WorldWideScience

Sample records for proposed risk management

  1. 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

  2. 77 FR 9237 - Agency Information Collection Activities; Proposed Collection; Comment Request; Risk Management...

    Science.gov (United States)

    2012-02-16

    ... Activities; Proposed Collection; Comment Request; Risk Management Program Requirements and Petitions To..., non-chemical manufacturers, etc. Title: Risk Management Program Requirements and Petitions to Modify... regulated substance in a process develop and implement a risk management program and submit a risk...

  3. 78 FR 70354 - Conceptual Example of a Proposed Risk Management Regulatory Framework Policy Statement

    Science.gov (United States)

    2013-11-25

    ... NUCLEAR REGULATORY COMMISSION [NRC-2013-0254] Conceptual Example of a Proposed Risk Management Regulatory Framework Policy Statement AGENCY: Nuclear Regulatory Commission. ACTION: Conceptual example of a... ``openness,'' a white paper on a Conceptual Example of a Proposed Risk Management Regulatory Framework (RMRF...

  4. A proposed operational risk management framework for small and medium enterprises

    Directory of Open Access Journals (Sweden)

    Micheline J. Naude

    2017-12-01

    Full Text Available Background: The gap between small and medium-sized enterprises (SMEs and large businesses that perform risk assessment is significant. SMEs continuously face many operational risks and uncertainties in their daily operations, and these risks threaten to reduce productivity, increase costs and reduce profits. Aim: The purpose of this article was to develop an operational risk management framework that SMEs can use to identify and analyse risks in their operations and take corrective actions to mitigate these risks. Setting: Small and medium-sized enterprises in South Africa do not view risk management as a key component of organisational success, despite evidence that businesses that adopt risk management strategies are more likely to survive and grow. Methods: The article is exploratory in nature, and a conceptual analysis approach was used to formulate the framework. This study reviewed relevant literature sources on risk published between 2002 and 2017. Results: The four process steps of risk management were used as a reference point and form the foundation for the operational risk management framework. The categories of operational; marketing; technical and financial risks were identified from a review of available literature on risk management. Conclusion: There is a dearth of research that deals with operational risk management frameworks for SMEs. The expected contribution of this article, therefore, is twofold: firstly, it is envisaged that managers or owners of SMEs could use the proposed framework as a tool to appraise and minimise their operational risks; secondly, it will add to the current body of knowledge on risk appraisal for SMEs.

  5. 77 FR 71404 - Intent To Prepare an Environmental Impact Statement for the Proposed Flood Risk Management Study...

    Science.gov (United States)

    2012-11-30

    ... Environmental Impact Statement for the Proposed Flood Risk Management Study for the Blanchard River Watershed... the subject Flood Risk Management Study. The Buffalo District of the U.S. Army Corps of Engineers... with the proposed Flood Risk Management Study in the Blanchard River Watershed including the...

  6. 76 FR 23860 - Financial Management Service Proposed Collection of Information: Schedule of Excess Risks

    Science.gov (United States)

    2011-04-28

    ... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service Proposed Collection of Information: Schedule of Excess Risks AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and request for comments. SUMMARY: The Financial Management Service, as part of its continuing...

  7. A proposed programme for energy risk research

    International Nuclear Information System (INIS)

    1979-01-01

    The report consists of two parts. Part I presents an overview of technological risk management, noting major contributions and current research needs. Part II details a proposed program of energy research, including discussions of some seven recommended projects. The proposed energy risk research program addresses two basic problem areas: improving the management of energy risks and energy risk communication and public response. Specific recommended projects are given for each. (Auth.)

  8. Proposal to introduce Disaster Risk Management topics in Master programs in ESAN Graduate School of Business

    Directory of Open Access Journals (Sweden)

    CECILIA DEJO ESTEVES

    Full Text Available This paper aims to explain and present a proposal to introduce Disaster Risk Management (DRM topics into ESAN Graduate School of Business Master's programs. Although disasters have cost Peru more than USD 7,600 million in the past 2 decades the business sector, particularly Small and Medium Enterprises, have not developed preventive or continuity plans mainly because they are not familiar with DRM topics. Taking this into consideration, the paper presents a detailed academic/curricular proposal for DRM topics such as business continuity, business ethics, corporate social responsibility, and sustainable management. Additionally, it introduces the idea of promoting Disaster Risk Management (DRM topics to the Peruvian business community as a strategy to enhance the graduate education.

  9. A Proposal of Operational Risk Management Method Using FMEA for Drug Manufacturing Computerized System

    Science.gov (United States)

    Takahashi, Masakazu; Nanba, Reiji; Fukue, Yoshinori

    This paper proposes operational Risk Management (RM) method using Failure Mode and Effects Analysis (FMEA) for drug manufacturing computerlized system (DMCS). The quality of drug must not be influenced by failures and operational mistakes of DMCS. To avoid such situation, DMCS has to be conducted enough risk assessment and taken precautions. We propose operational RM method using FMEA for DMCS. To propose the method, we gathered and compared the FMEA results of DMCS, and develop a list that contains failure modes, failures and countermeasures. To apply this list, we can conduct RM in design phase, find failures, and conduct countermeasures efficiently. Additionally, we can find some failures that have not been found yet.

  10. 76 FR 45724 - Clearing Member Risk Management

    Science.gov (United States)

    2011-08-01

    ... proposed rules address risk management for cleared trades by futures commission merchants, swap dealers... Commission has proposed extensive regulations addressing open access and risk management at the derivatives..., 2011) (Risk Management Requirements for Derivatives Clearing Organizations). These proposed regulations...

  11. Managing the Perception of Advanced Technology Risks in Mission Proposals

    Science.gov (United States)

    Bellisario, Sebastian Nickolai

    2012-01-01

    Through my work in the project proposal office I became interested in how technology advancement efforts affect competitive mission proposals. Technology development allows for new instruments and functionality. However, including technology advancement in a mission proposal often increases perceived risk. Risk mitigation has a major impact on the overall evaluation of the proposal and whether the mission is selected. In order to evaluate the different approaches proposals took I compared the proposals claims of heritage and technology advancement to the sponsor feedback provided in the NASA debriefs. I examined a set of Discovery 2010 Mission proposals to draw patterns in how they were evaluated and come up with a set of recommendations for future mission proposals in how they should approach technology advancement to reduce the perceived risk.

  12. Proposal for implementation risk management according ABNT NBR ISO 31000 standard applied to internal audit process of Integrated Management System of IPEN

    International Nuclear Information System (INIS)

    Scapin Junior, Wilson S.; Salvetti, Tereza C.; Longo, Guilherme C.

    2015-01-01

    The paper objective is to establish a risk management methodology applied to internal audits processes of IPEN Integrated Management System (IMS). In continuous seeking of updating methodologies to assist effective management based on the constant changes in the organizational world, and the development of management tools used for decision making, risk management demonstrates trends to be a new tool with high efficiency. This trend is accentuated by the fact that risk management is being incorporated into the new revision of quality management standard ISO 9001, estimated conclusion in November 2015. The identification, evaluation and treatment of risks are present in eleven items of its ten requirements at new revision. From the conclusion of the review, all organizations certified by that standard should make the necessary changes in their systems to meet the new requirements. This proposal will provide anticipate the changes that will occur in the management system of IPEN in accordance with this new revision. With the character of a pilot program to implement the organizational culture change in relationship to new concepts related to risks and implementation of risk management all other system processes that will be affected by the new revision of this standard. The methodology used for this paper is supported by the standards ABNT NBR ISO 31000. (author)

  13. Proposal for implementation risk management according ABNT NBR ISO 31000 standard applied to internal audit process of Integrated Management System of IPEN

    Energy Technology Data Exchange (ETDEWEB)

    Scapin Junior, Wilson S.; Salvetti, Tereza C.; Longo, Guilherme C., E-mail: wsscapin@ipen.br, E-mail: salvetti@ipen.br, E-mail: glongo@ipen.br [Instituto de Pesquisas Energeticas e Nucleares (IPEN/CNEN-SP), Sao Paulo, SP (Brazil)

    2015-07-01

    The paper objective is to establish a risk management methodology applied to internal audits processes of IPEN Integrated Management System (IMS). In continuous seeking of updating methodologies to assist effective management based on the constant changes in the organizational world, and the development of management tools used for decision making, risk management demonstrates trends to be a new tool with high efficiency. This trend is accentuated by the fact that risk management is being incorporated into the new revision of quality management standard ISO 9001, estimated conclusion in November 2015. The identification, evaluation and treatment of risks are present in eleven items of its ten requirements at new revision. From the conclusion of the review, all organizations certified by that standard should make the necessary changes in their systems to meet the new requirements. This proposal will provide anticipate the changes that will occur in the management system of IPEN in accordance with this new revision. With the character of a pilot program to implement the organizational culture change in relationship to new concepts related to risks and implementation of risk management all other system processes that will be affected by the new revision of this standard. The methodology used for this paper is supported by the standards ABNT NBR ISO 31000. (author)

  14. 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.

  15. The application of holistic risk management in the banking industry

    Directory of Open Access Journals (Sweden)

    J. Chibayambuya

    2007-12-01

    Full Text Available Purpose: The application of holistic risk management is fast becoming a standard measure of good governance in the business arena. What role can holistic risk management play in the management of risk in the financial services industry? The aim of this paper is to propose a holistic risk management framework for the management of risk. Design/Methodology/Approach: A comprehensive framework that covers the holistic view risk management is proposed/developed out of an extensive literature review. Findings: Given the deliberations of various frameworks, a holistic risk management is proposed. The proposed framework ensures that all components of risk management are taken into account when strategizing for risk management in general and holistic risk management in particular; thereby improving the management of risk in the banking industry. Implications: The article proposes a holistic approach to risk management which takes into account all the facets of risk management, e.g. analyzing, planning, strategy, communication, implementation, motivation, systems review and plan modification. This holistic approach, when implemented in the banking industry, can have a significant impact on the improved management of risk. Originality/Value: The new proposed holistic risk management framework offers a fresh perspective of strategizing for risk management in terms of risk analysis, risk planning, risk strategy, risk communication, risk implementation, risk motivation, risk review and risk plan modification.

  16. 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.

  17. 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.

  18. [Risk Assessment and Risk Management of Chemicals in China].

    Science.gov (United States)

    Wang, Tie-yu; Zhou, Yun-qiao; Li, Qi-feng; Lü, Yong-long

    2016-02-15

    Risk assessment and risk management have been increasingly approved as an effective approach for appropriate disposal and scientific management of chemicals. This study systematically analyzed the risk assessment methods of chemicals from three aspects including health risk, ecological risk and regional risk. Based on the current situation of classification and management towards chemicals in China, a specific framework of risk management on chemicals was proposed by selecting target chemicals, predominant industries and related stakeholders as the objects. The results of the present study will provide scientific support for improving risk assessment and reasonable management of chemicals in China.

  19. Investigation of risk management auditing

    International Nuclear Information System (INIS)

    Cao Lu

    2012-01-01

    2004, COSO published 'Enterprise Risk Management Framework', 2009, SASAC issued the 'central enterprise-wide risk management guidelines' to promote risk management within the formal state-owned enterprises in medium and large. Nuclear Group, which risk management in all branches to carry out the project homeopathic, and A Ⅱ will carry out risk management program as the first unit has accumulated more experience. This article from the perspective of internal control, based on the company's risk management practices carried out to try for the nuclear power enterprise risk management audit to describe and propose new ideas. Which expounds the significance of risk management, audit, risk management audit of the ways and means, for practical application of risk management audit of a representative summary of the issues and the ways and means to solve the problem of forward-looking recommendations. (authors)

  20. CEA: assessment of risk management 2011

    International Nuclear Information System (INIS)

    2012-06-01

    This report proposes an overview of CEA activities in the field of risk management in different areas: impact on the environment, installation safety, management of occupational risks (occupational health and safety), radiological protection of workers, transportation of hazardous materials, waste management, protection of sites, installations and heritage, management of emergency situations, management of law risks, controls and audits. It finally presents the risk management department

  1. CEA: risk management assessment 2011

    International Nuclear Information System (INIS)

    Bigot, Bernard; Bonnevie, Edwige; Maillot, Bernard

    2012-01-01

    This report proposes a qualitative and quantitative overview of CEA activities in the field of risk management during 2011. These activities concerned the impact on the environment, the safety of installations, the management of professional risks (safety and health at work), the radiological protection of workers, the transports of hazardous materials, waste management, protection of sites, installations and heritage, the management of emergency situations, the management of law risks, controls and audits

  2. 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.

  3. Diagnosis and proposal for an integrated risk management en el Valle de Aburra: red risks

    International Nuclear Information System (INIS)

    Aristizabal, Edier; Vargas, Richard

    2008-01-01

    From the analysis of the organizational situation of different institutions of the Aburra Valley oriented to reduce disasters and emergencies of natural and anthropological origin, a system for the prevention, relief and recovery, Area metropolitana del Valle de Aburra, environmental authority and planning institution, has made to the region a pro pose which try to integrate all governmental and private organizations through an integral risk management, denominated: The Regional Risk Management Network in the Aburra Valley, Risk Network. Risk Network is an open organizational system of inter institutional character to direct and co-ordinate policies and actions of analysis and risk reduction, as well as the preparation and execution of the response and recovery of disaster and emergencies. in the Aburra Valley. Two are the strategic instruments of the Network: The Risk Management Regional Plan in the Aburra Valley, and the Integrated Information System which was designed to support the different management processes of the Network.

  4. A Framework for Integrating Knowledge Management with Risk Management for Information Technology Projects (RiskManiT)

    Science.gov (United States)

    Karadsheh, Louay A.

    2010-01-01

    This research focused on the challenges experienced when executing risk management activities for information technology projects. The lack of adequate knowledge management support of risk management activities has caused many project failures in the past. The research objective was to propose a conceptual framework of the Knowledge-Based Risk…

  5. Online application of a risk management system for risk assessment and monitoring at NPPs

    Energy Technology Data Exchange (ETDEWEB)

    Yang, Jun, E-mail: youngjun51@hotmail.com [Key Laboratory of Fundamental Science on Nuclear Safety and Simulation Technology, Harbin Engineering University (China); Yang, Ming, E-mail: yangming@hrbeu.edu.cn [Key Laboratory of Fundamental Science on Nuclear Safety and Simulation Technology, Harbin Engineering University (China); Wang, Wenlin, E-mail: wlwang0618@126.com [Key Laboratory of Fundamental Science on Nuclear Safety and Simulation Technology, Harbin Engineering University (China); Li, Fengjun, E-mail: leefengjun@163.com [China Nuclear Power Engineering Co. Ltd (China)

    2016-08-15

    Highlights: • A generic GO-FLOW modeling structure is proposed for easily Living PSA development and analysis. • Hierarchical and modularized scheme is applied in the development of Living PSA models and database. • A risk management system is developed by GO-FLOW method. • Functional testing is conducted on the risk management system for performance evaluation. • The fast solution time derived from Living PSA application is supportive in plant safety management. - Abstract: The paper presents a risk management system on the basis of Living PSA models which are developed under a proposed generic GO-FLOW modeling method with a hierarchical and modular structure. The design of the risk management system is aiming at assisting plant personnel to manage maintenance plan and system configuration, and conduct system reliability monitoring, risk monitoring and risk management quickly and conveniently through graphical user interfaces without going deep into the details of building, updating and analyzing reliability and risk models. The performance of the proposed risk management system was tested on a full-scale simulator of PWR nuclear power plant and demonstrated that the fast solution time derived from utilization of hierarchical and modularized Living PSA models is strongly supportive for instantaneous risk assessment as well as for daily risk management at NPPs.

  6. Construction Management Risk System (CMRS for Construction Management (CM Firms

    Directory of Open Access Journals (Sweden)

    Kyungmo Park

    2017-02-01

    Full Text Available After the global financial crisis of 2008, the need for risk management arose because it was necessary to minimize the losses in construction management (CM firms. This was caused by a decreased amount of orders in the Korean CM market, which intensified order competition between companies. However, research results revealed that risks were not being systematically managed owing to the absence of risk management systems. Thus, it was concluded that it was necessary to develop standard operating systems and implement risk management systems in order to manage risks effectively. Therefore, the purpose of this study was to develop a construction risk management system (CRMS for systematically managing risks. For this purpose, the field operation managers of CM firms were interviewed and surveyed in order to define risk factors. Upon this, a risk assessment priority analysis was performed. Finally, a risk management system that comprised seven modules and 20 sub-modules and was capable of responding systematically to risks was proposed. Furthermore, the effectiveness of this system was verified through on-site inspection. This system allows early response to risks, accountability verification and immediate response to legal disputes with clients by managing risk records.

  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. CEA - Assessment of risk management 2013

    International Nuclear Information System (INIS)

    Bigot, Bernard; Bonnevie, Edwige; Maillot, Bernard

    2014-06-01

    After some introducing texts by CEA managers, this report proposes a rather detailed overview and presentation of CEA activities, objectives and obtained results in different fields: protection and control of the environment, installation safety, health, safety and radiation protection, transports of hazardous materials, waste management, protection of sites, installations and heritage, management of emergency situations, management of legal risks, internal controls and audits, activity of the risk management department, CEA activities from research to industry

  9. 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

  10. PERFORMANCE IN INTERNAL CONTROL AND RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    JELER (POPA IOANA

    2017-06-01

    Full Text Available The purpose of this article is to highlight the importance of internal control and risk management. In practice, economic entities meet a variety of risks that have the origins from the internal environment or the external one. Although there are different of views on addressing the concept of risk - threats or opportunities, event or action, accordingly uncertain, proposed by specialists in risk management in this article we try to present these issues and identify techniques to counter risks occurrence. In this article we present also means managing risk and why needs to be implemented at institutional level a risk management. The paper concludes by highlight the role of efficient risk management in the company’s management and company's activities.

  11. THEORETICAL BASIS FOR MANAGEMENT OF PERSONNEL RISKS

    OpenAIRE

    Haliashova, Katsiaryna

    2017-01-01

    Necessity of personnel risks management is based on research results. The authors' approaches to the determination of personnel risks and to their management have been explored. The author's definition of the concept of "personnel risks" is proposed. A classification of personnel risks is developed depending on the stage of origin and the tasks of the personnel policy, as well as the methods of management personnel risks in the organization. The article presents a methodical approach to perso...

  12. Risk management of onsite transportation of hazardous materials

    International Nuclear Information System (INIS)

    Wang, O.S.; Field, J.G.

    1992-10-01

    The US Department of Energy's (DOE) Hanford Site has recently undergone a significant change in its mission. The focus of site-wide operations has been shifted from production to environmental restoration. As a result, there is a significant increase in quantities of the radioactive wastes and other hazardous materials to be packaged and transported onsite. In response to the elevated transportation activities, the operations and engineering contractor for the Hanford Site, Westinghouse Hanford Company (Westinghouse Hanford), is proposing an integrated risk assessment methodology and risk management strategy to further enhance the safe operations of the onsite packaging and transportation activities involving radioactive and other hazardous materials. This paper summarizes Westinghouse Hanford's proposed risk assessment and risk management methodology for onsite transportation of hazardous materials. The proposed Westinghouse Hanford risk assessment and management methodology for onsite packaging and transportation has three integral parts: risk assessment, risk acceptance criteria, and risk minimization process. The purposes are to ensure that the risk for each ongoing transportation activity is acceptable, and to further reduce the overall risk for current and future onsite transportation activities

  13. Rules and regulations as potential moderator on the relationship between organizational internal and external factors with effective construction risk management in Nigerian construction companies: A proposed framework

    Science.gov (United States)

    Adeleke, A. Q.; Bahaudin, A. Y.; Kamaruddeen, A. M.

    2016-08-01

    Certain organizational internal and external factors have been found to influence effective construction risk management within the construction company which has contributed to massive risk occurrence on the projects. Yet, the influence of the organizational factors such as effective communication, team competency with skills, active leadership, political factor, organizational culture, technology factor and economic factor on effective construction risk management among the construction companies operating in Abuja and Lagos state Nigeria have not received considerable attention. More so, a moderating variable is proposed. This paper proposes rules and regulations as the potential moderator on the relationship between organisational internal factors, external factors and effective construction risk management.

  14. Managing Food Quality Risk in Global Supply Chain: A Risk Management Framework

    Directory of Open Access Journals (Sweden)

    Pablo Jose Arevalo Chavez

    2012-04-01

    Full Text Available Today, the food sector is one of the sectors most vulnerable to intentional contamination by debilitating agents [1]. Some cases of contaminated food have indicated that product quality risk is one of the vulnerabilities in the global supply chain. A series of company scandals, affecting reputation and causing the recall of products and increasing costs have hit the food industry. The obvious problem is that even a minor incident in one part of the chain can have disastrous effects on other parts of the supply chain. Thus, risks are transmitted through the chain. Even though the dangers from members in the supply chain are small, the cumulative effect becomes significant. The aim of this study is to propose an integrated supply chain risk management framework for practitioners that can provide directions for how to evaluate food quality risk in the global supply chain. For validating the proposed model in‐depth, a case study is conducted on a food SME distributor in Central America. The case study investigates how product quality risks are handled according to the proposed framework.

  15. 78 FR 36784 - Survey of Nanomaterial Risk Management Practices

    Science.gov (United States)

    2013-06-19

    ...-0010, Docket Number NIOSH-265] Survey of Nanomaterial Risk Management Practices AGENCY: National...), Department of Health and Human Services (HHS). ACTION: Proposed NIOSH Survey of Nanomaterial Risk Management... questions addressing risk management practices for ENMs? (5) What should be the maximum amount of time...

  16. Automated Risk Control in Medical Imaging Equipment Management Using Cloud Application

    Directory of Open Access Journals (Sweden)

    Sally M. Ghanem

    2018-01-01

    Full Text Available Medical imaging equipment (MIE is the baseline of providing patient diagnosis in healthcare facilities. However, that type of equipment poses high risk for patients, operators, and environment in terms of technology and application. Considering risk management in MIE management is rarely covered in literature. The study proposes a methodology that controls risks associated with MIE management. The methodology is based on proposing a set of key performance indicators (KPIs that lead to identify a set of undesired events (UDEs, and through a risk matrix, a risk level is evaluated. By using cloud computing software, risks could be controlled to be manageable. The methodology was verified by using a data set of 204 pieces of MIE along 104 hospitals, which belong to Egyptian Ministry of Health. Results point to appropriateness of proposed KPIs and UDEs in risk evaluation and control. Thus, the study reveals that optimizing risks taking into account the costs has an impact on risk control of MIE management.

  17. 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.

  18. The Strategic-Renovation Banks’ Risks Management

    Directory of Open Access Journals (Sweden)

    Yeremeychuk Raisa A.

    2017-04-01

    Full Text Available The article is aimed at developing approaches to implementation of the strategic-renovation risk management. Essence of risk theories was researched, the concept of «risk» in the bank’s management system were analyzed. On the basis of a theoretical generalization of scientific literature and the carried out analysis of existing risk management strategies to ensure the security of banking business, the strategy of renovation management has been selected. Because bank risks are part of the economic risk system, they are complex in their nature. However, given the importance of bank risks, the interpretation of their essence is still a debating matter. In a certain number of cases, their essence is replaced by the cause of occurrence, that is, all the different circumstances, factors that lead to the losses. So today, banks are considering risks, in particular, not only as a source of possible losses, but also as an opportunity to generate additional profits. An algorithm for taking a strategic-renovation decision on the banks’ risks management system has been proposed.

  19. The role of risk perception in making flood risk management more effective

    Science.gov (United States)

    Buchecker, M.; Salvini, G.; Di Baldassarre, G.; Semenzin, E.; Maidl, E.; Marcomini, A.

    2013-11-01

    Over the last few decades, Europe has suffered from a number of severe flood events and, as a result, there has been a growing interest in probing alternative approaches to managing flood risk via prevention measures. A literature review reveals that, although in the last decades risk evaluation has been recognized as key element of risk management, and risk assessment methodologies (including risk analysis and evaluation) have been improved by including social, economic, cultural, historical and political conditions, the theoretical schemes are not yet applied in practice. One main reason for this shortcoming is that risk perception literature is mainly of universal and theoretical nature and cannot provide the necessary details to implement a comprehensive risk evaluation. This paper therefore aims to explore a procedure that allows the inclusion of stakeholders' perceptions of prevention measures in risk assessment. It proposes to adopt methods of risk communication (both one-way and two-way communication) in risk assessment with the final aim of making flood risk management more effective. The proposed procedure not only focuses on the effect of discursive risk communication on risk perception, and on achieving a shared assessment of the prevention alternatives, but also considers the effects of the communication process on perceived uncertainties, accepted risk levels, and trust in the managing institutions. The effectiveness of this combined procedure has been studied and illustrated using the example of the participatory flood prevention assessment process on the Sihl River in Zurich, Switzerland. The main findings of the case study suggest that the proposed procedure performed well, but that it needs some adaptations for it to be applicable in different contexts and to allow a (semi-) quantitative estimation of risk perception to be used as an indicator of adaptive capacity.

  20. 48 CFR 1815.203-72 - Risk management.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Risk management. 1815.203-72 Section 1815.203-72 Federal Acquisition Regulations System NATIONAL AERONAUTICS AND SPACE... Proposals and Information 1815.203-72 Risk management. In all RFPs and RFOs for supplies or services for...

  1. Lessons learnt from past Flash Floods and Debris Flow events to propose future strategies on risk management

    Science.gov (United States)

    Cabello, Angels; Velasco, Marc; Escaler, Isabel

    2010-05-01

    Floods, including flash floods and debris flow events, are one of the most important hazards in Europe regarding both economic and life loss. Moreover, changes in precipitation patterns and intensity are very likely to increase due to the observed and predicted global warming, rising the risk in areas that are already vulnerable to floods. Therefore, it is very important to carry out new strategies to improve flood protection, but it is also crucial to take into account historical data to identify high risk areas. The main objective of this paper is to show a comparative analysis of the flood risk management information compiled in four test-bed basins (Llobregat, Guadalhorce, Gardon d'Anduze and Linth basins) from three different European countries (Spain, France and Switzerland) and to identify which are the lessons learnt from their past experiences in order to propose future strategies on risk management. This work is part of the EU 7th FP project IMPRINTS which aims at reducing loss of life and economic damage through the improvement of the preparedness and the operational risk management of flash flood and debris flow (FF & DF) events. The methodology followed includes the following steps: o Specific survey on the effectivity of the implemented emergency plans and risk management procedures sent to the test-bed basin authorities that participate in the project o Analysis of the answers from the questionnaire and further research on their methodologies for risk evaluation o Compilation of available follow-up studies carried out after major flood events in the four test-bed basins analyzed o Collection of the lessons learnt through a comparative analysis of the previous information o Recommendations for future strategies on risk management based on lessons learnt and management gaps detected through the process As the Floods Directive (FD) already states, the flood risks associated to FF & DF events should be assessed through the elaboration of Flood Risk

  2. Risk management frameworks for human health and environmental risks.

    Science.gov (United States)

    Jardine, Cindy; Hrudey, Steve; Shortreed, John; Craig, Lorraine; Krewski, Daniel; Furgal, Chris; McColl, Stephen

    2003-01-01

    -Making Framework for Identifying, Assessing and Managing Health Risks (Health Canada, 2000). 4. Canadian Environmental Protection Act: Human Health Risk Assessment of Priority Substances(Health Canada, 1994). 5. CSA-Q8550 Risk Management: Guidelines for Decision-Makers (Canada Standards Association, 1997). 6. Risk Assessment in the Federal Government: Managing the Process (US National Research Council, 1983). 7. Understanding Risk: Informing Decisions in a Democratic Society (US National Research Council, 1996). 8. Environmental Health Risk Assessment (enHealth Council of Australia, 2002). 9. A Framework for Ecological Risk Assessment (CCME, 1996). 10. Ecological Risk Assessments of Priority Substances Under the Canadian Environmental Protection Act (Environment Canada, 1996).11. Guidelines for Ecological Risk Assessment (US EPA, 1998b). 12. Proposed Model for Occupational Health Risk Assessment and Management (Rampal & Sadhra, 1999). Based on the extensive review of these frameworks, seven key elements that should be included in a comprehensive framework for human health, ecological, and occupational risk assessment and management were identified: 1. Problem formulation stage. 2. Stakeholder involvement. 3. Communication. 4. Quantitative risk assessment components. 5. Iteration and evaluation. 6. Informed decision making. 7. Flexibility. On the basis of this overarching approach to risk management, the following "checklist" to ensure a good risk management decision is proposed: - Make sure you're solving the right problem. - Consider the problem and the risk within the full context of the situation, using a broad perspective. - Acknowledge, incorporate, and balance the multiple dimensions of risk. - Ensure the highest degree of reliability for all components of the risk management process. - Involve interested and effected parties from the outset of the process. - Commit to honest and open communication between all parties. - Employ continuous evaluation throughout the process

  3. A proposal for terrain zoning for risk management focusing on land use definition

    International Nuclear Information System (INIS)

    Aristizabal, Edier; Hermelin, Michel

    2011-01-01

    Land use planning is an essential tool for adequate risk management, which reduce its current scenarios and avoids the construction of future ones exposed to hazards; it should be approached from a knowledge of the risk as an element associated with communities development and in particular how they occupy and how they manage territory and their resources. The disaster-development relationship is critical, and its solution requires considering planning schemes of sectorial, environmental and territories development, Although in the past 10 years considerable progress has been made in this direction, there are still difficulties for a proper incorporation of hazard and/or susceptibility maps as structural elements of land use planning and of land use suitability for development of human settlements. It is fundamental to identify measures to reduce, mitigate or eliminate hazards in urbanized, rural and expansion areas, as well as to guide the uses and appropriate treatments which can be given according to their characteristics of susceptibility to natural phenomena. This paper proposes to divide the territory in urbanized areas which are themselves divided into stable areas for building, potentially unstable areas for intervention and unstable areas for recovery; undeveloped areas which could be urbanized, are divided into areas with minimal restrictions and areas with significant restrictions; and finally undeveloped areas not to be used for urbanization, which are divided into stable areas for rural consolidation, potentially instable areas for intervention, and instable areas for recovery and conservation.

  4. CEA - Assessment of risk management for 2012

    International Nuclear Information System (INIS)

    Bonnevie, Edwige

    2013-06-01

    This report proposes an overview of the main events, actions performed by the CEA, and facts for 2012 regarding protection and monitoring of the environment, installation safety, occupational health and safety, radiological protection of workers, transportation of hazardous materials, waste management, protection of sites, installations and heritage, emergency situation management, legal risk management, internal controls and audits. It also presents the organisation and action of the risk management department within the CEA

  5. Packaging and transportation risk management and evaluation plan

    International Nuclear Information System (INIS)

    Rhyne, W.R.

    1993-09-01

    Shipments of radioactive materials and hazardous chemicals at the Los Alamos National Laboratory (LANL) are governed by a variety of Federal and state regulations, industrial standards, and LANL processes and procedures. Good judgement is exercised in situations that are not covered by regulations. As a result, the safety record for transporting hazardous materials at LANL has been excellent. However, future decisions should be made such that the decision-making process produces a defensible record of the safety of onsite shipments. This report proposes the development of a risk management tool to meet this need. First, the application of quantitative risk analysis methodology to transportation is presented to provide a framework of understanding. Risk analysis definitions, the basic quantitative risk analysis procedure, quantitative methodologies, transportation data bases, and risk presentation techniques are described. Quantitative risk analysis is frequently complex; but simplified approaches can be used as a management tool to make good decisions. Second, a plan to apply the use of risk management principles to the selection of routes, special administrative controls, and containers for hazardous material transportation at LANL is provided. A risk management tool is proposed that can be used by MAT-2 without substantial support from specialized safety and risk analysis personnel, e.g., HS-3. A workbook approach is proposed that can be automated at a later date. The safety of some types of onsite shipments at LANL is not well documented. Documenting that shipments are safe, i.e., present acceptable risks, will likely require elaborate analyses that should be thoroughly reviewed by safety and risk professionals. These detailed analyses are used as benchmarks and as examples for the use of the proposed tool by MAT-2. Once the benchmarks are established, the workbook can be used by MAT-2 to quantify that safety goals are met by similar shipments

  6. 76 FR 76103 - Privacy Act; Notice of Proposed Rulemaking: State-78, Risk Analysis and Management Records

    Science.gov (United States)

    2011-12-06

    ... Rulemaking: State-78, Risk Analysis and Management Records SUMMARY: Notice is hereby given that the... portions of the Risk Analysis and Management (RAM) Records, State-78, system of records contain criminal...) * * * (2) * * * Risk Analysis and Management Records, STATE-78. * * * * * (b) * * * (1) * * * Risk Analysis...

  7. PERFORMANCE IN INTERNAL CONTROL AND RISK MANAGEMENT

    OpenAIRE

    JELER (POPA) IOANA; FOCŞAN ELEONORA IONELA; CORICI MARIAN CĂTĂLIN

    2017-01-01

    The purpose of this article is to highlight the importance of internal control and risk management. In practice, economic entities meet a variety of risks that have the origins from the internal environment or the external one. Although there are different of views on addressing the concept of risk - threats or opportunities, event or action, accordingly uncertain, proposed by specialists in risk management in this article we try to present these issues and identify techniques to ...

  8. Radiation risk management at DOE accelerator facilities

    International Nuclear Information System (INIS)

    Dyck, O.B. van.

    1997-01-01

    The DOE accelerator contractors have been discussing among themselves and with the Department how to improve radiation safety risk management. This activity-how to assure prevention of unplanned high exposures-is separate from normal exposure management, which historically has been quite successful. The ad-hoc Committee on the Accelerator Safety Order and Guidance [CASOG], formed by the Accelerator Section of the HPS, has proposed a risk- based approach, which will be discussed. Concepts involved are risk quantification and comparison (including with non-radiation risk), passive and active (reacting) protection systems, and probabilistic analysis. Different models of risk management will be presented, and the changing regulatory environment will also be discussed

  9. Research on Knowledge-Oriented Supply ChainRisk Management System Model

    OpenAIRE

    Yingchun Guo

    2011-01-01

    Based on analyzing the characteristics of supply chain risk management under the influences of knowledge, in this paper integrates basic theories and methods of knowledge management into the process of risk management, builds a knowledge-oriented supply chain risk management system model, and proposes relevant strategies, presenting references for practical application of knowledge-oriented supply chain risk management. By means of acquiring, storing, sharing, and transferring supply chain ri...

  10. Pedestrian safety management using the risk-based approach

    Directory of Open Access Journals (Sweden)

    Romanowska Aleksandra

    2017-01-01

    Full Text Available The paper presents a concept of a multi-level pedestrian safety management system. Three management levels are distinguished: strategic, tactical and operational. The basis for the proposed approach to pedestrian safety management is a risk-based method. In the approach the elements of behavioural and systemic theories were used, allowing for the development of a formalised and repeatable procedure integrating the phases of risk assessment and response to the hazards of road crashes involving pedestrians. Key to the method are tools supporting pedestrian safety management. According to the risk management approach, the tools can be divided into two groups: tools supporting risk assessment and tools supporting risk response. In the paper attention is paid to selected tools supporting risk assessment, with particular emphasis on the methods for estimating forecasted pedestrian safety measures (at strategic, national and regional level and identification of particularly dangerous locations in terms of pedestrian safety at tactical (regional and local and operational level. The proposed pedestrian safety management methods and tools can support road administration in making rational decisions in terms of road safety, safety of road infrastructure, crash elimination measures or reducing the consequences suffered by road users (particularly pedestrians as a result of road crashes.

  11. The Research on Safety Management Information System of Railway Passenger Based on Risk Management Theory

    Science.gov (United States)

    Zhu, Wenmin; Jia, Yuanhua

    2018-01-01

    Based on the risk management theory and the PDCA cycle model, requirements of the railway passenger transport safety production is analyzed, and the establishment of the security risk assessment team is proposed to manage risk by FTA with Delphi from both qualitative and quantitative aspects. The safety production committee is also established to accomplish performance appraisal, which is for further ensuring the correctness of risk management results, optimizing the safety management business processes and improving risk management capabilities. The basic framework and risk information database of risk management information system of railway passenger transport safety are designed by Ajax, Web Services and SQL technologies. The system realizes functions about risk management, performance appraisal and data management, and provides an efficient and convenient information management platform for railway passenger safety manager.

  12. An enhanced data-analytic framework for integrating risk management and performance management

    International Nuclear Information System (INIS)

    Thekdi, Shital; Aven, Terje

    2016-01-01

    There is increasing interest for agencies and industries to develop risk management processes for a wide variety of applications. Traditional risk management processes are motivated by controlling risk and avoiding losses. In contrast, other organizational processes focus on managing performance and value generation. In this paper we argue that risk management also adds an important contribution to these processes. However, this requires “proper” risk management extending beyond narrow safety oriented perspectives built on quantitative risk analysis and tolerability/acceptance criteria. There is need for a broad risk-performance framework with uncertainty being a main component of risk, and where knowledge and surprises are adequately reflected. In the paper we present and discuss such a framework. The framework is developed on the basis of an analysis of combinations of different risk management and performance management practices/policies. We show how the risk and performance management processes can be improved by proper risk conceptualization and a holistic thinking on how to develop and use goals in the organization, how to balance different concerns, and consider the need for agility – “sensitivity to operations”, as well as how to give weight to vulnerabilities, resilience, and antifragility. - Highlights: • We relate key performance management and risk management principles. • We propose an enhanced framework to unify thinking of performance and risk. • We apply the framework to a public-private partnership case study.

  13. Business intelligence for improving supply chain risk management

    NARCIS (Netherlands)

    Liu, L.; Daniels, H.A.M.; Hofman, W.; Hammoudi, S.; Cordeiro, J.; Maciaszek, L.A.; Filipe, J.

    2014-01-01

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

  14. Risk management for industrial safety

    International Nuclear Information System (INIS)

    Novogno, A.

    1989-01-01

    The catastrophic accidents which have occurred in the last decade, in both developed and developing countries, have drawn the attention of decision-makers in the safety area to the urgent necessity to assess and manage risks from hazardous industrial activities which are concentrated in large industrialized areas. The aim of this paper is to review experience gained in conducting studies in the area of 'comparisons of risks in energy systems' and on the practical application of 'cost effectiveness of risk reduction analysis among different energy systems' (case studies). It is also the aim of the paper to discuss and propose a general framework for defining an 'integrated approach' to risk assessment and management in highly industrialized regions within a country. (author)

  15. Risk management in a competitive electricity market

    International Nuclear Information System (INIS)

    Liu, Min; Wu, Felix F.

    2007-01-01

    In a competitive electricity market, it is necessary and important to develop an appropriate risk management scheme for trade with full utilization of the multi-market environment in order to maximize participants' benefits and minimize the corresponding risks. Based on the analyses to trading environments and risks in the electricity market, a layered framework of risk management for electric energy trading is proposed in this paper. Simulation results confirmed that trading among multiple markets is helpful to reduce the complete risk, and VaR provides a useful approach to judge whether the formed risk-control scheme is acceptable. (author)

  16. 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.

  17. Developing risk management dashboards using risk and quality measures: A visual best practices approach.

    Science.gov (United States)

    Bunting, Robert F; Siegal, Dana

    2017-10-01

    Because quality measures are ubiquitous, health care risk management leaders often use them as a proxy for risk management measures. While certain quality measures adequately reflect some aspects of risk management, they are neither a perfect nor complete substitute for well-developed and comprehensive risk management measures. Using a comprehensive approach consisting of quality measures, risk measures, and measures that are less amenable to classification would be the best approach. Identifying the most powerful and informative measures, designing the most appropriate dashboards, and incorporating visual best practices are crucial steps required for evaluating the effectiveness and value of an enterprise risk management program. The authors explain the terms and concepts, review the measures available in the literature, propose new measures, discuss visual best practices, and provide sample dashboard components. © 2017 American Society for Healthcare Risk Management of the American Hospital Association.

  18. 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.

  19. Prevalence and proposal for cost-effective management of the ciguatera risk in the Noumea fish market, New Caledonia (South Pacific).

    Science.gov (United States)

    Clua, Eric; Brena, Pierpaolo F; Lecasble, Côme; Ghnassia, Reine; Chauvet, Claude

    2011-11-01

    Ciguatera fish poisoning (CFP) is a common intoxication associated with the consumption of reef fish, which constitutes a critical issue for public health in many countries. The complexity of its epidemiology is responsible for the poor management of the risk in tropical fish markets. We used the example of the Noumea fish market in New Caledonia to develop a cost-effective methodology of assessing the CFP risk. We first used published reports and the knowledge of local experts to define a list of potentially poisonous local species, ranked by their ciguatoxic potential. Based on two 1-month surveys in the market, conducted in winters 2008 and 2009, we then calculated the consolidated ratio of biomass of potentially poisonous species vs. total biomass of fish sold on the market. The prevalence of high CFP-risk species in the market was 16.1% and 18.9% in 2008 and 2009, respectively. The most common high CFP risk species were groupers (serranids), king mackerels (scombrids), snappers (lutjanids), barracudas (sphyaraenids), emperors (lethrinids) and wrasses (labrids). The size (age) of the fish also plays a critical role in the potential ciguatoxic risk. According to proposals of average size thresholds provided by experts for high-risk species, we were also able to assess the additional risk induced by the sale of some large fish on the market. The data collected both from experts and from the market allowed us to develop a cost-effective proposal for improving the management of the CFP risk in this market. However, the successful implementation of any regulation aiming to ban some specific species and sizes from the market, with an acceptable economical impact, will require the improvement of the expertise in fish identification by public health officers and, ideally, the commitment of retailers. Copyright © 2011 Elsevier Ltd. All rights reserved.

  20. The Challenge of Integrating OHS into Industrial Project Risk Management: Proposal of a Methodological Approach to Guide Future Research (Case of Mining Projects in Quebec, Canada

    Directory of Open Access Journals (Sweden)

    Adel Badri

    2015-06-01

    Full Text Available Although risk management tools are put to good use in many industrial sectors, some large projects have been met with numerous problems due to failure to take occupational health and safety (OHS into consideration. In spite of the high level of risk and uncertainty associated with many industrial projects, the number of studies of methods for managing all known risks systematically remains small. Under effervescent economic conditions, industries must meet several challenges associated with frequent project start-ups. In highly complex and uncertain environments, rigorous management of risk remains indispensable for avoiding threats to the success of projects. Many businesses seek continually to create and improve integrated approaches to risk management. This article puts into perspective the complexity of the challenge of integrating OHS into industrial project risk management. A conceptual and methodological approach is proposed to guide future research focused on meeting this challenge. The approach is based on applying multi-disciplinary research modes to a complex industrial context in order to identify all scenarios likely to contain threats to humans or the environment. A case study is used to illustrate the potential of the proposed approach for application and its contribution to meeting the challenge of taking OHS into consideration. On-site researchers were able to develop a new approach that helped two mining companies in Quebec (Canada to achieve successful integration of OHS into expansion projects.

