WorldWideScience

Sample records for risk management approach

  1. 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...

  2. 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.

  3. 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 ...

  4. 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....

  5. 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.

  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. Sun Protection; A risk management approach

    Science.gov (United States)

    Diffey, Brian

    2017-10-01

    Sun Protection differentiates itself from other texts by adopting a risk-management approach to determine whether, how, and in what circumstances, harm might be caused, and to explore the feasibility of various strategies in controlling exposure to solar UV radiation. This multi-disciplinary book covers topics from climatology through human exposure to sunlight, as well as biological and clinical effects of UV radiation to physical and chemical strategies for photoprotection.

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

    OpenAIRE

    Nadia Carmen ENE

    2005-01-01

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

  9. 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.

  10. 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

  11. 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

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

    Science.gov (United States)

    Bauder, Stephen P.

    2014-01-01

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

  13. 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.

  14. AN APPROACH TO FRAUD RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Monica PUIU

    2014-11-01

    Full Text Available Nowadays, globalisation and business internalisation have led to an increased number of frauds in organisations worldwide. The most affected are the multinational corporations because of the geographical distance, different fiscal systems and local factors that consist in tremendous opportunities for employees and/or managers to involve in fraud schemes. Starting from recent studies and prior efforts of international organisations or countries to stop fraud by imposing regulations to be respected for the economic environment, the purpose of the paper is finding the key factors for detecting and preventing fraud in the organisations. In our approach we use several proposals for a conceptual framework developed by two companies of “The big four”, KPMG and Deloitte. The results indicate that for the number of fraud to decrease, any organisation needs to develop and implement a strong anti-fraud plan, by covering all logical steps to be made in this matter.

  15. Homeland Security: A Risk Management Approach Can Guide Preparedness Efforts

    National Research Council Canada - National Science Library

    Decker, Raymond

    2001-01-01

    .... Mail and postal workers. As requested, my testimony will focus on the work we have done over the past five years on combating terrorism and our recommendations advocating a risk management approach for such programs...

  16. Risk assessment and management approaches on mental health units.

    Science.gov (United States)

    Woods, P

    2013-11-01

    This exploratory and descriptive study took place in one Canadian province. The study aimed to: (1) to identify and describe the nature and extent of current risk assessment and management approaches used in the adult inpatient mental health and forensic units; and (2) to identify good practice and shortfalls in the nature and extent of the approaches currently utilized. Data were collected from 48 participants through nine focus groups. Participants reported that they used a clinical approach to risk assessment. They had also not considered risk assessment and management as a proactive structured process. Education and training was also limited and skills were developed over time through practice. Five keys issues are discussed as important: reliance on clinical judgement alone is not the best choice to make; the need to consider risk as a whole concept; risk management being more reactive than proactive; education and training; and client involvement in risk assessment. © 2012 John Wiley & Sons Ltd.

  17. BP Oil Company's approach to risk management

    International Nuclear Information System (INIS)

    Fryman, C.E.

    1996-01-01

    The oil and chemical industries face major challenges in deciding how to handle the numerous recommendations coming from various audits, reviews and studies conducted in the functional areas of personnel health and safety, loss prevention, and environmental protection. And, the number of recommendations continues to grow with time, as regulations and normal business requirements are met. BP Oil has developed a methodology for risk ranking the events leading to specific recommendations and then determining the cost-effectiveness of the recommendations in reducing the risk. The author completed successful pilot tests of this methodology at two of BP Oil's petroleum refineries, examining the recommendations from process hazards analyses and studies completed over the past few years. The methodology has since been implemented throughout their petroleum refining, distribution, transportation, and retail business streams

  18. 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.

  19. Governance of environmental risk: new approaches to managing stakeholder involvement.

    Science.gov (United States)

    Benn, Suzanne; Dunphy, Dexter; Martin, Andrew

    2009-04-01

    Disputes concerning industrial legacies such as the disposal of toxic wastes illustrate changing pressures on corporations and governments. Business and governments are now confronted with managing the expectations of a society increasingly aware of the social and environmental impacts and risks associated with economic development and demanding more equitable distribution and democratic management of such risks. The closed managerialist decision-making of the powerful bureaucracies and corporations of the industrial era is informed by traditional management theory which cannot provide a framework for the adequate governance of these risks. Recent socio-political theories have conceptualised some key themes that must be addressed in a more fitting approach to governance. We identify more recent management and governance theory which addresses these themes and develop a process-based approach to governance of environmental disputes that allows for the evolving nature of stakeholder relations in a highly complex multiple stakeholder arena.

  20. A quality risk management model approach for cell therapy manufacturing.

    Science.gov (United States)

    Lopez, Fabio; Di Bartolo, Chiara; Piazza, Tommaso; Passannanti, Antonino; Gerlach, Jörg C; Gridelli, Bruno; Triolo, Fabio

    2010-12-01

    International regulatory authorities view risk management as an essential production need for the development of innovative, somatic cell-based therapies in regenerative medicine. The available risk management guidelines, however, provide little guidance on specific risk analysis approaches and procedures applicable in clinical cell therapy manufacturing. This raises a number of problems. Cell manufacturing is a poorly automated process, prone to operator-introduced variations, and affected by heterogeneity of the processed organs/tissues and lot-dependent variability of reagent (e.g., collagenase) efficiency. In this study, the principal challenges faced in a cell-based product manufacturing context (i.e., high dependence on human intervention and absence of reference standards for acceptable risk levels) are identified and addressed, and a risk management model approach applicable to manufacturing of cells for clinical use is described for the first time. The use of the heuristic and pseudo-quantitative failure mode and effect analysis/failure mode and critical effect analysis risk analysis technique associated with direct estimation of severity, occurrence, and detection is, in this specific context, as effective as, but more efficient than, the analytic hierarchy process. Moreover, a severity/occurrence matrix and Pareto analysis can be successfully adopted to identify priority failure modes on which to act to mitigate risks. The application of this approach to clinical cell therapy manufacturing in regenerative medicine is also discussed. © 2010 Society for Risk Analysis.

  1. AUTOCHTHONOUS APPROACHING IN THE MANAGEMENT OF THE SECURITY RISK

    Directory of Open Access Journals (Sweden)

    Burtescu Emil

    2008-05-01

    Full Text Available An optimal management for a corporation, no matter what size the corporation is, it must contain the management of the security risk. On the importance that is given to the risk management can depend the well functioning of the corporation. An important role in this process has the owner of the business and the way that this one understands the risk. A good understanding of the risk by the owner will have as effect the allocation of sufficient funds to implement controls meant to bring the risk level in order to be an acceptable one. The autochthonous corporations, in a great part even because of the inexistence of reglementations in this domain, have an empiric approach of the phenomena.

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

    Science.gov (United States)

    Characklis, Gregory; Meyer, Eliot; Foster, Benjamin

    2017-04-01

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

  3. A Risk Management Approach for a Sustainable Cloud Migration

    Directory of Open Access Journals (Sweden)

    Alifah Aida Lope Abdul Rahman

    2017-11-01

    Full Text Available Cloud computing is not just about resource sharing, cost savings and optimisation of business performance; it also involves fundamental concerns on how businesses need to respond on the risks and challenges upon migration. Managing risks is critical for a sustainable cloud adoption. It includes several dimensions such as cost, practising the concept of green IT, data quality, continuity of services to users and clients, guarantee tangible benefits. This paper presents a risk management approach for a sustainable cloud migration. We consider four dimensions of sustainability, i.e., economic, environmental, social and technology to determine the viability of cloud for the business context. The risks are systematically identified and analysed based on the existing in house controls and the cloud service provider offerings. We use Dempster Shafer (D-S theory to measure the adequacy of controls and apply semi-quantitative approach to perform risk analysis based on the theory of belief. The risk exposure for each sustainability dimension allows us to determine the viability of cloud migration. A practical migration use case is considered to determine the applicability of our work. The results identify the risk exposure and recommended control for the risk mitigation. We conclude that risks depend on specific migration case and both Cloud Service Provider (CSP and users are responsible for the risk mitigation. Inherent risks can evolve due to the cloud migration.

  4. 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...

  5. [New approach for managing microbial risks in food].

    Science.gov (United States)

    Augustin, Jean-Christophe

    2015-01-01

    The aim of the food legislation is to ensure the protection of human health. Traditionally, the food legislation requires food business operators to apply good hygiene practices and specific procedures to control foodborne pathogens. These regulations allowed reaching a high level of health protection. The improvement of the system will require risk-based approaches. Firstly, risk assessment should allow the identification of high-risk situations where resources should be allocated for a better targeting of risk management. Then, management measures should be adapted to the health objective. In this approach, the appropriate level of protection is converted intofood safety and performance objectives on the food chain, i.e., maximum microbial contamination to fulfil the acceptable risk level. When objectives are defined, the food business operators and competent authorities can identify control options to comply with the objectives and establish microbiological criteria to verify compliance with these objectives. This approach, described for approximately 10 years, operative thanks to the development of quantitative risk assessment techniques, is still difficult to use in practical terms since it requires a commitment of competent authorities to define the acceptable risk and needs also the implementation of sometimes complex risk models.

  6. Mapping between Classical Risk Management and Game Theoretical Approaches

    OpenAIRE

    Rajbhandari , Lisa; Snekkenes , Einar ,

    2011-01-01

    Part 2: Work in Progress; International audience; In a typical classical risk assessment approach, the probabilities are usually guessed and not much guidance is provided on how to get the probabilities right. When coming up with probabilities, people are generally not well calibrated. History may not always be a very good teacher. Hence, in this paper, we explain how game theory can be integrated into classical risk management. Game theory puts emphasis on collecting representative data on h...

  7. Science-Driven Approach to Disaster Risk and Crisis Management

    Science.gov (United States)

    Ismail-Zadeh, A.

    2014-12-01

    Disasters due to natural extreme events continue to grow in number and intensity. Disaster risk and crisis management requires long-term planning, and to undertake that planning, a science-driven approach is needed to understand and assess disaster risks and to help in impact assessment and in recovery processes after a disaster. Science is used in assessments and rapid modeling of the disaster impact, in forecasting triggered hazards and risk (e.g., a tsunami or a landslide after a large earthquake), in contacts with and medical treatment of the affected population, and in some other actions. At the stage of response to disaster, science helps to analyze routinely the disaster happened (e.g., the physical processes led to this extreme event; hidden vulnerabilities; etc.) At the stage of recovery, natural scientists improve the existing regional hazard assessments; engineers try to use new science to produce new materials and technologies to make safer houses and infrastructure. At the stage of disaster risk mitigation new scientific methods and approaches are being developed to study natural extreme events; vulnerability of society is periodically investigated, and the measures for increasing the resilience of society to extremes are developed; existing disaster management regulations are improved. At the stage of preparedness, integrated research on disaster risks should be developed to understand the roots of potential disasters. Enhanced forecasting and early warning systems are to be developed reducing predictive uncertainties, and comprehensive disaster risk assessment is to be undertaken at local, regional, national and global levels. Science education should be improved by introducing trans-disciplinary approach to disaster risks. Science can help society by improving awareness about extreme events, enhancing risk communication with policy makers, media and society, and assisting disaster risk management authorities in organization of local and regional

  8. 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.

  9. [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.

  10. QUALITY MANAGEMENT IN TERMS OF STRENGTHENING THE "THREE LINES OF DEFENCE" IN RISK MANAGEMENT - PROCESS APPROACH

    OpenAIRE

    Radoica Luburic; Milan Perovic; Rajko Sekulovic

    2015-01-01

    The authors of the paper analyze risk management processes contained in the model considering its longstanding application in many European organisations. The paper also analyses quality management system (QMS) standards and risk management (RM) standards. It particularly addresses the process approach to QMS which, when coupled with active involvement of employees and constant improvements, makes this approach interesting as the topic of this paper. The analyses herein resulted in integratin...

  11. Mediterranean Storms: An Integrated Approach of Risk Management

    Science.gov (United States)

    Karageorgou, H.; Riza, E.; Linos, A.; Papanikolaou, D.

    2010-09-01

    Disaster by UN definition is "a serious disruption of the functioning of a community or a society, involving widespread human, material, economic, or environmental losses and impacts, which exceeds the ability of the affected community or society to cope using only its own resources". Mediterranean storms induce flash floods caused by excessive amounts of rainfall within a short lasting period of time. The intensity and duration of precipitation, region geomorphology, urbanization and different governmental emergency management structures trigger different consequences between Mediterranean countries. The integrated approach in management of storm risk represents a holistic perspective including interactions between government, science and technology institutions, developing agencies, private sector, NGOs and public. Local authorities and national government are responsible for the design, preparation and decision on storm risk management policies and strategies considering scientific risk identifying, assessing and understanding. Efficient governance management requires satisfied response to early warning systems, functionality of the affected systems upon which society depends and appropriate focus on variable interest, beliefs, values and ideologies between social groups. Also an appropriate balancing of benefits and costs in an efficient and equitable manner is important for the governance risk management. Natural sciences in corporation with the engineering science have developed effective early prediction, warning and monitoring systems on storm and flood risk. The health sciences use prediction systems for health related hazards and consequences and the social sciences research estimates the human resilience during disasters and the factors which affect and determine the human behavior. Also social sciences survey the response of public to early warning messages, the appropriate communicative methods to distributing messages and mechanisms to improve public

  12. A Holistic Approach for Risk Management During Design

    Science.gov (United States)

    Meshkat, Leila

    2006-01-01

    In this paper, an approach for the identification, assessment, mitigation and continuous management of risks during the process of designing a space mission is presented. This approach has been developed by observing the risk patterns that occur at the Project Design Center of the Jet Propulsion Laboratory (TeamX) which develops conceptual, concurrent design of Space Missions. TeamX develops an end-to-end conceptual design of a Space Mission in a matter of one or two weeks. As the risk chair in TeamX, the author has had the opportunity to observe the risk patterns that occur during design over the course of many design sessions. This paper introduces an abstraction and generalization of those patterns. Risk is defined as anything that can go wrong, along with its approximate likelihood and consequence. The indicators, and causes, and effects of these risks are cross cutting across the multiple levels of people and processes involved in the design, and the actual design product itself.

