful technology transfer, the risks that arise from changes throughout the project must be managed. Iterative risk analysis and mitigation tools can be used to both evaluate and reduce risk. The technology transfer stage gate model is used as an example tool to help manage risks derived from both designed process change and unplanned changes that arise due to unforeseen circumstances. The strategy of risk assessment for a change can be tailored to the type of change. In addition, a cross-functional team and centralized documentation helps maximize risk management efficiency to achieve a successful technology transfer. © PDA, Inc. 2016.

  15. Intentional risk management through complex networks analysis

    CERN Document Server

    Chapela, Victor; Moral, Santiago; Romance, Miguel

    2015-01-01

    This book combines game theory and complex networks to examine intentional technological risk through modeling. As information security risks are in constant evolution,  the methodologies and tools to manage them must evolve to an ever-changing environment. A formal global methodology is explained  in this book, which is able to analyze risks in cyber security based on complex network models and ideas extracted from the Nash equilibrium. A risk management methodology for IT critical infrastructures is introduced which provides guidance and analysis on decision making models and real situations. This model manages the risk of succumbing to a digital attack and assesses an attack from the following three variables: income obtained, expense needed to carry out an attack, and the potential consequences for an attack. Graduate students and researchers interested in cyber security, complex network applications and intentional risk will find this book useful as it is filled with a number of models, methodologies a...

  16. Risk quantification and risk management in renewable energy projects

    Energy Technology Data Exchange (ETDEWEB)

    Michelez, Jean; Rossi, Nicola; Blazquez, Rosario; Martin, Juan Manuel; Mera, Emilio; Christensen, Dana; Peineke, Christian; Graf, Konstantin; Lyon, David; Stevens, Geoff

    2011-07-01

    A key challenge in obtaining financing at a reasonable cost is the ability to quantify and manage the different elements of risk (i.e. organizational, political, technical, commercial) associated with Renewable Energy (RE) projects. IEA Renewable Energy Technology Deployment (IEA-RETD) commissioned a study to Altran which provides RE-specific guidelines in classification, assessment and management of different risk elements associated to support project valuation.

  17. Risk management information for HIV infection.

    Science.gov (United States)

    Edwards, A J

    1990-01-01

    This article discusses HIV infection in terms of the risk manager's information needs in the health care environment. The malpractice problem, increasing workman's compensation suits, the greater role of the ombudsman, implementation of the National Practitioner Data Bank, and the Joint Commission on Accreditation of Health Care Organizations' (JCAHO) emphasis on clinical excellence are conditions which have given greater importance to the risk manager's position. Included in this article are hedges to retrieve various components of risk management and a select bibliography from AIDSLINE.

  18. Management control of credit risk in the bank lending process

    NARCIS (Netherlands)

    Scheffer, S.B.

    2004-01-01

    Management control of credit risk in the bank lending processA casestudy to explore improvements from a managerial perspectiveAt the start of this project -back in 1998- new technologies and ideas were emerging among a new generation of financial engineering professionals who have been applying

  19. Managing Climate Risk. Interim Report

    Energy Technology Data Exchange (ETDEWEB)

    Obersteiner, M.; Mechler, R.; Nilsson, S. [International Institute for Applied Systems Analysis IIASA, Laxenburg (Austria); Azar, C. [Department of Physical Resource Theory, Chalmers University of Technology, Goeteborg University, Goeteborg (Sweden); Kossmeier, S. [Department of Economics and Finance, Institute for Advanced Studies, Vienna (Austria); Moellersten, K.; Yan, J. [Department of Chemical Engineering and Technology, Royal Institute of Technology KTH, Stockholm (Sweden); Read, P. [Economics Department, Massey University, Palmerston North (New Zealand); Yamagata, Y. [Climate Change Research Project, National Institute for Environmental Studies NIES, Ibaraki (Japan)

    2001-12-01

    At the heart of the traditional approach to strategy in the climate change dilemma lies the assumption that the global community, by applying a set of powerful analytical tools, can predict the future of climate change accurately enough to choose a clear strategic direction for it. We claim that this approach might involve underestimating uncertainty in order to lay out a vision of future events sufficiently precise to be captured in a discounted cost flow analysis in integrated assessment models. However, since the future of climate change is truly uncertain, this approach might at best be marginally helpful and at worst downright dangerous: underestimating uncertainty can lead to strategies that do not defend the world against unexpected and sometimes even catastrophic threats. Another danger lies on the other extreme: if the global community can not find a strategy that works under traditional analysis or if uncertainties are too large that clear messages are absent, they may abandon the analytical rigor of their planning process altogether and base their decisions on good instinct and consensus of some future process that is easy to agree upon. In this paper, we try to outline a system to derive strategic decisions under uncertainty for the climate change dilemma. What follows is a framework for determining the level of uncertainty surrounding strategic decisions and for tailoring strategy to that uncertainty. Our core argument is that a robust strategy towards climate change involves the building of a technological portfolio of mitigation and adaptation measures that includes sufficient opposite technological positions to the underlying baseline emission scenarios given the uncertainties of the entire physical and socioeconomic system in place. In the case of mitigation, opposite technological positions with the highest leverage are particular types of sinks. A robust climate risk management portfolio can only work when the opposite technological positions are

  20. Practical Methods for Information Security Risk Management

    Directory of Open Access Journals (Sweden)

    Cristian AMANCEI

    2011-01-01

    Full Text Available The purpose of this paper is to present some directions to perform the risk man-agement for information security. The article follows to practical methods through question-naire that asses the internal control, and through evaluation based on existing controls as part of vulnerability assessment. The methods presented contains all the key elements that concurs in risk management, through the elements proposed for evaluation questionnaire, list of threats, resource classification and evaluation, correlation between risks and controls and residual risk computation.

  1. Practical Risk Management for the CIO

    CERN Document Server

    Scherling, Mark

    2007-01-01

    The growing complexity of today's interconnected systems has not only increased the need for improved information security, but also helped to move information from the IT backroom to the executive boardroom as a strategic asset. And, just like the tip of an iceberg is all you see until you run into it, the risks to your information are mostly invisible until disaster strikes. Detailing procedures that will help your team perform better risk assessments and aggregate results into more meaningful metrics, Practical Risk Management for the CIO approaches information risk management through impro

  2. Risk perception as a driver for risk management policies

    Science.gov (United States)

    Carmona, María; Mañez, María

    2016-04-01

    Risk is generally defined as the "combination of the probability of the occurrence of an event and its negative consequences" ( UNISDR, 2009). However, the perception of a risk differs among cultures regarding different features such as the context,causes, benefits or damage. Risk perception is the subjective valuation of the probability of an event happening and how concerned individuals or groups are with the consequences (Sjöberg, 2004). Our study is based on an existing framework for risk perception (Rehn and Rohrmann, 2000). We analyse the characteristics of the risk perception regarding extreme events (e.g.droughts) and how the perception of the group drives the action to manage the risk. We do this to achieve an overview of the conditions that let stakeholders join each other to improve risk management especially when governments are not reacting properly. For our research, attention is paid on risk perception of Multi-Sector Partnerships not taking into account the individual level of risk perception. We focus on those factors that make risk management effective and increase resilience. Multi-Sector Partnerships, considered as significant governance structures for risk management, might contribute to reduce vulnerability in prone areas to natural hazards and disasters. The Multi-Sector Partnerships used for our research are existing partnerships identified in the cases studies of the European project ENHANCE. We implement a survey to analyse the perception of risk in the case studies. That survey is based on the Cultural Theory (Douglas and Wildavsky, 1982)and the Protection Motivation Theory (Rogers, 1975). We analyse the results using the Qualitative-Comparative Analysis proposed by Ragin in 1987. The results show the main characteristics of a risk culture that are beneficial to manage a risk. Those characteristics are shaped by the perception of risk of the people involved in the partnership, which in turn shapes their risk management. Nevertheless, we

  3. Marketing Risk Management of Palm Oil Based Biodiesel Agroindustry

    Directory of Open Access Journals (Sweden)

    I Gusti Bagus Udayana

    2014-03-01

    Full Text Available Biodiesel is fuel generates from vegetable oils that have properties similar to diesel oil. The advantages of biodiesel compared to diesel is an environmentally friendly fuel because it produces much lower emissions (sulfur free, low smoke number in accordance with global issues, higher cetane number (> 57 so that the combustion efficiency is better than diesel, lubrication properties of the piston engine; biodegradable, a renewable energy because it is made from natural materials, and improve the independence of fuel supply because it can be produced locally. The purpose of this research is to design the risk management decision support system for agro-industry development biodiesel of oil palm-based. Determination of objectives and risk management strategies using the used to obtain an alternative value in the aspect of marketing. This research resulted in a decision support system that is useful to help decision makers in addressing the risk of agro-bio-diesel. Risk management model is designed in a decision support system  (DSS, can be used by industrial users and investors in the field of biodiesel. DSS software development using Microsoft Visual Basic Version 6.0 consists of three main components namely database management system, knowledge base management system and model base management system. Model base management system consists of risk marketing analysis.

  4. Characteristics of Managing Operational Banking Risk

    Directory of Open Access Journals (Sweden)

    Adela Socol

    2008-12-01

    Full Text Available The objective of this paper is to provide a global perspective of the operational risk from a banking societies’ viewpoint. We describe the main regulations and settlements in the field and examine the various approaches of the operational banking risk. The paper presents the need of banks to managing operational risk. We study comparatively for a banking society the capital charge for covering the operational risk under the basic indicator approach and under the standardized approach. We present a case study of implementing current capital requirements at the level of a Romanian banking society. From the theoretical approach and from the description of quantifying of operational banking risk, the results of this study insist on the importance of measuring of operational banking risk and identifies major issues that need to be considered to improve the managing operational banking risk.

  5. Governance and Risk Management: Empirical Evidence from Malaysia and Egypt

    Directory of Open Access Journals (Sweden)

    Rashidah Abdul Rahman

    2013-07-01

    Full Text Available The perceptions of Islamic banking professionals are surveyed through a questionnaire to explore whether the process of risk management mediates board involvement in risk management on risk management practices of Islamic banks in Malaysia and Egypt. The findings of this study identified that the Islamic banks are somewhat efficient in their risk management process. Furthermore, high involvement of boards in risk management will significantly increase risk management process, and in turn, leads to significantly higher risk management practices in the organizations. Hence, boards should take formal responsibility for setting, managing and periodically assessing the risk management culture of the organizations.  

  6. From risk management to uncertainty management: a significant change in project management

    Institute of Scientific and Technical Information of China (English)

    LI Gui-jun; ZHANG Yue-song

    2006-01-01

    Starting with the meanings of the terms "risk" and "uncertainty,"" he paper compares uncertainty management with risk management in project management. We bring some doubt to the use of "risk" and "uncertainty" interchangeably in project management and deem their scope, methods, responses, monitoring and controlling should be different too. Illustrations are given covering terminology, description, and treatment from different perspectives of uncertainty management and risk management. Furthermore, the paper retains that project risk management (PRM) processes might be modified to facilitate an uncertainty management perspective,and we support that project uncertainty management (PUM) can enlarge its contribution to improving project management performance, which will result in a significant change in emphasis compared with most risk management.

  7. RISK MANAGEMENT IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Gheorghe Mirela

    2012-07-01

    Full Text Available The objective of the present paper is to present the singularities of risk management in the context of the new requirements and strategies adopted by the European Union in order to ensure sustainable development at organizational level. The paper wishes to approach the complex problem of risk management, given the premise that risk needs to be tackled as a conscious and calculated assumption of reality. The motivation for this research originates from the necessity of having a holistic approach for the risk management process, which will allow risk analysis and evaluation at a strategic, operational, financial, environmental and social level. This integrating approach, the continuous and systematic analysis and evaluation of all risks will constitute a real fundament for the sustainable development of all organizations, generating an efficient management system for all possible risks and opportunities resulting from these risks. The present research is based on the analysis of specialized literature, identifying the characteristics of the risk management process at conceptual level, in order to ensure the organization’s sustainable development, the managers’ perception regarding the importance of this process and the necessity for integration in the leading structures of the organization. The adopted research methodology is based on activities specific for descriptive research. Modern management needs to be risk-sensitive, to follow the implementation and utilization of reliable and efficient systems, to elaborate action plans and security schemes which include ranking the objectives on operational levels, adaptable to the permanent changes. An efficient management system does not limit itself to a ‚short time horizon’, also but considers further perspectives. In these situations, proactive management turns into prospective management, its purpose being to identify the risks that

  8. Integrating physical and financial approaches to manage environmental financial risk

    Science.gov (United States)

    Characklis, Gregory; Meyer, Eliot; Foster, Benjamin

    2017-04-01

    Physical and/or engineered solutions have long been used to manage risks associated with adverse environmental events. Examples include reservoirs as a tool for mitigating drought-related supply risk, levees for managing flood risk and dredging of inland waterways to ensure navigability during low flow periods. These measures can reduce many types of risk (e.g., loss of life), but are often employed as a means of protecting against financial losses. When the focus is on managing environmental financial risk, physical solutions can be effective, but also costly. In many cases, non-physical tools can provide a less expensive means of managing financial risk, with these often taking the form of financial instruments such as hedging contracts, contingency funds or insurance. Some of these instruments, such as flood insurance, are widely available, but historically many environmental financial risks have been managed primarily (or solely) via physical solutions without much consideration of alternatives, thereby opening opportunities for innovation in developing financial solutions. Recent research has demonstrated that financial instruments can play a significant role in managing drought-related financial risk in sectors as diverse as water utilities, energy generation and inland navigation. Nonetheless, this work has largely considered the use of these instruments within systems in which physical solutions are already in place (but failing to achieve desired performance). The next step in the evolution of managing environmental financial risk involves developing methods for designing risk management strategies that do not assume an established physical system. Here the goal is to identify the relative role that physical solutions and financial instruments should play as they are integrated into a comprehensive risk management strategy. This is not a straightforward challenge as one approach reduces the risk of financial losses and the other redistributes those losses

  9. COMPUTERIZED MODEL OF RISK MANAGEMENT IN BUSINESS

    Directory of Open Access Journals (Sweden)

    Petrişor MANDU

    2011-01-01

    Full Text Available The occurrence of risk situation and the manager’s awareness of it are serious threats for the organization and its objectives. Consequently, the manager has to have available, analyze, select and interpret many pieces of information, under stress, before making a decision for avoiding a disaster. Under these circumstances, a computerized model of risk management is the most adequate solution to make the intervention possibilities effective through a quicker and more accurate intervention. The model offers enough confidence and a favorable psychological state for managing risk. In accordance with this model, the risk manager processes the information by means of some operational (mathematical methods and that favors reaching optimum solutions in the shortest delay, based on some estimated anticipations through a rational model.

  10. Small Business and the Risk Management Program

    Science.gov (United States)

    This factsheet helps small businesses comply with the regulation requiring companies that use regulated substances, hazardous chemical such as ammonia and chlorine, to develop a risk management plan, to help prevent accidental toxic or flammable releases.

  11. RISK MANAGEMENT IN THE ELECTRONIC BUSINESS

    Directory of Open Access Journals (Sweden)

    Georgeta Soava

    2016-12-01

    Full Text Available Risk should not be understood as a destructive phenomenon, but bear in mind that managers who know how to use it can lead to real opportunities. Manager must first recognize the existence of risk, namely to identify and then use specific methods to avoid or reduce the risk. The purpose of this paper is to enter the world, at all simple, of risk management, relatively easy concept to understand but not so easy to put into practice. Of course, the approach relates primarily at the risks inherent of the business in digital environments, but they not represent only a particular case of the risks they are exposed, in general, the companies. In the paper we put in evidence the significance in general business, risks in e-business, then we added a description of the types of security risks, an exemplification of these and a series of test scenarios, and finally to make a analysis of operational solutions of risk management

  12. Wildfire Risk Management: Challenges and Opportunities

    Science.gov (United States)

    Thompson, M.; Calkin, D. E.; Hand, M. S.; Kreitler, J.

    2014-12-01

    In this presentation we address federal wildfire risk management largely through the lens of economics, targeting questions related to costs, effectiveness, efficiency, and tradeoffs. Beyond risks to resources and assets such as wildlife habitat, watersheds, and homes, wildfires present financial risk and budgetary instability for federal wildfire management agencies due to highly variable annual suppression costs. Despite its variability, the costs of wildfire management have continued to escalate and account for an ever-growing share of overall agency budgets, compromising abilities to attain other objectives related to forest health, recreation, timber management, etc. Trends associated with a changing climate and human expansion into fire-prone areas could lead to additional suppression costs in the future, only further highlighting the need for an ability to evaluate economic tradeoffs in investments across the wildfire management spectrum. Critically, these economic analyses need to accurately capture the complex spatial and stochastic aspects of wildfire, the inherent uncertainty associated with monetizing environmental impacts of wildfire, the costs and effectiveness of alternative management policies, and linkages between pre-fire investments and active incident management. Investing in hazardous fuels reduction and forest restoration in particular is a major policy lever for pre-fire risk mitigation, and will be a primary focus of our presentation. Evaluating alternative fuel management and suppression policies could provide opportunities for significant efficiency improvements in the development of risk-informed management fire management strategies. Better understanding tradeoffs of fire impacts and costs can help inform policy questions such as how much of the landscape to treat and how to balance investments in treating new areas versus maintaining previous investments. We will summarize current data needs, knowledge gaps, and other factors

  13. Fundamentals of risk management understanding, evaluating and implementing effective risk management

    CERN Document Server

    Hopkin, Paul

    2012-01-01

    Now more than ever, organizations must plan, response and recognize all forms of risks that they face. "Fundamentals of Risk Management", now in its second edition, provides a comprehensive introduction to the subject of commercial and business risk for anyone studying for a career in risk as well as a broad range of risk professionals. It examines the key components of risk management and its application with examples to demonstrate its benefit to organisations in the public and private sector. The second edition has been completely updated to take into account the greater influence of ISO 3100, the emergence of Governance Risk and Compliance (GRC) and the wide use of the bowtie method to illustrate risk management. In addition, there is now a chapter on the skills and competencies required by an effective risk manager.

  14. 76 FR 57723 - Electricity Sector Cybersecurity Risk Management Process Guideline

    Science.gov (United States)

    2011-09-16

    ... Electricity Sector Cybersecurity Risk Management Process Guideline AGENCY: Department of Energy. ACTION... to publish the Electricity Sector Cybersecurity Risk Management Process Guideline. The guideline describes a risk management process that is targeted to the specific needs of electricity sector...

  15. COMPARATIVE STUDY BETWEEN TRADITIONAL AND ENTERPRISE RISK MANAGEMENT -A THEORETICAL APPROACH

    Directory of Open Access Journals (Sweden)

    Cican Simona-Iulia

    2014-07-01

    Full Text Available The complexity, volatility and unpredictability of the current economic environment are a daily reminder that organizations face many risks. The traditional approach, according to which risk is a necessary evil which must be removed, is no longer sufficient and that is why companies nowadays are forced to spend significant resources to manage risks. Risk transparency is what one looks for; therefore, identification and management of risks within an organization become increasingly necessary for success and longevity. Risk approach has a major role in a company’s ability to avoid, reduce and turn risks into opportunities. Enterprise risk management is a new concept that revolutionizes the traditional approach and summarizes risk management in an integrated, comprehensive and strategic system. Studies use several synonyms for enterprise risk management such as integrated risk management, holistic risk management, global risk management and strategic risk management. Enterprise risk management implements at the end of the last century a new way to deal with risks: the holistic approach. This risks approach – i.e. interaction of several types of risks which become increasingly threatening and varied and may cause more damage than individual risk – brings forward the need of risk management and raises issues at the highest level of company management. For a proper view on company risks, each individual risk and the possibility of risk interaction must be understood. This is essential to establish a risk classification according to their impact on the company. Traditional approach on risk management, as a management function, is limited to only threats and losses, so relatively few organizations see risks as potential earning-generated opportunities. However, risk management process is not radically changed. Enterprise risk management is an improved version of the traditional risk management, created by expanding its scope. The new risk

  16. Risk Management and Uncertainty in Infrastructure Projects

    DEFF Research Database (Denmark)

    Harty, Chris; Neerup Themsen, Tim; Tryggestad, Kjell

    2014-01-01

    for project and construction management. Our argument and claim is that predominant risk management approaches tends to reinforce conventional ideas of project control whilst undermining other notions of value and relevance of built assets and project management process. These approaches fail to consider...... the role and potential value of knowledge production during the project process, instead seeing knowledge as an input into upfront planning and specification. We examine ways in which actual project practices approach the question of risk management for the case of large public hospital building...... and infrastructure projects are quite simple, predictive and similar in nature. The cases reveal the emerging uncertainties that challenge the project plan and the risk management approach as new knowledge about the conditions are produced during the project processes. The paper concludes by proposing a more dynamic...

  17. Risk management practices in the airline industry

    OpenAIRE

    Fernando, Sharon Perpetua Anasta

    2006-01-01

    This paper reviews the use of financial derivative instruments by non-financial entities to manage risk exposure. It provides the main objectives of a non-financial corporation to enter into derivative contracts with a counterparty and the scope of usage of these instruments. It is evident that most companies use derivative instruments to preserve cash flows and firm value as opposed to taking positions in contracts for speculative purposes. The paper focuses on the risk management practices ...

  18. Multinational Performance and Risk Management Effects

    OpenAIRE

    Juul Andersen, Torben

    2008-01-01

    Multinational enterprise provides access to a diverse resource base that may support options related business initiatives and operational flexibilities with a potential to improve performance and risk management capabilities. Hence, multinationality should be associated with strategic responsiveness as real option structures allow the corporation to exploit new initiatives and pursue alternative actions. This, in turn should improve economic performance and risk management capabilities as cor...

  19. Ways of Improving Risk Management on Chicken Farms

    Directory of Open Access Journals (Sweden)

    Bogdan Turc

    2015-10-01

    Full Text Available Ways of improving riskmanagement on broiler or egg chicken farms can be evaluated depending on therisk categories in emergency situations and on the components of riskmanagement. Risks can generate biological, natural, social and technologicalemergency situations. A risk element is any element that can deviate from thestrategies, plans and programmes of a chicken farm and allows predictingreality and confronting true achievements with expected results. Achieving thegoals of any broiler or egg chicken farm supposes knowing and assuming multiplerisks: risk management covers both risk identification and risk reaction. Riskanalysis supposes measures for the increase of transparency regarding chickenhealth safety, supply of experiences and protection within international tradewith broiler chickens and eggs or even live chicken. Risk analysis stipulatesthe improvement of phyto-sanitary measures and it aim at collecting, evaluatingand recording information that lead to recommendations, positions, approachesand actions as a response to an identified risk or danger; it is not meant tosupply decisions but to support decision-making.

  20. Osteoporosis screening and risk management

    OpenAIRE

    Wilkins, Consuelo H.

    2007-01-01

    Consuelo H WilkinsDepartment of Medicine, Division of Geriatrics and Nutritional Science, Washington University School of Medicine, St. Louis, MO, USAAbstract: Osteoporosis is common among older adults and results in costly osteoporotic fractures. Screening for this metabolic bone disorder is warranted in most older adults and clinicians must be diligent in identifying persons at risk. The evaluation should include an assessment of risk factors for falls, a bone density test, and consideratio...

  1. Risk management in waste water treatment.

    Science.gov (United States)

    Wagner, M; Strube, I

    2005-01-01

    With the continuous restructuring of the water market due to liberalisation, privatisation and internationalisation processes, the requirements on waste water disposal companies have grown. Increasing competition requires a target-oriented and clearly structured procedure. At the same time it is necessary to meet the environment-relevant legal requirements and to design the processes to be environment-oriented. The implementation of risk management and the integration of such a management instrument in an existing system in addition to the use of modern technologies and procedures can help to make the operation of the waste water treatment safer and consequently strengthen market position. The risk management process consists of three phases, risk identification, risk analysis/risk assessment and risk handling, which are based on each other, as well as of the risk managing. To achieve an identification of the risks as complete as possible, a subdivision of the kind of risks (e.g. legal, financial, market, operational) is suggested. One possibility to assess risks is the portfolio method which offers clear representation. It allows a division of the risks into classes showing which areas need handling. The determination of the appropriate measures to handle a risk (e.g. avoidance, reduction, shift) is included in the concluding third phase. Different strategies can be applied here. On the one hand, the cause-oriented strategy, aiming at preventive measures which aim to reduce the probability of occurrence of a risk (e.g. creation of redundancy, systems with low susceptibility to malfunction). On the other hand, the effect-oriented strategy, aiming to minimise the level of damage in case of an undesired occurrence (e.g. use of alarm systems, insurance cover).

  2. The process of Risk management for E-business

    OpenAIRE

    Erion Lekaj; Donika Kercini

    2017-01-01

    In the new Internet economy, risk management plays a critical role to protect the organization and its ability to perform their business mission, not just its IT assets. Risk management is the process of identifying risk, assessing risk, and taking steps to reduce risk to an acceptable level. The risk management is an important component of an IT security program. Information and communications technology management and IT security are responsible for ensuring that technology risks are manage...

  3. Comparisons on International Approaches of Business and Project Risk Management

    OpenAIRE

    Nadia Carmen ENE

    2005-01-01

    In this article we intend to present a comparative approach between three recognized international methodologies for risk management: RISKMAN, Project Management Institute Methodology-PMBoK and Project Risk Analysis and Management Guide (produced by Association for Project Management).

  4. Comparisons on International Approaches of Business and Project Risk Management

    OpenAIRE

    Nadia Carmen ENE

    2005-01-01

    In this article we intend to present a comparative approach between three recognized international methodologies for risk management: RISKMAN, Project Management Institute Methodology-PMBoK and Project Risk Analysis and Management Guide (produced by Association for Project Management).

  5. Managing the Financial Risks of Water Scarcity

    Science.gov (United States)

    Characklis, Greg; Foster, Ben; Kern, Jordan; Meyer, Eliot; Zeff, Harrison

    2015-04-01

    Environmental uncertainty poses a growing number of financial risks to society, with droughts, floods, extreme temperatures and violent storms imposing costs that approach 500 billion per year. While structural forms of mitigation (i.e. levees, dams) will certainly play a role in limiting financial impacts, these are large investments whose full value is only rarely realized. Furthermore, the value of such long-lived measures becomes increasingly uncertain in a changing climate, raising the issue of whether they will be effective 20-30 years hence. Financial instruments, such as index insurance, can provide increased flexibility by providing compensation for losses only when they occur, and limited contract periods allow terms to be periodically rewritten in response to changing conditions. Financial instruments can also be effectively combined with other economic tools and infrastructure to create integrated solutions in which infrastructure mitigates losses from moderate events, while financial products compensate for more rare, but extreme, events. There is a long history of environmentally-related insurance and hedging instruments, but to date the actuarial analyses that underlie contract structure and pricing have been based on straightforward observations, such as cumulative rainfall. More recently, simple correlations between two time series have been used to develop index-based contracts. Links between temperature and electricity demand, for example, provide a basis for contracts that are used to limit the financial exposure of power generators to low revenues during unseasonably warm winters or cool summers. Unfortunately, few environmental risks can be so quickly and easily linked to a financial impact. However, with a more advanced understanding of the environmental systems that give rise to financial losses, opportunities exist to develop innovative contracts for a range of new applications. Recent research describes the characterization and mitigation

  6. The NASA Continuous Risk Management Process

    Science.gov (United States)

    Pokorny, Frank M.