  1. 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.

  2. 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...

  3. Sustainable flood risk management – What is sustainable?

    DEFF Research Database (Denmark)

    Sørup, Hjalte Jomo Danielsen; Brudler, Sarah; Lerer, Sara Maria

    2016-01-01

    Sustainable flood risk management has to be achieved since flood protection is a fundamental societal service that we must deliver. Based on the discourse within the fields of risk management and sustainable urban water management, we discuss the necessity of assessing the sustainability of flood...... risk management, and propose an evaluation framework for doing so. We argue that it is necessary to include quantitative sustainability measures in flood risk management in order to exclude unsustainable solutions. Furthermore, we use the concept of absolute sustainability to discuss the prospects...... of maintaining current service levels without compromising future generation’s entitlement of services. Discussions on the sustainability of different overall flood risk schemes must take place. Fundamental changes in the approaches will require fundamental changes in the mind-sets of practitioners as well...

  4. 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...

  5. ECU@Risk, a methodology for risk management applied to MSMEs

    Directory of Open Access Journals (Sweden)

    Esteban Crespo Martínez

    2017-02-01

    Full Text Available Information is the most valuable element for any organization or person in this new century, which, for many companies, is a competitive advantage asset (Vásquez & Gabalán, 2015. However, despite the lack of knowledge about how to protect it properly or the complexity of international standards that indicate procedures to achieve an adequate level of protection, many organizations, especially the MSMEs sector, fails to achieve this goal.Therefore, this study proposes a methodology for information security risk management, which is applicable to the business and organizational environment of the Ecuadorian MSME sector. For this purpose, we analyze several methodologies as Magerit, CRAMM (CCTA Risk Analysis and Management Method, OCTAVE-S, Microsoft Risk Guide, COBIT 5 COSO III. These methodologies are internationally used in risk management of information; in the light of the frameworks of the industry: ISO 27001, 27002, 27005 and 31000.

  6. Customer-Specific Transaction Risk Management in E-Commerce

    Science.gov (United States)

    Ruch, Markus; Sackmann, Stefan

    Increasing potential for turnover in e-commerce is inextricably linked with an increase in risk. Online retailers (e-tailers), aiming for a company-wide value orientation should manage this risk. However, current approaches to risk management either use average retail prices elevated by an overall risk premium or restrict the payment methods offered to customers. Thus, they neglect customer-specific value and risk attributes and leave turnover potentials unconsidered. To close this gap, an innovative valuation model is proposed in this contribution that integrates customer-specific risk and potential turnover. The approach presented evaluates different payment methods using their risk-turnover characteristic, provides a risk-adjusted decision basis for selecting payment methods and allows e-tailers to derive automated risk management decisions per customer and transaction without reducing turnover potential.

  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. RISK MANAGEMENT COMPANIES AND HEDGE ACCOUNTING

    Directory of Open Access Journals (Sweden)

    SABIN ARMĂŞELU

    2014-12-01

    Full Text Available The increasing use of derivatives for risk management of a company lately has led to the need to report on an actual basis as these instruments and regulate these operations accounting. This paper proposes a presentation of hedging transactions and their accounting evaluating the impact, in terms of accounting, risk management derivatives on a company. Hedges are often ineffective. Overcoming the ineffectiveness of hedging operations can be achieved by proper designation of the hedging relationship and create an appropriate method to demonstrate hedge effectiveness.

  9. Pharmaceuticals in tap water: human health risk assessment and proposed monitoring framework in China.

    Science.gov (United States)

    Leung, Ho Wing; Jin, Ling; Wei, Si; Tsui, Mirabelle Mei Po; Zhou, Bingsheng; Jiao, Liping; Cheung, Pak Chuen; Chun, Yiu Kan; Murphy, Margaret Burkhardt; Lam, Paul Kwan Sing

    2013-07-01

    Pharmaceuticals are known to contaminate tap water worldwide, but the relevant human health risks have not been assessed in China. We monitored 32 pharmaceuticals in Chinese tap water and evaluated the life-long human health risks of exposure in order to provide information for future prioritization and risk management. We analyzed samples (n = 113) from 13 cities and compared detected concentrations with existing or newly-derived safety levels for assessing risk quotients (RQs) at different life stages, excluding the prenatal stage. We detected 17 pharmaceuticals in 89% of samples, with most detectable concentrations (92%) at risk levels, but 4 (i.e., dimetridazole, thiamphenicol, sulfamethazine, and clarithromycin) were found to have at least one life-stage RQ ≥ 0.01, especially for the infant and child life stages, and should be considered of high priority for management. We propose an indicator-based monitoring framework for providing information for source identification, water treatment effectiveness, and water safety management in China. Chinese tap water is an additional route of human exposure to pharmaceuticals, particularly for dimetridazole, although the risk to human health is low based on current toxicity data. Pharmaceutical detection and application of the proposed monitoring framework can be used for water source protection and risk management in China and elsewhere.

  10. Delegated Portfolio Management and Risk Taking Behavior

    OpenAIRE

    José Luiz Barros Fernandes; Juan Ignacio Peña; Benjamin Miranda Tabak

    2009-01-01

    Standard models of moral hazard predict a negative relationship between risk and incentives; however empirical studies on mutual funds present mixed results. In this paper, we propose a behavioral principal-agent model in the context of professional managers, focusing on active and passive investment strategies. Using this general framework, we evaluate how incentives affect the risk taking behavior of managers, using the standard moral hazard model as a special case; and solve the previous c...

  11. 76 FR 65317 - 60-Day Notice of Proposed Information Collection: DS-4184, Risk Management and Analysis (RAM)

    Science.gov (United States)

    2011-10-20

    ..., Risk Management and Analysis (RAM) ACTION: Notice of request for public comments. SUMMARY: The... of 1995. Title of Information Collection: Risk Analysis and Management. OMB Control Number: None.... Methodology: The State Department, is implementing a Risk Analysis and Management Program to vet potential...

  12. Sustainable nanotechnology decision support system: bridging risk management, sustainable innovation and risk governance

    International Nuclear Information System (INIS)

    Subramanian, Vrishali; Semenzin, Elena; Hristozov, Danail; Zabeo, Alex; Malsch, Ineke; McAlea, Eamonn; Murphy, Finbarr; Mullins, Martin; Harmelen, Toon van; Ligthart, Tom; Linkov, Igor; Marcomini, Antonio

    2016-01-01

    The significant uncertainties associated with the (eco)toxicological risks of engineered nanomaterials pose challenges to the development of nano-enabled products toward greatest possible societal benefit. This paper argues for the use of risk governance approaches to manage nanotechnology risks and sustainability, and considers the links between these concepts. Further, seven risk assessment and management criteria relevant to risk governance are defined: (a) life cycle thinking, (b) triple bottom line, (c) inclusion of stakeholders, (d) risk management, (e) benefit–risk assessment, (f) consideration of uncertainty, and (g) adaptive response. These criteria are used to compare five well-developed nanotechnology frameworks: International Risk Governance Council framework, Comprehensive Environmental Assessment, Streaming Life Cycle Risk Assessment, Certifiable Nanospecific Risk Management and Monitoring System and LICARA NanoSCAN. A Sustainable Nanotechnology Decision Support System (SUNDS) is proposed to better address current nanotechnology risk assessment and management needs, and makes. Stakeholder needs were solicited for further SUNDS enhancement through a stakeholder workshop that included representatives from regulatory, industry and insurance sectors. Workshop participants expressed the need for the wider adoption of sustainability assessment methods and tools for designing greener nanomaterials.

  13. Sustainable nanotechnology decision support system: bridging risk management, sustainable innovation and risk governance

    Energy Technology Data Exchange (ETDEWEB)

    Subramanian, Vrishali, E-mail: vrishali.subramanian@unive.it; Semenzin, Elena; Hristozov, Danail; Zabeo, Alex [University Ca’ Foscari of Venice, Department of Environmental Sciences, Informatics and Statistics (Italy); Malsch, Ineke [Malsch TechnoValuation (Netherlands); McAlea, Eamonn; Murphy, Finbarr; Mullins, Martin [University of Limerick, Kemmy Business School (Ireland); Harmelen, Toon van; Ligthart, Tom [TNO (Netherlands); Linkov, Igor; Marcomini, Antonio, E-mail: marcom@unive.it [University Ca’ Foscari of Venice, Department of Environmental Sciences, Informatics and Statistics (Italy)

    2016-04-15

    The significant uncertainties associated with the (eco)toxicological risks of engineered nanomaterials pose challenges to the development of nano-enabled products toward greatest possible societal benefit. This paper argues for the use of risk governance approaches to manage nanotechnology risks and sustainability, and considers the links between these concepts. Further, seven risk assessment and management criteria relevant to risk governance are defined: (a) life cycle thinking, (b) triple bottom line, (c) inclusion of stakeholders, (d) risk management, (e) benefit–risk assessment, (f) consideration of uncertainty, and (g) adaptive response. These criteria are used to compare five well-developed nanotechnology frameworks: International Risk Governance Council framework, Comprehensive Environmental Assessment, Streaming Life Cycle Risk Assessment, Certifiable Nanospecific Risk Management and Monitoring System and LICARA NanoSCAN. A Sustainable Nanotechnology Decision Support System (SUNDS) is proposed to better address current nanotechnology risk assessment and management needs, and makes. Stakeholder needs were solicited for further SUNDS enhancement through a stakeholder workshop that included representatives from regulatory, industry and insurance sectors. Workshop participants expressed the need for the wider adoption of sustainability assessment methods and tools for designing greener nanomaterials.

  14. Sustainable promotion nuclear power enterprise procurement bidding risk management

    International Nuclear Information System (INIS)

    Wu Yimin

    2014-01-01

    Nuclear power enterprise procurement bidding work faced with certain risk in recent years, the domestic nuclear power enterprises in the bidding work never stop research and explore the effective ways to guard against legal risks, and has made considerable progress, the eighteenth big country advocates the safety and efficiency of nuclear power development policy, in the face of the subsequent nuclear power construction projects have started, nuclear power enterprise bidding risk management work shoulder heavy responsibilities article through nuclear power enterprise procurement bidding risk management present situation, proposed the sustainable promotion nuclear power enterprise procurement bidding risk management countermeasures. (author)

  15. 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

  16. Project Risk Management

    Science.gov (United States)

    Jr., R. F. Miles

    1995-01-01

    Project risk management is primarily concerned with performance, reliability, cost, and schedule. Environmental risk management is primarily concerned with human health and ecological hazards and likelihoods. This paper discusses project risk management and compares it to environmental risk management, both with respect to goals and implementation. The approach of the Jet Propulsion Laboratory to risk management is presented as an example of a project risk management approach that is an extension to NASA NHB 7120.5: Management of Major System Programs and Projects.

  17. Improving risk management: from lame excuses to principled practice.

    Science.gov (United States)

    Paté-Cornell, Elisabeth; Cox, Louis Anthony

    2014-07-01

    The three classic pillars of risk analysis are risk assessment (how big is the risk and how sure can we be?), risk management (what shall we do about it?), and risk communication (what shall we say about it, to whom, when, and how?). We propose two complements as important parts of these three bases: risk attribution (who or what addressable conditions actually caused an accident or loss?) and learning from experience about risk reduction (what works, and how well?). Failures in complex systems usually evoke blame, often with insufficient attention to root causes of failure, including some aspects of the situation, design decisions, or social norms and culture. Focusing on blame, however, can inhibit effective learning, instead eliciting excuses to deflect attention and perceived culpability. Productive understanding of what went wrong, and how to do better, thus requires moving past recrimination and excuses. This article identifies common blame-shifting "lame excuses" for poor risk management. These generally contribute little to effective improvements and may leave real risks and preventable causes unaddressed. We propose principles from risk and decision sciences and organizational design to improve results. These start with organizational leadership. More specifically, they include: deliberate testing and learning-especially from near-misses and accident precursors; careful causal analysis of accidents; risk quantification; candid expression of uncertainties about costs and benefits of risk-reduction options; optimization of tradeoffs between gathering additional information and immediate action; promotion of safety culture; and mindful allocation of people, responsibilities, and resources to reduce risks. We propose that these principles provide sound foundations for improving successful risk management. © 2014 Society for Risk Analysis.

  18. 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.

  19. 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)

  20. An approach to societal risk acceptance criteria and risk management

    International Nuclear Information System (INIS)

    Okrent, D.; Whipple, C.

    1977-06-01

    A quantitative approach to risk acceptance criteria and risk management is proposed for activities involving risk to individuals not receiving direct benefits, such as employment, from the activity. Societal activities are divided into major facilities or technologies, all or part of which are categorized as essential, beneficial, or peripheral, and a decreasing level of acceptable risk to the most exposed individual is proposed (say, 0.0002/year for essential, 0.00001/year for beneficial, and 0.000002/year for peripheral activity). The risk would be assessed at a high confidence level (say, 90%), thereby providing an incentive to the gaining of better knowledge. Each risk-producing facility, technology, etc., would have to undergo assessment both of risk to the individual and to society. The cost of the latter would have to be internalized, probably via a tax paid to the Federal Government, which in turn would redistribute the benefit as national health insurance or reduced taxes to the individual. Risk aversion to large events would be built into the internalization of the cost of 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. Enterprise risk management

    Energy Technology Data Exchange (ETDEWEB)

    Eaton, C. [Enbridge, Calgary, AB (Canada)

    2015-07-01

    Enterprise risk management (ERM) is a relative new, holistic and strategic approach for managing risks in modern organizations. ERM builds on and extends traditional risk management (RM). Risk is the effect of uncertainty on objectives - positive and/or negative. Risk management is a set of practices used to understand and address risk. ERM is a form of RM that emphasizes risk aggregation and integration. Risk aggregation is combining individual risks into categories ({sup r}olled up{sup )}. risk integration is embedding RM into organizational contexts ({sup b}uilt in{sup )}.

  3. Applying lean thinking to risk management in product development

    DEFF Research Database (Denmark)

    Willumsen, Pelle Lundquist; Oehmen, Josef; Rossi, Monica

    2017-01-01

    This paper re-conceptualizes risk management (RM) in product development (PD) through a lean thinking perspective. Arguably, risk management in PD projects became a victim of its own success. It is often implemented as a highly formalized, compliance driven activity, ending up disconnected from...... delay or cost overrun. This paper explores the relationship between product development and risk management and proposes to make RM an integrated value adding part of PD. Through a literature review we identify the potential of re-conceptualizing RM through lean thinking. We then conceptualize...

  4. [Quantitative assessment of fungal risk in the case of construction works in healthcare establishments: Proposed indicators for the determination of the impact of management precautions on the risk of fungal infection].

    Science.gov (United States)

    Gangneux, J-P; Adjidé, C-C; Bernard, L; Botterel, F; Carel, A; Castel, O; Derouin, F; Hoarau, G; Labussière, H; Lafaurie, M; Millon, L; Pottecher, B; Thiebaut, A; Turco, M; Baron, R

    2012-03-01

    Construction works in healthcare establishments produce airborne fungal spores and considerably increase the risk of exposure of immunosuppressed patients. It is necessary to reinforce protective measures, or even to implement specific precautions, during this critical phase. The aim of these precautions is to protect both those areas, which are susceptible to dust, and patients at risk of a fungal infection particularly invasive aspergillosis. When construction works are planned in healthcare establishments, the first step consists in the characterisation of the environmental fungal risk and the second one in proposing risk management methods. It is then essential to establish impact indicators in order to evaluate the risk management precautions applied. The working group promoted by the French societies of medical mycology and hospital hygiene (SFMM & SF2H) details here both environmental and epidemiological impact indicators that can be used. Copyright © 2012. Published by Elsevier SAS.

  5. NASA's Risk Management System

    Science.gov (United States)

    Perera, Jeevan S.

    2011-01-01

    Leadership is key to success. 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.

  6. 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.

  7. Formal Modeling and Verification of Opportunity-enabled Risk Management

    OpenAIRE

    Aldini, Alessandro; Seigneur, Jean-Marc; Ballester Lafuente, Carlos; Titi, Xavier; Guislain, Jonathan

    2015-01-01

    With the advent of the Bring-Your-Own-Device (BYOD) trend, mobile work is achieving a widespread diffusion that challenges the traditional view of security standard and risk management. A recently proposed model, called opportunity-enabled risk management (OPPRIM), aims at balancing the analysis of the major threats that arise in the BYOD setting with the analysis of the potential increased opportunities emerging in such an environment, by combining mechanisms of risk estimation with trust an...

  8. Information security risk management and incompatible parts of organization

    Energy Technology Data Exchange (ETDEWEB)

    Talabeigi, E.; Naeeini, S.G.J.

    2016-07-01

    Purpose: we prepared a questionnaire to evaluate Incompatible parts and also risk management in University of Science and Technology E-Learning Center and studying the Incompatible parts impacts on utility of organization. Design/methodology/approach: By using coalitional game theory we present a new model to recognize the degrees of incompatibility among independent divisions of an organization with dependent security assets. Based on positive and negative interdependencies in the parts, the model provides how the organization can decrease the security risks through non-cooperation rather than cooperation. we implement the proposed model of this paper by analyzing the data which have been provided by questionnaires from different three managers' ideas of Iran University of Science and Technology E-Learning Center located in Iran University of Science and Technology, Tehran, Iran. Findings: In general, by collecting data and analyzing them, the survey showed that Incompatible parts of organizations have negative impacts on utility of organization risk management process. Furthermore, it adds values to other organizations and provides the best practices in planning, developing, implementing and monitoring risk management in organizations. Research limitations/implications: Since Information security and also Risk Management are still areas which need to improve in some Iranian universities, we couldn’t consider them in our analysis. On the other hand, due to questionnaire limitation, the study’s sample size is 1. This size may be considered large for our statistical analysis. Originality/value: The main contribution of this paper is to propose a model for non-cooperation among a number of divisions in a organization and using risk management factors.

  9. Information security risk management and incompatible parts of organization

    International Nuclear Information System (INIS)

    Talabeigi, E.; Naeeini, S.G.J.

    2016-01-01

    Purpose: we prepared a questionnaire to evaluate Incompatible parts and also risk management in University of Science and Technology E-Learning Center and studying the Incompatible parts impacts on utility of organization. Design/methodology/approach: By using coalitional game theory we present a new model to recognize the degrees of incompatibility among independent divisions of an organization with dependent security assets. Based on positive and negative interdependencies in the parts, the model provides how the organization can decrease the security risks through non-cooperation rather than cooperation. we implement the proposed model of this paper by analyzing the data which have been provided by questionnaires from different three managers' ideas of Iran University of Science and Technology E-Learning Center located in Iran University of Science and Technology, Tehran, Iran. Findings: In general, by collecting data and analyzing them, the survey showed that Incompatible parts of organizations have negative impacts on utility of organization risk management process. Furthermore, it adds values to other organizations and provides the best practices in planning, developing, implementing and monitoring risk management in organizations. Research limitations/implications: Since Information security and also Risk Management are still areas which need to improve in some Iranian universities, we couldn’t consider them in our analysis. On the other hand, due to questionnaire limitation, the study’s sample size is 1. This size may be considered large for our statistical analysis. Originality/value: The main contribution of this paper is to propose a model for non-cooperation among a number of divisions in a organization and using risk management factors.

  10. [Global risk management].

    Science.gov (United States)

    Sghaier, W; Hergon, E; Desroches, A

    2015-08-01

    Risk management is a fundamental component of any successful company, whether it is in economic, societal or environmental aspect. Risk management is an especially important activity for companies that optimal security challenge of products and services is great. This is the case especially for the health sector institutions. Risk management is therefore a decision support tool and a means to ensure the sustainability of an organization. In this context, what methods and approaches implemented to manage the risks? Through this state of the art, we are interested in the concept of risk and risk management processes. Then we focus on the different methods of risk management and the criteria for choosing among these methods. Finally we highlight the need to supplement these methods by a systemic and global approach including through risk assessment by the audits. Copyright © 2015 Elsevier Masson SAS. All rights reserved.

  11. 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.

  12. Radiation risks management during implementation of activities at the 'Ukryttia' object

    International Nuclear Information System (INIS)

    Batij, V.G.; Rubezhanskij, Yu.I.; Rud'ko, V.M.; Stoyanov, A.I.

    2002-01-01

    A methodology for assessment and analysis of radiological risks occurring in the course of activities aimed at 'Ukryttia' Object operation and conversion was developed, as well as general scheme of risks management was prepared. The priority measures that are to be realized in order to create an effective system of radiological risks management at the 'Ukryttia' were proposed

  13. Toward effective ecological risk-management of refinery corrective action

    International Nuclear Information System (INIS)

    Metzger, B.H.; Rury, P.M.; Turton, D.; Archibald, B.; Clark, J.; Cura, J.

    1995-01-01

    Cleanup of complex industrial sites, such as refineries, requires risk-based decision tools to ensure that environmentally protective remediation is consistent with current and future land use. However, conventional ecological risk assessment approaches are not well suited for complex industrial sites. Site risk assessments focus on hypothetical chemical risk assuming diverse and undisturbed ecosystems, rather than industrial and disturbed area conditions. In addition, they offer little guidance as to how to make timely and effective risk management decisions. An innovative methodology is proposed to assist industry and regulatory risk managers with rapid EcoRisk reconnaissance and cost-effective remedial decision-making at complex industrial sites. Phase 1 comprises a three-step risk screening of areas of ecological concern at the site, which integrates habitat quality characteristics and potential chemical hazards. It yields an ordering of areas as follows: areas of no significant risk; areas of potentially significant risk; and areas of likely significant risk. A decision rule is then applied to determine appropriate risk management action, including: no action; additional study; and remedial or management action. In Phase 2, additional study is conducted for areas that exhibit potentially significant risk so as to facilitate risk management. This methodology is currently being applied at the 1,300 acre, former Exxon Bayway Refinery in New Jersey

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

    International Nuclear Information System (INIS)

    Collins, John

    2009-01-01

    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(reg s ign) 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.

  15. 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.

  16. The management object in risk management approaches

    OpenAIRE

    Christiansen, Ulrik

    2013-01-01

    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 an...

  17. 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....

  18. Assessing the risk of attack in the management of asthma: a review and proposal for revision of the current control-centred paradigm.

    Science.gov (United States)

    Blakey, John D; Woolnough, Kerry; Fellows, Jodie; Walker, Samantha; Thomas, Mike; Pavord, Ian D

    2013-09-01

    Asthma guidelines focus on day-to-day control of symptoms. However, asthma attacks remain common. They continue to cause mortality and considerable morbidity, and are a major financial burden to the UK National Health Service (NHS) and the wider community. Asthma attacks have chronic consequences, being associated with loss of lung function and significant psychological morbidity. In this article we argue that addressing daily symptom control is only one aspect of asthma treatment, and that there should be a more explicit focus on reducing the risk of asthma attacks. Management of future risk by general practitioners is already central to other conditions such as ischaemic heart disease and chronic renal impairment. We therefore propose a revised approach that separately considers the related domains of daily control and future risk of asthma attack. We believe this approach will have advantages over the current 'stepwise' approach to asthma management. It should encourage individualised treatment, including non-pharmacological measures, and thus may lead to more efficacious and less harmful management strategies. We speculate that this type of approach has the potential to reduce morbidity and healthcare costs related to asthma attacks.

  19. 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.

  20. Information security risk management and incompatible parts of organization

    Directory of Open Access Journals (Sweden)

    Elham Talabeigi

    2016-11-01

    Full Text Available Purpose: we prepared a questionnaire to evaluate Incompatible parts and also risk management in University of Science and Technology E-Learning Center and studying the Incompatible parts impacts on utility of organization. Design/methodology/approach: By using coalitional game theory we present a new model to recognize the degrees of incompatibility among independent divisions of an organization with dependent security assets. Based on positive and negative interdependencies in the parts, the model provides how the organization can decrease the security risks through non-cooperation rather than cooperation. we implement the proposed model of this paper by analyzing the data which have been provided by questionnaires from different three managers' ideas of Iran University of Science and Technology E-Learning Center located in Iran University of Science and Technology, Tehran, Iran. Findings: In general, by collecting data and analyzing them, the survey showed that Incompatible parts of organizations have negative impacts on utility of organization risk management process. Furthermore, it adds values to other organizations and provides the best practices in planning, developing, implementing and monitoring risk management in organizations. Research limitations/implications: Since Information security and also Risk Management are still areas which need to improve in some Iranian universities, we couldn’t consider them in our analysis. On the other hand, due to questionnaire limitation, the study’s sample size is 1. This size may be considered large for our statistical analysis. Originality/value:  The main contribution of this paper is to propose a model for non-cooperation among a number of divisions in a organization and using risk management factors.

  1. 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

  2. Improvement of Bank Risks Management on the Basis of “Monitoring – Identification – Protection” Technique

    Directory of Open Access Journals (Sweden)

    Zabezhaylo Ivan Mikhaylovich

    2014-11-01

    Full Text Available The banking system in contemporary conditions becomes the critically important subsystem of any national economy. To ensure a successful and profitable operation of the bank the effective management of associated risks is necessary. A technique of banking risk management, which includes three functional blocks: monitoring, identification and protection against risks, is proposed in the article. A key element of the proposed method is the stage of optimization of risk management in the context of the particular situation of data analysis and decision making. The two-factor model of optimizing the choice of means of risk management is argued. This model implies two options: to minimize the level of allowable risks when you fix the volume of the resources required for reliable risk management in this particular situation on an acceptable (target, desired level; or to minimize the volume of the resources required for reliable in this situation analyzed risk management when you fixed appropriate risks at an acceptable level. The technique is based on an integrated approach, the basic elements of which are the abilities to work with different types of data, and to use common methods and means of data processing. The proposed method makes it possible to integrate qualitative and quantitative risk management tools in a single process of data analysis and decision making support. The proposed method of banking risk management is a tool to detail the national regulators recommendations by taking into account the specific (context features of a particular financial institution management during its implementation. The technique allows for contextual tools setting, depending on the application field.

  3. Managing perceived operational risk factors for effective supply-chain management

    Science.gov (United States)

    Sylla, Cheickna

    2014-12-01

    This research is part of a large scale comprehensive mathematical and empirical modeling investigation projects aimed at developing a better understanding of supply-chain risk management by offering a comprehensive framework including theoretical elements and empirical evidence based on managers' perception of improved organizational level of preparedness to safeguard against the threats of disruptions, delays and stoppage in the supply chain. More specifically, this paper reports the empirical investigation conducted using 92 companies in several eastern USA regions involved in international trades with global supply chains. Among the 56 general hypotheses investigated, the results support that managers strive to balance their control and decision impacts to mold their responses to risk factors with knowledge of the extent of cost consequences as stated in previous research. However, the results also propose new findings which significantly vary from previous research reports.

  4. COMPLIANCE AS FACTORING BUSINESS RISK MANAGEMENT: CONTROL ASPECTS

    Directory of Open Access Journals (Sweden)

    V.K. Makarovych

    2016-03-01

    Full Text Available Indetermination of modern economy conditions and the lack of theoretical knowledge gained by domestic scientists about risk in factoring business actualize the research concerning the methodology and technique of factoring companies’ risk management. The article examines compliance which is the technology innovative for Ukrainian market of factoring risk management technologies. It is determined that the compliance is the risk management process directed to free will correspondence to state, international legislation as well as to the ethics standards accepted in the field of regulated legal relations and to the traditions of business circulation to sustain the necessary regulations and standards of market behaviour, and to consolidate the image of a factoring company. Compliance risks should be understood as the risks of missed profit or losses caused by the conflicts of interests and the discrepancy of employees’ actions to internal and external standard documents. The attention is paid to the control over the compliance. The author singles out 3 kinds of the compliance control such as institutional, operational and the compliance control over the observance of conducting business professional ethics regulations which are necessary for providing of efficient management of factoring business risks. The paper shows the organizing process of factoring business compliance control (by the development of internal standard documents, a compliance program, the foundation of compliance control subdivision, monitoring of the risks cause the choice, made by management entities of a factoring company, of the management methods of risks for their business. The development of new and improvement of existed forms of compliance control organizing process help satisfy users’ information needs and requests of the risk management factoring company department. The suggestions proposed create the grounds for the transformation and improvement of factoring

  5. 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.

  6. Risk management of onsite transportation of nuclear waste

    International Nuclear Information System (INIS)

    Field, J.G.; Wang, O.S.; Mercado, J.E.

    1993-01-01

    The United States Department of Energy (DOE) Hanford Site recently has undergone a significant change in mission. The focus of operations has shifted from plutonium production to environmental restoration. This transition has caused a substantial increase in quantities of nuclear waste and other hazardous materials packaged and transported onsite. In response to the escalating transportation activity, Westinghouse Hanford Company (Westinghouse Hanford), the Hanford Site operations and engineering contractor, is proposing an integrated risk assessment methodology and risk management strategy to enhance the safety of onsite packaging and transportation operations involving nuclear waste. The proposed methodology consists of three integral parts: risk assessment, risk acceptance criteria, and risk minimization. The purpose of the methodology is to ensure that the risk for each ongoing transportation activity is acceptable and to minimize the overall risk for current and future onsite operations. (authors). 2 figs., 6 refs

  7. Risk management of onsite transportation of nuclear waste

    International Nuclear Information System (INIS)

    Field, J.G.; Wang, O.S.; Mercado, J.E.

    1993-03-01

    The United States Department of Energy (DOE) Hanford Site recently has undergone a significant change in mission. The focus of operations has shifted from plutonium production to environmental restoration. This transition has caused a substantial increase in quantities of nuclear waste and other hazardous materials packaged and transported onsite. In response to the escalating transportation activity, Westinghouse Hanford Company (Westinghouse Hanford), the Hanford Site operations and engineering contractor, is proposing an integrated risk assessment methodology and risk management strategy to enhance the safety of onsite packaging and transportation operations involving nuclear waste. The proposed methodology consists of three integral parts: risk assessment, risk acceptance criteria, and risk minimization. The purpose of the methodology is to ensure that the risk for each ongoing transportation activity is acceptable and to minimize the overall risk for current and future onsite operations

  8. Rethinking risk management

    International Nuclear Information System (INIS)

    Kloman, H.F.

    1992-01-01

    The purpose of this paper is to bring together the ideas of those who currently practice the many different forms of risk management on a global basis. These forms include guidance of public policy on macro risks, risk financing and insurance for many larger commercial organizations, managing credit, currency and interest rate risks for financial institutions, plus other extensions of risk management including security, quality control, and quality assurance in a health-care environment

  9. Managing sovereign credit risk in bond portfolios

    OpenAIRE

    Bruder, Benjamin; Hereil, Pierre; Roncalli, Thierry

    2011-01-01

    With the recent development of the European debt crisis, traditional index bond management has been severely called into question. We focus here on the risk issues raised by the classical market-capitalization weighting scheme. We propose an approach to properly measure sovereign credit risk in a fixed-income portfolio. For that, we assume that CDS spreads follow a SABR process and we derive a sovereign credit risk measure based on CDS spreads and duration of portfolio bonds. We then consider...

  10. Improving the System of Risk Management in Ukrainian Banks

    Directory of Open Access Journals (Sweden)

    Skasko Oleh I.

    2014-01-01

    Full Text Available The goal of the article lies in the study of evolution of formation of the risk management system in Ukrainian banks, main instruments, methods of risk management and organisational approaches to formation of subdivisions of risk management and corporate management in banks. Analysing recommendations of the Basel Committee on Banking Supervision, legislative and regulatory acts, which form organisational and methodological requirements by risk management in banks, the article reveals shortcomings of its functioning. The article gives proposals on improvement of riskology in Ukrainian banks, namely: introduction of the requirement for risk assessment and stress testing by banks in the medium-term prospective (up to 3 years, which would reveal risks of realisation of long-term bank programmes, potential losses of receipts and capital due to existing gaps between the terms of performance of obligations by assets and liabilities, etc. In the result of the study the article establishes that in order to realise requirements of the Basel Committee on Banking Supervision on organisation of subdivisions of risk management in banks, it is necessary to introduce qualification requirements to managers of these services and procedures of their assignment/retirement in co-ordination with the banking supervision service, the status of which in the bank is not lower than managers of the internal audit and financial monitoring services, assignment of whom should be mandatory co-ordinated with NBU.

  11. 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...

  12. Risk management through dynamic technical specifications

    International Nuclear Information System (INIS)

    Klopp, George T.; Petersen, Thomas A.

    2004-01-01

    The wide deployment of plant specific probabilistic risk assessments for nuclear power plants has provided the means to effect a fresh risk management perspective and a fresh, risk based, regulatory outlook on nuclear power. There has been a great deal of conversation on risk based regulation within the U. S. nuclear power industry but, curiously, very little on effective risk management. This paper proposes a means to link the two subjects through the plant Technical Specifications. A revised concept for Technical Specifications is suggested which is based on deterministic analyses and probabilistic risk assessments for each plant. The revised Technical Specifications would consider, on a real-time basis, the exact state of the plant in terms of the status of key components and systems. It would depict current plant risk levels and compare those levels to the desired and limiting (alert/action) levels. It would advise the plant operator on the risk impact of proposed actions through a simple query system and illustrate the impact of such actions on plant status relative to designated risk values. The basis for the proposed approach lies in realistic deterministic plant analyses and probabilistic risk assessment (PRA) deployment tools being developed, in parallel, by a number of parties in the U.S. today. These PRAs are based primarily on the existing plant responses to Generic Letter 88-20, 'Individual Plant Examinations' (IPEs). Each of these tools allows the plant operator to input, on a real-time basis, the status of key equipment and systems. The tools then provide explicit illustrations of dependency effects; updated, 'real-time' risk status indications such as core damage frequency; and, in some cases, allow the operator to assess the risk impact of removing from service selected components for maintenance or testing. These systems generally operate on personal computers and provide nearly instantaneous responses to plant queries. Moving from these tools to

  13. Dealing with uncertainty and pursuing superior technology options in risk management-The inherency risk analysis

    International Nuclear Information System (INIS)

    Helland, Aasgeir

    2009-01-01

    Current regulatory systems focus on the state of scientific evidence as the predominant factor for how to handle risks to human health and the environment. However, production and assessment of risk information are costly and time-consuming, and firms have an intrinsic disincentive to produce and distribute information about risks of their products as this could endanger their production opportunities and sales. An emphasis on more or better science may result in insufficient thought and attention going into the exploration of technology alternatives, and that risk management policies miss out on the possible achievement of a more favorable set of consequences. In this article, a method is proposed that combines risk assessment with the search for alternative technological options as a part of the risk management procedure. The method proposed is the inherency risk analysis where the first stage focuses on the original agent subject to investigation, the second stage focuses on identifying technological options whereas the third stage reviews the different alternatives, searching for the most attractive tradeoffs between costs and inherent safety. This is then used as a fundament for deciding which technology option to pursue. This method aims at providing a solution-focused, systematic technology-based approach for addressing and setting priorities for environmental problems. By combining risk assessment with a structured approach to identify superior technology options within a risk management system, the result could very well be a win-win situation for both company and the environment.

  14. Integrating Security Risk Management into Business Process Management for the Cloud

    OpenAIRE

    Goettelmann , Elio; Mayer , Nicolas; Godart , Claude

    2014-01-01

    International audience; Security issues are still preventing wider adoption of cloud computing, especially for businesses which are handling sensitive information. Indeed, by outsourcing its information system (IS), a company can lose control over its infrastructure, its software or even its data. Therefore, new methods and tools need to be defined to respond to this challenge. In this paper we propose to integrate Security Risk Management approaches into Business Process Management to effect...

  15. Risk management overview

    International Nuclear Information System (INIS)

    McGovern, S.

    1995-01-01

    Launching of the first natural gas contract by the New York Mercantile Exchange (NYMEX) in April 1990 was a huge success which allowed natural gas to surpass crude oil as the most successful launch of any commodity contract. Despite this unprecedented initial success it must be kept in mind that in a competitive marketplace there are risks of many kinds (market risks, price risks, basis risks, currency risks and timing risks), that parties must deal with in everyday operations. The concept of risk management was defined, techniques and issues in risk management were explained, a glossary of fully explained industry terms, and basic financial tools most often used in risk management, were provided. 11 figs

  16. Virtual Enterprise Risk Management Using Artificial Intelligence

    Directory of Open Access Journals (Sweden)

    Hanning Chen

    2010-01-01

    Full Text Available Virtual enterprise (VE has to manage its risk effectively in order to guarantee the profit. However, restricting the risk in a VE to the acceptable level is considered difficult due to the agility and diversity of its distributed characteristics. First, in this paper, an optimization model for VE risk management based on distributed decision making model is introduced. This optimization model has two levels, namely, the top model and the base model, which describe the decision processes of the owner and the partners of the VE, respectively. In order to solve the proposed model effectively, this work then applies two powerful artificial intelligence optimization techniques known as evolutionary algorithms (EA and swarm intelligence (SI. Experiments present comparative studies on the VE risk management problem for one EA and three state-of-the-art SI algorithms. All of the algorithms are evaluated against a test scenario, in which the VE is constructed by one owner and different partners. The simulation results show that the PS2O algorithm, which is a recently developed SI paradigm simulating symbiotic coevolution behavior in nature, obtains the superior solution for VE risk management problem than the other algorithms in terms of optimization accuracy and computation robustness.

  17. Discounting in agro-industrial complex. A methodological proposal for risk premium

    Energy Technology Data Exchange (ETDEWEB)

    Marques-Perez, I.; Guaita-Pradas, I.; Pérez-Salas, J.L.

    2017-09-01

    The estimation of the discount rate is decisive for a reliable economic valuation. The discount rate has to be adjusted for the risks related to the company, the sector which the company has its market, and the risks related to the investment project. We present a proposal to incorporate the risk premium to the discount rate. The novelty of the methodology is that difference risk groups according to activity as a factor to adjust the cost of capital to companies. The study applies the methodology to the Agro-Industrial Complex (AIC) in Spain. The AIC is formed by industries that add value to farming production. This sector’s economic success demands financial management techniques that assess risk. The conventional method responds neither to the heterogeneity of the economic activities that make up the AIC, nor to differentiating risk by groups. The proposed methodology distinguishes activity groups in accordance with the NACE (National Code of Economic Activities) and uses net profitability variability to distinguish the risk in each group. Our results demonstrate the various levels of risk per group. The results show that among all the groups that form the AIC there are wide differences between levels of risk; thus, the risk neutral groups present risk levels on the order of 150 times lower than the groups extreme risk levels.

  18. Discounting in agro-industrial complex. A methodological proposal for risk premium

    Directory of Open Access Journals (Sweden)

    Inmaculada Marques-Perez

    2017-04-01

    Full Text Available The estimation of the discount rate is decisive for a reliable economic valuation. The discount rate has to be adjusted for the risks related to the company, the sector which the company has its market, and the risks related to the investment project. We present a proposal to incorporate the risk premium to the discount rate. The novelty of the methodology is that difference risk groups according to activity as a factor to adjust the cost of capital to companies. The study applies the methodology to the Agro-Industrial Complex (AIC in Spain. The AIC is formed by industries that add value to farming production. This sector’s economic success demands financial management techniques that assess risk. The conventional method responds neither to the heterogeneity of the economic activities that make up the AIC, nor to differentiating risk by groups. The proposed methodology distinguishes activity groups in accordance with the NACE (National Code of Economic Activities and uses net profitability variability to distinguish the risk in each group. Our results demonstrate the various levels of risk per group. The results show that among all the groups that form the AIC there are wide differences between levels of risk; thus, the risk neutral groups present risk levels on the order of 150 times lower than the groups extreme risk levels.

  19. Discounting in agro-industrial complex. A methodological proposal for risk premium

    International Nuclear Information System (INIS)

    Marques-Perez, I.; Guaita-Pradas, I.; Pérez-Salas, J.L.

    2017-01-01

    The estimation of the discount rate is decisive for a reliable economic valuation. The discount rate has to be adjusted for the risks related to the company, the sector which the company has its market, and the risks related to the investment project. We present a proposal to incorporate the risk premium to the discount rate. The novelty of the methodology is that difference risk groups according to activity as a factor to adjust the cost of capital to companies. The study applies the methodology to the Agro-Industrial Complex (AIC) in Spain. The AIC is formed by industries that add value to farming production. This sector’s economic success demands financial management techniques that assess risk. The conventional method responds neither to the heterogeneity of the economic activities that make up the AIC, nor to differentiating risk by groups. The proposed methodology distinguishes activity groups in accordance with the NACE (National Code of Economic Activities) and uses net profitability variability to distinguish the risk in each group. Our results demonstrate the various levels of risk per group. The results show that among all the groups that form the AIC there are wide differences between levels of risk; thus, the risk neutral groups present risk levels on the order of 150 times lower than the groups extreme risk levels.

  20. 76 FR 76215 - Privacy Act; System of Records: State-78, Risk Analysis and Management Records

    Science.gov (United States)

    2011-12-06

    ... a system of records, Risk Analysis and Management Records, State-78, pursuant to the provisions of... INFORMATION: The Department of State proposes that the new system will be ``Risk Analysis and Management.... These standard routine uses apply to State-78, Risk Analysis and Management Records. POLICIES AND...

  1. Safety risk management of underground engineering in China: Progress, challenges and strategies

    Directory of Open Access Journals (Sweden)

    Qihu Qian

    2016-08-01

    Full Text Available Underground construction in China is featured by large scale, high speed, long construction period, complex operation and frustrating situations regarding project safety. Various accidents have been reported from time to time, resulting in serious social impact and huge economic loss. This paper presents the main progress in the safety risk management of underground engineering in China over the last decade, i.e. (1 establishment of laws and regulations for safety risk management of underground engineering, (2 implementation of the safety risk management plan, (3 establishment of decision support system for risk management and early-warning based on information technology, and (4 strengthening the study on safety risk management, prediction and prevention. Based on the analysis of the typical accidents in China in the last decade, the new challenges in the safety risk management for underground engineering are identified as follows: (1 control of unsafe human behaviors; (2 technological innovation in safety risk management; and (3 design of safety risk management regulations. Finally, the strategies for safety risk management of underground engineering in China are proposed in six aspects, i.e. the safety risk management system and policy, law, administration, economy, education and technology.