  13. Proactive supply chain risk management approach: The case of Serbia

    OpenAIRE

    Anđelković Aleksandra

    2017-01-01

    Supply chain risk management has become imperative. Therefore, needs for proactive supply chain risk management continuously is growing. Proactive supply chain risk management is not a great problem in developed countries. The problem is present in transition countries and underdeveloped countries. In those countries has not been built awareness about the importance of networking through supply chains and risk management within the supply chain. One of them...

  14. Menopause management: a cardiovascular risk-based approach.

    Science.gov (United States)

    Haines, C J; Farrell, E

    2010-08-01

    Hormone replacement therapy (HRT) remains the gold standard for the management of menopausal symptoms; however, HRT use has declined due to concerns over possible adverse side-effects. Approaches to menopause management are continually being revised and these extend beyond the control of recognized menopausal symptoms to encompass wider aspects of menopausal women's health. Hypertension and associated cardiovascular risk are particularly important unmet needs in postmenopausal women, especially in the Asia-Pacific region which has a rapidly aging population and bears around half of the global burden of cardiovascular disease, two-thirds of which has been attributed to elevated blood pressure. As first point of contact for women with menopausal symptoms, gynecologists play a gatekeeper role in assessing women's health, providing appropriate lifestyle counseling, and, where appropriate, implementing treatment or referral to relevant specialists. This paper, with contributions by gynecologists and cardiologists from Asia Pacific and beyond, summarizes available evidence and provides a treatment algorithm that employs a flexible blood pressure classification strategy to assist physicians in their decision-making for the individualized management of menopausal symptoms in women with low, moderate and high cardiovascular risk, and also for women with diabetes. Individualized HRT according to cardiovascular risk may yield improvements in cardiovascular health, as well as managing menopausal symptoms.

  15. A data-driven approach to quality risk management.

    Science.gov (United States)

    Alemayehu, Demissie; Alvir, Jose; Levenstein, Marcia; Nickerson, David

    2013-10-01

    An effective clinical trial strategy to ensure patient safety as well as trial quality and efficiency involves an integrated approach, including prospective identification of risk factors, mitigation of the risks through proper study design and execution, and assessment of quality metrics in real-time. Such an integrated quality management plan may also be enhanced by using data-driven techniques to identify risk factors that are most relevant in predicting quality issues associated with a trial. In this paper, we illustrate such an approach using data collected from actual clinical trials. Several statistical methods were employed, including the Wilcoxon rank-sum test and logistic regression, to identify the presence of association between risk factors and the occurrence of quality issues, applied to data on quality of clinical trials sponsored by Pfizer. ONLY A SUBSET OF THE RISK FACTORS HAD A SIGNIFICANT ASSOCIATION WITH QUALITY ISSUES, AND INCLUDED: Whether study used Placebo, whether an agent was a biologic, unusual packaging label, complex dosing, and over 25 planned procedures. Proper implementation of the strategy can help to optimize resource utilization without compromising trial integrity and patient safety.

  16. A data-driven approach to quality risk management

    Directory of Open Access Journals (Sweden)

    Demissie Alemayehu

    2013-01-01

    Full Text Available Aim: An effective clinical trial strategy to ensure patient safety as well as trial quality and efficiency involves an integrated approach, including prospective identification of risk factors, mitigation of the risks through proper study design and execution, and assessment of quality metrics in real-time. Such an integrated quality management plan may also be enhanced by using data-driven techniques to identify risk factors that are most relevant in predicting quality issues associated with a trial. In this paper, we illustrate such an approach using data collected from actual clinical trials. Materials and Methods: Several statistical methods were employed, including the Wilcoxon rank-sum test and logistic regression, to identify the presence of association between risk factors and the occurrence of quality issues, applied to data on quality of clinical trials sponsored by Pfizer. Results: Only a subset of the risk factors had a significant association with quality issues, and included: Whether study used Placebo, whether an agent was a biologic, unusual packaging label, complex dosing, and over 25 planned procedures. Conclusion: Proper implementation of the strategy can help to optimize resource utilization without compromising trial integrity and patient safety.

  17. Operational Risk Management A Practical Approach to Intelligent Data Analysis

    CERN Document Server

    Kenett, Ron

    2010-01-01

    The book will introduce modern Operational Risk (OpR) Management and illustrates the various sources of OpR assessment and OpR mitigation. This book discusses how various data sources can be integrated and analyzed and how OpR is synergetic to other risk management activities such as Financial Risk Management and Internationalization. The topics will include state of the art technology such as semantic analysis, ontology engineering, data mining and statistical analysis.

  18. A risk approach to the management of boiler tube thinning

    International Nuclear Information System (INIS)

    Noori, Soudabeh A.; Price, John W.H.

    2006-01-01

    A large set of industrial thickness inspection data covering four boiler units of a power station over a period of five years was made available to the authors. The measurements were made in regions of the boiler where corrosion/erosion was the major cause of failure of the boiler tubes. There were over 40,000 separately measured data points in the data and all were collected with some care and expense. In the development of maintenance strategies for equipment, this type of data is typical of the data that must be collected and assessed. This data thus represents an opportunity to evaluate the ability to generate a useful risk approach to the management of the tubing. An important example of a risk-based approach is the American Petroleum Institute (API) Risk Based Inspection ('RBI'), API 581. A variety of problems were encountered applying this to boiler tubes. The problems include irrelevant API 581 corrosion rate tables, lack of information on how to analyse inspection data, difficulty of dealing with multiple inspection categories and lack of suitable direction for programming inspection intervals

  19. A systems approach to risk management through leading safety indicators

    International Nuclear Information System (INIS)

    Leveson, Nancy

    2015-01-01

    The goal of leading indicators for safety is to identify the potential for an accident before it occurs. Past efforts have focused on identifying general leading indicators, such as maintenance backlog, that apply widely in an industry or even across industries. Other recommendations produce more system-specific leading indicators, but start from system hazard analysis and thus are limited by the causes considered by the traditional hazard analysis techniques. Most rely on quantitative metrics, often based on probabilistic risk assessments. This paper describes a new and different approach to identifying system-specific leading indicators and provides guidance in designing a risk management structure to generate, monitor and use the results. The approach is based on the STAMP (System-Theoretic Accident Model and Processes) model of accident causation and tools that have been designed to build on that model. STAMP extends current accident causality to include more complex causes than simply component failures and chains of failure events or deviations from operational expectations. It incorporates basic principles of systems thinking and is based on systems theory rather than traditional reliability theory. - Highlights: • Much effort has gone into developing leading indicators with only limited success. • A systems-theoretic, assumption-based approach may be more successful. • Leading indicators are warning signals of an assumption’s changing vulnerability. • Heuristic biases can be controlled by using plausibility rather than likelihood

  20. Risk and Management Control: A Partial Least Square Modelling Approach

    DEFF Research Database (Denmark)

    Nielsen, Steen; Pontoppidan, Iens Christian

    Risk and economic theory goes many year back (e.g. to Keynes & Knight 1921) and risk/uncertainty belong to one of the explanations for the existence of the firm (Coarse, 1937). The present financial crisis going on in the past years have re-accentuated risk and the need of coherence...... and interrelations between risk and areas within management accounting. The idea is that management accounting should be able to conduct a valid feed forward but also predictions for decision making including risk. This study reports the test of a theoretical model using partial least squares (PLS) on survey data...... and a external attitude dimension. The results have important implications for both management control research and for the management control systems design for the way accountants consider the element of risk in their different tasks, both operational and strategic. Specifically, it seems that different risk...

  1. An approach for risk management and regulatory applications

    International Nuclear Information System (INIS)

    Wong, See-Meng

    2000-01-01

    This paper discusses the development and potential applications of a PRA methodology for risk management and regulatory applications in the U.S. nuclear industry. The new PRA methodology centers on the development of time-dependent configuration risk profiles 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 development of risk profiles. (author)

  2. Modern Approaches to Risk Management and Their Use in Customs

    Directory of Open Access Journals (Sweden)

    Vita Afanasieva

    2017-04-01

    Full Text Available In the article the analysis of experience and best practices of Europe and the world regarding the methods and tools of risk management in customs affairs. In accordance with the requirements of the Kyoto Convention the risk management is the main basic principle of modern customs control methods, which allows optimal use of resources of customs bodies, without reducing the effectiveness of customs controls, and exempt the majority of foreign trade operators from unnecessary bureaucratic control. Procedures based on risk management, concentrate customs control on areas, where there is the greatest risk, allowing the bulk of goods and individuals relatively free to pass the checkpoint at the customs border Special attention is paid to the principles and methods of risk management and their impact on the simplification of customs procedures through the use of risk-based thinking. The paper discusses the problems concerning the application and implementation of modern risk management techniques in customs procedures subject to the requirements of international standards ISO for the quality management system and risk management based on risk-based thinking.

  3. Alarming of exchange rate crisis: A risk management approach

    Directory of Open Access Journals (Sweden)

    Da Zhao

    2016-05-01

    Full Text Available Recently, with increasing volatility of foreign exchange rate, risk management becomes more and more important not only for multinational companies and individuals but also for central governments. This paper attempts to build an econometrics model so as to forecast and manage risks in foreign exchange market, especially during the eve of turbulent periods. By following McNeil and Frey’s (2000 two stage approach called conditional EVT to estimate dynamic VaR commonly used in stock and insurance markets, we extend it by applying a more general asymmetric ARMA-GARCH model to analyze daily foreign exchange dollar-denominated trading data from four countries of different development levels across Asia and Europe for a period of more than 10 years from January 03, 2005 to May 29, 2015, which is certainly representative of global markets. Conventionally, different kinds of backtesting methods are implemented ultimately to evaluate how well the model behaves. Inspiringly, test results show that by taking several specific characteristics (including fat-tails, asymmetry and long-range dependence of the foreign exchange market return data into consideration, the violation ratio of out-of-sample data can be forecasted very well for both fixed and flexible foreign exchange regimes. Moreover, all of the violations are evenly distributed along the whole period which indicates another favorable property of our model. Meanwhile, we find evidence of asymmetry volatility in all of the studied foreign exchange markets even though the magnitudes of the most of them are weak

  4. Toward a national health risk management approach in Australia.

    Science.gov (United States)

    O'Donnell, Carol

    2002-01-01

    There has been increasing international consensus about the importance of competition for achieving national growth and community well-being. The Australian government accordingly has introduced policies to promote such competition. Major legislative review and many public inquiries have assisted implementation of national competition policy and the development of national goals and standards related to international agreements to promote health and sustainable development. Since the 1980s, Australia has had legislation that requires the identification and control of health risks arising at work. The management structures necessary for coordinated delivery of national programs designed for effective identification and control of health risks arising in communities to achieve national health and development goals are still being developed, however. Major difficulties related to this development are discussed. National health development programs should be approached primarily through establishment of regional partnerships between bodies responsible for managing community health, local government, and employment placement, in consultation with other relevant organizations and the community. Related research and evaluation programs are required.

  5. A review of game theory approach to cyber security risk management

    African Journals Online (AJOL)

    A review of game theory approach to cyber security risk management. ... This paper presents a review of game theoretic-based model for cyber security risk management. Specifically, issues on ... AJOL African Journals Online. HOW TO USE ...

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

    Directory of Open Access Journals (Sweden)

    Cican Simona-Iulia

    2014-07-01

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

  7. Methodical Approaches to Risk Management in a Regional Commercial Bank

    Directory of Open Access Journals (Sweden)

    Elena Vladimirovna Altukhova

    2016-03-01

    Full Text Available The article presents the results of the research of the methodological and information infrastructure of the integrated risk management in a regional commercial bank. Within the study of the general development tendencies of the regional banking services market, the most significant risks for a regional bank are revealed. The analysis is carried out on the basis of the stress testing technique developed at the Plekhanov Russian University of Economics. It is based on a technique of dynamic economic and mathematical modeling with the application of information technologies. The created combination of the methodological and instrumental tools allows to carry out the dynamic scenario analysis of the activity of a commercial bank for the identification of potential risks and for the development of the strategy of financial management reducing the potential risks and leveling the consequences of their realization. The received tool allows during the computer test to watch the predicted dynamics of the condition of the key indicators of the activity of a regional commercial bank changing under the influence of the exogenous regulatory measures and instruments of bank management applied to decrease risk and at the same time to introduce adjustments in the perspective strategy of management. As the result of the analysis, the universal management model of the main bank risks in a regional commercial bank within three alternative scenarios is created. The software product allowing to develop and acquire the practical skills of the students in banking is developed. It also may help to develop the methodological support for the regulation of the organizational procedures of risk management in a regional commercial bank. The received software product may be used in a system of the improving the professional skills, and also for obtaining the expected data in a risk management system in a regional commercial bank.