    2004-01-01

    As an intern this summer in the GRC Risk Management Office, I have become familiar with the NASA Continuous Risk Management Process. In this process, risk is considered in terms of the probability that an undesired event will occur and the impact of the event, should it occur (ref., NASA-NPG: 7120.5). Risk management belongs in every part of every project and should be ongoing from start to finish. Another key point is that a risk is not a problem until it has happened. With that in mind, there is a six step cycle for continuous risk management that prevents risks from becoming problems. The steps are: identify, analyze, plan, track, control, and communicate & document. Incorporated in the first step are several methods to identify risks such as brainstorming and using lessons learned. Once a risk is identified, a risk statement is made on a risk information sheet consisting of a single condition and one or more consequences. There can also be a context section where the risk is explained in more detail. Additionally there are three main goals of analyzing a risk, which are evaluate, classify, and prioritize. Here is where a value is given to the attributes of a risk &e., probability, impact, and timeframe) based on a multi-level classification system (e.g., low, medium, high). It is important to keep in mind that the definitions of these levels are probably different for each project. Furthermore the risks can be combined into groups. Then, the risks are prioritized to see what risk is necessary to mitigate first. After the risks are analyzed, a plan is made to mitigate as many risks as feasible. Each risk should be assigned to someone in the project with knowledge in the area of the risk. Then the possible approaches to choose from are: research, accept, watch, or mitigate. Next, all risks, mitigated or not, are tracked either individually or in groups. As the plan is executed, risks are re-evaluated, and the attribute values are adjusted as necessary. Metrics

  7. The NASA Continuous Risk Management Process

    Science.gov (United States)

    Pokorny, Frank M.

    2004-01-01

    As an intern this summer in the GRC Risk Management Office, I have become familiar with the NASA Continuous Risk Management Process. In this process, risk is considered in terms of the probability that an undesired event will occur and the impact of the event, should it occur (ref., NASA-NPG: 7120.5). Risk management belongs in every part of every project and should be ongoing from start to finish. Another key point is that a risk is not a problem until it has happened. With that in mind, there is a six step cycle for continuous risk management that prevents risks from becoming problems. The steps are: identify, analyze, plan, track, control, and communicate & document. Incorporated in the first step are several methods to identify risks such as brainstorming and using lessons learned. Once a risk is identified, a risk statement is made on a risk information sheet consisting of a single condition and one or more consequences. There can also be a context section where the risk is explained in more detail. Additionally there are three main goals of analyzing a risk, which are evaluate, classify, and prioritize. Here is where a value is given to the attributes of a risk &e., probability, impact, and timeframe) based on a multi-level classification system (e.g., low, medium, high). It is important to keep in mind that the definitions of these levels are probably different for each project. Furthermore the risks can be combined into groups. Then, the risks are prioritized to see what risk is necessary to mitigate first. After the risks are analyzed, a plan is made to mitigate as many risks as feasible. Each risk should be assigned to someone in the project with knowledge in the area of the risk. Then the possible approaches to choose from are: research, accept, watch, or mitigate. Next, all risks, mitigated or not, are tracked either individually or in groups. As the plan is executed, risks are re-evaluated, and the attribute values are adjusted as necessary. Metrics

  8. Self-management of vascular risk factors

    NARCIS (Netherlands)

    Sol-de Rijk, B.G.M.

    2009-01-01

    Summary The aim of this thesis was to provide insight into the potential of a self-management approach in treatment of vascular risk factors and to develop a self-management intervention. Furthermore to examine if this intervention, based on self-efficacy promoting theory, is effective in reducing v

  9. A View Inside Corporate Risk Management

    NARCIS (Netherlands)

    Bodnar, G.M.; Giambona, E.; Graham, J.R.; Harvey, C.R.

    2014-01-01

    A number of theories have been proposed to explain why firms hedge. Unfortunately, these theories are hard to test: While we might observe the hedges, it is hard to answer the question of "why" hedging occurs. Our paper attacks the "why" by directly questioning the managers that make the risk manage

  10. Board of directors and risk management

    NARCIS (Netherlands)

    van der Elst, C.F.; Birkmose, H.; Neville, M.; Sorensen, K.

    2013-01-01

    The board of directors is responsible for an appropriate business risk management environment. The paper studies in a comparative way how legislators and courts fill this duty. We question whether the legislative and regulatory framework will improve the equilibrium between entrepreneurship and risk

  11. A Risk Management Process for Consumers

    NARCIS (Netherlands)

    van Cleeff, A.

    2010-01-01

    Simply by using information technology, consumers expose themselves to considerable security risks. Because no technical or legal solutions are readily available, the only remedy is to develop a risk management process for consumers, similar to the process executed by enterprises. Consumers need to

  12. Lessons Learned in Risk Management on NCSX

    Energy Technology Data Exchange (ETDEWEB)

    G.H. Neilson, C.O. Gruber, J.H. Harris, D.J. Rej, R.T. Simmons, and R.L. Strykowsky

    2009-07-21

    The National Compact Stellarator Experiment (NCSX) was designed to test physics principles of an innovative stellarator design developed by the Princeton Plasma Physics Laboratory and Oak Ridge National Laboratory. Construction of some of the major components and sub-assemblies was completed, but the estimated cost and schedule for completing the project grew as the technical requirements and risks became better understood, leading to its cancellation in 2008. The project's risks stemmed from its technical challenges, primarily the complex component geometries and tight tolerances that were required. The initial baseline, established in 2004, was supported by a risk management plan and risk-based contingencies, both of which proved to be inadequate. Technical successes were achieved in the construction of challenging components and subassemblies, but cost and schedule growth was experienced. As part of an effort to improve project performance, a new risk management program was devised and implemented in 2007-08. It led to a better understanding of project risks, a sounder basis for contingency estimates, and improved management tools. Although the risks ultimately were unacceptable to the sponsor, valuable lessons in risk management were learned through the experiences with the NCSX project.

  13. Lessons Learned in Risk Management on NCSX

    Energy Technology Data Exchange (ETDEWEB)

    Neilson, G. H. [Princeton Plasma Physics Laboratory, Princeton, NJ; Gruber, C. O. [Princeton Plasma Physics Laboratory, Princeton, NJ; Harris, Jeffrey H [ORNL; Rej, D. J. [Princeton Plasma Physics Laboratory (PPPL); Simmons, R. T. [Princeton Plasma Physics Laboratory, Princeton, NJ; Strykowsky, R. L. [Princeton Plasma Physics Laboratory, Princeton, NJ

    2010-01-01

    The National Compact Stellarator Experiment (NCSX) was designed to test physics principles of an innovative stellarator design developed by Princeton Plasma Physics Laboratory and Oak Ridge National Laboratory. Construction of some of the major components and subassemblies was completed, but the estimated cost and schedule for completing the project grew as the technical requirements and risks became better understood, leading to its cancellation in 2008. The project's risks stemmed from its technical challenges, primarily the complex component geometries and tight tolerances that were required. The initial baseline, which was established in 2004, was supported by a risk management plan and risk-based contingencies, both of which proved to be inadequate. Technical successes were achieved in the construction of challenging components and subassemblies, but cost and schedule growth was experienced. As part of an effort to improve project performance, a new risk management program was devised and implemented in 2007-2008. It led to a better understanding of project risks, a sounder basis for contingency estimates, and improved management tools. Although the risks were ultimately unacceptable to the sponsor, valuable lessons in risk management were learned through the experiences with the NCSX project.

  14. Lessons Learned in Risk Management on NCSX

    Energy Technology Data Exchange (ETDEWEB)

    Neilson, G. H.; Gruber, C. O.; Harris, J. H.; Rej, D. J.; Simmons, R. T.; Strykowsky, R. L.

    2009-07-21

    The National Compact Stellarator Experiment (NCSX) was designed to test physics principles of an innovative stellarator design developed by the Princeton Plasma Physics Laboratory and Oak Ridge National Laboratory. Construction of some of the major components and sub-assemblies was completed, but the estimated cost and schedule for completing the project grew as the technical requirements and risks became better understood, leading to its cancellation in 2008. The project's risks stemmed from its technical challenges, primarily the complex component geometries and tight tolerances that were required. The initial baseline, established in 2004, was supported by a risk management plan and risk-based contingencies, both of which proved to be inadequate. Technical successes were achieved in the construction of challenging components and subassemblies, but cost and schedule growth was experienced. As part of an effort to improve project performance, a new risk management program was devised and implemented in 2007-08. It led to a better understanding of project risks, a sounder basis for contingency estimates, and improved management tools. Although the risks ultimately were unacceptable to the sponsor, valuable lessons in risk management were learned through the experiences with the NCSX project.

  15. Lessons Learned in Risk Management on NCSX

    Energy Technology Data Exchange (ETDEWEB)

    G.H. Neilson, C.O. Gruber, J.H. Harris, D.J. Rej, R.T. Simmons, and R.L. Strykowsky

    2009-02-11

    The National Compact Stellarator Experiment (NCSX) was designed to test physics principles of an innovative stellarator design developed by the Princeton Plasma Physics Laboratory and Oak Ridge National Laboratory. Construction of some of the major components and sub-assemblies was completed, but the estimated cost and schedule for completing the project grew as the technical requirements and risks became better understood, leading to its cancellation in 2008. The project's risks stemmed from its technical challenges, primarily the complex component geometries and tight tolerances that were required. The initial baseline, established in 2004, was supported by a risk management plan and risk-based contingencies, both of which proved to be inadequate. Technical successes were achieved in the construction of challenging components and subassemblies, but cost and schedule growth was experienced. As part of an effort to improve project performance, a new risk management program was devised and implemented in 2007-08. It led to a better understanding of project risks, a sounder basis for contingency estimates, and improved management tools. Although the risks ultimately were unacceptable to the sponsor, valuable lessons in risk management were learned through the experiences with the NCSX project.

  16. Risk management, derivatives and shariah compliance

    Science.gov (United States)

    Bacha, Obiyathulla Ismath

    2013-04-01

    Despite the impressive growth of Islamic Banking and Finance (IBF), a number of weaknesses remain. The most important of this is perhaps the lack of shariah compliant risk management tools. While the risk sharing philosophy of Islamic Finance requires the acceptance of risk to justify returns, the shariah also requires adherents to avoid unnecessary risk-maysir. The requirement to avoid maysir is in essence a call for the prudent management of risk. Contemporary risk management revolves around financial engineering, the building blocks of which are financial derivatives. Despite the proven efficacy of derivatives in the management of risk in the conventional space, shariah scholars appear to be suspicious and uneasy with their use in IBF. Some have imposed outright prohibition of their use. This paper re-examines the issue of contemporary derivative instruments and shariah compliance. The shariah compatibility of derivatives is shown in a number of ways. First, by way of qualitative evaluation of whether derivatives can be made to comply with the key prohibitions of the sharia. Second, by way of comparing the payoff profiles of derivatives with risk sharing finance and Bai Salam contracts. Finally, the equivalence between shariah compliant derivatives like the IPRS and Islamic FX Currency Forwards with conventional ones is presented.

  17. Board of directors and risk management

    NARCIS (Netherlands)

    van der Elst, C.F.; Birkmose, H.; Neville, M.; Sorensen, K.

    2013-01-01

    The board of directors is responsible for an appropriate business risk management environment. The paper studies in a comparative way how legislators and courts fill this duty. We question whether the legislative and regulatory framework will improve the equilibrium between entrepreneurship and risk

  18. Management of drought risk under global warming

    Science.gov (United States)

    Zhang, Qiang; Han, Lanying; Jia, Jianying; Song, Lingling; Wang, Jinsong

    2016-07-01

    Drought is a serious ecological problem around the world, and its impact on crops and water availability for humans can jeopardize human life. Although drought has always been common, the drought risk has become increasingly prominent because of the climatic warming that has occurred during the past century. However, it still does not comprehensively understand the mechanisms that determine the occurrence of the drought risk it poses to humans, particularly in the context of global climate change. In this paper, we summarize the progress of research on drought and the associated risk, introduce the principle of a drought "transition" from one stage to another, synthesize the characteristics of key factors and their interactions, discuss the potential effect of climatic warming on drought risk, and use this discussion to define the basic requirements for a drought risk management system. We also discuss the main measures that can be used to prevent or mitigate droughts in the context of a risk management strategy.

  19. Who manages financial risk? An empirical examination of risk management practices in the romanian metallurgical industry

    Directory of Open Access Journals (Sweden)

    S. G. Anton

    2013-10-01

    Full Text Available The aim of the paper is to analyze risk management practice adopted by the Romanian metallurgical enterprises and to identify new tools for hedging price risk. Romanian metallurgical companies recognize the main risks that their businesses are facing: increased prices of raw materials and energy, foreign exchange risk, and lower (domestic demand for company’s products. Another important finding is that the perception of financial risks has improved in the last years and the companies started to use financial derivatives in order to hedge some financial risks. Nevertheless, Romanian metallurgical companies have proved to be reluctant to fully implement and adhere to suffi cient risk management practices.

  20. Risk ManagementManaging Risks, not Calculating Them

    OpenAIRE

    Kostov, Phillip; Lingard, John

    2004-01-01

    The expected utility approach to decision making advocates a probability vision of the world and labels any deviation from it ‘irrational’. This paper reconsiders the rationality argument and argues that calculating risks is not a viable strategy in an uncertain world. Alternative strategies not only can save considerable cognitive and computational resources, but are more ‘rational’ with view to the restricted definition of rationality applied by expected utility theorists. The alternative d...

  1. Methodology of environmental risk assessment management

    Directory of Open Access Journals (Sweden)

    Saša T. Bakrač

    2012-04-01

    Full Text Available Successful protection of environment is mostly based on high-quality assessment of potential and present risks. Environmental risk management is a complex process which includes: identification, assessment and control of risk, namely taking measures in order to minimize the risk to an acceptable level. Environmental risk management methodology: In addition to these phases in the management of environmental risk, appropriate measures that affect the reduction of risk occurrence should be implemented: - normative and legal regulations (laws and regulations, - appropriate organizational structures in society, and - establishing quality monitoring of environment. The emphasis is placed on the application of assessment methodologies (three-model concept, as the most important aspect of successful management of environmental risk. Risk assessment methodology - European concept: The first concept of ecological risk assessment methodology is based on the so-called European model-concept. In order to better understand this ecological risk assessment methodology, two concepts - hazard and risk - are introduced. The European concept of environmental risk assessment has the following phases in its implementation: identification of hazard (danger, identification of consequences (if there is hazard, estimate of the scale of consequences, estimate of consequence probability and risk assessment (also called risk characterization. The European concept is often used to assess risk in the environment as a model for addressing the distribution of stressors along the source - path - receptor line. Risk assessment methodology - Canadian concept: The second concept of the methodology of environmental risk assessment is based on the so-called Canadian model-concept. The assessment of ecological risk includes risk arising from natural events (floods, extreme weather conditions, etc., technological processes and products, agents (chemical, biological, radiological, etc

  2. Process-based project proposal risk management

    Directory of Open Access Journals (Sweden)

    Alok Kumar

    2016-12-01

    Full Text Available We all are aware of the organizational omnipresence. Projects within the organizations are ubiquitous too. Projects achieve their goals successfully if they are planned, scheduled, controlled and implemented well. The project lifecycle of initiating, planning, scheduling, controlling and implementing are very well-planned by project managers and the organizations. Successful projects have well-developed risk management plans to deal with situations impacting projects. Like any other organisation, a university does try to access funds for different purposes too. For such organisations, running a project is not the issue, rather getting a project proposal approved to fund a project is the key. Project proposal processing is done by the nodal office in every organisation. Usually, these nodal offices help in administration and submission of a project proposal for accessing funds. Seldom are these nodal project offices within the organizations facilitate a project proposal approval by proactively reaching out to the project managers. And as project managers prepare project proposals, little or no attention is made to prepare a project proposal risk plan so as to maximise project acquisition. Risk plans are submitted while preparing proposals but these risk plans cater to a requirement to address actual projects upon approval. Hence, a risk management plan for project proposal is either missing or very little effort is made to treat the risks inherent in project acquisition. This paper is an integral attempt to highlight the importance of risk treatment for project proposal stage as an extremely important step to preparing the risk management plan made for projects corresponding to their lifecycle phases. Several tools and techniques have been proposed in the paper to help and guide either the project owner (proposer or the main organisational unit responsible for project management. Development of tools and techniques to further enhance project

  3. Hurricane risk management and climate information gatekeeping in southeast Florida

    Science.gov (United States)

    Treuer, G.; Bolson, J.

    2013-12-01

    Tropical storms provide fresh water necessary for healthy economies and health ecosystems. Hurricanes, massive tropical storms, threaten catastrophic flooding and wind damage. Sea level rise exacerbates flooding risks from rain and storm surge for coastal communities. Climate change adaptation measures to manage this risk must be implemented locally, but actions at other levels of government and by neighboring communities impact the options available to local municipalities. When working on adaptation local decision makers must balance multiple types of risk: physical or scientifically described risks, legal risks, and political risks. Generating usable or actionable climate science is a goal of the academic climate community. To do this we need to expand our analysis to include types of risk that constrain the use of objective science. Integrating physical, legal, and political risks is difficult. Each requires specific expertise and uses unique language. An opportunity exists to study how local decision makers manage all three on a daily basis and how their risk management impacts climate resilience for communities and ecosystems. South Florida's particular vulnerabilities make it an excellent case study. Besides physical vulnerabilities (low elevation, intense coastal development, frequent hurricanes, compromised ecosystems) it also has unique legal and political challenges. Federal and state property rights protections create legal risks for government action that restricts land use to promote climate adaptation. Also, a lack of cases that deal with climate change creates uncertainty about the nature of these legal risks. Politically Florida is divided ideologically and geographically. The regions in the southeast which are most vulnerable are predominantly Hispanic and under-represented at the state level, where leadership on climate change is functionally nonexistent. It is conventional wisdom amongst water managers in Florida that little climate adaptation

  4. Information needs for risk management/communication

    Energy Technology Data Exchange (ETDEWEB)

    Bennett, D.A. [Environmental Protection Agency, Washington, DC (United States)

    1990-12-31

    The hazardous waste cleanup program under the Comprehensive Environmental Response, Compensation, and Liability Act (Superfund) is delegated to the ten Regions of the US Environmental Protection Agency (EPA) and has, to date, identified more than 33,000 sites for consideration. The size and complexity of the program places great demands on those who would provide information to achieve national consistency in application of risk assessment while meeting site-specific needs for risk management and risk communication.

  5. A Stochastic Processes Toolkit for Risk Management

    OpenAIRE

    Damiano Brigo; Antonio Dalessandro; Matthias Neugebauer; Fares Triki

    2008-01-01

    In risk management it is desirable to grasp the essential statistical features of a time series representing a risk factor. This tutorial aims to introduce a number of different stochastic processes that can help in grasping the essential features of risk factors describing different asset classes or behaviors. This paper does not aim at being exhaustive, but gives examples and a feeling for practically implementable models allowing for stylised features in the data. The reader may also use t...

  6. CORPORATE STRATEGIES FOR CURRENCY RISK MANAGEMENT

    OpenAIRE

    Sarkis, Sumbat; Shu, Chang

    2008-01-01

    Title: Corporate Strategies for Currency Risk Management ackground:Currency fluctuations are a global phenomenon, and can affect multinational companies directly through their cash flow, financial result and company valuation. The exposure to currency risks might however be covered against or ‘hedged’, as it is called, by different external and internal corporate strategies. However, some of these strategies might include a risk themselves as they can be expensive and uncertain. It is therefo...

  7. COORDINATES OF A RISK MANAGEMENT PROJECT

    Directory of Open Access Journals (Sweden)

    ALEXANDRU OLTEANU

    2013-05-01

    Full Text Available High risk – high benefit: a well-known correlation both in the economic field and in the day-to-day life. Another correlation, on which this article is based: large project – numerous participants – increased risks and other malfunctions. The risk management concept is challenged by those projects and is forced to find the most adequate “customized” ways for each project at its turn. In this respect, the assessment of management has followed the trend of the last three decades, marked by moving of management profit analysis by risk intermediation, respectively the transition from managing profit to risk-return relationship management. Such trend assumes the obligation of participants to identify objectives and expected benefits of the project on the basis of the strategies laid-down, the elements of risk management policies, in conjunction with the indication of the most negative scenarios which they may provide. This activity must take into consideration the process of obtaining and combining human, financial, physical and information resources in order to accomplish the primary goal of the proposed and wanted project by a certain segment of population. Project participants are directed to evaluate their own activities in terms of revenues and risks from the business access, opportunity, operating mode, as well as the limitations and boundaries on certain sides of activity. The paper focuses on the analysis and evaluation of incomes and risks, on simulations to streamline the activities and the determination of the optimal model of project choice. Also, the paper treats the risks that can be taken over by the sponsors, especially those related to implied guaranties, even implied guaranties.

  8. Management of interest rate risk

    Directory of Open Access Journals (Sweden)

    Šabović Šerif

    2014-01-01

    Full Text Available Interest rate risk is one of the biggest and most dangerous risks that a bank is exposed to. When a change of interest rates occurs, the incomes of a bank based on credits and securities endure significant changes. Banks resources also endure some changes. The change of interest rates changes the value of the assets and liabilities of the bank and it's net and investment worth . The change of interest rates also affects bank's balance sheet, income sheet statement and bank's share capital.

  9. Climate Change Risk Management: CRE Adaptation Projects and the Risk Management Process

    Science.gov (United States)

    This document describes National Estuary Program partner projects that demonstrate how risk management can be successfully applied to address environmental challenges in our country’s coastal areas.

  10. Security Risk Management - Approaches and Methodology

    Directory of Open Access Journals (Sweden)

    Elena Ramona STROIE

    2011-01-01

    Full Text Available In today’s economic context, organizations are looking for ways to improve their business, to keep head of the competition and grow revenue. To stay competitive and consolidate their position on the market, the companies must use all the information they have and process their information for better support of their missions. For this reason managers have to take into consideration risks that can affect the organization and they have to minimize their impact on the organization. Risk management helps managers to better control the business practices and improve the business process.

  11. Public sector risk management: a specific model.

    Science.gov (United States)

    Lawlor, Ted

    2002-07-01

    Risk management programs for state mental health authorities are generally limited in scope and reactive in nature. Recent changes in how mental health care is provided render it necessary to redirect the risk management focus from its present institutional basis to a statewide, network-based paradigm that is integrated across public and private inpatient and community programs alike. These changes include treating an increasing number of individuals in less-secure settings and contracting for an increasing number of public mental health services with private providers. The model proposed here is closely linked to the Quality Management Process.

  12. The management of liquidity risk

    OpenAIRE

    Claudia MITITELU; Stefan MITITELU

    2009-01-01

    The importance of ensuring liquidity exceeds the level of a single banking institution, since recording of the deficit of liquidity only at the level of a single bank may have nevagtive repercurssions on the whole banking system, and entire national economy. Liquidity represents one the permanent concerns in banking management.

  13. The management of liquidity risk

    OpenAIRE

    Claudia MITITELU; Stefan MITITELU

    2009-01-01

    The importance of ensuring liquidity exceeds the level of a single banking institution, since recording of the deficit of liquidity only at the level of a single bank may have nevagtive repercurssions on the whole banking system, and entire national economy. Liquidity represents one the permanent concerns in banking management.

  14. Recommendations for Insulin Dose Calculator Risk Management

    Science.gov (United States)

    2014-01-01

    Several studies have shown the usefulness of an automated insulin dose bolus advisor (BA) in achieving improved glycemic control for insulin-using diabetes patients. Although regulatory agencies have approved several BAs over the past decades, these devices are not standardized in their approach to dosage calculation and include many features that may introduce risk to patients. Moreover, there is no single standard of care for diabetes worldwide and no guidance documents for BAs, specifically. Given the emerging and more stringent regulations on software used in medical devices, the approval process is becoming more difficult for manufacturers to navigate, with some manufacturers opting to remove BAs from their products altogether. A comprehensive literature search was performed, including publications discussing: diabetes BA use and benefit, infusion pump safety and regulation, regulatory submissions, novel BAs, and recommendations for regulation and risk management of BAs. Also included were country-specific and international guidance documents for medical device, infusion pump, medical software, and mobile medical application risk management and regulation. No definitive worldwide guidance exists regarding risk management requirements for BAs, specifically. However, local and international guidance documents for medical devices, infusion pumps, and medical device software offer guidance that can be applied to this technology. In addition, risk management exercises that are algorithm-specific can help prepare manufacturers for regulatory submissions. This article discusses key issues relevant to BA use and safety, and recommends risk management activities incorporating current research and guidance. PMID:24876550

  15. Probability distributions in risk management operations

    CERN Document Server

    Artikis, Constantinos

    2015-01-01

    This book is about the formulations, theoretical investigations, and practical applications of new stochastic models for fundamental concepts and operations of the discipline of risk management. It also examines how these models can be useful in the descriptions, measurements, evaluations, and treatments of risks threatening various modern organizations. Moreover, the book makes clear that such stochastic models constitute very strong analytical tools which substantially facilitate strategic thinking and strategic decision making in many significant areas of risk management. In particular the incorporation of fundamental probabilistic concepts such as the sum, minimum, and maximum of a random number of continuous, positive, independent, and identically distributed random variables in the mathematical structure of stochastic models significantly supports the suitability of these models in the developments, investigations, selections, and implementations of proactive and reactive risk management operations. The...

  16. Operational risk management for a NPP

    Energy Technology Data Exchange (ETDEWEB)

    Scott, C.K., E-mail: KScott@AtlanticNuclear.ca [Atlantic Nuclear Services Inc., Fredericton, New Brunswick (Canada)

    2013-07-01

    Organizational failures are a hazard to the successful operation of a nuclear power plant. Risk reduction strategies have been developed around two themes: using an understanding of the nature and mechanism of human failures to eliminate them by modifying work processes; or, modifying human behaviour by creating a strong safety culture that overrides the tendency to fail. This paper examines the problem from the perspective of operational risk management. It includes the internal management of operations and the influence of the external environment on the organization. A model is proposed that encompasses all the operational risk factors in the organization's decision making process. To prevent failure the organization must have the capability to adapt and the capacity to evolve. The hazards that would lead to an organizational failure are developed from this evolutionary model. The operational risk management program would include these hazards as well as the conventional nuclear safety hazards. (author)

  17. Risk management - unappreciated instrument of supply chain management strategy

    Directory of Open Access Journals (Sweden)

    Wojciech Machowiak

    2012-12-01

    Full Text Available Background: Unlike Enterprise Risk Management, which is certainly quite well rooted in business practice, Supply Chain Risk Management (SCRM still continues to be dynamically developing subject of academic research, whereas its practical applications are rather scarce. Material and methods: On the basis of broad review of the current state of the art in world literature, significant  relevancies to the core processes and enterprise strategy are discussed.   Results: The paper shows some interesting from the enterprise's performance and competitiveness point of view additional benefits, potentially resulting from the proactive, consistent and effective implementation of the SCRM system. Conclusions: Some additional advantages from proactive supply chain risk management account for perceiving SCRM as multifunctional instrument of strategic SC management, exceeding established understanding RM as security and threat-prevention  tool only. Positive influence from SCRM onto SC performance and competitiveness can make reasonable to enhance its position within SCM strategy.