  2. Surveying perceptions of landslide risk management in Norway

    Science.gov (United States)

    Chiu, Jessica Ka Yi; Eidsvig, Unni

    2016-04-01

    Enhanced precipitation due to climate change leads to increase in both frequency and intensity of landslides in Norway. A proactive approach to risk management is therefore required to significantly reduce the losses associated with landslides. Opinions and perceptions from practitioners on the performance of landslide risk management can provide insights on areas for improvement in the landslide risk management strategies in Norway. The Risk Management Index (RMI), proposed by Cardona et al. (2004), is a well-established method to measure perceptions of disaster management of selected actors holistically. The RMI is measured based on opinion questionnaires to technical staff, decision-makers, and stakeholders involved in all stages of risk reduction strategies. It is a composite index that considers a wide variety of strategies to manage risks, including structural and non-structural measures, acceptance strategies, disaster management, and risk transfer. The RMI method was modified to be implemented in landslide hazards and to fit with Norwegian conditions. An opinion survey was conducted in autumn 2015 to measure perceptions of landslide risk management in Norway. Perceptions were surveyed for two time periods: 2015 and 2050, and are based on national, county, and municipality levels. Based on the survey results, performance of landslide risk management at any administrative levels in Norway is perceived to improve from `significant' in 2015 to `significant' to `outstanding' in 2050. Knowledge and technology, climate, risk perceptions, and anthropogenic activities are mostly considered by respondents for their 2050 perceptions. Several aspects of landslide risk management in Norway can be improved. For example, landslide hazard evaluation and mapping should be prioritised in Norway. Upgrading, retrofitting, and reconstruction of assets may also be included in the landslide risk reduction strategies. In addition, there should be more focus on inter

  3. Protection of environment, health and safety using risk management

    Energy Technology Data Exchange (ETDEWEB)

    Abraham, G [Ghafari Associates, Inc. 17101 Michegan Avenue Dearborn, MI 48126-2736 (United States); Kummler, R H [Department of Chemical engineering Wayne Stae University Detroit, MI 48202 (United States); louvar, J [Research Services Basf Corporation Wyandotte, MI 48192 (United States)

    1997-12-31

    Section 304 of the 1990 clean air amendments (CAAA) directed the US occupational safety and health administration (OSFA) to develop a chemical process safety standard to protect workers on-site from accidents involving hazardous substances. OSHA issued 29 CFR 1910.119, process safety management of Highly hazardous chemicals (PSM) in 1992. Section 112 r of the CAAA further mandated that a standard be developed to protect the environment from accidental releases of hazardous substances. The US environmental protection agency (EPA) proposed such a standard in 1993 (58 Fr 54190) and revised their proposal in 1995). The final rule for risk management and accidental release prevention is more comprehensive and extensive than OSHA`s PSM standard. In this paper we will discuss the concepts of both programs, the classes of substances that would trigger a facility`s need for compliance and review the regulations for risk management.

  4. Protection of environment, health and safety using risk management

    International Nuclear Information System (INIS)

    Abraham, G.; Kummler, R.H.; louvar, J.

    1996-01-01

    Section 304 of the 1990 clean air amendments (CAAA) directed the US occupational safety and health administration (OSFA) to develop a chemical process safety standard to protect workers on-site from accidents involving hazardous substances. OSHA issued 29 CFR 1910.119, process safety management of Highly hazardous chemicals (PSM) in 1992. Section 112 r of the CAAA further mandated that a standard be developed to protect the environment from accidental releases of hazardous substances. The US environmental protection agency (EPA) proposed such a standard in 1993 (58 Fr 54190) and revised their proposal in 1995). The final rule for risk management and accidental release prevention is more comprehensive and extensive than OSHA's PSM standard. In this paper we will discuss the concepts of both programs, the classes of substances that would trigger a facility's need for compliance and review the regulations for risk management

  5. 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.

  6. On the ALARP approach to risk management

    International Nuclear Information System (INIS)

    Melchers, R.E.

    2001-01-01

    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

  7. Supply chain risk management in newspaper company: House of risk approach

    Science.gov (United States)

    Ratnasari, Sintya; Hisjam, Muhammad; Sutopo, Wahyudi

    2018-02-01

    In the supply chain (SC) of newspapers, the printing company is the main entity that has several processes, i.e. procure raw materials, print plate and newspapers, and also distribute newspaper to consumers. The existing risks in the newspaper printing company are quite high. A wide range of disturbances or risks needs to be identified to map out the characteristics of the risk sources that will impact on the performance of the supply chain. Therefore, the printing companies need to manage their supply chain risk of the five major SC processes (such as plan, source, deliver, make, and return). In a case study of a newspaper company in Surakarta, the company have not implemented a risk management process that affects the company. This study is aimed to map the risks in the printing company and formulate risk mitigation alternatives to mitigate the risks. The house of risk (HOR) method was chosen to select a set of proactive actions deemed cost-effective in managing SC Risks in the newspaper company. The model consisting of two stages, the first stage (HOR1) was done by identifying risk, risk causing agents and then measured the severity and occurrences to calculate the Aggregate Risk Priority (ARP) value. The second stage (HOR2) is intended to formulate and prioritize the action of mitigation that the company should pursue to reduce the probability of risk agents to occur. The result shows that the innovative model of HOR in Newspaper Company was presented. There are 24 risk events, 20 causing agents and two priority risks in HOR1. The HOR 2 was proposed 9 ranks of mitigation strategy for priority risk agents, from the easiest to the hardest strategy for the company to implement it.

  8. Risk management for companies focused on innovation processes

    Directory of Open Access Journals (Sweden)

    Ana Paula Beck da Silva Etges

    Full Text Available Abstract Risk is inherent to the activities of technology and innovation companies and to manage them represent an opportunity to improve the company capability to achieve its goals. The use of ERM models has been studied since the Committee of Sponsoring Organizations of the Treadway Commission guides. This article adapted the MIGGRI model for the context of an innovation company from a TSP in Brazil. Using a case study and a review from previous ERM literature, the article show that is possible to measure the risks that an innovation company faces, and that they may be managed with a view to supporting a company’s strategy. Were applied an economic analysis based on a MCS and an indicator of CFaR were applied to measure innovation risks. A strategic performance model for innovation companies are proposed and the benefit to implement Risk Management practices in innovation organizations was validated.

  9. Risk management model of winter navigation operations

    International Nuclear Information System (INIS)

    Valdez Banda, Osiris A.; Goerlandt, Floris; Kuzmin, Vladimir; Kujala, Pentti; Montewka, Jakub

    2016-01-01

    The wintertime maritime traffic operations in the Gulf of Finland are managed through the Finnish–Swedish Winter Navigation System. This establishes the requirements and limitations for the vessels navigating when ice covers this area. During winter navigation in the Gulf of Finland, the largest risk stems from accidental ship collisions which may also trigger oil spills. In this article, a model for managing the risk of winter navigation operations is presented. The model analyses the probability of oil spills derived from collisions involving oil tanker vessels and other vessel types. The model structure is based on the steps provided in the Formal Safety Assessment (FSA) by the International Maritime Organization (IMO) and adapted into a Bayesian Network model. The results indicate that ship independent navigation and convoys are the operations with higher probability of oil spills. Minor spills are most probable, while major oil spills found very unlikely but possible. - Highlights: •A model to assess and manage the risk of winter navigation operations is proposed. •The risks of oil spills in winter navigation in the Gulf of Finland are analysed. •The model assesses and prioritizes actions to control the risk of the operations. •The model suggests navigational training as the most efficient risk control option.

  10. GFC-Robust Risk Management Strategies under the Basel Accord

    NARCIS (Netherlands)

    M.J. McAleer (Michael); J.A. Jiménez-Martín (Juan-Ángel); T. Pérez-Amaral (Teodosio)

    2010-01-01

    textabstractA risk management strategy is proposed as being robust to the Global Financial Crisis (GFC) by selecting a Value-at-Risk (VaR) forecast that combines the forecasts of different VaR models. The robust forecast is based on the median of the point VaR forecasts of a set of conditional

  11. Continuous Risk Management: An Overview

    Science.gov (United States)

    Rosenberg, Linda; Hammer, Theodore F.

    1999-01-01

    Software risk management is important because it helps avoid disasters, rework, and overkill, but more importantly because it stimulates win-win situations. The objectives of software risk management are to identify, address, and eliminate software risk items before they become threats to success or major sources of rework. In general, good project managers are also good managers of risk. It makes good business sense for all software development projects to incorporate risk management as part of project management. The Software Assurance Technology Center (SATC) at NASA GSFC has been tasked with the responsibility for developing and teaching a systems level course for risk management that provides information on how to implement risk management. The course was developed in conjunction with the Software Engineering Institute at Carnegie Mellon University, then tailored to the NASA systems community. This is an introductory tutorial to continuous risk management based on this course. The rational for continuous risk management and how it is incorporated into project management are discussed. The risk management structure of six functions is discussed in sufficient depth for managers to understand what is involved in risk management and how it is implemented. These functions include: (1) Identify the risks in a specific format; (2) Analyze the risk probability, impact/severity, and timeframe; (3) Plan the approach; (4) Track the risk through data compilation and analysis; (5) Control and monitor the risk; (6) Communicate and document the process and decisions.

  12. Challenges Associated With Managing Suicide Risk in Long-Term Care Facilities.

    Science.gov (United States)

    O'Riley, Alisa; Nadorff, Michael R; Conwell, Yeates; Edelstein, Barry

    2013-06-01

    Little information about suicidal ideation and behavior in long-term care (LTC) facilities is available. Nonetheless, the implementation of the Minimum Data Set 3.0 requires that LTC facilities screen their residents for suicide risk and have protocols in place to effectively manage residents' responses. In this article, the authors briefly discuss the risk factors of suicide in the elderly and the problems that suicidal ideation and behavior pose in the LTC environment. The authors explain issues that arise when trying to manage suicide risk in the elderly LTC population with general, traditional approaches. These inherent issues make it difficult to develop an effective protocol for managing suicide risk in LTC facilities, leading the authors to propose their own framework for assessing and managing suicide risk in the LTC setting.

  13. 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....

  14. Risk management: a proposal for communication strategies

    Directory of Open Access Journals (Sweden)

    Michele Fontana

    2012-07-01

    Full Text Available Disasters related to natural hazards have increased in the last few decades. This increment makes it necessary to develop non-structural risk prevention and mitigation measures to improve people’s safety. An effective non-structural measure that can improve the preparedness of the population is a locally adapted communication campaign that is focused on natural hazards. We have developed a hypothetical communication campaign for a specific area in the north of Italy, in which hydro-geological risk is of considerable importance. The content of the campaign is defined by the combination of the requirements of the law with the results of a survey conducted in the study area. The aim of the survey is to evaluate the level of risk perception among the residents, and their attitudes towards prevention activities. The operative procedure of the campaign is modeled on advertising strategies. The campaign is designed to reach each family, and it is aimed at affecting people’s everyday life through a horizontal communication strategy that involves flyers, billboards, umbrellas and a website. The use of umbrellas as a medium for the campaign is the key. People mostly use umbrellas when it rains. Rain is linked with hydrogeological risk. As the content of the campaign is printed on the umbrellas, each time people use these umbrellas, they remember the campaign. The campaign is integrated into a broader communication program that includes meetings with stakeholders, activities in schools, and public conferences. The final goal is to foster the creation of a shared knowledge about risk in the whole population.

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

    OpenAIRE

    Szabo Alina

    2012-01-01

    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 ...

  16. Commodity risk management

    Directory of Open Access Journals (Sweden)

    Hilary Till

    2016-09-01

    Full Text Available This article discusses the practical issues involved in applying a disciplined risk management methodology to commodity futures trading. Accordingly, the paper shows how to apply methodologies derived from both conventional asset management and hedge fund management to futures trading. The article also discusses some of the risk management issues that are unique to leveraged futures trading.

  17. 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...

  18. Risk management in architectural design control of uncertainty over building use and maintenance

    CERN Document Server

    Martani, Claudio

    2015-01-01

    This book analyzes the risk management process in relation to building design and operation and on this basis proposes a method and a set of tools that will improve the planning and evaluation of design solutions in order to control risks in the operation and management phase. Particular attention is paid to the relationship between design choices and the long-term performance of buildings in meeting requirements expressing user and client needs. A risk dashboard is presented as a risk measurement framework that identifies and addresses areas of uncertainty surrounding the satisfaction of particularly relevant requirements over time. This risk dashboard will assist both designers and clients. It will support designers by enabling them to improve the maintainability of project performance and will aid clients both in devising a brief that emphasizes the most relevant aspects of maintainability and in evaluating project proposals according to long-term risks. The results of assessment of the proposed method and...

  19. Proposed goals for radioactive waste management

    International Nuclear Information System (INIS)

    Bishop, W.P.; Hoos, I.R.; McGrath, P.E.; Metlay, D.S.; Stoneman, W.C.

    1978-05-01

    A special, seven member, interdisciplinary task group of consultants was established in January 1976 to propose goals for the national waste management program. This is the report of that group. The proposed goals are intended as a basis for the NRC to establish a policy by which to guide and coordinate the activities of government, business, and academic organizations whose responsibility it will be to manage radioactive wastes. The report is based on findings, interpretations and analysis by the authors who examined selected primary literature and interviewed many individuals concerned with waste management. The authors extended the scope of their inquiry and proposed goals to cover 'all technical and societal aspects necessary to an operating waste management system, rather than dealing with the regulatory process alone.' The waste management goals as developed are simple statements of principles which appear to the authors to be important conditions to insure the proper establishment and operation of a system to manage radioactive wastes.' In brief, the goals are designed to protect people and things of value in an equitable manner

  20. Hog Producers' Risk Management Attitudes and Desire for Additional Risk Management Education

    OpenAIRE

    Patrick, George F.; Peiter, Amy J.; Knight, Thomas O.; Coble, Keith H.; Baquet, Alan E.

    2007-01-01

    Hog producers in Indiana and Nebraska were surveyed about sources of risk, effectiveness of risk management strategies, and prior participation in and desire for additional risk management education. Ownership of hogs by the producer, size of the operation, and age did have significant effects on ratings of both sources of risk and effectiveness of risk management strategies. Probit analysis found age, prior attendance, knowledge and prior use of the tool, level of integration, and concern ab...

  1. Certification and risk management

    International Nuclear Information System (INIS)

    Villanueva Fernandez, M.

    2015-01-01

    Nowadays more organizations are increasingly aware of the importance of properly managing the uncertainty of its activities and build competitive advantages through the identification, assessment and management of risks that they face. Risk management is also an aspect of great importance within the new version of ISO fact it is one of the most innovative and also the most laborious, because an appropriate risk management achieves expected results and customer satisfaction. In conclusion, risk management is a new field of business and can be considered a cross-cutting component for other relevant factors of organizational change management. (Author)

  2. Risk management in Takaful

    OpenAIRE

    Akhter, Waheed

    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. 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. 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.

  5. Governmental management of chemical risk

    International Nuclear Information System (INIS)

    Zimmerman, R.

    1990-01-01

    This book is organized under the following headings: risk management in the government context; legal and regulatory decrees and directives for managing chemical risk; incentive-based approaches for regulating risk; risk management in the federal system; and traditional approaches and new initiatives for managing chemical risk

  6. 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...

  7. Quality Risk Management: Putting GMP Controls First.

    Science.gov (United States)

    O'Donnell, Kevin; Greene, Anne; Zwitkovits, Michael; Calnan, Nuala

    2012-01-01

    This paper presents a practical way in which current approaches to quality risk management (QRM) may be improved, such that they better support qualification, validation programs, and change control proposals at manufacturing sites. The paper is focused on the treatment of good manufacturing practice (GMP) controls during QRM exercises. It specifically addresses why it is important to evaluate and classify such controls in terms of how they affect the severity, probability of occurrence, and detection ratings that may be assigned to potential failure modes or negative events. It also presents a QRM process that is designed to directly link the outputs of risk assessments and risk control activities with qualification and validation protocols in the GMP environment. This paper concerns the need for improvement in the use of risk-based principles and tools when working to ensure that the manufacturing processes used to produce medicines, and their related equipment, are appropriate. Manufacturing processes need to be validated (or proven) to demonstrate that they can produce a medicine of the required quality. The items of equipment used in such processes need to be qualified, in order to prove that they are fit for their intended use. Quality risk management (QRM) tools can be used to support such qualification and validation activities, but their use should be science-based and subject to as little subjectivity and uncertainty as possible. When changes are proposed to manufacturing processes, equipment, or related activities, they also need careful evaluation to ensure that any risks present are managed effectively. This paper presents a practical approach to how QRM may be improved so that it better supports qualification, validation programs, and change control proposals in a more scientific way. This improved approach is based on the treatment of what are called good manufacturing process (GMP) controls during those QRM exercises. A GMP control can be considered

  8. Multicriteria Decision Framework for Cybersecurity Risk Assessment and Management.

    Science.gov (United States)

    Ganin, Alexander A; Quach, Phuoc; Panwar, Mahesh; Collier, Zachary A; Keisler, Jeffrey M; Marchese, Dayton; Linkov, Igor

    2017-09-05

    Risk assessors and managers face many difficult challenges related to novel cyber systems. Among these challenges are the constantly changing nature of cyber systems caused by technical advances, their distribution across the physical, information, and sociocognitive domains, and the complex network structures often including thousands of nodes. Here, we review probabilistic and risk-based decision-making techniques applied to cyber systems and conclude that existing approaches typically do not address all components of the risk assessment triplet (threat, vulnerability, consequence) and lack the ability to integrate across multiple domains of cyber systems to provide guidance for enhancing cybersecurity. We present a decision-analysis-based approach that quantifies threat, vulnerability, and consequences through a set of criteria designed to assess the overall utility of cybersecurity management alternatives. The proposed framework bridges the gap between risk assessment and risk management, allowing an analyst to ensure a structured and transparent process of selecting risk management alternatives. The use of this technique is illustrated for a hypothetical, but realistic, case study exemplifying the process of evaluating and ranking five cybersecurity enhancement strategies. The approach presented does not necessarily eliminate biases and subjectivity necessary for selecting countermeasures, but provides justifiable methods for selecting risk management actions consistent with stakeholder and decisionmaker values and technical data. Published 2017. This article is a U.S. Government work and is in the public domain in the U.S.A.

  9. Risk management in customs control

    OpenAIRE

    Drobot, Elena; Klevleeva, Aziza

    2016-01-01

    The particularities of risk-management system implementation within customs control are discussed in the article. The authors single out the elements of risk-management system, evaluate effectiveness of risk-management in customs control. The main reasons for non-implementation of risk-management system in customs control are described, as well. Particular attention is paid to the benefits of customs risk management.

  10. Simulated Annealing Genetic Algorithm Based Schedule Risk Management of IT Outsourcing Project

    Directory of Open Access Journals (Sweden)

    Fuqiang Lu

    2017-01-01

    Full Text Available IT outsourcing is an effective way to enhance the core competitiveness for many enterprises. But the schedule risk of IT outsourcing project may cause enormous economic loss to enterprise. In this paper, the Distributed Decision Making (DDM theory and the principal-agent theory are used to build a model for schedule risk management of IT outsourcing project. In addition, a hybrid algorithm combining simulated annealing (SA and genetic algorithm (GA is designed, namely, simulated annealing genetic algorithm (SAGA. The effect of the proposed model on the schedule risk management problem is analyzed in the simulation experiment. Meanwhile, the simulation results of the three algorithms GA, SA, and SAGA show that SAGA is the most superior one to the other two algorithms in terms of stability and convergence. Consequently, this paper provides the scientific quantitative proposal for the decision maker who needs to manage the schedule risk of IT outsourcing project.

  11. 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.

  12. What should the African health workforce know about disasters? Proposed competencies for strengthening public health disaster risk management education in Africa.

    Science.gov (United States)

    Olu, Olushayo; Usman, Abdulmumini; Kalambay, Kalula; Anyangwe, Stella; Voyi, Kuku; Orach, Christopher Garimoi; Azazh, Aklilu; Mapatano, Mala Ali; Nsenga, Ngoy; Manga, Lucien; Woldetsadik, Solomon; Nguessan, Francois; Benson, Angela

    2018-04-02

    As part of efforts to implement the human resources capacity building component of the African Regional Strategy on Disaster Risk Management (DRM) for the health sector, the African Regional Office of the World Health Organization, in collaboration with selected African public health training institutions, followed a multistage process to develop core competencies and curricula for training the African health workforce in public health DRM. In this article, we describe the methods used to develop the competencies, present the identified competencies and training curricula, and propose recommendations for their integration into the public health education curricula of African member states. We conducted a pilot research using mixed methods approaches to develop and test the applicability and feasibility of a public health disaster risk management curriculum for training the African health workforce. We identified 14 core competencies and 45 sub-competencies/training units grouped into six thematic areas: 1) introduction to DRM; 2) operational effectiveness; 3) effective leadership; 4) preparedness and risk reduction; 5) emergency response and 6) post-disaster health system recovery. These were defined as the skills and knowledge that African health care workers should possess to effectively participate in health DRM activities. To suit the needs of various categories of African health care workers, three levels of training courses are proposed: basic, intermediate, and advanced. The pilot test of the basic course among a cohort of public health practitioners in South Africa demonstrated their relevance. These competencies compare favourably to the findings of other studies that have assessed public health DRM competencies. They could provide a framework for scaling up the capacity development of African healthcare workers in the area of public health DRM; however further validation of the competencies is required through additional pilot courses and follow up of

  13. Optimizing risk management

    International Nuclear Information System (INIS)

    Kindred, G.W.

    2000-01-01

    Commercial nuclear power plant management is focussed on the safe, efficient, economical production of electricity. To accomplish the safe aspect of the equation, risk must be determined for the operation and maintenance of the facility. To accomplish the efficient aspect of the equation, management must understand those risks and factor risk insights into their decision process. The final piece of the equation is economical which is accomplished by minimizing, plant outage durations and proper utilization of resources. Probabilistic Risk Assessment can provide the risk insights to accomplish all three; safety, efficiency, and economically. How? Safe production of electricity can be quantified by use of PRA modeling and other risk insights that can determine the core damage frequency. Efficient production of electricity can be influenced by providing management with quantified risk insights for use in decision making. And, one example of economical production of electricity is by not having over conservative deterministic based defense in depth approaches to system maintenance and availability. By using risk-informed insights nuclear safety can be quantified and risk can be managed. Confidence in this approach can be achieved by ensuring the content and quality of the PRA is standardized throughout the industry. The time has arrived for Probabilistic Risk Assessment to take an active position as a major role player in the safe, efficient, and economical operation of commercial nuclear power plants. (author)

  14. Work-related stress risk assessment in Italy: a methodological proposal adapted to regulatory guidelines.

    Science.gov (United States)

    Persechino, Benedetta; Valenti, Antonio; Ronchetti, Matteo; Rondinone, Bruna Maria; Di Tecco, Cristina; Vitali, Sara; Iavicoli, Sergio

    2013-06-01

    Work-related stress is one of the major causes of occupational ill health. In line with the regulatory framework on occupational health and safety (OSH), adequate models for assessing and managing risk need to be identified so as to minimize the impact of this stress not only on workers' health, but also on productivity. After close analysis of the Italian and European reference regulatory framework and work-related stress assessment and management models used in some European countries, we adopted the UK Health and Safety Executive's (HSE) Management Standards (MS) approach, adapting it to the Italian context in order to provide a suitable methodological proposal for Italy. We have developed a work-related stress risk assessment strategy, meeting regulatory requirements, now available on a specific web platform that includes software, tutorials, and other tools to assist companies in their assessments. This methodological proposal is new on the Italian work-related stress risk assessment scene. Besides providing an evaluation approach using scientifically validated instruments, it ensures the active participation of occupational health professionals in each company. The assessment tools provided enable companies not only to comply with the law, but also to contribute to a database for monitoring and assessment and give access to a reserved area for data analysis and comparisons.

  15. Risk management and safety

    International Nuclear Information System (INIS)

    Niehaus, F.; Novegno, A.

    1985-01-01

    Risk assessment, including probabilistic analyses, has made great progress over the past decade. In spite of the inherent uncertainties it has now become possible to utilize methods and results for decision making at various levels. This paper will, therefore, review risk management in industrial installations, risk management for energy safety policy and prospects of risk management in highly industrialized areas. (orig.) [de

  16. 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 ...

  17. Optimal Bi-Objective Redundancy Allocation for Systems Reliability and Risk Management

    DEFF Research Database (Denmark)

    Govindan, Kannan; Jafarian, Ahmad; Azbari, Mostafa E.

    2016-01-01

    In the big data era, systems reliability is critical to effective systems risk management. In this paper, a novel multiobjective approach, with hybridization of a known algorithm called NSGA-II and an adaptive population-based simulated annealing (APBSA) method is developed to solve the systems...... of domination; and 4) data envelopment analysis. The computational studies have shown that the proposed algorithm is an effective approach for systems reliability and risk management....

  18. 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.

  19. The oretical foundations for management of environmental risks of pharmaceutical enterprises

    Directory of Open Access Journals (Sweden)

    Рита Василівна Сагайдак-Нікітюк

    2016-01-01

    Full Text Available Aim. Significant negative influence of processing waste caused by pharmaceutical enterprises' activity upon the environment and population, and the high requirements for the methods of utilization demands the enterprises to develop an algorithm of ecological risks management.Methods. During the study, the expert method, the content-analysis and generalization method have been applied.Results. An influence of pharmaceutical enterprises' activity on the environment and population of the region the enterprise is located in has been studied. Dynamic of the population morbidity has analyzed associated with a low quality of the human environment. The need has been approved to pay appropriate attention to the treatment of hazardous substances and to minimize environmental risks associated with the pharmaceutical enterprises' activities. It has been proposed to define an environmental risk as a danger of resources loss, income reduction or increase of expenses of subjects of pharmaceutical activity due to its ecologically destructive impact. The classification of environmental risks of pharmaceutical enterprises has been produced. The model of environmental risks' management of pharmaceutical enterprise has been proposed. Directions of the environmental risks' minimizing have been investigated.Conclusions. The need has proved to manage ecological activity of pharmaceutical enterprises that will let to minimize negative influence on the environment

  20. Improving Operational Risk Management Using Business Performance Management Technologies

    OpenAIRE

    Bram Pieket Weeserik; Marco Spruit

    2018-01-01

    Operational Risk Management (ORM) comprises the continuous management of risks resulting from: human actions, internal processes, systems, and external events. With increasing requirements, complexity and a growing volume of risks, information systems provide benefits for integrating risk management activities and optimizing performance. Business Performance Management (BPM) technologies are believed to provide a solution for effective Operational Risk Management by offering several combined ...

  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. RISK MANAGEMENT IN CUSTOMS CONTROL

    Directory of Open Access Journals (Sweden)

    Elena Valerievna Drobot

    2017-06-01

    Full Text Available Customs administrations operating in the modern global economy are faced with a complex range of challenges. The prime responsibilities remain the collection of revenues and the protection of the society, but these demanding tasks must be performed effectively and efficiently, whilst at the same time facilitating the flow of legitimate goods. Risk management is a logical and systematic method of identifying, analyzing and managing risks. Risk management can be associated with any activity, function or process within the organization and will enable the organization to take advantage of opportunities and minimize potential losses. Minimization of the human factor in customs control through the implementation of non-intrusive inspection equipment can be very useful. The particularities of risk-management system (RMS implementation within customs control are discussed in the article. The authors single out the elements of the risk-management system, evaluate the effectiveness of risk-management in customs control. The main reasons for non-implementation of the risk-management system in customs control are described as well. The particular attention is paid to the benefits of customs risk management. The authors’ hypothesis is that risk management in customs control must find a balance between costs and benefits to address all risks equally. Criteria are needed to decide what constitutes an acceptable or unacceptable risk. Thus, system analysis and risk management system are the effective mechanisms for acceleration of customs clearance and improve the quality of customs control. As a conclusion, the authors give recommendations for the improvement of the effectiveness of risk management system in customs control.

  3. Risk Management in Future Romanian E-Government 2.0 Projects

    Directory of Open Access Journals (Sweden)

    Didraga Otniel

    2015-08-01

    Full Text Available E-government public services in Romania must follow unitary procedures considering the new requirements of the European Union from the Digital Agenda for Europe Strategy 2020. E-government 2.0 has to be implemented because of the cultural and behavioral transformations in the interaction between governments and users of e-services. E-government 2.0 projects use tools and techniques of social media to accomplish their goals. This article examines the possible risk categories and the risk management procedures needed to mitigate risks in future Romanian e-government projects, according to the strategic lines of development for the Digital Agenda. We propose a risk management plan for the e-government lines of action within the strategic lines of development that includes identifying, assessing, and mitigating the risks. New and modernized government services through e-government 2.0 projects that apply risk management will bring a significant improvement in how citizens and businesses relate to government and will increase the use of e-government services.

  4. Coopetition as Support Strategy for Supply Chain Risk Management

    Directory of Open Access Journals (Sweden)

    João Batista de Camargo Junior

    2014-06-01

    Full Text Available As supply chain management research and its adoption advance, new challenges are imposed for researchers and managers. Accordingly, the supply chain risk management (SCRM has been a prominent field because it suggests strategies and action plans to mitigate these risks. On the other hand, it is observed that the coopetition concept advocates that two competing organizations can work together in some activities in the form of a strategic alliance, contributing to achieve maximum efficiency. Therefore, the purpose of this paper is to propose the extension of this concept into the activities of SCRM, treating coopetition as an action that can be added to the risk management efforts in order to make supply chains more resilient. Thus, through an exploratory literature search that uses secondary data, we drawn two propositions that deal with the possibility of adding a coopetitor to reduce risks in supply chains and on the feasibility of balanced coopetition changes the profile of a supply chain to a resilient model. Although these propositions require further empirical verification, it is believed that this is a good start for discussions about the benefits and competitive advantages that the adoption of coopetition in risk management activities in supply chains can bring to organizations.

  5. Overcoming Learning Aversion in Evaluating and Managing Uncertain Risks.

    Science.gov (United States)

    Cox, Louis Anthony Tony

    2015-10-01

    Decision biases can distort cost-benefit evaluations of uncertain risks, leading to risk management policy decisions with predictably high retrospective regret. We argue that well-documented decision biases encourage learning aversion, or predictably suboptimal learning and premature decision making in the face of high uncertainty about the costs, risks, and benefits of proposed changes. Biases such as narrow framing, overconfidence, confirmation bias, optimism bias, ambiguity aversion, and hyperbolic discounting of the immediate costs and delayed benefits of learning, contribute to deficient individual and group learning, avoidance of information seeking, underestimation of the value of further information, and hence needlessly inaccurate risk-cost-benefit estimates and suboptimal risk management decisions. In practice, such biases can create predictable regret in selection of potential risk-reducing regulations. Low-regret learning strategies based on computational reinforcement learning models can potentially overcome some of these suboptimal decision processes by replacing aversion to uncertain probabilities with actions calculated to balance exploration (deliberate experimentation and uncertainty reduction) and exploitation (taking actions to maximize the sum of expected immediate reward, expected discounted future reward, and value of information). We discuss the proposed framework for understanding and overcoming learning aversion and for implementing low-regret learning strategies using regulation of air pollutants with uncertain health effects as an example. © 2015 Society for Risk Analysis.

  6. Risk management in nuclear projects

    International Nuclear Information System (INIS)

    Salles, Claudio J.R.

    2002-01-01

    The risk management will be defined by different aspects: danger or loss possibility, or responsibility for damage. The risk management is one stage of project management. The risk management is a continuous process of planning, identification, quantification, answer and risk control to maximize the success potential of activity. The reduction of risk is part of priority establishment. This work will indicate how introduce this important instrument in the management of nuclear projects. (author)

  7. Human health and safety risks management in underground coal mines using fuzzy TOPSIS

    Energy Technology Data Exchange (ETDEWEB)

    Mahdevari, Satar, E-mail: satar.mahdevari@aut.ac.ir [Department of Mining and Metallurgical Engineering, Amirkabir University of Technology, Tehran (Iran, Islamic Republic of); Shahriar, Kourosh [Department of Mining and Metallurgical Engineering, Amirkabir University of Technology, Tehran (Iran, Islamic Republic of); Esfahanipour, Akbar [Industrial Engineering Department, Amirkabir University of Technology, Tehran (Iran, Islamic Republic of)

    2014-08-01

    The scrutiny of health and safety of personnel working in underground coal mines is heightened because of fatalities and disasters that occur every year worldwide. A methodology based on fuzzy TOPSIS was proposed to assess the risks associated with human health in order to manage control measures and support decision-making, which could provide the right balance between different concerns, such as safety and costs. For this purpose, information collected from three hazardous coal mines namely Hashouni, Hojedk and Babnizu located at the Kerman coal deposit, Iran, were used to manage the risks affecting the health and safety of their miners. Altogether 86 hazards were identified and classified under eight categories: geomechanical, geochemical, electrical, mechanical, chemical, environmental, personal, and social, cultural and managerial risks. Overcoming the uncertainty of qualitative data, the ranking process is accomplished by fuzzy TOPSIS. After running the model, twelve groups with different risks were obtained. Located in the first group, the most important risks with the highest negative effects are: materials falling, catastrophic failure, instability of coalface and immediate roof, firedamp explosion, gas emission, misfire, stopping of ventilation system, wagon separation at inclines, asphyxiation, inadequate training and poor site management system. According to the results, the proposed methodology can be a reliable technique for management of the minatory hazards and coping with uncertainties affecting the health and safety of miners when performance ratings are imprecise. The proposed model can be primarily designed to identify potential hazards and help in taking appropriate measures to minimize or remove the risks before accidents can occur. - Highlights: • Risks associated with health and safety of coal miners were investigated. • A reliable methodology based on Fuzzy TOPSIS was developed to manage the risks. • Three underground mines in Kerman

  8. Human health and safety risks management in underground coal mines using fuzzy TOPSIS

    International Nuclear Information System (INIS)

    Mahdevari, Satar; Shahriar, Kourosh; Esfahanipour, Akbar

    2014-01-01

    The scrutiny of health and safety of personnel working in underground coal mines is heightened because of fatalities and disasters that occur every year worldwide. A methodology based on fuzzy TOPSIS was proposed to assess the risks associated with human health in order to manage control measures and support decision-making, which could provide the right balance between different concerns, such as safety and costs. For this purpose, information collected from three hazardous coal mines namely Hashouni, Hojedk and Babnizu located at the Kerman coal deposit, Iran, were used to manage the risks affecting the health and safety of their miners. Altogether 86 hazards were identified and classified under eight categories: geomechanical, geochemical, electrical, mechanical, chemical, environmental, personal, and social, cultural and managerial risks. Overcoming the uncertainty of qualitative data, the ranking process is accomplished by fuzzy TOPSIS. After running the model, twelve groups with different risks were obtained. Located in the first group, the most important risks with the highest negative effects are: materials falling, catastrophic failure, instability of coalface and immediate roof, firedamp explosion, gas emission, misfire, stopping of ventilation system, wagon separation at inclines, asphyxiation, inadequate training and poor site management system. According to the results, the proposed methodology can be a reliable technique for management of the minatory hazards and coping with uncertainties affecting the health and safety of miners when performance ratings are imprecise. The proposed model can be primarily designed to identify potential hazards and help in taking appropriate measures to minimize or remove the risks before accidents can occur. - Highlights: • Risks associated with health and safety of coal miners were investigated. • A reliable methodology based on Fuzzy TOPSIS was developed to manage the risks. • Three underground mines in Kerman

  9. 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.

  10. 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:...

  11. Spatially-Aggregated Temperature Derivatives: Agricultural Risk Management in China

    Directory of Open Access Journals (Sweden)

    Lu Zong

    2016-09-01

    Full Text Available In this paper, a new form of weather derivative contract, namely the climatic zone-based growth degree-day (GDD contract, is introduced. The objective is to increase the risk management efficiency in the agricultural sector of China and to reduce the model dimension of multi-regional temperature-based weather derivatives pricing. Since the proposed contract serves as a risk management tool for all of the cities in the same climatic zone, we compare the risk hedging power between the climatic zone-based and the city-based GDD contracts. As a result, we find that the differences between the two types of temperature-based weather contracts are maintained within a certain range.

  12. Risk Management Techniques and Practice Workshop Workshop Report

    Energy Technology Data Exchange (ETDEWEB)

    Quinn, T; Zosel, M

    2008-12-02

    At the request of the Department of Energy (DOE) Office of Science (SC), Lawrence Livermore National Laboratory (LLNL) hosted a two-day Risk Management Techniques and Practice (RMTAP) workshop held September 18-19 at the Hotel Nikko in San Francisco. The purpose of the workshop, which was sponsored by the SC/Advanced Scientific Computing Research (ASCR) program and the National Nuclear Security Administration (NNSA)/Advanced Simulation and Computing (ASC) program, was to assess current and emerging techniques, practices, and lessons learned for effectively identifying, understanding, managing, and mitigating the risks associated with acquiring leading-edge computing systems at high-performance computing centers (HPCCs). Representatives from fifteen high-performance computing (HPC) organizations, four HPC vendor partners, and three government agencies attended the workshop. The overall workshop findings were: (1) Standard risk management techniques and tools are in the aggregate applicable to projects at HPCCs and are commonly employed by the HPC community; (2) HPC projects have characteristics that necessitate a tailoring of the standard risk management practices; (3) All HPCC acquisition projects can benefit by employing risk management, but the specific choice of risk management processes and tools is less important to the success of the project; (4) The special relationship between the HPCCs and HPC vendors must be reflected in the risk management strategy; (5) Best practices findings include developing a prioritized risk register with special attention to the top risks, establishing a practice of regular meetings and status updates with the platform partner, supporting regular and open reviews that engage the interests and expertise of a wide range of staff and stakeholders, and documenting and sharing the acquisition/build/deployment experience; and (6) Top risk categories include system scaling issues, request for proposal/contract and acceptance testing, and

  13. Exposure to radon in dwellings: risk assessment and management. Health and Society Collection nr 8

    International Nuclear Information System (INIS)

    Bard, Denis; Jouan, Michel; Lochard, Jacques; Festy, Bernard; Piechowski, Jean; Sauvalle, Bertrand; Tymen, Georges; Masse, Roland; Monchaux, Georges; Tirmarche, Margot; Boice, John D.; Cohen, Bernard L.; Hubert, Philippe; Pirard, Philippe; Zmirou, Denis; Lefaure, Christian; Poffijn, Andre; Van Nuffelen, Dominique; Chayapathi, Laksmhi; Thevissen, Frank; Eggermont, Gilbert; Massuelle, Marie-Helene; Robe, Marie-Christine; Grassin, Delphine; Collignan, Bernard; Millet, Jean-Robert; Cochet, Christian; Mansotte, Francois; Dab, William; Gilbert, Claude; Richert, Philippe; Charreyron, Bruno; Kalifa, Gabriel; Chartier, Philippe; FReMAUX, ELIANE; Jean-Louis Decossas; Andru, M.; Bernard, Sylvain; Bonnefoy, Xavier

    2000-04-01

    The contributions of this colloquium propose reports issues related to radon and on practices of neighbouring countries in radon risk assessment and management, on the management of the environmental risk and of public information at the district level in France, on situations involving not only radon but also some other potentially toxic agents (problems of indoor air quality), and on problems other than health problems which could emerge while implementing prevention or mitigating measures related to radon. After a general presentation of radon (Georges Tymen), a first set of contributions addresses the identification of hazards: Carcinogenesis and ionizing radiations put in question again (Roland Masse); Data from animal experimentation on radon (Georges Monchaux); Epidemiology of the radon risk in France (Margot Timarche); Joint analysis of underground miners and risks of radon-induced lung cancer (John D. Boice); Studies of the geographic correlation of radon risk (Bernard L. Cohen). The second set of contributions addresses the building up of an exposure-risk relationship: Why and how to build up dose-effect relationship? Approaches by international institutions (Philippe Hubert); Extrapolation of the dose-response relationship for public health evaluation (John D. Boice). A contribution addressed Exposures and risk assessment in France (Philippe Pirard). A synthesis on stakes in then proposes (Denis Zmirou). The last set of contributions addressed the analysis of management options: Management of the radon-related radiological risk in dwellings (Christian Lefaure); Reflections on the perception and communication of the radon risk (Gilbert Eggermont); Exposure boundary values? Alternatives and practical information (Marie-Helene Massuelle); Practical ways of action in present housing and costs (Marie-Christine Robe, Jean-Robert Millet); Management of the radon problem within a global perspective of indoor air quality (Christian Cochet); Risk management and

  14. Explore the Application of Financial Engineering in the Management of Exchange Rate Risk

    Directory of Open Access Journals (Sweden)

    Yang Liu

    2015-01-01

    Full Text Available In the background where the domestic enterprises commonly have a weak protection consciousness against the exchange rate risk, this article makes a deep analysis based on the definition of exchange rate risk and its cause. By comparison of the traditional management method of exchange rate risk with another one based on financial engineering tools, it also deeply analyzes the method to use the financial engineering technology in the management of exchange rate risk, and concludes the primary purpose of exchange rate risk management is for hedging. This article proposes an optimal analysis method in two aspects, namely the minimum risk and maximum efficiency, for the forward-based optimal hedging, and proposes an optimal analysis method of dynamic hedging for the optimal hedging of option-based tools. Based on the description of the application of financial tools in foreign exchange futures, forward contract, currency exchange and foreign exchange option, it makes an empirical analysis on the management of foreign exchange risk by taking an assumed T company as the carrier and based on the trading tools of forward foreign exchange and currency option, which describes the operation procedure of financial tools in a more direct way and proves the efficiency of the optimal analysis method of this article.

  15. Managing geotechnical risk on US design-build transport projects

    Directory of Open Access Journals (Sweden)

    Kevin McLain

    2014-03-01

    Full Text Available Awarding design-build (DB contracts before a complete subsurface investigation is completed, makes mitigating the risk of differing site conditions difficult, if not impossible. The purpose of the study was to identify effective practices for managing geotechnical risk in DB projects, and it reports the results of a survey that included responses from 42 of 50 US state departments of transportation and a content analysis of DB requests for proposals from 26 states to gauge the client’s perspective, as well as 11 structured interviews with DB contractors to obtain the perspective from the other side of the DB contract.  A suite of DB geotechnical risk manage tools is presented based on the results of the analysis. Effective practices were found in three areas: enhancing communications on geotechnical issues before final proposals are submitted; the use of project-specific differing site conditions clauses; and expediting geotechnical design reviews after award. The major finding is that contract verbiage alone is not sufficient to transfer the risk of changed site conditions. The agency must actively communicate all the geotechnical information on hand at the time of the DB procurement and develop a contract strategy that reduces/retires the risk of geotechnical uncertainty as expeditiously as possible after award.