  8. Overview of groundwater management approaches at salinisation risk

    Science.gov (United States)

    Polemio, Maurizio; Zuffianò, Livia Emanuela

    2013-04-01

    All natural waters contain dissolved minerals from interactions with atmospheric and soil gases, mixing with other solutions, and/or interactions with the biosphere and lithosphere. In many cases, these processes result in natural waters containing solute or salinity above concentrations recommended for a specified use, which creates significant social and economic problems. Groundwater salinisation can be caused by natural phenomena and anthropogenic activities. For the former case, we can distinguish terrestrial and marine phenomena. Approximately 16% of the total area of continental earth is potentially involved in groundwater salinisation. Seawater intrusion can be considered to be the primary phenomenon to be studied in terms of groundwater salinisation. Three schematic approaches to the protection of groundwater via salinisation mitigation and/or groundwater salinity improvement are described based on the classifications of the primary salinisation sources and focusing on the effect of seawater intrusion. The complexity of these approaches generally increases due to difficulties caused by groundwater quality and quantity degradation and increased demand for quality water. In order from the lowest to the highest complexity, these approaches are the engineering approach, the discharge management approach, and the water and land management approach. The engineering approach is realised on the local or detailed scale with the purpose of controlling the salinisation, optimising the well discharge with specific technical solutions and/or completing works to improve the quality and/or quantity of the discharged fresh groundwater. The discharge management approach encompasses at least an entire coastal aquifer and defines rules concerning groundwater utilisation and well discharge. The water and land management approach should be applied on the regional scale. Briefly, this approach becomes necessary when one or more need creates an overall framework of high

  9. Managing Reputational Risk through Environmental Management and Reporting: An Options Theory Approach

    Directory of Open Access Journals (Sweden)

    Juan Pineiro-Chousa

    2017-03-01

    Full Text Available Reputation is a complex and multidimensional concept that may be organized in downside and upside reputational risk. In this article, we present a formal modelling for the management capabilities of environmental management and reporting over reputational risk, considering that reputational risk is becoming increasingly important for organizations and it directly depends on the information available about companies’ environmental performances. As long as the effectiveness of communication and disclosure plays a key role in the process, the usefulness of environmental management and reporting as a hedging instrument for reputational risk is addressed through different levels of information transparency. When considering a scenario of voluntary reporting, we show that environmentally concerned companies can reduce the cost of environmental management as a reputational risk strategy, as well as reducing the potential loss of reputational value from reputational threats and increasing the potential profit from reputational opportunities. In the context of mandatory reporting, we highlight the role of assurance companies as bearers of the risk of bad reputations for non-concerned companies. As a result, this novel approach applies theoretical oriented research from options theory to reputational risk management literature, so that it benefits from the option’s well known theory, robustness, and conclusions.

  10. Bayesian probabilistic network approach for managing earthquake risks of cities

    DEFF Research Database (Denmark)

    Bayraktarli, Yahya; Faber, Michael

    2011-01-01

    This paper considers the application of Bayesian probabilistic networks (BPNs) to large-scale risk based decision making in regard to earthquake risks. A recently developed risk management framework is outlined which utilises Bayesian probabilistic modelling, generic indicator based risk models...... and a fourth module on the consequences of an earthquake. Each of these modules is integrated into a BPN. Special attention is given to aggregated risk, i.e. the risk contribution from assets at multiple locations in a city subjected to the same earthquake. The application of the methodology is illustrated...... on an example considering a portfolio of reinforced concrete structures in a city located close to the western part of the North Anatolian Fault in Turkey....

  11. 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

  12. Current approaches to cyanotoxin risk assessment and risk management around the globe

    Science.gov (United States)

    Ibelings, Bas W.; Backer, Lorraine C.; Kardinaal, W. Edwin A.; Chorus, Ingrid

    2015-01-01

    Toxic cyanobacteria became more widely recognized as a potential health hazard in the 1990s, and in 1998 the World Health Organization (WHO) first published a provisional Guideline Value of 1 μg L−1 for microcystin-LR in drinking-water. In this publication we compare risk assessment and risk management of toxic cyanobacteria in 17 countries across all five continents. We focus on the three main (oral) exposure vehicles to cyanotoxins: drinking-water, water related recreational and freshwater seafood. Most countries have implemented the provisional WHO Guideline Value, some as legally binding standard, to ensure the distribution of safe drinking-water with respect to microcystins. Regulation, however, also needs to address the possible presence of a wide range of other cyanotoxins and bioactive compounds, for which no guideline values can be derived due to insufficient toxicological data. The presence of microcystins (commonly expressed as microcystin-LR equivalents) may be used as proxy for overall guidance on risk management, but this simplification may miss certain risks, for instance from dissolved fractions of cylindrospermopsin and cyanobacterial neurotoxins. An alternative approach, often taken for risk assessment and management in recreational waters, is to regulate cyanobacterial presence – as cell numbers or biomass – rather than individual toxins. Here, many countries have implemented a two or three tier alert level system with incremental severity. These systems define the levels where responses are switched from Surveillance to Alert and finally to Action Mode and they specify the short-term actions that follow. Surface bloom formation is commonly judged to be a significant risk because of the elevated concentration of microcystins in a scum. Countries have based their derivations of legally binding standards, guideline values, maximally allowed concentrations (or limits named otherwise) on very similar scientific methodology, but underlying

  13. Current approaches to cyanotoxin risk assessment and risk management around the globe.

    Science.gov (United States)

    Ibelings, Bas W; Backer, Lorraine C; Kardinaal, W Edwin A; Chorus, Ingrid

    2015-12-01

    Toxic cyanobacteria became more widely recognized as a potential health hazard in the 1990s, and in 1998 the World Health Organization (WHO) first published a provisional Guideline Value of 1 μg L -1 for microcystin-LR in drinking-water. In this publication we compare risk assessment and risk management of toxic cyanobacteria in 17 countries across all five continents. We focus on the three main (oral) exposure vehicles to cyanotoxins: drinking-water, water related recreational and freshwater seafood. Most countries have implemented the provisional WHO Guideline Value, some as legally binding standard, to ensure the distribution of safe drinking-water with respect to microcystins. Regulation, however, also needs to address the possible presence of a wide range of other cyanotoxins and bioactive compounds, for which no guideline values can be derived due to insufficient toxicological data. The presence of microcystins (commonly expressed as microcystin-LR equivalents) may be used as proxy for overall guidance on risk management, but this simplification may miss certain risks, for instance from dissolved fractions of cylindrospermopsin and cyanobacterial neurotoxins. An alternative approach, often taken for risk assessment and management in recreational waters, is to regulate cyanobacterial presence - as cell numbers or biomass - rather than individual toxins. Here, many countries have implemented a two or three tier alert level system with incremental severity. These systems define the levels where responses are switched from Surveillance to Alert and finally to Action Mode and they specify the short-term actions that follow. Surface bloom formation is commonly judged to be a significant risk because of the elevated concentration of microcystins in a scum. Countries have based their derivations of legally binding standards, guideline values, maximally allowed concentrations (or limits named otherwise) on very similar scientific methodology, but underlying

  14. 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.

  15. 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.

  16. A global approach to risk management: lessons from the nuclear industry

    International Nuclear Information System (INIS)

    Lazo, T.; Kaufer, B.

    2003-01-01

    The industry's nuclear safety experts are continuously striving to minimise the possible risk and extent of a nuclear accident, while nuclear regulatory, authorities work to ensure that all safety requirements are met. Relying on a combination of deterministic and probabilistic approaches, they are obtaining positive results in terms of both risk-informed regulation and nuclear safety management. This article addresses this aspect of risk management, as well as the management of radiation exposure risk. It looks into nuclear emergency planning, preparedness and management, and stresses the importance of coordinating potential protection approaches and providing effective communication should a nuclear accident occur. (authors)

  17. 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

  18. 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

  19. 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...

  20. A new perspective on Renn and Klinke's approach to risk evaluation and management

    International Nuclear Information System (INIS)

    Kristensen, V.; Aven, T.; Ford, D.

    2006-01-01

    In this paper we discuss Renn and Klinke's approach for risk evaluation and selection of risk management strategies. The main focus in the discussion is the foundational basis and the understanding of what risk is, and how a different foundational basis may simplify and improve the characterization of risk. We will present and discuss an alternative set of characteristics, and give some recommendations with respect to selection of risk management strategies based on different values or magnitudes of these characteristics. We believe that the main focus when describing and managing risk should be the potential consequences, represented by observable quantities, and the uncertainty related to their future values

  1. Risk assessment concept in the new approach directives and its integration in the Enterprise Risk Management (ERM

    Directory of Open Access Journals (Sweden)

    Đapić Mirko

    2012-03-01

    Full Text Available In the nineties years of the previous century, the European Union achieved, through introducing the New and Global Approach to technical harmonization and standardization, a significant improvement in the approach to conformity assessment of products, by integrating the requirements for technical products safety into the process of its designing. This was achieved by preventive analyzing and quantifying of risk levels in the design process with the objective of determining the scope of the needed safety systems. On the other hand, we have witnessed a rapid development and implementation of holistic approaches to risks management in enterprises, unified in the modern business practice by the name of Enterprise Risk Management (ERM. Going along that line, the paper presents, through the basis of the EU New and Global Approach, the concept of risk assessment in the New Approach directives (Machinery, Lifts, ATEX, etc and provides the concept of its integration into the holistic approach of risks management in enterprises, such as ERM.

  2. Risk informed approach and its application in Daya Bay NPP operation safety management

    International Nuclear Information System (INIS)

    He Yu; Zhang Jinlong; Bao Yukun

    2004-01-01

    The paper presents a systematic risk assessment approach based on probabilistic theory, and discusses its significance and application process in safety management. Risk informed approach that uses deterministic engineering principles and probabilistic methods is the appropriate approach to decision making at nuclear power plants. The paper also studies an actual case taken place at Daya Bay Nuclear Power Station using PSA approach to equipment maintenance. (authors)

  3. 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.

  4. State-of-the-art risk-based approach to spill contingency planning and risk management

    International Nuclear Information System (INIS)

    Schmidt Etkin, Dagmar; Reilly, Timothy; French McCay, Deborah

    2011-01-01

    The paper proposes incorporating a comprehensive examination of spill risk into risk management and contingency planning, and applying state-of-the-art modeling tools to evaluate various alternatives for appropriate spill response measures and optimize protective responses. The approach allows spill contingency planners and decision-makers to determine the types of spill scenarios that may occur in a particular location or from a particular source and calculate the probability distribution of the various scenarios. The spill probability information is useful in assessing and putting into perspective the various costs options for spill control systems that will be recommended ultimately. Using advanced modeling tools helps in estimating the potential environmental and socioeconomic consequences of each spill scenario based on location-specific factors over a range of stochastic possibilities, simulating spill scenarios and determining optimal responses and protection strategies. The benefits and costs of various response alternatives and variations in response time can be calculated and modeling tools for training and risk allocation/transfer purposes used.

  5. RISK MANAGEMENT IN SMALL AND MEDIUM – SIZED ENTERPRISES: A GENDER-SENSITIVE APPROACH

    Directory of Open Access Journals (Sweden)

    Iwona Gorzeń-Mitka

    2015-12-01

    Full Text Available Risk is inherent in all business functions and in every kind of activity. Small and medium-sized enterprises (SMEs are particularly vulnerable to continuously daily internal and external undesirable events that adversely affect business performance. To deal with many risk determinants effectively, SMEs need a systemic method of approach to risk management. One of the factors of company risk management approach is gender of the owners or top executives. Especially from a managerial perspective, the link between risk-taking and gender has been examined through a wide range of approaches, such as entrepreneurial orientation and leadership related literatures. Some researchers point that male SME owners appear to show a greater risk appetite than female SME owners. The leading question in the undertaken research was to determine whether the gender of the firm's owners or top executives are reflected in the approach to risk management. The focal point of the research is identification of differences in risk taking and risk management in Polish SMEs companies from a gender perspective.

  6. Harmonization of risk management approaches: radiation and chemical exposures

    Energy Technology Data Exchange (ETDEWEB)

    Srinivasan, P. [Bhabha Atomic Research Centre, Radiation Safety Systems Div., Mumbai (India)

    2006-07-01

    Assessment of occupational and public risk from the environmental pollutants like chemicals, radiation, etc demands that the effects be considered not only from each individual pollutant, but from the combination of all the pollutants. An integrated risk assessment system needs to be in place to have an overall risk perspective for the benefit of policy makers and decision takers to try to achieve risk reduction in totality. The basis for risk-based radiation dose limits is derived from epidemiological studies, which provide a rich source of data largely unavailable to chemical risk assessors. In addition, use of the principle of optimization as expressed in the ALARA concept has resulted in a safety culture, which is much more than just complying with stipulated limits. The conservative hypothesis of no-threshold dose-effect relation (ICRP) is universally assumed. The end-points and the severity of different classes of pollutants and even different pollutants in a same class vary over a wide range. Hence, it is difficult to arrive at a quantitative value for the net detriment that weighs the various types of end-points and various classes of pollutants. Once the risk due to other pollutants is quantified by some acceptable methodology, it can be expressed in terms of the Risk Equivalent Radiation Dose (R.E.R.D.) for easy comparison with options involving radiation exposure. This paper is an effort to use to quantify and present the risk due to exposure to chemicals and radiation in a common scale for the purpose of easy comparison to facilitate decision taking. (authors)

  7. Harmonization of risk management approaches: radiation and chemical exposures

    International Nuclear Information System (INIS)

    Srinivasan, P.

    2006-01-01

    Assessment of occupational and public risk from the environmental pollutants like chemicals, radiation, etc demands that the effects be considered not only from each individual pollutant, but from the combination of all the pollutants. An integrated risk assessment system needs to be in place to have an overall risk perspective for the benefit of policy makers and decision takers to try to achieve risk reduction in totality. The basis for risk-based radiation dose limits is derived from epidemiological studies, which provide a rich source of data largely unavailable to chemical risk assessors. In addition, use of the principle of optimization as expressed in the ALARA concept has resulted in a safety culture, which is much more than just complying with stipulated limits. The conservative hypothesis of no-threshold dose-effect relation (ICRP) is universally assumed. The end-points and the severity of different classes of pollutants and even different pollutants in a same class vary over a wide range. Hence, it is difficult to arrive at a quantitative value for the net detriment that weighs the various types of end-points and various classes of pollutants. Once the risk due to other pollutants is quantified by some acceptable methodology, it can be expressed in terms of the Risk Equivalent Radiation Dose (R.E.R.D.) for easy comparison with options involving radiation exposure. This paper is an effort to use to quantify and present the risk due to exposure to chemicals and radiation in a common scale for the purpose of easy comparison to facilitate decision taking. (authors)

  8. Integrated risk management in a commercial market-maker bank using the 'cash flow at risk' approach

    OpenAIRE

    Voloshyn, Ihor; Voloshyn, Mykyta

    2013-01-01

    In this article, on the basis of the "cash flow at risk" approach, the system of the integrated (credit, market, operational and liquidity risks) risk management in a market-maker commercial bank is developed. This system guarantees reaching profitability, liquidity and coverage of banking risks and thus allows the fullest protection of the interests of depositors, creditors and shareholders of the bank providing its sustainable development.