  18. Risk Management in the Clinical Laboratory

    Science.gov (United States)

    Njoroge, Sarah W

    2014-01-01

    Clinical laboratory tests play an integral role in medical decision-making and as such must be reliable and accurate. Unfortunately, no laboratory tests or devices are foolproof and errors can occur at pre-analytical, analytical and post-analytical phases of testing. Evaluating possible conditions that could lead to errors and outlining the necessary steps to detect and prevent errors before they cause patient harm is therefore an important part of laboratory testing. This can be achieved through the practice of risk management. EP23-A is a new guideline from the CLSI that introduces risk management principles to the clinical laboratory. This guideline borrows concepts from the manufacturing industry and encourages laboratories to develop risk management plans that address the specific risks inherent to each lab. Once the risks have been identified, the laboratory must implement control processes and continuously monitor and modify them to make certain that risk is maintained at a clinically acceptable level. This review summarizes the principles of risk management in the clinical laboratory and describes various quality control activities employed by the laboratory to achieve the goal of reporting valid, accurate and reliable test results. PMID:24982831

  19. Analysis and evaluation of enterprise risk management capability elements

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    Research on enterprise risk management capability is conducted with a view of discerning and processing risks, in which an evaluation index system and an evaluation model of enterprise risk management capabilities are constructed. The risk management capability consists of four aspects, i.e. risk identification capability, risk assessment capability, risk planning capability and risk control capability. Risk identification and assessment capabilities reflect the level of enterprises on finding and analyzing...

  20. Collaborative Management of Risks and Complexity in Banking Systems

    Directory of Open Access Journals (Sweden)

    Ion IVAN

    2012-01-01

    Full Text Available This paper describes types of risks encountered in banking systems and ways to prevent and eliminate them. Banking systems are presented in order to have a view on banking activities and processes that generates risks. The risks in banking processes are analyzed and the collaborative character of risk management is highlighted. A way to control the risk in banking systems through information security is described. Risks arise from system complexity, thus evaluation and comparison of different configurations are bases for improvements. The Halstead relative complexity function synthesizes system complexity from the point of view of the size of the variables analyzed and the heterogeneity between the variables. Section four was realized by Catalin SBORA.

  1. The Architecture of Financial Risk Management Systems

    Directory of Open Access Journals (Sweden)

    Iosif ZIMAN

    2013-01-01

    Full Text Available The architecture of systems dedicated to risk management is probably one of the more complex tasks to tackle in the world of finance. Financial risk has been at the center of attention since the explosive growth of financial markets and even more so after the 2008 financial crisis. At multiple levels, financial companies, financial regulatory bodies, governments and cross-national regulatory bodies, all have put the subject of financial risk in particular and the way it is calculated, managed, reported and monitored under intense scrutiny. As a result the technology underpinnings which support the implementation of financial risk systems has evolved considerably and has become one of the most complex areas involving systems and technology in the context of the financial industry. We present the main paradigms, require-ments and design considerations when undertaking the implementation of risk system and give examples of user requirements, sample product coverage and performance parameters.

  2. Managing IT-related operational risks

    Directory of Open Access Journals (Sweden)

    Savić Ana

    2008-01-01

    Full Text Available Not so long ago, information technology (IT risk occupied a small corner of operational risk - the opportunity loss from a missed IT development deadline. Today, the success of an entire financial institution may lay on managing a broad landscape of IT risks. IT risk is a potential damage to an organization's value, resulting from inadequate managing of processes and technologies. IT risk includes the failure to respond to security and privacy requirements, as well as many other issues such as: human error, internal fraud through software manipulation, external fraud by intruders, obsolesce in applications and machines, reliability issues or mismanagement. The World Economic Forum provides best information about this problem. They rank a breakdown of critical information infrastructure among the most likely core global risks, with 10-20 % likelihood over the next 10 years and potential worldwide impact of $250 billion. Sustained investment in IT - almost $1.2 trillion or 29% of 2006 private-sector capital investment in the U.S. alone fuels growing exposure to IT risk. Greg Hughes, chief strategy officer in Symantec Corp. recently claimed "IT risk management is more than using technology to solve security problems. With proper planning and broad support, it can give an organization the confidence to innovate, using IT to outdistance competitors".

  3. Risk Management Concepts and Guidance

    Science.gov (United States)

    1989-03-01

    and Information Processing Under Various Uncertainty Conditions," Bowling Green State University. 81. DeGroot , M.H., Optimal Statisitical Decisions...Journal, Vol. 14, No. 4, 1978, pp. 12-17. 243. Morehouse, W., "Progress in Resources Planning Through PERT," General Electric Co.. 1960. 244. Morris , J.M...34, 1987, John Wiley & Sons Ltd. Atzinger, E.M. et al, Compendium on Risk Analysis Techniques, DARCOM Material Sys- DeGroot , M.H., "Optimal Statistical

  4. Case management for the baby boom generation: a strengths perspective.

    Science.gov (United States)

    Tice, C; Perkins, K

    1998-01-01

    To understand the challenges and opportunities for case management as the turn of the century approaches, we must consider the 76 million individuals born between 1946 and 1964, commonly referred to as the baby boom generation. This article examines the baby boom generation in the context of planning effective case management services. The generation's strengths are highlighted to suggest how case management systems can meet the anticipated service needs of baby boomers as they age.

  5. Managing risks in business model innovation processes

    DEFF Research Database (Denmark)

    Taran, Yariv; Boer, Harry; Lindgren, Peter

    2010-01-01

    industrial companies shows that both companies are experiencing high levels of uncertainty and complexity during their innovation processes and are, consequently, struggling to find new processes for handling the risks involved. Based on the two companies’ experiences, various testable propositions are put......) innovation is a risky enterprise, many companies are still choosing not to apply any risk management in the BM innovation process. The objective of this paper is to develop a better understanding of how risks are handled in the practice of BM innovation. An analysis of the BM innovation experiences of two...... forward, which link success and failure to the way companies appreciate and handle the risks involved in BM innovation....

  6. Healthcare waste generation and its management system: the case ...

    African Journals Online (AJOL)

    Healthcare waste generation and its management system: the case of health ... in the course of activities, the generation of hazardous and non hazardous waste is a ... Segregation of wastes and pre treatment of infectious wastes were not ...

  7. Drought risk management in Mediterranean river basins.

    Science.gov (United States)

    Iglesias, Ana; Garrote, Luis; Martín-Carrasco, Francisco

    2009-01-01

    The Mediterranean region has an extensive hydraulic infrastructure and complex socioeconomic interactions among water users. In this region, competition for water among urban, agricultural, industrial, and environmental demands is strongest in times of water scarcity. Allocation of scarce water in the face of multiple demands is a challenging task that requires careful analysis. Precipitation decreases may likely be translated into drought periods in most cases. Nevertheless water scarcity (the shortage of water resources to serve water demands) not only depends on drought or precipitation deficits but also on water management. Adaptation options depend on the strategic contingency planning and management decisions that affect water resources systems. The risk management of water scarcity and drought depends on the level of water scarcity. Therefore, an adequate diagnosis of the water scarcity level is essential to anticipate the possible solutions. This study proposes a methodology for drought risk management based on the evaluation of 4 indicators of water scarcity to be used to define the thresholds of risk management actions. Based on the definition of thresholds, the study proposes the implementation of risk management actions that may be used for responding to each water scarcity situation.

  8. Risk Management of Large Component in Decommissioning

    Energy Technology Data Exchange (ETDEWEB)

    Nah, Kyung Ku; Kim, Tae Ryong [KEPCO International Nuclear Graduate School, Ulsan (Korea, Republic of)

    2014-10-15

    The need for energy, especially electric energy, has been dramatically increasing in Korea. Therefore, a rapid growth in nuclear power development has been achieved to have about 30% of electric power production. However, such a large nuclear power generation has been producing a significant amount of radioactive waste and other matters such as safety issue. In addition, owing to the severe accidents at the Fukushima in Japan, public concerns regarding NPP and radiation hazard have greatly increased. In Korea, the operation of KORI 1 has been scheduled to be faced with end of lifetime in several years and Wolsong 1 has been being under review for extending its life. This is the reason why the preparation of nuclear power plant decommissioning is significant in this time. Decommissioning is the final phase in the life-cycle of a nuclear facility and during decommissioning operation, one of the most important management in decommissioning is how to deal with the disused large component. Therefore, in this study, the risk in large component in decommissioning is to be identified and the key risk factor is to be analyzed from where can be prepared to handle decommissioning process safely and efficiently. Developing dedicated acceptance criteria for large components at disposal site was analyzed as a key factor. Acceptance criteria applied to deal with large components like what size of those should be and how to be taken care of during disposal process strongly affect other major works. For example, if the size of large component was not set up at disposal site, any dismantle work in decommissioning is not able to be conducted. Therefore, considering insufficient time left for decommissioning of some NPP, it is absolutely imperative that those criteria should be laid down.

  9. Issues and challenges in flood risk management: Editorial for the special issue on flood risk management

    NARCIS (Netherlands)

    Jonkman, S.N.; Dawson, R.J.

    2012-01-01

    Recent flood-related disasters (Japan, Thailand, US, Australia) emphasize the need for an effective management of flood risks. As an introduction to this special issue, this editorial summarizes some of the key challenges in the field. Flood risk management needs to recognize the interconnections be

  10. Issues and challenges in flood risk management: Editorial for the special issue on flood risk management

    NARCIS (Netherlands)

    Jonkman, S.N.; Dawson, R.J.

    2012-01-01

    Recent flood-related disasters (Japan, Thailand, US, Australia) emphasize the need for an effective management of flood risks. As an introduction to this special issue, this editorial summarizes some of the key challenges in the field. Flood risk management needs to recognize the interconnections be

  11. Radon risk management. Construction solutions

    Directory of Open Access Journals (Sweden)

    Borja Frutos Vázquez

    2011-12-01

    Full Text Available Radon gas is a radioactive element that appears in nature by the decay of radium found in terrestrial soils. This gas is able to travel between the pores of the ground and enter into the buildings where the concentration can increase and becoming a health risk to occupants from inhaling. The World Health Organization rate the radon gas as a level 1 carcinogen agent. According to this organization, radon is the second leading cause of lung cancer contraction after tobacco. Based on the perception of risk derived from epidemiological medical studies, some countries have established radon concentration values as safety limits, above which is recommended or required an architectural intervention to reduce levels. From an architectural perspective, there have been studies of several radon protection techniques to reduce radon immission in buildings or to evacuate it, in order to reduce the radon levels below the safety limits. This article develops some protection strategies that have been being used for these purposes, some of which have been tested in Spain thanks to a research project funded by the Nuclear Safety Council, and developed by the Eduardo Torroja Institute and the University of Cantabria.

  12. Security risks in nuclear waste management: Exceptionalism, opaqueness and vulnerability.

    Science.gov (United States)

    Vander Beken, Tom; Dorn, Nicholas; Van Daele, Stijn

    2010-01-01

    This paper analyses some potential security risks, concerning terrorism or more mundane forms of crime, such as fraud, in management of nuclear waste using a PEST scan (of political, economic, social and technical issues) and some insights of criminologists on crime prevention. Nuclear waste arises as spent fuel from ongoing energy generation or other nuclear operations, operational contamination or emissions, and decommissioning of obsolescent facilities. In international and EU political contexts, nuclear waste management is a sensitive issue, regulated specifically as part of the nuclear industry as well as in terms of hazardous waste policies. The industry involves state, commercial and mixed public-private bodies. The social and cultural dimensions--risk, uncertainty, and future generations--resonate more deeply here than in any other aspect of waste management. The paper argues that certain tendencies in regulation of the industry, claimed to be justified on security grounds, are decreasing transparency and veracity of reporting, opening up invisible spaces for management frauds, and in doing allowing a culture of impunity in which more serious criminal or terrorist risks could arise. What is needed is analysis of this 'exceptional' industry in terms of the normal cannons of risk assessment - a task that this paper begins.

  13. Risk Management Techniques and Practice Workshop Workshop Report

    Energy Technology Data Exchange (ETDEWEB)

    Quinn, T; Zosel, M

    2008-12-02

    vendor technical or business problems. HPC, by its very nature, is an exercise in multi-level risk management. Every aspect of stewarding HPCCs into the petascale era, from identification of the program drivers to the details of procurement actions and simulation environment component deployments, represents unprecedented challenges and requires effective risk management. The fundamental purpose of this workshop was to go beyond risk management processes as such and learn how to weave effective risk management practices, techniques, and methods into all aspects of migrating HPCCs into the next generation of leadership computing systems. This workshop was a follow-on to the Petascale System Integration Workshop hosted by Lawrence Berkeley National Laboratory (LBNL)/NERSC last year. It was intended to leverage and extend the risk management experience of the participants by looking for common best practices and unique processes that have been especially successful. This workshop assessed the effectiveness of tools and techniques that are or could be helpful in HPCC risk management, with a special emphasis on how practice meets process. As the saying goes: 'In theory, there is no difference between theory and practice. In practice there is'. Finally, the workshop brought together a network of experts who shared information as technology moves into the petascale era and beyond.

  14. Enterprise risk management in international construction operations

    CERN Document Server

    Zhao, Xianbo; Low, Sui Pheng

    2015-01-01

    This book provides readers an understanding of the implementation of Enterprise Risk Management (ERM) for international construction operations. In an extended case study, it primarily focuses on Chinese construction firms (CCFs) based in Singapore. In this regard, the book explains the differences and similarities between Risk Management (RM), Project Risk Management (PRM) and ERM in the construction industry, and examines their linkages for international construction operations in a broader context. The explanation elaborates on how companies may adopt and implement RM, PRM and ERM as appropriate in their various operations, both in their home market as well as in overseas host markets. The book also reviews the whole spectrum of work relating to organizational behavior (OB) as one of the key underpinnings for companies to evaluate and implement ERM. It will benefit practitioners from the industry as well as academics interested in the implementation of ERM practices in international construction operat...

  15. Contextualising risk within enterprise risk management through the application of systems thinking

    CSIR Research Space (South Africa)

    Haywood, Lorren K

    2017-06-01

    Full Text Available New and emerging risks create growing uncertainty and unpredictability within enterprise risk management. While ISO 31000:2009 is a progressive risk management framework, it is limited in its guidance on how to contextualise complex risks...

  16. 77 FR 13585 - Electricity Subsector Cybersecurity Risk Management Process Guideline

    Science.gov (United States)

    2012-03-07

    ... Electricity Subsector Cybersecurity Risk Management Process Guideline AGENCY: Office of Electricity Delivery... Cybersecurity Risk Management Process guideline. The guideline describes a risk management process that is... build upon existing guidance and requirements to develop a flexible risk management process tuned to the...

  17. Perceptions of food risk management among key stakeholders

    DEFF Research Database (Denmark)

    van Kleef, Ellen; Frewer, Lynn J.; Chryssochoidis, George M.

    2006-01-01

    In designing and implementing appropriate food risk management strategies, it is important to examine how key stakeholders perceive both the practice and effectiveness of food risk management.......In designing and implementing appropriate food risk management strategies, it is important to examine how key stakeholders perceive both the practice and effectiveness of food risk management....

  18. A REVIEW OF ENTERPRISE SUPPLY CHAIN RISK MANAGEMENT

    Institute of Scientific and Technical Information of China (English)

    Dailun SHI

    2004-01-01

    This paper reviews enterprise risk management practices in the context of supply chains. Starting with the importance of managing supply chain risks, the paper established the benefits of managing risks using an enterprise-wise integrated approach. The rest of the paper then presents a practical framework for enterprises to manage risks in their extended supply chains.

  19. LIQUIDITY MANAGEMENT AND CORPORATE RISK

    Directory of Open Access Journals (Sweden)

    Fenyves Veronika

    2011-07-01

    Full Text Available The consequence of the economic crisis, the access of the external financing resources was narrowed significantly and lenders had became more cautious. This meant that the external source providers analyze more thoroughly the source claimants, and they also need to be more aware of their situation, to submit well founded loan applications to financial institutions. The other aspect is why the indicators presented in the study, the firms should be addressed much more thoroughly than ever before to have a much better understanding their situation, to recognize the sources of internal funding opportunities, and to use more efficiently the available internal resources. However, analysts should be aware of which are the ratios which should be paid a special attention and which ones are essential to assess a given situation, knowing them they can properly inform the leaders as well as to give an appropriate help to the decision makers. To ensure the appropriate level of internal resources the company's activity is continuous financing closely related to the working capital management. The other reason is why the working capital management coming into view - which is linked to the previous one - that longer and longer payment periods have emerged in the corporate sales, in point of fact there is a significant increase in commercial lending period, the companies must be able to finance this period. The working capital is essential for companies to determine their short-term financial positions. A significant change in working capital provides an important information to the company's various stakeholders, and this is especially true for the net working capital. The working capital analysis is one way the company's creditability evaluation, and helps also to better understand the company's normal business cycle.

  20. Basic HR Risk Management Principles in Digital Libraries

    OpenAIRE

    Mirembe, Florence

    2009-01-01

    Human beings are responsible for causing risk as well as mitigating risk. This paper focuses on the human resources management risk remedies for digital libraries. Risk management aims at identifying, assessing and resolving risk items before they become disasters to an organization or digital library. Effective risk management plans should include short-term and long-term risks to project schedules, costs, and the functionality, adequacy and quality of project deliverables. Risks can bec...

  1. Managing 'Generation Y' occupational therapists: optimising their potential.

    Science.gov (United States)

    Hills, Caroline; Ryan, Susan; Warren-Forward, Helen; Smith, Derek R

    2013-08-01

    'Generation Y' is a descriptor of those therapists born between 1982 and 2000. According to generational theory, each generation have unique characteristics due to the social and historical factors they have experienced during their formative years. Occupational therapy educators have reported on 'Generation Y' characteristics observed in occupational therapy students. This study aimed to investigate if managers considered there was a 'Generation Y' therapist and their observed characteristics in practice, as well as successful management strategies used to maximise their potential in the workplace. A hard copy survey based on the 'Generation Y' literature was sent to all managers listed on an Australian University database. Almost all respondents considered there was a 'Generation Y' therapist. Overall, managers reported characteristics of this staff group as being hard working, confident with technology, needing positive feedback and demanding professional development opportunities. Managers also reported that this group may be a challenge to retain in work positions. Managers also viewed 'Generation Y' staff as a positive energy and considered that in the future they will be of benefit to the profession. While there may be generational differences between therapists in the workplace, inclusive management styles may be the most appropriate management approach. Career guidance, facilitating creativity, increasing work responsibility and integrating new technologies like social networking into practice may be appropriate strategies for this staff group, to facilitate both their professional development and to retain them in the profession. © 2013 Occupational Therapy Australia.

  2. Risk and risk management in agriculture : an overview and empirical results

    NARCIS (Netherlands)

    Huirne, R.B.M.; Meuwissen, M.P.M.; Hardaker, J.B.; Anderson, J.R.

    2000-01-01

    The paper gives an overview of sources of risk and risk management strategies in agriculture. As risk is an inescapable fact of life, in particular in agriculture, farmers must try to manage risk effectively. Risk management is an integral part of good management of a farm, being a way to avoid

  3. From CSR to Social Risk Management

    DEFF Research Database (Denmark)

    Taarup Esbensen, Jacob

    2014-01-01

    When it comes to social risks multinational companies (MNC) within Mining are one of the most exposed businesses one can imagine. This paper examines how social risk management is practiced through the case of Teghout copper-molybdenum mine in North- Eastern Armenia, supplemented with evidence from...... other mining MNCs in the country, onsite fieldwork, interviews with key stakeholders, and public available information. This evidence suggest that a standards based social risk management strategy is adopted and that this strategy is based on international Corporate Social Responsibility (CSR) standards...... and philanthropic activities. However, evidence reveal that local and regional stakeholders, from whom social risk rise, feel disengaged from the process, continue to raise questions about transparency and in some cases actively oppose mining activities and that this is happening despite the use of stakeholder...

  4. On the ALARP approach to risk management

    Energy Technology Data Exchange (ETDEWEB)

    Melchers, R.E

    2001-02-01

    There is an increasing trend by regulatory authorities for the introduction of the as low as reasonably practicable (ALARP) approach in dealing with risk management of proposed or existing complex hazardous systems. For these, decisions about acceptability or tolerability of risks and consequences can have very significant financial, economic and other consequences for the proponents. Conversely, there may be very significant social and socio-economic implications. ALARP as a guide to achieving a satisfactory outcome has a certain intuitive appeal for the practical management of industrial and other risks. However, as suggested herein, there are a number of areas of concern about the validity of this approach. These include representativeness, morality, philosophy, political reality and practicality. An important, and in some respects fundamental, difficulty is that the risk acceptance criteria are not fully open to public scrutiny and can appear to be settled by negotiation.

  5. Injury risk management plan for volleyball athletes.

    Science.gov (United States)

    James, Lachlan P; Kelly, Vincent G; Beckman, Emma M

    2014-09-01

    Volleyball is an increasingly popular team sport. As with any competitive sport, there is an inherent risk of injury that must be recognized and collaboratively managed. This article provides a practical approach to the management of volleyball injuries within a team or organization. A brief review of the epidemiological data is presented which establishes (i) ankle sprain, (ii) shoulder overuse injury, (iii) patella tendinopathy, and (iv) anterior cruciate ligament injury as the primary injuries to address amongst these athletes. The interaction of modifiable and non-modifiable risk factors for these injuries are used to classify athletes into high-, medium- and low-risk groups. Targeted training interventions are suggested, based upon the risk level of the athlete, to minimize the occurrence of these injuries. Practical methods for integrating these activities into a training plan are also discussed.

  6. Tsunami disaster risk management capabilities in Greece

    Science.gov (United States)

    Marios Karagiannis, Georgios; Synolakis, Costas

    2015-04-01

    Greece is vulnerable to tsunamis, due to the length of the coastline, its islands and its geographical proximity to the Hellenic Arc, an active subduction zone. Historically, about 10% of all world tsunamis occur in the Mediterranean region. Here we review existing tsunami disaster risk management capabilities in Greece. We analyze capabilities across the disaster management continuum, including prevention, preparedness, response and recovery. Specifically, we focus on issues like legal requirements, stakeholders, hazard mitigation practices, emergency operations plans, public awareness and education, community-based approaches and early-warning systems. Our research is based on a review of existing literature and official documentation, on previous projects, as well as on interviews with civil protection officials in Greece. In terms of tsunami disaster prevention and hazard mitigation, the lack of tsunami inundation maps, except for some areas in Crete, makes it quite difficult to get public support for hazard mitigation practices. Urban and spatial planning tools in Greece allow the planner to take into account hazards and establish buffer zones near hazard areas. However, the application of such ordinances at the local and regional levels is often difficult. Eminent domain is not supported by law and there are no regulatory provisions regarding tax abatement as a disaster prevention tool. Building codes require buildings and other structures to withstand lateral dynamic earthquake loads, but there are no provisions for resistance to impact loading from water born debris Public education about tsunamis has increased during the last half-decade but remains sporadic. In terms of disaster preparedness, Greece does have a National Tsunami Warning Center (NTWC) and is a Member of UNESCO's Tsunami Program for North-eastern Atlantic, the Mediterranean and connected seas (NEAM) region. Several exercises have been organized in the framework of the NEAM Tsunami Warning

  7. Stop IT Project Failures Through Risk Management

    CERN Document Server

    Remenyi, D

    1999-01-01

    This book is about information systems development failures and how to avoid them. .It considers what goes wrong with information systems development projects and what actions may be taken to avoid potential difficulties.The reduction of the impact,or even the elimination of the problems,is discussed in terms of an information systems risk management programme. Stop I.T.Project failure helps to ensure that IS project managers are successful in helping to deliver application systems. However, IS development risk can never be entirely eliminated and consequently the practitioner needs to bear in

  8. RISK MANAGEMENT IN ENSURING AVIATION (TRANSPORT SECURITY

    Directory of Open Access Journals (Sweden)

    S. E. Prozorov

    2015-01-01

    Full Text Available The paper deals with risk management in aviation (transport security based on the three-level assessment of the current threat levels according to the method of application of countermeasures, presented by ICAO in the form of a matrix of risk management, as well as by the introduction of measures to ensure transport safety, depending on the category of transport infrastructure (or vehicle and the level of Iransport safety. The article illustrates the complementarity of the two approaches, suggesting a higher efficiency of relevant processes in their joint application.

  9. Safe Management of Waste Generated during Shale Gas Operations

    Science.gov (United States)

    Kukulska-Zając, Ewa; Król, Anna; Holewa-Rataj, Jadwiga

    2017-04-01

    Exploration and exploitation of hydrocarbon deposits, regardless of their type, are connected with the generation of waste, which may have various environmental effects. Such wastes may pose a serious risk to the surrounding environment and public health because they usually contain numerous potentially toxic chemicals. Waste associated with exploration and exploitation of unconventional hydrocarbon deposits is composed of a mixture of organic and inorganic materials, the qualitative and quantitative composition of which changes widely over time, depending on numerous factors. As a result the proper characteristic of this type of waste is very important. Information gained from detailed chemical analyses of drilling chemicals, drilling wastes, and flowback water can be used to manage shale gas-related wastes more appropriately, to develop treatment methods, to store the waste, and assess the potential environmental and health risk. The following paper will focus mainly on the results of research carried out on waste samples coming from the unconventional hydrogen exploration sites. Additionally, regulatory frameworks applicable to the management of wastes produced during this type of works will be discussed. The scope of research concerning physicochemical parameters for this type of wastes will also be presented. The presented results were obtained during M4ShaleGas project realization. The M4ShaleGas project has received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement no. 640715.