  16. Modelling and Risk Management in the Offshore and Marine Industry Supply Chain

    Directory of Open Access Journals (Sweden)

    Carman Lee

    2012-03-01

    Full Text Available Supply chain risk management is primarily a process that involves the identification, assessment and mitigation of risks that arise in a particular supply chain system. Pertaining to that, the offshore and marine industry is one of the many industries that have seldom received much consideration when it comes to management of the supply chain system. The rig building facet of the offshore and marine industry was thus chosen as the main focus of the project to manage the risks that arise in a particular oil rig building project. A risk mitigation plan framework was proposed to act as a guideline to identify as much risk as possible, eliminate trivial ones, and subsequently, prioritizing the remaining ones. The final step involves the formulation of a mathematical model based on the selected risk. In this case, the risk of raw material price fluctuation is studied. The demonstration of the Monte Carlo simulation using the Risk Solver program was also done to quantify the risks. Two case scenarios were then developed along with the implementation of risk management techniques in order to observe the effectiveness of the risk management of the overall rig building supply chain.

  17. Operational Risk Assessment and Management in Small and Medium-sized Enterprises

    Directory of Open Access Journals (Sweden)

    Viktorija Stasytytė

    2015-07-01

    Full Text Available Modern organizations have raised a need to actively and quickly react to the changes in external business environment, as well as in internal processes considering not only the present situation, but also evaluating possible changes and forecasting the future. Enterprise risk assessment and management, which is strongly related with foreseeing the uncertain future, becomes topical not only scientifically, but also practically seeking to reveal new and unique solutions. Operational risk management in small and medium enterprises, creating the largest part of value added in the whole European Union, demands a separate attention and coordinated decisions and means. The objective of the paper – to analyse the process of enterprise risk management in small and medium-sized enterprises, as well as to propose adequate risk management solutions for these companies. After performing a research, it was found out that small and medium enterprises more than big organizations require a risk management strategy and methodology, need to distinguish activity objectives and events influencing them, and they can efficiently apply a risk portfolio method to manage risk. In small and medium enterprises it is recommended to incorporate a risk management system based on COSO ERM model that can be modified depending on company needs and possibilities, turning it into less formal and structured and easily applicable.

  18. Analysis of the effect of risk management practices on the performance of new product development programs

    DEFF Research Database (Denmark)

    Oehmen, Josef; Olechowski, Alison; Kenley, C. Robert

    2014-01-01

    Risk management is receiving much attention, as it is seen as a method to improve cost, schedule, and technical performance of new product development programs. However, there is a lack of empirical research that investigates the effective integration of specific risk management practices proposed...... skills and resources; (2) Tailor risk management to and integrate it with new product development; (3) Quantify impacts of risks on your main objectives; (4) Support all critical decisions with risk management results; (5) Monitor and review your risks, risk mitigation actions, and risk management...... by various standards with new product development programs and their association with various dimensions of risk management success. Based on a survey of 291 product development programs, this paper investigates the association of risk management practices with five categories of product development program...

  19. Internal risks of factoring business: identification, cause-effect relationships, accounting and management aspects

    Directory of Open Access Journals (Sweden)

    I.M. Vygivska

    2017-12-01

    Full Text Available The article identifies the risks of the economic activity of a factoring company. The identified risks are divided into internal (fraud risk, credit risk, liquidity, nonpayment, staff, supplier's failure to meet the terms of the supply / factoring contract and external (legal, inflation, currency, interest, industry risks, country risk. The cause-effect relationships of the identified risks have been established. The content of information requests of the leading part of the factoring company, as well as the management subsystems (accounting, economic analysis, control and planning, and the direction of information flows between them (to manage the company's internal risks is determined. These proposals contribute to the improvement of accounting and analytical support for risk management of the factoring business, the choice of alternative risk management methods, the impact on their possible consequences, minimizing the negative impact of risks on the financial condition of the company, and establishing the effectiveness of factoring operations under risk.

  20. Value focused thinking : An approach to structure company values for asset risk management

    NARCIS (Netherlands)

    Van der Lei, T.E.; Ligtvoet, A.

    2012-01-01

    For public and semi public organizations the use of risk assessment matrices is becoming a standard approach for asset management decisions. The risk matrix allows companies to assess the chance and effects of different risks with respect to proposed investment decisions. When the values in the risk

  1. Information Risk Management and Resilience

    Science.gov (United States)

    Dynes, Scott

    Are the levels of information risk management efforts within and between firms correlated with the resilience of the firms to information disruptions? This paper examines the question by considering the results of field studies of information risk management practices at organizations and in supply chains. The organizations investigated differ greatly in the degree of coupling from a general and information risk management standpoint, as well as in the levels of internal awareness and activity regarding information risk management. The comparison of the levels of information risk management in the firms and their actual or inferred resilience indicates that a formal information risk management approach is not necessary for resilience in certain sectors.

  2. Optimal Bi-Objective Redundancy Allocation for Systems Reliability and Risk Management.

    Science.gov (United States)

    Govindan, Kannan; Jafarian, Ahmad; Azbari, Mostafa E; Choi, Tsan-Ming

    2016-08-01

    In the big data era, systems reliability is critical to effective systems risk management. In this paper, a novel multiobjective approach, with hybridization of a known algorithm called NSGA-II and an adaptive population-based simulated annealing (APBSA) method is developed to solve the systems reliability optimization problems. In the first step, to create a good algorithm, we use a coevolutionary strategy. Since the proposed algorithm is very sensitive to parameter values, the response surface method is employed to estimate the appropriate parameters of the algorithm. Moreover, to examine the performance of our proposed approach, several test problems are generated, and the proposed hybrid algorithm and other commonly known approaches (i.e., MOGA, NRGA, and NSGA-II) are compared with respect to four performance measures: 1) mean ideal distance; 2) diversification metric; 3) percentage of domination; and 4) data envelopment analysis. The computational studies have shown that the proposed algorithm is an effective approach for systems reliability and risk management.

  3. Continuous Risk Management at NASA

    Science.gov (United States)

    Hammer, Theodore F.; Rosenberg, Linda

    1999-01-01

    NPG 7120.5A, "NASA Program and Project Management Processes and Requirements" enacted in April, 1998, requires that "The program or project manager shall apply risk management principles..." The Software Assurance Technology Center (SATC) at NASA GSFC has been tasked with the responsibility for developing and teaching a systems level course for risk management that provides information on how to comply with this edict. The course was developed in conjunction with the Software Engineering Institute at Carnegie Mellon University, then tailored to the NASA systems community. This presentation will briefly discuss the six functions for risk management: (1) Identify the risks in a specific format; (2) Analyze the risk probability, impact/severity, and timeframe; (3) Plan the approach; (4) Track the risk through data compilation and analysis; (5) Control and monitor the risk; (6) Communicate and document the process and decisions. This risk management structure of functions has been taught to projects at all NASA Centers and is being successfully implemented on many projects. This presentation will give project managers the information they need to understand if risk management is to be effectively implemented on their projects at a cost they can afford.

  4. Probability concepts in quality risk management.

    Science.gov (United States)

    Claycamp, H Gregg

    2012-01-01

    Essentially any concept of risk is built on fundamental concepts of chance, likelihood, or probability. Although risk is generally a probability of loss of something of value, given that a risk-generating event will occur or has occurred, it is ironic that the quality risk management literature and guidelines on quality risk management tools are relatively silent on the meaning and uses of "probability." The probability concept is typically applied by risk managers as a combination of frequency-based calculation and a "degree of belief" meaning of probability. Probability as a concept that is crucial for understanding and managing risk is discussed through examples from the most general, scenario-defining and ranking tools that use probability implicitly to more specific probabilistic tools in risk management. A rich history of probability in risk management applied to other fields suggests that high-quality risk management decisions benefit from the implementation of more thoughtful probability concepts in both risk modeling and risk management. Essentially any concept of risk is built on fundamental concepts of chance, likelihood, or probability. Although "risk" generally describes a probability of loss of something of value, given that a risk-generating event will occur or has occurred, it is ironic that the quality risk management literature and guidelines on quality risk management methodologies and respective tools focus on managing severity but are relatively silent on the in-depth meaning and uses of "probability." Pharmaceutical manufacturers are expanding their use of quality risk management to identify and manage risks to the patient that might occur in phases of the pharmaceutical life cycle from drug development to manufacture, marketing to product discontinuation. A probability concept is typically applied by risk managers as a combination of data-based measures of probability and a subjective "degree of belief" meaning of probability. Probability as

  5. 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.

  6. Overview of the risk management approach to adaptation to climate change in Canada

    International Nuclear Information System (INIS)

    Noble, D.; Bruce, J.; Egener, M.

    2005-03-01

    Climate change poses risks related to frequent and extreme weather events, changes in water availability and changes in the performance of infrastructure systems. Risk management offers a decision-making framework to assist in the selection of optimal or cost-effective strategies using a systematic public process. Risks related to climate change are a new type of risk and are increasingly of concern for governments and citizens around the world. An introduction to risk-based approaches to climate change adaptation decision-making in Canada was presented in this paper. Steps in the risk management process were presented. Risk management approaches from various countries were reviewed, including the Canadian Standards Association's (CSA) national risk management guideline; the Government of Canada's Integrated Risk Management Framework; the Caribbean Risk Management Guideline; World Bank risk management strategies for adaptation to climate change; and the United Kingdom Climate Impacts Program. Details of a study conducted by the United Kingdom Department for Environment, Food, and Rural Affairs to explore the implications of climate change were also presented. Vulnerabilities of response mechanisms to climate change and the interrelations of public systems were reviewed. Issues concerning infrastructure renewal and development were examined, as well as emergency planning and management strategies. It was concluded that the development of training materials and tools for decision-makers in Canada is needed. A climate change risk management planning guidebook was proposed. refs., tabs., figs

  7. Framework for managing mycotoxin risks in the food industry.

    Science.gov (United States)

    Baker, Robert C; Ford, Randall M; Helander, Mary E; Marecki, Janusz; Natarajan, Ramesh; Ray, Bonnie

    2014-12-01

    We propose a methodological framework for managing mycotoxin risks in the food processing industry. Mycotoxin contamination is a well-known threat to public health that has economic significance for the food processing industry; it is imperative to address mycotoxin risks holistically, at all points in the procurement, processing, and distribution pipeline, by tracking the relevant data, adopting best practices, and providing suitable adaptive controls. The proposed framework includes (i) an information and data repository, (ii) a collaborative infrastructure with analysis and simulation tools, (iii) standardized testing and acceptance sampling procedures, and (iv) processes that link the risk assessments and testing results to the sourcing, production, and product release steps. The implementation of suitable acceptance sampling protocols for mycotoxin testing is considered in some detail.

  8. CEA - 2014 risk management assessment

    International Nuclear Information System (INIS)

    Bonnevie, Edwige; Verwaerde, Daniel; Maillot, Bernard

    2015-06-01

    After introducing presentations of CEA managers in charge of risk management and controls, this document presents and comments the actions undertaken by the CEA and the obtained results in terms of risk management in different fields: protection and control of the environment, installation safety, health, safety and radiation protection, transport of hazardous materials, waste management, protection of sites, installations and heritage, management of emergency situations, management of legal risks, internal audits and controls. Other topics are addressed like the presentation of the risk management department, and the role of the CEA in the relationship between research and industry

  9. A cooperative model for IS security risk management in distributed environment.

    Science.gov (United States)

    Feng, Nan; Zheng, Chundong

    2014-01-01

    Given the increasing cooperation between organizations, the flexible exchange of security information across the allied organizations is critical to effectively manage information systems (IS) security in a distributed environment. In this paper, we develop a cooperative model for IS security risk management in a distributed environment. In the proposed model, the exchange of security information among the interconnected IS under distributed environment is supported by Bayesian networks (BNs). In addition, for an organization's IS, a BN is utilized to represent its security environment and dynamically predict its security risk level, by which the security manager can select an optimal action to safeguard the firm's information resources. The actual case studied illustrates the cooperative model presented in this paper and how it can be exploited to manage the distributed IS security risk effectively.

  10. 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.

  11. Risk and/or resilience management

    Directory of Open Access Journals (Sweden)

    Jean-Paul Louisot

    2015-06-01

    Full Text Available Risk management aims at managing all the uncertainties that may interfere with the objectives and missions of the organization. Resilience engineering aims at building its capacity to get over disturbances or stress while keeping the functionalities needed to survive, and possibly thrive. A recently open debate on an Internet blog launched by the risk managers of the Scottish Widows Bank seems to arise from what some professionals see as two competing branches of the management sciences. Whereas through the development of ERM – Enterprise-wide Risk Managementrisk management is emerging at last to become a science, as well as an art and a practice, the mentioned above centered on the role of a newly forged name “resilience management”. This opens a new front of the many debates that could derail the path to maturity of Risk Management as a science and reopen new silos much as Business Impact Analysis, BIA, or continuity management, might do if a clear distinction is not made between science, objectives and tools. However, because organizations are so interconnected today in the supply cloud that it is inevitable that they will face catastrophic risk and this is why resilience needs to be a core objective of any risk management plan? Whereas traditional risk management techniques alone may not be adequate to deal with such pervasive and insipient risk scenarios, resilience is ingrained into ERM

  12. Energy use and related risk management problems in CEE countries

    International Nuclear Information System (INIS)

    Ney, R.; Michna, J.; Ekmanis, J.; Zeltins, N.; Zebergs, V.

    2008-01-01

    Nowadays, the efficiency of energy use in the Central and East-European (CEE) countries is insufficient, being much lower than in the 'Old Europe'. The problem becomes increasingly pressing due to non-stop increasing prices of energy carriers (especially of crude oil). The authors trace the development of research activities in this sphere, classifying the revealed changes in parameters of energy consumption processes in particular time intervals into deterministic, probabilistic, and fuzzy. The paper presents a thorough analysis of decision-making in the energy management at its different levels normative, strategic, and operative. Particular attention is given to the management under uncertainty conditions - i.e. to the risk management. The most wanted research directions in this area proposed by the energy and environment policy (EEP) Center specially created for CEE countries concern management under risk connected with innovations, international activities, loss of reputation, etc.. The authors consider in detail the risk management with insufficient knowledge (non-knowledge) and under chaos. Much consideration is given to the scenario management and the game theory principles as related to the sphere of energy use. (Authors)

  13. 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.

  14. Supply chain risk management

    OpenAIRE

    Christian Hollstein; Frank Himpel

    2013-01-01

    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-induct...

  15. Risk assessment and management of radiofrequency radiation exposure

    Energy Technology Data Exchange (ETDEWEB)

    Dabala, Dana [Railways Medical Clinic Cluj-Napoca, Occupational Medicine Department, 16-20 Bilascu Gheorghe St., 400015 Cluj-Napoca (Romania); Surducan, Emanoil; Surducan, Vasile; Neamtu, Camelia [National Institute for Research and Development of Isotopic and Molecular Technologies, 65-103 Donath St., 400293 Cluj-Napoca (Romania)

    2013-11-13

    Radiofrequency radiation (RFR) industry managers, occupational physicians, security department, and other practitioners must be advised on the basic of biophysics and the health effects of RF electromagnetic fields so as to guide the management of exposure. Information on biophysics of RFR and biological/heath effects is derived from standard texts, literature and clinical experiences. Emergency treatment and ongoing care is outlined, with clinical approach integrating the circumstances of exposure and the patient's symptoms. Experimental risk assessment model in RFR chronic exposure is proposed. Planning for assessment and monitoring exposure, ongoing care, safety measures and work protection are outlining the proper management.

  16. Risk assessment and management of radiofrequency radiation exposure

    International Nuclear Information System (INIS)

    Dabala, Dana; Surducan, Emanoil; Surducan, Vasile; Neamtu, Camelia

    2013-01-01

    Radiofrequency radiation (RFR) industry managers, occupational physicians, security department, and other practitioners must be advised on the basic of biophysics and the health effects of RF electromagnetic fields so as to guide the management of exposure. Information on biophysics of RFR and biological/heath effects is derived from standard texts, literature and clinical experiences. Emergency treatment and ongoing care is outlined, with clinical approach integrating the circumstances of exposure and the patient's symptoms. Experimental risk assessment model in RFR chronic exposure is proposed. Planning for assessment and monitoring exposure, ongoing care, safety measures and work protection are outlining the proper management

  17. Proposals for enhanced health risk assessment and stratification in an integrated care scenario

    Science.gov (United States)

    Dueñas-Espín, Ivan; Vela, Emili; Pauws, Steffen; Bescos, Cristina; Cano, Isaac; Cleries, Montserrat; Contel, Joan Carles; de Manuel Keenoy, Esteban; Garcia-Aymerich, Judith; Gomez-Cabrero, David; Kaye, Rachelle; Lahr, Maarten M H; Lluch-Ariet, Magí; Moharra, Montserrat; Monterde, David; Mora, Joana; Nalin, Marco; Pavlickova, Andrea; Piera, Jordi; Ponce, Sara; Santaeugenia, Sebastià; Schonenberg, Helen; Störk, Stefan; Tegner, Jesper; Velickovski, Filip; Westerteicher, Christoph; Roca, Josep

    2016-01-01

    Objectives Population-based health risk assessment and stratification are considered highly relevant for large-scale implementation of integrated care by facilitating services design and case identification. The principal objective of the study was to analyse five health-risk assessment strategies and health indicators used in the five regions participating in the Advancing Care Coordination and Telehealth Deployment (ACT) programme (http://www.act-programme.eu). The second purpose was to elaborate on strategies toward enhanced health risk predictive modelling in the clinical scenario. Settings The five ACT regions: Scotland (UK), Basque Country (ES), Catalonia (ES), Lombardy (I) and Groningen (NL). Participants Responsible teams for regional data management in the five ACT regions. Primary and secondary outcome measures We characterised and compared risk assessment strategies among ACT regions by analysing operational health risk predictive modelling tools for population-based stratification, as well as available health indicators at regional level. The analysis of the risk assessment tool deployed in Catalonia in 2015 (GMAs, Adjusted Morbidity Groups) was used as a basis to propose how population-based analytics could contribute to clinical risk prediction. Results There was consensus on the need for a population health approach to generate health risk predictive modelling. However, this strategy was fully in place only in two ACT regions: Basque Country and Catalonia. We found marked differences among regions in health risk predictive modelling tools and health indicators, and identified key factors constraining their comparability. The research proposes means to overcome current limitations and the use of population-based health risk prediction for enhanced clinical risk assessment. Conclusions The results indicate the need for further efforts to improve both comparability and flexibility of current population-based health risk predictive modelling approaches

  18. Scenario logic and probabilistic management of risk in business and engineering

    CERN Document Server

    Solojentsev, Evgueni D

    2009-01-01

    The book proposes a uniform logic and probabilistic (LP) approach to risk estimation and analysis in engineering and economics. It covers the methodological and theoretical basis of risk management at the design, test, and operation stages of economic, banking, and engineering systems with groups of incompatible events (GIE). It considers the risk LP-models in classification, investment, management of companies, bribes and corruption, analysis of risk and efficiency of social and economical processes, and management of development. Key features of this Second Edition: -Five new chapters -Treatment of the basic principles of the modern risk LP theory (the LP-calculus, the LP-methods and the risk LP-theory with GIE) using uniform methodology and terminology with a practical orientation towards both engineering and economics, for the first time in book form -Clear definitions and notations, revised sections and chapters, an extended list of references, and a new subject index -More than a hundred illustrations a...

  19. [Outsourcing in long-term care: a risk management approach].

    Science.gov (United States)

    Guimarães, Cristina Machado; Carvalho, José Crespo de

    2012-05-01

    This article seeks to investigate outsourcing decisions in supply chain management of healthcare organizations, namely the motives and constraints behind the decision, the selection criteria for activities to be outsourced to third parties, the type of possible agreements, and the impact of this decision on the organization per se. A case study of the start-up phase of a Long-term Care unit with an innovative approach and high levels of customization was conducted to understand the outsourcing process in a start-up context (not in the standard context of organizational change) and a risk evaluation matrix was created for outsourcing activities in order to define and implement a performance monitoring process. This study seeks to understand how to evaluate and assess the risks of an outsourcing strategy and proposes a monitoring model using risk management tools. It was shown that the risk management approach can be a solution for monitoring outsourcing in the organizational start-up phase. Conclusions concerning dissatisfaction with the results of outsourcing strategies adopted are also presented.

  20. Proposal for a security management in cloud computing for health care.

    Science.gov (United States)

    Haufe, Knut; Dzombeta, Srdan; Brandis, Knud

    2014-01-01

    Cloud computing is actually one of the most popular themes of information systems research. Considering the nature of the processed information especially health care organizations need to assess and treat specific risks according to cloud computing in their information security management system. Therefore, in this paper we propose a framework that includes the most important security processes regarding cloud computing in the health care sector. Starting with a framework of general information security management processes derived from standards of the ISO 27000 family the most important information security processes for health care organizations using cloud computing will be identified considering the main risks regarding cloud computing and the type of information processed. The identified processes will help a health care organization using cloud computing to focus on the most important ISMS processes and establish and operate them at an appropriate level of maturity considering limited resources.

  1. Proposal for a Security Management in Cloud Computing for Health Care

    Directory of Open Access Journals (Sweden)

    Knut Haufe

    2014-01-01

    Full Text Available Cloud computing is actually one of the most popular themes of information systems research. Considering the nature of the processed information especially health care organizations need to assess and treat specific risks according to cloud computing in their information security management system. Therefore, in this paper we propose a framework that includes the most important security processes regarding cloud computing in the health care sector. Starting with a framework of general information security management processes derived from standards of the ISO 27000 family the most important information security processes for health care organizations using cloud computing will be identified considering the main risks regarding cloud computing and the type of information processed. The identified processes will help a health care organization using cloud computing to focus on the most important ISMS processes and establish and operate them at an appropriate level of maturity considering limited resources.

  2. Tank waste remediation system risk management plan

    International Nuclear Information System (INIS)

    Zimmerman, B.D.

    1998-01-01

    The purpose of the Tank Waste Remediation System (TWRS) Risk Management Plan is to describe a consistent approach to risk management such that TWRS Project risks are identified and managed to achieve TWRS Project success. The Risk Management Plan implements the requirements of the Tank Waste Remediation System Systems Engineering Management Plan in the area of risk management. Figure ES-1 shows the relationship of the TWRS Risk Management Plan to other major TWRS Project documents. As the figure indicates, the Risk Management Plan is a tool used to develop and control TWRS Project work. It provides guidance on how TWRS Project risks will be assessed, analyzed, and handled, and it specifies format and content for the risk management lists, which are a primary product of the risk management process. In many instances, the Risk Management Plan references the TWRS Risk Management Procedure, which provides more detailed discussion of many risk management activities. The TWRS Risk Management Plan describes an ongoing program within the TWRS Project. The Risk Management Plan also provides guidance in support of the TWRS Readiness To-Proceed (RTP) assessment package

  3. 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 .

  4. 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...

  5. Towards Cloud Computing SLA Risk Management: Issues and Challenges

    OpenAIRE

    Morin, Jean-Henry; Aubert, Jocelyn; Gateau, Benjamin

    2012-01-01

    Cloud Computing has become mainstream technology offering a commoditized approach to software, platform and infrastructure as a service over the Internet on a global scale. This raises important new security issues beyond traditional perimeter based approaches. This paper attempts to identify these issues and their corresponding challenges, proposing to use risk and Service Level Agreement (SLA) management as the basis for a service level framework to improve governance, risk and compliance i...

  6. 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...

  7. ERP project implementation and risk management of nuclear power enterprise

    International Nuclear Information System (INIS)

    Wang Fei

    2008-01-01

    According to the characteristic and development trend of nuclear power enterprise informatization, combined with the general ERP implementation experience, the method is proposed to ensure the successful implementation and risk management of ERP project in nuclear power enterprise. (authors)

  8. Collective proposal of Contingency Plan as an alternative for management risks to socioenvironmental disasters within Network Management Risk of Córrego Dantas (REGER-CD), Nova Friburgo, State of Rio de Janeiro, Brazil

    Science.gov (United States)

    Freitas, Leonardo; Luiza Coelho Netto, Ana

    2017-04-01

    An extreme rainfall event took place in the Mountainous Region of the state of Rio de Janeiro in January 2011, causing a catastrophic landslide that resulted in more than 900 deaths and 350 people disappearances. Precipitation events associated with landslides are common in this region and climate change tends to increase the frequency of intense rains and, consequently, landslides. At the same time, the vulnerability of communities has increased as a result of disorderly urban growth. Despite that, before 2011 communities and public power were not prepared to disaster management..After the 2011 event, public authorities try to established policies to reduce these vulnerabilities. One of the communities where the government acted was Córrego Dantas. However, the actions in this place were carried out in a top-down model, without discussion with population. As a consequence, the performance of public power has amplified social vulnerabilities. Highlight for the truculent removal of residents; resettlement in geographically isolated housing complexes; and the establishment of urbanization policies that go against the interests of the residents. The construction of the Córrego d'Aantas Disaster Risk Management Network (REGER-CD), including residents of affected communities, researchers, NGO members and representatives of the public power, is one way to respond these questions. Within this network, the construction of a proposal for a collective contingency plan, articulated with the municipal contingency plan, is generating residents' empowerment, greater adaptation to risks and reducing the vulnerability of Disasters and mass movements

  9. Value of risk management

    OpenAIRE

    Vik, Marie Amdal

    2012-01-01

    Master's thesis in Risk management The overall aim of this study was to discuss the validity of the hypothesis that risk management contributes with added value to projects and the enterprise holding the projects, and consequently to the enterprise’s stakeholders. To examine this hypothesis, a case study of three projects taken from the same portfolio at Statoil was selected. The projects were said to have an active risk management. Data was collected from the project’s documentation as...

  10. Supply Cain Risk Management

    OpenAIRE

    Goodwin, Les

    2011-01-01

    “The management of supply chain risk is crucial to any business, more so to Rolls Royce who face an almost doubling of load within the next 10 years. So what is supply chain risk management and how well is it deployed within an operational business of Rolls Royce? What are the tools and techniques available and what are the key issues around implementing world class supply chain risk management with a Supply Chain Unit within Rolls Royce?”

  11. 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...

  12. Management of business risks

    OpenAIRE

    BAZARBAY A.

    2015-01-01

    The article presents methodological ideas concerning the problem of risk management. Special attention is paid to increasing of enterprises' operating efficiency by means of risk-management system development in business organizations.

  13. The Uncertainties of Risk Management

    DEFF Research Database (Denmark)

    Vinnari, Eija; Skærbæk, Peter

    2014-01-01

    for expanding risk management. More generally, such uncertainties relate to the professional identities and responsibilities of operational managers as defined by the framing devices. Originality/value – The paper offers three contributions to the extant literature: first, it shows how risk management itself......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...

  14. Proposal for a questionnaire to assess risk perception concerning a radioactive waste repository

    International Nuclear Information System (INIS)

    Tanimoto, Katia Suemi

    2011-01-01

    One of the key features for public acceptance of nuclear energy is the belief that radioactive waste can be managed safely, in order to protect human beings from its possible harmful effects in present and future generations. In this sense, it is essential to understand how people perceive the risk associated with radioactive waste and which the main factors driving their attitudes toward its disposal are. One of the ways to achieve this understanding is through opinion polls. In this study, a questionnaire focused on the nuclear energy acceptability issue and its association with radioactive waste management was proposed, covering the following aspects: attitudes towards radioactive waste and nuclear power, credibility on institutions and sectors responsible by the nuclear safety, identification of perceived benefits, risk perception of specific technologies and activities, perception of real risk, emotional reaction comprehension and precautionary principle. Results obtained from a pilot questionnaire application are presented and discussed in this paper. (author)

  15. 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.

  16. Overtopping hazards to port activities: Application of a new methodology to risk management (POrt Risk MAnagement Tool)

    International Nuclear Information System (INIS)

    Alises, Ana; Molina, Rafael; Gómez, Rebeca; Pery, Pascual; Castillo, Carmen

    2014-01-01

    In the past 20 years, the need of ports to serve a fleet whose dimensions are continuously increasing due to economies of scale, has derived on a port infrastructures growth with a trend to look for greater drafts at deeper waters and therefore the protection structures built in the last years have been increasingly exposed to severer maritime climate action. Consequently, overtopping phenomenon has been identified as a potential risk factor able to cause structural damages and operative failure modes to vulnerable economic activities located at these port facilities. Port activities must be developed ensuring operative and safety conditions what imply reducing uncertainties of overtopping phenomena by using prediction methods which may allow overtopping risk management. This paper provides a risk assessment methodology which is integrated into an overtopping risk management framework to cope with safety problems in port exploitation. Overtopping risk value is measured by combining probability of occurrence of an undesirable event together with its consequences, estimated in terms of costs or delays and given in base of the vulnerability of the affected port system. The development of this methodology is described and finally applied to a real case study what seems to reinforce the validity of the proposed method to overtopping risk assessment. - Highlights: • Infrastructure risk assessment involves both probabilistic and economic techniques. • Risk equation is posed by the combination of probability, vulnerability and cost. • Port infrastructures' vulnerability level depends on climate agents' action. • Economic value of natural hazards consequences is linked with vulnerability level. • Project planning process should be done taking into account the project's risk distribution

  17. A Method for Dynamic Risk Assessment and Management of Rockbursts in Drill and Blast Tunnels

    Science.gov (United States)

    Liu, Guo-Feng; Feng, Xia-Ting; Feng, Guang-Liang; Chen, Bing-Rui; Chen, Dong-Fang; Duan, Shu-Qian

    2016-08-01

    Focusing on the problems caused by rockburst hazards in deep tunnels, such as casualties, damage to construction equipment and facilities, construction schedule delays, and project cost increase, this research attempts to present a methodology for dynamic risk assessment and management of rockbursts in D&B tunnels. The basic idea of dynamic risk assessment and management of rockbursts is determined, and methods associated with each step in the rockburst risk assessment and management process are given, respectively. Among them, the main parts include a microseismic method for early warning the occurrence probability of rockburst risk, an estimation method that aims to assess potential consequences of rockburst risk, an evaluation method that utilizes a new quantitative index considering both occurrence probability and consequences for determining the level of rockburst risk, and the dynamic updating. Specifically, this research briefly describes the referenced microseismic method of warning rockburst, but focuses on the analysis of consequences and associated risk assessment and management of rockburst. Using the proposed method of risk assessment and management of rockburst, the occurrence probability, potential consequences, and the level of rockburst risk can be obtained in real-time during tunnel excavation, which contributes to the dynamic optimisation of risk mitigation measures and their application. The applicability of the proposed method has been verified by those cases from the Jinping II deep headrace and water drainage tunnels at depths of 1900-2525 m (with a length of 11.6 km in total for D&B tunnels).

  18. Risk Management Affecting IS/IT Project Success Through Communicative Action

    NARCIS (Netherlands)

    de Bakker, K.F.C.; Boonstra, A.; Wortmann, J.C.

    Project risk management is defined in the literature as being instrumental action based on rational problem solving. Research indicates limited positive effects of an exclusive focus of instrumental action on project success. This article proposes to extend this instrumental view through

  19. Risks from proposed nuclear waste dump unacceptable

    International Nuclear Information System (INIS)

    Veevers, John

    1999-01-01

    The author has a critical look at the proposal by Pangea Resources Australia Pty Ltd (PARPL) to establish in Australia a permanent underground disposal site for radioactive waste from around the world. In his opinion, the inevitable risk in the proposal stems from the magnitudes: 250,000 tonnes of enormously dangerous RADwaste in the northern hemisphere 20,000 km from its destined dump in Australia, where it must remain intact for at least 10,000 years. These magnitudes - of tonnage, lethality, distance of transport, and time - entail great inherent risk. He also argue that the job of the Australian scientists is to apply due diligence to PARPL proposal

  20. New approach to managing nuclear criticality risk at Nuclear Fuel Services, Inc

    International Nuclear Information System (INIS)

    Green, R.; Droke, R.; Paine, D.

    1992-01-01

    The negative aspects of having a nuclear criticality accident at a fuel fabrication facility have substantially increased in recent years. Although ensuring that the facility is designed and operating in a critically safe manner is a high management priority, practices of managing the risk of a criticality accident have not significantly changed. The method of evaluating risk based on quantitative analysis can enable management to adapt to the increased consequences of a nuclear criticality accident. Additional controls may be placed on high-risk areas within a facility to ensure safe operation of the plant. Areas where controls are in place that impede the productivity of the facility and have negligible impact on criticality safety may be removed or replaced. Management can also streamline the safety analysis efforts applied to facility upgrades by demonstrating that proposed design changes do not compromise criticality safety. Future expansion of quantitative analysis techniques will also allow risk-based management decisions on industrial, radiological, and environmental safety

  1. Risk-based investment trade-off related to building facility management

    Energy Technology Data Exchange (ETDEWEB)

    Taillandier, F. [Departement TIDS, Centre Scientifique et Technique du Batiment, 06904 Sophia Antipolis (France); Laboratoire Optimisation de la conception et Ingenierie de l' environnement, Polytech' Savoie, Universite de Savoie, 73376 Le Bourget du lac (France)], E-mail: franck.taillandier@univ-savoie.fr; Sauce, G. [Laboratoire Optimisation de la conception et Ingenierie de l' environnement, Polytech' Savoie, Universite de Savoie, 73376 Le Bourget du lac (France); Bonetto, R. [Departement TIDS, Centre Scientifique et Technique du Batiment, 06904 Sophia Antipolis (France)

    2009-04-15

    Due to his or her profession, any building facility manager has to face many decision-making situations. One of the most important to be mentioned is the arbitration of a multi-year maintenance plan for buildings. Deciding between proposed maintenance actions, according to several constraints, so as to aim at satisfying corporate strategy is a complex choice. Risk approaches can be particularly effective because of their ability to handle complexity and uncertainties. The problem is then to be able to propose a method considering risks, adapted to the specific context of building facility management. Our method, regarded as a traditional approach, includes needed resources (i.e. costs) according to constraints (i.e. budget), but it also considers several risk domains (safety, technical preservation, client satisfaction, etc.), through the consequences (gain and loss). It proposes an ergonomic arbitration system based on filters following two complementary approaches: a selection of the fundamental actions and then an optimization of the plan (in a global view). The aim, for decision-makers, is to build their own solution by testing multiple angles of vision in simulation logic. This article presents the principles of the method, illustrated by an example of a real case conducted for a leading French company.

  2. Risk-based investment trade-off related to building facility management

    International Nuclear Information System (INIS)

    Taillandier, F.; Sauce, G.; Bonetto, R.

    2009-01-01

    Due to his or her profession, any building facility manager has to face many decision-making situations. One of the most important to be mentioned is the arbitration of a multi-year maintenance plan for buildings. Deciding between proposed maintenance actions, according to several constraints, so as to aim at satisfying corporate strategy is a complex choice. Risk approaches can be particularly effective because of their ability to handle complexity and uncertainties. The problem is then to be able to propose a method considering risks, adapted to the specific context of building facility management. Our method, regarded as a traditional approach, includes needed resources (i.e. costs) according to constraints (i.e. budget), but it also considers several risk domains (safety, technical preservation, client satisfaction, etc.), through the consequences (gain and loss). It proposes an ergonomic arbitration system based on filters following two complementary approaches: a selection of the fundamental actions and then an optimization of the plan (in a global view). The aim, for decision-makers, is to build their own solution by testing multiple angles of vision in simulation logic. This article presents the principles of the method, illustrated by an example of a real case conducted for a leading French company

  3. Risk management at university

    OpenAIRE

    Ivanova, H.; Abramovich, S.

    2013-01-01

    This article observes the basic recommendations for the risk management system in higher education as an example Yanka Kupala State University of Grodno. Consider the risk-management standard that based in a process approach

  4. Managing complex, high risk projects a guide to basic and advanced project management

    CERN Document Server

    Marle, Franck

    2016-01-01

    Maximizing reader insights into project management and handling complexity-driven risks, this book explores propagation effects, non-linear consequences, loops, and the emergence of positive properties that may occur over the course of a project. This book presents an introduction to project management and analysis of traditional project management approaches and their limits regarding complexity. It also includes overviews of recent research works about project complexity modelling and management as well as project complexity-driven issues. Moreover, the authors propose their own new approaches, new methodologies and new tools which may be used by project managers and/or researchers and/or students in the management of their projects. These new elements include project complexity definitions and frameworks, multi-criteria approaches for project complexity measurement, advanced methodologies for project management (propagation studies to anticipate potential behaviour of the project, and clustering approaches...

  5. Managing risks in the fisheries supply chain using House of Risk Framework (HOR) and Interpretive Structural Modeling (ISM)

    Science.gov (United States)

    Nguyen, T. L. T.; Tran, T. T.; Huynh, T. P.; Ho, T. K. D.; Le, A. T.; Do, T. K. H.

    2018-04-01

    One of the sectors which contributes importantly to the development of Vietnam economy is fishery industry. However, during recent year, it has been witnessed many difficulties on managing the performance of the fishery supply chain operations as a whole. In this paper, a framework for supply chain risk management (SCRM) is proposed. Initially, all the activities are mapped by using Supply Chain Operations Reference (SCOR) model. Next, the risk ranking is analyzed in House of Risk. Furthermore, interpretive structural modeling (ISM) is used to identify inter-relationships among supply chain risks and to visualize the risks according to their levels. For illustration, the model has been tested in several case studies with fishery companies in Can Tho, Mekong Delta. This study identifies 22 risk events and 20 risk agents through the supply chain. Also, the risk priority could be used for further House of Risk with proactive actions in future studies.

  6. Role of NDT in risk management

    International Nuclear Information System (INIS)

    Porter, Jr. James F.

    2009-01-01

    Risk management is identifying and then managing threats that could severely affect or bring down a company. This involves reviewing the operations of the company to include the process, equipment, procedures and personnel. Potential threats are then identified including their probability of occurrence, and then taking appropriate actions to address the most likely threats. Traditionally, risk management was thought of as mostly getting the right insurance. However, this impression of risk management has changed dramatically. With the recent increase in rules and regulations and optimizing utilization of key resources, risk management is becoming a management practice that is as important as financial or facilities management. In ideal risk management, a prioritization process is followed whereby the risks with the greatest loss and greatest probability of occurring are handled first, and risks with lower probability of occurrence and lower loss are handled in descending order. In practice the process can be very difficult, and balancing between risks with a high probability of occurrence but lower loss versus a risk with high but lower probability of occurrence can often be mishandled. (author)

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

    DEFF Research Database (Denmark)

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

    2018-01-01

    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...

  8. The Key to Risk Management: Management

    OpenAIRE

    Adrian E. Tschoegl

    2000-01-01

    The Barings, Daiwa Bank and Sumitomo Corp. financial debacles in the mid-1990s suggest that management failures rather than misfortune, errors, or complexity are a major source of the risk of financial debacles. These errors are systematic and are a concommittant of the structure of trading and of human nature. Risk management systems must take these facts into account.

  9. A risk-return based model to measure the performance of portfolio management

    Directory of Open Access Journals (Sweden)

    Hamid Reza Vakili Fard

    2014-10-01

    Full Text Available The primary concern in all portfolio management systems is to find a good tradeoff between risk and expected return and a good balance between accepted risk and actual return indicates the performance of a particular portfolio. This paper develops “A-Y Model” to measure the performance of a portfolio and analyze it during the bull and the bear market. This paper considers the daily information of one year before and one year after Iran's 2013 precedential election. The proposed model of this paper provides lost profit and unrealized loss to measure the portfolio performance. The proposed study first ranks the resulted data and then uses some non-parametric methods to see whether there is any change because of the changes in markets on the performance of the portfolio. The results indicate that despite increasing profitable opportunities in bull market, the performance of the portfolio did not match the target risk. As a result, using A-Y Model as a risk and return base model to measure portfolio management's performance appears to reduce risks and increases return of portfolio.

  10. Framework for systematic risk management

    International Nuclear Information System (INIS)

    Knief, R.A.; Mahn, J.A.; Briant, V.S.; Lee, R.B.; Long, R.L.

    1991-01-01

    The first paper of the Symposium described GPU Nuclear's Risk Management Group (RMG) and the use of literature search and interviews in a extensive study of risk management. One of the most important goals of the study was to identify comprehensive approaches to managing risk in the nuclear and major high-technology industries. This paper discusses RMG's multi-step generic risk-management process consisting of the following steps to: identify hazards; screen hazards and identify preventive actions, including costs; evaluate hazards for severity, probable frequency, and cost of preventive actions; prioritize preventive actions (preference to high risk and low cost); implement preventive actions; monitor and provide feedback

  11. The NASA risk management program

    International Nuclear Information System (INIS)

    Buchbinder, B.; Philipson, L.L.

    1989-01-01

    This paper reports that the NASA Risk Management Program has been established to ensure the appropriate application of risk-based procedures in support of the elimination, reduction, or acceptance of significant safety risks of concern in NASA. The term appropriate is emphasized, in that the particular procedures applied to each given risk are to reflect its character and prioritized importance, the technological and economic feasibility of its treatment. A number of key documents have been produced in support of this implementation. Databases, risk analysis tools, and risk communication procedures requisite to the execution of the risk management functions also are being developed or documented. Several risk management applications have been made and a comprehensive application to a major new NASA program is underway. This paper summarizes the development and current status of the NASA Risk Management Program. Some principal actions that have been carried out in NASA in consonance with the program are noted particularly, and views are presented on the program's likely future directions

  12. A challenge for land and risk managers: differents stakeholders, differents definitions of the risks

    Science.gov (United States)

    Fernandez, M.; Ruegg, J.