  9. 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.

  10. Canadian Wildland Fire Strategy: A vision for an innovative and integrated approach to managing the risks

    Science.gov (United States)

    Canadian Wildland Fire Strategy Project Management Team

    2006-01-01

    The Canadian Wildland Fire Strategy (CWFS) provides a vision for a new, innovative, and integrated approach to wildland fire management in Canada. It was developed under the auspices of the Canadian Council of Forest Ministers and seeks to balance the social, ecological, and economic aspects of wildland fire through a risk management framework that emphasizes hazard...

  11. Statistical approach to flood disaster management and risks ...

    African Journals Online (AJOL)

    In the past four decades, economic losses due to flood have increased tremendously and resulted in major loss of human lives and livelihoods, the destruction of economic and social infrastructure, as well as environmental damage. This study focuses on flood disaster management through the establishment of a flood ...

  12. Rationale for an ecological risk approach for South African water resource management

    CSIR Research Space (South Africa)

    Jooste, S

    2001-07-01

    Full Text Available that an effect-likelihood approach has the potential to address the variability and uncertainty in management of a surface water body subject to multiple stressors. An in-stream receiving water risk objective approach might be considered....

  13. NASA's Risk Management System

    Science.gov (United States)

    Perera, Jeevan S.

    2013-01-01

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

  14. 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...

  15. 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.

  16. 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.

  17. A Digital Curate's Egg: A Risk Management Approach to Enhancing Data Management Practices

    Science.gov (United States)

    Knight, Gareth

    2012-01-01

    This article provides a case study of work performed at King's College London to survey information management practices, policies, and procedures applied by data creators and managers within three research units and three business units, and to determine the risk factors that may limit access and use of their digital assets over time. The…

  18. Management of Combined Natural Risks - A New Approach: Keynote Address

    Science.gov (United States)

    Hanisch, Jörg

    A new attempt is made to illustrate and to quantify the relationships of individual natural hazards, their combinations and the human vulnerability to natural hazards. During many catastrophic events, combinations of different natural events aggravate their occurrence substantially. Earthquakes are frequently associated with heavy landsliding (El Salvador 2001) and heavy rainstorms are able to trigger fast running debris flows and not only floods (like during the Mitch disaster in Central America in 1998). That signifies that natural hazard maps should show the combinations of different hazards and their genetic relationships. To put into effect this, first, the individual hazards have to be assessed and presented in hazard zones (0 to 3). Then these hazards zones will be overlain using GIS techniques. In this way, e.g., an earthquake-prone area which coincides with an area susceptible to landslides (ranking 0 to 3 as well) can show hazard concentrations of up to a value of 6, simply adding the individual hazard zones. To get the result of the corresponding risk zones, the vulnerability maps of human settlements and infra-structure have to be overlain on the maps of these combinations of natural hazards.

  19. Review of Qualitative Approaches for the Construction Industry: Designing a Risk Management Toolbox

    Science.gov (United States)

    Spee, Ton; Gillen, Matt; Lentz, Thomas J.; Garrod, Andrew; Evans, Paul; Swuste, Paul

    2011-01-01

    Objectives This paper presents the framework and protocol design for a construction industry risk management toolbox. The construction industry needs a comprehensive, systematic approach to assess and control occupational risks. These risks span several professional health and safety disciplines, emphasized by multiple international occupational research agenda projects including: falls, electrocution, noise, silica, welding fumes, and musculoskeletal disorders. Yet, the International Social Security Association says, "whereas progress has been made in safety and health, the construction industry is still a high risk sector." Methods Small- and medium-sized enterprises (SMEs) employ about 80% of the world's construction workers. In recent years a strategy for qualitative occupational risk management, known as Control Banding (CB) has gained international attention as a simplified approach for reducing work-related risks. CB groups hazards into stratified risk 'bands', identifying commensurate controls to reduce the level of risk and promote worker health and safety. We review these qualitative solutions-based approaches and identify strengths and weaknesses toward designing a simplified CB 'toolbox' approach for use by SMEs in construction trades. Results This toolbox design proposal includes international input on multidisciplinary approaches for performing a qualitative risk assessment determining a risk 'band' for a given project. Risk bands are used to identify the appropriate level of training to oversee construction work, leading to commensurate and appropriate control methods to perform the work safely. Conclusion The Construction Toolbox presents a review-generated format to harness multiple solutions-based national programs and publications for controlling construction-related risks with simplified approaches across the occupational safety, health and hygiene professions. PMID:22953194

  20. Review of qualitative approaches for the construction industry: designing a risk management toolbox.

    Science.gov (United States)

    Zalk, David M; Spee, Ton; Gillen, Matt; Lentz, Thomas J; Garrod, Andrew; Evans, Paul; Swuste, Paul

    2011-06-01

    This paper presents the framework and protocol design for a construction industry risk management toolbox. The construction industry needs a comprehensive, systematic approach to assess and control occupational risks. These risks span several professional health and safety disciplines, emphasized by multiple international occupational research agenda projects including: falls, electrocution, noise, silica, welding fumes, and musculoskeletal disorders. Yet, the International Social Security Association says, "whereas progress has been made in safety and health, the construction industry is still a high risk sector." Small- and medium-sized enterprises (SMEs) employ about 80% of the world's construction workers. In recent years a strategy for qualitative occupational risk management, known as Control Banding (CB) has gained international attention as a simplified approach for reducing work-related risks. CB groups hazards into stratified risk 'bands', identifying commensurate controls to reduce the level of risk and promote worker health and safety. We review these qualitative solutions-based approaches and identify strengths and weaknesses toward designing a simplified CB 'toolbox' approach for use by SMEs in construction trades. This toolbox design proposal includes international input on multidisciplinary approaches for performing a qualitative risk assessment determining a risk 'band' for a given project. Risk bands are used to identify the appropriate level of training to oversee construction work, leading to commensurate and appropriate control methods to perform the work safely. The Construction Toolbox presents a review-generated format to harness multiple solutions-based national programs and publications for controlling construction-related risks with simplified approaches across the occupational safety, health and hygiene professions.

  1. Global sourcing risk management approaches: A study of small clothing and textile retailers in Gauteng

    Directory of Open Access Journals (Sweden)

    Wesley Niemann

    2018-02-01

    Full Text Available Background: Global sourcing has increased as buyers searched for new markets that offered better pricing, quality, variety and delivery lead times than their local markets. However, the increase in global sourcing has also exposed businesses to many supply risks. Purpose: The purpose of this descriptive qualitative study was to explore the global sourcing supply risks encountered by small clothing and textile retailers in Gauteng and to determine what supply risk identification and management approaches they utilise. Method: This study utilised semi-structured interviews conducted with 12 small clothing and textile retail owners. Results: The study found that the three major supply risks encountered by these retailers were fluctuating exchange rates, communication barriers and costly and complicated logistics, which included high customs costs. Furthermore, although aware of the supply risks, none of the small clothing and textile retailers had formal identification and management approaches in place. Instead, risks are dealt with at the sole discretion of the owner as and when they occur. The study also found that informal identification and management approaches were being applied by some of the retailers. These included factoring exchange rate fluctuations into the profit margins and using translators to combat communication barriers. Contribution: The study is one of the first empirical studies conducted on global supply risks and the associated identification and management approaches in the South African small business context, specifically focused on clothing and textile retailers. Conclusion: Small clothing and textile retailers need to proactively identify and manage global sourcing risk using the identified approaches in order to reduce and mitigate potential supply disruptions.

  2. 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

  3. Managing Cardiovascular Disease Risk in Rheumatoid Arthritis: Clinical Updates and Three Strategic Approaches.

    Science.gov (United States)

    Chodara, Ann M; Wattiaux, Aimée; Bartels, Christie M

    2017-04-01

    ᅟ: The increase in cardiovascular disease (CVD) risk in rheumatoid arthritis (RA) is well known; however, appropriate management of this elevated risk in rheumatology clinics is less clear. By critically reviewing literature published within the past 5 years, we aim to clarify current knowledge and gaps regarding CVD risk management in RA. We examine recent guidelines, recommendations, and evidence and discuss three approaches: (1) RA-specific management including treat-to-target and medication management, (2) assessment of comprehensive individual risk, and (3) targeting traditional CVD risk factors (hypertension, smoking, hyperlipidemia, diabetes, obesity, and physical inactivity) at a population level. Considering that 75% of US RA visits occur in specialty clinics, further research is needed regarding evidence-based strategies to manage and reduce CVD risk in RA. This review highlights clinical updates including US cardiology and international professional society guidelines, successful evidence-based population approaches from primary care, and novel opportunities in rheumatology care to reduce CVD risk in RA.

  4. An Approach to Description of Accident Causation and Identification of Preconditions for Effective Risk Management

    DEFF Research Database (Denmark)

    Rasmussen, Jens; Svedung, Inge

    "safety control" must be established from a control theory point of view? The report discusses these issues on the basis of the present rapid evolution of new cognitive approaches to the study of decision making in action and dynamic, learning organizations, and the rapid change of modern information......The ultimate objectives of the present study is to better understand the mechanisms of major accidents in the present dynamic and technological society. From this understanding, guides to improved strategies for industrial risk management is sought. In this approach, risk management is considered...

  5. Territory management an appropriate approach for taking into account dynamic risks

    Science.gov (United States)

    Fernandez, M.; Ruegg, J.

    2012-04-01

    The territorial approach in risk analysis is well established in scientific communications in recent years, especially in the francophone literature. It is an especially appropriate approach for exploring a large number of criteria and factors influencing, on the territory, the composition of the vulnerabilities and risks. In these sense, this approach is appropriate to identify not only risks due to natural hazards but also social and environmental risks. Our case study explores the catastrophic landslide, a collapse of 6 millions cubic meters of rock in Los Chorros, in the municipality of San Cristobal Verapaz-Guatemala, in January 2009. We demonstrate that the same natural hazard has different consequences within this territory and may also increase or even create new vulnerabilities and risks for the population. The analysis shows that the same event can endanger various aspects of the territory: resources, functions (agriculture, or houses uses for example) and allocations and highlights the different types of vulnerabilities that land users (i.e., farmers, merchants transport drivers) face. To resolve a post-disaster situation, the actors choose one vulnerability among a set of vulnerabilities (in a multi-vulnerability context) and with this choice they define their own acceptable risk limits. To give an example, the transport driver choose to reduce the economic vulnerability when going to the local market and crossing the landslide (physical vulnerability). In the context of a developing country with weak development and limited resources, land users that become the Risk managers after the disaster are compelled to prioritize between different actions for reducing risks This study provides a novel approach to risk management by adding a political science and geography dimension through the territory approach for improving our understanding of multi-hazard and multi-risk management. Based on findings from this case study, this work asserts that risk is not

  6. 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 )}.

  7. 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.

  8. Risk aversion and risk seeking in multicriteria forest management: a Markov decision process approach

    Science.gov (United States)

    Joseph Buongiorno; Mo Zhou; Craig Johnston

    2017-01-01

    Markov decision process models were extended to reflect some consequences of the risk attitude of forestry decision makers. One approach consisted of maximizing the expected value of a criterion subject to an upper bound on the variance or, symmetrically, minimizing the variance subject to a lower bound on the expected value.  The other method used the certainty...

  9. Integrating scientific and local knowledge to inform risk-based management approaches for climate adaptation

    Directory of Open Access Journals (Sweden)

    Nathan P. Kettle

    2014-01-01

    Full Text Available Risk-based management approaches to climate adaptation depend on the assessment of potential threats, and their causes, vulnerabilities, and impacts. The refinement of these approaches relies heavily on detailed local knowledge of places and priorities, such as infrastructure, governance structures, and socio-economic conditions, as well as scientific understanding of climate projections and trends. Developing processes that integrate local and scientific knowledge will enhance the value of risk-based management approaches, facilitate group learning and planning processes, and support the capacity of communities to prepare for change. This study uses the Vulnerability, Consequences, and Adaptation Planning Scenarios (VCAPS process, a form of analytic-deliberative dialogue, and the conceptual frameworks of hazard management and climate vulnerability, to integrate scientific and local knowledge. We worked with local government staff in an urbanized barrier island community (Sullivan’s Island, South Carolina to consider climate risks, impacts, and adaptation challenges associated with sea level rise and wastewater and stormwater management. The findings discuss how the process increases understanding of town officials’ views of risks and climate change impacts to barrier islands, the management actions being considered to address of the multiple impacts of concern, and the local tradeoffs and challenges in adaptation planning. We also comment on group learning and specific adaptation tasks, strategies, and needs identified.

  10. APPROACHES TO THE CONSTRUCTION OF THE VITRECTOMY RISK MANAGEMENT SYSTEM IN PATIENTS WITH PROLIFERATIVE DIABETIC RETINOPATHY

    Directory of Open Access Journals (Sweden)

    A. M. Ruban

    2016-08-01

    Full Text Available The article presents the some approaches to create a system support of making decision during vitrectomy in patients with diabetic proliferative retinopathy, promotes objective assessment of individual risk-management for patient and allows optimize ophthalmological care for them.

  11. Managing long-term polycyclic aromatic hydrocarbon contaminated soils: a risk-based approach.

    Science.gov (United States)

    Duan, Luchun; Naidu, Ravi; Thavamani, Palanisami; Meaklim, Jean; Megharaj, Mallavarapu

    2015-06-01

    Polycyclic aromatic hydrocarbons (PAHs) are a family of contaminants that consist of two or more aromatic rings fused together. Soils contaminated with PAHs pose significant risk to human and ecological health. Over the last 50 years, significant research has been directed towards the cleanup of PAH-contaminated soils to background level. However, this achieved only limited success especially with high molecular weight compounds. Notably, during the last 5-10 years, the approach to remediate PAH-contaminated soils has changed considerably. A risk-based prioritization of remediation interventions has become a valuable step in the management of contaminated sites. The hydrophobicity of PAHs underlines that their phase distribution in soil is strongly influenced by factors such as soil properties and ageing of PAHs within the soil. A risk-based approach recognizes that exposure and environmental effects of PAHs are not directly related to the commonly measured total chemical concentration. Thus, a bioavailability-based assessment using a combination of chemical analysis with toxicological assays and nonexhaustive extraction technique would serve as a valuable tool in risk-based approach for remediation of PAH-contaminated soils. In this paper, the fate and availability of PAHs in contaminated soils and their relevance to risk-based management of long-term contaminated soils are reviewed. This review may serve as guidance for the use of site-specific risk-based management methods.