  10. Risk Management in IT Governance Framework

    Directory of Open Access Journals (Sweden)

    Mirela GHEORGHE

    2011-12-01

    Full Text Available The concept of governance has an already old contour: the system by which business corporations are directed and controlled. The most praised principles regarding shareholder rights, transparency and board accountability now constitute the foundation for new tendencies evolved from such ground. Executive compensation, transparency and shareholder reporting are new issues attached to board responsibilities. Besides such almost negative approaches the board faces a more and more prominent role from risk management and IT governance perspective. Nowadays is generally acknowledged that the board is in charge for managing and controlling the risks to assets of the enterprises and business future. IT Governance has emerged as a support for corporate governance, as an important part of board’s striving efforts to perform better in a competition environment. These responsibilities, risk management and IT Governance, remain within the framework of old concept of corporate governance and are fed from its substance. The interaction between these concepts is the core interest of this research.IT Governance is defined as procedures and policies established in order to assure that the IT system of an organization sustains its goals and strategies. The management of the organisations face a new challenge: structural redefinition of the IT component in order to create plus value and to minimize IT risks through an efficient management of all IT resources of the organisation. The evolution of the present IT environment is a natural process according to which business environment should adapt.

  11. Managing industrial price risk: a balancing act

    Energy Technology Data Exchange (ETDEWEB)

    Muse, J-F. [Cargill Energy (United States)

    2000-07-01

    The challenge of managing industrial price risk is assessed by a senior executive of Cargill, a diversified industrial conglomerate, involved in steel manufacturing and recycling, oilseeds, cocoa, beef, pork, and poultry processing, fertilizer and fruit juice production, in addition to trading and financial risk management. Energy is a key component in many of Cargill's businesses, hence the company has good reason to be concerned about price volatility. The effects of energy risk management on the company's shareholders are demonstrated by an analysis of month-to-month price fluctuations over the Nov 1999 to Oct 2000 period, showing the monthly value of risk at the 95 per cent confidence level as $4,832,195. The effects of alternatives for an end-user such as passing on cost to customers, improving energy efficiency. fuel switching and production curtailment, are explored and limitations and problems with each of the approaches are discussed. The best options for industrial end-users of natural gas are suggested to be a proactive risk management program in the short-term and asset diversification, fuel switching, and geographic relocation of production facilities in the long-term.

  12. Applied risk analysis to the future Brazilian electricity generation matrix

    Energy Technology Data Exchange (ETDEWEB)

    Maues, Jair; Fernandez, Eloi; Correa, Antonio

    2010-09-15

    This study compares energy conversion systems for the generation of electrical power, with an emphasis on the Brazilian energy matrix. The financial model applied in this comparison is based on the Portfolio Theory, developed by Harry Markowitz. The risk-return ratio related to the electrical generation mix predicted in the National Energy Plan - 2030, published in 2006 by the Brazilian Energy Research Office, is evaluated. The increase of non-traditional renewable energy in this expected electrical generating mix, specifically, residues of sugar cane plantations and wind energy, reduce not only the risk but also the average cost of the kilowatt-hour generated.

  13. Does Corporate Governance Impact Risk Management System?

    Directory of Open Access Journals (Sweden)

    Petre BREZEANU

    2011-04-01

    Full Text Available This paper brings forth the contribution of corporate governance to risk management system at the enterprise level. The research is a complex one, integrating both quantitative and qualitative information. The quantitative information consists of balance sheet and profit and loss account data while the qualitative one includes dummy variables reflecting the agency and monitoring costs which govern the relationship between managers and shareholders.

  14. Coastal Risk Management in a Changing Climate

    DEFF Research Database (Denmark)

    Existing coastal management and defense approaches are not well suited to meet the challenges of climate change and related uncertanities. Professionals in this field need a more dynamic, systematic and multidisciplinary approach. Written by an international group of experts, "Coastal Risk...... Management in a Changing Climate" provides innovative, multidisciplinary best practices for mitigating the effects of climate change on coastal structures. Based on the Theseus program, the book includes eight study sites across Europe, with specific attention to the most vulnerable coastal environments...

  15. Management of Financial and Banking Risk

    OpenAIRE

    Ion Gr. Ionescu

    2013-01-01

    It is certainly clear that a powerful banking strategy should include both software and bank risk management procedures that aim, in fact, minimize the likelihood of these risks and potential exposure of the bank. The main objective of these policies is to minimize losses or additional expenses incurred by the bank and central banking goal is to achieve a higher profit for shareholders. But not always these two objectives - the general and sector - are consistent. It may, in some cases, the c...

  16. Managing information risk a director's guide

    CERN Document Server

    Mitchell, Stewart

    2009-01-01

    This pocket guide addresses the scope of risks involved in a modern IT system, and outlines strategies for working through the process of putting risk management at the heart of your corporate culture. Given that no two companies are the same, this pocket guide should not be taken as a step-by-step guide, but should provide decision makers with a solid overview of the factors they need to consider and a framework for implementing a regime that suits their needs.

  17. Integrated Performance Management strategy, risk and sustainability Management

    OpenAIRE

    Lux, Wilfried

    2014-01-01

    This article gives an overview about an integrated approach to Performance Management, meaning strategy formulation and implementation. A step-wise approach is illustrated to arrive at strategic goals and to implement them by defi key performance indicators, actions and responsibilities. Modern approachesto trend analysis are introduced in order to make more predictable statements. Risk management as the other side of strategy implementation is suggested to get integrated into the process of ...

  18. Efficient Management of the Entrepreneurial Risk by Implementing Risk Management ISO 31000:2009

    Directory of Open Access Journals (Sweden)

    Irina Todos

    2015-08-01

    Full Text Available The contemporary economy is characterized by a high level of entrepreneurial risk. The risk is that the entrepreneur's tool offers various opportunities for development and the lack of a risk management system leads to business failure. Therefore, this can be avoided by implementing a standard-ISO 31000: 2009.

  19. 75 FR 30106 - Terrorism Risk Insurance Program; Litigation Management Submissions

    Science.gov (United States)

    2010-05-28

    ... Terrorism Risk Insurance Program; Litigation Management Submissions AGENCY: Departmental Offices. ACTION..., the Terrorism Risk Insurance Program Office is seeking comments regarding Litigation Management..., preferably an original and two copies) to: Terrorism Risk Insurance Program, Public Comment Record, Suite...

  20. Big data based fraud risk management at Alibaba

    National Research Council Canada - National Science Library

    Chen, Jidong; Tao, Ye; Wang, Haoran; Chen, Tao

    2015-01-01

    .... This paper is to introduce the Fraud Risk Management at Alibaba under big data. Alibaba has built a fraud risk monitoring and management system based on real-time big data processing and intelligent risk models...

  1. Risk management in higher education: An open distance learning ...

    African Journals Online (AJOL)

    Risk management in higher education: An open distance learning perspective. ... Southern African Business Review ... 1This article contributes to the continuing scholarly discourse on risk and risk management within the context of higher ...

  2. Theoretical concept of credit risk management

    Directory of Open Access Journals (Sweden)

    Dragosavac Miloš

    2014-01-01

    Full Text Available With the development of the banking business and the economy, exposure to different types of risk becomes greater. Identifying all risks and adequate measures have become an extremely important factor in business success in the increasingly complex economic conditions. Risks in business, in the last ten years have become the burning issue in debates among the scientific experts. With the aim of stable development of its business and equal participation in a large competitive market, primarily in order to protect its depositors and preserve system stability and liquidity, banks have to incorporate into their strategic goals the strategies of banking risks. Credit risk is of great value within the overall risks that accompany the business activity of banks, economy, and other forms of business organization. Its nature and presence in all segments of the business activities speak enough about its importance and the need for its management. Permanently growing trend of credit risk is a reality faced by not only the banking organization, but also the subjects in the economic and non-economic sector, which makes the issue of credit risk extremely important and relevant. The subject of this paper is a theoretical analysis of credit risk in banking business. Banking operations are increasingly exposed to credit risk, which indicates the inability of banks to settle their claims based on previously approved loans, and this is the case-in-point for this specific research subject.

  3. Audit of psychosocial risk management systems

    DEFF Research Database (Denmark)

    2014-01-01

    organizations on how to manage risks. Internal and external audits of compliance with the standard are key elements. Auditors should be competent to carry out the task and be familiar with risks of the areas they are auditing. The competences and practice of internal auditors have been studied...... in two Danish municipalities. The results show that auditors have a varied background and a limited knowledge about psychosocial risks. They have difficulties in carrying out audits and the results are mainly influenced by personal preferences....

  4. Using Probability of Exceedance to Compare the Resource Risk of Renewable and Gas-Fired Generation

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2017-08-01

    Of the myriad risks surrounding long-term investments in power plants, resource risk is one of the most difficult to mitigate, and is also perhaps the risk that most-clearly distinguishes renewable generation from natural gas-fired generation. For renewable generators like wind and solar projects, resource risk manifests as a quantity risk—i.e., the risk that the quantity of wind and insolation will be less than expected.i For gas-fired generators (i.e., a combined-cycle gas turbine or “CCGT”), resource risk manifests primarily as a price risk—i.e., the risk that natural gas will cost more than expected. Most often, resource risk—and natural gas price risk in particular—falls disproportionately on utility ratepayers, who are typically not well-equipped to manage this risk. As such, it is incumbent upon utilities, regulators, and policymakers to ensure that resource risk is taken into consideration when making or approving resource decisions, or enacting policies that influence the development of the electricity sector more broadly.

  5. Risk management for sulfur dioxide abatement under multiple uncertainties

    Institute of Scientific and Technical Information of China (English)

    C.DAI; W.SUN; Q.TAN; Y.LIU; W.T.LU; H.C.GUO

    2016-01-01

    In this study,interval-parameter programming,two-stage stochastic programming (TSP),and conditional value-at-risk (CVaR) were incorporated into a general optimization framework,leading to an interval-parameter CVaR-based two-stage programming (ICTP) method.The ICTP method had several advantages:(i) its objective function simultaneously took expected cost and risk cost into consideration,and also used discrete random variables and discrete intervals to reflect uncertain properties;(ii) it quantitatively evaluated the right tail of distributions of random variables which could better calculate the risk of violated environmental standards;(iii) it was useful for helping decision makers to analyze the trade-offs between cost and risk;and (iv) it was effective to penalize the second-stage costs,as well as to capture the notion of risk in stochastic programming.The developed model was applied to sulfur dioxide abatement in an air quality management system.The results indicated that the ICTP method could be used for generating a series of air quality management schemes under different risk-aversion levels,for identifying desired air quality management strategies for decision makers,and for considering a proper balance between system economy and environmental quality.

  6. Risk management for sulfur dioxide abatement under multiple uncertainties

    Science.gov (United States)

    Dai, C.; Sun, W.; Tan, Q.; Liu, Y.; Lu, W. T.; Guo, H. C.

    2016-03-01

    In this study, interval-parameter programming, two-stage stochastic programming (TSP), and conditional value-at-risk (CVaR) were incorporated into a general optimization framework, leading to an interval-parameter CVaR-based two-stage programming (ICTP) method. The ICTP method had several advantages: (i) its objective function simultaneously took expected cost and risk cost into consideration, and also used discrete random variables and discrete intervals to reflect uncertain properties; (ii) it quantitatively evaluated the right tail of distributions of random variables which could better calculate the risk of violated environmental standards; (iii) it was useful for helping decision makers to analyze the trade-offs between cost and risk; and (iv) it was effective to penalize the second-stage costs, as well as to capture the notion of risk in stochastic programming. The developed model was applied to sulfur dioxide abatement in an air quality management system. The results indicated that the ICTP method could be used for generating a series of air quality management schemes under different risk-aversion levels, for identifying desired air quality management strategies for decision makers, and for considering a proper balance between system economy and environmental quality.

  7. RISK MANAGEMENT AND PREVENTION OF FRAUD IN CARD TRANSACTIONS

    Directory of Open Access Journals (Sweden)

    CODRUTA DANIELA PAVEL

    2012-05-01

    Full Text Available Credit institutions issuing and accepting cards have responsibility for identifying, evaluating and mitigation fraud and activities with potentially risk. Risk management is necessary to avoid losses that may occur both directly through fraud and indirectly through loss of customer confidence regarding safety card operations. The risk management in cards activities aims to identifying those events which by their appearance would produce adverse effects on the activity, possible generating financial loss and find solutions to avoid them and reduce their effect.Credit card fraud refers to any situation where a person deliberately uses: card obtained through illegal methods, a counterfeit card, a valid card code, in order to obtain cash, goods or undue services.

  8. Economic optimisation of flood risk management projects

    NARCIS (Netherlands)

    Tsimopoulou, V.

    2015-01-01

    The Netherlands has developed a flood risk management policy based on an economic rationale. After the flood disaster of 1953, when a large area of the south-western part of the country was flooded and more than 1800 people lost their lives, the so-called Delta Committee was installed, whose main pu

  9. Economic optimisation of flood risk management projects

    NARCIS (Netherlands)

    Tsimopoulou, V.

    2015-01-01

    The Netherlands has developed a flood risk management policy based on an economic rationale. After the flood disaster of 1953, when a large area of the south-western part of the country was flooded and more than 1800 people lost their lives, the so-called Delta Committee was installed, whose main

  10. Economic optimisation of flood risk management projects

    NARCIS (Netherlands)

    Tsimopoulou, V.

    2015-01-01

    The Netherlands has developed a flood risk management policy based on an economic rationale. After the flood disaster of 1953, when a large area of the south-western part of the country was flooded and more than 1800 people lost their lives, the so-called Delta Committee was installed, whose main pu

  11. Coastal Risk Management in a Changing Climate

    DEFF Research Database (Denmark)

    Burcharth, Hans F.; Zanuttigh, Barbara; Andersen, Thomas Lykke

    2014-01-01

    Existing coastal management and defense approaches are not well suited to meet the challenges of climate change and related uncertanities. Professionals in this field need a more dynamic, systematic and multidisciplinary approach. Written by an international group of experts, Coastal Risk Managem...

  12. Preoperative evaluation : risk management and implementation aspects

    NARCIS (Netherlands)

    Klei, W.A. van

    2002-01-01

    In preoperative risk management the anesthesiologist uses diagnostic information to estimate the probability of outcomes and to decide on the anesthetic strategy in a particular patient. The aim of this thesis was explore to what extent simple patient characteristics, particularly obtained from

  13. Patient safety and managing risk in nursing

    CERN Document Server

    Fisher, Melanie

    2013-01-01

    This book aims to provide nursing students and new nurses with a greater understanding of how to manage patient safety and risk in their own practice. The book focuses on the essentials that students and nurses need to know, and therefore provides a clear pathway through what can sometimes seem an overwhelmingly complex mass of rules, procedures and possible options.

  14. Risk modelling and management: An overview

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); D.E. Allen (David); M.J. McAleer (Michael); T. Pérez-Amaral (Teodosio)

    2013-01-01

    textabstractThe papers in this special issue of Mathematics and Computers in Simulation are substantially revised versions of the papers that were presented at the 2011 Madrid International Conference on "Risk Modelling and Management" (RMM2011). The papers cover the following topics: currency hedgi

  15. Software And Systems Engineering Risk Management

    Science.gov (United States)

    2010-04-01

    Engineering Life Cycle Processes IS 15288 Systems Engineering Life Cycle Processes IS 16085 Risk Management Process Quality ISO TC 176 ISO 9001 Quality...carefully define their “Context” as there is little guidance • integrate RSKM into their ISO 9001 clause 8.5.3 Preventive action • avoid offers

  16. Preoperative evaluation : risk management and implementation aspects

    NARCIS (Netherlands)

    Klei, W.A. van

    2002-01-01

    In preoperative risk management the anesthesiologist uses diagnostic information to estimate the probability of outcomes and to decide on the anesthetic strategy in a particular patient. The aim of this thesis was explore to what extent simple patient characteristics, particularly obtained from preo

  17. Managing risks of market price uncertainty for a microgrid operation

    Science.gov (United States)

    Raghavan, Sriram

    After deregulation of electricity in the United States, the day-ahead and real-time markets allow load serving entities and generation companies to bid and purchase/sell energy under the supervision of the independent system operator (ISO). The electricity market prices are inherently uncertain, and can be highly volatile. The main objective of this thesis is to hedge against the risk from the uncertainty of the market prices when purchasing/selling energy from/to the market. The energy manager can also schedule distributed generators (DGs) and storage of the microgrid to meet the demand, in addition to energy transactions from the market. The risk measure used in this work is the variance of the uncertain market purchase/sale cost/revenue, assuming the price following a Gaussian distribution. Using Markowitz optimization, the risk is minimized to find the optimal mix of purchase from the markets. The problem is formulated as a mixed integer quadratic program. The microgrid at Illinois Institute of Technology (IIT) in Chicago, IL was used as a case study. The result of this work reveals the tradeoff faced by the microgrid energy manager between minimizing the risk and minimizing the mean of the total operating cost (TOC) of the microgrid. With this information, the microgrid energy manager can make decisions in the day-ahead and real-time markets according to their risk aversion preference. The assumption of market prices following Gaussian distribution is also verified to be reasonable for the purpose of hedging against their risks. This is done by comparing the result of the proposed formulation with that obtained from the sample market prices randomly generated using the distribution of actual historic market price data.

  18. An investigation of risk management strategies in projects

    Directory of Open Access Journals (Sweden)

    Zahra Asadi

    2015-06-01

    Full Text Available Risk is considered as an inseparable part of any project and since all the effective factors in projects are not predictable, risk management is inevitable. One of the biggest administrative problems with internal projects is the managers’ neglect of the importance of risk management which leads to delay in projects delivery and increase of the cost of the projects. Since not all risks are regarded as threats but also as opportunities, risk management is considered as a balance factor between the loss of threats and the profit earned through opportunities. It has focused on some strategies for successful implementation of risk management in projects as well. In the risk management, the most logical way of planning is managing risk before taking risk. This study investigated risk and risk management, its aims, components, and different stages of risk to reach the expected aims and outcomes of the study.

  19. Risk Management for New Product Development Projects in Food Industry

    Directory of Open Access Journals (Sweden)

    Porananond, D.

    2014-07-01

    Full Text Available Project risk management provides a guideline for decision making in new product development (NPD projects, reducing uncertainty and increasing success rate. However, the acceptance of formal risk management applications in industry, especially for NPD projects is still in question. A study of a food conglomerate in Thailand found that only 9% of NPD projects used a systematic approach for managing risk. 61% of the projects realised the importance of risk management, while the remaining 30% did not involve risk management at all. This study aims to develop a risk management model for NPD projects in the food industry. The first section of this paper reviews the literature on risk management theory, including international standards for risk and project management (ISO31000 and ISO21500, publications for the Project Management Body of Knowledge (PMBOK, by a professional organisation the Project Management Institute (PMI, and also academic research. 182 academic papers, published between January 2002 and August 2012 were selected. The second part interviews conducted with eight NPD experts from five of the major food manufacturers in Thailand to examine their risk management practices and problems. Conclusions are made on five topics : classification of research method, project type and industrial segment, distribution of articles by region, tools & techniques for risk management and risk factors in projects. Specific requirements of risk management for NPD projects in the food industry are identified. A risk management model and the concept of risk management applications for the food industry are proposed.

  20. Stakeholder Risk Management in Ethical Decision Making

    DEFF Research Database (Denmark)

    Lauesen, Linne Marie

    evidence from hybrid organizations as Publicly Owned Enterprises (POEs) mixed of private corporations and political administration. The model offers a new way of combining risk management with ethical decisionmaking processes by the inclusion of multiple stakeholders. Not only does the model apply....... This paper offers an ‘Organic Stakeholder Model’ based on decision making theory, risk assessment and adaption to a rapidly changing world combined with appropriate stakeholder theory for ethical purposes in decision making processes in businesses. The ‘Organic Stakeholder Model’ is based on empirical...... to these kinds of hybrid organizations, but it is easily adopted and tested for other private business models too. The findings and the conceptualization of the model enhances business ethics in decision making by managing and balancing stakeholder concerns with the same concerns as the traditional risk...

  1. Mainstreaming disaster risk management in higher education

    Directory of Open Access Journals (Sweden)

    MARCIA VILLASANA

    Full Text Available Universities should actively participate in disseminating and fostering a culture for disaster risk management (DRM among students and the community. Particularly in countries with high levels of risk, education plays a key role in raising awareness on the importance of preventing and implementing conscious risk management. Though the incorporation of DRM into the curricula, education programs become a mechanism to prepare students from a perspective of strengthening of values, citizenship, and social sensibility towards how disaster represents a disruption of the functioning of a community and impairs business activity. This paper presents the proposal for the integration of DRM of a private university in Mexico, one of the countries particularly susceptible to extreme hydrometereological and geological events. The proposal includes a concentration area for undergraduate business students, a mandatory introductory course for all business majors, and for the business community an executive education program for SMEs

  2. Towards Next Generation Internet Management:CNGI-CERNET2EXPERIENCES

    Institute of Scientific and Technical Information of China (English)

    Jia-Hai Yang; Hui Zhang; Jin-Xiang Zhang; Chang-Qing An

    2009-01-01

    Manageability is an important feature of next generation Internet; management and monitoring of IPv6-based networks are proving a big challenge. While leveraging current IPv4-based SNMP management scheme to IPv6 networks'management need is necessary, it is more urgent to coin a new network management architecture to accommodate the scalability and extensibility requirements of next generation Internet management. The paper proposes a novel network management architecture, IMN (Internet Management Network), which creates an overlay network of management nodes.While each management node can perform management tasks autonomously and independently, it can finish more sophis-ticated management tasks by collaboratively invoking management operations or sharing information provided by other management nodes. P2P-based communication services are introduced in IMN to enable such collaboration. The paper presents a prototyping implementation based on the Web service related technology, as well as some of the key technologies,especially solutions to those issues arising from the management practice of CERNET2. Experiences of deployment of CERNET2 operation and lessons learned from the management practice are discussed.

  3. Managing Constraint Generators in Retail Design Processes

    DEFF Research Database (Denmark)

    Münster, Mia Borch; Haug, Anders

    Retail design concepts are complex designs meeting functional and aesthetic demands. During a design process a retail designer has to consider various constraint generators such as stakeholder interests, physical limitations and restrictions. Obviously the architectural site, legislators...

  4. Human System Risk Management for Space Flight

    Science.gov (United States)

    Davis, Jeffrey

    2015-01-01

    This brief abstract reviews the development of the current day approach to human system risk management for space flight and the development of the critical components of this process over the past few years. The human system risk management process now provides a comprehensive assessment of each human system risk by design reference mission (DRM) and is evaluated not only for mission success but also for long-term health impacts for the astronauts. The discipline of bioastronautics is the study of the biological and medical effects of space flight on humans. In 1997, the Space Life Sciences Directorate (SLSD) initiated the Bioastronautics Roadmap (Roadmap) as the "Critical Path Roadmap", and in 1998 participation in the roadmap was expanded to include the National Space Biomedical Research Institute (NSBRI) and the external community. A total of 55 risks and 250 questions were identified and prioritized and in 2000, the Roadmap was base-lined and put under configuration control. The Roadmap took into account several major advisory committee reviews including the Institute of Medicine (IOM) "Safe Passage: Astronaut care for Exploration Missions", 2001. Subsequently, three collaborating organizations at NASA HQ (Chief Health and Medical Officer, Office of Space Flight and Office of Biological & Physical Research), published the Bioastronautics Strategy in 2003, that identified the human as a "critical subsystem of space flight" and noted that "tolerance limits and safe operating bands must be established" to enable human space flight. These offices also requested a review by the IOM of the Roadmap and that review was published in October 2005 as "A Risk Reduction Strategy for Human Exploration of Space: A Review of NASA's Bioastronautics Roadmap", that noted several strengths and weaknesses of the Roadmap and made several recommendations. In parallel with the development of the Roadmap, the Office of the Chief Health and Medical Officer (OCHMO) began a process in

  5. Quality risk management in pharmaceutical development.

    Science.gov (United States)

    Charoo, Naseem Ahmad; Ali, Areeg Anwer

    2013-07-01

    The objective of ICH Q8, Q9 and Q10 documents is application of systemic and science based approach to formulation development for building quality into product. There is always some uncertainty in new product development. Good risk management practice is essential for success of new product development in decreasing this uncertainty. In quality by design paradigm, the product performance properties relevant to the patient are predefined in target product profile (TPP). Together with prior knowledge and experience, TPP helps in identification of critical quality attributes (CQA's). Initial risk assessment which identifies risks to these CQA's provides impetus for product development. Product and process are designed to gain knowledge about these risks, devise strategies to eliminate or mitigate these risks and meet objectives set in TPP. By laying more emphasis on high risk events the protection level of patient is increased. The process being scientifically driven improves the transparency and reliability of the manufacturer. The focus on risk to the patient together with flexible development approach saves invaluable resources, increases confidence on quality and reduces compliance risk. The knowledge acquired in analysing risks to CQA's permits construction of meaningful design space. Within the boundaries of the design space, variation in critical material characteristics and process parameters must be managed in order to yield a product having the desired characteristics. Specifications based on product and process understanding are established such that product will meet the specifications if tested. In this way, the product is amenable to real time release, since specifications only confirm quality but they do not serve as a means of effective process control.

  6. SYNTHETIC ANALYSIS OF CREDIT RISK - PREVENTION AND MANAGEMENT

    Directory of Open Access Journals (Sweden)

    LĂPĂDUSI MIHAELA LOREDANA

    2013-02-01

    Full Text Available The uncertainty of the economic and social environment in which a company operates represents the essentialfeature from which are discharged all types of hazards. Protection against risks, mitigation of their effects that aremeasured by the losses generated are issues which led to the continuous improvement of the measure of prevention andmanagement of riskThe article puts in to highlight a number of aspects related to the prevention and management of credit risk, twokey actions on the conduct of the business of a firm, but in carrying out the activities. In the presentation of the articlewe focused on a synthetic analysis of the sources of information used in credit risk analysis based on information fromsources both within the company and outside of it.The importance of prevention and management of credit consists in being able to forecast the possibleproduction of the event of credit risk and of taking in time the necessary decisions in order to reduce this and someadverse consequences. The essence of credit risk can be expressed by the possibility of the quantification of likelihoodappearance of this risk with consequences which have a direct effect on the activity of banks or financial institutions.

  7. Generational diversity: what nurse managers need to know.

    Science.gov (United States)

    Hendricks, Joyce M; Cope, Vicki C

    2013-03-01

    This article presents a discussion of generational differences and their impact on the nursing workforce and how this impact affects the work environment. The global nursing workforce represents four generations of nurses. This generational diversity frames attitudes, beliefs, work habits and expectations associated with the role of the nurse in the provision of care and in the way the nurse manages their day-to-day activities. An electronic search of MEDLINE, PubMed and Cinahl databases was performed using the words generational diversity, nurse managers and workforce. The search was limited to 2000-2012. Generational differences present challenges to contemporary nurse managers working in a healthcare environment which is complex and dynamic, in terms of managing nurses who think and behave in a different way because of disparate core personal and generational values, namely, the three Cs of communication, commitment and compensation. An acceptance of generational diversity in the workplace allows a richer scope for practice as the experiences and knowledge of each generation in the nursing environment creates an environment of acceptance and harmony facilitating retention of nurses. Acknowledgement of generational characteristics provides the nurse manager with strategies which focus on mentoring and motivation; communication, the increased use of technology and the ethics of nursing, to bridge the gap between generations of nurses and to increase nursing workforce cohesion. © 2012 Blackwell Publishing Ltd.