    2012-04-01

    various solutions proposed for reducing vulnerabilities (and consequentially their risks). To resolve a post-disaster situation, the actors prioritize one main type of vulnerability to address a set of vulnerabilities (in a multi-vulnerability context). With this choice, they define their own acceptable risk limits and the type of action that is most relevant. In doing so, they have to determine what elements can be changed and improved and which elements must be considered essential and preserved or the priority variables. These may include: equipment, production facilities, networks, services, modes of production and organizations, etc. or various economic and social capitals upon which individuals and groups rely for recovering from a post-disaster situation. Depending on the actor, certain factors will be will be emphasized over others and these may change over time. Linked with this political, institutional and geographical analysis of risk management, this work also questions who are the legitimate actors and the right criteria to prioritize risk reduction actions using public funds criteria and finally, which motivations are satisfied. In this sense, the challenge for managers of natural hazards is to move from risk management in the strict sense, which focuses mainly on hazards only, to a broader risks management, taking into consideration what is important for society and for the functioning of systems (what have not be vulnerable in a territorial system). In a context where risk and risk management is produced and managed by both formal and informal stakeholders, the main issue is how to engage the various stakeholders and evaluate different priorities of risk in order to determine which actions are best suited for a more balanced approach to risk management. This case study demonstrates that reducing landslide risk is subject to interpretation depending on the stakeholder and the result of priorities, providing on the role of each actor, their needs and range

  13. Risk Management in Mergers and Acquisitions

    Directory of Open Access Journals (Sweden)

    Dmitry O. Verdiev

    2015-01-01

    Full Text Available M&A statistics show that less than a third of newly merged companies has realized their planned synergistic effects and increased shareholder value. According to the author, such disgusting situation is due to improper planning and failure of corporate management to understand the importance of risk management in M&A. Lack of practice in identification, evaluation, mitigation and regular monitoring of risks leads to the situation when many companies merge despite the fact that the merger bears substantial risks. Corporate management fails to include risk mitigation expenses in merger costs. In many cases, risk mitigation expenses may be so substantive that the merger loses its attractiveness. Only few companies implement risk management methodology while planning M&A activity. This methodology may anticipate and minimize the consequences of various risk factors that negatively influence integration process. The article suggests an implementation of risk management best practice. This risk management best practice may act as an effective tool of successful realization of synergistic effects in M&A and may be helpful in increasing shareholder value in post-merger period. Risk management is conducted throughout the stages of merger and includes identification, analysis, assessment, management and monitoring of risks. Implementation of risk management at early stages of merger planning significantly decreases uncertainty in relation to achievement of financial and operational goals of newly merged company. The article provides with typical M&A risk matrix that may be adapted for specific M&A project. Risk matrix includes a register of risks sorted by stages of M&A deal, quality assessment of their probability, influence and impact on merger as well as risk mitigation methods.

  14. Risk Management in Cocurricular Activities.

    Science.gov (United States)

    Webb, Edward M.

    1988-01-01

    Discusses risk management for colleges' cocurricular activities. Discusses tort liability, contributory negligence, and assumption of risk. Provides six concrete steps for managing risks responsibly and professionally: adopting an educational mission statement, assigning risk to others, establishing safety standards, training club advisors,…

  15. RISK MANAGEMENT OF GERMAN FRUIT PRODUCERS

    Directory of Open Access Journals (Sweden)

    Annkatrin PORSCH

    2018-03-01

    Full Text Available Horticultural farms in Germany face substantial business risks. However, fruit farms often struggle to implement appropriate risk management processes, and the risk management literature widely has ignored this farm type. The aim of the study was to improve the assessment of risks by farmers and the choice of suitable risk management instruments. Therefore, a risk management process based on subjective probabilities and suitable for small and medium-sized farms was developed, considering the specific needs of family run businesses. An online survey was conducted to achieve a comprehensive view of the risk perception and risk management practices of German fruit producers. Price and production risks are the most relevant risk categories for fruit farmers. However, among single risk sources, those in the people risk category were seen as the most important. Results show significant interactions among risk categories and a significant correlation between loss experience and the rating of risk categories. The assumption that risk averse farmers generally rate risks higher than risk neutral or risk seeking farmers cannot be confirmed. Diversification seems to be the most important risk management instrument for many fruit producers, especially diversification of marketing channels, farm income, and production activities. Further research should focus on the apparent inconsistency between the satisfaction with instruments reported by farmers and the actual implementation of many of them (e.g., hail insurance and anti-hail net. Furthermore, there is a need for research, to develop decision models considering the interactions of risks and risk management instruments, loss experience and risk seeking attitudes.

  16. Evaluation of sustainable supply chain risk management using an integrated fuzzy TOPSIS- CRITIC approach

    DEFF Research Database (Denmark)

    Rostamzadeh, Reza; Ghorabaee, Mehdi Keshavarz; Govindan, Kannan

    2018-01-01

    Supply chain risk management research has mainly mistreated the important of sustainability issues. Moreover, there is little knowledge about sustainable management of risk and supply chain and the way they impose losses for firms. Risk management's duty in the supply chain is to identify, analyze......, and provide solutions for accountability, control and monitor the risks in the economic and production cycle. This study aims to develop a framework for the sustainable supply chain risk management (SSCRM) evaluation. To this end, an integrated fuzzy multi-criteria decision-making (MCDM) approach is proposed...... based on the technique in order of preference by similarity to ideal solution (TOPSIS) and criteria importance through inter-criteria correlation (CRITIC) methods. The literature was reviewed and the potential criteria were identified. Through an expert panel the criteria were filtered. Seven main...

  17. Power system operation risk analysis considering charging load self-management of plug-in hybrid electric vehicles

    International Nuclear Information System (INIS)

    Liu, Zhe; Wang, Dan; Jia, Hongjie; Djilali, Ned

    2014-01-01

    Highlights: • The interactive mechanism between system and PHEVs is presented. • The charging load self-management without sacrificing user requirements is proposed. • The charging load self-management is coupled to system operation risk analysis. • The charging load self-management can reduce the extra risk brought by PHEVs. • The charging load self-management can shift charging power to the time with low risk. - Abstract: Many jurisdictions around the world are supporting the adoption of electric vehicles through incentives and the deployment of a charging infrastructure to reduce greenhouse gas emissions. Plug-in hybrid electric vehicles (PHEVs), with offer mature technology and stable performance, are expected to gain an increasingly larger share of the consumer market. The aggregated effect on power grid due to large-scale penetration of PHEVs needs to be analyzed. Nighttime-charging which typically characterizes PHEVs is helpful in filling the nocturnal load valley, but random charging of large PHEV fleets at night may result in new load peaks and valleys. Active response strategy is a potentially effective solution to mitigate the additional risks brought by the integration of PHEVs. This paper proposes a power system operation risk analysis framework in which charging load self-management is used to control system operation risk. We describe an interactive mechanism between the system and PHEVs in conjunction with a smart charging model is to simulate the time series power consumption of PHEVs. The charging load is managed with adjusting the state transition boundaries and without violating the users’ desired charging constraints. The load curtailment caused by voltage or power flow violation after outages is determined by controlling charging power. At the same time, the system risk is maintained under an acceptable level through charging load self-management. The proposed method is implemented using the Roy Billinton Test System (RBTS) and

  18. 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.

  19. 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.

  20. Oil-spill risk analysis: Gulf of Mexico (Proposed Lease Sales 131/135/137) Outer Continental Shelf. Final report

    International Nuclear Information System (INIS)

    Hannon, L.J.; LaBelle, R.P.; Lear, E.M.

    1991-09-01

    The Federal Government has proposed to offer Outer Continental Shelf lands in the Gulf of Mexico for oil and gas leasing. Because oil spills may occur from activities associated with offshore oil production, the Minerals Management Service conducts a formal risk assessment. In evaluating the significance of accidental oil spills, it is important to remember that the occurrence of such spills is fundamentally probabilistic. The effects of oil spills that could occur during oil and gas production must be considered. The report summarizes results of an oil spill risk analysis conducted for the proposed Gulf of Mexico Outer Continental Shelf Lease Sales 131/135/137. The objective of this analysis was to estimate relative risks associated with oil and gas production for the proposed lease sales

  1. [The relevance of clinical risk management].

    Science.gov (United States)

    Gulino, Matteo; Vergallo, Gianluca Montanari; Frati, Paola

    2011-01-01

    Medical activity includes a risk of possible injury or complications for the patients, that should drive the Health Care Institutions to introduce and/ or improve clinical Risk management instruments. Although Italy is still lacking a National project of Clinical Risk Management, a number of efforts have been made by different Italian Regions to introduce instruments of risk management. In addition, most of National Health Care Institutions include actually a Department specifically in charge to manage the clinical risk. Despite the practical difficulties, the results obtained until now suggest that the risk management may represent a useful instrument to contribute to the reduction of errors in clinical conduct. Indeed, the introduction of adequate instruments of prevention and management of clinical risk may help to ameliorate the quality of health care Institution services.

  2. 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.

  3. Introduction of policy of management of financial risks in LLC Tekhosnastka

    OpenAIRE

    N. N. Kudryavtseva; Yu. V. Pakhomova; Yu. N. Duvanova

    2017-01-01

    Proposed the technique of development of the system of actions to implementation of the effective development strategy of the enterprise is described. Control of financial risks of the enterprise represents a part of activities of the financial manager. Each enterprise for support of stable operation in the future, shall have accurately definite purposes. The most effective system of management is the system of strategic management which demands from principals of understanding of an entity o...

  4. Proposals for enhanced health risk assessment and stratification in an integrated care scenario.

    Science.gov (United States)

    Dueñas-Espín, Ivan; Vela, Emili; Pauws, Steffen; Bescos, Cristina; Cano, Isaac; Cleries, Montserrat; Contel, Joan Carles; de Manuel Keenoy, Esteban; Garcia-Aymerich, Judith; Gomez-Cabrero, David; Kaye, Rachelle; Lahr, Maarten M H; Lluch-Ariet, Magí; Moharra, Montserrat; Monterde, David; Mora, Joana; Nalin, Marco; Pavlickova, Andrea; Piera, Jordi; Ponce, Sara; Santaeugenia, Sebastià; Schonenberg, Helen; Störk, Stefan; Tegner, Jesper; Velickovski, Filip; Westerteicher, Christoph; Roca, Josep

    2016-04-15

    Population-based health risk assessment and stratification are considered highly relevant for large-scale implementation of integrated care by facilitating services design and case identification. The principal objective of the study was to analyse five health-risk assessment strategies and health indicators used in the five regions participating in the Advancing Care Coordination and Telehealth Deployment (ACT) programme (http://www.act-programme.eu). The second purpose was to elaborate on strategies toward enhanced health risk predictive modelling in the clinical scenario. The five ACT regions: Scotland (UK), Basque Country (ES), Catalonia (ES), Lombardy (I) and Groningen (NL). Responsible teams for regional data management in the five ACT regions. We characterised and compared risk assessment strategies among ACT regions by analysing operational health risk predictive modelling tools for population-based stratification, as well as available health indicators at regional level. The analysis of the risk assessment tool deployed in Catalonia in 2015 (GMAs, Adjusted Morbidity Groups) was used as a basis to propose how population-based analytics could contribute to clinical risk prediction. There was consensus on the need for a population health approach to generate health risk predictive modelling. However, this strategy was fully in place only in two ACT regions: Basque Country and Catalonia. We found marked differences among regions in health risk predictive modelling tools and health indicators, and identified key factors constraining their comparability. The research proposes means to overcome current limitations and the use of population-based health risk prediction for enhanced clinical risk assessment. The results indicate the need for further efforts to improve both comparability and flexibility of current population-based health risk predictive modelling approaches. Applicability and impact of the proposals for enhanced clinical risk assessment require

  5. 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...

  6. A proposed groundwater management framework for municipalities ...

    African Journals Online (AJOL)

    A proposed groundwater management framework for municipalities in South Africa. ... Hence, the Water Research Commission (WRC) has commissioned a project ... and available tools to achieve sustainable groundwater management reflect ...

  7. Integrated frameworks for assessing and managing health risks in the context of managed aquifer recharge with river water.

    Science.gov (United States)

    Assmuth, Timo; Simola, Antti; Pitkänen, Tarja; Lyytimäki, Jari; Huttula, Timo

    2016-01-01

    Integrated assessment and management of water resources for the supply of potable water is increasingly important in light of projected water scarcity in many parts of the world. This article develops frameworks for regional-level waterborne human health risk assessment of chemical and microbiological contamination to aid water management, incorporating economic aspects of health risks. Managed aquifer recharge with surface water from a river in Southern Finland is used as an illustrative case. With a starting point in watershed governance, stakeholder concerns, and value-at-risk concepts, we merge common methods for integrative health risk analysis of contaminants to describe risks and impacts dynamically and broadly. This involves structuring analyses along the risk chain: sources-releases-environmental transport and fate-exposures-health effects-socio-economic impacts-management responses. Risks attributed to contaminants are embedded in other risks, such as contaminants from other sources, and related to benefits from improved water quality. A set of models along this risk chain in the case is presented. Fundamental issues in the assessment are identified, including 1) framing of risks, scenarios, and choices; 2) interaction of models and empirical information; 3) time dimension; 4) distributions of risks and benefits; and 5) uncertainties about risks and controls. We find that all these combine objective and subjective aspects, and involve value judgments and policy choices. We conclude with proposals for overcoming conceptual and functional divides and lock-ins to improve modeling, assessment, and management of complex water supply schemes, especially by reflective solution-oriented interdisciplinary and multi-actor deliberation. © 2015 SETAC.

  8. 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 management...

  9. Dams, Hydrology and Risk in Future River Management

    Science.gov (United States)

    Wegner, D. L.

    2017-12-01

    Across America there are over 80,000 large to medium dams and globally the number is in excess of 800,000. Currently there are over 1,400 dams and diversion structures being planned or under construction globally. In addition to these documented dams there are thousands of small dams populating watersheds. Governments, agencies, native tribes, private owners and regulators all have a common interest in safe dams. Often dam safety is characterized as reducing structural risk while providing for maximum operational flexibility. In the 1970's there were a number of large and small dam failures in the United States. These failures prompted the federal government to issue voluntary dam safety guidelines. These guidelines were based on historic information incorporated into a risk assessment process to analyze, evaluate and manage risk with the goal to improve the quality of and support of dam management and safety decisions. We conclude that historic and new risks need to be integrated into dam management to insure adequate safety and operational flexibility. A recent assessment of the future role of dams in the United States premises that future costs such as maintenance or removal beyond the economic design life have not been factored into the long-term operations or relicensing of dams. The converging risks associated with aging water storage infrastructure, multiple dams within watersheds and uncertainty in demands policy revisions and an updated strategic approach to dam safety. Decisions regarding the future of dams in the United States may, in turn, influence regional water planning and management. Leaders in Congress and in the states need to implement a comprehensive national water assessment and a formal analysis of the role dams play in our water future. A research and national policy agenda is proposed to assess future impacts and the design, operation, and management of watersheds and dams.

  10. Hanford Tanks Initiative risk management guide

    International Nuclear Information System (INIS)

    Schaus, P.S.

    1997-01-01

    This project-specific Risk Management Guide describes the general approach and process being used by the HTI Project to manage risk associated with execution of the HTI mission. It includes the initial identification of risk and the quantification of its likelihood and severity of its consequences. It further addresses the formulation of risk mitigation plans, periodic statusing of the Risk Management List, and risk closure

  11. 75 FR 60689 - Hazardous Waste Management System; Identification and Listing of Hazardous Waste; Proposed Rule

    Science.gov (United States)

    2010-10-01

    ... Waste Management System; Identification and Listing of Hazardous Waste; Proposed Rule AGENCY... exclude (or delist) a certain solid waste generated by its Beaumont, Texas, facility from the lists of hazardous wastes. EPA used the Delisting Risk Assessment Software (DRAS) Version 3.0 in the evaluation of...

  12. 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.

  13. At your own risk. An inquiry about risk management in the ESI

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

    The UNIPEDE survey on Risk Management within the Electricity Supply Industry has provided a picture of the risks facing the Industry at present and an insight into the management of tomorrow's risks. The survey, in which 81 companies (85 respondents) from 31 countries took part shows that: nearly all types of risk identified in the questionnaire are perceived to be growing : the Risk Management role has become more centralized over the past three years: change will slow in the coming three ; the amount of top level attention given to Risk Management is increasing. However only 37 % of respondent companies have Risk Management as a regular top level management item ; environment-related risks and the safety of both employees and the public are perceived as the most critical risks facing the Industry. Over 80 % of surveyed companies consider that both are of increasing concern ; almost 90 % of respondents agreed that risk management processes should be implemented for both pure and speculative risks. Those who disagreed maintained that Risk Management should be 'realistic not theoretical' ; respondents from the US gave markedly different answers to those from the rest of the world. Risk Management in the US receives top level attention, with numerous separated risk management departments handling risk strategy

  14. 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.

  15. The Supply Chain Risk Management

    OpenAIRE

    Skitsko Volodymyr I.; Voynikov Mykola Yu.

    2018-01-01

    The article considers current approaches of risk-management in supply chains, the main steps of the risk management process are analyzed and detailed both for a separate enterprise – participant of supply chain, for the supply chain in general, and for the Beer game, based on the international risk management standards. The article provides a way to assess the risks of the «producer» in the Beer game according to the three strategies of its behavior, which presumably can correspond to differe...

  16. A Bibliometric Review on Risk Management and Building Information Modeling for International Construction

    Directory of Open Access Journals (Sweden)

    Tsenguun Ganbat

    2018-01-01

    Full Text Available International construction is complicated and involves high risks. However, with the development of technological innovation, Building Information Modeling (BIM emerged and seems to be able to address certain risks. To understand BIM applications in risk management for international construction, a state-of-the-art review is required. Therefore, this paper aims to identify the research trends and opportunities for risk management in BIM-enabled international construction by reviewing 526 peer-reviewed journal articles for the years 2007–2017. Thus five steps of bibliometric analysis were conducted based on the proposed frameworks of BIM risk management in international construction (BIM-RM-INTL. The results show that the popularization of BIM not only attracts all stakeholders’ interests but also brings some risks. For example, financial factors are hard to detect and control through BIM, information loss during transmission stands out, and BIM has no unified standards and regulations for international construction. The research has mapped existing research results and their relationships for future risk management in BIM-enabled international construction.

  17. Tank waste remediation system risk management list

    International Nuclear Information System (INIS)

    Collard, L.B.

    1995-01-01

    The Tank Waste Remedation System (TWRS) Risk Management List and it's subset of critical risks, the Critical Risk Management List, provide a tool to senior RL and WHC management (Level-1 and -2) to manage programmatic risks that may significantly impact the TWRS program. The programmatic risks include cost, schedule, and performance risks. Performance risk includes technical risk, supportability risk (such as maintainability and availability), and external risk (i.e., beyond program control, for example, changes in regulations). The risk information includes a description, its impacts, as evaluation of the likelihood, consequences and risk value, possible mitigating actions, and responsible RL and WHC managers. The issues that typically form the basis for the risks are presented in a separate table and the affected functions are provided on the management lists

  18. Risk management versus incentives

    International Nuclear Information System (INIS)

    Aven, E.; Lovas, K.; Osmundsen, P.

    2006-01-01

    Portfolio theory indicates that risk management should take place at the group level. Hedging at the project level or in the individual business areas may lead to suboptimal results. However, the efficiency of a profit centre depends on its management's being able to influence factors that are crucial to the unit's financial results. Price hedging could be one such factor. In the wider perspective, this constitutes part of the balancing between centralisation and decentralisation. This article covers important elements of risk management and incentive design. It goes on to discuss the balancing of overall risk management at the group level and incentive design in profit centres and corporate units. Throughout the article, the oil industry serves as a case. (author)

  19. Risk Management Practices by Barbadian Banks

    Directory of Open Access Journals (Sweden)

    Anthony Wood

    2013-07-01

    The main findings of the paper are: risk managers perceive risk management as critical to their banks’ performance; the types of risks causing the greatest exposures are credit risk, operational risk, country/sovereign risk, interest rate risk and market risk; there was a high level of success with current risk management practices and these practices have evolved over time in line with the changing economic environment and regulatory updates. Overall, the findings suggest strongly that in light of the current depressed economic climate, banks operating in Barbados are indeed risk-focused or might we say “risk intelligent”.

  20. GFC-Robust Risk Management Under the Basel Accord Using Extreme Value Methodologies

    NARCIS (Netherlands)

    P.A. Santos (Paulo Araújo); J.A. Jiménez-Martín (Juan-Ángel); M.J. McAleer (Michael); T. Pérez-Amaral (Teodosio)

    2011-01-01

    textabstractIn McAleer et al. (2010b), a robust risk management strategy to the Global Financial Crisis (GFC) was proposed under the Basel II Accord by selecting a Value-at-Risk (VaR) forecast that combines the forecasts of different VaR models. The robust forecast was based on the median of the

  1. Probabilistic risk assessment as an aid to risk management

    International Nuclear Information System (INIS)

    Garrick, B.J.

    1982-01-01

    Probabilistic risk assessments are providing important insights into nuclear power plant safety. Their value is two-fold: first as a means of quantifying nuclear plant risk including contributors to risk, and second as an aid to risk management. A risk assessment provides an analytical plant model that can be the basis for performing meaningful decision analyses for controlling safety. It is the aspect of quantitative risk management that makes probabilistic risk assessment an important technical discipline of the future

  2. 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.

  3. RiskLab - a joint Teaching Lab on Hazard and Risk Management

    Science.gov (United States)

    Baruffini, Mi.; Baruffini, Mo.; Thuering, M.

    2009-04-01

    In the future natural disasters are expected to increase due to climatic changes that strongly affect environmental, social and economical systems. For this reason and because of the limited resources, governments require analytical risk analysis for a better mitigation planning. Risk analysis is a process to determine the nature and extent of risk by estimating potential hazards and evaluating existing conditions of vulnerability that could pose a potential threat or harm to people, property, livelihoods and environment. This process has become a generally accepted approach for the assessment of cost-benefit scenarios; originating from technical risks it is being applied to natural hazards for several years now in Switzerland. Starting from these premises "Risk Lab", a joint collaboration between the Institute of Earth Sciences of the University of Applied Sciences of Southern Switzerland and the Institute for Economic Research of the University of Lugano, has been started in 2006, aiming to become a competence centre about Risk Analysis and Evaluation. The main issue studied by the lab concerns the topic "What security at what price?" and the activities follow the philosophy of the integral risk management as proposed by PLANAT, that defines the process as a cycle that contains different and interrelated phases. The final aim is to change the population and technician idea about risk from "defending against danger" to "being aware of risks" through a proper academic course specially addressed to young people. In fact the most important activity of the laboratory consists in a degree course, offered both to Engineering and Architecture students of the University of Applied Sciences of Southern Switzerland and Economy Students of the University of Lugano. The course is structured in two main parts: an introductive, theoretical part, composed by class lessons, where the main aspects of natural hazards, risk perception and evaluation and risk management are presented

  4. Branding and the Risk Management Imperative

    OpenAIRE

    Fournier Susan; Srinivasan Shuba

    2018-01-01

    In an increasingly risky socioeconomic environment, management needs to proactively consider brand-related risks. To understand brands as tools for risk management, they need to understand four types of brand risk: brand reputation risk, brand dilution risk, brand cannibalization risk and brand stretch risk.

  5. 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 management...

  6. 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.

  7. Integrated environmental risk assessment and whole-process management system in chemical industry parks.

    Science.gov (United States)

    Shao, Chaofeng; Yang, Juan; Tian, Xiaogang; Ju, Meiting; Huang, Lei

    2013-04-19

    Chemical industry parks in China are considered high-risk areas because they present numerous risks that can damage the environment, such as pollution incidents. In order to identify the environmental risks and the principal risk factors in these areas, we have developed a simple physical model of a regional environmental risk field (ERF) using existing dispersal patterns and migration models. The regional ERF zoning was also conducted and a reference value for diagnostic methods was developed to determine risk-acceptable, risk-warning, and risk-mitigation zones, which can provide a risk source layout for chemical industry parks. In accordance with the environmental risk control requirements, this study focused on the three stages of control and management of environmental risk and established an environmental risk management system including risk source identification and assessment, environmental safety planning, early risk warning, emergency management, assessment of environmental effects, and environmental remediation of pollution accidents. By using this model, the environmental risks in Tianjin Binhai New Area, the largest chemical industry park in China, were assessed and the environmental risk zoning map was drawn, which suggested the existence of many unacceptable environmental risks in this area. Thus, relevant suggestions have been proposed from the perspective of the adjustment of risk source layout, intensified management of environmental risk control and so on.

  8. Integrated Environmental Risk Assessment and Whole-Process Management System in Chemical Industry Parks

    Science.gov (United States)

    Shao, Chaofeng; Yang, Juan; Tian, Xiaogang; Ju, Meiting; Huang, Lei

    2013-01-01

    Chemical industry parks in China are considered high-risk areas because they present numerous risks that can damage the environment, such as pollution incidents. In order to identify the environmental risks and the principal risk factors in these areas, we have developed a simple physical model of a regional environmental risk field (ERF) using existing dispersal patterns and migration models. The regional ERF zoning was also conducted and a reference value for diagnostic methods was developed to determine risk-acceptable, risk-warning, and risk-mitigation zones, which can provide a risk source layout for chemical industry parks. In accordance with the environmental risk control requirements, this study focused on the three stages of control and management of environmental risk and established an environmental risk management system including risk source identification and assessment, environmental safety planning, early risk warning, emergency management, assessment of environmental effects, and environmental remediation of pollution accidents. By using this model, the environmental risks in Tianjin Binhai New Area, the largest chemical industry park in China, were assessed and the environmental risk zoning map was drawn, which suggested the existence of many unacceptable environmental risks in this area. Thus, relevant suggestions have been proposed from the perspective of the adjustment of risk source layout, intensified management of environmental risk control and so on. PMID:23603866

  9. Integrated Environmental Risk Assessment and Whole-Process Management System in Chemical Industry Parks

    Directory of Open Access Journals (Sweden)

    Lei Huang

    2013-04-01

    Full Text Available Chemical industry parks in China are considered high-risk areas because they present numerous risks that can damage the environment, such as pollution incidents. In order to identify the environmental risks and the principal risk factors in these areas, we have developed a simple physical model of a regional environmental risk field (ERF using existing dispersal patterns and migration models. The regional ERF zoning was also conducted and a reference value for diagnostic methods was developed to determine risk-acceptable, risk-warning, and risk-mitigation zones, which can provide a risk source layout for chemical industry parks. In accordance with the environmental risk control requirements, this study focused on the three stages of control and management of environmental risk and established an environmental risk management system including risk source identification and assessment, environmental safety planning, early risk warning, emergency management, assessment of environmental effects, and environmental remediation of pollution accidents. By using this model, the environmental risks in Tianjin Binhai New Area, the largest chemical industry park in China, were assessed and the environmental risk zoning map was drawn, which suggested the existence of many unacceptable environmental risks in this area. Thus, relevant suggestions have been proposed from the perspective of the adjustment of risk source layout, intensified management of environmental risk control and so on.

  10. Introduction of policy of management of financial risks in LLC Tekhosnastka

    Directory of Open Access Journals (Sweden)

    N. N. Kudryavtseva

    2017-01-01

    Full Text Available Proposed the technique of development of the system of actions to implementation of the effective development strategy of the enterprise is described. Control of financial risks of the enterprise represents a part of activities of the financial manager. Each enterprise for support of stable operation in the future, shall have accurately definite purposes. The most effective system of management is the system of strategic management which demands from principals of understanding of an entity of strategy, use of receptions and methods of strategic management, development of strategic plans. From here, strategy shall change and adapt to change of conditions, both the external, and internal environment. Therefore, the business management problem is urgent. The analysis of the specified problems showed absence of effective management of the enterprises taking into account risk situations. Now there are no effective techniques and models of business management representing the relations of the economic subject assuming correlation in provision and consuming of goods and services. The policy of control of financial risks represents a part of the general financial strategy of the enterprise consisting in system development an action for neutralization of possible negative financial consequences of the risks connected to implementation of different aspects of financial activities. Within this policy the list of financial risks is defined. The most significant financial risks are identified and by means of a ball scale ranging of risks is made and the curve of accents is defined. The conclusion is drawn on a status of a problem of financial risks at the enterprise: the most priority risk is the risk of lowering of financial stability (or risk of violation of equilibrium of financial development, it has the greatest assessment. Further risks of insolvency (or risk of unbalanced liquidity the enterprises and criminogenic risk follow. The least priority is

  11. Risk Management and Risk Psychology in Romanian Sme’s

    Directory of Open Access Journals (Sweden)

    Irina Dănciulescu

    2015-12-01

    Full Text Available Risk is one of the biggest and most fascinating challenges of all times for humanity, because of its presence in all fields. Risk management as a component of modern management, has become a main concern for the modern world and one of the “key mechanisms” of economic development, a complex processn that includes a series of activities meant to alleviate the impact of risk over business and planed or foreseen results. This paper wants to bring to attention the importance of risks and their management in today’s economic crisis. The sector presented is the IT& C, especially software, because Romania had a growth in this area for a few years but beginning the crisis this segment in economy had known a serious decrease. This paper tries to connect risk management and risk psychology to Romanian economy, culture and mentality. The paper presents in short some of risk management characteristics, definitions and few opinions; why in Romania this subject is not treated with the appropriate attention. The paper at hand focuses on the psychology of risk and how it affects the life of individuals and the existence of companies, the importance it should have on day to day basis, especially in Romania

  12. MANAGEMENT OF SECURITY FOR BANK LOANS ON THE BASIS OF RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Viktoriia Kovalenko

    2016-03-01

    Full Text Available The article aims to study methods and tools for risk management to ensure bank loans.  Proved that the effectiveness of risk management to ensure bank loans depends on consistency,  adequacy methods of evaluation, quality monitoring and timely response system of the banks and the  regulator. The article is to develop recommendations to improve the effectiveness of risk management providing bank loans considering the risks inherent in the process support mortgage portfolio of banks in the  face of considerable uncertainty functioning banks. It is proved that the risk provision of bank loans in the loan management should be considered  through risk characteristics that form the aggregate credit risk. Substantiated that risk management software meets the classic risk management, which identifies  four main stages: identification; risk assessment software; control risk; minimizing risk. Keywords: credit risk provision, loan, risk management, reserves.JEL: G 28

  13. Branding and the Risk Management Imperative

    Directory of Open Access Journals (Sweden)

    Fournier Susan

    2018-05-01

    Full Text Available In an increasingly risky socioeconomic environment, management needs to proactively consider brand-related risks. To understand brands as tools for risk management, they need to understand four types of brand risk: brand reputation risk, brand dilution risk, brand cannibalization risk and brand stretch risk.

  14. A risk-based monitoring framework for the long term management of used fuel

    International Nuclear Information System (INIS)

    Garisto, N.C.

    2006-01-01

    The Nuclear Waste Management Organization has a mandate from the Government of Canada to consult with the public and to recommend an approach for managing Canada's used nuclear fuel. Three main fuel management methods are being explored and evaluated by the Nuclear Waste Management Organization: disposal in a Deep Geological Repository (DGR); reactor-site extended storage (RES); and centralized extended storage (CES), either above ground or below ground. The used nuclear fuel management system, whether a DGR or an extended storage system will require monitoring. In this study, a risk-based monitoring framework was developed for the used fuel management program. The proposed approach addresses the unique challenges of used fuel management being implemented in a multi-stakeholder process, including: (i) the complexity of the facilities; (ii) the need to consider both science-based risk and perceived risk in the monitoring plans; and (iii) the difficulty in conducting 'invasive' measurements of sealed systems, particularly over a very long time frame. (author)

  15. Considerations on Integrating Risk and Quality Management

    Directory of Open Access Journals (Sweden)

    Maria POPESCU

    2011-03-01

    Full Text Available This paper aims to highlight the links between risk management and quality management and to study the possibility of their integrated approach. The study reviews the evolution of risk approach within organizations and stresses the need to increase the effectiveness of this approach by incorporating risk management methodology in the quality management system. Starting from this idea, the authors present the current state of risk approach into quality management, basic rules of integrated quality-risk management and major difficulties which may arise in the implementation of integrated quality–risk systems.

  16. 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.

  17. Teaching Disaster Risk Management: Lessons from the Rotman School of Management

    Directory of Open Access Journals (Sweden)

    ANDRÁS TILCSIK

    Full Text Available This article describes how disaster risk management topics are taught at the Rotman School of Management at the University of Toronto and thus highlights opportunities for developing similar course modules on disaster risk management at other institutions. An undergraduate and MBA elective course, titled Catastrophic Failure in Organizations, contains four modules that are directly relevant to disaster risk management. The first module focuses on the need to move from risk indifference to risk sensitivity. The second module considers the importance of business continuity and crisis management plans and explores their common shortcomings. The third module uses a case study to examine the topic of prospective risk management. The fourth module focuses on the vulnerability of supply chains and other complex systems to disaster risk. The article describes the details of implementing these modules and discusses opportunities for further integration of disaster risk management topics in other parts of the curriculum.

  18. Proposal for the risk management implementation phase in oil field development project by adding value on the refurbishment of critical equipment

    Directory of Open Access Journals (Sweden)

    Hamid Abdul

    2017-01-01

    Full Text Available Refurbishment process is a conceptual stage in product life cycle. It is utilized in existing equipment in the field by adding value to recondition and repaired equipment. The main interest of this paper is to implement and design risk management implementation phase in oil field development project on the refurbishment of critical equipment in oil and gas industry. This paper is provided base on research and experiences in risk management and learned from practical team in industry which matched by an application in oil field development project in refurbishment of critical equipment. A framework of implementation phase for risk management in oil field development project in refurbishment critical equipment were reviewed and added value on communication skills of the project team to the stakeholder and organization, which support to external body and vice-versa. Risk management framework can be used for reference of refurbishment process with simply process and developed with same concept for the next wide development project in industry.

  19. International and Russian practice of banking risk-management. Mortgage risks

    Directory of Open Access Journals (Sweden)

    A. V. Nikolaeva

    2016-01-01

    Full Text Available The goal of the work is to compare Russian norms and standards of risk management of mortgage lending with international standards of risk management based on the documents of the Basel Committee. The article also aims to analyze new banking tools of risk management of mortgage lending, that arise in connection with the application of international norms and standards of risk management.Materials and Methods: The main documents considered in the article are the agreements on capital, issued by the Basel Committee on Banking Supervision: Basel-I (1988, Basel-II (2004 and Basel-III (2010, as well as instructions and standing orders issued by the Central Bank of Russia, including: Instruction № 139-I "Ob obiazatel'nykh normativakh bankov", instruction № 1 "O poriadke regulirovaniia deiatel'nosti kommercheskikh bankov", the standing order number 215-P "O metodike opredeleniia sobstvennykh sredstv (kapitala kreditnykh organizatsii", the standing order № 395-P "O metodike opredeleniia velichiny sobstvennykh sredstv (kapitala kreditnykh organizatsii («BAZEL III»" and others. On the basis of these documents the work examines and summarizes the main methods of risk management of mortgage lending, such as: comparison and analysis of risk management techniques, study of the basic documents regulating risk management in banks and generalization of risk management methods in the segment of mortgage lending.Results: The article analyzes the legal and methodological basis of risk management and provides practical methods that can be used in practice for managerial decisions in a constantly changing external economic environment. It also analyses international and native risk management. Russian standards of risk-management are compared with international. The work conducts a critical review of the effects of introduction of international standards in Russia. Special attention is paid to the practice of mortgage risk-management

  20. 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....

  1. Overview of the Hanford risk management plan

    International Nuclear Information System (INIS)

    Halverson, T.G.

    1998-01-01

    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

  2. A Systematical Framework of Schedule Risk Management for Power Grid Engineering Projects’ Sustainable Development

    Directory of Open Access Journals (Sweden)

    Rao Rao

    2014-10-01

    Full Text Available Schedule risks are the main threat for high efficiency of schedule management in power grid engineering projects (PGEP. This paper aims to build a systematical framework for schedule risk management, which consists of three dimensions, including the personnel dimension, method dimension and time dimension, namely supervisory personnel, management methods and the construction process, respectively. Responsibilities of staff with varied functions are discussed in the supervisory personnel part, and six stages and their corresponding 40 key works are ensured as the time dimension. Risk identification, analysis, evaluation and prevention together formed the method dimension. Based on this framework, 222 schedule risks occur in the whole process of PGEPs are identified via questionnaires and expert interviews. Then, the relationship among each risk is figured out based on the Interpretative Structure Model (ISM method and the impact of each risk is quantitatively assessed by establishing evaluation system. The actual practice of the proposed framework is verified through the analysis of the first stage of a PGEP. Finally, the results show that this framework of schedule risk management is meaningful for improving the efficiency of project management. It provides managers with a clearer procedure with which to conduct risk management, helps them to timely detect risks and prevent risks from occurring. It is also easy for managers to judge the influence level of each risk, so they can take actions based on the level of each risk’s severity. Overall, it is beneficial for power grid enterprises to achieve a sustainable management.

  3. Portfolio Implementation Risk Management Using Evolutionary Multiobjective Optimization

    Directory of Open Access Journals (Sweden)

    David Quintana

    2017-10-01

    Full Text Available Portfolio management based on mean-variance portfolio optimization is subject to different sources of uncertainty. In addition to those related to the quality of parameter estimates used in the optimization process, investors face a portfolio implementation risk. The potential temporary discrepancy between target and present portfolios, caused by trading strategies, may expose investors to undesired risks. This study proposes an evolutionary multiobjective optimization algorithm aiming at regions with solutions more tolerant to these deviations and, therefore, more reliable. The proposed approach incorporates a user’s preference and seeks a fine-grained approximation of the most relevant efficient region. The computational experiments performed in this study are based on a cardinality-constrained problem with investment limits for eight broad-category indexes and 15 years of data. The obtained results show the ability of the proposed approach to address the robustness issue and to support decision making by providing a preferred part of the efficient set. The results reveal that the obtained solutions also exhibit a higher tolerance to prediction errors in asset returns and variance–covariance matrix.

  4. INTERNAL AUDIT AND RISK MANAGEMENT

    OpenAIRE

    Elena RUSE; Georgiana SUSMANSCHI (BADEA); Daniel DĂNECI-PĂTRĂU

    2014-01-01

    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 (un)chance 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 int...

  5. 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

  6. Risk Management in Insurance Companies

    OpenAIRE

    Yang, Xufeng

    2006-01-01

    Insurance is the uncertain business in uncertain society. Today, insures face more complex and difficult risks. Efficient risk management mechanisms are essential for the insurers. The paper is set out initially to explore UK insurance companies risk management and risk disclosure by examining companies annual report after all the listed insurance companies are required to disclose risk information in their annual report, which seeks to reflect the recent development in UK insurance companies...

  7. Financial risk management of pharmacy benefits.

    Science.gov (United States)

    Saikami, D

    1997-10-01

    Financial risk management of pharmacy benefits in integrated health systems is explained. A managed care organization should assume financial risk for pharmacy benefits only if it can manage the risk. Horizontally integrated organizations often do not have much control over the management of drug utilization and costs. Vertically integrated organizations have the greatest ability to manage pharmacy financial risk; virtual integration may also be compatible. Contracts can be established in which the provider is incentivized or placed at partial or full risk. The main concerns that health plans have with respect to pharmacy capitation are formulary management and the question of who should receive rebates from manufacturers. The components needed to managed pharmacy financial risk depend on the type of contract negotiated. Health-system pharmacists are uniquely positioned to take advantage of opportunities opening up through pharmacy risk contracting. Functions most organizations must provide when assuming pharmacy financial risk can be divided into internal and external categories. Internally performed functions include formulary management, clinical pharmacy services and utilization management, and utilization reports for physicians. Functions that can be outsourced include claims processing and administration, provider- and customer support services, and rebates. Organizations that integrate the pharmacy benefit across the health care continuum will be more effective in controlling costs and improving outcomes than organizations that handle this benefit as separate from others. Patient care should not focus on payment mechanisms and unit costs but on developing superior processes and systems that improve health care.

  8. 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.

  9. 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.

  10. Multi-hazard risk analysis for management strategies

    Science.gov (United States)

    Kappes, M.; Keiler, M.; Bell, R.; Glade, T.

    2009-04-01

    Risk management is very often operating in a reactive way, responding to an event, instead of proactive starting with risk analysis and building up the whole process of risk evaluation, prevention, event management and regeneration. Since damage and losses from natural hazards raise continuously more and more studies, concepts (e.g. Switzerland or South Tyrol-Bolozano) and software packages (e.g. ARMAGEDOM, HAZUS or RiskScape) are developed to guide, standardize and facilitate the risk analysis. But these approaches focus on different aspects and are mostly closely adapted to the situation (legislation, organization of the administration, specific processes etc.) of the specific country or region. We propose in this study the development of a flexible methodology for multi-hazard risk analysis, identifying the stakeholders and their needs, processes and their characteristics, modeling approaches as well as incoherencies occurring by combining all these different aspects. Based on this concept a flexible software package will be established consisting of ArcGIS as central base and being complemented by various modules for hazard modeling, vulnerability assessment and risk calculation. Not all modules will be developed newly but taken from the current state-of-the-art and connected or integrated into ArcGIS. For this purpose two study sites, Valtellina in Italy and Bacelonnette in France, were chosen and the hazards types debris flows, rockfalls, landslides, avalanches and floods are planned to be included in the tool for a regional multi-hazard risk analysis. Since the central idea of this tool is its flexibility this will only be a first step, in the future further processes and scales can be included and the instrument thus adapted to any study site.

  11. 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

  12. Risk management in medical product development process using traditional FMEA and fuzzy linguistic approach: a case study

    Science.gov (United States)

    Kirkire, Milind Shrikant; Rane, Santosh B.; Jadhav, Jagdish Rajaram

    2015-12-01

    Medical product development (MPD) process is highly multidisciplinary in nature, which increases the complexity and the associated risks. Managing the risks during MPD process is very crucial. The objective of this research is to explore risks during MPD in a dental product manufacturing company and propose a model for risk mitigation during MPD process to minimize failure events. A case study approach is employed. The existing MPD process is mapped with five phases of the customized phase gate process. The activities during each phase of development and risks associated with each activity are identified and categorized based on the source of occurrence. The risks are analyzed using traditional Failure mode and effect analysis (FMEA) and fuzzy FMEA. The results of two methods when compared show that fuzzy approach avoids the duplication of RPNs and helps more to convert cognition of experts into information to get values of risk factors. The critical, moderate, low level and negligible risks are identified based on criticality; risk treatments and mitigation model are proposed. During initial phases of MPD, the risks are less severe, but as the process progresses the severity of risks goes on increasing. The MPD process should be critically designed and simulated to minimize the number of risk events and their severity. To successfully develop the products/devices within the manufacturing companies, the process risk management is very essential. A systematic approach to manage risks during MPD process will lead to the development of medical products with expected quality and reliability. This is the first research of its kind having focus on MPD process risks and its management. The methodology adopted in this paper will help the developers, managers and researchers to have a competitive edge over the other companies by managing the risks during the development process.