  12. THE MANAGEMENT OF CREDIT RISK ACCORDING TO INTERNAL RATINGS- BASED APPROACH

    Directory of Open Access Journals (Sweden)

    BOLOCAN DRAGOS-MIHAIL

    2010-12-01

    Full Text Available The internal ratings based approach (IRB Approach was created as part of Basel II replacing the original Basle Accord of 1988 (Basle I in an effort to create a better framework for regulating bank capital. This paper covers the methodology and components of the IRB Approach used to determine capital requirements for credit risk. Such an approach, which relies heavily upon a banks internal assessment of its counterparties and exposures, can secure two key objectives consistent with those which support the wider review of The New Basel Capital Accord.. IRB approach should promote safety and soundness in the financial system and, consistent with providing incentive compatibility, that the structure and requirements of the IRB approach do not impinge upon or undermine banks well-established lending and credit risk management practices

  13. 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

  14. Waste management project’s alternatives: A risk-based multi-criteria assessment (RBMCA) approach

    International Nuclear Information System (INIS)

    Karmperis, Athanasios C.; Sotirchos, Anastasios; Aravossis, Konstantinos; Tatsiopoulos, Ilias P.

    2012-01-01

    Highlights: ► We examine the evaluation of a waste management project’s alternatives. ► We present a novel risk-based multi-criteria assessment (RBMCA) approach. ► In the RBMCA the evaluation criteria are based on the quantitative risk analysis of the project’s alternatives. ► Correlation between the criteria weight values and the decision makers’ risk preferences is examined. ► Preference to the multi-criteria against the one-criterion evaluation process is discussed. - Abstract: This paper examines the evaluation of a waste management project’s alternatives through a quantitative risk analysis. Cost benefit analysis is a widely used method, in which the investments are mainly assessed through the calculation of their evaluation indicators, namely benefit/cost (B/C) ratios, as well as the quantification of their financial, technical, environmental and social risks. Herein, a novel approach in the form of risk-based multi-criteria assessment (RBMCA) is introduced, which can be used by decision makers, in order to select the optimum alternative of a waste management project. Specifically, decision makers use multiple criteria, which are based on the cumulative probability distribution functions of the alternatives’ B/C ratios. The RBMCA system is used for the evaluation of a waste incineration project’s alternatives, where the correlation between the criteria weight values and the decision makers’ risk preferences is analyzed and useful conclusions are discussed.

  15. An Integrated Cyber Security Risk Management Approach for a Cyber-Physical System

    Directory of Open Access Journals (Sweden)

    Halima Ibrahim Kure

    2018-05-01

    Full Text Available A cyber-physical system (CPS is a combination of physical system components with cyber capabilities that have a very tight interconnectivity. CPS is a widely used technology in many applications, including electric power systems, communications, and transportation, and healthcare systems. These are critical national infrastructures. Cybersecurity attack is one of the major threats for a CPS because of many reasons, including complexity and interdependencies among various system components, integration of communication, computing, and control technology. Cybersecurity attacks may lead to various risks affecting the critical infrastructure business continuity, including degradation of production and performance, unavailability of critical services, and violation of the regulation. Managing cybersecurity risks is very important to protect CPS. However, risk management is challenging due to the inherent complex and evolving nature of the CPS system and recent attack trends. This paper presents an integrated cybersecurity risk management framework to assess and manage the risks in a proactive manner. Our work follows the existing risk management practice and standard and considers risks from the stakeholder model, cyber, and physical system components along with their dependencies. The approach enables identification of critical CPS assets and assesses the impact of vulnerabilities that affect the assets. It also presents a cybersecurity attack scenario that incorporates a cascading effect of threats and vulnerabilities to the assets. The attack model helps to determine the appropriate risk levels and their corresponding mitigation process. We present a power grid system to illustrate the applicability of our work. The result suggests that risk in a CPS of a critical infrastructure depends mainly on cyber-physical attack scenarios and the context of the organization. The involved risks in the studied context are both from the technical and

  16. Integrating renewable energy technologies in the electric supply industry: A risk management approach

    Energy Technology Data Exchange (ETDEWEB)

    Hoff, T.E. [Pacific Energy Group, Walnut Creek, CA (United States)

    1997-07-01

    Regulatory and technical forces are causing electric utilities to move from a natural monopoly to a more competitive environment. Associated with this movement is an increasing concern about how to manage the risks associated with the electric supply business. One approach to managing risks is to purchase financial instruments such as options and futures contracts. Another approach is to own physical assets that have low risk attributes or characteristics. This research evaluates how investments in renewable energy technologies can mitigate risks in the electric supply industry. It identifies risks that are known to be of concern to utilities and other power producers. These risks include uncertainty in fuel prices, demand, environmental regulations, capital cost, supply, and market structure. The research then determines how investments in renewables can mitigate these risks. Methods are developed to calculate the value of renewables in terms of their attributes of fuel costs, environmental costs, lead-time, modularity, availability, initial capital costs, and investment reversibility. Examples illustrate how to apply the methods.

  17. 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

  18. A dynamic multimedia fuzzy-stochastic integrated environmental risk assessment approach for contaminated sites management

    International Nuclear Information System (INIS)

    Hu, Yan; Wen, Jing-ya; Li, Xiao-li; Wang, Da-zhou; Li, Yu

    2013-01-01

    Highlights: • Using interval mathematics to describe spatial and temporal variability and parameter uncertainty. • Using fuzzy theory to quantify variability of environmental guideline values. • Using probabilistic approach to integrate interval concentrations and fuzzy environmental guideline. • Establishment of dynamic multimedia environmental integrated risk assessment framework. -- Abstract: A dynamic multimedia fuzzy-stochastic integrated environmental risk assessment approach was developed for contaminated sites management. The contaminant concentrations were simulated by a validated interval dynamic multimedia fugacity model, and different guideline values for the same contaminant were represented as a fuzzy environmental guideline. Then, the probability of violating environmental guideline (Pv) can be determined by comparison between the modeled concentrations and the fuzzy environmental guideline, and the constructed relationship between the Pvs and environmental risk levels was used to assess the environmental risk level. The developed approach was applied to assess the integrated environmental risk at a case study site in China, simulated from 1985 to 2020. Four scenarios were analyzed, including “residential land” and “industrial land” environmental guidelines under “strict” and “loose” strictness. It was found that PAH concentrations will increase steadily over time, with soil found to be the dominant sink. Source emission in soil was the leading input and atmospheric sedimentation was the dominant transfer process. The integrated environmental risks primarily resulted from petroleum spills and coke ovens, while the soil environmental risks came from coal combustion. The developed approach offers an effective tool for quantifying variability and uncertainty in the dynamic multimedia integrated environmental risk assessment and the contaminated site management

  19. A dynamic multimedia fuzzy-stochastic integrated environmental risk assessment approach for contaminated sites management

    Energy Technology Data Exchange (ETDEWEB)

    Hu, Yan; Wen, Jing-ya; Li, Xiao-li; Wang, Da-zhou; Li, Yu, E-mail: liyuxx8@hotmail.com

    2013-10-15

    Highlights: • Using interval mathematics to describe spatial and temporal variability and parameter uncertainty. • Using fuzzy theory to quantify variability of environmental guideline values. • Using probabilistic approach to integrate interval concentrations and fuzzy environmental guideline. • Establishment of dynamic multimedia environmental integrated risk assessment framework. -- Abstract: A dynamic multimedia fuzzy-stochastic integrated environmental risk assessment approach was developed for contaminated sites management. The contaminant concentrations were simulated by a validated interval dynamic multimedia fugacity model, and different guideline values for the same contaminant were represented as a fuzzy environmental guideline. Then, the probability of violating environmental guideline (Pv) can be determined by comparison between the modeled concentrations and the fuzzy environmental guideline, and the constructed relationship between the Pvs and environmental risk levels was used to assess the environmental risk level. The developed approach was applied to assess the integrated environmental risk at a case study site in China, simulated from 1985 to 2020. Four scenarios were analyzed, including “residential land” and “industrial land” environmental guidelines under “strict” and “loose” strictness. It was found that PAH concentrations will increase steadily over time, with soil found to be the dominant sink. Source emission in soil was the leading input and atmospheric sedimentation was the dominant transfer process. The integrated environmental risks primarily resulted from petroleum spills and coke ovens, while the soil environmental risks came from coal combustion. The developed approach offers an effective tool for quantifying variability and uncertainty in the dynamic multimedia integrated environmental risk assessment and the contaminated site management.

  20. A moni-modelling approach to manage groundwater risk to pesticide leaching at regional scale.

    Science.gov (United States)

    Di Guardo, Andrea; Finizio, Antonio

    2016-03-01

    Historically, the approach used to manage risk of chemical contamination of water bodies is based on the use of monitoring programmes, which provide a snapshot of the presence/absence of chemicals in water bodies. Monitoring is required in the current EU regulations, such as the Water Framework Directive (WFD), as a tool to record temporal variation in the chemical status of water bodies. More recently, a number of models have been developed and used to forecast chemical contamination of water bodies. These models combine information of chemical properties, their use, and environmental scenarios. Both approaches are useful for risk assessors in decision processes. However, in our opinion, both show flaws and strengths when taken alone. This paper proposes an integrated approach (moni-modelling approach) where monitoring data and modelling simulations work together in order to provide a common decision framework for the risk assessor. This approach would be very useful, particularly for the risk management of pesticides at a territorial level. It fulfils the requirement of the recent Sustainable Use of Pesticides Directive. In fact, the moni-modelling approach could be used to identify sensible areas where implement mitigation measures or limitation of use of pesticides, but even to effectively re-design future monitoring networks or to better calibrate the pedo-climatic input data for the environmental fate models. A case study is presented, where the moni-modelling approach is applied in Lombardy region (North of Italy) to identify groundwater vulnerable areas to pesticides. The approach has been applied to six active substances with different leaching behaviour, in order to highlight the advantages in using the proposed methodology. Copyright © 2015 Elsevier B.V. All rights reserved.

  1. A Grey Theory Based Approach to Big Data Risk Management Using FMEA

    Directory of Open Access Journals (Sweden)

    Maisa Mendonça Silva

    2016-01-01

    Full Text Available Big data is the term used to denote enormous sets of data that differ from other classic databases in four main ways: (huge volume, (high velocity, (much greater variety, and (big value. In general, data are stored in a distributed fashion and on computing nodes as a result of which big data may be more susceptible to attacks by hackers. This paper presents a risk model for big data, which comprises Failure Mode and Effects Analysis (FMEA and Grey Theory, more precisely grey relational analysis. This approach has several advantages: it provides a structured approach in order to incorporate the impact of big data risk factors; it facilitates the assessment of risk by breaking down the overall risk to big data; and finally its efficient evaluation criteria can help enterprises reduce the risks associated with big data. In order to illustrate the applicability of our proposal in practice, a numerical example, with realistic data based on expert knowledge, was developed. The numerical example analyzes four dimensions, that is, managing identification and access, registering the device and application, managing the infrastructure, and data governance, and 20 failure modes concerning the vulnerabilities of big data. The results show that the most important aspect of risk to big data relates to data governance.

  2. 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.

  3. On Cyber Risk Management of Blockchain Networks: A Game Theoretic Approach

    OpenAIRE

    Feng, Shaohan; Wang, Wenbo; Xiong, Zehui; Niyato, Dusit; Wang, Ping; Wang, Shaun Shuxun

    2018-01-01

    Open-access blockchains based on proof-of-work protocols have gained tremendous popularity for their capabilities of providing decentralized tamper-proof ledgers and platforms for data-driven autonomous organization. Nevertheless, the proof-of-work based consensus protocols are vulnerable to cyber-attacks such as double-spending. In this paper, we propose a novel approach of cyber risk management for blockchain-based service. In particular, we adopt the cyber-insurance as an economic tool for...

  4. Developing a Comprehensive Approach Could Help DOD Better Manage National Security Risks in the Supply Chain

    Science.gov (United States)

    2016-02-01

    supply chains for rare earths.20 According to Industrial Analysis Center officials, only 10 percent of surveys sent to prime contractors for 79...the Supply Chain Report to Congressional Committees February 2016 GAO-16-161 United States Government Accountability Office United...Developing a Comprehensive Approach Could Help DOD Better Manage National Security Risks in the Supply Chain Why GAO Did This Study DOD depends on

  5. [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.