  8. The Operational Risk Assessment for Distribution Network with Distributed Generations

    Science.gov (United States)

    Hua, Xie; Yaqi, Wu; Yifan, Wang; Qian, Sun; Jianwei, Ma

    2017-05-01

    Distribution network is an important part of the power system and is connected to the consumers directly. Many distributed generations that have discontinuous output power are connected in the distribution networks, which may cause adverse impact to the distribution network. Therefore, to ensure the security and reliability of distribution network with numerous distributed generations, the risk analysis is necessary for this kind of distribution networks. After study of stochastic load flow algorithm, this paper applies it in the static security risk assessment. The wind and photovoltaic output probabilistic model are built. The voltage over-limit is chosen to calculate the risk indicators. As a case study, the IEEE 33 system is simulated for analyzing impact of distributed generations on system risk in the proposed method.

  9. 77 FR 30517 - Electricity Subsector Cybersecurity Risk Management Process

    Science.gov (United States)

    2012-05-23

    ... Electricity Subsector Cybersecurity Risk Management Process AGENCY: Office of Electricity Delivery and Energy... Management Process guideline. The guideline describes a risk management process that is targeted to the... existing guidance and requirements to develop a flexible risk management process tuned to the diverse...

  10. 12 CFR 704.6 - Credit risk management.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Credit risk management. 704.6 Section 704.6... CREDIT UNIONS § 704.6 Credit risk management. (a) Policies. A corporate credit union must operate according to a credit risk management policy that is commensurate with the investment risks and...

  11. Risk preferences, probability weighting, and strategy tradeoffs in wildfire management

    Science.gov (United States)

    Michael S. Hand; Matthew J. Wibbenmeyer; Dave Calkin; Matthew P. Thompson

    2015-01-01

    Wildfires present a complex applied risk management environment, but relatively little attention has been paid to behavioral and cognitive responses to risk among public agency wildfire managers. This study investigates responses to risk, including probability weighting and risk aversion, in a wildfire management context using a survey-based experiment administered to...

  12. [Managing health risks of workers in business trip].

    Science.gov (United States)

    Gevorkian, E V

    2014-01-01

    The article presents data of prospective observation over the risk management system concerning health of international oil and gas company workers in business trips. The management system included training and screening of workers under risk, specific prophylaxis and other measures. The authors described problems of the risk management system implementation, suggested recommendations to control risks connected with business trips.

  13. VaR BASED RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Mária Bohdalová

    2013-06-01

    Full Text Available In this paper we discuss the Value–at–Risk concept and we analyse the market risk by using EWMA approach. EWMA (exponentially weighted moving average forecasting technique is a popular measure of various risks in financial risk management. We will compare standard EWMA, robust EWMA and skewed EWMA forecast of VaR. JP Morgan standard EWMA is derived from Gaussian distribution. Robust EWMA is based on Laplace distribution and skewed EWMA is a new approach derived from an asymmetric Laplace distribution. Asymmetric Laplace distribution takes into account both skewness and heavy tails in return distribution and the time varying nature of them in practice. Skewed EWMA VaR is a generalization of the standard EWMA method. Using these approaches we will analyse selected financial series (three European market indexes and one exchange rate. We have found andconfirmed that skewed EWMA forecasting of VaR outperforms the standard EWMA method.

  14. The Professionalization of Risk Management: What Role can the ISO 31000 Risk Management Principles Play?

    DEFF Research Database (Denmark)

    Olechowski, Alison; Oehmen, Josef; Seering, W.;

    2016-01-01

    an empirical investigation and discussion of the eleven principles of the ISO 31000:2009 Risk Management Standard via a large-scale survey of engineering and product development practitioners. Adhering to the risk management principles at a high level was found to be a significant factor in better reaching......Risk management is increasingly seen as a means of improving the likelihood of success in complex engineering projects. Yet the presence of a legitimacy gap, driven by the lack of empirical validation of published best practices, might explain low adoption of risk management on projects. We present...... cost, schedule, technical and customer targets, in addition to achieving a more stable project execution. This finding suggests that, rather than a single rigid standard or an ever-changing set of detailed methods, the ISO principles have potential to be the basis for our shared understanding of best...

  15. Risk management activities at the DOE Class A reactor facilities

    Energy Technology Data Exchange (ETDEWEB)

    Sharp, D.A. [Westinghouse Savannah River Co., Aiken, SC (United States); Hill, D.J. [Argonne National Lab., IL (United States); Linn, M.A. [Oak Ridge National Lab., TN (United States); Atkinson, S.A. [EG and G Idaho, Inc., Idaho Falls, ID (United States); Hu, J.P. [Brookhaven National Lab., Upton, NY (United States)

    1993-12-31

    The probabilistic risk assessment (PRA) and risk management group of the Association for Excellence in Reactor Operation (AERO) develops risk management initiatives and standards to improve operation and increase safety of the DOE Class A reactor facilities. Principal risk management applications that have been implemented at each facility are reviewed. The status of a program to develop guidelines for risk management programs at reactor facilities is presented.

  16. Risk management activities at the DOE Class A reactor facilities

    Energy Technology Data Exchange (ETDEWEB)

    Sharp, D.A. (Westinghouse Savannah River Co., Aiken, SC (United States)); Hill, D.J. (Argonne National Lab., IL (United States)); Linn, M.A. (Oak Ridge National Lab., TN (United States)); Atkinson, S.A. (EG and G Idaho, Inc., Idaho Falls, ID (United States)); Hu, J.P. (Brookhaven National Lab., Upton, NY (United States))

    1993-01-01

    The probabilistic risk assessment (PRA) and risk management group of the Association for Excellence in Reactor Operation (AERO) develops risk management initiatives and standards to improve operation and increase safety of the DOE Class A reactor facilities. Principal risk management applications that have been implemented at each facility are reviewed. The status of a program to develop guidelines for risk management programs at reactor facilities is presented.

  17. ON CORPORATE RISK MANAGEMENT PRACTICES IN ROMANIAN COMPANIES

    OpenAIRE

    Alexandra HOROBET; Dumitrescu, Sorin; Joldes, Cosmin

    2009-01-01

    The purpose of this paper is to provide an understanding of corporate risk management practices in Romanian companies, by investigating the risk management approaches Romanian companies take. Our main findings are that Romanian managers are not aware of the magnitude of exposure their companies have to various types of risk – hazard, operational, financial and strategic risks, while they are able to manage rather well all these risks, even the ones that have the lowest impact on the busines...

  18. Embedded generation and network management issues

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2000-07-01

    This report focuses on the characteristics of power generators that are important to accommodation in a distribution system. Part 1 examines the differences between transmission and distribution systems, and issues such as randomness, diversity, predictability, and controllability associated with accommodation in a distribution system. Part 2 concentrates on technical and operational issues relating to embedded generation, and the possible impact of the New Electricity Trading Arrangements. Commercial issues, contractual relationships for network charging and provision of services, and possible ways forward are examined in the last three parts of the report.

  19. How to manage project opportunity and risk why uncertainty management can be a much better approach than risk management

    CERN Document Server

    Ward, Stephen

    2011-01-01

    Since I wrote the Foreword for the second edition of this book, risk management processes have become much more widely used, but controversy about what should be done and how best to do it has grown. Managing risk is a risky business. Chapman and Ward provide an in-depth explanation of why it is important to understand and manage underlying uncertainty in all its forms, in order to realise opportunities more fully and enhance corporate performance. They show what best practice should look like. The implications go well beyond the conventional wisdom of project risk management, providing an enl

  20. Systematic implementation of clinical risk management in a large university hospital: the impact of risk managers.

    Science.gov (United States)

    Sendlhofer, Gerald; Brunner, Gernot; Tax, Christa; Falzberger, Gebhard; Smolle, Josef; Leitgeb, Karina; Kober, Brigitte; Kamolz, Lars Peter

    2015-01-01

    For health care systems in recent years, patient safety has increasingly become a priority issue. National and international strategies have been considered to attempt to overcome the most prominent hazards while patients are receiving health care. Thereby, clinical risk management (CRM) plays a dominant role in enabling the identification, analysis, and management of potential risks. CRM implementation into routine procedures within complex hospital organizations is challenging, as in the past, organizational change strategies using a top-down approach have often failed. Therefore, one of our main objectives was to educate a certain number of risk managers in facilitating CRM using a bottom-up approach. To achieve our primary purpose, five project strands were developed, and consequently followed, introducing CRM: corporate governance, risk management (RM) training, CRM process, information, and involvement. The core part of the CRM process involved the education of risk managers within each organizational unit. To account for the size of the existing organization, we assumed that a minimum of 1 % of the workforce had to be trained in RM to disseminate the continuous improvement of quality and safety. Following a roll-out plan, CRM was introduced in each unit and potential risks were identified. Alongside the changes in the corporate governance, a hospital-wide CRM process was introduced resulting in 158 trained risk managers correlating to 2.0 % of the total workforce. Currently, risk managers are present in every unit and have identified 360 operational risks. Among those, 176 risks were scored as strategic and clustered together into top risks. Effective meeting structures and opportunities to share information and knowledge were introduced. Thus far, 31 units have been externally audited in CRM. The CRM approach is unique with respect to its dimension; members of all health care professions were trained to be able to identify potential risks. A network of risk

  1. Radon programme in the Netherlands: risk assessment and risk management

    Energy Technology Data Exchange (ETDEWEB)

    Jung, D.W.G. [Ministry of Housing, Physical Planning and Environment, The Hague (Netherlands). Directorate for Chemicals, External Safety and Radiation Protection

    1994-12-31

    The Dutch policy on the control of the risk of radon is predominantly based on the results of the Radon Research Programme. Important topics of the Radon Research Programme are described. Furthermore, the Dutch policy on indoor radiation is reviewed in view of the national environmental policy and radiation risk management. The policy on the control of radon in domestic and other buildings is related to other policies, both national and international, e.g. economic, environmental and housing policy. A short review of these relations in the Netherlands is given. In brief a description will be given of the attention paid by the government to the communication strategies used in order to enforce, for instance, remedial actions and the implementation of risk reduction technology. (author).

  2. Risk management as a social defence against anxiety

    Directory of Open Access Journals (Sweden)

    Dirk J. Geldenhuys

    2012-01-01

    Full Text Available Orientation: This article deals with the unconscious role of risk management in an African country.Research purpose: The aim of the study is to describe how risk management unconsciously influences behaviour when doing business in an African country.Motivation for the study: Operational risk management is a rational management imperative. However, this does not take cognisance of the unconscious role of risk management. A systems-psychodynamic perspective might be particularly relevant if the anxiety implied in risk management is not appropriately contained. Awareness of these dynamics may provide an opportunity for addressing them and allow for a more holistic way of managing risk.Research design, approach and method: The researchers conducted the study as a qualitative case study in an African country. They used purposive sampling and analysed the data using qualitative content analysis.Main findings: Viewing risk management from a systems-psychodynamic perspective allowed the researchers to identify the influence of risk management on the behaviour of people. The emerging hypothesis was that, if businesses do not address the anxiety underlying risk management, managing risk becomes a social defence against the anxiety.Practical/managerial implications: Awareness of the anxiety involved in risk management may assist businesses to manage risk in a more realistic way, making provision for, and even capitalising on, the human element.Contributions/value-add: The article provides a systems-psychodynamic, and hence a more complete, perspective of operational risk management when doing business in an African country.

  3. Risk management :A probe and study on forest fires

    Institute of Scientific and Technical Information of China (English)

    YUE Jinzhu; FENG Zhongke; JIANG Wei; YANG Xiaoqin

    2007-01-01

    The subject of risk management is attracting more and more attention around the world.The risk of forest fire disasters should be faced and dealt with for forest fires cannot be avoided.Treating forest fire disasters as a risk management issue promotes important measures and methods for fire fighters to prevent,reduce and control the risks of forest fires.In this paper,the risk concept andrisk connotation as well as the management risks for forest fire suppression are discussed clearly.Issues such as risk judgments,risk analysis,risk control and the assessment of risk,including their contents and corresponding methods are clarified.

  4. Management of power economical risks in the district heating at Vienna. Risk management as chance management; Management energiewirtschaftlicher Risiken bei Fernwaerme Wien. Risikomanagement als Chancenmanagement

    Energy Technology Data Exchange (ETDEWEB)

    Pschick, Andreas [Fernwaerme Wien GmbH, Vienna (Austria). Abt. Energiewirtschaft

    2009-05-15

    District heat supply companies are exposed to different risks. Some examples are the legal guidelines of the European Union, increased combustible prices, more warm winters and the required use of CO{sub 2} certificates. A risk management in the field of energy economy is therefore indispensable. The author explains the risk management in the district heating at Vienna. The risk management is also perceived as chance management. (orig.)

  5. Risk Management in Supply Chain using Consistent Fuzzy Preference Relations

    OpenAIRE

    Ahmad Jafarnejad; Mehran Ebrahimi; Mohammad Ali Abbaszadeh; Seyed Mehdi Abtahi

    2014-01-01

    Nowadays, supply chains are exposed to numerous risks. Thus, to success in risky business environment, it is imperative for firms to systematically manage supply chain risks. Risk management is the identification, assessment, and prioritization of supply chain risks. The purpose of this paper is to propose a comprehensive approach to risk management in supply chains. Thus, by an appropriate review of the literature, supply chain risk sources are identified in six areas. Then, a CFPR method is...

  6. Management and risk in financed projects

    Directory of Open Access Journals (Sweden)

    Roxana Mironescu

    2010-12-01

    Full Text Available With a caring and professional approach the project management activity may prove to be difficult enough. Many specialists in this field indicates that a project plan can be assimilated to a "roadmap", so, for a clear destination, the shortest path is of most pronounced efficacy in order to achieve that purpose, to travel the distance between a current state and desired state and all this is established and configured before we hit the road, all risks included, expected or not. In this paper we present a draft European-style management, which intends to conduct a communion of all the decision makers involved in creating a healthier community.

  7. Advanced Risk Management and Monitoring System, ARMMS

    Energy Technology Data Exchange (ETDEWEB)

    Kim, Kil Yoo; Han, Sang Hoon; Lim, Ho Gon [Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of)

    2011-10-15

    Many risk informed regulation and applications (RIR and A) are approved and used for the nuclear power plants(NPPs), and more RIR and A will be actively applied in Korea. Also, since Korean NPPs are recently exported to other country such as UAE, RIR and A would be applied to the exported NPPs. Thus, a tool which will help the user apply RIR and A is required. KAERI is being developing a tool, called ARMMS (Advanced Risk Management and Monitoring System), for this purpose. The design plan of ARMMS was introduced in the Ref, and in this paper, the actual implementation of ARMMS is introduced, and the performance monitoring module is introduced

  8. Understanding and managing risk in software systems

    Energy Technology Data Exchange (ETDEWEB)

    Fletcher, S.K.; Jansma, R.; Lim, J.; Murphy, M.; Wyss, G.

    1995-07-01

    When software is used in safety-critical, security-critical, or mission-critical situations, it is imperative to understand and manage the risks involved. A risk assessment methodology and toolset have been developed which are specific to software systems. This paper describes the concepts of the methodology, with emphasis on the experience of designing a toolset to support the methodology. Also presented are results of applying the methodology to two real software-based products: the software toolset itself, and a network firewall.

  9. DEVELOPMENT OF RISK-BASED AND TECHNOLOGY-INDEPENDENT SAFETY CRITERIA FOR GENERATION IV SYSTEMS

    Energy Technology Data Exchange (ETDEWEB)

    William E. Kastenberg; Edward Blandford; Lance Kim

    2009-03-31

    This project has developed quantitative safety goals for Generation IV (Gen IV) nuclear energy systems. These safety goals are risk based and technology independent. The foundations for a new approach to risk analysis has been developed, along with a new operational definition of risk. This project has furthered the current state-of-the-art by developing quantitative safety goals for both Gen IV reactors and for the overall Gen IV nuclear fuel cycle. The risk analysis approach developed will quantify performance measures, characterize uncertainty, and address a more comprehensive view of safety as it relates to the overall system. Appropriate safety criteria are necessary to manage risk in a prudent and cost-effective manner. This study is also important for government agencies responsible for managing, reviewing, and for approving advanced reactor systems because they are charged with assuring the health and safety of the public.

  10. Traffic Management for Next Generation Transport Networks

    DEFF Research Database (Denmark)

    Yu, Hao

    their network capacities. However, in order to provide more advanced video services than simply porting the traditional television services to the network, the service provider needs to do more than just augment the network capacity. Advanced traffic management capability is one of the relevant abilities...... management functions at the edge of the network, scheduling traffic on behalf of the other nodes. The topology-based hierarchical scheduling scheme is able to provide outstanding flow isolation due to its centralized scheduling ability, which is essential for providing IPTV services. In order to reduce...... the required bandwidth, multicast is favored for providing IPTV services. Currently, transport networks lack sufficient multicast abilities. With the increase of the network capacity, it is challenging to build a multicast-enabled switch for the transport network, because, from the traffic management’s...

  11. Mission Risk Reduction Regulatory Change Management

    Science.gov (United States)

    Scroggins, Sharon

    2007-01-01

    NASA Headquarters Environmental Management Division supports NASA's mission to pioneer the future in space exploration, scientific discovery, and aeronautics research by integrating environmental considerations into programs and projects early-on, thereby proactively reducing NASA's exposure to institutional, programmatic and operational risk. As part of this effort, NASA established the Principal Center for Regulatory Risk Analysis and Communication (RRAC PC) as a resource for detecting, analyzing, and communicating environmental regulatory risks to the NASA stakeholder community. The RRAC PC focuses on detecting emerging environmental regulations and other operational change drivers that may pose risks to NASA programs and facilities, and effectively communicating the potential risks. For example, regulatory change may restrict how and where certain activities or operations may be conducted. Regulatory change can also directly affect the ability to use certain materials by mandating a production phase-out or restricting usage applications of certain materials. Regulatory change can result in significant adverse impacts to NASA programs and facilities due to NASA's stringent performance requirements for materials and components related to human-rated space vehicles. Even if a regulation does not directly affect NASA operations, U.S. and international regulations can pose program risks indirectly through requirements levied on manufacturers and vendors of components and materials. For example, manufacturers can change their formulations to comply with new regulatory requirements. Such changes can require time-consuming and costly requalification certification for use in human spaceflight programs. The RRAC PC has implemented a system for proactively managing regulatory change to minimize potential adverse impacts to NASA programs and facilities. This presentation highlights the process utilized by the RRACPC to communicate regulatory change and the associated

  12. Heat Management in Thermoelectric Power Generators.

    Science.gov (United States)

    Zebarjadi, M

    2016-01-01

    Thermoelectric power generators are used to convert heat into electricity. Like any other heat engine, the performance of a thermoelectric generator increases as the temperature difference on the sides increases. It is generally assumed that as more heat is forced through the thermoelectric legs, their performance increases. Therefore, insulations are typically used to minimize the heat losses and to confine the heat transport through the thermoelectric legs. In this paper we show that to some extend it is beneficial to purposely open heat loss channels in order to establish a larger temperature gradient and therefore to increase the overall efficiency and achieve larger electric power output. We define a modified Biot number (Bi) as an indicator of requirements for sidewall insulation. We show cooling from sidewalls increases the efficiency for Bi values less than one, and decreases the efficiency for Bi values larger than one.

  13. Heat Management in Thermoelectric Power Generators

    CERN Document Server

    Zebarjadi, Mona

    2015-01-01

    Thermoelectric power generators are used to convert heat into electricity. Like any other heat engine, the performance of a thermoelectric generator increases as the temperature difference on the sides increases. It is generally assumed that as more heat is forced through the thermoelectric legs, their performance increases. Therefore, insulations are typically used to minimize the heat losses and to confine the heat transport through the thermoelectric legs. In this paper we show that to some extend it is beneficial to purposely open heat loss channels in order to establish a larger temperature gradient and therefore to increase the overall efficiency and achieve larger electric power output. We define a modified Biot number (Bi) as an indicator of requirements for sidewall insulation. We show that if Bi1, it lowers the conversion efficiency.

  14. Coastal Risk Management in a Changing Climate

    DEFF Research Database (Denmark)

    Management in a Changing Climate" provides innovative, multidisciplinary best practices for mitigating the effects of climate change on coastal structures. Based on the Theseus program, the book includes eight study sites across Europe, with specific attention to the most vulnerable coastal environments......Existing coastal management and defense approaches are not well suited to meet the challenges of climate change and related uncertanities. Professionals in this field need a more dynamic, systematic and multidisciplinary approach. Written by an international group of experts, "Coastal Risk...... such as deltas, estuaries and wetlands, where many large cities and industrial areas are located. Integrated risk assessment tools for considering the effects of climate change and related uncertainties. Presents latest insights on coastal engineering defenses. Provides integrated guidelines for setting up...

  15. Approving the ISDWIR method of risk measurement in making risk management decision

    OpenAIRE

    Strelnik, Mikhail

    2014-01-01

    This paper is devoted to risk management and risk measurement methods. The author considers methods of risk measurement and proposes the Inte- gral Sum of Differential Weighted Indexes of Risks (or ISDWIR) method of risk measurement. The method is based on dynamic enterprise risk matri- ces. The matrix describes the changes of corporate risk values over the time. The method assists to choose risk management decision having good effects on corporate risk values. The ISDWIR method is also compa...

  16. Cultural resource management: The risk of compliance

    Energy Technology Data Exchange (ETDEWEB)

    Curtis, S.A.

    1994-02-01

    The statutory mandate for federal agencies to involve American Indians in the management of cultural resources may create a cultural risk for the people those statutes are intended to protect. A conceptual framework is given to help understand this dilemma. Factors that can exacerbate the severity of the adverse cultural impacts for tribal people are also examined. Policy recommendations are offered for reducing tensions among an the participants in the statutory process.

  17. Energy Risk Management with Carbon Assets

    OpenAIRE

    Chevallier, Julien

    2009-01-01

    This article proposes a mean-variance optimization and portfolio frontier analysis of energy risk management with carbon assets, introduced in January 2005 as part of the EU Emissions Trading Scheme. In a stylized exercise, we compute returns, standard deviations and correlations for various asset classes from April 2005 to January 2009. Our central result features an expected return of 3% with a standard deviation < 0.06 by introducing carbon assets – carbon futures and CERs- in a diversifie...

  18. Cultural resource management: The risk of compliance

    Energy Technology Data Exchange (ETDEWEB)

    Curtis, S.A.

    1994-02-01

    The statutory mandate for federal agencies to involve American Indians in the management of cultural resources may create a cultural risk for the people those statutes are intended to protect. A conceptual framework is given to help understand this dilemma. Factors that can exacerbate the severity of the adverse cultural impacts for tribal people are also examined. Policy recommendations are offered for reducing tensions among an the participants in the statutory process.

  19. Management Model of Resources Equilibrium Distribution among Overlapping-Generations

    Institute of Scientific and Technical Information of China (English)

    Jiang Xuemin; Li Ling

    2004-01-01

    The overlapping generation models the western scholars have designed from various perspectives to address different kinds of issues do not reflect Chinese emerging political and economic problems, and cannot be entirely and blindly applied to Chinese practical situation. In this paper the authors endeavor to incorporate some western scholars' research results into their own research findings to present overlapping generations model theory in a new perspective through establishing an overlapping generations theory on population including articulation of concepts and theorems of biological generation, economic generation and social generation and the overlapping periods in biological generation and two overlapping periods in economic generation among three generations. This management model with equilibrium distribution of resource wealth includes overlapping generations length model (δ),equilibrium transfer model (θ) and a complete model on equilibrium distribution among generations (δ-θ).The model provides quantitative basis for the creation of resource management system, and fills in a theoretical gap in this discipline in China. Besides,it furnishes a new methodology and manipulable tool for Chinese government to establish a comprehensive management information bank for many sectors such as economic trade, population, science and technology, education, human resource, natural resource and environment, agriculture, forestry,industry, mining and energy.

  20. Managing emerging risk the capstone of preparedness

    CERN Document Server

    Burton, Kevin D

    2016-01-01

    From Main Street to Mumbai, Managing Emerging Risk: The Capstone of Preparedness considers the new global drivers behind threats and hazards facing all those tasked with protecting the public and private sector. The text delves into the global mindset of public and private sector emergency managers and presents a new risk landscape vastly different from the one existing ten years ago. The book begins by presenting a series of fictitious scenarios each resulting in mass destruction and fatalities. These are each followed by actual news stories that support the scenarios and demonstrate that the proposed events-seemingly unthinkable-have the potential to occur. Next, the author identifies two drivers in the practice of emergency management and general preparedness today that constitute our view of the future and the new face of risk. The first is the Disaster Halo Effect-the idea that modern threats exhibit more than one event. The second is the worldview of our nation as a Market State focused on the trading o...

  1. Disaster Risk Management of Urban Systems

    Directory of Open Access Journals (Sweden)

    Ana-Diana Ancaş

    2006-01-01

    Full Text Available Evaluating the risk of natural disasters is an intensely debated issue, both on national and international level. In the present paper, after a brief review of the international research in this field and an introduction in risk management, we insisted on risk analysis of an urban area, called urban system. More precisely, we investigated the evaluation of risk and the behavior of the pipelines infrastructure characteristic in an urban area during an earthquake.By taking into account a certain region in Jassy city area, we present a methodology of evaluating seismic risk of the utilities network of the region. The method consists in establishing the necessary steps to be taken in such an evaluation. These steps are also graphically displayed for the gas pipelines of the area, and emphasizing the critical points existent in that sector e.g. gas stations. Using the cellular automata technique, inspired from the artificial intelligence and complex system fields, based on the GIS map of the analysed region, we obtained a map with the risk areas in case of an earthquake, taking into account the gas pipelines network and the existing critical points.

  2. Global Aspects of Flood Risk Management

    Institute of Scientific and Technical Information of China (English)

    Wolfgang Kron

    2015-01-01

    Various flood disasters in the last decade have confirmed that the risk from flooding has been increasing significantly worldwide. The driving factors for the risk are the unabated increase in global population, the concentration of people in high-risk areas such as coasts and flood plains, the rise in vulnerability of assets, infrastructure and social systems, and the consequences of climate change. Risk reduction is based on comprehensive risk management from identification of the hazard and assessing the risk to building defenses. To achieve this, general awareness at all levels in a society is key. It is not sufficient merely to be aware of the situation-findings must be acted upon with no significant delay. Flood-related computations have progressed considerably in recent years, but model results can only be as good as their input data. Modeling floods and flood losses is very complex, as model parameters are subject to change during an event and conditions sometimes greatly depend on small-scale factors.