  13. RISK MANAGEMENT AS TRANSPORTATION SAFETY PROVISION INSTRUMENT IN RUSSIA

    OpenAIRE

    V. A. Nikolayev

    2012-01-01

    Safety of transportation in Russia is subject to a variety of threats. Discussed in the article are characteristics of major threats to transportation security. State transportation policy directions that make it possible to ensure the security of cargo and passenger transportation are shown. A listof activities and innovative risk management tools that provide for improved safety of railway transportation is proposed.

  14. Tank waste remediation system programmatic risk management plan

    International Nuclear Information System (INIS)

    Seaver, D.A.

    1995-01-01

    This risk management plan defines the approach to be taken to managing risks in the Tank Waste Remediation System (TWRS) program. It defines the actions to be taken at the overall program level, and the risk management requirements for lower-level projects and other activities. The primary focus of this plan is on ''programmatic'' risks, i.e., risks with respect to the cost, schedule, and technical performance of the program. The plan defines an approach providing managers with the flexibility to manage risks according to their specific needs, yet creates. The consistency needed for effectiveness across the program. The basic risk management approach uses a risk management list for the program, each project, and additional lower-level activities. The risk management list will be regularly reviewed and updated by appropriate level of management. Each list defines key risks, their likelihood and consequences, risk management actions to be taken, responsible individuals, and other management information

  15. 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…

  16. Information systems for risk management

    OpenAIRE

    Michael S. Gibson

    1997-01-01

    Risk management information systems are designed to overcome the problem of aggregating data across diverse trading units. The design of an information system depends on the risk measurement methodology that a firm chooses. Inherent in the design of both a risk management information system and a risk measurement methodology is a tradeoff between the accuracy of the resulting measures of risk and the burden of computing them. Technical progress will make this tradeoff more favorable over time...

  17. 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

  18. Assessment of proposals related to oil spill risk for the south coast of Newfoundland

    International Nuclear Information System (INIS)

    2010-01-01

    A study was conducted in 2006 to quantify the present and future risks of oil pollution in Canadian waters off the south coast of Newfoundland due to marine traffic transiting this area. The study methodology included as assessment of the key components of risk, such as the probability of an oil spill occurring and the consequences of the spill should it occur. Key elements that were identified were stakeholder consultation; oil spill frequency; environmental impact assessment; risk results; area specific factors; and future trends. One of the key findings was that the most probable area for a spill was in inner Placentia Bay. Local and regional interests in the area resulted in 25 proposals for spill prevention, response and research. This paper provided a background discussion for each proposal and where relevant, a description of the status quo, and a rationale for implementing, or not implementing the proposal. Proposals for spill prevention consisted of strategies for vessel traffic; vessel instrumentation; use of double hulls; aerial surveillance program; control enforcement; additional radar monitoring; pilotage for long harbours; and escort and rescue tugs. Proposals for spill response consisted of designating places of refuge; location of response equipment; additional response capability; response time standards; designating waste handling sites; bird rescue and rehabilitation; testing of equipment cascading; training of fishermen for first response; and first responder equipment. Oil spill research proposals consisted of research on ecosystem effects; research on response priorities; representative oil spill scenarios; and emergency management plans. General category proposals were also submitted, and dealt primarily with independent oversight committees; consultations with pilots; and occurrence of mystery spills and bilge dumps. 1 tab.

  19. Proposed goals for radioactive waste management

    International Nuclear Information System (INIS)

    Bishop, W.P.; Frazier, D.H.; Hoos, I.R.; McGrath, P.E.; Metlay, D.S.; Stoneman, W.C.; Watson, R.A.

    1977-04-01

    Goals are proposed for the national radioactive waste management program to establish a policy basis for the guidance and coordination of the activities of government, business, and academic organizations whose responsibility it will be to manage radioactive wastes. The report is based on findings, interpretations, and analyses of selected primary literature and interviews of personnel concerned with waste management. Public concerns are identified, their relevance assessed, and a conceptual framework is developed that facilitates understanding of the dimensions and demands of the radioactive waste management problem. The nature and scope of the study are described along with the approach used to arrive at a set of goals appropriately focused on waste management

  20. Enterprise risk management: A process for enhanced management and improved performance

    OpenAIRE

    Gates , Stephen; Nicolas , Jean-Louis; Walker , Paul L.

    2012-01-01

    Some company boards of directors and management teams are still reluctant to embrace enterprise risk management (ERM) because of the uncertainty regarding its value to the bottom line. A survey of audit and risk management executives suggests that the use of ERM leads to increased management consensus, better-informed decisions, enhanced communication of risk taking, and greater management accountability.

  1. Integrated Risk Management as a Factor of Competitiveness Increase of Oil and Gas Industry

    Directory of Open Access Journals (Sweden)

    Darya Nikolaevna Shabanova

    2016-06-01

    Full Text Available The article is dedicated to risk assessment and analysis (RAA in oil and gas industry. The article reviews current trends of risks’ assessment and management in oil and gas industry in relation to the activities of enterprises engaged in engineering design in the field of oil and gas processing considering the requirements of international standards (ISO. The classification of risks is provided with consideration of peculiar features of enterprises of Mineral Resources Sector. The authors present a review of major international and national standards, specifying the activities in risk management. It is shown that one of the modern trends of international standardization is a development of risk management and management of sustainable business based on the risk oriented approach. The authors have proposed the algorithm of risk management in oil and gas projects using the domestic software Business Studio, logically divided into following three stages: identification and assessment of project risks, development of risks mitigation measures and monitoring of project risks. The main indicators of the oil and gas complex of Russia (the volume of oil and gas, the primary oil refining, are the main risk factors for the oil and gas industry. The peculiarities of risk management are described in the form of an economic category. The article shows that risk can and should be controlled, in other words, certain measures should be applied to anticipate as many as possible the risk events and to reduce them.

  2. Risk Management Standards: Towards a contemporary, organisation-wide management approach

    OpenAIRE

    Koutsoukis, Nikitas-Spiros

    2010-01-01

    Risk management has been progressively evolving into a systemic approach for organisational decision making in today’s dynamic economic environment of the global era. In this context, risk management is reaching beyond its traditional finance and insurance application context and is entering the sphere of generic, organisation-wide management approaches. In support of this argument we consider four generic risk management standards issued at the institutional, national or international level...

  3. Controlling Legal Risk for Effective Hospital Management

    Directory of Open Access Journals (Sweden)

    Hyun Jun Park

    2016-04-01

    Full Text Available Purpose: 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. Materials and Methods: 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. Results: 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. Conclusions: 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. Development of computerized risk management tool

    International Nuclear Information System (INIS)

    Kil Yoo Kim; Mee Jung Hwang; Seung Cheol Jang; Sang Hoon Han; Tae Woon Kim

    1997-01-01

    The author describes the kinds of efforts for the development of computerized risk management tool; (1) development of a risk monitor, Risk Monster, (2) improvement of McFarm (Missing Cutsets Finding Algorithm for Risk Monitor) and finally (3) development of reliability database management system, KwDBMan. Risk Monster supports for plant operators and maintenance schedulers to monitor plant risk and to avoid high peak risk by rearranging maintenance work schedule. Improved McFarm significantly improved calculation speed of Risk Monster for the cases of supporting system OOS (Out Of Service). KwDBMan manages event data, generic data and CCF (Common Cause Failure) data to support Risk Monster as well as PSA tool, KIRAP (KAERI Integrated Reliability Analysis Package)

  5. Understanding and managing risk attitude

    National Research Council Canada - National Science Library

    Hillson, David; Murray-Webster, Ruth

    2007-01-01

    ... This book highlights how risk attitude factors influence the human psyche, and carefully explains the impacts. Organisations seeking to dramatically improve the effectiveness of their risk management process will want to use this book's insights. Craig Peterson, President, PMI Risk Management SIG This book has prompted me to think more deeply as a change d...

  6. 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......,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...

  7. 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.

  8. 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.

  9. 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

  10. Risk Management in the Exchange Fund Account

    OpenAIRE

    Michel Rochette

    2002-01-01

    In this article, author Michel Rochette of the Bank's Risk-Management Unit briefly describes the initiatives undertaken to identify, analyze, model, and manage the principal risks inherent in the transactions of the Exchange Fund Account (EFA), where the international reserves of the federal government are held. The author focuses on five types of risk: credit risk, market risk, liquidity risk, operational risk, and legal risk. In addition, the author presents the risk-management principles u...

  11. 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 take...

  12. 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

  13. FIFRA Peer Review: Proposed Risk Assessment Methods Process

    Science.gov (United States)

    From September 11-14, 2012, EPA participated in a Federal Insecticide, Fungicide and Rodenticide Act Scientific Advisory Panel (SAP) meeting on a proposed pollinator risk assessment framework for determining the potential risks of pesticides to honey bees.

  14. Trends in risk management in nuclear industry

    International Nuclear Information System (INIS)

    Kim, Inn Seock

    1996-01-01

    Safety management may be classified into three dimensions: risk management, accident management, and emergency management. This paper addresses the recent trends of safety management in nuclear industry, focussing on risk management and accident management

  15. 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.

  16. Integrated supply chain risk management

    OpenAIRE

    Riaan Bredell; Jackie Walters

    2007-01-01

    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 ...

  17. 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?

  18. [Does clinical risk management require a structured conflict management?].

    Science.gov (United States)

    Neumann, Stefan

    2015-01-01

    A key element of clinical risk management is the analysis of errors causing near misses or patient damage. After analyzing the causes and circumstances, measures for process improvement have to be taken. Process management, human resource development and other established methods are used. If an interpersonal conflict is a contributory factor to the error, there is usually no structured conflict management available which includes selection criteria for various methods of conflict processing. The European University Viadrina in Frankfurt (Oder) has created a process model for introducing a structured conflict management system which is suitable for hospitals and could fill the gap in the methodological spectrum of clinical risk management. There is initial evidence that a structured conflict management reduces staff fluctuation and hidden conflict costs. This article should be understood as an impulse for discussion on to what extent the range of methods of clinical risk management should be complemented by conflict management.

  19. Mainstreaming Disaster Risk Management into Management Education: Case of the Mona School of Business & Management

    Directory of Open Access Journals (Sweden)

    INDIANNA MINTO-COY

    Full Text Available The purpose of this paper is to provide a background to and guide for mainstreaming Disaster Risk Management (DRM into higher education and training institutions in Small Island Developing States (SIDS, with the aim of increasing awareness and understanding of the complexity of DRM issues in business and management, based on their general and specific vulnerabilities. SIDS are considered a special category within the discussion on DRM, given a number of vulnerabilities generally and specifically. Furthermore, little attention has been paid to the business impact of disasters in such settings. It is proposed that one major route to improving this situation is through the educational and training institutions, which play a major role in shaping thinking and practices in such settings.

  20. RISK MANAGEMENT AS TRANSPORTATION SAFETY PROVISION INSTRUMENT IN RUSSIA

    Directory of Open Access Journals (Sweden)

    V. A. Nikolayev

    2012-01-01

    Full Text Available Safety of transportation in Russia is subject to a variety of threats. Discussed in the article are characteristics of major threats to transportation security. State transportation policy directions that make it possible to ensure the security of cargo and passenger transportation are shown. A listof activities and innovative risk management tools that provide for improved safety of railway transportation is proposed.

  1. Risk management as a social defence against anxiety

    Directory of Open Access Journals (Sweden)

    Dirk J. Geldenhuys

    2012-03-01

    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.

  2. A risk communication case study: the Nevada risk assessment/management program

    International Nuclear Information System (INIS)

    Hechanova, A.E.

    2001-01-01

    The Nevada Risk Assessment/Management Program is part of a national effort by the U.S. Department of Energy (Grant DE-FG01-96EW56093) to develop new sources of information and approaches to risk assessment, risk management, risk communication and public outreach as these objectives relate to the ecological and human health effects of radioactive and hazardous material management and site remediation activities. This paper reviews the innovation behind the Nevada Risk Assessment/Management Program and presents a synopsis of the effort that began in 1995 and will officially conclude on April 30, 2000. (author)

  3. Integrated Risk Management Within NASA Programs/Projects

    Science.gov (United States)

    Connley, Warren; Rad, Adrian; Botzum, Stephen

    2004-01-01

    As NASA Project Risk Management activities continue to evolve, the need to successfully integrate risk management processes across the life cycle, between functional disciplines, stakeholders, various management policies, and within cost, schedule and performance requirements/constraints become more evident and important. Today's programs and projects are complex undertakings that include a myriad of processes, tools, techniques, management arrangements and other variables all of which must function together in order to achieve mission success. The perception and impact of risk may vary significantly among stakeholders and may influence decisions that may have unintended consequences on the project during a future phase of the life cycle. In these cases, risks may be unintentionally and/or arbitrarily transferred to others without the benefit of a comprehensive systemic risk assessment. Integrating risk across people, processes, and project requirements/constraints serves to enhance decisions, strengthen communication pathways, and reinforce the ability of the project team to identify and manage risks across the broad spectrum of project management responsibilities. The ability to identify risks in all areas of project management increases the likelihood a project will identify significant issues before they become problems and allows projects to make effective and efficient use of shrinking resources. By getting a total team integrated risk effort, applying a disciplined and rigorous process, along with understanding project requirements/constraints provides the opportunity for more effective risk management. Applying an integrated approach to risk management makes it possible to do a better job at balancing safety, cost, schedule, operational performance and other elements of risk. This paper will examine how people, processes, and project requirements/constraints can be integrated across the project lifecycle for better risk management and ultimately improve the

  4. Risk management for existing energy facilities. A global approach to numerical safety goals

    International Nuclear Information System (INIS)

    Pate-Cornell, M.E.

    1993-01-01

    This paper presents a structured set of numerical safety goals for risk management of existing energy facilities. The rationale behind these safety goals is based on principles of equity and economic efficiency. Some of the issues involved when using probabilistic risk analyses results for safety decisions are discussed. A brief review of existing safety targets and open-quotes floating numbersclose quotes is presented, and a set of safety goals for industrial risk management is proposed. Relaxation of these standards for existing facilities, the relevance of the lifetime of the plant, the treatment of uncertainties, and problems of failure dependencies are discussed briefly. 17 refs., 1 fig

  5. A proposal for accident management optimization based on the study of accident sequence analysis for a BWR

    International Nuclear Information System (INIS)

    Sobajima, M.

    1998-01-01

    The paper describes a proposal for accident management optimization based on the study of accident sequence and source term analyses for a BWR. In Japan, accident management measures are to be implemented in all LWRs by the year 2000 in accordance with the recommendation of the regulatory organization and based on the PSAs carried out by the utilities. Source terms were evaluated by the Japan Atomic Energy Research Institute (JAERI) with the THALES code for all BWR sequences in which loss of decay heat removal resulted in the largest release. Identification of the priority and importance of accident management measures was carried out for the sequences with larger risk contributions. Considerations for optimizing emergency operation guides are believed to be essential for risk reduction. (author)

  6. 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....

  7. Electric vehicle (EV) storage supply chain risk and the energy market: A micro and macroeconomic risk management approach

    Science.gov (United States)

    Aguilar, Susanna D.

    As a cost effective storage technology for renewable energy sources, Electric Vehicles can be integrated into energy grids. Integration must be optimized to ascertain that renewable energy is available through storage when demand exists so that cost of electricity is minimized. Optimization models can address economic risks associated with the EV supply chain- particularly the volatility in availability and cost of critical materials used in the manufacturing of EV motors and batteries. Supply chain risk can reflect itself in a shortage of storage, which can increase the price of electricity. We propose a micro-and macroeconomic framework for managing supply chain risk through utilization of a cost optimization model in combination with risk management strategies at the microeconomic and macroeconomic level. The study demonstrates how risk from the EVs vehicle critical material supply chain affects manufacturers, smart grid performance, and energy markets qualitatively and quantitatively. Our results illustrate how risk in the EV supply chain affects EV availability and the cost of ancillary services, and how EV critical material supply chain risk can be mitigated through managerial strategies and policy.

  8. 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...

  9. 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.

  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

  11. Risk management study for the retired Hanford Site facilities: Risk management executive summary

    International Nuclear Information System (INIS)

    Coles, G.A.; Shultz, M.V.; Taylor, W.E.

    1994-02-01

    This document provides a cost-comparison evaluation for implementing certain risk-reduction measures and their effect on the overall risk of the 100 and 200 Area retired, surplus facilities. The evaluation is based on conditions that existed at the time the risk evaluation team performed facility investigations, and does not acknowledge risk-reduction measures that occurred soon after risk identification. This evaluation is one part of an overall risk management study for these facilities. The retired facilities investigated for this evaluation are located in the 100 and 200 Areas of the 1450-km 2 Hanford Site. The Hanford Site is a semiarid tract of land in southeastern Washington State. The nearest population center is Richland, Washington, (population 32,000) 30 km southeast of the 200 Area. This document is the first in a four volume series that comprise the risk management study for the retired, surplus facilities. Volume 2 is the risk evaluation work procedure; volume 3 provides the results for the risk evaluation; and volume 4 is the risk-reduction cost comparison

  12. Overview of Risk Management for Engineered Nanomaterials

    Science.gov (United States)

    Schulte, P. A.; Geraci, C. L.; Hodson, L. L.; Zumwalde, R. D.; Kuempel, E. D.; Murashov, V.; Martinez, K. F.; Heidel, D. S.

    2013-04-01

    Occupational exposure to engineered nanomaterials (ENMs) is considered a new and challenging occurrence. Preliminary information from laboratory studies indicates that workers exposed to some kinds of ENMs could be at risk of adverse health effects. To protect the nanomaterial workforce, a precautionary risk management approach is warranted and given the newness of ENMs and emergence of nanotechnology, a naturalistic view of risk management is useful. Employers have the primary responsibility for providing a safe and healthy workplace. This is achieved by identifying and managing risks which include recognition of hazards, assessing exposures, characterizing actual risk, and implementing measures to control those risks. Following traditional risk management models for nanomaterials is challenging because of uncertainties about the nature of hazards, issues in exposure assessment, questions about appropriate control methods, and lack of occupational exposure limits (OELs) or nano-specific regulations. In the absence of OELs specific for nanomaterials, a precautionary approach has been recommended in many countries. The precautionary approach entails minimizing exposures by using engineering controls and personal protective equipment (PPE). Generally, risk management utilizes the hierarchy of controls. Ideally, risk management for nanomaterials should be part of an enterprise-wide risk management program or system and this should include both risk control and a medical surveillance program that assesses the frequency of adverse effects among groups of workers exposed to nanomaterials. In some cases, the medical surveillance could include medical screening of individual workers to detect early signs of work-related illnesses. All medical surveillance should be used to assess the effectiveness of risk management; however, medical surveillance should be considered as a second line of defense to ensure that implemented risk management practices are effective.

  13. Overview of Risk Management for Engineered Nanomaterials

    International Nuclear Information System (INIS)

    Schulte, P A; Geraci, C L; Hodson, L L; Zumwalde, R D; Kuempel, E D; Murashov, V; Martinez, K F; Heidel, D S

    2013-01-01

    Occupational exposure to engineered nanomaterials (ENMs) is considered a new and challenging occurrence. Preliminary information from laboratory studies indicates that workers exposed to some kinds of ENMs could be at risk of adverse health effects. To protect the nanomaterial workforce, a precautionary risk management approach is warranted and given the newness of ENMs and emergence of nanotechnology, a naturalistic view of risk management is useful. Employers have the primary responsibility for providing a safe and healthy workplace. This is achieved by identifying and managing risks which include recognition of hazards, assessing exposures, characterizing actual risk, and implementing measures to control those risks. Following traditional risk management models for nanomaterials is challenging because of uncertainties about the nature of hazards, issues in exposure assessment, questions about appropriate control methods, and lack of occupational exposure limits (OELs) or nano-specific regulations. In the absence of OELs specific for nanomaterials, a precautionary approach has been recommended in many countries. The precautionary approach entails minimizing exposures by using engineering controls and personal protective equipment (PPE). Generally, risk management utilizes the hierarchy of controls. Ideally, risk management for nanomaterials should be part of an enterprise-wide risk management program or system and this should include both risk control and a medical surveillance program that assesses the frequency of adverse effects among groups of workers exposed to nanomaterials. In some cases, the medical surveillance could include medical screening of individual workers to detect early signs of work-related illnesses. All medical surveillance should be used to assess the effectiveness of risk management; however, medical surveillance should be considered as a second line of defense to ensure that implemented risk management practices are effective.

  14. Risk management on nuclear power plant. Application of probabilistic risk assessment

    International Nuclear Information System (INIS)

    Kojima, Shigeo

    2003-01-01

    In U.S.A., nuclear safety regulation is moving to risk-informed regulation (RIR), so necessity of a standard to provide contents of probabilistic risk assessment (PRA) constructing its roots has been discussed for a long time. In 1998, the Committee on Nuclear Risk Management (CNRM) of the American Society of Mechanical Engineers (ASME) began to investigate the standard, of which last edition was published as the Standard for Probabilistic Risk Management for Nuclear Power Plant Applications: RA-S-2002 (PRMA) on April, 2002. As in the Committee, the Nuclear Regulatory Commission (NRC), electric power companies, national institutes, PRA specialists, and so on took parts to carry out many discussions with full energies of participants on risk management in U.S.A., the standard was finished after about four years' efforts. In U.S.A., risk management having already used PRA is successfully practiced, U.S.A. is at a stage with more advancing steps of the risk management than Japan is. Here was described on the standard of PRA and a concrete method of the risk management carried out at nuclear power stations. (G.K.)

  15. Risk management in facility transition and management decision making: Needs and opportunities

    International Nuclear Information System (INIS)

    Stillwell, W.; Seaver, D.; Keller, J.; Smith, D.; Weaver, D.; Sanders, T.; Thullen, P.

    1993-02-01

    An overall approach to risk management is described in this paper. Many of these concepts have been developed and applied as part of Hanford Mission Planning (HMP) (Hanford Mission Plan, 1992). At Hanford, HMP provides a mechanism for integrating planning across all the missions and programs of the site. This paper discusses the decision context within which EM must make and defend decisions, the types of decisions that are being and will need to be made in order to progress with the cleanup of the DOE complex, and the resulting need for risk management. Risk management, in turn, requires quality health and ecological risk information to make these decisions. Other types of information are also needed, but the risk information is typically the most important and the most difficult to obtain. The paper then describes a general technical approach to risk management, including particular methods for developing the high quality of human health and ecological risk information that will be needed to support risk management. We next turn to several special issues that make risk management more complex than many other decisions. We discuss these issues and offer some practical suggestions with respect to addressing them in the risk management framework. Finally, we conclude with some discussion of other opportunities for applying risk management

  16. Managing Risks in Dry Port Operations

    OpenAIRE

    Ciortescu Cezar-Gabriel; Pãvãla?cu Narcis Sebastian

    2012-01-01

    The purpose of this paper is to have an in-depth look into the phenomenon of risk assessment and risk management strategies in managing dry port operations as an integrated part into international containerized freight trade. The fact that world crises take the form of disruptions, bankruptcies, breakdowns, macroeconomic and political changes, and disasters leads to higher risks and makes risk management more and more difficult. This paper aims to discuss the theory behind the dry port concep...

  17. Management of radiation risk

    International Nuclear Information System (INIS)

    Hubert, P.

    1996-01-01

    The need to control the risk from ionizing radiation can be tracked back to the eve of the twentieth century. However, as knowledge improved and practices expanded, the approaches to this control have evolved. No longer is the mere respect of some forms of exposure limits or safety related standards sufficient. Rather, it is widely admitted that there is a need for managing radiation risk, both by balancing the advantages and disadvantages of enhancing protection and by setting up a proper organization that allows handling of the risk. This paper describes the multiple aspects of radiation risk management and points out the main related issues. It critically analyzes ALARA and ICRP recommendations. 74 refs, 8 figs, 5 tabs

  18. Software And Systems Engineering Risk Management

    Science.gov (United States)

    2010-04-01

    RSKM 2004 COSO Enterprise RSKM Framework 2006 ISO/IEC 16085 Risk Management Process 2008 ISO/IEC 12207 Software Lifecycle Processes 2009 ISO/IEC...1 Software And Systems Engineering Risk Management John Walz VP Technical and Conferences Activities, IEEE Computer Society Vice-Chair Planning...Software & Systems Engineering Standards Committee, IEEE Computer Society US TAG to ISO TMB Risk Management Working Group Systems and Software

  19. 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...

  20. 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…

  1. Risk management in Taiwan's nuclear power plants by adopting TIRM-2

    International Nuclear Information System (INIS)

    Chao, Chun-Chang; Kao, Tsu-Mu; Huang, Shian-Hung

    2003-01-01

    The TIRM-2 is the second generation risk monitor developed by INER and TPC. By providing risk indexes such as CDF, LERF, ΔCDF, ΔLERF, importance measurements and availability of safety systems, the TIRM-2 can precisely capture the plant risks and can serve as a better management resource. Examples about how to use TIRM-2 for the risk management are discussed in this paper. For plant at power operation, the TIRM-2 allows the plant staff to change plant configuration directly from the P and I Diagram. For a new plant configuration, only a few minutes will be spent for TIRM-2 to recalculate all the risk indexes. TIRM-2 can also provide risk profile and the associated risk indexes based on a given online maintenance schedule. The risk profile of CDF and LERF with ΔCDF and ΔLERF will help the plant staff with preparing associated information for the applications of risk-informed, performance-based regulation. With the proposed refueling outage schedule, the TIRM-2 can predict status of safety system and risk profile of CDF hourly. All calculations can be done within 40 minutes for a typical 50-days outage schedule. The plant staff and managers can rearrange the maintenance schedule referring to TIRM-2' predicted results and avoiding the plant entering into a potential high-risk situation. With the capability of performing both CDF and LERF calculations, the TIRM-2's will become a very helpful tool in monitoring the risk of different plant status and will provide further information directly for risk-informed applications. (author)

  2. RESILIENCE AS A CRITICAL SUCCESS FACTOR OF RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Angela BELOBROV

    2014-06-01

    Full Text Available All the economical entities operate in a complex economic environment marked by economic crisis and stressed the growing dynamism in terms of intensifying competition. In our opinion, changing the environment and enhancing the uncertainty is due to the existence of a number of factors that act as "mutagen" that have the ability to produce mutations environment with a higher frequency of spontaneous mutations. Analysis allows outlining the main factors influencing management approach necessary to increase efficiency and competitiveness of all of this. A proposed solution is to recognize the resilience as a Critical Success Factors for improve risk management.

  3. RISKS MANAGEMENT: NEW LITERATURE REVIEW

    OpenAIRE

    Ennouri Wissem

    2013-01-01

    The complexity of the industrial activities and the important mass of flows crossing the supply chain promotes the emergence of risks that must be considered in the decision process. For this reason, we have developed this paper to clarify the basics of risk management through a short new suggestion of literature review for risk management. Our justification of this attempt is that this area is the most discussed in our days and it is impossible to present all definition of the risk concept, ...

  4. Cognitive mapping tools: review and risk management needs.

    Science.gov (United States)

    Wood, Matthew D; Bostrom, Ann; Bridges, Todd; Linkov, Igor

    2012-08-01

    Risk managers are increasingly interested in incorporating stakeholder beliefs and other human factors into the planning process. Effective risk assessment and management requires understanding perceptions and beliefs of involved stakeholders, and how these beliefs give rise to actions that influence risk management decisions. Formal analyses of risk manager and stakeholder cognitions represent an important first step. Techniques for diagramming stakeholder mental models provide one tool for risk managers to better understand stakeholder beliefs and perceptions concerning risk, and to leverage this new understanding in developing risk management strategies. This article reviews three methodologies for assessing and diagramming stakeholder mental models--decision-analysis-based mental modeling, concept mapping, and semantic web analysis--and assesses them with regard to their ability to address risk manager needs. © 2012 Society for Risk Analysis.

  5. Value at Risk models for Energy Risk Management

    OpenAIRE

    Novák, Martin

    2010-01-01

    The main focus of this thesis lies on description of Risk Management in context of Energy Trading. The paper will predominantly discuss Value at Risk and its modifications as a main overall indicator of Energy Risk.

  6. Risk management in a university environment.

    Science.gov (United States)

    Brewer, Ann; Walker, Ian

    2011-06-01

    Risk is an integral part of quality assurance in higher education in Australia. This paper describes a generic methodology for the identification and management of risk in a university or similar tertiary education environment and outlines a framework that enables the management of risk to be incorporated in the institution's governance cycle. The new approach here is that risk is embedded in the quality assurance framework and, in turn, in the strategic planning and budgeting processes. In many organisations, risk is implemented as a separate process and not considered in any meaningful way as integral to the strategic direction and performance of the university. The paper is based on work carried out by the authors and others between March 2008 and April 2009 to develop a comprehensive system for managing risk in a major Australian university, including processes whereby risk management could be integrated with, and add value to, the overall governance of the university. The case study is described in the appendix to this paper.

  7. 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

  8. 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.

  9. 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.

  10. A Semi Risk-Based Approach for Managing Urban Drainage Systems under Extreme Rainfall

    Directory of Open Access Journals (Sweden)

    Carlos Salinas-Rodriguez

    2018-03-01

    Full Text Available Conventional design standards for urban drainage systems are not set to deal with extreme rainfall events. As these events are becoming more frequent, there is room for proposing new planning approaches and standards that are flexible enough to cope with a wide range of rainfall events. In this paper, a semi risk-based approach is presented as a simple and practical way for the analysis and management of rainfall flooding at the precinct scale. This approach uses various rainfall events as input parameters for the analysis of the flood hazard and impacts, and categorises the flood risk in different levels, ranging from very low to very high risk. When visualised on a map, the insight into the risk levels across the precinct will enable engineers and spatial planners to identify and prioritise interventions to manage the flood risk. The approach is demonstrated for a sewer district in the city of Rotterdam, the Netherlands, using a one-dimensional (1D/two-dimensional (2D flood model. The risk level of this area is classified as being predominantly very low or low, with a couple of locations with high and very high risk. For these locations interventions, such as disconnection and lowering street profiles, have been proposed and analysed with the 1D/2D flood model. The interventions were shown to be effective in reducing the risk levels from very high/high risk to medium/low risk.

  11. A New Approach in Rentability and Capital Risk Management

    Directory of Open Access Journals (Sweden)

    Leonardo Badea

    2006-01-01

    Full Text Available The paper deals with an analytical manner with the financial analysis of the decisions of investments, concentrating on the analysis of the profitableness and the risk of financial titles as part of a portfolio on the Romanian market of capital. First part deals with problems of modern theories of portfolio as a follow up of establishing the complex relationship of risk in the previous chapter and establishes that the analysis of the risk of a portfolio can only be made in close connection to the prognosis of profitability. Although the studying of these phenomena has been realised scientifically ever since the beginning of the 20th century, there can be established as components of the modern theory of portfolio a series of models of analysis and estimating of the relationship central to the management of the portfolio, namely the correlation profitability � risk. Second part proposes of a model for the financial analysis of risk and profitability starting from the necessity of establishing an influence of cultural, investment, educational factors upon the transactions made on the market and upon the course of stock, proposing a new measure for the quantification of the evolution of the individual profitability and the profitability of the market under the form of potential profitability.

  12. A New Approach in Rentability and Capital Risk Management

    Directory of Open Access Journals (Sweden)

    Leonardo Badea

    2006-03-01

    Full Text Available The paper deals with an analytical manner with the financial analysis of the decisions of investments, concentrating on the analysis of the profitableness and the risk of financial titles as part of a portfolio on the Romanian market of capital. First part deals with problems of modern theories of portfolio as a follow up of establishing the complex relationship of risk in the previous chapter and establishes that the analysis of the risk of a portfolio can only be made in close connection to the prognosis of profitability. Although the studying of these phenomena has been realised scientifically ever since the beginning of the 20th century, there can be established as components of the modern theory of portfolio a series of models of analysis and estimating of the relationship central to the management of the portfolio, namely the correlation profitability – risk. Second part proposes of a model for the financial analysis of risk and profitability starting from the necessity of establishing an influence of cultural, investment, educational factors upon the transactions made on the market and upon the course of stock, proposing a new measure for the quantification of the evolution of the individual profitability and the profitability of the market under the form of potential profitability.

  13. 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 activities...

  14. 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.

  15. Managing Risk and Opportunity

    DEFF Research Database (Denmark)

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

    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...... is framed around the challenges imposed on executives and directors in dealing with an increasingly complex and unpredictable world. This requires a new risk leadership focus that not only avoids the downside risks but also considers ways to exploit the upside potential offered by a dynamic environment....... 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...

  16. Tailoring Risk Management in Design

    DEFF Research Database (Denmark)

    Tegeltija, M.; Oehmen, J.; McMahon, C. A.

    2018-01-01

    While risk quantification research has grown over the last few decades, only a limited number of studies have addressed the overall process integration of these approaches in design risk management. This paper argues that the choice of risk quantification method has strong implications for several...... process aspects. We investigate current risk management maturity models and suggest an expansion to accommodate requirements originating from the choice of quantification method, and to inform the choice of quantification method, based on other process parameters, validated through 3 case companies....

  17. Considerations on Risk in Supply Chain Management Information Systems Implementation

    Directory of Open Access Journals (Sweden)

    Valentin-Petru Măzăreanu

    2013-02-01

    Full Text Available Innovation in information and communication technologies resulted in the digital revolution. This kind of revolution is changing the way people work, learn, communicate and manage their businesses. Due to the need to achieve the competitive advantage and to meet the business requirements, we are witnessing an increasing shift from business to e-business and mobile business. In this kind of world solutions like Supply Chain Management (SCM are increasingly appearing. The business success depends on how effective the information system works. Any interruption of the information system will inevitably lead to business loss. To ensure the successful implementation of a SCM project it is necessary to study even from the early stages which are the possible actions / risks / obstacles which might damage in one way or another the execution of the project. The role of the literature and case studies review in the field of interest is undeniable because it provides us with access to the so-called lessons-learned. By using this approach, in this paper, we present the most common risks and risk sources encountered in the implementation projects of SCM type information systems. We also propose a risk identification framework that can be used in the early stages of the implementation project of a Supply Chain Management information system.

  18. Risk management for whales

    OpenAIRE

    Cont, R; Wagalath, L

    2016-01-01

    We propose framework for modeling portfolio risk which integrates market risk with liquidation costs which may arise in stress scenarios. Our model provides a systematic method for computing liquidation-adjusted risk measures for a portfolio. Calculation of Liquidation-adjusted VaR (LVaR) for sample portfolios reveals a substantial impact of liquidation costs on portfolio risk for portfolios with large concentrated positions.

  19. A Hybrid MCDM Technique for Risk Management in Construction Projects

    Directory of Open Access Journals (Sweden)

    Kajal Chatterjee

    2018-02-01

    Full Text Available Multi-stakeholder based construction projects are subject to potential risk factors due to dynamic business environment and stakeholders’ lack of knowledge. When solving project management tasks, it is necessary to quantify the main risk indicators of the projects. Managing these requires suitable risk mitigation strategies to evaluate and analyse their severity. The existence of information asymmetry also causes difficulties with achieving Pareto efficiency. Hence, to ensure balanced satisfaction of all participants, risk evaluation of these projects can be considered as an important part of the multi-criteria decision-making (MCDM process. In real-life problems, evaluation of project risks is often uncertain and even incomplete, and the prevailing methodologies fail to handle such situations. To address the problem, this paper extends the analytical network process (ANP methodology in the D numbers domain to handle three types of ambiguous information’s, viz. complete, uncertain, and incomplete, and assesses the weight of risk criteria. The D numbers based approach overcomes the deficiencies of the exclusiveness hypothesis and completeness constraint of Dempster–Shafer (D–S theory. Here, preference ratings of the decision matrix for each decision-maker are determined using a D numbers extended consistent fuzzy preference relation (D-CFPR. An extended multi-attributive border approximation area comparison (MABAC method in D numbers is then developed to rank and select the best alternative risk response strategy. Finally, an illustrative example from construction sector is presented to check the feasibility of the proposed approach. For checking the reliability of alternative ranking, a comparative analysis is performed with different MCDM approaches in D numbers domain. Based on different criteria weights, a sensitivity analysis of obtained ranking of the hybrid D-ANP-MABAC model is performed to verify the robustness of the proposed

  20. Financial risk management in a competitive electricity market

    International Nuclear Information System (INIS)

    Bjorgan, R.; Liu, C.C.; Lawarree, J.

    1999-01-01

    This paper proposes solutions for electricity producers in the field of financial risk management for electric energy contract evaluation. The efficient frontier is used as a tool to identify the preferred portfolio of contracts. Each portfolio has a probability density function for the profit. For important scheduling policies, closed form solutions are found for the amount of futures contracts that correspond to the efficient frontier. Production scheduling must consider resource constraints. It is found that, without resource constrains, the portfolio with the highest expected profit can be preferred--even for a risk-averse decision-maker. When resource constraints are present, portfolios not corresponding to the maximum expected profit criteria will more frequently be preferred

  1. Managing risk and knowledge in the internationalisation process

    Directory of Open Access Journals (Sweden)

    Victoria Rodríguez

    2010-10-01

    Full Text Available The internationalisation process in a company embodies a series of projects that are performed in different geographical regions. In some cases, especially in SMEs, companies are not capable of predicting the risks that will be faced during the process and they do not have suitable tools to manage the knowledge acquired in previous internationalisation experiences. Therefore, they fail to turn internationalisation into a sustainable competitive advantage. This paper reports the conclusions of a study based on both a bibliographic research and a comprehensive study of a group of industrial companies. This study includes the analysis of 37 internal reports about internationalisation experiences and the carrying out of semi-structured interviews with managers responsible for international operations. We have identified the main factors (risks that prevent successful internationalisation processes and we have proposed a taxonomy of them. Furthermore, we have proposed a general framework (model which provides a common perspective for all internationalisation projects, bringing coherence, and also a certain level of systematisation, to the decisions made in regards to different internationalisation projects. The model provides a systemic vision of the whole internationalisation process and we believe that companies can develop efficient learning systems based on this framework. It would give them differentiation and, therefore, help them to turn internationalisation into a sustainable competitive advantage.

  2. Probabilistic risk assessment methodology for risk management and regulatory applications

    International Nuclear Information System (INIS)

    See Meng Wong; Kelly, D.L.; Riley, J.E.

    1997-01-01

    This paper discusses the development and potential applications of PRA methodology for risk management and regulatory applications in the U.S. nuclear industry. The new PRA methodology centers on the development of This paper discusses the time-dependent configuration risk profile for evaluating the effectiveness of operational risk management programs at U.S. nuclear power plants. Configuration-risk profiles have been used as risk-information tools for (1) a better understanding of the impact of daily operational activities on plant safety, and (2) proactive planning of operational activities to manage risk. Trial applications of the methodology were undertaken to demonstrate that configuration-risk profiles can be developed routinely, and can be useful for various industry and regulatory applications. Lessons learned include a better understanding of the issues and characteristics of PRA models available to industry, and identifying the attributes and pitfalls in the developement of risk profiles

  3. Integrating natural and social science perspectives on plant disease risk, management and policy formulation

    Science.gov (United States)

    Mills, Peter; Dehnen-Schmutz, Katharina; Ilbery, Brian; Jeger, Mike; Jones, Glyn; Little, Ruth; MacLeod, Alan; Parker, Steve; Pautasso, Marco; Pietravalle, Stephane; Maye, Damian

    2011-01-01

    Plant diseases threaten both food security and the botanical diversity of natural ecosystems. Substantial research effort is focused on pathogen detection and control, with detailed risk management available for many plant diseases. Risk can be assessed using analytical techniques that account for disease pressure both spatially and temporally. We suggest that such technical assessments of disease risk may not provide an adequate guide to the strategies undertaken by growers and government to manage plant disease. Instead, risk-management strategies need to account more fully for intuitive and normative responses that act to balance conflicting interests between stakeholder organizations concerned with plant diseases within the managed and natural environments. Modes of effective engagement between policy makers and stakeholders are explored in the paper, together with an assessment of such engagement in two case studies of contemporary non-indigenous diseases in one food and in one non-food sector. Finally, a model is proposed for greater integration of stakeholders in policy decisions. PMID:21624923

  4. Contradictions Between Risk Management and Sustainable Development

    International Nuclear Information System (INIS)

    Olsen, Odd Einar; Langhelle, Oluf; Engen, Ole A.

    2006-01-01

    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

  5. 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.

  6. Risk Management for Point-of-Care Testing

    OpenAIRE

    James, H. Nichols

    2014-01-01

    Point-of-care testing (POCT) is growing in popularity, and with this growth comes an increased chance of errors. Risk management is a way to reduce errors. Originally developed for the manufacturing industry, risk management principles have application for improving the quality of test results in the clinical laboratory. The Clinical and Laboratory Standards Institute (CLSI), EP23-A Laboratory Quality Control based on Risk Management guideline, introduces risk management to the clinical labor...

  7. Proposal of a risk-factor-based analytical approach for integrating occupational health and safety into project risk evaluation.

    Science.gov (United States)

    Badri, Adel; Nadeau, Sylvie; Gbodossou, André

    2012-09-01

    Excluding occupational health and safety (OHS) from project management is no longer acceptable. Numerous industrial accidents have exposed the ineffectiveness of conventional risk evaluation methods as well as negligence of risk factors having major impact on the health and safety of workers and nearby residents. Lack of reliable and complete evaluations from the beginning of a project generates bad decisions that could end up threatening the very existence of an organization. This article supports a systematic approach to the evaluation of OHS risks and proposes a new procedure based on the number of risk factors identified and their relative significance. A new concept called risk factor concentration along with weighting of risk factor categories as contributors to undesirable events are used in the analytical hierarchy process multi-criteria comparison model with Expert Choice(©) software. A case study is used to illustrate the various steps of the risk evaluation approach and the quick and simple integration of OHS at an early stage of a project. The approach allows continual reassessment of criteria over the course of the project or when new data are acquired. It was thus possible to differentiate the OHS risks from the risk of drop in quality in the case of the factory expansion project. Copyright © 2011 Elsevier Ltd. All rights reserved.

  8. Risk management for noncombustion wastes

    International Nuclear Information System (INIS)

    Connor, K.K.; Rice, J.S.