  6. Safety, reliability, risk management and human factors: an integrated engineering approach applied to nuclear facilities

    Energy Technology Data Exchange (ETDEWEB)

    Vasconcelos, Vanderley de; Silva, Eliane Magalhaes Pereira da; Costa, Antonio Carlos Lopes da; Reis, Sergio Carneiro dos [Centro de Desenvolvimento da Tecnologia Nuclear (CDTN/CNEN-MG), Belo Horizonte, MG (Brazil)], e-mail: vasconv@cdtn.br, e-mail: silvaem@cdtn.br, e-mail: aclc@cdtn.br, e-mail: reissc@cdtn.br

    2009-07-01

    Nuclear energy has an important engineering legacy to share with the conventional industry. Much of the development of the tools related to safety, reliability, risk management, and human factors are associated with nuclear plant processes, mainly because the public concern about nuclear power generation. Despite the close association between these subjects, there are some important different approaches. The reliability engineering approach uses several techniques to minimize the component failures that cause the failure of the complex systems. These techniques include, for instance, redundancy, diversity, standby sparing, safety factors, and reliability centered maintenance. On the other hand system safety is primarily concerned with hazard management, that is, the identification, evaluation and control of hazards. Rather than just look at failure rates or engineering strengths, system safety would examine the interactions among system components. The events that cause accidents may be complex combinations of component failures, faulty maintenance, design errors, human actions, or actuation of instrumentation and control. Then, system safety deals with a broader spectrum of risk management, including: ergonomics, legal requirements, quality control, public acceptance, political considerations, and many other non-technical influences. Taking care of these subjects individually can compromise the completeness of the analysis and the measures associated with both risk reduction, and safety and reliability increasing. Analyzing together the engineering systems and controls of a nuclear facility, their management systems and operational procedures, and the human factors engineering, many benefits can be realized. This paper proposes an integration of these issues based on the application of systems theory. (author)

  7. Safety, reliability, risk management and human factors: an integrated engineering approach applied to nuclear facilities

    International Nuclear Information System (INIS)

    Vasconcelos, Vanderley de; Silva, Eliane Magalhaes Pereira da; Costa, Antonio Carlos Lopes da; Reis, Sergio Carneiro dos

    2009-01-01

    Nuclear energy has an important engineering legacy to share with the conventional industry. Much of the development of the tools related to safety, reliability, risk management, and human factors are associated with nuclear plant processes, mainly because the public concern about nuclear power generation. Despite the close association between these subjects, there are some important different approaches. The reliability engineering approach uses several techniques to minimize the component failures that cause the failure of the complex systems. These techniques include, for instance, redundancy, diversity, standby sparing, safety factors, and reliability centered maintenance. On the other hand system safety is primarily concerned with hazard management, that is, the identification, evaluation and control of hazards. Rather than just look at failure rates or engineering strengths, system safety would examine the interactions among system components. The events that cause accidents may be complex combinations of component failures, faulty maintenance, design errors, human actions, or actuation of instrumentation and control. Then, system safety deals with a broader spectrum of risk management, including: ergonomics, legal requirements, quality control, public acceptance, political considerations, and many other non-technical influences. Taking care of these subjects individually can compromise the completeness of the analysis and the measures associated with both risk reduction, and safety and reliability increasing. Analyzing together the engineering systems and controls of a nuclear facility, their management systems and operational procedures, and the human factors engineering, many benefits can be realized. This paper proposes an integration of these issues based on the application of systems theory. (author)

  8. A systemic approach for managing extreme risk events-dynamic financial analysis

    Directory of Open Access Journals (Sweden)

    Ph.D.Student Rodica Ianole

    2011-12-01

    Full Text Available Following the Black Swan logic, it often happens that what we do not know becomes more relevant that what we (believe to know. The management of extreme risks falls under this paradigm in the sense that it cannot be limited to a static approach based only on objective and easily quantifiable variables. Making appeal to the operational tools developed primarily for the insurance industry, the present paper aims to investigate how dynamic financial analysis (DFA can be used within the framework of extreme risk events.

  9. A risk management approach to double-shell tank waste volume versus storage capacity

    International Nuclear Information System (INIS)

    Coles, G.A.; Thurkow, T.J.; Fritz, R.L.; Nuhlestein, L.O.; Allen, M.R.; Stuart, R.J.

    1996-01-01

    A risk-based assessment of the overall waste volume versus double-shell tank storage capacity was conducted to develop fallback positions for projections where the waste volume was at a high risk of exceeding capacity. This study was initiated to provide that assessment. A working simulation model was the primary deliverable of this study. The model validates the approach and demonstrates that simulation analysis can provide a method of tracking uncertainties in available data, assessing probabilities, and serves as a tool to be used by management to determine the consequences of various off-normal occurrences

  10. A risk management approach to double-shell tank waste volume versus storage capacity

    Energy Technology Data Exchange (ETDEWEB)

    Coles, G.A. [Westinghouse Hanford Co., Richland, WA (United States); Thurkow, T.J.; Fritz, R.L.; Nuhlestein, L.O.; Allen, M.R.; Stuart, R.J. [ARES Corp. (United States)

    1996-01-01

    A risk-based assessment of the overall waste volume versus double-shell tank storage capacity was conducted to develop fallback positions for projections where the waste volume was at a high risk of exceeding capacity. This study was initiated to provide that assessment. A working simulation model was the primary deliverable of this study. The model validates the approach and demonstrates that simulation analysis can provide a method of tracking uncertainties in available data, assessing probabilities, and serves as a tool to be used by management to determine the consequences of various off-normal occurrences.

  11. Intent, Capability and Opportunity: A Holistic Approach to Addressing Proliferation as a Risk Management Issue

    Energy Technology Data Exchange (ETDEWEB)

    Amanda Rynes; Trond Bjornard

    2011-07-01

    Currently, proliferation risk assessment models are designed to evaluate only a portion of the overall risk, focusing exclusively on either technological or social factors to determine the extent of a threat. Many of these models are intended to act as a means of predicting proliferation potential rather than assessing the system as a whole, ignoring the ability to enhance mitigating factors and manage, rather just establish the presence of, the threat. While the information garnered through these forms of analysis is necessary, it remains incomplete. By incorporating political, social, economic and technical capabilities as well as human factors such as intent into a single, multi-faceted risk management model, proliferation risk can be evaluated more effectively. Framing this information around how to improve and expand the Regime already in place and establishing where there are gaps in the system allows for a more complete approach to risk management, mitigation and resource allocation. The research conducted here seeks to combine all three elements (intent, capability and opportunity) in a comprehensive evaluation which incorporates an assessment of state-level variables, possible proliferation pathways and technical capability. Each portion of the analysis is carried out independently then combined to illustrate the full scope of a State's nuclear infrastructure while showing areas of weakness in the institutional framework.

  12. Intent, Capability and Opportunity: A Holistic Approach to Addressing Proliferation as a Risk Management Issue

    International Nuclear Information System (INIS)

    Rynes, Amanda; Bjornard, Trond

    2011-01-01

    Currently, proliferation risk assessment models are designed to evaluate only a portion of the overall risk, focusing exclusively on either technological or social factors to determine the extent of a threat. Many of these models are intended to act as a means of predicting proliferation potential rather than assessing the system as a whole, ignoring the ability to enhance mitigating factors and manage, rather just establish the presence of, the threat. While the information garnered through these forms of analysis is necessary, it remains incomplete. By incorporating political, social, economic and technical capabilities as well as human factors such as intent into a single, multi-faceted risk management model, proliferation risk can be evaluated more effectively. Framing this information around how to improve and expand the Regime already in place and establishing where there are gaps in the system allows for a more complete approach to risk management, mitigation and resource allocation. The research conducted here seeks to combine all three elements (intent, capability and opportunity) in a comprehensive evaluation which incorporates an assessment of state-level variables, possible proliferation pathways and technical capability. Each portion of the analysis is carried out independently then combined to illustrate the full scope of a State's nuclear infrastructure while showing areas of weakness in the institutional framework.

  13. Collaborative multi-stakeholder approach to drafting flood risk management plans in Wallonia, Belgium

    Science.gov (United States)

    Maroy, Edith; Javaux, Mathieu; Vandermosten, Pierre; Englebert, Benjamin

    2015-04-01

    The Flood Directive 2007/60/CE establishes a common framework within the European Union for assessing and reducing risks posed by floods on human health, the environment, economic activity and cultural heritage. For that purpose, Member States had to establish flood areas and flood risk maps, and subsequently, flood risk management plans (due December 2015). According to the Directive, special attention is to be paid to international coordination for transboundary water courses, integrated management approaches at the catchment scale, cost-effectiveness of measures and public involvement. Management measures must focus on reducing the probability of flooding and the potential consequences of flooding. They must cover prevention, protection and preparedness and must take into account relevant aspects, such as water management, soil management, spatial planning, land use and nature conservation. Floods in Wallonia mostly originate from overflowing of both little sloped rivers and highly reactive rivers but also, from concentrated runoff in the intensely cultivated and erosion-prone region north of the Sambre-Meuse axis. Consequently, walloon flood area maps not only show flood areas based on hydraulic modelling and observations but also runoff concentration axis in agricultural areas. Now released to the public, this information can be used to assess the risk of damage for land planning and erosion control strategies. Incidentally, some 166 km2 were mapped as flood hazard area with a return period of 25 years, 28.8 of which are urbanized or destined to urbanisation and counting of number of approximatively 39.000 people living in those areas. Flood area and flood risk maps should be the starting point of elaborating flood risk management plans. In order to involve the diversity of water managers and stakeholders in the drafting of a management plan for hydrographic districts in Wallonia, responsible authorities decided to mandate scientists and engineers to organize

  14. A Quantitative Approach to Credit Risk Management in the Underwriting Process for the Retail Portfolio

    Directory of Open Access Journals (Sweden)

    Andreea Costea

    2017-03-01

    Full Text Available The core of this paper encloses a mathematical approach of credit risk management, based on a scorecard model used in the bank’s underwriting process. The main purpose of this paper is to present how to develop, validate and apply a rating model in practice. Using 21568 loan applications provided by one of the largest banks from Romania, a scorecard is built for the underwriting purposes. The customer data used in the modeling is based on socio-demographic characteristics. The model is developed according to a set of statistical methods for parameter estimation. A real-life example of how to use such a model in the strategic decisions of a bank is presented. The cut-off score for the acceptance of the applications is calibrated to a potential risk appetite of the main four banks in Romania. From an evaluative perspective, this paper is compatible with an exploratory approach to quantitative research methodology.

  15. Risk assessment of pre-hospital trauma airway management by anaesthesiologists using the predictive Bayesian approach

    Directory of Open Access Journals (Sweden)

    Nakstad Anders R

    2010-04-01

    Full Text Available Abstract Introduction Endotracheal intubation (ETI has been considered an essential part of pre-hospital advanced life support. Pre-hospital ETI, however, is a complex intervention also for airway specialist like anaesthesiologists working as pre-hospital emergency physicians. We therefore wanted to investigate the quality of pre-hospital airway management by anaesthesiologists in severely traumatised patients and identify possible areas for improvement. Method We performed a risk assessment according to the predictive Bayesian approach, in a typical anaesthesiologist-manned Norwegian helicopter emergency medical service (HEMS. The main focus of the risk assessment was the event where a patient arrives in the emergency department without ETI despite a pre-hospital indication for it. Results In the risk assessment, we assigned a high probability (29% for the event assessed, that a patient arrives without ETI despite a pre-hospital indication. However, several uncertainty factors in the risk assessment were identified related to data quality, indications for use of ETI, patient outcome and need for special training of ETI providers. Conclusion Our risk assessment indicated a high probability for trauma patients with an indication for pre-hospital ETI not receiving it in the studied HEMS. The uncertainty factors identified in the assessment should be further investigated to better understand the problem assessed and consequences for the patients. Better quality of pre-hospital airway management data could contribute to a reduction of these uncertainties.

  16. 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.

  17. Surface water flood risk and management strategies for London: An Agent-Based Model approach

    Directory of Open Access Journals (Sweden)

    Jenkins Katie

    2016-01-01

    Full Text Available Flooding is recognised as one of the most common and costliest natural disasters in England. Flooding in urban areas during heavy rainfall is known as ‘surface water flooding’, considered to be the most likely cause of flood events and one of the greatest short-term climate risks for London. In this paper we present results from a novel Agent-Based Model designed to assess the interplay between different adaptation options, different agents, and the role of flood insurance and the flood insurance pool, Flood Re, in the context of climate change. The model illustrates how investment in adaptation options could reduce London’s surface water flood risk, today and in the future. However, benefits can be outweighed by continued development in high risk areas and the effects of climate change. Flood Re is beneficial in its function to provide affordable insurance, even under climate change. However, it offers no additional benefits in terms of overall risk reduction, and will face increasing pressure due to rising surface water flood risk in the future. The modelling approach and findings are highly relevant for reviewing the proposed Flood Re scheme, as well as for wider discussions on the potential of insurance schemes, and broader multi-sectoral partnerships, to incentivise flood risk management in the UK and internationally.

  18. Carcinogenic risk assessment and management of ionising radiation, asbestos and nickel: a comparative approach

    International Nuclear Information System (INIS)

    Schneider, T.; Lepicard, S.; Oudiz, A.; Heriard Dubreuil, G.; Gadbois, S.