  3. Controlling Legal Risk for Effective Hospital Management.

    Science.gov (United States)

    Park, Hyun Jun; Cho, Duk Young; Park, Yong Sug; Kim, Sun Wook; Park, Jae-Hong; Park, Nam Cheol

    2016-04-01

    To analyze the types of medical malpractice, medical errors, and medical disputes in a university hospital for the proposal of countermeasures that maximize the efficiency of hospital management, medical departments, and healthcare providers. This study retrospectively reviewed and analyzed 55 closed civil lawsuits among 64 medical lawsuit cases carried out in Pusan National University Hospital from January 2000 to April 2013 using medical records, petitions, briefs, and data from the Medical Dispute Mediation Committee. Of 55 civil lawsuits, men were the main plaintiffs in 31 cases (56.4%). The average period from medical malpractice to malpractice proceeding was 16.5 months (range, 1 month to 6.4 years), and the average period from malpractice proceeding to the disposition of a lawsuit was 21.7 months (range, 1 month to 4 years and 11 months). Hospitals can effectively manage their legal risks by implementing a systematic medical system, eliminating risk factors in administrative service, educating all hospital employees on preventative strategies, and improving customer service. Furthermore, efforts should be made to establish standard coping strategies to manage medical disputes and malpractice lawsuits, operate alternative dispute resolution methods including the Medical Dispute Mediation Committee, create a compliance support center, deploy a specialized workforce including improved legal services for employees, and specialize the management-level tasks of the hospital.

  4. Risk Management-An Industry Approach

    Institute of Scientific and Technical Information of China (English)

    2001-01-01

    An effective risk management system covering the whole process offood production from “farm to fork” is required by the food industry in order to assure that the food provided to consumers is safe. Food safety and quality assurance begins with the design and development of food products starting with product conceptualisation and continuing with the selection, purchasing, and evaluation of raw materials and with the specifications for processing, packaging and distribution. Within a larger quality management framework a number of tools have been developed by the food industry, which when used in an integrated fashion facilitate the management of food safety. These include good manufacturing practice (GMP), good hygiene practice (GHP) and HACCP (hazard analysis critical control point) as well as quality systems which allow the verification that all factors affecting the safety of a product are under control. Finally, regulations and systems can only function if they are applied. Everyone, from the farmer, the line operator in the manufacturing plant, to the person handling the food in distribution and sales, needs to be aware of his influence with regards safety. The effectiveness of safety awareness programs specific to each area is key to an industry approach to risk management.

  5. Management Innovations in Power Generation Groups

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    @@ Since the institutional reform of power industry in 2002,power sectors,in particularelectrity generation enterprises in China have been grently changed, not only in institutionand industrial pattern but also in operational environment.The year2006is a turning point of tense power supply lasting for three years and a half .The change of power supply situationin the 11th Five-Year Plan period and in-depth reform of power institutional systm haveplaced serious challenges in front of power genration groups.In this new historical era,powergeneration groups can keep undefeated only by carrying out actively mangement innovations.

  6. Natural-technological risk assessment and management

    Science.gov (United States)

    Burova, Valentina; Frolova, Nina

    2016-04-01

    EM-DAT statistical data on human impact and economic damages in the 1st semester 2015 are the highest since 2011: 41% of disasters were floods, responsible for 39% of economic damage and 7% of events were earthquakes responsible for 59% of total death toll. This suggests that disaster risk assessment and management still need to be improved and stay the principle issue in national and international related programs. The paper investigates the risk assessment and management practice in the Russian Federation at different levels. The method is proposed to identify the territories characterized by integrated natural-technological hazard. The maps of the Russian Federation zoning according to the integrated natural-technological hazard level are presented, as well as the procedure of updating the integrated hazard level taking into account the activity of separate processes. Special attention is paid to data bases on past natural and technological processes consequences, which are used for verification of current hazard estimation. The examples of natural-technological risk zoning for the country and some regions territory are presented. Different output risk indexes: both social and economic, are estimated taking into account requirements of end-users. In order to increase the safety of population of the Russian Federation the trans-boundaries hazards are also taken into account.

  7. Bisphenol A and Risk Management Ethics

    Science.gov (United States)

    Resnik, David B.; Elliot, Kevin C.

    2013-01-01

    It is widely recognized that endocrine disrupting compounds, such as Bisphenol A, pose challenges for traditional paradigms in toxicology, insofar as these substances appear to have a wider range of low-dose effects than previously recognized. These compounds also pose challenges for ethics and policymaking. When a chemical does not have significant low-dose effects, regulators can allow it to be introduced into commerce or the environment, provided that procedures and rules are in place to keep exposures below an acceptable level. This option allows society to maximize the benefits from the use of the chemical while minimizing risks to human health or the environment, and it represents a compromise between competing values. When it is not possible to establish acceptable exposure levels for chemicals that pose significant health or environmental risks, the most reasonable options for risk management may be to enact either partial or complete bans on their use. These options create greater moral conflict than other risk management strategies, leaving policymakers difficult choices between competing values. PMID:24471646

  8. Managing risks in business model innovation processes

    DEFF Research Database (Denmark)

    Taran, Yariv; Boer, Harry; Lindgren, Peter

    2010-01-01

    ) innovation is a risky enterprise, many companies are still choosing not to apply any risk management in the BM innovation process. The objective of this paper is to develop a better understanding of how risks are handled in the practice of BM innovation. An analysis of the BM innovation experiences of two......Companies today, in some industries more than others, invest more capital and resources just to stay competitive, develop more diverse solutions, and increasingly start thinking more radically when considering their business models. However, despite the understanding that business model (BM...... industrial companies shows that both companies are experiencing high levels of uncertainty and complexity during their innovation processes and are, consequently, struggling to find new processes for handling the risks involved. Based on the two companies’ experiences, various testable propositions are put...

  9. Proposed framework for the Western Area Power Administration Environmental Risk Management Program

    Energy Technology Data Exchange (ETDEWEB)

    Glantz, C.S.; DiMassa, F.V.; Pelto, P.J.; Brothers, A.J. [Pacific Northwest Lab., Richland, WA (United States); Roybal, A.L. [Western Area Power Administration, Golden, CO (United States)

    1994-12-01

    The Western Area Power Administration (Western) views environmental protection and compliance as a top priority as it manages the construction, operation, and maintenance of its vast network of transmission lines, substations, and other facilities. A recent Department of Energy audit of Western`s environmental management activities recommends that Western adopt a formal environmental risk program. To accomplish this goal, Western, in conjunction with Pacific Northwest Laboratory, is in the process of developing a centrally coordinated environmental risk program. This report presents the results of this design effort, and indicates the direction in which Western`s environmental risk program is heading. Western`s environmental risk program will consist of three main components: risk communication, risk assessment, and risk management/decision making. Risk communication is defined as an exchange of information on the potential for threats to human health, public safety, or the environment. This information exchange provides a mechanism for public involvement, and also for the participation in the risk assessment and management process by diverse groups or offices within Western. The objective of risk assessment is to evaluate and rank the relative magnitude of risks associated with specific environmental issues that are facing Western. The evaluation and ranking is based on the best available scientific information and judgment and serves as input to the risk management process. Risk management takes risk information and combines it with relevant non-risk factors (e.g., legal mandates, public opinion, costs) to generate risk management options. A risk management tool, such as decision analysis, can be used to help make risk management choices.

  10. 78 FR 4848 - Social Media: Consumer Compliance Risk Management Guidance

    Science.gov (United States)

    2013-01-23

    ... more interactive. Financial institutions may use social media in a variety of ways, including marketing... INSTITUTIONS EXAMINATION COUNCIL Social Media: Consumer Compliance Risk Management Guidance AGENCY: Federal... this proposed guidance entitled ``Social Media: Consumer Compliance Risk Management...

  11. Households' Perceived Responsibilities in Flood Risk Management in The Netherlands

    NARCIS (Netherlands)

    Terpstra, Teun; Gutteling, Jan M.

    2008-01-01

    Flood risk management in the Netherlands is on the eve of shifting primarily from prevention towards risk management, including disaster preparedness and response and citizen participation. This study explores Dutch households' perceived responsibility for taking private protection measures. Survey

  12. ASPECTS OF RISK MANAGEMENT INTRODUCTION IN SMALL AND MEDIUM ENTERPRISES

    National Research Council Canada - National Science Library

    Luise Zeininger; Sabina Irimie

    2015-01-01

    .... The paper aims to present some aspects of the main approaches on what is the role of Risk Management within a modern organisation and how is Risk Management introduction tied to organisational...

  13. Managing University IT Risks in Structured and Organized Environment

    Directory of Open Access Journals (Sweden)

    Sayef Sami Hassen

    2013-07-01

    Full Text Available In this digital era, most universities rely heavily on Information Technology (IT to process their information for better support of their visions and missions. However, with this reliance, IT is facing different types of risks under expansions and complexities as experienced by most universities these days. IT risk is not bounded to only information systems and security, but unbounded to encompass the risk to financial, strategic, technological, as well as reputational. All these types of risk are prevalent in universities and hence the need to implement an effective risk management process including but not limited to IT. The best opportunities for managing IT risks can be achieved through managing it within an integrated approach and not to be carried out separately from managing risks of the organization. Such approach ensures that IT is achieving the goals and objectives of the organization by providing a reasonable basis for strategic planning and improves decision making for top management based on risk management value. This study identifies the current implementation of risk management at one Malaysian university to face all risks. The main findings of this study are: (1 The majority of staff supports the fundamental objectives of risk management; (2 The necessity to improve and enhance some procedures of risk management at the university. This study provide recommendations and improvements in some procedures of risk management to increase the awareness of risk management among all the university staff.

  14. ASPECTS OF RISK MANAGEMENT INTRODUCTION IN SMALL AND MEDIUM ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Luise Zeininger

    2015-05-01

    Full Text Available The main objective of this paper is to provide a perspective on the main characteristics of approaching Risk Management by micro, small and medium enterprises' top management based on both European Union regulatory documents and also on ISO standards - mainly ISO 31000:2009 Risk management - Principles and guidelines. The paper aims to present some aspects of the main approaches on what is the role of Risk Management within a modern organisation and how is Risk Management introduction tied to organisational structure and culture, to top management risk aversion.

  15. The new Generation of Data Management

    CERN Document Server

    CERN. Geneva; Grotz, Stephan

    2013-01-01

    Last year, Software AG acquired Terracotta, a leading player for In Memory Data Management for the Enterprise. With it, Software AG is bringing performance at any scale for the Business Application. Together with two other technologies, CEP (Complex Event Processing) and Nirvana (a Low latency Messaging System), Software AG offers a visionary platform for Big Data and Cloud Computing. The presentation will focus on Terracotta and CEP, addressing the following points: General presentation of Terracotta (Big Memory Max) & CEP Engine (Business Events) Explanation of the Terracotta architecture, scalability and possible fields of application CEP introduction, integration with Terracotta, analysis of real-time events For those interested in further details, there will be an additional session in the afternoon (14-16h) about fields of application and interesting Use Cases in different industries and CERN, namely: Examples of real use cases for Terracotta Code e...

  16. Incorporating Enterprise Risk Management in the Business Model Innovation Process

    OpenAIRE

    Yariv Taran; Harry Boer; Peter Lindgren

    2013-01-01

    Purpose: Relative to other types of innovations, little is known about business model innovation, let alone the process of managing the risks involved in that process. Using the emerging (enterprise) risk management literature, an approach is proposed through which risk management can be embedded in the business model innovation process. Design: The integrated business model innovation risk management model developed in this paper has been tested through an action research study in a Dani...

  17. The Functions of Sourcing Intermediaries in Global Supply Risk Management

    DEFF Research Database (Denmark)

    Vedel, Mette; Ellegaard, Chris

    The aim of this work-in-progress paper is to uncover the supply risk management functions performed by sourcing intermediaries. The purchasing and supply chain management literature, including the part of it concerned with supply risk, pays little attention to sourcing intermediaries....... But the fields of marketing and international business have investigated the intermediary including its high supply risk reducing potentials, suggesting that this supply chain entity may be highly relevant to supply risk management. In order to get a better understanding of the supply risk reducing properties...... in the supply risk management literature and as a managerial option that can effectively alleviate certain kinds of supply risk....

  18. Stages: A system for generating strategic alternaties for forest management.

    OpenAIRE

    Bos, J.

    1994-01-01

    Strategic planning is important in forest management. However, it has never been described clearly in literature. In this study a framework for strategic planning was developed and based on this a STrategic Alternatives Generating System (STAGES) to support decision making in strategic planning for forest management. This strategic planning consists of deciding on zoning, future forest and transition management. STAGES consists of a zoning model (which addresses the zoning decision problem th...

  19. Next generation network performance management: a business perspective

    CSIR Research Space (South Africa)

    Harding, C

    2010-08-01

    Full Text Available This paper addresses a Next Generation Network (NGN) performance management model in a business context. The CSIR is currently in the process of the concept design for the new Next Generation Communications Network (NGCN) for a large South African...

  20. RISK MANAGEMENT OF INVESTMENT PORTFOLIO BY FUTURE

    Directory of Open Access Journals (Sweden)

    K. Kerimov Alexandr

    2017-01-01

    Full Text Available The article considers the problem of the dynamic risk management of the investment portfolio using future con- tracts. The management starts with the concept of effective inhomogeneous portfolios, which contain futures together with underlying asserts. The effective portfolios are defined as the ones of the minimal dispersion with the expected return greater or equal to the specified value. Risk is measured by the probability of losing of a certain part of the portfolio value. The control parameters are the number of futures for each asset of portfolio, which is defined from the condition of effec- tiveness of portfolio and risk acceptability on each step.The effective adaptive strategies of portfolio risk management together with comparative analysis on a concrete example are presented. The proposed approach provides the forecast correction of the expected income and its variance for the assets with the emergence of new data. The financial time series are determined by volatility clustering, i.e. relative or absolute price changes tend to keep high or low magnitude for some time, with the result that clusters are created - periods of high or low volatility. Then adaptive estimate of correlational relationships between asset prices are essential because the degree of correlational relationship also changes in time. So the correlation of future and spot price changes considerably increases while approaching to performance of contracts. For taking into account of data instability of dispersion and correlation simple methods of volatility forecasting and correlation of relative changes of price data based on exponential smoothing are implemented.

  1. Risk management and strategic hedging in Icelandic energy companies

    OpenAIRE

    Eva Ólafsdóttir 1973

    2016-01-01

    It is now widely accepted that commodity prices fluctuate randomly. Financial risk management is a key issue related to financial risk in commodity markets due to the uncertainty of fluctuations. Managing risk can provide a type of insurance for an operation. Today’s markets are consistently becoming more competitive, and the necessity for firms to be cautious and prepared to handle risk is increasing. The purpose of this thesis is to look into and evaluate risk management strategies fo...

  2. Thermonuclear generation program: risks and safety; Programa de geracao termonuclear: seus riscos e segurancas

    Energy Technology Data Exchange (ETDEWEB)

    Goes, Alexandre Gromann de Araujo

    1999-07-01

    This work deals with the fundamental concepts of risk and safety related to nuclear power generation. In the first chapter, a general evaluation of the various systems for energy generation and their environmental impacts is made. Some definitions for safety and risk are suggested, based on the already existing regulatory processes and also on the current tendencies of risk management. Aspects regarding the safety culture are commented. The International Nuclear Event Scale (INES), a coherent and clear mechanism of communication between nuclear specialists and the general public, is analyzed. The second chapter examines the thermonuclear generation program in Brazil and the role of the National Nuclear Energy Commission. The third chapter presents national and international scenarios in terms of safety and risks, available policies and the main obstacles for future development of nuclear energy and nuclear engineering, and strategies are proposed. In the last chapter, comments about possible trends and recommendations related to practical risk management procedures, taking into account rational criteria for resources distribution and risk reduction are made, envisaging a closer integration between nuclear specialists and the society as a whole, thus decreasing the conflicts in a democratic decision-making process.

  3. An Aspect Oriented Process Based Approach To Information Risk Management

    Directory of Open Access Journals (Sweden)

    Dhanya Pramod

    2013-06-01

    Full Text Available In this era of fast paced technological advancements, security issues and risks related to it have become a key concern for all organizations. Enterprise Governance, Risk management and Compliance(GRC is the popular approach to handle enterprise risks and reduce its impact. This paper focuses on the risk management, especially the risk assessment approaches and proposes an aspect oriented approach to risk management. In this approach, the risk management processes are designed separately from the core business processes and are weaved to the flow of business process steps wherever necessary.This brings the advantage of separation of concerns of risk management from the business process. The design of business processes then need not look into the design of risk assessment related to it. This will enable handling of risk and its assessment by expert risk advisories, those who are specialized in it.

  4. Managing Risks in Electrical Infrastructure Assets from a Strategic Perspective

    NARCIS (Netherlands)

    Zhuang, Q.

    2015-01-01

    Should risks always be quantified before being managed? The answer is “yes” in the opinion of most asset managers in today’s electricity transmission and distribution companies, but “no” in modern theories of risk management. When the risks refer to reliability hazards of high-voltage assets, the

  5. 48 CFR 39.102 - Management of risk.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Management of risk. 39.102... CONTRACTING ACQUISITION OF INFORMATION TECHNOLOGY General 39.102 Management of risk. (a) Prior to entering... monitored, funding availability, and program management risk. (c) Appropriate techniques should be applied...

  6. Business intelligence for improving supply chain risk management

    NARCIS (Netherlands)

    Liu, L.; Daniels, H.A.M.; van Oosterhout, M.; van Dalen, J.

    2014-01-01

    The risk management over a supply chain has to be founded on the risk management in each of partner companies in the chain. The business relationship and operations dependence inevitably bind the management control efforts of partner companies together. This proposes challenges for supply chain risk

  7. Risk factors and effective management of preeclampsia

    Directory of Open Access Journals (Sweden)

    English FA

    2015-03-01

    Full Text Available Fred A English,1 Louise C Kenny,1 Fergus P McCarthy1,2 1Irish Centre for Fetal and Neonatal Translational Research (INFANT, Department of Obstetrics and Gynaecology, University College Cork, Cork, Ireland; 2Women’s Health Academic Centre, King's Health Partners, St Thomas' Hospital, London, UK Abstract: Preeclampsia, a hypertensive disorder of pregnancy is estimated to complicate 2%–8% of pregnancies and remains a principal cause of maternal and fetal morbidity and mortality. Preeclampsia may present at any gestation but is more commonly encountered in the third trimester. Multiple risk factors have been documented, including: family history, nulliparity, egg donation, diabetes, and obesity. Significant progress has been made in developing tests to predict risk of preeclampsia in pregnancy, but these remain confined to clinical trial settings and center around measuring angiogenic profiles, including placental growth factor or newer tests involving metabolomics. Less progress has been made in developing new treatments and therapeutic targets, and aspirin remains one of the few agents shown to consistently reduce the risk of developing preeclampsia. This review serves to discuss recent advances in risk factor identification, prediction techniques, and management of preeclampsia in antenatal, intrapartum, and postnatal patients. Keywords: pregnancy, treatment, risk reduction, prediction

  8. Environmental risk management for pharmaceutical compounds

    Energy Technology Data Exchange (ETDEWEB)

    Voulvoulis, N. [Imperial College London (United Kingdom)

    2004-09-15

    Pharmaceuticals are a highly variable group of organic compounds with the potential to cause harm to aquatic ecosystems and human health. Thousands of tones of pharmacologically active substances are used annually but surprisingly little is known about their ultimate fate in the environment. The data collected to date, rarely provide information on the processes that determine their environmental fate and although they receive considerable pharmacological and clinical testing during development, knowledge of their ecotoxicity is poor. One major concern is that antibiotics found in sewage effluent may cause increased resistance amongst natural bacterial populations. The debate over risks associated with chemicals in the environment represents more than just another disagreement in the scientific community. It has opened the door to a new way of thinking about the onset of uninherited diseases, the nature of scientific investigation, and the role of scientific knowledge in the policymaking process. For example, research evidence on endocrine disruption collected over the last few years has changed dramatically the way we think about chemical risks. In part, this change has also been attributed to the precautionary principle, as a new approach to environmental policy forged in Europe. The term ''precautionary approach'' declares an obligation to control the dangerous substances even before a definitive causal link had been established between the chemicals and health or environmental effects, and represents a radical departure from traditional approaches to risk assessment and particularly risk management, which includes an integration of the assessment, communication and mitigation of risks.

  9. Emerging carbon constraints for corporate risk management

    Energy Technology Data Exchange (ETDEWEB)

    Busch, Timo; Hoffmann, Volker H. [Group for Sustainability and Technology, Department for Management, Technology, and Economics, ETH Zurich, Kreuzplatz 5, 8032 Zurich (Switzerland)

    2007-05-15

    While discussions about global sustainability challenges abound, the financial risks that they incur, albeit important, have received less attention. We suggest that corporate risk assessments should include sustainability-related aspects, especially with relation to the natural environment, and encompass the flux of critical materials within a company's value chain. Such a comprehensive risk assessment takes into account input- as well as output-related factors. With this paper, we focus on the flux of carbon and define carbon constraints that emerge due to the disposition of fossil fuels in the input dimension and due to direct and indirect climate change effects in the output dimension. We review the literature regarding the financial consequences of carbon constraints on the macroeconomic, sector, and company level. We conclude that: a) financial consequences seem to be asymmetrically distributed between and within sectors, b) the individual risk exposure of companies depends on the intensity of and dependency on carbon-based materials and energy, and c) financial markets have only started to incorporate these aspects in their valuations. This paper ends with recommendations on how to incorporate our results in an integrated carbon risk management framework. (author)

  10. Analysis of Risks Generated by Suppliers During the Period of Economic Fluctuations

    Directory of Open Access Journals (Sweden)

    Karla Jurásková

    2013-02-01

    Full Text Available The purpose of this article is to examine one group of supply chain risks, namely the current risks generated by the suppliers and their relations to the position of companies in the supply chain and the current economic fluctuations, as well as to gain the knowledge on how to mitigate these risks, including the cooperation between the partners. The research was conducted in two stages by means of a questionnaire analysis and follow-up of multiple case studies. The surveys used have registered certain signals showing increasing dependence on the suppliers, deepening imbalances in the supply chains and decreasing opportunities of reducing the presence of risks. The surveys have also detected tendencies leading to structural measures strengthening resilience of the supply chain. The areas for further research of supply chains risks and risks management are formulated based on the acquired findings.

  11. Strategic Risk Management and it applications to Porsche AG

    OpenAIRE

    Oláh, Róbert

    2009-01-01

    The main objective of this thesis is not only to describe and categorize risk but also to look at Porsche AG and determine how they deal with strategic risks. Primary focus is on the description and categorization of risks, strategic risks, importance of Risk Management and strategic risks faced by Porsche AG and their mitigation.

  12. MANAGING THE USE OF DERIVATIVE INSTRUMENTS FOR PORTFOLIO RISK PURPOSES

    Directory of Open Access Journals (Sweden)

    Mădălina Antoaneta RĂDOI

    2017-05-01

    Full Text Available The priority in portfolio management is a good risk assessment and management. Of great importance is the margin that an asset portfolio guarantor must use with specific expertise in certain areas of market temporal inefficiency in order to improve its management performance. The relevant validity of the financial market and the emphasis laid on risk management carried along the development of financial instruments tailored to risk management. New derivative financial instruments have revolutionized the methods of portfolio management, of corporate treasury management, of banking management and, more generally, all financial strategies.

  13. Generation and management of waste electric vehicle batteries in China.

    Science.gov (United States)

    Xu, ChengJian; Zhang, Wenxuan; He, Wenzhi; Li, Guangming; Huang, Juwen; Zhu, Haochen

    2017-08-12

    With the increasing adoption of EVs (electric vehicles), a large number of waste EV LIBs (electric vehicle lithium-ion batteries) were generated in China. Statistics showed generation of waste EV LIBs in 2016 reached approximately 10,000 tons, and the amount of them would be growing rapidly in the future. In view of the deleterious effects of waste EV LIBs on the environment and the valuable energy storage capacity or materials that can be reused in them, China has started emphasizing the management, reuse, and recycling of them. This paper presented the generation trend of waste EV LIBs and focused on interrelated management development and experience in China. Based on the situation of waste EV LIBs management in China, existing problems were analyzed and summarized. Some recommendations were made for decision-making organs to use as valuable references to improve the management of waste EV LIBs and promote the sustainable development of EVs.

  14. Enterprise Risk Management in the Great City Schools, Spring 2016

    Science.gov (United States)

    Clark, Scott B.; DeCato, Kristen Devan; George, Dave; Henderson, Dana; Henry, Aston A., Jr.; Hoch, Christopher

    2016-01-01

    Public schools have a mandate to educate children in a way that is safe, effective, and cost efficient. The risks involved in achieving that mandate have become increasingly complex, and the need to manage those risks has never been greater. The emergence of widespread, interconnected risks, such as cyber risks and data management, infrastructure…

  15. PECULIARITIES OF ASSESSMENT AND RISK MANAGEMENT IN INNOVATIVE PROJECTS

    Directory of Open Access Journals (Sweden)

    Victor V. Guzhov

    2014-01-01

    Full Text Available The methodological and methodicalbases of risk management in innovativeprojects. Classification of risks. Types of risks depending on the stage of realizationof the innovative project. Investigated thefactors contributing to the emergence ofrisk situations. The basic techniques of risk management of innovation projects.Proposed criteria for the choice of the innovative project to implement in the realsector of the economy.

  16. Assessing and managing multiple risks in a changing world ...

    Science.gov (United States)

    Roskilde University (Denmark) hosted a November 2015 workshop, Environmental Risk—Assessing and Managing Multiple Risks in a Changing World. This Focus article presents the consensus recommendations of 30 attendees from 9 countries regarding implementation of a common currency (ecosystem services) for holistic environmental risk assessment and management; improvements to risk assessment and management in a complex, human-modified, and changing world; appropriate development of protection goals in a 2-stage process; dealing with societal issues; risk-management information needs; conducting risk assessment of risk management; and development of adaptive and flexible regulatory systems. The authors encourage both cross-disciplinary and interdisciplinary approaches to address their 10 recommendations: 1) adopt ecosystem services as a common currency for risk assessment and management; 2) consider cumulative stressors (chemical and nonchemical) and determine which dominate to best manage and restore ecosystem services; 3) fully integrate risk managers and communities of interest into the risk-assessment process; 4) fully integrate risk assessors and communities of interest into the risk-management process; 5) consider socioeconomics and increased transparency in both risk assessment and risk management; 6) recognize the ethical rights of humans and ecosystems to an adequate level of protection; 7) determine relevant reference conditions and the proper ecological c

  17. Enhanced Capabilities for Subcritical Experiments (ECSE) Risk Management Plan

    Energy Technology Data Exchange (ETDEWEB)

    Urban, Mary Elizabeth [Los Alamos National Lab. (LANL), Los Alamos, NM (United States). Process Modeling and Analysis Group

    2016-05-02

    Risk is a factor, element, constraint, or course of action that introduces an uncertainty of outcome that could impact project objectives. Risk is an inherent part of all activities, whether the activity is simple and small, or large and complex. Risk management is a process that identifies, evaluates, handles, and monitors risks that have the potential to affect project success. The risk management process spans the entire project, from its initiation to its successful completion and closeout, including both technical and programmatic (non-technical) risks. This Risk Management Plan (RMP) defines the process to be used for identifying, evaluating, handling, and monitoring risks as part of the overall management of the Enhanced Capabilities for Subcritical Experiments (ECSE) ‘Project’. Given the changing nature of the project environment, risk management is essentially an ongoing and iterative process, which applies the best efforts of a knowledgeable project staff to a suite of focused and prioritized concerns. The risk management process itself must be continually applied throughout the project life cycle. This document was prepared in accordance with DOE O 413.3B, Program and Project Management for the Acquisition of Capital Assets, its associated guide for risk management DOE G 413.3-7, Risk Management Guide, and LANL ADPM AP-350-204, Risk and Opportunity Management.