    1991-01-01

    The Noncombustion Waste Risk Management Project is designed to incorporate the insights and information developed in these projects into tools that will help utilities make better noncombustion waste management decisions. Specific project goals are to synthesize information useful to utilities on noncombustion wastes, emphasize waste reduction as a priority over end-of-pipe management, develop methods to manage the costs and risks associated with noncombustion wastes (e.g., direct costs, permitting costs, liability costs, public relations costs), develop software and documentation to deliver the information and analysis methods to the industry. This project was initiated EPRI's Environment Division in late 1988. The early phases of the project involved gathering information on current noncombustion waste management practices, specific utility problems and concerns with respect to these wastes, current and potential future regulations, and current and emerging management options. Recent efforts have focused on characterizing the direct and indirect (e.g., lawsuits, remedial action) costs of managing these wastes and on developing and implementing risk management methods for a subset of wastes. The remainder of this paper describes the specific issues addressed by and the results and insights from the three completed waste-specific studies

  9. Continuous Risk Management: A NASA Program Initiative

    Science.gov (United States)

    Hammer, Theodore F.; Rosenberg, Linda

    1999-01-01

    NPG 7120.5A, "NASA Program and Project Management Processes and Requirements" enacted in April, 1998, requires that "The program or project manager shall apply risk management principles..." The Software Assurance Technology Center (SATC) at NASA GSFC has been tasked with the responsibility for developing and teaching a systems level course for risk management that provides information on how to comply with this edict. The course was developed in conjunction with the Software Engineering Institute at Carnegie Mellon University, then tailored to the NASA systems community. This presentation will briefly discuss the six functions for risk management: (1) Identify the risks in a specific format; (2) Analyze the risk probability, impact/severity, and timeframe; (3) Plan the approach; (4) Track the risk through data compilation and analysis; (5) Control and monitor the risk; (6) Communicate and document the process and decisions.

  10. Risk Management Practices: The Ghanaian Firms' Perspective ...

    African Journals Online (AJOL)

    Using a quantitative approach the findings of the study are that Ghanaian firms understand risk and risk management. Additionally, operational, liquidity and credit risk are the most dominant risks experienced while risk identification and selection jointly determine risk management practices in Ghana. Based on the findings ...

  11. Debris Flow Risk Management Framework and Risk Analysis in Taiwan, A Preliminary Study

    Science.gov (United States)

    Tsao, Ting-Chi; Hsu, Wen-Ko; Chiou, Lin-Bin; Cheng, Chin-Tung; Lo, Wen-Chun; Chen, Chen-Yu; Lai, Cheng-Nong; Ju, Jiun-Ping

    2010-05-01

    Taiwan is located on a seismically active mountain belt between the Philippine Sea plate and Eurasian plate. After 1999's Chi-Chi earthquake (Mw=7.6), landslide and debris flow occurred frequently. In Aug. 2009, Typhoon Morakot struck Taiwan and numerous landslides and debris flow events, some with tremendous fatalities, were observed. With limited resources, authorities should establish a disaster management system to cope with slope disaster risks more effectively. Since 2006, Taiwan's authority in charge of debris flow management, the Soil and Water Conservation Bureau (SWCB), completed the basic investigation and data collection of 1,503 potential debris flow creeks around Taiwan. During 2008 and 2009, a debris flow quantitative risk analysis (QRA) framework, based on landslide risk management framework of Australia, was proposed and conducted on 106 creeks of the 30 villages with debris flow hazard history. Information and value of several types of elements at risk (bridge, road, building and crop) were gathered and integrated into a GIS layer, with the vulnerability model of each elements at risk applied. Through studying the historical hazard events of the 30 villages, numerical simulations of debris flow hazards with different magnitudes (5, 10, 25, 50, 100 and 200 years return period) were conducted, the economic losses and fatalities of each scenario were calculated for each creek. When taking annual exceeding probability into account, the annual total risk of each creek was calculated, and the results displayed on a debris flow risk map. The number of fatalities and frequency were calculated, and the F-N curves of 106 creeks were provided. For F-N curves, the individual risk to life per year of 1.0E-04 and slope of 1, which matched with international standards, were considered to be an acceptable risk. Applying the results of the 106 creeks onto the F-N curve, they were divided into 3 categories: Unacceptable, ALARP (As Low As Reasonable Practicable) and

  12. 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.

  13. Scope of environmental risk management

    Energy Technology Data Exchange (ETDEWEB)

    O' Riordan, T

    1979-01-01

    Environmental risk management embraces three techniques for project appraisal: cost/benefit analysis, environmental impact analysis and risk assessment. It also explicitly relates scientific investigations to political judgments, sometimes so closely that the two cannot be separated. Indeed it is now apparent that environmental risk management encompasses procedures both to review the relative merits and priorities of policies as well as to appraise the environmental risks of particular schemes. Until recently this relationship has not been fully appreciated, so much imagination and innovation is still required to develop the most-suitable mechanisms for review.

  14. 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.

  15. Managing total corporate electricity/energy market risks

    International Nuclear Information System (INIS)

    Henney, A.; Keers, G.

    1998-01-01

    The banking industry has developed a tool kit of very useful value at risk techniques for hedging risk, but these techniques must be adapted to the special complexities of the electricity market. This paper starts with a short history of the use of value-at-risk (VAR) techniques in banking risk management and then examines the specific and, in many instances, complex risk management challenges faced by electric companies from the behavior of prices in electricity markets and from the character of generation and electric retailing risks. The third section describes the main methods for making VAR calculations along with an analysis of their suitability for analyzing the risks of electricity portfolios and the case for using profit at risk and downside risk as measures of risk. The final section draws the threads together and explains how to look at managing total corporate electricity market risk, which is a big step toward managing total corporate energy market risk

  16. Improving Operational Risk Management Using Business Performance Management Technologies

    Directory of Open Access Journals (Sweden)

    Bram Pieket Weeserik

    2018-02-01

    Full Text Available Operational Risk Management (ORM comprises the continuous management of risks resulting from: human actions, internal processes, systems, and external events. With increasing requirements, complexity and a growing volume of risks, information systems provide benefits for integrating risk management activities and optimizing performance. Business Performance Management (BPM technologies are believed to provide a solution for effective Operational Risk Management by offering several combined technologies including: work flow, data warehousing, (advanced analytics, reporting and dashboards. BPM technologies can be integrated with an organization’s Planning & Control cycle and related to strategic objectives. This manuscript aims to show how ORM can benefit from BPM technologies via the development and practical validation of a new maturity model. The B4ORM maturity model was developed following the Design Science Research approach. The maturity model relates specific maturity levels of ORM processes with BPM technologies applicable for a specific maturity stage. There appears to be a strong relationship (0.78 with ORM process maturity and supporting BPM technologies. The B4ORM maturity model as described in this manuscript provides an ideal path of BPM technologies related to six distinctive stages of ORM, leading towards technologies suitable for continuous improvement of ORM processes and organization-wide integration.

  17. Dealing with interests, values and knowledge in managing risk

    International Nuclear Information System (INIS)

    2004-01-01

    Radioactive waste management is an area of public interest in which Stakeholder involvement has largely proven itself to be beneficial to all parties and processes concerned. With growing experience, sharing best practice can be useful at the international level. These workshop proceedings deal with the local partnership methodology employed in Belgium in order to develop an integrated proposal to the national Government to construct and operate a disposal facility for low-level radioactive waste that is adapted to local conditions. The partnerships are formed amongst representatives of local organisations in affected communities and representatives of the Belgian national radioactive waste management agency. Insights are provided into a unique - and so far very successful - governance approach to dealing with interests, values and knowledge in managing risk. (author)

  18. Internal audit risk management in metropolitan municipalities

    Directory of Open Access Journals (Sweden)

    Christo Ackermann

    2016-07-01

    Full Text Available Internal audit functions (IAFs of organisations are regarded as crucial components of the combined assurance model, alongside the audit committee, management and external auditors. The combined assurance model aims at having integrated and aligned assurance in organisations with the overall aim of maximising risk and governance oversight and control efficiencies. In this regard, internal audit plays a crucial role, insofar as it consists of experts in risk, governance and control consultancy who provide assurance to senior management and the audit committee. Audit committees are dependent on internal audit for information and their effectiveness revolves around a strong and well-resourced internal audit function which is able to aid audit committees to meet their oversight responsibilities. There is thus a growing demand for managing risk through the process of risk management and internal audit is in a perfect position to assist with the improvement of such processes. If internal auditors wish to continue being an important aspect of the combined assurance model, they need to address the critical area, amongst others, of risk management as part of their work. If not, it follows that the board, audit committees and other levels of management will remain uninformed on the status of these matters which, in turn, will negatively impact the ability of these stakeholders to discharge their responsibilities. This study therefore focuses on analysing the functioning of IAFs, with specific reference to their risk management mandate. The study followed a mixed method approach to describe internal audits risk management functioning in the big eight metropolitan municipalities in South Africa. The results show that internal audit provide a broad scope of risk management work which assist senior management in the discharge of their responsibilities. However, in the public eye, internal audits risk management functioning is scant

  19. 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

  20. GLObal RIsk MANagement system for plant operations GLORIMAN

    International Nuclear Information System (INIS)

    Silverman, Eugene B.

    2004-01-01

    Considerable effort has been expended by nuclear power plants in the preparation of their Independent Plant Evaluation (IPE) programs. The result of these projects is the generation of very useful information concerning plant operations, states, availability and risk. The potential application of this information is often unrealized due to the unwieldy form of the data as reported in the IPE. Plant personnel would benefit greatly from quick access to risk information as a means of supporting day-to-day decisions, but the information exists only in a difficult to understand and inaccessible form. There is a need to translate the costs invested in Probabilistic Risk Assessment (PRA) projects into a useable tool for plant personnel. This paper describes a software tool developed by ARD Corporation to be used by plants to assist in determining the operational risks and benefits associated with modifying the plant state during normal and off-normal operations for performing maintenance. This tool integrates a relational database with an easy-to-use graphical user interface and several unique software features. The result is a responsive, easy-to-understand tool that integrates an organization's PRA/IPE into the operational and maintenance needs of the station. The Global Risk Management System is designed to allow the user to evaluate the risk associated with current and proposed plant states. The impact of changes in plant configuration, operational modes and equipment availability are assessed from a risk management perspective, but displayed in an easy-to-understand form for personnel not familiar with risk methodology. Additionally, pipe and instrumentation drawings can be retrieved by the user and displayed as a reference tool. (author)

  1. The process of Risk management for E-business

    Directory of Open Access Journals (Sweden)

    Erion Lekaj

    2017-07-01

    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 an 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 soft ware.

  2. Model of Axiological Dimension Risk Management

    Directory of Open Access Journals (Sweden)

    Kulińska Ewa

    2016-01-01

    Full Text Available It was on the basis of the obtained results that identify the key prerequisites for the integration of the management of logistics processes, management of the value creation process, and risk management that the methodological basis for the construction of the axiological dimension of the risk management (ADRM model of logistics processes was determined. By taking into account the contribution of individual concepts to the new research area, its essence was defined as an integrated, structured instrumentation aimed at the identification and implementation of logistics processes supporting creation of the value added as well as the identification and elimination of risk factors disturbing the process of the value creation for internal and external customers. The base for the ADRM concept of logistics processes is the use of the potential being inherent in synergistic effects which are obtained by using prerequisites for the integration of the management of logistics processes, of value creation and risk management as the key determinants of the value creation.

  3. 75 FR 4451 - Financial Management Service; Proposed Collection of Information: Final Rule-Management of...

    Science.gov (United States)

    2010-01-27

    ... DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Final Rule--Management of Federal Agency Disbursements. AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial Management...

  4. 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.

  5. Software Delivery Risk Management: Application of Bayesian Networks in Agile Software Development

    Directory of Open Access Journals (Sweden)

    Ancveire Ieva

    2015-12-01

    Full Text Available The information technology industry cannot be imagined without large- or small-scale projects. They are implemented to develop systems enabling key business processes and improving performance and enterprise resource management. However, projects often experience various difficulties during their execution. These problems are usually related to the three objectives of the project – costs, quality and deadline. A way these challenges can be solved is project risk management. However, not always the main problems and their influencing factors can be easily identified. Usually there is a need for a more profound analysis of the problem situation. In this paper, we propose the use of a Bayesian Network concept for quantitative risk management in agile projects. The Bayesian Network is explored using a case study focusing on a project that faces difficulties during the software delivery process. We explain why an agile risk analysis is needed and assess the potential risk factors, which may occur during the project. Thereafter, we design the Bayesian Network to capture the actual problem situation and make suggestions how to improve the delivery process based on the measures to be taken to reduce the occurrence of project risks.

  6. Methods of assessment and management of enterprise risks

    Directory of Open Access Journals (Sweden)

    I. A. Kiseleva

    2017-01-01

    Full Text Available The article is devoted to the actual topic of our time – the management of business risks. An integral part of professional risk management is to identify the nature of the object of management in the sphere of economy. Since the domestic theory of risk management is under development, the problem of a clear comprehensive definition of risk becomes now of particular relevance. The article discusses the basic concepts of risk management; studied its components in the business activities; reflected system and risk management principles; The basic types of risks in business. A organizational and economic mechanism of enterprise risk assessment. Practical advice on risk management. Entrepreneurship without risk does not exist. With the development of market economy the specific entrepreneur determines the methods that will work, and they all lead to entrepreneurial risks. The level of threats on the market today, above the level of potential profits. It is concluded that it is impossible to increase revenue without increasing the risk or reduce risk without reducing income. The lower range of the probability distribution of expected returns relative to its mean value, the lower the risk associated with this operation. Avoid risk in business is almost impossible, but you can reduce this risk. And it depends on how professionally and correctly operates the entrepreneur, what kind of strategy he will choose to reduce the appearance of risk.

  7. Do no harm: Risk aversion versus risk management in the context of pedagogic frailty

    Directory of Open Access Journals (Sweden)

    Julie A. Hulme

    2017-09-01

    Full Text Available Innovation in teaching ensures that education remains fit for purpose in a changing world. The model of pedagogic frailty proposes that educators may perceive innovation as risky, which may inhibit innovation, and thus reduce opportunities to update learning experiences. Within psychology, psychological literacy (the skills, knowledge and attributes acquired as outcomes of studying psychology is becoming increasingly central to the curriculum. Educators are teaching more applied psychology, which requires new pedagogic approaches and are adopting and modelling core professional values espoused as components of psychological literacy, including evidence-based practice, ethics, and professional competence. We argue that psychology educators (and those from other disciplines may assess the risk of innovation through the lenses of these professional values. The decision to maintain ‘safe’ practices may reflect a risk management approach, rather than frailty. We propose a model whereby frailty may depend on social context and risk in different educational circumstances. The professional values associated with psychological literacy and similar integrative disciplinary constructs, which at first seem to hinder innovation, may promote innovation which is creative and safe, and will facilitate the development of a rigorous evidence base to inform future practice.

  8. Managing Risk to the Patient: Recoding Quality Risk Management for the Pharmaceutical and Biopharmaceutical Industries

    OpenAIRE

    Waldron, Kelly

    2017-01-01

    This thesis explores the application of quality risk management (QRM) in pharmaceutical and biopharmaceutical companies and its effectiveness at managing risk to the patient. The objective of the research described in this thesis was to characterize a maturity state of QRM implementation in which the patient is adequately protected from the risks associated with medicinal products of inadequate quality. The research was conducted over three phases: first, to determine whether patients are bet...

  9. A SURVEY OF INTERNATIONAL FINANCIAL RISK MANAGEMENT SYSTEM

    Directory of Open Access Journals (Sweden)

    SETHI Narayan

    2013-12-01

    Full Text Available Rising global competition, increasing deregulation, and introduction of innovative products have pushed financial risk management to the forefront of today's financial landscape. Identification of different types of risks and effective management of these risks in the international financial system would help to alleviate crisis, financial losses and also helpful to the long term success of all the financial institutions. The present study aims to analyze different types of risk management strategies and throws some light on challenges and opportunities regarding implementation of Basel-II in international financial system. The present paper also attempts to discuss the different methods and techniques used to measure financial risk management. There are three types of risk faced by all financial institutions: market risk, credit risk and operational risk. In commercial banking, credit risk is the biggest risk; in investment banking, its market risk; and in asset management, it’s operational risk.

  10. Economic Exposure and Integrated Risk Management

    OpenAIRE

    Miller, Kent D.

    1994-01-01

    Most corporate risk management research focuses on particular risk exposures to the exclusion of other interrelated exposures. By contrast, this study models corporate risk exposures using a multivariate approach integrating the distinct exposures of interest to finance and strategy researchers. The paper addresses the implications of multivariate modeling for corporate risk management, some key methodological issues arising in empirical estimation of corporate economic exposrues, and direc...

  11. Risk communication on the siting of radioactive waste management facility

    International Nuclear Information System (INIS)

    Okoshi, Minoru; Torii, Hiroyuki; Fujii, Yasuhiko

    2007-01-01

    Siting of radioactive waste management facilities frequently raise arguments among stakeholders such as a municipal government and the residents. Risk communication is one of the useful methods of promoting mutual understanding on related risks among stakeholders. In Finland and Sweden, siting selection procedures of repositories for spent nuclear fuels have been carried out successfully with risk communication. The success reasons are analyzed based on the interviews with those who belong to the regulatory authorities and nuclear industries in both countries. Also, in this paper, risk communication among the Japan Radioisotope Association (JRIA), a local government and the general public, which was carried out during the establishment process of additional radioactive waste treatment facilities in Takizawa Village, Iwate Prefecture, is analyzed based on articles in newspapers and interviews with persons concerned. The analysis results showed that good risk communication was not carried out because of the lack of confidence on the JRIA, decision making rules, enough communication chances and economic benefits. In order to make good use of these experiences for the future establishment of radioactive waste management facilities, the lessons learned from these cases are summarized and proposals for good risk communication (establishment of exploratory committee and technical support system for decision making, and measurements to increase familiarity of radioactive waste) are discussed. (author)

  12. Managing power risk

    International Nuclear Information System (INIS)

    Rudd, D.C.

    1999-01-01

    Issues regarding the management of financial risks in the electric power market were discussed. The nature of the risk was defined for electricity producers, local utilities, traders/dealers, and brokers, each of which are exposed to different types of risks with the exception of credit risk, which is common to all. The main features of options, swaps, CFDs, bilateral financial contracts, futures contracts and the terms of the NYMEX electricity contract were outlined. Basic derivative strategies, the role of the broker, the elements of emissions trading, and trading strategies for consumers were also explained. 3 fig

  13. Accommodating the Challenges of Climate Change Adaptation and Governance in Conventional Risk Management: Adaptive Collaborative Risk Management (ACRM)

    OpenAIRE

    Bradley May; Ryan Plummer

    2011-01-01

    Risk management is a well established tool for climate change adaptation. It is facing new challenges with the end of climate stationarity and the need to meaningfully engage people in governance issues. The ways in which conventional approaches to risk management can respond to these challenges are explored. Conventional approaches to risk management are summarized, the manner in which they are being advanced as a tool for climate change adaptation is described, and emerging themes in risk m...

  14. Considering Risk Associated with the Realization of Waste Management Investment Plans in Cracow

    Directory of Open Access Journals (Sweden)

    Hajduga Gabriela

    2017-01-01

    Full Text Available To fulfill obligations to the European Union on waste management, the authorities of the city of Cracow, decided to build a waste incineration plant. Such investment involves considerable risks, not only financial but also social. The paper conducted a risk analysis based on the index net present value, identifies factors which are particularly exposed, and proposes solutions for reducing its level.

  15. 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".

  16. Risk Management in Logystics Chains

    OpenAIRE

    Butrin, Andrey; Vikulov, Vladimir

    2013-01-01

    Article is devoted to risk management of supply chain. The authors considered indicators of supply chain risks, including risks caused by supplier. Authors formed a method of optimizing the level of supply chain risk in the integration with suppliers and customers.

  17. 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.

  18. Risk management at GPU Nuclear

    International Nuclear Information System (INIS)

    Long, R.L.

    1991-01-01

    This paper reports on GPU Nuclear. Among other goals, it established the independence of key safety functions as highlighted by the lessons learned from the accident. In particular, an independent Nuclear Assurance Division was established which include Quality Assurance, Training and Education, Emergency Preparedness, and Nuclear Safety Assessment. The latter consisted of corporate and site independent-safety-review groups. As the GPU Nuclear organization matured, a mid-1987 reorganization created an even more focused Planning and Nuclear Safety Division bringing together Nuclear Safety Assessment with Licensing and Regulatory Affairs and Risk Management. The Risk Management Group (RMG), which began its work in fall 1987, was formed to develop a framework for proactive identification, evaluation, and cost-effective reduction and management of risks of all types. The RMG set out to learn as much as possible about risks and their management in nuclear and other high-technology industries. This began with a thorough literature search. It progressed to interviews with individuals and organizations which have demonstrated innovative ideas, experience, and reputations for safe and reliable operation

  19. Risk Management and Uncertainty in Infrastructure Projects

    DEFF Research Database (Denmark)

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

    2014-01-01

    The assumption that large complex projects should be managed in order to reduce uncertainty and increase predictability is not new. What is relatively new, however, is that uncertainty reduction can and should be obtained through formal risk management approaches. We question both assumptions...... by addressing a more fundamental question about the role of knowledge in current risk management practices. Inquiries into the predominant approaches to risk management in large infrastructure and construction projects reveal their assumptions about knowledge and we discuss the ramifications these have...... 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...

  20. 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....

  1. Rethinking 'risk' and self-management for chronic illness.

    Science.gov (United States)

    Morden, Andrew; Jinks, Clare; Ong, Bie Nio

    2012-02-01

    Self-management for chronic illness is a current high profile UK healthcare policy. Policy and clinical recommendations relating to chronic illnesses are framed within a language of lifestyle risk management. This article argues the enactment of risk within current UK self-management policy is intimately related to neo-liberal ideology and is geared towards population governance. The approach that dominates policy perspectives to 'risk' management is critiqued for positioning people as rational subjects who calculate risk probabilities and act upon them. Furthermore this perspective fails to understand the lay person's construction and enactment of risk, their agenda and contextual needs when living with chronic illness. Of everyday relevance to lay people is the management of risk and uncertainty relating to social roles and obligations, the emotions involved when encountering the risk and uncertainty in chronic illness, and the challenges posed by social structural factors and social environments that have to be managed. Thus, clinical enactments of self-management policy would benefit from taking a more holistic view to patient need and seek to avoid solely communicating lifestyle risk factors to be self-managed.

  2. The role of risk perception for risk management

    International Nuclear Information System (INIS)

    Renn, Ortwin

    1998-01-01

    Are risks social constructions of different societal actors that can be checked at best against standards of consistency, cohesion and internal conventions of deduction, but cannot claim any validity outside of the actor's logical framework? Or are technical estimates of risk representations of real hazards that can and will affect people as predicted by the statistical values, regardless of the beliefs or convictions of those who conduct the assessments? Which of the two sides one takes determines the legitimate function of risk perception for management purposes. The paper argues that both extremes, the constructivist and the realist perspective, miss the point, as risks are always mental representations of threats that are capable of claiming real losses. Over the last two decades, risk analysts have dealt with both sides of risk in an additive fashion. In times in which risk management has been under serious pressure to demonstrate effectiveness and cost-efficiency, the parallel approach of pleasing the technical elite and the public alike has lost legitimacy. In order to integrate risk assessment and perception, the paper analyses the strengths and weaknesses of each approach to risk analysis and highlights the potential contributions that the technical sciences and the social sciences can offer to risk management. Technical assessments provide the best estimate for judging the average probability of an adverse effect linked to an object or activity. First, public perception should govern the selection of criteria on which acceptability or tolerability are to be judged. Second, public input is needed to determine the trade-offs between criteria. Third, public preferences are needed to design resilient strategies for coping with remaining uncertainties. A public participation model is introduced that promises an integration of analytic knowledge and deliberative process involving those who will be affected by the respective risk

  3. A multidisciplinary approach to therapeutic risk management of the suicidal patient

    Directory of Open Access Journals (Sweden)

    Grant CL

    2015-06-01

    Full Text Available Cynthia L Grant,1,2 Jaimie L Lusk3 1Arapahoe/Douglas Mental Health Network, Englewood, CO, 2School of Education and Human Development, University of Colorado Denver, Denver, CO, 3Mental Health Service, VA Portland Health Care System, Portland, OR, USA Abstract: As health care trends toward a system of care approach, providers from various disciplines strive to collaborate to provide optimal care for their patients. While a multidisciplinary approach to suicide risk assessment and management has been identified as important for reducing suicidality, standardized clinical guidelines for such an approach do not yet exist. In this article, the authors propose the adoption of the therapeutic risk management of the suicidal patient (TRMSP to improve suicide risk assessment and management within multidisciplinary systems of care. The TRMSP, which has been fully articulated in previous articles, involves augmenting clinical risk assessment with structured instruments, stratifying risk in terms of both severity and temporality, and developing and documenting a safety plan. Augmenting clinical risk assessments with reliable and valid structured instruments serves several functions, including ensuring important aspects of suicide are addressed, establishing a baseline for suicidal thoughts and behaviors, facilitating interprofessional communication, and mitigating risk. Similarly, a two-dimensional risk stratification qualifying suicide risk in terms of both severity and temporality can enhance communication across providers and settings and improve understanding of acute crises in the context of chronic risk. Finally, safety planning interventions allow providers and patients to collaboratively create a personally meaningful plan for managing a suicidal crisis that can be continually modified across time with multiple providers in different care settings. In a busy care environment, the TRMSP can provide concrete guidance on conducting clinically and

  4. A risk communication case study: the Nevada risk assessment/management program

    International Nuclear Information System (INIS)

    Hechanova, A.E.

    2000-01-01

    The Nevada Risk Assessment/Management Program (NRAMP) is part of a national effort by the U.S. Department of Energy (DOE) to develop new sources of information and approaches to risk assessment, risk management, risk communication and public outreach as these objectives relate to the ecological and human health effects of radioactive and hazardous material management and site remediation activities. This paper reviews the innovation behind the NRAMP project and presents a synopsis of the NRAMP effort which occurred from 1995 to 2000. The primary goals of the DOE in awarding the cooperative agreement establishing NRAMP were to (I) use a risk-based approach to evaluate the consequences of alternative actions in DOE's Environmental Remediation Programs at sites in Nevada and (2) use a neutral and credible institution outside the DOE to perform the risk assessments and contribute to public education about environmental management issues at the Nevada Test Site. (author)

  5. Risk management of smart grids based on managed charging of PHEVs and vehicle-to-grid strategy using Monte Carlo simulation

    International Nuclear Information System (INIS)

    Hashemi-Dezaki, Hamed; Hamzeh, Mohsen; Askarian-Abyaneh, Hossein; Haeri-Khiavi, Homayoun

    2015-01-01

    Highlights: • Actual distribution system is used to analyze the proposed methodology. • A novel charging management method for PHEVs has been introduced. • The well-being criteria have been provided in addition to reliability indices. • The uncertainty of results is analyzed in addition to expected average results. • System effects due to charging and penetration level of PHEVs are analyzed. - Abstract: The unmanaged charging of plug-in-hybrid-electric vehicles (PHEVs) may adversely affect electric grid reliability because a large amount of additional electrical energy is required to charge the PHEVs. In this paper, a comprehensive method to evaluate the system reliability concerning the stochastic modeling of PHEVs, renewable resources, availability of devices, etc. is proposed. In addition, a novel risk management method in order to reduce the negative PHEVs effects is introduced. This method, which consists of managed charging and vehicle-to-grid (V2G) scenarios, can be practically implemented in smart grids because the bidirectional-power-conversion technologies and two-way of both the power and data are applicable. The introduced method was applied to a real 20 kV network of the Hormozgan Regional Electric Company (HREC) of Iran which is considered as a pilot system for upgrading to smart distribution grid. The results showed that the smart grid’s adequacy was jeopardized by using the PHEVs without any managed charging schedule. The sensitivity analyses results illustrated that by using the risk management scenarios, not only did the PHEVs not compromise the system reliability, but also in the V2G scenario acted as storage systems and improved the well-being criteria and adequacy indices. The comparison between the results based on the proposed method and the other conventional approaches in addition to study of various parameters uncertainty emphasized the advantages of the proposed method

  6. 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...

  7. A call for the need to incorporate enterprise risk management as part of the overall business model innovation process

    DEFF Research Database (Denmark)

    Taran, Yariv; Boer, Harry; Lindgren, Peter

    2009-01-01

    Relative to, for example, radical product innovation process, little isknown about business model innovation, let alone the process of managingthe risks involved in that process. Using the emerging Enterprise RiskManagement (ERM) literature, an approach is proposed through whichrisk management can...... be embedded in the business model innovationprocess. The integrated risk management/business model innovationprocess model has been tested through an action research study in aDanish company. The results are promising and warrant continuation ofthe development of that model....

  8. Implementation of Enterprise Risk Management (ERM Framework in Enhancing Business Performances in Oil and Gas Sector

    Directory of Open Access Journals (Sweden)

    Sanmugam Annamalah

    2018-01-01

    Full Text Available This study empirically investigated the ERM Implementation model and proposed framework to identify and manage risks in Oil and Gas Sector in Malaysia. The study examined the role of ERM framework implementation in improving business performance by utilizing Economic Value Added as a measurement tool. The study also provides insights to the Oil and Gas Sector to gain higher profit returns, reduce cost of capital, and improve shareholders value. Moreover, it contributes significantly in the field of Enterprise risk management in Malaysia. The identification and management of risk is significant to organizations in managing risks efficiently. Expectations of stakeholders of the organization are high from executives and board of directors in managing the risk effectively. Linear regression analysis is utilized in analyzing the data obtained from the data collection performed for this paper. Purposive sampling has been employed in order to select the firms that are operating in Malaysian oil and gas sector. Primary data has been utilized to collect data with the help of structured questions and interview techniques that involve semi structured questions. The results of the regression analysis conducted for in this study suggested that a significant and positive relationship between Enterprise Risk Management with operational risk; market risk; political risk; health, safety and environmental risk; and, also business performance.

  9. 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.

  10. Management Ownership and Risk-Shifting Investment

    OpenAIRE

    Nobuyuki Teshima

    2012-01-01

    This study analyzes the relationship between management ownership and its risk-shifting incentive. We first present a simple model showing that the risk-shifting incentive of management of financially distressed firms increases as the management ownership of the firm increases. Empirically, we test the hypothesis that under the former Japanese Corporate Reorganization Law, firms with higher management ownership are more likely to use legal rather than private reorganization. Since the reorgan...

  11. Proposing a Universal Framework for Resilience: Optimizing Risk and Combating Human Vulnerabilities

    Science.gov (United States)

    Sarkar, Arunima

    2017-04-01

    In the recent years we have seen a massive impact of loss created to urban settlements and critical infrastructure as a result of disasters. The disaster risk associates itself vulnerabilities and many complexities which can disrupt the functioning of human society. The uncertain loss created by disasters can present unforeseeable risk which remain unaccounted to human understanding. It is imperative to note that human urbanization and development is correlated with human vulnerabilities and challenges posed by disasters. Disaster risks are aggravated by improper planning of cities, weak framework for urban governance and regulatory regimes and lack of equalities amongst the citizens. The international agenda on disaster risk reduction talks about increasing losses due to disasters associated with development and urbanization. The United Nations announced that the year 1990 was the International Decade for Natural Disaster Reduction. In relation to this, the "Yokohama Strategy and Plan of Action" was adopted at the first United Nations World Conference on Disaster Reduction. The United Nations Educational, Scientific and Cultural Organization's (UNESCO) Intergovernmental Oceanic Commission coordinated the World Conference on Disaster Reduction in 2005 where the Hyogo Framework for Action was adopted. The Hyogo Framework for Action: Building the resilience of communities to disaster was adopted by 168 nations after the massive loss caused by Indian ocean tsunami in 2005. The Hyogo Framework proposes to focus on implementation of risk and reliability system to shield disasters, proposes global scientific and community platform for disaster prevention and mitigation etc. The early warning system and its importance as an effective tool for reduction of human vulnerabilities for disaster management was majorly emphasized. It is imperative to highlight that resilience framework is important in order to minimize cost of disruption caused to critical infrastructure and to

  12. Quantitative risk-based approach for improving water quality management in mining.

    Science.gov (United States)

    Liu, Wenying; Moran, Chris J; Vink, Sue

    2011-09-01

    The potential environmental threats posed by freshwater withdrawal and mine water discharge are some of the main drivers for the mining industry to improve water management. The use of multiple sources of water supply and introducing water reuse into the mine site water system have been part of the operating philosophies employed by the mining industry to realize these improvements. However, a barrier to implementation of such good water management practices is concomitant water quality variation and the resulting impacts on the efficiency of mineral separation processes, and an increased environmental consequence of noncompliant discharge events. There is an increasing appreciation that conservative water management practices, production efficiency, and environmental consequences are intimately linked through the site water system. It is therefore essential to consider water management decisions and their impacts as an integrated system as opposed to dealing with each impact separately. This paper proposes an approach that could assist mine sites to manage water quality issues in a systematic manner at the system level. This approach can quantitatively forecast the risk related with water quality and evaluate the effectiveness of management strategies in mitigating the risk by quantifying implications for production and hence economic viability.

  13. Marine and Hydrokinetic Technology Development Risk Management Framework

    Energy Technology Data Exchange (ETDEWEB)

    Snowberg, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Weber, Jochem [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2015-09-01

    Over the past decade, the global marine and hydrokinetic (MHK) industry has suffered a number of serious technological and commercial setbacks. To help reduce the risks of industry failures and advance the development of new technologies, the U.S. Department of Energy (DOE) and the National Renewable Energy Laboratory (NREL) developed an MHK Risk Management Framework. By addressing uncertainties, the MHK Risk Management Framework increases the likelihood of successful development of an MHK technology. It covers projects of any technical readiness level (TRL) or technical performance level (TPL) and all risk types (e.g. technological risk, regulatory risk, commercial risk) over the development cycle. This framework is intended for the development and deployment of a single MHK technology—not for multiple device deployments within a plant. This risk framework is intended to meet DOE’s risk management expectations for the MHK technology research and development efforts of the Water Power Program (see Appendix A). It also provides an overview of other relevant risk management tools and documentation.1 This framework emphasizes design and risk reviews as formal gates to ensure risks are managed throughout the technology development cycle. Section 1 presents the recommended technology development cycle, Sections 2 and 3 present tools to assess the TRL and TPL of the project, respectively. Section 4 presents a risk management process with design and risk reviews for actively managing risk within the project, and Section 5 presents a detailed description of a risk registry to collect the risk management information into one living document. Section 6 presents recommendations for collecting and using lessons learned throughout the development process.

  14. 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...

  15. Risk management algorithm for rear-side collision avoidance using a combined steering torque overlay and differential braking

    Science.gov (United States)

    Lee, Junyung; Yi, Kyongsu; Yoo, Hyunjae; Chong, Hyokjin; Ko, Bongchul

    2015-06-01

    This paper describes a risk management algorithm for rear-side collision avoidance. The proposed risk management algorithm consists of a supervisor and a coordinator. The supervisor is designed to monitor collision risks between the subject vehicle and approaching vehicle in the adjacent lane. An appropriate criterion of intervention, which satisfies high acceptance to drivers through the consideration of a realistic traffic, has been determined based on the analysis of the kinematics of the vehicles in longitudinal and lateral directions. In order to assist the driver actively and increase driver's safety, a coordinator is designed to combine lateral control using a steering torque overlay by motor-driven power steering and differential braking by vehicle stability control. In order to prevent the collision while limiting actuator's control inputs and vehicle dynamics to safe values for the assurance of the driver's comfort, the Lyapunov theory and linear matrix inequalities based optimisation methods have been used. The proposed risk management algorithm has been evaluated via simulation using CarSim and MATLAB/Simulink.

  16. RISK MANAGEMENT IN A LARGE-SCALE NEW RAILWAY TRANSPORT SYSTEM PROJECT

    Directory of Open Access Journals (Sweden)

    Sunduck D. SUH, Ph.D., P.E.

    2000-01-01

    Full Text Available Risk management experiences of the Korean Seoul-Pusan high-speed railway (KTX project since the planning stage are evaluated. One can clearly see the interplay of engineering and construction risks, financial risks and political risks in the development of the KTX project, which is the peculiarity of large-scale new railway system projects. A brief description on evaluation methodology and overview of the project is followed by detailed evaluations on key differences in risks between conventional railway system and high-speed railway system, social and political risks, engineering and construction risks, and financial risks. Risks involved in system procurement process, such as proposal solicitation, evaluation, selection, and scope of solicitation are separated out and evaluated in depth. Detailed events resulting from these issues are discussed along with their possible impact on system risk. Lessons learned and further possible refinements are also discussed.

  17. Developing Risk Management as a Competitive Capability

    OpenAIRE

    Silva, E.; Wu, Y.; Ojiako, U.

    2013-01-01

    At the level of the firm, three major parameters are found to influence the ability of SMEs to develop risk management competencies; these are enterprise risk management, internal control, and risk culture.

  18. Social Risk and the Management of MNCs

    DEFF Research Database (Denmark)

    Taarup Esbensen, Jacob

    2015-01-01

    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......” 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...

  19. 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.

  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. 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.

  2. The total theory about risk management

    International Nuclear Information System (INIS)

    Furuya, Shunsuke

    2003-01-01

    A general working procedure of risk management, some example of other countries, topics and problems in the future are described. A definition of risk, risk assessment, risk management process, setting of aim and definite policy are explained. As a fundamental way of thinking, risk is controlled by ALARP (As Low As Reasonably Practicable). The upper and lower limit of risk level is called as Quantitative Safety Goal and Target Level of Safety, respectively. These limits in the atomic power and airplane are decided. Evaluation of risk, countermeasure and practice are explained. For example, a permissible range of risk and practical use in England, U.S.A, Holland and Japan are stated. Recently, accountability risk, missing demand risk and control risk are important. (S.Y.)

  3. 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.

  4. Risk management at Lawrence Livermore National Laboratory

    International Nuclear Information System (INIS)

    Cummings, G.E.; Strait, R.S.

    1993-10-01

    Managing risks at a large national laboratory presents a unique set of challenges. These challenges include the management of a broad diversity of activities, the need to balance research flexibility against management control, and a plethora of requirements flowing from regulatory and oversight bodies. This paper will present the experiences of Lawrence Livermore National Laboratory (LLNL) in risk management and in dealing with these challenges. While general risk management has been practiced successfully by all levels of Laboratory management, this paper will focus on the Laboratory's use of probabilistic safety assessment and prioritization techniques and the integration of these techniques into Laboratory operations

  5. BEHAVIOURAL INSIGHTS INTO SUPPLY CHAIN RISK MANAGEMENT

    OpenAIRE

    Alexandra-Codruta Popescu (Bîzoi); Cristian-Gabriel Bîzoi

    2015-01-01

    Literature has focused largely on the field of supply chain risk management. Numerous risks occur within supply chain management. Until lately, behavioural risks (implying large amount of losses) have been neglected and considered not relevant. In this paper we provide an analysis of the importance of including behavioural research in logistics and supply chain risk management, what has been written so far and potential future research directions. Until now, literature on logistics and supply...

  6. Risk management in Swedish hedge funds

    OpenAIRE

    Fri, Samuel; Nilsson, Joakim

    2011-01-01

    Background: Risk management has always been a complex topic, especially when it comes to hedge funds. Since hedge funds are able to utilize many kinds of financial instruments it is difficult to find a risk management strategy that goes well with them. Not much research regarding the Swedish hedge fund industry and its risk management has been done; hence we find it an interesting topic to focus this thesis on. Purpose: The purpose of this thesis is to increase the knowledge of how Swedish he...

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

    International Nuclear Information System (INIS)

    Guikema, S.D.; Aven, T.

    2010-01-01

    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.

  8. 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.

  9. 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

  10. Dairy farmer use of price risk management tools.

    Science.gov (United States)

    Wolf, C A

    2012-07-01

    Volatility in milk and feed prices can adversely affect dairy farm profitability. Many risk management tools are available for use by US dairy farmers. This research uses surveys of Michigan dairy farmers to examine the extent to which price risk management tools have been used, the farm and operator characteristics that explain the use of these tools, and reasons farmers have not used these tools. A 1999 survey was used to benchmark the degree to which dairy producers had used milk and feed price risk management instruments to compare with 2011 use rates. The surveys collected information about the farm characteristics such as herd size, farmland operated, business organization, and solvency position. Farm operator characteristics collected include age, education, and experience. Dairy farmer use of both milk and feed price risk management tools increased between 1999 and 2011. In 2011, herd size was positively related to the use of milk price risk management tools, whereas farms organized as a sole proprietorship were less likely to use them. Also in 2011, herd size and land operated were positively related to feed price risk management tools, whereas operator age was negatively related. Reasons why farmers had not used price risk management tools included basis risk, cost, lack of management time, cooperative membership, and lack of understanding. Conclusions include the need for educational programming on price risk management tools and a broader exploration of dairy farm risk management programs. Copyright © 2012 American Dairy Science Association. Published by Elsevier Inc. All rights reserved.

  11. 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...... engagement management systems that is promoted through the standard. The implemented social risk management systems are ineffective because they makes the MNC unable to recognise the value of weak ties and fail to build legitimacy and trust with some of the key stakeholders resulting in the creation of more...

  12. Risk Management in Information Technology Project: An Empirical Study

    Directory of Open Access Journals (Sweden)

    Kornelius Irfandhi

    2016-09-01

    Full Text Available The companies are facing some risks due to changes in a dynamic environment. If risks are not managed properly, it will have some negative impacts on the companies at the present and the future. One important function of the Information Technology (IT governance is risk management. Risk management in IT project aims to provide a safe environment for IT projects undertaken. Risk management becomes an important process for the success of IT projects. This article discussed the risk of IT project and whether there was a relationship between risk management and the success of the project. The method used was performing a literature review of several scientific articles which published between 2010 and 2014. The results of this study are the presence of risk management and risk manager influence the success of the project. Risk analysis and risk monitoring and control also have a relationship with the subjective performance of IT projects. If risk management is applied properly, the chance of the success of the projects undertaken can be increased. 