    2000-01-01

    The objective of this study is to identify the similarities as well as the differences of risk assessment and management of ionizing radiation, asbestos and nickel in France. The comparison has been performed at three levels of analysis: concepts, regulation and practices. Ionizing radiation (IR) is compared with asbestos as far as occupational exposure is concerned and to nickel and nickel compounds as far as general population exposure is concerned. The three main stages of risk assessment were considered: hazard identification, exposure-risk relationship, exposure assessment. Alternative risk management policies were reviewed. The main results are the following: At the conceptual level, the risk assessment and management frameworks present many similarities: exposure-risk relationships exist, and low dose extrapolation is considered as legitimate. Comparison of protection strategies can be carried out with reference to the 'optimization' principle developed for IR. At the regulatory level, the status of the IR dose limits differs from the status of the exposure limit values set for asbestos and nickel. For IR, compliance with the dose limit cannot be seen as the final objective of protection: the burden is put on the requirement to maintain the doses as low as reasonably achievable, social and economical factors being taken into account (ALARA). In most of the situations, actual exposure to IR in industry appear to be significantly lower than the dose limit. In the case of asbestos and nickel, the exposure limit values are very low and compliance with the limits is indeed a quite ambitious objective. At the practical level, some noticeable differences exist as far as the decision aiding procedures are concerned. A process which may be considered as an ALARA approach is applied, in the case of nickel: seeking for the 'best available technologies', defining and implementing with stakeholdes regional plans for air quality. In the case of asbestos, the predictive

  19. Solvency II approach to the risk management in commercial insurance companies

    Directory of Open Access Journals (Sweden)

    Eva Vávrová

    2010-01-01

    Full Text Available In the year 2001, the European Comission started to revise the legislation Solvency I and to implement a new approach called Solvency II. The regulation called Solvency II is based on regulation considering management of risks of commercial insurance companies. Changes on financial markets and the contemporary financial crisis made financial authorities to formulate principles of regulation based on risk management. Commercial insurance companies across Europe will face a considerable amount of work to be ready for requirements related with Solvency II implementation in the year 2012. Rating agencies, regulators and investors today are demanding that insurers provide detailed assessments of their risk tolerance and quantify the adequacy of their economic capital. To complete such assessments requires a credible baseline for underwriting volatility. Modern portfolio theory for assets teaches that increasing the number of stocks in a portfolio will diversify and reduce the portfolio risk, but will not eliminate risk completely, the systemic market risk remains. In the same way, insurers can reduce underwriting volatility by increasing account volume, but they cannot reduce their volatility to zero. A certain level of systemic insurance risk will always remain, due to factors such as for example the underwriting cycle, macroeconomic factors, legal changes and weather.This presented scientific paper focuses on an analysis of specific goals of the regulation Solvency II and the structure of second pillar of the three-pillar construction (similarity with Basel II banking regulation of Solvency II. The paper was written as part of research project MSM 6215648904, carried out by the Faculty of Business and Economics, under the title “The Czech Republic in the pro­ces­ses of integration and globalization, and the development of the agriculture and service sector in the new conditions of the integrated European market”, following the goals and

  20. A scenario-based modeling approach for emergency evacuation management and risk analysis under multiple uncertainties

    Energy Technology Data Exchange (ETDEWEB)

    Lv, Y., E-mail: lvyying@hotmail.com [School of Traffic and Transportation, Beijing Jiaotong University, Beijing 100044 (China); Faculty of Engineering and Applied Science, University of Regina, Regina, Saskatchewan S4S 0A2 (Canada); Huang, G.H., E-mail: huang@iseis.org [Faculty of Engineering and Applied Science, University of Regina, Regina, Saskatchewan S4S 0A2 (Canada); Guo, L., E-mail: guoli8658@hotmail.com [Faculty of Engineering and Applied Science, University of Regina, Regina, Saskatchewan S4S 0A2 (Canada); Li, Y.P., E-mail: yongping.li@iseis.org [MOE Key Laboratory of Regional Energy and Environmental Systems Optimization, Resources and Environmental Research Academy, North China Electric Power University, Beijing 102206 (China); Dai, C., E-mail: daichao321@gmail.com [College of Environmental Sciences and Engineering, Peking University, Beijing 100871 (China); Wang, X.W., E-mail: wangxingwei0812@gamil.com [State Key Laboratory of Water Environment Simulation, School of Environment, Beijing Normal University, Beijing 100875 (China); Sun, W., E-mail: sunwei@iseis.org [Faculty of Engineering and Applied Science, University of Regina, Regina, Saskatchewan S4S 0A2 (Canada)

    2013-02-15

    Highlights: ► An interval-parameter joint-probabilistic integer programming method is developed. ► It is useful for nuclear emergency management practices under uncertainties. ► It can schedule optimal routes with maximizing evacuees during a finite time. ► Scenario-based analysis enhances robustness in controlling system risk. ► The method will help to improve the capability of disaster responses. -- Abstract: Nuclear emergency evacuation is important to prevent radioactive harms by hazardous materials and to limit the accidents’ consequences; however, uncertainties are involved in the components and processes of such a management system. In the study, an interval-parameter joint-probabilistic integer programming (IJIP) method is developed for emergency evacuation management under uncertainties. Optimization techniques of interval-parameter programming (IPP) and joint-probabilistic constrained (JPC) programming are incorporated into an integer linear programming framework, so that the approach can deal with uncertainties expressed as joint probability and interval values. The IJIP method can schedule the optimal routes to guarantee the maximum population evacuated away from the effected zone during a finite time. Furthermore, it can also facilitate post optimization analysis to enhance robustness in controlling system violation risk imposed on the joint-probabilistic constraints. The developed method has been applied to a case study of nuclear emergency management; meanwhile, a number of scenarios under different system conditions have been analyzed. It is indicated that the solutions are useful for evacuation management practices. The result of the IJIP method can not only help to raise the capability of disaster responses in a systematic manner, but also provide an insight into complex relationships among evacuation planning, resources utilizations, policy requirements and system risks.

  1. Comprehensive approach for probabilistic risk assessment (CAPRA): international initiative for disaster risk management effectiveness

    OpenAIRE

    Cardona, Omar D.; Ordaz Schroder, Mario Gustavo; Reinoso, Eduardo; Yamín, Luis; Barbat Barbat, Horia Alejandro

    2010-01-01

    Understanding disaster risk due to hazard events, such as earthquakes, creates powerful incentives for countries to develop planning options and tools to reduce potential damages. This has been the reason why CAPRA, the risk evaluation model described in this paper, was developed with the technical and financial support of the World Bank, the Inter-American Development Bank (IDB) and the International Strategy of United Nations for Disaster Reduction (ISDR). CAPRA is a techno-scientific metho...

  2. CAPRA - Comprehensive Approach to Probabilistic Risk Assessment: international initiative for risk management effectiveness

    OpenAIRE

    Cardona, Omar Darío; Ordaz, Mario G.; Reinoso, Eduardo; Yamín, Luis; Barbat Barbat, Horia Alejandro

    2012-01-01

    Understanding disaster risk due to hazard events, such as earthquakes, creates powerful incentives for countries to develop planning options and tools to reduce potential damages. This has been the reason why CAPRA, the risk evaluation model described in this paper, was developed with the technical and financial support of the World Bank, the Inter-American Development Bank (IDB) and the International Strategy of United Nations for Disaster Reduction (ISDR). CAPRA is a techno-scientific metho...

  3. 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.

  4. a review of game theory approach to cyber security risk management

    African Journals Online (AJOL)

    HOD

    Keywords: Cyber Security, Risk Management, Game Theory, Model. 1. INTRODUCTION. Risk is ... behaviors. This implies they are triggered by self- motivated goal .... embrace diligence verification of the recipient of the email as well as lack of ...

  5. A new approach for supply chain risk management: Mapping SCOR into Bayesian network

    Directory of Open Access Journals (Sweden)

    Mahdi Abolghasemi

    2015-01-01

    Full Text Available Purpose: Increase of costs and complexities in organizations beside the increase of uncertainty and risks have led the managers to use the risk management in order to decrease risk taking and deviation from goals. SCRM has a close relationship with supply chain performance. During the years different methods have been used by researchers in order to manage supply chain risk but most of them are either qualitative or quantitative. Supply chain operation reference (SCOR is a standard model for SCP evaluation which have uncertainty in its metrics. In This paper by combining qualitative and quantitative metrics of SCOR, supply chain performance will be measured by Bayesian Networks. Design/methodology/approach: First qualitative assessment will be done by recognizing uncertain metrics of SCOR model and then by quantifying them, supply chain performance will be measured by Bayesian Networks (BNs and supply chain operations reference (SCOR in which making decision on uncertain variables will be done by predictive and diagnostic capabilities. Findings: After applying the proposed method in one of the biggest automotive companies in Iran, we identified key factors of supply chain performance based on SCOR model through predictive and diagnostic capability of Bayesian Networks. After sensitivity analysis, we find out that ‘Total cost’ and its criteria that include costs of labors, warranty, transportation and inventory have the widest range and most effect on supply chain performance. So, managers should take their importance into account for decision making. We can make decisions simply by running model in different situations. Research limitations/implications: A more precise model consisted of numerous factors but it is difficult and sometimes impossible to solve big models, if we insert all of them in a Bayesian model. We have adopted real world characteristics with our software and method abilities. On the other hand, fewer data exist for some

  6. A Proactive and Top-Down Approach to Managing Risk at NASA

    Science.gov (United States)

    Dezfuli, Homayoon

    2010-01-01

    Our ultimate goal is to manage risk in a holistic and coherent fashion across the Agency: a) The RIDM process is intended to risk-inform direction-setting decisions. c) The CRM process is intended to manage risk associated with the implementation of baseline performance requirements. Currently we are working on: a) Enhancements to the CRM process. b) Better integration of the RIDM and CRM processes. c) Better integration of institutional risk considerations into RM framework.

  7. Integrated approach for managing health risks at work--the role of occupational health nurses.

    Science.gov (United States)

    Marinescu, Luiza G

    2007-02-01

    Currently, many organizations are using a department-centered approach to manage health risks at work. In such a model, segregated departments are providing employee benefits such as health insurance, workers' compensation, and short- and long-term disability or benefits addressing work-life issues. In recent years, a new model has emerged: health and productivity management (HPM). This is an employee-centered, integrated approach, designed to increase efficiency, reduce competition for scarce resources, and increase employee participation in prevention activities. Evidence suggests that corporations using integrated HPM programs achieve better health outcomes for their employees, with consequent increased productivity and decreased absenteeism. Occupational health nurses are well positioned to assume leadership roles in their organizations by coordinating efforts and programs across departments that offer health, wellness, and safety benefits. To assume their role as change agents to improve employees' health, nurses should start using the language of business more often by improving their communication skills, computer skills, and ability to quantify and articulate results of programs and services to senior management.

  8. Approaches to acceptable risk

    International Nuclear Information System (INIS)

    Whipple, C.

    1997-01-01

    Several alternative approaches to address the question open-quotes How safe is safe enough?close quotes are reviewed and an attempt is made to apply the reasoning behind these approaches to the issue of acceptability of radiation exposures received in space. The approaches to the issue of the acceptability of technological risk described here are primarily analytical, and are drawn from examples in the management of environmental health risks. These include risk-based approaches, in which specific quantitative risk targets determine the acceptability of an activity, and cost-benefit and decision analysis, which generally focus on the estimation and evaluation of risks, benefits and costs, in a framework that balances these factors against each other. These analytical methods tend by their quantitative nature to emphasize the magnitude of risks, costs and alternatives, and to downplay other factors, especially those that are not easily expressed in quantitative terms, that affect acceptance or rejection of risk. Such other factors include the issues of risk perceptions and how and by whom risk decisions are made

  9. 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....

  10. Preparing disabled students for professional practice: managing risk through a principles-based approach.

    Science.gov (United States)

    Hargreaves, Janet; Walker, Lizzie

    2014-08-01

    A discussion exploring the ways disabled students are managed in practice settings. It proposes and argues for morally and legally viable principles to guide risk assessment and inclusive decision-making in practice. Equality law means that universities are bound not to discriminate against students on the basis, amongst other things, of disability. As a consequence in the UK, there is a perceived increase in numbers of disabled people applying for and succeeding as health professionals. Whilst placement providers are equally obliged by the law to have inclusive policies, competing needs including patient safety, public confidence and professional regulations mean that adjustments that can be made in an educational environment to appropriately support student learning may prove to be more difficult in placements that provide direct care to the public. This discussion is an outcome of recommendations from published research by the authors and their research partners. It is supported by related literature, critical debate amongst academics, disabled students and disabled and non-disabled practitioners. Ensuring a nursing workforce that mirrors the diversity of the population it serves is of universal importance. Effective management of disabled students can contribute to achieving this goal and to promoting a positive view of disabled practitioners. Legislation is necessary to protect disabled people from discrimination. To respect this legislation, when preparing nurses and other health professions, a clear understanding of the law and a principles-based approach to guiding risk is important. © 2014 John Wiley & Sons Ltd.

  11. Promoting Service User Inclusion in Risk Assessment and Management: A Pilot Project Developing a Human Rights-Based Approach

    Science.gov (United States)

    Greenhill, Beth; Whitehead, Richard

    2011-01-01

    Recent reports highlight the extent to which many people with learning disabilities are not afforded access to their basic human rights. In addition, traditional approaches to risk management often focus on professional assessments of risks and challenging behaviour and exclude service user perspectives. In this paper, we outline what we believe…

  12. Managing risks

    International Nuclear Information System (INIS)

    Nathwani, J.S.

    1993-01-01

    The three principles to guide regulating authorities are: Risks shall be managed to maximize the total expected net benefit to society; The safety benefit to be promoted is quality-adjusted life expectancy; Decisions for the public in regard to health and safety must be open and apply across the entire range of hazards to life and health. Based on the principle that excessive spending on health and safety, or lack of necessary development, may cause poverty and thereby actually decrease (adjusted) life expectancy, the author has developed a Life Product Index which gives comparable results to the Human Development Index promoted by the United Nations Development Program. These two social indicators can be used for purposes such as project evaluation, choosing between alternative technologies, or evaluation of health and safety programs

  13. Selected remedy at the Queen City Farms superfund site: A risk management approach

    International Nuclear Information System (INIS)

    Weber, E.F.; Wilson, J.; Kirk, M.; Tochko, S.

    1994-01-01

    A risk management approach at a former industrial waste disposal site in western Washington resulted in a selected remedy that is cost-effective and that meets the CERCLA threshold criterion of protecting human health and the environment. The proposed remedy, which addresses contamination in soil and groundwater, does not require an ARARs waiver and received state and community acceptance. By analyzing the current and potential risk at the site, a proposed remedy was chosen that would control the source and naturally attenuate the groundwater plume. Source control will include removal and treatment of some light nonaqueous phase liquid (LNAPL) and some soil, followed by isolation of the remaining soil and LNAPL within a slurry wall and beneath a multilayer cap. A contingent groundwater extraction and treatment system was included to address uncertainty in the risk characterization. Implementing source control is predicted to result in a steady decline in volatile organic compound levels in the drinking water aquifer through adsorption, degradation, and dispersion. Exposure to groundwater during the period of natural attenuation will be controlled by monitoring, institutional controls, and a thorough characterization of the plume and receptors. 7 figs., 1 tab

  14. A risk-mitigation approach to the management of induced seismicity

    Science.gov (United States)

    Bommer, Julian J.; Crowley, Helen; Pinho, Rui

    2015-04-01

    Earthquakes may be induced by a wide range of anthropogenic activities such as mining, fluid injection and extraction, and hydraulic fracturing. In recent years, the increased occurrence of induced seismicity and the impact of some of these earthquakes on the built environment have heightened both public concern and regulatory scrutiny, motivating the need for a framework for the management of induced seismicity. Efforts to develop systems to enable control of seismicity have not yet resulted in solutions that can be applied with confidence in most cases. The more rational approach proposed herein is based on applying the same risk quantification and mitigation measures that are applied to the hazard from natural seismicity. This framework allows informed decision-making regarding the conduct of anthropogenic activities that may cause earthquakes. The consequent risk, if related to non-structural damage (when re-location is not an option), can be addressed by appropriate financial compensation. If the risk poses a threat to life and limb, then it may be reduced through the application of strengthening measures in the built environment—the cost of which can be balanced against the economic benefits of the activity in question—rather than attempting to ensure that some threshold on earthquake magnitude or ground-shaking amplitude is not exceeded. However, because of the specific characteristics of induced earthquakes—which may occur in regions with little or no natural seismicity—the procedures used in standard earthquake engineering need adaptation and modification for application to induced seismicity.