  18. Towards an integrated disaster risk management due to coastal flooding

    OpenAIRE

    González-Riancho Calzada, Pino

    2015-01-01

    ABSTRACT: This thesis deals with the vulnerability and risk assessment of coastal complex systems in order to move towards an integrated and holistic disaster risk management approach. The research carried out covers the entire process from risk assessment to risk management and has resulted in 4 scientific papers published, each one focusing on different risk components on which gaps in literature were identified. • An integrated vulnerability and risk assessment framework has been prop...

  19. Risk and insurance management for biogas plants

    Energy Technology Data Exchange (ETDEWEB)

    Haerig, M. [Marsh GmbH, Duesseldorf (Germany)

    2007-07-01

    The continuing negative experiences of insurers with biogas plants make it difficult for operators to get appropriate insurance cover. There are different reasons for this big number of damages. Especially in the beginning components have been rebuilt for biogas without sufficient experiences. Other damages have emerged due to improper or disregardful plant management. For that reason the insurers' standards for the biogas plant and the plant management have risen up. The following report deals with experiences of insurance for biogas plants and the resulting consequences. For that reason Marsh carried out a research project and analyzed all reported claims in the All Risk Insurance. The necessary technical minimum requirements for installation and operation are geared to the experiences with damages. But they also account for the interests of the insured. (orig.)

  20. LIQUIDITY RISK MANAGEMENT IN CRISIS CONDITIONS

    Directory of Open Access Journals (Sweden)

    Matis Eugenia

    2010-12-01

    Full Text Available In order to measure the liquidity risk we have developed an analysis model, based on stress-testing scenarios, that shows the ability of the bank to face different types of liquidity crisis. The scenarios were designed for each balance sheet position for assets and liabilities: Ordinary Course of Business, Name Crisis (Mild Name Crisis and Severe Name Crisis, Market Crisis (Mild Market Crisis and Severe Market Crisis that reflects banking sector crisis and persistent recession. This offers a dynamic image about the banks liquidity in report with different types of liquidity scenarios, but also about the time horizon of analyze. The research also wants to highlight the most significant features to consider in order to implement an effective liquidity risk management and to achieve a more integrated supervisory framework.

  1. New Values in Credit Risk Management

    Directory of Open Access Journals (Sweden)

    Ioan Trenca

    2006-05-01

    Full Text Available Taking into account the high importance of the banking activity for the economic system of any country - due to its functions as a payment mechanism, credit allocation or transmission vehicle of the monetary policy - its supervision on a prudential basis becomes an essential condition for enhancing the economic and financial health of any country. The Basel I Acord proposals gave special attention to the calculus of an optimum level of banking capitalization which was to be determined as a function of the aggregate level of risks to which each institution was exposing, in exercising its activities as financial intermediary. The objective of the Basel II new regulations was actually intended to improve the risk management of the banking system in order for it to take account of the new realities characterizing the present financial world: the uncertainty dominating this world as well as and the volatility of the flow of capitals.

  2. New Values in Credit Risk Management

    Directory of Open Access Journals (Sweden)

    Ioan Trenca

    2006-03-01

    Full Text Available Taking into account the high importance of the banking activity for the economic system of any country - due to its functions as a payment mechanism, credit allocation or transmission vehicle of the monetary policy - its supervision on a prudential basis becomes an essential condition for enhancing the economic and financial health of any country. The Basel I Acord proposals gave special attention to the calculus of an optimum level of banking capitalization which was to be determined as a function of the aggregate level of risks to which each institution was exposing, in exercising its activities as financial intermediary. The objective of the Basel II new regulations was actually intended to improve the risk management of the banking system in order for it to take account of the new realities characterizing the present financial world: the uncertainty dominating this world as well as and the volatility of the flow of capitals.

  3. Gender, Race, and Risk: Intersectional Risk Management in the Sale of Sex Online.

    Science.gov (United States)

    Moorman, Jessica D; Harrison, Kristen

    2016-09-01

    Sex worker experience of risk (e.g., physical violence or rape) is shaped by race, gender, and context. For web-based sex workers, experience of risk is comparatively minimal; what is unclear is how web-based sex workers manage risk and if online advertising plays a role in risk management. Building on intersectionality theory and research exploring risk management in sex work, we content-analyzed 600 escort advertisements from Backpage.com ( http://www.backpage.com ) to explore risk management in web-based sex work. To guide our research we asked: Do advertisements contain risk management messages? Does the use of risk management messaging differ by sex worker race or gender? Which groups have the highest overall use of risk management messages? Through a multivariate analysis of covariance (MANCOVA) we found that advertisements contained risk management messages and that uses of these phrases varied by race and gender. Blacks, women, and transgender women drove the use of risk management messages. Black and White transgender women had the highest overall use of these phrases. We conclude that risk management is an intersectional practice and that the use of risk management messages is a venue-specific manifestation of broader risk management priorities found in all venues where sex is sold.

  4. Can Systematic Reviews Inform GMO Risk Assessment and Risk Management?

    Science.gov (United States)

    Kohl, Christian; Frampton, Geoff; Sweet, Jeremy; Spök, Armin; Haddaway, Neal Robert; Wilhelm, Ralf; Unger, Stefan; Schiemann, Joachim

    2015-01-01

    Systematic reviews represent powerful tools to identify, collect, synthesize, and evaluate primary research data on specific research questions in a highly standardized and reproducible manner. They enable the defensible synthesis of outcomes by increasing precision and minimizing bias whilst ensuring transparency of the methods used. This makes them especially valuable to inform evidence-based risk analysis and decision making in various topics and research disciplines. Although seen as a “gold standard” for synthesizing primary research data, systematic reviews are not without limitations as they are often cost, labor and time intensive and the utility of synthesis outcomes depends upon the availability of sufficient and robust primary research data. In this paper, we (1) consider the added value systematic reviews could provide when synthesizing primary research data on genetically modified organisms (GMO) and (2) critically assess the adequacy and feasibility of systematic review for collating and analyzing data on potential impacts of GMOs in order to better inform specific steps within GMO risk assessment and risk management. The regulatory framework of the EU is used as an example, although the issues we discuss are likely to be more widely applicable. PMID:26322307

  5. Can systematic reviews inform GMO risk assessment and risk management?

    Directory of Open Access Journals (Sweden)

    Christian eKohl

    2015-08-01

    Full Text Available Systematic reviews represent powerful tools to identify, collect, synthesize and evaluate primary research data on specific research questions in a highly standardized and reproducible manner. They enable the defensible synthesis of outcomes by increasing precision and minimizing bias whilst ensuring transparency of the methods used. This makes them especially valuable to inform evidence-based risk analysis and decision making in various topics and research disciplines. Although seen as a gold standard for synthesizing primary research data, systematic reviews are not without limitations as they are often cost, labor and time intensive and the utility of synthesis outcomes depends upon the availability of sufficient and robust primary research data. In this paper we 1 consider the added value systematic reviews could provide when synthesizing primary research data on genetically modified organisms (GMO and 2 critically assess the adequacy and feasibility of systematic review for collating and analyzing data on potential impacts of GMOs in order to better inform specific steps within GMO risk assessment and risk management. The regulatory framework of the EU is used as an example, although the issues we discuss are likely to be more widely applicable.

  6. Can Systematic Reviews Inform GMO Risk Assessment and Risk Management?

    Science.gov (United States)

    Kohl, Christian; Frampton, Geoff; Sweet, Jeremy; Spök, Armin; Haddaway, Neal Robert; Wilhelm, Ralf; Unger, Stefan; Schiemann, Joachim

    2015-01-01

    Systematic reviews represent powerful tools to identify, collect, synthesize, and evaluate primary research data on specific research questions in a highly standardized and reproducible manner. They enable the defensible synthesis of outcomes by increasing precision and minimizing bias whilst ensuring transparency of the methods used. This makes them especially valuable to inform evidence-based risk analysis and decision making in various topics and research disciplines. Although seen as a "gold standard" for synthesizing primary research data, systematic reviews are not without limitations as they are often cost, labor and time intensive and the utility of synthesis outcomes depends upon the availability of sufficient and robust primary research data. In this paper, we (1) consider the added value systematic reviews could provide when synthesizing primary research data on genetically modified organisms (GMO) and (2) critically assess the adequacy and feasibility of systematic review for collating and analyzing data on potential impacts of GMOs in order to better inform specific steps within GMO risk assessment and risk management. The regulatory framework of the EU is used as an example, although the issues we discuss are likely to be more widely applicable.

  7. Risk management of liquefied natural gas installations

    Science.gov (United States)

    Fedor, O. H.; Parsons, W. N.; Coutinho, J. De C.

    1976-01-01

    In connection with the construction of four major liquefied natural gas (LNG) facilities in New York City, the New York City Fire Commissioner has asked NASA for assistance. It was decided that the Kennedy Space Center should develop a risk management system (RMS) for the use of the New York Fire Department (NYFD). The RMS provides for a published set of safety regulations by the NYFD. A description of the RMS is presented as an example of an application of aerospace technology to a civilian sector, namely LNG facilities.

  8. Information technology project risk management in Peru

    OpenAIRE

    Del Carpio Gallegos, Javier; Universidad Nacional Mayor de San Marcos

    2014-01-01

    This article shows how some principles, uses, and practices of risk management are applied in information technology projects in Peru; in the last four years, in representative sectors like manufacturing, banking, information and communications, academics institutions, construction, government, consulting, services, and others. El presente artículo muestra algunos principios, usos y prácticas de cómo la gestión de riesgos de proyectos de tecnología se ha llevado a cabo en los últimos cuatr...

  9. Principles of risk management in surgery departments

    Directory of Open Access Journals (Sweden)

    Fatemeh Rezaei

    2015-09-01

    Results: We structured the patient journey process in five main phases, 24 activities and 108 tasks. Then, the responsible teams were involved, and the transposition and allocated places for performing were chosen. Because of their importance, some activities and task themes such as patient identification and records review were repeated in each phase. Conclusions: Risk management of surgical departments is significant as this is typically the hospital facility with the both the highest cost and revenue. Communication between the surgical team and other clinical teams outside the surgery department through process-biased perspective could improve the safety of patients. [Arch Clin Exp Surg 2015; 4(3.000: 126-134

  10. The Risk Management of Minimum Return Guarantees

    Directory of Open Access Journals (Sweden)

    Antje Mahayni

    2008-05-01

    Full Text Available Contracts paying a guaranteed minimum rate of return and a fraction of a positive excess rate, which is specified relative to a benchmark portfolio, are closely related to unit-linked life-insurance products and can be considered as alternatives to direct investment in the underlying benchmark. They contain an embedded power option, and the key issue is the tractable and realistic hedging of this option, in order to rigorously justify valuation by arbitrage arguments and prevent the guarantees from becoming uncontrollable liabilities to the issuer. We show how to determine the contract parameters conservatively and implement robust risk-management strategies.

  11. Risk management model in road transport systems

    Science.gov (United States)

    Sakhapov, R. L.; Nikolaeva, R. V.; Gatiyatullin, M. H.; Makhmutov, M. M.

    2016-08-01

    The article presents the results of a study of road safety indicators that influence the development and operation of the transport system. Road safety is considered as a continuous process of risk management. Authors constructed a model that relates the social risks of a major road safety indicator - the level of motorization. The model gives a fairly accurate assessment of the level of social risk for any given level of motorization. Authors calculated the dependence of the level of socio-economic costs of accidents and injured people in them. The applicability of the concept of socio-economic damage is caused by the presence of a linear relationship between the natural and economic indicators damage from accidents. The optimization of social risk is reduced to finding the extremum of the objective function that characterizes the economic effect of the implementation of measures to improve safety. The calculations make it possible to maximize the net present value, depending on the costs of improving road safety, taking into account socio-economic damage caused by accidents. The proposed econometric models make it possible to quantify the efficiency of the transportation system, allow to simulate the change in road safety indicators.

  12. Risk Management in the Agri-food Sector

    Directory of Open Access Journals (Sweden)

    Hrabrin Bachev

    2013-03-01

    Full Text Available This paper incorporates the interdisciplinary New Institutional Economics in a comprehensive framework for analyzing risk management in the agri-food sector. First, it specifies the diverse types of agri-food risks (natural, technical, behavioral, economic, policy, etc. and the modes of their management (market, private, public, and hybrid. Second, it defines the efficiency of risk management and identifies the factors (personal, institutional, dimensional, technological, and natural of governance choice. Next, it presents stages in the analysis of risk management and the improvement of public intervention in the governance of risk. Finally, it identifies the contemporary opportunities and challenges for risk governance in the agri-food chain.

  13. Management of Environmental Risks in Coastal Areas

    Science.gov (United States)

    Caprioli, M.; Trizzino, R.; Pagliarulo, R.; Scarano, M.; Mazzone, F.; Scognamiglio, A.

    2015-08-01

    The present work deals with the assessment and management of environmental risk conditions in a typical costal area of Southern Italy. This area, located in the Salento peninsula, is subject to recurrent widespread instability phenomena due to the presence of steep rocky cliffs. Along the coast there are numerous beach resorts that are very crowded in the summer season. The environmental hazard deriving from the possible rock falls is unacceptably high for the people safety. Moreover, the land-based mapping of the dangerous natural structures is very difficult and time and resources expending. In this context, we carried out an UAV survey along about 1 km of coast, near the towns of San Foca, Torre dell'Orso and Sant' Andrea ( Lecce, Southern Italy). The UAV platform was equipped with a photogrammetric measurement system that allowed us to obtain a mobile mapping of the fractured fronts of dangerous rocky cliffs. UAV-images data have been processed using dedicated software (Agisoft Photoscan). The total error obtained was of centimeter-order that is a very satisfactory result. The environmental information has been arranged in an ArcGIS platform in order to assess the risk levels. The possibility to repeat the survey at time intervals more or less close together depending on the measured levels of risk and to compare the output allows following the trend of the dangerous phenomena. In conclusion, for inaccessible locations of dangerous rocky bodies the UAV survey coupled with a GIS methodology proved to be a key engineering tool for the management of environmental risks.

  14. Legal aspects of orthodontic practice: risk management concepts. Performing a risk management audit of your practice.

    Science.gov (United States)

    Machen, D E

    1990-05-01

    In this and succeeding issues of the AMERICAN JOURNAL OF ORTHODONTICS AND DENTOFACIAL ORTHOPEDICS, factual risk management scenarios will be presented. These scenarios are based on composites of actual court cases that have been tried to verdict or decision. Valuable risk management lessons may be learned from careful analysis of the course of the events described. Please be advised that the standard of care determined in any case is specific for that jurisdiction and that set of facts as established by expert testimony for the prevailing party. Readers' comments may be addressed to Dr. Donald E. Machen, 5801 Beacon St., Pittsburgh, PA 15217.

  15. Risk analysis of heat recovery steam generator with semi quantitative risk based inspection API 581

    Energy Technology Data Exchange (ETDEWEB)

    Prayogo, Galang Sandy, E-mail: gasandylang@live.com; Haryadi, Gunawan Dwi; Ismail, Rifky [Department of Mechanical Engineering, Diponegoro University, Semarang (Indonesia); Kim, Seon Jin [Department of Mechanical & Automotive Engineering of Pukyong National University (Korea, Republic of)

    2016-04-19

    Corrosion is a major problem that most often occurs in the power plant. Heat recovery steam generator (HRSG) is an equipment that has a high risk to the power plant. The impact of corrosion damage causing HRSG power plant stops operating. Furthermore, it could be threaten the safety of employees. The Risk Based Inspection (RBI) guidelines by the American Petroleum Institute (API) 58 has been used to risk analysis in the HRSG 1. By using this methodology, the risk that caused by unexpected failure as a function of the probability and consequence of failure can be estimated. This paper presented a case study relating to the risk analysis in the HRSG, starting with a summary of the basic principles and procedures of risk assessment and applying corrosion RBI for process industries. The risk level of each HRSG equipment were analyzed: HP superheater has a medium high risk (4C), HP evaporator has a medium-high risk (4C), and the HP economizer has a medium risk (3C). The results of the risk assessment using semi-quantitative method of standard API 581 based on the existing equipment at medium risk. In the fact, there is no critical problem in the equipment components. Damage mechanisms were prominent throughout the equipment is thinning mechanism. The evaluation of the risk approach was done with the aim of reducing risk by optimizing the risk assessment activities.

  16. Risk analysis of heat recovery steam generator with semi quantitative risk based inspection API 581

    Science.gov (United States)

    Prayogo, Galang Sandy; Haryadi, Gunawan Dwi; Ismail, Rifky; Kim, Seon Jin

    2016-04-01

    Corrosion is a major problem that most often occurs in the power plant. Heat recovery steam generator (HRSG) is an equipment that has a high risk to the power plant. The impact of corrosion damage causing HRSG power plant stops operating. Furthermore, it could be threaten the safety of employees. The Risk Based Inspection (RBI) guidelines by the American Petroleum Institute (API) 58 has been used to risk analysis in the HRSG 1. By using this methodology, the risk that caused by unexpected failure as a function of the probability and consequence of failure can be estimated. This paper presented a case study relating to the risk analysis in the HRSG, starting with a summary of the basic principles and procedures of risk assessment and applying corrosion RBI for process industries. The risk level of each HRSG equipment were analyzed: HP superheater has a medium high risk (4C), HP evaporator has a medium-high risk (4C), and the HP economizer has a medium risk (3C). The results of the risk assessment using semi-quantitative method of standard API 581 based on the existing equipment at medium risk. In the fact, there is no critical problem in the equipment components. Damage mechanisms were prominent throughout the equipment is thinning mechanism. The evaluation of the risk approach was done with the aim of reducing risk by optimizing the risk assessment activities.

  17. Disaster Risk Management In Business Education: Setting The Tone

    Directory of Open Access Journals (Sweden)

    JUAN PABLO SARMIENTO

    Full Text Available Looking for windows of opportunity to mainstream disaster risk management within business education, in 2015, the United Nations Office for Disaster Reduction's (UNISDR Private Sector Alliance for Disaster Resilient Societies (ARISE, partnered with Florida International University's Extreme Events Institute (FIU-EEI and 12 international leading business schools. This partnership began with a call for White Papers to propose innovative approaches to integrate cutting edge disaster management content into business education programs and other academic offerings, based on seven themes or niches identified: (1 Strategic Investment and Financial Decisions; (2 Generating Business Value; (3 Sustainable Management; (4 Business Ethics and Social Responsibility; (5 Business Continuity Planning; (6 Disaster Risk Metrics; and (7 Risk Transfer. In March 2016, an international workshop was held in Toronto, Canada to present the White Papers prepared by the business schools, and discuss the most appropriate approaches for addressing the areas of: teaching and curriculum; professional development and extension programs; internships and placement; research opportunities; and partnerships and collaboration. Finally, the group proposed goals for advancing the implementation phase of the business education initiatives, and to propose mechanisms for monitoring and follow-up.

  18. Risk, surprises and black swans fundamental ideas and concepts in risk assessment and risk management

    CERN Document Server

    Aven, Terje

    2014-01-01

    Risk, Surprises and Black Swans provides an in depth analysis of the risk concept with a focus on the critical link to knowledge; and the lack of knowledge, that risk and probability judgements are based on.Based on technical scientific research, this book presents a new perspective to help you understand how to assess and manage surprising, extreme events, known as 'Black Swans'. This approach looks beyond the traditional probability-based principles to offer a broader insight into the important aspects of uncertain events and in doing so explores the ways to manage them.

  19. Value-oriented risk management of insurance companies

    CERN Document Server

    Kriele, Marcus

    2014-01-01

    Value- and risk-oriented management is a holistic method of managing businesses. In this book both actuarial methods and methods pertaining to classical internal control and classical risk management are used. Therefore the approach taken is necessarily interdisciplinary. Indeed, there is a new dynamically developing field for actuaries as a result of the emphasis now on the measurement of risk. This book provides the required basic knowledge for this subject from an actuarial perspective. It enables the reader to implement in practice a risk management system that is based on quantitative methods. With this book, the reader will additionally be able to critically appraise the applicability and the limits of the methods used in modern risk management. Value- Oriented Risk Management of Insurance Companies focuses on risk capital, capital allocation, performance measurement and value-oriented management. It also makes a connection to regulatory developments (for example, Solvency II). The reader should have...

  20. RISK MANAGEMENT APPROACHES AND PRACTICES IN IT PROJECTS

    Directory of Open Access Journals (Sweden)

    BRANDAS Claudiu

    2012-07-01

    Full Text Available Risk is identified in project management literature as an important factor influencing IT projects success, and it is relevant for both academic and practitionersn#8217; communities. The paper presents the past and current approaches to risk management in IT projects. The objective of this paper is to compare the different approaches and relate them to existing practices. Project management literature and practice have brought different approaches to risk management, and as a result, many projects ended in failure. We present how risk management is considered in the literature, and we compare the main two approaches: the evaluation approach and the management approach. The contingency approach does not consider risk management to be a specific process as it is an embedded process in the other project management processes. Then, we present the main practices in risk management. The methodology applied is based on documentary study review and analysis of the concepts used by the literature. We analyzed the literature published between 1978 and 2011 from the main journals for IT project management and found out that the essence of project management is risk management. The risk management practices have a considerable influence on stakeholdersn#8217; perception of project success. But, regardless of the chosen approach, a standard method for identifying, assessing, and responding to risks should be included in any project as this influences the outcome of the project.

  1. Effects of Risk Management Practices on IT Project Success

    Directory of Open Access Journals (Sweden)

    Pimchangthong Daranee

    2017-03-01

    Full Text Available Successful management of an information technology (IT project is the most desirable for all organisations and stakeholders. Many researchers elaborated that risk management is a key part of project management for any project size. Risk management is so critical because it provides project managers with a forward-looking view of both threats and opportunities to improve the project success. The objectives of this research are to explore organisational factors affecting IT project success and risk management practices influencing IT project success. Risk management practices include risk identification, risk analysis, risk response planning, and risk monitoring and control. The IT project success is measured by process performance and product performance. Data are collected from 200 project managers, IT managers, and IT analysts in IT firms through questionnaires and analysed using Independent Sample t-test, One-way ANOVA, and Multiple Linear Regression at the statistical significance level of 0.05. The results show that the differences in organisational types affect IT project success in all aspects, while the differences on organisational sizes affect IT project success in the aspect of product performance and total aspects. Risk identification and risk response planning influence the process performance and the total aspects of IT project success. Risk identification has the highest positive influence on product performance, followed closely by risk response, while risk analysis negatively influences product performance.

  2. Risk management modeling and its application in maritime safety

    Institute of Scientific and Technical Information of China (English)

    QIN Ting-rong; CHEN Wei-jiong; ZENG Xiang-kun

    2008-01-01

    Quantified risk assessment (QRA) needs mathematicization of risk theory. However,attention has been paid almost exclusively to applications of assessment methods,which has led to neglect of research into fundamental theories,such as the relationships among risk,safety,danger,and so on. In order to solve this problem,as a first step,fundamental theoretical relationships about risk and risk management were analyzed for this paper in the light of mathematics,and then illustrated with some charts. Second,man-machine-environment-management (MMEM) theory was introduced into risk theory to analyze some properties of risk. On the basis of this,a three-dimensional model of risk management was established that includes: a goal dimension;a management dimension;an operation dimension. This goal management operation (GMO) model was explained and then emphasis was laid on the discussion of the risk flowchart (operation dimension),which lays the groundwork for further study of risk management and qualitative and quantitative assessment. Next,the relationship between Formal Safety Assessment (FSA) and Risk Management was researched. This revealed that the FSA method,which the international maritime organization (IMO) is actively spreading,comes from Risk Management theory. Finally,conclusion were made about how to apply this risk management method to concrete fields efficiently and conveniently,as well as areas where further research is required.

  3. Is ALARP applicable to the management of terrorist risks?

    Energy Technology Data Exchange (ETDEWEB)

    Guikema, S.D., E-mail: sguikema@jhu.ed [Department of Geography and Environmental Engineering, Johns Hopkins University, Baltimore, MD 21218 (United States); Department of Industrial Economics, Risk Management and Planning, University of Stavanger (Norway); Aven, T. [Department of Industrial Economics, Risk Management and Planning, University of Stavanger (Norway)

    2010-08-15

    In this paper, we discuss the applicability of the as low as reasonable practicable (ALARP) principle to terrorist risk management. ALARP is a commonly used framework for managing risk due to non-intelligent threats, but terrorism introduces difficult issues, both technically and socially. In particular, the probability of a terrorist attack is difficult to define, terrorist threats are adaptive, and some terrorist risk management actions raise issues of loss of civil liberties not raised by risk management measures for other types of risk. We discuss these issues and their implications for risk management. After showing how ALARP is used to manage the risk from other hazards in different economic sectors, we discuss both the benefits and difficulties associated with extending the ALARP framework for terrorist risk analysis. We conclude that the ALARP framework can be modified to make it appropriate for risk management for adaptive risks, provided that care is taken to explicitly consider adaptive reallocation of risk in response to risk management actions, to account for perceived or actual loss of civil liberties resulting from risk management actions, and to consider the difficulties associated with using probability to measure uncertainty in adversary actions.

  4. Research on Risk Management and Power Supplying Enterprise Control

    Science.gov (United States)

    Shen, Jianfei; Wang, Yige

    2017-09-01

    This paper derived from the background that electric power enterprises strengthen their risk management under requirements of the government. For the power industry, we explained the risk management theory, analysed current macro environment as well as basic situation, then classified and interpreted the main risks. In a case study on a power bureau, we established a risk management system based on deep understanding about the characteristics of its organization system and risk management function. Then, we focused on risks in operation as well as incorrupt government construction to give a more effective framework of the risk management system. Finally, we came up with the problems and specific countermeasures in risk management, which provided a reference for other electric power enterprises.