  13. Risk prevention and management in cooperatives: An instrument to eliminate it or reduce it

    Directory of Open Access Journals (Sweden)

    María de Jesús Ribet-Cuadot

    2015-06-01

    Full Text Available The article exposes a methodological proposal that covers aspects to consider in the process of managing and preventing risks, which must be developed in any business or business association, for it constitutes an indispensable instrument for risk elimination or reduction that will further aid to achieve the desired goals.  This methodology comes from an investigation that had a precise question as starting point: How to contribute to the risk management and prevention in cooperatives? This was its fundamental problem. The idea comes, of course, from the sudden awakening and ever –growing use of this type of association in a difficult economical and financial context. Its general goal is to expose a methodology for risk management and prevention in cooperatives. The methodology has the necessary flexibility to be adjusted to the peculiarities of each cooperative. Its main advantage consists of assuring a systematic approach to management and prevention that begins with a diagnostic and later elaboration of a map of risks in each area, which will all ease into constant check up and reviewing. Furthermore, it allows to assess the positive impact regarding economics, society and ecology.

  14. 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

  15. 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.

  16. Long-term strategies for flood risk management: scenario definition and strategic alternative design

    NARCIS (Netherlands)

    Bruijn, de K.; Klijn, F.; McGahey, C.; Mens, M.; Wolfert, H.P.

    2008-01-01

    This report reviews some mainstream existing methods of scenario development and use, as well as experiences with the design and assessment of strategic alternatives for flood risk management. Next, a procedure and methods are proposed and discussed. Thirdly, the procedure and methods are tried on

  17. 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.

  18. Risk management in product innovation projects

    NARCIS (Netherlands)

    Halman, J.I.M.; Keizer, J.A.

    1993-01-01

    In product innovation projects risk management has become increasingly important. Technological and commercial developments ask for effective and efficient product innovation. Systematic diagnosing and management of risks can help to make product innovation projects successful. In this paper a

  19. Shutdown risk management applied at Philadelphia Electric Company

    International Nuclear Information System (INIS)

    Dagan, William J.; True, Douglas E.; Wilson, Thomas; Truax, William

    2004-01-01

    The development and implementation of an effective risk management program requires basic risk or safety knowledge and the conversion of such information into effective management tools. ERIN Engineering and Research, Inc., under contract to the Electric Power Research Institute, has developed an effective program. Outage Risk Assessment and Management (ORAM), to provide plant and management personnel with understandable results of shutdown risk studies. With this tool, the impact of plans and decision options can be readily determined and displayed for the decision maker. This paper describes these methods and their application to the Limerick Nuclear Station of Philadelphia Electric Company. It also sets forth a broader application of these methods to include support of management decisions at-power and following forced outages. The result is an integrated risk management framework which can allow management and technical personnel to utilize readily available and understandable risk insights to optimize each activity. This paper addresses the resolution of several key issues in detail: How was the ORAM risk management method employed to represent the existing plant shutdown procedures and policies? How did the ORAM risk management method enhance the decision-making ability of the outage management staff? How was the ORAM software efficiently integrated with the outage scheduling software? How is quantitative risk information generated and used for outage planning and control? The ORAM risk management philosophy utilizes a series of colors to depict various risk configurations. Each such configuration has associated with it clear guidance. By modifying the conditions existing in the plant it is possible to impact the type of risk being encountered as well as the guidance which is appropriate for that period. In addition, the duration of a particular configuration can be effectively managed to reduce the overall risk impact. These are achieved with minimal

  20. Managing the total cost of risk exposures through risk mapping techniques

    International Nuclear Information System (INIS)

    Unione, A.J.; Rode, D.M.

    1998-01-01

    In a competitive power market, power producers are exposed to an increasingly broad spectrum of financial risks. The cumulative impact of these financial risks is known collectively as the Total of Cost of Risk. The concept of Total of Cost of Risk presents the business reality of a company's exposure to potentially devastating financial consequences in an integrated and useful way. In this way, a strategy of managing Total Cost of Risk in the most cost effective way can become a means of ensuring long term business health and security. This paper will examine the use of risk mapping as a tool for visually understanding Total Cost of Risk, thus creating an enhanced situational awareness and an integrated basis for risk management decision. The evaluation process, available through the use of risk maps allows the power producers to pro-actively implement prudent business decisions concerning the design, operation and maintenance of power plants. Risk mapping is thus a means for harmonizing operational objectives, such as improved plant reliability, with corporate strategies and goals in terms of an effective risk management program

  1. Risk Management and Viability of Public Organizations. Development of a Risk Measurement Tool: The Case of Greece

    Directory of Open Access Journals (Sweden)

    Iordanis Eleftheriadis

    2017-03-01

    Full Text Available Purpose: This paper provides an important contribution towards the development of a valid, reliable and cost-effective instrument that reduces operational and economic risk levels in public sector organizations. Design/methodology/approach: A quantitative methodology based on the collection of primary data via a questionnaire has been adopted in this research. Findings: The research results showed that the measurement tool selected, applied, presented and proposed is comprised of three (3 scales. The reliability analysis proved that all three scales are reliable; therefore, they are suitable for use as a risk measurement instrument. Research limitations/implications: The study's academic contribution is the application and testing of the aforementioned measurement instruments, which can now be utilised by researchers in the field of risk management, to further advance the study of risk management in public organizations in Greece. On the empirical level, the implementation of these three measurement instruments can assist public organizations in Greece via an easy and fast assessment of economic and operational risks. Originality/value: This tool can help public organizations gain insight into the level of risk they face at any given point in time in order plan their actions accordingly. At the same time, central state administration will have the necessary tools to monitor and support the organizations it evaluates.

  2. Proposing a Model to present Factors which Affect e-SCM Risk and their Impacts on Organizational Performance

    Directory of Open Access Journals (Sweden)

    ali rajabzadeh ghatari

    2010-03-01

    Full Text Available Companies strive to improve market share, grow corporate profit, and gain strategic advantage. In order to achieve these goals, supply chain competency must be placed at the heart of a company’s business model. Using e-Commerce and information and communication technologies (ICT in today’s changing demands of business has made organizations more responsive and flexible. E-Commerce and Internet have changed the nature of supply chains and re-defined how customers obtain wisdom of products, services, selection, purchasing and using them. Advent of ICT and new business environment has caused emerge of electronic supply chains. This research has proposed a model for presenting factors which affect electronic supply chain’s risk; besides the influence of the risk on financial and non-financial organization’s performance indicators. Studying the influence of the risk on organization’s performance is conducted in a sample of electronic and telecommunication companies. In order to measure these relationships, using correlation and structural equation modeling (SEM techniques proposed that electronic supply chain risk identification and management have significant impact on organization’s performance improvement.

  3. APPLIED ISSUES ABOUT BANKING RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Elena Geanina Clipici

    2017-09-01

    Full Text Available The following paper emphasizes the need to deepen the understanding of the notion of banking risk management by explaining the significant risks the bank encounters during financial exercises as well as their additional entries. The study of the paper will focus on UniCredit Bank during the years 2014 and  2015 on all types of risks, in which we will provide comprehensive data on how the UniCredit Bank management applies its risk policies.

  4. 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.

  5. Innovations in optimizing mitigation and pipeline risk management for natural gas and hazardous liquid systems

    Energy Technology Data Exchange (ETDEWEB)

    Gloven, Michael P; Hendren, Elaine S; Zeller, Sherri A; Ramirez, Pete V [Bass-Trigon (United States)

    2003-07-01

    Pipeline risk management has been stimulated by pipeline ruptures throughout the world. This paper explores risk management and mitigation strategies for minimizing consequences from pipeline releases, and optimizing financial resources in response or in prevention of these events. More specifically, it examines private sector innovations which optimize mitigation activities in combination with public sector programs such as regulations and standards (i.e., ASME B31.S, API 1160). The mitigation of risk involves the implementation of measures to reduce the frequency of failure, the severity of consequences, or both these attributes of risk. A wide variety of risk mitigation measures are available to pipeline operators. Given the diversity of mitigation measures available, this paper proposes a framework that can assist operating companies in selecting risk mitigation strategies based on risk results, mitigation costs and benefits. (author)

  6. Drug utilization research and risk management

    NARCIS (Netherlands)

    Mazzaglia, Giampiero; Mol, Peter G. M.; Elseviers, Monique; Wettermark, Björn; Almarsdóttir, Anna Birna; Andersen, Morten; Benko, Ria; Bennie, Marion; Eriksson, Irene; Godman, Brian; Krska, Janet; Poluzzi, Elisabetta; Taxis, Katja; Vlahovic-Palcevski, Vera; Stichele, Robert Vander

    2016-01-01

    Good risk management requires continuous evaluation and improvement of planned activities. The evaluation impact of risk management activities requires robust study designs and carefully selected outcome measures. Key learnings and caveats from drug utilization research should be applied to the

  7. Risk Management for Enterprise Resource Planning Post Implementation Using COBIT 5 for Risk

    OpenAIRE

    Indah, Dwi Rosa; Harlili, Harlili; Firdaus, Afriyan

    2014-01-01

    Risk management for ERP postimplementation is required to achieve ERP success. In this paper, risk management for ERP postimplementation is designed using COBIT 5 for Risk on APO12 processes. The design of a risk management framework begins with assessment of ERP postimplementation success adopting two approaches, namely the framework of ERP post-implementation success and Critical Success Factor of ERP post-implementation as an input to the risk identification adopted from COBIT 5 for Risk. ...

  8. Interest Rate Risk Management using Duration Gap Methodology

    Directory of Open Access Journals (Sweden)

    Dan Armeanu

    2008-01-01

    Full Text Available The world for financial institutions has changed during the last 20 years, and become riskier and more competitive-driven. After the deregulation of the financial market, banks had to take on extensive risk in order to earn sufficient returns. Interest rate volatility has increased dramatically over the past twenty-five years and for that an efficient management of this interest rate risk is strong required. In the last years banks developed a variety of methods for measuring and managing interest rate risk. From these the most frequently used in real banking life and recommended by Basel Committee are based on: Reprising Model or Funding Gap Model, Maturity Gap Model, Duration Gap Model, Static and Dynamic Simulation. The purpose of this article is to give a good understanding of duration gap model used for managing interest rate risk. The article starts with a overview of interest rate risk and explain how this type of risk 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.The world for financial institutions has changed during the last 20 years, and become riskier and more competitive-driven. After the deregulation of the financial market, banks had to take on extensive risk in order to earn sufficient returns. Interest rate volatility has increased dramatically over the past twenty-five years and for that an efficient management of this interest rate risk is strong required. In the last years banks developed a variety of methods for measuring and managing interest rate risk. From these the most frequently used in real banking life and recommended by Basel Committee are based on: Reprising Model or Funding Gap Model, Maturity Gap Model, Duration Gap Model, Static and Dynamic Simulation. The purpose of this article is to give a

  9. HOW INTERNAL RISK - BASED AUDIT APPRAISES THE EVALUATION OF RISKS MANAGEMENT

    Directory of Open Access Journals (Sweden)

    N. Dorosh

    2017-09-01

    Full Text Available The article deals with the nature and function of the internal risk-based audit process approach to create patterns of risks and methods of evaluation. Deals with the relationship between the level of maturity of the risk of the company and the method of risk-based internal audit. it was emphasized that internal auditing provides an independent and objective opinion to an organization’s management as to whether its risks are being managed to acceptable levels.

  10. Underground risk management information systems

    Energy Technology Data Exchange (ETDEWEB)

    Matsuyama, S.; Inoue, M.; Sakai, T.

    2006-03-15

    JCOAL has conducted Joint Research on an Underground Communication and Risk Management Information System with CSIRO of Australia under a commissioned study project for the promotion of coal use starting in fiscal 2002. The goal of this research project is the establishment of a new Safety System focusing on the comprehensive risk management information system by the name of Nexsys. The main components of the system are the Ethernet type underground communication system that represents the data communication base, and the risk management information system that permits risk analysis in real-time and provides decision support based on the collected data. The Nexsys is an open system and is a core element of the underground monitoring system. Using a vast amount of underground data, it is capable of accommodating a wide range of functions that were not available in the past. Because of it, it is possible to construct an advanced underground safety system. 14 figs., 4 tabs.

  11. Current Chemical Risk Management Activities

    Science.gov (United States)

    EPA's existing chemicals programs address pollution prevention, risk assessment, hazard and exposure assessment and/or characterization, and risk management for chemicals substances in commercial use.

  12. Proposed rulemaking to risk-inform special treatment requirements

    International Nuclear Information System (INIS)

    Reed, Timothy A.; McKenna, Eileen M.

    2003-01-01

    This paper presents the status of Nuclear Regulatory Commission (NRC) rulemaking efforts to risk-inform special treatment requirements that reside in Title 10 of the Code of Federal Regulations, 10 CFR Part 21, Part 50, and Part 100. The staff has prepared a proposed rulemaking to add a new section to 10 CFR Part 50 to provide an alternative set of requirements for treatment of structures, systems and components (SSCs), using a risk-informed categorization process to determine safety significance of the SSCs. These requirements can be voluntarily adopted by light-water reactor licensees and applicants. The proposed rule is based upon extensive interactions with stakeholders (including consideration of public comments on draft rule language made available on the NRC rulemaking web site), experience with pilot plants, and guidance development activities. The NRC staff expects that stakeholder input provided in response to the proposed rule issuance will be valuable and support the efforts to issue the final rule. (author)

  13. 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…

  14. 77 FR 30517 - Electricity Subsector Cybersecurity Risk Management Process

    Science.gov (United States)

    2012-05-23

    ... DEPARTMENT OF ENERGY Electricity Subsector Cybersecurity Risk Management Process AGENCY: Office of... Electricity Subsector Cybersecurity Risk Management Process guideline. The guideline describes a risk... Management Process. The primary goal of this guideline is to describe a risk management process that is...

  15. Risk management guide

    International Nuclear Information System (INIS)

    Briscoe, G.J.

    1977-06-01

    Risk management requires an assessment or a knowledge of risk. This, in turn, requires identification of hazards (sources of risk) and a determination of risk (evaluation of the hazard degree). The hazard identification and risk analysis techniques presented in this Guide are, in general, based on the MORT concept that accidents result from unwanted energy flow in the absence of adequate controls and/or barriers. This Guide presents an analytical tree designed to prevent oversight of specific energy sources in risk identification. Hazard identification by field personnel is also discussed. Quantitative risk analysis is discussed in the following section. A method for summary of the risks for each energy classification is given. This method uses a graphical log-normal projection so that low probability events, which are not adequately represented in the experience data, are included in the risk assessment. This permits a more acceptable risk assessment since catastrophes are not ignored, even though the actual risk is only approximated. In addition, a few examples of risk analysis of specific hazards are given. Rudimentary probability and fault tree theory are used in these examples. Total risk assessment and resource allocation and safety performance trend analysis are discussed

  16. Patent portfolio management: literature review and a proposed model.

    Science.gov (United States)

    Conegundes De Jesus, Camila Kiyomi; Salerno, Mario Sergio

    2018-05-09

    Patents and patent portfolios are gaining attention in the last decades, from the called 'pro-patent era' to the recent billionaire transactions involving patent portfolios. The field is growing in importance, both theoretically and practically and despite having substantial literature on new product development portfolio management, we have not found an article relating this theory to patent portfolios. Areas covered: The paper develops a systematic literature review on patent portfolio management to organize the evolution and tendencies of patent portfolio management, highlighting distinctive features of patent portfolio management. Interview with IP manager of three life sciences companies, including a leading multinational group provided relevant information about patent portfolio management. Expert opinion: Based on the systematic literature review on portfolio management, more specifically, on new product development portfolio theory, and interview the paper proposes the paper proposes a reference model to manage patent portfolios. The model comprises four stages aligned with the three goals of the NPD portfolio management: 1 - Linking strategy of the Company's NPD Portfolio to Patent Portfolio; 2 - Balancing the portfolio in buckets; 3 - Patent Valuation (maximizing valuation); 4 - Regularly reviewing the patent portfolio.

  17. 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

  18. Managing economic risks through simulation

    International Nuclear Information System (INIS)

    Griffin, B.J.; Eresman, R.K.

    1994-01-01

    Industrial operations are commonly managed in terms of such factors as raw material requirements, throughput, equipment reliability, and operator productivity. Simulation can be used to transform standard management performance measures into probabilistic measures which define the associated risks. These results provide valuable insight for effective management of economic risks. Case studies are presented using the Monte Carlo simulation method to demonstrate different applications of simulation techniques, various result formats, and their use for optimizing economic returns. In the first case study, design criteria for a large gas distribution system originally developed from worst-case demand estimates were modelled to provide a risk basis for decisions on alternative upgrading options. In the second, a commercial gas storage facility operation was modelled to develop economic marketing strategies balancing supply and demand requirements from multiple clients. 3 refs

  19. Integrated project risk management of nuclear power projects

    International Nuclear Information System (INIS)

    Wang Xiaohui; Xu Yuanhui

    2001-01-01

    The concept and the features of risks in nuclear power projects are introduced, and in terms of nuclear power projects' own features, the Nuclear Power Project Integrated Risk Management Model is presented. The identification, estimation, evaluation, response plan development, control of risks and the theoretical basis of risk management are discussed. The model has feedback and control functions in order to control and manage the risks dynamically

  20. Relative invasion risk for plankton across marine and freshwater systems: examining efficacy of proposed international ballast water discharge standards.

    Directory of Open Access Journals (Sweden)

    Oscar Casas-Monroy

    Full Text Available Understanding the implications of different management strategies is necessary to identify best conservation trajectories for ecosystems exposed to anthropogenic stressors. For example, science-based risk assessments at large scales are needed to understand efficacy of different vector management approaches aimed at preventing biological invasions associated with commercial shipping. We conducted a landscape-scale analysis to examine the relative invasion risk of ballast water discharges among different shipping pathways (e.g., Transoceanic, Coastal or Domestic, ecosystems (e.g., freshwater, brackish and marine, and timescales (annual and per discharge event under current and future management regimes. The arrival and survival potential of nonindigenous species (NIS was estimated based on directional shipping networks and their associated propagule pressure, environmental similarity between donor-recipient ecosystems (based on salinity and temperature, and effects of current and future management strategies (i.e., ballast water exchange and treatment to meet proposed international biological discharge standards. Our findings show that current requirements for ballast water exchange effectively reduce invasion risk to freshwater ecosystems but are less protective of marine ecosystems because of greater environmental mismatch between source (oceanic and recipient (freshwater ecoregions. Future requirements for ballast water treatment are expected to reduce risk of zooplankton NIS introductions across ecosystem types but are expected to be less effective in reducing risk of phytoplankton NIS. This large-scale risk assessment across heterogeneous ecosystems represents a major step towards understanding the likelihood of invasion in relation to shipping networks, the relative efficacy of different invasion management regimes and seizing opportunities to reduce the ecological and economic implications of biological invasions.

  1. Nuclear power plant risk assembly and decomposition for risk management

    International Nuclear Information System (INIS)

    Iden, D.C.

    1985-01-01

    The state-of-the-art method for analyzing the risk from nuclear power plants is probabilistic risk assessment (PRA). The intermediate results of a PRA are first assembled to quantify the risk from operating a nuclear power plant in the form of (1) core damage (or core melt) frequency, (2) plant damage state frequencies, (3) release category frequencies, and (4) the frequency of exceeding specific levels of offsite consequences. Once the overall PRA results have been quantified, the next step is to decompose those results into the individual contributors to each of the four forms of risk in some rank order. The way in which the PRA model is set up to assemble and decompose the plant risk determines the ease and usefulness of the PRA model as a risk management tool for evaluating perturbations to the PRA model. These perturbations can take the form of technical specification changes, hardware modifications, procedural changes, etc. The matrix formalism developed by Dr. Stan Kaplan for risk assembly and decomposition represents a significant breakthrough in making the PRA model an effective risk management tool. The key to understanding the matrix formalism and making it a useful tool for managing nuclear power plant risk is the structure of the PRA model. PRA risk model structure and decomposition of the risk results are discussed with the Seabrook PRA as an example

  2. Managing risk selection incentives in health sector reforms.

    Science.gov (United States)

    Puig-Junoy, J

    1999-01-01

    The object of the paper is to review theoretical and empirical contributions to the optimal management of risk selection incentives ('cream skimming') in health sector reforms. The trade-off between efficiency and risk selection is fostered in health sector reforms by the introduction of competitive mechanisms such as price competition or prospective payment systems. The effects of two main forms of competition in health sector reforms are observed when health insurance is mandatory: competition in the market for health insurance, and in the market for health services. Market and government failures contribute to the assessment of the different forms of risk selection employed by insurers and providers, as the effects of selection incentives on efficiency and their proposed remedies to reduce the impact of these perverse incentives. Two European (Netherlands and Spain) and two Latin American (Chile and Colombia) case studies of health sector reforms are examined in order to observe selection incentives, their effects on efficiency and costs in the health system, and regulation policies implemented in each country to mitigate incentives to 'cream skim' good risks.

  3. 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)

  4. Nuclear risk management

    International Nuclear Information System (INIS)

    2001-01-01

    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)

  5. [What Surgeons Should Know about Risk Management].

    Science.gov (United States)

    Strametz, R; Tannheimer, M; Rall, M

    2017-02-01

    Background: The fact that medical treatment is associated with errors has long been recognized. Based on the principle of "first do no harm", numerous efforts have since been made to prevent such errors or limit their impact. However, recent statistics show that these measures do not sufficiently prevent grave mistakes with serious consequences. Preventable mistakes such as wrong patient or wrong site surgery still frequently occur in error statistics. Methods: Based on insight from research on human error, in due consideration of recent legislative regulations in Germany, the authors give an overview of the clinical risk management tools needed to identify risks in surgery, analyse their causes, and determine adequate measures to manage those risks depending on their relevance. The use and limitations of critical incident reporting systems (CIRS), safety checklists and crisis resource management (CRM) are highlighted. Also the rationale for IT systems to support the risk management process is addressed. Results/Conclusion: No single tool of risk management can be effective as a standalone instrument, but unfolds its effect only when embedded in a superordinate risk management system, which integrates tailor-made elements to increase patient safety into the workflows of each organisation. Competence in choosing adequate tools, effective IT systems to support the risk management process as well as leadership and commitment to constructive handling of human error are crucial components to establish a safety culture in surgery. Georg Thieme Verlag KG Stuttgart · New York.

  6. An obesity/cardiometabolic risk reduction disease management program: a population-based approach.

    Science.gov (United States)

    Villagra, Victor G

    2009-04-01

    Obesity is a critical health concern that has captured the attention of public and private healthcare payers who are interested in controlling costs and mitigating the long-term economic consequences of the obesity epidemic. Population-based approaches to obesity management have been proposed that take advantage of a chronic care model (CCM), including patient self-care, the use of community-based resources, and the realization of care continuity through ongoing communications with patients, information technology, and public policy changes. Payer-sponsored disease management programs represent an important conduit to delivering population-based care founded on similar CCM concepts. Disease management is founded on population-based disease identification, evidence-based care protocols, and collaborative practices between clinicians. While substantial clinician training, technology infrastructure commitments, and financial support at the payer level will be needed for the success of disease management programs in obesity and cardiometabolic risk reduction, these barriers can be overcome with the proper commitment. Disease management programs represent an important tool to combat the growing societal risks of overweight and obesity.

  7. 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.

  8. Risk Management in the banking and insurance sector

    Directory of Open Access Journals (Sweden)

    Ibrahim Mala

    2018-03-01

    Full Text Available Risk management is becoming an integral part of every organization, especially for the banking and Insurance sector because of their high-risk business. Both sectors try to manage the risks of their clients and their own risks. But, challenges in the banking and insurance industry are frequently influenced by the liquidity rations and the amount and quality of capital as ground requirements for risk management. The risk exposure in recent times is becoming more complex, more dynamic and diverse. Hence, we need to understand the risks which can be taken and the risks which should be avoided. In the other side insurance policies are long term, enabling insurers to stabilize the financial system and oft en insurance is the final transfer of risk. In this paper we will analyze an overview of risk management in the banking and insurance sector.

  9. Risk Management of NASA Projects

    Science.gov (United States)

    Sarper, Hueseyin

    1997-01-01

    Various NASA Langley Research Center and other center projects were attempted for analysis to obtain historical data comparing pre-phase A study and the final outcome for each project. This attempt, however, was abandoned once it became clear that very little documentation was available. Next, extensive literature search was conducted on the role of risk and reliability concepts in project management. Probabilistic risk assessment (PRA) techniques are being used with increasing regularity both in and outside of NASA. The value and the usage of PRA techniques were reviewed for large projects. It was found that both civilian and military branches of the space industry have traditionally refrained from using PRA, which was developed and expanded by nuclear industry. Although much has changed with the end of the cold war and the Challenger disaster, it was found that ingrained anti-PRA culture is hard to stop. Examples of skepticism against the use of risk management and assessment techniques were found both in the literature and in conversations with some technical staff. Program and project managers need to be convinced that the applicability and use of risk management and risk assessment techniques is much broader than just in the traditional safety-related areas of application. The time has come to begin to uniformly apply these techniques. The whole idea of risk-based system can maximize the 'return on investment' that the public demands. Also, it would be very useful if all project documents of NASA Langley Research Center, pre-phase A through final report, are carefully stored in a central repository preferably in electronic format.

  10. Managing health and safety risks: Implications for tailoring health and safety management system practices.

    Science.gov (United States)

    Willmer, D R; Haas, E J

    2016-01-01

    As national and international health and safety management system (HSMS) standards are voluntarily accepted or regulated into practice, organizations are making an effort to modify and integrate strategic elements of a connected management system into their daily risk management practices. In high-risk industries such as mining, that effort takes on added importance. The mining industry has long recognized the importance of a more integrated approach to recognizing and responding to site-specific risks, encouraging the adoption of a risk-based management framework. Recently, the U.S. National Mining Association led the development of an industry-specific HSMS built on the strategic frameworks of ANSI: Z10, OHSAS 18001, The American Chemistry Council's Responsible Care, and ILO-OSH 2001. All of these standards provide strategic guidance and focus on how to incorporate a plan-do-check-act cycle into the identification, management and evaluation of worksite risks. This paper details an exploratory study into whether practices associated with executing a risk-based management framework are visible through the actions of an organization's site-level management of health and safety risks. The results of this study show ways that site-level leaders manage day-to-day risk at their operations that can be characterized according to practices associated with a risk-based management framework. Having tangible operational examples of day-to-day risk management can serve as a starting point for evaluating field-level risk assessment efforts and their alignment to overall company efforts at effective risk mitigation through a HSMS or other processes.

  11. 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.

  12. Integrated, regional approach to risk management of industrial systems

    International Nuclear Information System (INIS)

    Chakraborty, S.

    1992-01-01

    This paper focuses on the following four main issues: (1) necessity for an integrated, regional approach to risk management of industrial systems; (2) principles of risk management; (3) integrated approach and overall methodology; and (4) implementation of risk management strategies on a regional basis. The U.N. Interagency project on risk management for large industrial areas, which is a pioneer type of international initiative for an integrated approach to risk management, is discussed in this context. Another encouraging activity for further development of overall methodologies for risk management is the ongoing project on the risk and safety of technical systems at the Swiss Federal Institute of Technology in Aurich. The concept of integral risk management takes into account multidimensional factors including technical, economic, political, social, and ethical considerations to allow a well-balanced decision-making process

  13. 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.

  14. 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.

  15. Adaptation of Basel Agreements to the Currency Risks Management in Ukraine and Russia

    Directory of Open Access Journals (Sweden)

    Ekaterina Tikhonovna Sveshnikova

    2015-12-01

    Full Text Available The article reveals the problem of adapting the Basel standards for managing the market and, in particular, foreign exchange risks to the conditions of the national economies of Ukraine and Russia. Internationality, fictitiousness and speculating of the currency transactions necessitated the transition of national banking systems of Ukraine and Russia to the international standards of Basel Committee. The article describes the history and shows the gradual process of implementation of these standards in the banking law and practice. We have studied the nature of the categories of “market risk” and “foreign exchange risk”. The place of the foreign exchange risk is updated in the classification of banking risks by analyzing the different views, and the mechanism of its effect is identified on the activities of commercial banks. The proposals on copyright issues are presented in particular: the necessity of combining the stock, interest rate and foreign exchange risks in the market risk group, as well as fixing the common regulatory definition of foreign exchange risk in the legislation. In the article the author’s category definition interpretation of “foreign exchange risk management system” is given in the light of its absence in the legal and the economic literature. The author also gives the recommendations to banks on developing the individual models for risk management in accordance with their own needs and current circumstances.

  16. 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.

  17. Maintenance risk management in Dayabay nuclear power plant

    International Nuclear Information System (INIS)

    He Xuhong; Tong Jiejuan

    2005-01-01

    The importance of proper maintenance to safe and reliable nuclear plant operation has long been recognized by the nuclear utility and regulatory body. This paper presents a process of maintenance risk management developed for a Chinese Nuclear Power Plant (NPP). The process includes three phases: (I) long term maintenance plan risk management, (II) monthly maintenance plan risk management, and (III) detailed risk management for high risk configuration. A risk matrix is developed for phase I whose purpose is to provide a rough guide for risk management in the making of the annual maintenance plan. For Phase II and Phase III, a software tool named Maintenance- Risk-Monitor is developed based on the internal initiating event, level 1 PSA model. The results of Phase II are the risk information of the all plant configurations caused by the unavailability of the components included the monthly maintenance plan. When the increase of core damage frequency (CDF) or the incremental core damage probability (ICDP) of a configuration is higher than the corresponding thresholds, Phase III is needed for this high risk configuration to get the useful information such as risk-importance components, human actions and initial events, from which appropriate preventive measurements could be derived. It is hoped that the provided process of maintenance risk management, together with the developed software tool, could facilitate the maintenance activities in the NPPs of China. (authors)

  18. Cyber Terrorism demands a Global Risks and Threats Strategic Management

    International Nuclear Information System (INIS)

    Gareva, R.

    2007-01-01

    The world is in the third wave of development, which is digital managed and networked. Information, which creates the knowledge is transferring thorough the Internet by exponential function. The rapid advancement of the computer technology has a great influence over the development of the critical information infrastructure, thus changing the safety environment and the national values and interests. This advancement produces threats and risks from computer perspective which are sublimated in different forms of international terrorism and particularly in cyber terrorism. The main aim of this paper is based on a thorough analysis of what is scientifically known and practiced when nowadays critical information infrastructure is in the focus of the cyber terrorism. The rapid IT development demands changes in the strategic management focus. As a result of a time-consuming theoretical and empirical research this paper suggests a methodology for strategic managing of: threats, risks and vulnerabilities. The proposed methodology is seen as a mean to increase the human security conscious in every sense of the word, and to promote the need for rules, procedures and standards establishment from the aspect of the strategic management in the new information epoch concerning. In addition, through a scientific discourse, a short attempt is made to relate Macedonian reality with the phenomenon mentioned above. The most fundamental set phrase is that the efficiency and promptly made decisions during strategic planning are a projection of the systematic organization of functions and models for managing the risks and threats of the critical information infrastructure. Hence, this paper could be seen as a perspective when taking in consideration the regional strategic management, and the cyber space vital functioning. (author)

  19. 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

  20. Risk management and internal audit: Evidence from Greece

    Directory of Open Access Journals (Sweden)

    George Drogalas

    2017-07-01

    Full Text Available Risk management is ranked by financial executives as one of their most important objectives. For this reason, a wide range of literature on risk management has been developed. Within this fluid business environment, internal audit plays a key role in monitoring a company’s risk profile and identifying areas for improving risk management processes. The purpose of this study is to provide a comprehensive overview of the factors that impact on risk management regarding internal audit function. Empirical evidence was collected by means of a mailed survey. Regression analysis is used in order to illustrate the information gathered. Consistent with theory and our expectations, the results indicate that internal audit, internal auditor and added value of internal audit are statistically significantly associated with risk management.

  1. Mitigating Corporate Water Risk: Financial Market Tools and Supply Management Strategies

    Directory of Open Access Journals (Sweden)

    Wendy M. Larson

    2012-10-01

    Full Text Available A decision framework for business water-risk response is proposed that considers financial instruments and supply management strategies. Based on available and emergent programmes, companies in the agricultural, commodities, and energy sectors may choose to hedge against financial risks by purchasing futures contracts or insurance products. These strategies address financial impacts such as revenue protection due to scarcity and disruption of direct operations or in the supply chain, but they do not directly serve to maintain available supplies to continue production. In contrast, companies can undertake actions in the watershed to enhance supply reliability and/or they can reduce demand to mitigate risk. Intermediate strategies such as purchasing of water rights or water trading involving financial transactions change the allocation of water but do not reduce overall watershed demand or increase water supply. The financial services industry is playing an increasingly important role, by considering how water risks impact decision making on corporate growth and market valuation, corporate creditworthiness, and bond rating. Risk assessment informed by Conditional Value-at-Risk (CVaR measures is described, and the role of the financial services industry is characterised. A corporate decision framework is discussed in the context of water resources management strategies under complex uncertainties.

  2. Physics-Based Identification, Modeling and Risk Management for Aeroelastic Flutter and Limit-Cycle Oscillations (LCO), Phase I

    Data.gov (United States)

    National Aeronautics and Space Administration — The proposed research program will develop a physics-based identification, modeling and risk management infrastructure for aeroelastic transonic flutter and...

  3. Risk and Work Configuration Management as a Function of Integrated Safety Management

    International Nuclear Information System (INIS)

    Lana Buehrer; Michele Kelly; Fran Lemieux; Fred Williams

    2007-01-01

    National Security Technologies, LLC (NSTec), has established a work management program and corresponding electronic Facilities and Operations Management Information System (e-FOM) to implement Integrated Safety Management (ISM). The management of work scopes, the identification of hazards, and the establishment of implementing controls are reviewed and approved through electronic signatures. Through the execution of the program and the implementation of the electronic system, NSTec staff work within controls and utilize feedback and improvement process. The Integrated Work Control Manual further implements the five functions of ISM at the Activity level. By adding the Risk and Work Configuration Management program, NSTec establishes risk acceptance (business and physical) for liabilities within the performance direction and work management processes. Requirements, roles, and responsibilities are specifically identified in the program while e-FOM provides the interface and establishes the flowdown from the Safety Chain to work and facilities management processes to company work-related directives, and finally to Subject Matter Expert concurrence. The Program establishes, within the defined management structure, management levels for risk identification, risk mitigation (controls), and risk acceptance (business and physical) within the Safety Chain of Responsibility. The Program also implements Integrated Safeguards and Security Management within the NSTec Safety Chain of Responsibility. Once all information has been entered into e-FOM, approved, and captured as data, the information becomes searchable and sortable by hazard, location, organization, mitigating controls, etc

  4. A PROPOSAL FOR MAKING A RISK MAP OF ROCKFALL BY EVALUATING THE INFLUENCE TO RAILWAY TRACK

    Science.gov (United States)

    Fukata, Takahiro; Mori, Taiki; Shibuya, Satoru

    An incident of rockfall may trigger serious damage to the safety as well as the after-the-event maintenance of railway transportation. In an attempt to minimize such damage caused by rockfall incident, the railway companies regularly in spect the concerned slopes along the railway, and take necessary measures. In the current practice, however, it is very difficult to make a full control of slopes in danger spreading over the wide area due to the limited human and financial resources. Accordingly, it is urgently needed for the railway firms to establish cost-effective as well as reliable system for the slope management. A risk map based on the impact statement of rockfall to railway track is of great use for not only enhancing the efficiency of slope inspection, but also planning the disaster prevention of railway. In this paper, a methodology for establishing a risk map by considering the impact statement to railway truck in a quantitative manner is proposed. In so doing, the rockfall movement on a slope was numerically simulated in match with each categorized type of slopes. The applicability of this proposed method for the slope management practice is examined based on a number of case histories.

  5. A view on risk management

    International Nuclear Information System (INIS)

    Joksimovich, V.

    1991-01-01

    The world at large has enjoyed the benefits of industrial technology for almost two centuries. The managers of industrial facilities as well as members of the public focused on the benefits and typically ignored or underestimated the inherent risks entailed in deployment of these technologies. Two examples will be given for the sake of illustration. In the chemical industry, the impacts of various chemicals on humans are insufficiently understood. In addition, it was not even known that some hazardous chemicals could be formed in the chemical reactions taking place in various chemical reactors. This is equivalent to not knowing that Cesium-iodide compound can be formed within nuclear fuel nor the impact it might have on humans if released, which is inconceivable in the nuclear industry. In the era of risk recognition, many industrial managers proclaimed that safety is everybody's business. The basic premise behind this was that since everyone is responsible, no one can be blamed for accidents. This is, however, shifting because both economics and litigation are now compelling industrial managers to consider risk in conjunction with the benefit. The government managers in many cases interpreted their charter to reap benefits first and pay the price of risks later; e.g., the case of nuclear weapons production facilities seriously contaminated by radioactive and other hazardous materials. Cost of clean-up was estimated at more than $100 billion. Of course, the authors have similar examples in many other industries, e.g., Superfund project of chemical waste sites. The challenge for the technologists is to maximize the benefit/risk ratio, keeping the risks, real or perceived, acceptably small. This brings us to the issue of acceptable risks, the topic of this paper

  6. Analysis of interactions among barriers in project risk management

    Science.gov (United States)

    Dandage, Rahul V.; Mantha, Shankar S.; Rane, Santosh B.; Bhoola, Vanita

    2018-03-01

    In the context of the scope, time, cost, and quality constraints, failure is not uncommon in project management. While small projects have 70% chances of success, large projects virtually have no chance of meeting the quadruple constraints. While there is no dearth of research on project risk management, the manifestation of barriers to project risk management is a less dwelt topic. The success of project management is oftentimes based on the understanding of barriers to effective risk management, application of appropriate risk management methodology, proactive leadership to avoid barriers, workers' attitude, adequate resources, organizational culture, and involvement of top management. This paper represents various risk categories and barriers to risk management in domestic and international projects through literature survey and feedback from project professionals. After analysing the various modelling methods used in project risk management literature, interpretive structural modelling (ISM) and MICMAC analysis have been used to analyse interactions among the barriers and prioritize them. The analysis indicates that lack of top management support, lack of formal training, and lack of addressing cultural differences are the high priority barriers, among many others.

  7. The control, at the design stage, of risks related to buildings management over time

    Directory of Open Access Journals (Sweden)

    Claudio Martani

    2013-10-01

    Full Text Available In the present paper an apparatus of tools and methods is presented to evaluate, at the design stage, the risks over a set of objectives through buildings lifetime. To this purpose a tool is first presented to relate technological requirements of each technical elements to the pertinent maintenance interventions. Then a process is also proposed to estimate the risks on user requirements runningMonte Carlo simulations. The risk management process proposed in the present work aims to support designers and promoters in making predictions on the outcomes of long, not standardized, multivariable dependent processes – as the building process is – in order to indicate the attitude of a designed building to meet a framework of important objectives through its lifetime.

  8. Application of Risk Assessment Tools in the Continuous Risk Management (CRM) Process

    Science.gov (United States)

    Ray, Paul S.

    2002-01-01

    Marshall Space Flight Center (MSFC) of the National Aeronautics and Space Administration (NASA) is currently implementing the Continuous Risk Management (CRM) Program developed by the Carnegie Mellon University and recommended by NASA as the Risk Management (RM) implementation approach. The four most frequently used risk assessment tools in the center are: (a) Failure Modes and Effects Analysis (FMEA), Hazard Analysis (HA), Fault Tree Analysis (FTA), and Probabilistic Risk Analysis (PRA). There are some guidelines for selecting the type of risk assessment tools during the project formulation phase of a project, but there is not enough guidance as to how to apply these tools in the Continuous Risk Management process (CRM). But the ways the safety and risk assessment tools are used make a significant difference in the effectiveness in the risk management function. Decisions regarding, what events are to be included in the analysis, to what level of details should the analysis be continued, make significant difference in the effectiveness of risk management program. Tools of risk analysis also depends on the phase of a project e.g. at the initial phase of a project, when not much data are available on hardware, standard FMEA cannot be applied; instead a functional FMEA may be appropriate. This study attempted to provide some directives to alleviate the difficulty in applying FTA, PRA, and FMEA in the CRM process. Hazard Analysis was not included in the scope of the study due to the short duration of the summer research project.

  9. Risk managements' communicative effects influencing IT project success

    NARCIS (Netherlands)

    de Bakker, Karel; Boonstra, Albert; Wortmann, Hans

    The central question of this research is if, and how, risk management contributes to the success of IS/IT projects. Risk management is used regularly in IT projects, despite indications in literature that risk management only occasionally contributes to IT project success. Drawing on Habermas we

  10. 7 CFR 760.104 - Risk management purchase requirements.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Risk management purchase requirements. 760.104 Section... Agricultural Disaster Assistance Programs § 760.104 Risk management purchase requirements. (a) To be eligible... available from the USDA Risk Management Agency (RMA)) obtained catastrophic coverage or better under a...

  11. 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

  12. Risk in Management Systems according to ISO standard

    Directory of Open Access Journals (Sweden)

    P. Królas

    2010-07-01

    Full Text Available The purpose of this article was to present selected management standards in context of risk management. It presents main ISOmanagement standards (ISO 9001, ISO 14001, OHSAS 18001, ISO 27001, BS 25999, ISO 31000 that apply to polish enterprises. In thefirst part of this article there are analyzed management standards regarding quality, environment, occupational health and safety,information security, as well as business continuity management and risk management. The second part of the article discusses the processof dealing with risk based on chosen management standard.

  13. 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

  14. Risk in technical and scientific studies: general introduction to uncertainty management and the concept of risk

    International Nuclear Information System (INIS)

    Apostolakis, G.E.

    2004-01-01

    the current state of knowledge? As a consequence, decisions should be risk-informed, not risk-based, and traditional approaches still have a role to play. As an example of a risk-informed approach, guidelines from the USNRC for the acceptance of proposed changes at NPPs were presented. These acknowledge that the level of technical review and management attention given to proposals will vary according to both the estimated core damage frequency (CDF) and the change in frequency resulting from the proposed change (ΔCDF). Different criteria apply to different regions on a plot of CDF vs. ΔCDF, but the numerical values defining the regions are indicative and the boundaries between them are not interpreted definitively. Finally, two interpretations of the defence-in-depth (DiD) approach were presented. (author)

  15. 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.

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

    OpenAIRE

    Wojciech Machowiak

    2012-01-01

    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: ...

  17. CONSIDERATIONS ON RISK MANAGEMENT APPLIED TO FOREST FIRES

    Directory of Open Access Journals (Sweden)

    Ioan Valentin Marcel Posea

    2016-07-01

    Full Text Available Forest risk and management are ubiquitous in any socio-economic activity. Forestry, more than any other field, is at risk from fire. Consequently, it appears the necessity to implement a fire risk management that could resolve, at least partially, the specific problems. This study attempts to identify the specific stages and processes of forest fire risk