  5. A model for the optimal risk management of farm firms

    DEFF Research Database (Denmark)

    Rasmussen, Svend

    2012-01-01

    by a description of procedures for coordinated and economical application of resources to control the probability and/or impact of unfortunate events. Besides identifying the major risk factors and tools for risk management in agricultural production, the paper will look critically into the current methods......Risk management is an integrated part of business or firm management and deals with the problem of how to avoid the risk of economic losses when the objective is to maximize expected profit. This paper will focus on the identification, assessment, and prioritization of risks in agriculture followed...... for risk management Risk management is typically based on numerical analysis and the concept of efficiency. None of the methods developed so far actually solve the basic question of how the individual manager should behave so as to optimise the balance between expected profit/income and risk. In the paper...

  6. THE FINANCIAL INSTRUMENTS FOR RISK MANAGEMENT ON THE INTERNATIONAL FINANCIAL MARKETS

    Directory of Open Access Journals (Sweden)

    Alina Hagiu

    2008-05-01

    Full Text Available The international financial market is extremely volatile because of the influence of anumerous objective and subjective factors. Because of these, în their fight for maximizing the profit, the creditinstitutes confronts permanently with all sort of risks.It is important to know that the risk is generated by a numerous operations and procedures. From thesecause, at least în the financial field, the risk must be considered as a complex of risks, în the sense that they canhave common causes, and producing a risk can generate a chain reaction, and producing other risks. As aconsequence, these operations and procedures can permanently generate an exposure to the risk.The risk management is the key function of the financial institution, which act on the internationalfinancial market. For doing this, it must be used some important instruments that can conduce to avoiding risksor dimensioning them.

  7. Probabilistic economic frameworks for disaster risk management

    Science.gov (United States)

    Dulac, Guillaume; Forni, Marc

    2013-04-01

    Starting from the general concept of risk, we set up an economic analysis framework for Disaster Risk Management (DRM) investment. It builds on uncertainty management techniques - notably Monte Carlo simulations - and includes both a risk and performance metrics adapted to recurring issues in disaster risk management as entertained by governments and international organisations. This type of framework proves to be enlightening in several regards, and is thought to ease the promotion of DRM projects as "investments" rather than "costs to be born" and allow for meaningful comparison between DRM and other sectors. We then look at the specificities of disaster risk investments of medium to large scales through this framework, where some "invariants" can be identified, notably: (i) it makes more sense to perform analysis over long-term horizons -space and time scales are somewhat linked; (ii) profiling of the fluctuations of the gains and losses of DRM investments over long periods requires the ability to handle possibly highly volatile variables; (iii) complexity increases with the scale which results in a higher sensitivity of the analytic framework on the results; (iv) as the perimeter of analysis (time, theme and space-wise) is widened, intrinsic parameters of the project tend to weight lighter. This puts DRM in a very different perspective from traditional modelling, which usually builds on more intrinsic features of the disaster as it relates to the scientific knowledge about hazard(s). As models hardly accommodate for such complexity or "data entropy" (they require highly structured inputs), there is a need for a complementary approach to understand risk at global scale. The proposed framework suggests opting for flexible ad hoc modelling of specific issues consistent with one's objective, risk and performance metrics. Such tailored solutions are strongly context-dependant (time and budget, sensitivity of the studied variable in the economic framework) and can

  8. Recognition and management of preoperative risk.

    Science.gov (United States)

    Nierman, E; Zakrzewski, K

    1999-08-01

    Internists are frequently asked to do preoperative consultations and to manage perioperative complications. Realistic goals are to identify patient factors that increase the risk of surgery, to quantify this risk in order to make decisions about the appropriateness of and timing of the surgery, to provide recommendations on how to minimize the risk, to identify and manage coexisting medical conditions and their associated medication requirements, to monitor the patient for perioperative problems, and to make recommendations to deal with these problems when they occur. With few exceptions, nonselective imaging and laboratory screening tests have repeatedly been shown to be of little value when the history and physical do not suggest a problem. The risk associated with the planned surgery can be estimated, with the most common serious complications being cardiac events. Updated versions of Goldman's risk indices are particularly helpful for this. Clinical variables are optimally combined with selective stress testing to discern which patients will benefit from preoperative revascularization. This has been studied best in the setting of vascular surgery. A critical guiding principle is that the value of revascularization must be judged in terms of long term gains rather than just immediate perioperative benefit. Other interventions include the selective use of beta blockers, adequate analgesia for all, control of hypertension, and appropriate volume management, especially in the settings of preexisting CHF or valvular disease. It must also be recognized that perioperative ischemia and CHF often present atypically. An approach that combines aspects of both the ACC/AHA and the ACP guidelines seems optimal. A variety of noncardiac issues must also be addressed. Postoperative pulmonary complications are common, especially with preexisting pulmonary disease, thoracic and upper abdominal surgery, and obesity. PFTs and ABGs are indicated in selected patients. Stopping

  9. A Risk Management Model for Merger and Acquisition

    OpenAIRE

    Chui, B. S.

    2011-01-01

    In this paper, a merger and acquisition risk management model is proposed for considering risk factors in the merger and acquisition activities. The proposed model aims to maximize the probability of success in merger and acquisition activities by managing and reducing the associated risks. The modeling of the proposed merger and acquisition risk management model is described and illustrated in this paper. The illustration result shows that the proposed model can help to screen the best targe...

  10. Nurses' Psychosocial Barriers to Suicide Risk Management

    Directory of Open Access Journals (Sweden)

    Sharon Valente

    2011-01-01

    Full Text Available Suicide remains a serious health care problem and a sentinel event tracked by The Joint Commission. Nurses are pivotal in evaluating risk and preventing suicide. Analysis of nurses' barriers to risk management may lead to interventions to improve management of suicidal patients. These data emerged from a random survey of 454 oncology nurses' attitudes, knowledge of suicide, and justifications for euthanasia. Instruments included a vignette of a suicidal patient and a suicide attitude questionnaire. Results. Psychological factors (emotions, unresolved grief, communication, and negative judgments about suicide complicate the nurse's assessment and treatment of suicidal patients. Some nurses (=122 indicated that euthanasia was never justified and 11 were unsure of justifications and evaluated each case on its merits. Justifications for euthanasia included poor symptom control, poor quality of life, incurable illness or permanent disability, terminal illness, and terminal illness with inadequate symptom control or impending death, patient autonomy, and clinical organ death. The nurses indicated some confusion and misconceptions about definitions and examples of euthanasia, assisted suicide, and double effect. Strategies for interdisciplinary clinical intervention are suggested to identify and resolve these psychosocial barriers.

  11. Stochastically Simulating Low Morale - A Risk Factor Effect on Risk Management

    OpenAIRE

    P. K.A. Suri; Rachna Soni

    2006-01-01

    One of the proposed purposes for software process simulation is the management of software development risks, usually discussed within the category of project planning and management. However, modeling and simulation primarily for the purpose of software development risk management has not been explored and is quite limited. This study describes an approach to simulate Low Morale - a risk factor, to analyze its effect on certain software development risk management activities.

  12. Security management of next generation telecommunications networks and services

    CERN Document Server

    Jacobs, Stuart

    2014-01-01

    This book will cover network management security issues and currently available security mechanisms by discussing how network architectures have evolved into the contemporary NGNs which support converged services (voice, video, TV, interactive information exchange, and classic data communications). It will also analyze existing security standards and their applicability to securing network management. This book will review 21st century security concepts of authentication, authorization, confidentiality, integrity, nonrepudiation, vulnerabilities, threats, risks, and effective approaches to enc

  13. A Case-Based System for Construction Project Risk Management

    Institute of Scientific and Technical Information of China (English)

    YANG Lan-rong; ZHANG Jin-long

    2002-01-01

    This paper presents a Case-Based system for assisting construction project managers in identifying risk factors and the corresponding construction project risk. The construction project risk identification model captures the case, acquired from previous completed construction projects and experience. A prototype is developed based on the proposed Case-Based system to determine risk factors along with their risk effects.

  14. Facilitate generation connections on Orkney by automatic distribution network management

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2004-07-01

    This report summarises the results of a study assessing the capability and limitations of the Orkney Network under a variety of conditions of demand, generation connections, network configuration, and reactive compensation). A conceptual active management scheme (AMS) suitable for the conditions on Orkney is developed and evaluated. Details are given of a proposed framework for the design and evaluation of future active management schemes, logic control sequences for managed generation units, and a proposed evaluation method for the active management scheme. Implications of introducing the proposed AMS are examined, and the commercial aspects of an AMS and system security are considered. The existing Orkney network is described; and an overview of the SHEPDL (Scottish Hydro Electric Power Distribution Ltd.) SCADA system is presented with a discussion of AMS identification, selection, and development.

  15. Facilitate generation connections on Orkney by automatic distribution network management

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2004-07-01

    This report summarises the results of a study assessing the capability and limitations of the Orkney Network under a variety of conditions of demand, generation connections, network configuration, and reactive compensation). A conceptual active management scheme (AMS) suitable for the conditions on Orkney is developed and evaluated. Details are given of a proposed framework for the design and evaluation of future active management schemes, logic control sequences for managed generation units, and a proposed evaluation method for the active management scheme. Implications of introducing the proposed AMS are examined, and the commercial aspects of an AMS and system security are considered. The existing Orkney network is described; and an overview of the SHEPDL (Scottish Hydro Electric Power Distribution Ltd.) SCADA system is presented with a discussion of AMS identification, selection, and development.

  16. The essentials of risk management the definitive guide for the non-risk professional

    CERN Document Server

    Crouhy, Michel; Mark, Robert

    2006-01-01

    Learn what risk management is and how you can effectively implement it in your organisation Essentials of Risk Management eliminates the complex mathematics and minutiae surrounding corporate risk management. It describes key risk concepts and controls in language that you can understand. Topics include organisational issues and regulatory aspects, along with detailed descriptions of tools for controlling key types of market, credit, and operational risk.

  17. AN OVERVIEW ON STATE OF KNOWLEDGE OF RISK AND RISK MANAGEMENT IN ECONOMICS FIELDS

    OpenAIRE

    Mirela NICHITA

    2015-01-01

    The purpose of this paper is to present a history and an evolution of concepts of risk and risk management in economic, respectively financial fields, highlighting the usefulness (or not) and complexity of tools for risk assessment developed over time. The main objective of risk management is to reduce costs and increase the value of company and stakeholders gains; also, a coherent risk management strategy may improve entity capital structure which will derive in a healthy financing policy. T...

  18. AN OVERVIEW ON STATE OF KNOWLEDGE OF RISK AND RISK MANAGEMENT IN ECONOMICS FIELDS

    Directory of Open Access Journals (Sweden)

    Mirela NICHITA

    2015-04-01

    Full Text Available The purpose of this paper is to present a history and an evolution of concepts of risk and risk management in economic, respectively financial fields, highlighting the usefulness (or not and complexity of tools for risk assessment developed over time. The main objective of risk management is to reduce costs and increase the value of company and stakeholders gains; also, a coherent risk management strategy may improve entity capital structure which will derive in a healthy financing policy. The risk and risk management field has been developed merely after the second world war and creates the favourable context of a new C position in business chart – Chief Risk Officer. The paper will explore the etymology of term risk correlated with the uncertainty. Research on risk and risk management is not possible without taking into account the derivatives market.

  19. AN OVERVIEW ON STATE OF KNOWLEDGE OF RISK AND RISK MANAGEMENT IN ECONOMICS FIELDS

    Directory of Open Access Journals (Sweden)

    Mirela NICHITA

    2015-04-01

    Full Text Available The purpose of this paper is to present a history and an evolution of concepts of risk and risk management in economic, respectively financial fields, highlighting the usefulness (or not and complexity of tools for risk assessment developed over time. The main objective of risk management is to reduce costs and increase the value of company and stakeholders gains; also, a coherent risk management strategy may improve entity capital structure which will derive in a healthy financing policy. The risk and risk management field has been developed merely after the second world war and creates the favourable context of a new C position in business chart – Chief Risk Officer. The paper will explore the etymology of term risk correlated with the uncertainty. Research on risk and risk management is not possible without taking into account the derivatives market.

  20. Risk Management for Sodium Fast Reactors.

    Energy Technology Data Exchange (ETDEWEB)

    Denman, Matthew R. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Groth, Katrina [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Cardoni, Jeffrey N. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Wheeler, Timothy A. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2015-01-01

    Accident management is an important component to maintaining risk at acceptable levels for all complex systems, such as nuclear power plants. With the introduction of self - correcting, or inherently safe, reactor designs the focus has shifted from management by operators to allowing the syste m's design to manage the accident. While inherently and passively safe designs are laudable, extreme boundary conditions can interfere with the design attributes which facilitate inherent safety , thus resulting in unanticipated and undesirable end states. This report examines an inherently safe and small sodium fast reactor experiencing a beyond design basis seismic event with the intend of exploring two issues : (1) can human intervention either improve or worsen the potential end states and (2) can a Bayes ian Network be constructed to infer the state of the reactor to inform (1). ACKNOWLEDGEMENTS The author s would like to acknowledge the U.S. Department of E nergy's Office of Nuclear Energy for funding this research through Work Package SR - 14SN100303 under the Advanced Reactor Concepts program. The authors also acknowledge the PRA teams at A rgonne N ational L aborator y , O ak R idge N ational L aborator y , and I daho N ational L aborator y for their continue d contributions to the advanced reactor PRA mission area.

  1. ECO RISK MANAGEMENT IN MINING, ECO PRACTICUM

    Directory of Open Access Journals (Sweden)

    Slobodan Radosavljević

    2011-11-01

    Full Text Available Environmental protection is a key factor for sustainable development in the area of exploitationof natural energy resources. Solving problems in this field requires a quality strategic positioning ecoexploitation sites, which is the most burdened by environmental problems, based on modernscientific approaches and definitions. Realistically frequent criticism and environmental hazards inmining the potential of various statements. There is a long-term disruption of natural flow and overallecological balance of the system. Demonstrated environmental destruction and damage of smaller orlarger extent the result, which can be accessed from the aspect of taking corrective action by the state.A complex analysis of the causes, the analysis of environmental risks and the definition of preventiveenvironmental strategy, hardly can speak, at least in the forms of modern analytical andmethodological approaches. The basis of determining the initiation of interest on takingresponsibility for local environmental priorities and their protection in areas of intensive exploitationof works. It is a negative impact on human health and the need to preserve the total ecosystem.Analysis of environmental risks is becoming logistically purpose and need with which to be flexible,adaptable, and efficiently organize and manage access to environmental reality and truth in thecontext of improvements, now and in the near future. This paper presents real experiences andresearch results in environmental practicum proposals and implementation of modern concepts,methods and models for the analysis of environmental risks.

  2. Management tactics supporting motivation of generation Y in luxury hotels

    OpenAIRE

    Vikholm, Mikaela

    2016-01-01

    This study is made to give a basis for understanding generation Y, also referred as millennials, as workforce. Objective of this study is to present and study the different factors affecting the motivation of millennials, to see their role in organizations and based on the findings to create management tips and guidelines. The purpose is to investigate the work conditions sought by millennials working in luxury hotels, to present the most desired work environment and to look for management ta...

  3. Effects of Risk Management Practices on IT Project Success

    OpenAIRE

    Pimchangthong Daranee; Boonjing Veera

    2017-01-01

    Successful management of an information technology (IT) project is the most desirable for all organisations and stakeholders. Many researchers elaborated that risk management is a key part of project management for any project size. Risk management is so critical because it provides project managers with a forward-looking view of both threats and opportunities to improve the project success. The objectives of this research are to explore organisational factors affecting IT project success and...

  4. Risk taking and effective R&D management.

    Science.gov (United States)

    Banholzer, William F; Vosejpka, Laura J

    2011-01-01

    Several key strategies can be used to manage the risk associated with innovation to create maximum value. These include balancing the timing of investments versus cash flows, management of fads, prioritization across the company, savvy portfolio management, and a system of metrics that measure real success. Successful R&D managers will do whatever is necessary to manage the risks associated with an R&D program and stick to their long-term strategy.

  5. RISK MANAGEMENT AND ITS INFLUENCE OF INSURANCE COMPANY

    Directory of Open Access Journals (Sweden)

    FLOREA IANC MARIA MIRABELA

    2015-12-01

    Full Text Available The Risk Management summarizes the essence of insurance business. The effectiveness of risk management is on the correct definition and risk best estimates which provide a reliable basis for the dissipation or its transfer through insurance. In this regard, identifying exposure to insured damage constiruie an important stages as influences concrete ways to prevent and control the risk. Analysis and quantification of the risk should provide solid support for drafting the insurance contract

  6. Procurement risk management: a case in Turkish energy industry

    OpenAIRE

    HAKSÖZ, Çağrı; Haksoz, Cagri; Arslan, Özgür; Arslan, Ozgur

    2010-01-01

    We present the current procurement risk management practice of Enerjisa, a major energy company in Turkey. We provide results of a managerial survey and interview conducted at Enerjisa, which illuminates the current perception of the critical procurement risks and how they are being managed effectively. Especially, we shed light on the procurement risk awareness and perception, critical drivers of procurement risks, risk assessment strategies, operational and financial hedging of procurement ...

  7. Evaluation of volcanic risk management in Merapi and Bromo Volcanoes

    Science.gov (United States)

    Bachri, S.; Stöetter, J.; Sartohadi, J.; Setiawan, M. A.

    2012-04-01

    Merapi (Central Java Province) and Bromo (East Java Province) volcanoes have human-environmental systems with unique characteristics, thus causing specific consequences on their risk management. Various efforts have been carried out by many parties (institutional government, scientists, and non-governmental organizations) to reduce the risk in these areas. However, it is likely that most of the actions have been done for temporary and partial purposes, leading to overlapping work and finally to a non-integrated scheme of volcanic risk management. This study, therefore, aims to identify and evaluate actions of risk and disaster reduction in Merapi and Bromo Volcanoes. To achieve this aims, a thorough literature review was carried out to identify earlier studies in both areas. Afterward, the basic concept of risk management cycle, consisting of risk assessment, risk reduction, event management and regeneration, is used to map those earlier studies and already implemented risk management actions in Merapi and Bromo. The results show that risk studies in Merapi have been developed predominantly on physical aspects of volcanic eruptions, i.e. models of lahar flows, hazard maps as well as other geophysical modeling. Furthermore, after the 2006 eruption of Merapi, research such on risk communication, social vulnerability, cultural vulnerability have appeared on the social side of risk management research. Apart from that, disaster risk management activities in the Bromo area were emphasizing on physical process and historical religious aspects. This overview of both study areas provides information on how risk studies have been used for managing the volcano disaster. This result confirms that most of earlier studies emphasize on the risk assessment and only few of them consider the risk reduction phase. Further investigation in this field work in the near future will accomplish the findings and contribute to formulate integrated volcanic risk management cycles for both

  8. Development of data management system for steam generator inspection

    Energy Technology Data Exchange (ETDEWEB)

    Jung, Yong Moo; Im, Chang Jae; Lee, Yoon Sang; Kang, Soon Joo; An, Jong Kwan [Korea Atomic Energy Research Institute, Taejon (Korea, Republic of)

    1994-06-01

    The data communications environment for transferring Nuclear Power Plant Steam Generator Eddy Current testing data was investigated and after connecting LAN to Hinet-F network, the remote data transfer with the speed of 56 kbps was tested successfully. Data management system for Steam Generator Eddy current testing was also developed by using HP-UX, RMB (Rock Mountain Basic) 21 figs, 13 tabs, 5 refs. (Author).

  9. Embedding the Form Generator in a Content Management System

    Science.gov (United States)

    Delgado, A.; Wicenec, A.; Delmotte, N.; Tejero, A.

    2008-08-01

    Given the tremendous amount of data generated by ESO's telescopes and the rapid evolution of the World Wide Web, the ESO archive web interface needs to offer more flexible services and advanced functionalities to a growing community of users all over the world. To achieve this endeavour, a query form generator is being developed inside a Content Management System. We present here a progress report.

  10. Development of data management system for steam generator inspection

    Energy Technology Data Exchange (ETDEWEB)

    Jung, Yong Moo; Im, Chang Jae; Lee, Yoon Sang; Kang, Soon Joo; An, Jong Kwan [Korea Atomic Energy Research Institute, Taejon (Korea, Republic of)

    1994-06-01

    The data communications environment for transferring Nuclear Power Plant Steam Generator Eddy Current testing data was investigated and after connecting LAN to Hinet-F network, the remote data transfer with the speed of 56 kbps was tested successfully. Data management system for Steam Generator Eddy current testing was also developed by using HP-UX, RMB (Rock Mountain Basic) 21 figs, 13 tabs, 5 refs. (Author).

  11. A model for the optimal risk management of farm firms

    DEFF Research Database (Denmark)

    Rasmussen, Svend

    2012-01-01

    Risk management is an integrated part of business or firm management and deals with the problem of how to avoid the risk of economic losses when the objective is to maximize expected profit. This paper will focus on the identification, assessment, and prioritization of risks in agriculture follow......, we derive a criterion for optimal risk management in the sense that we derive the optimal combination of expected income and variance on return to capital on the efficient frontier....... for risk management Risk management is typically based on numerical analysis and the concept of efficiency. None of the methods developed so far actually solve the basic question of how the individual manager should behave so as to optimise the balance between expected profit/income and risk. In the paper...

  12. Risk Management Method in IT Project: A Review

    Directory of Open Access Journals (Sweden)

    Ikhtiar Faahakhododo

    2016-09-01

    can produce a useful product and make a profit. This article clarified some of the methods of risk management exist. There was two techniques to determine the risks used in this study, those were Metrics of Process Structure and Referential Model or could be referred as the Comparison to the Referential Model technique. That technique will produce Software Process Meta Model, Model of Risk Management, and Manage Risks in Project models. Those models were used to help managers in mapping the risks of the project.

  13. The role of internal audit in companies' risk management

    Directory of Open Access Journals (Sweden)

    Vlaović-Begović Sanja

    2012-01-01

    Full Text Available The internal audit area of application differs according to management needs and demands, as well as the structure and the size of a company. Besides examination of bookkeeping information, law synchronization check, criminal action and mistakes discoveries, internal audit is more and more directed towards risk management process in order to respond to the demands of uncertain business and to secure adequate business decisions making for management. This paper examines the role of internal audit in companies' risk management that is represented in examination and evaluation of risk management processes, with the aim of decreasing risk to an acceptable level for a company. Besides that, internal audit can support the management in configuration and establishing more efficient, improved risk management process. In order to ensure independence and objectiveness of internal audit operation, activities and responsibilities of management and internal audit are clearly defined.

  14. Exploration Systems Development (ESD) Approach to Enterprise Risk Management

    Science.gov (United States)

    Bauder, Stephen P.

    2014-01-01

    The National Aeronautics and Space Administration (NASA) Exploration Systems Development (ESD) Division has implemented an innovative approach to Enterprise Risk Management under a unique governance structure and streamlined integration model. ESD's mission is to design and build the capability to extend human existence to deep space. The Enterprise consists of three Programs: Space Launch System (SLS), Orion, and Ground Systems Development and Operations (GSDO). The SLS is a rocket and launch system that will be capable of powering humans, habitats, and support systems to deep space. Orion will be the first spacecraft in history capable of taking humans to multiple destinations within deep space. GSDO is modernizing Kennedy's spaceport to launch spacecraft built and designed by both NASA and private industry. ESD's approach to Enterprise Risk Management is commensurate with affordability and a streamlined management philosophy. ESD Enterprise Risk Management leverages off of the primary mechanisms for integration within the Enterprise. The Enterprise integration approach emphasizes delegation of authority to manage and execute the majority of cross-program activities and products to the individual Programs, while maintaining the overall responsibility for all cross-program activities at the Division. The intent of the ESD Enterprise Risk Management approach is to improve risk communication, to avoid replication and/or contradictory strategies, and to minimize overhead process burden. This is accomplished by the facilitation and integration of risk information within ESD. The ESD Division risks, Orion risks, SLS risks, and GSDO risks are owned and managed by the applicable Program. When the Programs have shared risks with multiple consequences, they are jointly owned and managed. When a risk is associated with the integrated system that involves more than one Program in condition, consequence, or mitigation plan, it is considered an Exploration Systems Integration

  15. 76 FR 23646 - Financial Management Policies-Interest Rate Risk

    Science.gov (United States)

    2011-04-27

    ... Office of Thrift Supervision Financial Management Policies--Interest Rate Risk AGENCY: Office of Thrift... following information collection. Title of Proposal: Financial Management Policies--Interest Rate Risk. OMB... collection request (ICR) described below has been submitted to the Office of Management and Budget (OMB) for...

  16. 76 FR 9870 - Financial Management Policies-Interest Rate Risk

    Science.gov (United States)

    2011-02-22

    ... Office of Thrift Supervision Financial Management Policies--Interest Rate Risk AGENCY: Office of Thrift... of Proposal: Financial Management Policies--Interest Rate Risk OMB Number: 1550-0094 Form Number: N/A... below to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction...

  17. Interest Rate Risk Management using Duration Gap Methodology

    Directory of Open Access Journals (Sweden)

    Dan Armeanu

    2008-01-01

    should be measured and managed within an asset-liability management. Then the articles takes a short look at methods for measuring interest rate risk and after that explains and demonstrates how can be used Duration Gap Model for managing interest rate risk in banks.

  18. A compositional personalization approach for designing personalized patient educational interventions for cardiovascular risk management.

    Science.gov (United States)

    Davis, Selena; Abidi, Syed Sibte Raza; Stewart, Sam

    2010-01-01

    Providing patients with personalized educational messages can improve self-management of Cardiovascular Disease (CVD) risk factors. We present our compositional personalization approach that generates personalized educational material by dynamically selecting fine-grained information snippets, as per the patient profile, and then synthesizing them in a educational template to yield personalized patient education interventions. We apply our personalization approach in the PULSE system--Personalization Using Linkages of SCORE and behavior change readiness to web-based Education--that generates personalized patient education for CVD risk management. The PULSE framework involves the calculation of CVD risk assessment using the Systematic COronary Risk Evaluation (SCORE) algorithm, the estimation of readiness to change using the Transtheoretical Model (TTM) of intentional behavior change. The educational interventions were derived from evidence-based staged lifestyle modification materials and Canadian guidelines for CVD risk management.

  19. 76 FR 16587 - Risk Management Requirements for Derivatives Clearing Organizations

    Science.gov (United States)

    2011-03-24

    ... COMMISSION 17 CFR Part 39 RIN 3038-AC98 Risk Management Requirements for Derivatives Clearing Organizations... Principle D (Risk Management) and would establish a related reporting requirement under Core Principle J... Exchange Act (CEA) \\4\\ to establish a comprehensive regulatory framework to reduce risk,...

  20. Consumer Evaluations of Food Risk Management Quality in Europe

    NARCIS (Netherlands)

    Kleef, van E.; Houghton, J.R.; Krystallis, A.; Pfenning, U.; Rowe, G.; Dijk, van H.; Lans, van der I.A.; Frewer, L.J.

    2007-01-01

    In developing and implementing appropriate food risk management strategies, it is important to understand how consumers evaluate the quality of food risk management practices. The aim of this study is to model the underlying psychological factors influencing consumer evaluations of food risk managem