  15. Approaches to Quality Risk Management When Using Single-Use Systems in the Manufacture of Biologics.

    Science.gov (United States)

    Ishii-Watabe, Akiko; Hirose, Akihiko; Katori, Noriko; Hashii, Norikata; Arai, Susumu; Awatsu, Hirotoshi; Eiza, Akira; Hara, Yoshiaki; Hattori, Hideshi; Inoue, Tomomi; Isono, Tetsuya; Iwakura, Masahiro; Kajihara, Daisuke; Kasahara, Nobuo; Matsuda, Hiroyuki; Murakami, Sei; Nakagawa, Taishiro; Okumura, Takehiro; Omasa, Takeshi; Takuma, Shinya; Terashima, Iyo; Tsukahara, Masayoshi; Tsutsui, Maiko; Yano, Takahiro; Kawasaki, Nana

    2015-10-01

    Biologics manufacturing technology has made great progress in the last decade. One of the most promising new technologies is the single-use system, which has improved the efficiency of biologics manufacturing processes. To ensure safety of biologics when employing such single-use systems in the manufacturing process, various issues need to be considered including possible extractables/leachables and particles arising from the components used in single-use systems. Japanese pharmaceutical manufacturers, together with single-use suppliers, members of the academia and regulatory authorities have discussed the risks of using single-use systems and established control strategies for the quality assurance of biologics. In this study, we describe approaches for quality risk management when employing single-use systems in the manufacturing of biologics. We consider the potential impact of impurities related to single-use components on drug safety and the potential impact of the single-use system on other critical quality attributes as well as the stable supply of biologics. We also suggest a risk-mitigating strategy combining multiple control methods which includes the selection of appropriate single-use components, their inspections upon receipt and before releasing for use and qualification of single-use systems. Communication between suppliers of single-use systems and the users, as well as change controls in the facilities both of suppliers and users, are also important in risk-mitigating strategies. Implementing these control strategies can mitigate the risks attributed to the use of single-use systems. This study will be useful in promoting the development of biologics as well as in ensuring their safety, quality and stable supply.

  16. Nutritional approaches in the risk reduction and management of Alzheimer's disease.

    Science.gov (United States)

    Mi, Weiqian; van Wijk, Nick; Cansev, Mehmet; Sijben, John W C; Kamphuis, Patrick J G H

    2013-09-01

    Alzheimer's disease (AD) is a heterogeneous and devastating neurodegenerative disease with increasing socioeconomic burden for society. In the past 30 y, notwithstanding advances in the understanding of the pathogenesis of the disease and consequent development of therapeutic approaches to novel pathogenic targets, no cure has so far emerged. This contribution focuses on recent nutritional approaches in the risk reduction and management of AD with emphasis on factors providing a rationale for nutritional approaches in AD, including compromised nutritional status, altered nutrient uptake and metabolism, and nutrient requirements for synapse formation. Collectively these factors are believed to result in specific nutritional requirement in AD. The chapter also emphasizes investigated nutritional interventions in patients with AD, including studies with single nutrients and with the specific nutrient combination Fortasyn Connect and discusses the current shift of paradigm to intervene in earlier stages of AD, which offers opportunities for investigating nutritional strategies to reduce the risk for disease progression. Fortasyn Connect was designed to enhance synapse formation and function in AD by addressing the putative specific nutritional requirements and contains docosahexaenoic acid, eicosapentaenoic acid, uridine-5'-mono-phosphate, choline, phospholipids, antioxidants, and B vitamins. Two randomized controlled trials (RCTs) with the medical food Souvenaid, containing Fortasyn Connect, showed that this intervention improved memory performance in mild, drug-naïve patients with AD. Electroencephalography outcome in one of these clinical studies suggests that Souvenaid has an effect on brain functional connectivity, which is a derivative of changed synaptic activity. Thus, these studies suggest that nutritional requirements in AD can be successfully addressed and result in improvements in behavioral and neuro-physiological alterations that are characteristic to AD

  17. 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

  18. Assessment of Clinical Risk Management System in Hospitals: An Approach for Quality Improvement.

    Science.gov (United States)

    Farokhzadian, Jamileh; Dehghan Nayeri, Nahid; Borhani, Fariba

    2015-03-18

    Clinical risks have created major problems in healthcare system such as serious adverse effects on patient safety and enhancing the financial burden for the healthcare. Thus, clinical risk management (CRM) system has been introduced for improving the quality and safety of services to health care. The aim of this study was to assess the status of CRM in the hospitals. A cross-sectional study was conducted on 200 nursing staff from three teaching hospitals affiliated with the Kerman University of Medical Sciences in southeast of Iran. Data were collected from the participants using questionnaire and observational checklist in quality improvement offices and selected wards. The data were analyzed using SPSS version 20. Almost, 57% of persons participated in at least one of training sessions on CRM. The status of CRM system was rated from weak to moderate (2.93±0.72- 3.18±0.66). Among the six domains of CRM system, the highest mean belonged to domain the monitoring of analysis, evaluation and risk control (3.18±0.72); the lowest mean belonged to domain the staff's knowledge, recognition and understanding of CRM (2.93±0.66). There were no integrated electronic systems for recording and analyzing clinical risks and incidents in the hospitals. Attempts have been made to establish CRM through improvement quality approach such as clinical governance and accreditation, but not enough, however, health care should move toward quality improvement and safe practice through the effective integration of CRM in organizational process.

  19. House of risk approach for assessing supply chain risk management strategies: A case study in Crumb Rubber Company Ltd

    Directory of Open Access Journals (Sweden)

    Immawan Taufiq

    2018-01-01

    Full Text Available Risk is an uncertain and can have both negative and positive impacts. If the risks have a negative impact then a company will incur losses. CRUMB RUBBER COMPANY LTD is one of crumb rubber company in West Kalimantan. The length of the supply chain contained in CRUMB RUBBER COMPANY LTD and the high dependence on suppliers leads to vulnerability. So the purpose of this research is to identify the risk and determine the priority of source of risk along with the priority of handling it on CRUMB RUBBER COMPANY LTD supply chain with House of Risk approach. House of risk approach consists of two phases. Phase 1 is used to determine the dominant risk agent and phase 2 determines the effective action to deal with the dominant risk agent. From the research results, there are 19 risk events and 29 risk agents identified. The result of house of risk in phase 1 is known that 13 of 28 risk agents are dominant risk agent. Then the priority handling strategy in house of risk in phase 2, in this phase obtained 18 priority risk handling strategies.

  20. HACCP-based quality risk management approach to udder health problems on dairy farms.

    Science.gov (United States)

    Noordhuizen, Jptm; Cannas da Silva, J

    2009-04-01

    Against the background of prevailing udder health problems on dairy farms, this paper discusses a new approach to mastitis control. Current udder health control programmes, such as the 'five-point plan', are highlighted and their drawbacks indicated. The concept and principles of hazard analysis critical control points (HACCP) are introduced. The eight core elements of this concept are dealt with by using the example of a dairy herd with a mastitis problem due to Staphylococcus aureus. The various steps to be taken in the development of a HACCP-based quality risk management programme are illustrated through the application of core elements. Finally, it is shown that the HACCP key words, structure, organisation, planning, communication and formalisation; which do not frequently appear in conventional herd health and production management programmes can contribute to better udder health. The role of the veterinarian can be paramount and of added value, if he/she is willing to invest in new knowledge and skills, such as the HACCP concept, farm economics, animal nutrition, and particularly the role of coach to the dairy farmer in the implementation of preventative measures in relation to udder health.

  1. HACCP-based quality risk management approach to udder health problems on dairy farms

    Directory of Open Access Journals (Sweden)

    Noordhuizen JPTM

    2009-04-01

    Full Text Available Abstract Against the background of prevailing udder health problems on dairy farms, this paper discusses a new approach to mastitis control. Current udder health control programmes, such as the 'five-point plan', are highlighted and their drawbacks indicated. The concept and principles of hazard analysis critical control points (HACCP are introduced. The eight core elements of this concept are dealt with by using the example of a dairy herd with a mastitis problem due to Staphylococcus aureus. The various steps to be taken in the development of a HACCP-based quality risk management programme are illustrated through the application of core elements. Finally, it is shown that the HACCP key words, structure, organisation, planning, communication and formalisation; which do not frequently appear in conventional herd health and production management programmes can contribute to better udder health. The role of the veterinarian can be paramount and of added value, if he/she is willing to invest in new knowledge and skills, such as the HACCP concept, farm economics, animal nutrition, and particularly the role of coach to the dairy farmer in the implementation of preventative measures in relation to udder health.

  2. 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)

  3. Integrating emerging earth science technologies into disaster risk management: an enterprise architecture approach

    Science.gov (United States)

    Evans, J. D.; Hao, W.; Chettri, S. R.

    2014-12-01

    Disaster risk management has grown to rely on earth observations, multi-source data analysis, numerical modeling, and interagency information sharing. The practice and outcomes of disaster risk management will likely undergo further change as several emerging earth science technologies come of age: mobile devices; location-based services; ubiquitous sensors; drones; small satellites; satellite direct readout; Big Data analytics; cloud computing; Web services for predictive modeling, semantic reconciliation, and collaboration; and many others. Integrating these new technologies well requires developing and adapting them to meet current needs; but also rethinking current practice to draw on new capabilities to reach additional objectives. This requires a holistic view of the disaster risk management enterprise and of the analytical or operational capabilities afforded by these technologies. One helpful tool for this assessment, the GEOSS Architecture for the Use of Remote Sensing Products in Disaster Management and Risk Assessment (Evans & Moe, 2013), considers all phases of the disaster risk management lifecycle for a comprehensive set of natural hazard types, and outlines common clusters of activities and their use of information and computation resources. We are using these architectural views, together with insights from current practice, to highlight effective, interrelated roles for emerging earth science technologies in disaster risk management. These roles may be helpful in creating roadmaps for research and development investment at national and international levels.

  4. Competitive electricity markets around the world: approaches to price risk management

    International Nuclear Information System (INIS)

    Masson, G.S.

    1999-01-01

    This chapter focuses on wholesale electricity markets, and traces the histories of the US and UK power industries. Risk management in the new electricity market is examined covering price risk, location basis risk, volume risk, and margin and cross-commodity risk. Specific competitive market systems that have been implemented around the world including mandatory pools, voluntary pools, and bilateral markets are discussed. Panels describing the functions of ancillary services, electricity price volatility, and the problems of capacity payments and the UK pool are presented

  5. The Integration of the Adaptation Approach into EU and Dutch Legislation on Flood Risk Management

    NARCIS (Netherlands)

    Gilissen, Herman Kasper

    2015-01-01

    Climate change, worldwide, gives rise to multifarious issues concerning water management. This will lead to both an increase of flood risks and risks related to drought and water scarcity, mostly as a result of sea level rise, increasing river discharges and heavy rainfall, respectively longer, more

  6. 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

  7. Review of Qualitative Approaches for the Construction Industry: Designing a Risk Management Toolbox

    Directory of Open Access Journals (Sweden)

    David M. Zalk

    2011-06-01

    Conclusion: The Construction Toolbox presents a review-generated format to harness multiple solutions-based national programs and publications for controlling construction-related risks with simplified approaches across the occupational safety, health and hygiene professions.

  8. A risk-based approach to sanitary sewer pipe asset management.

    Science.gov (United States)

    Baah, Kelly; Dubey, Brajesh; Harvey, Richard; McBean, Edward

    2015-02-01

    Wastewater collection systems are an important component of proper management of wastewater to prevent environmental and human health implications from mismanagement of anthropogenic waste. Due to aging and inadequate asset management practices, the wastewater collection assets of many cities around the globe are in a state of rapid decline and in need of urgent attention. Risk management is a tool which can help prioritize resources to better manage and rehabilitate wastewater collection systems. In this study, a risk matrix and a weighted sum multi-criteria decision-matrix are used to assess the consequence and risk of sewer pipe failure for a mid-sized city, using ArcGIS. The methodology shows that six percent of the uninspected sewer pipe assets of the case study have a high consequence of failure while four percent of the assets have a high risk of failure and hence provide priorities for inspection. A map incorporating risk of sewer pipe failure and consequence is developed to facilitate future planning, rehabilitation and maintenance programs. The consequence of failure assessment also includes a novel failure impact factor which captures the effect of structurally defective stormwater pipes on the failure assessment. The methodology recommended in this study can serve as a basis for future planning and decision making and has the potential to be universally applied by municipal sewer pipe asset managers globally to effectively manage the sanitary sewer pipe infrastructure within their jurisdiction. Copyright © 2014 Elsevier B.V. All rights reserved.

  9. A risk management process for reinforced concrete structures by coupling modelling, monitoring and Bayesian approaches

    International Nuclear Information System (INIS)

    Capra, Bruno; Li, Kefei; Wolff, Valentin; Bernard, Olivier; Gerard, Bruno

    2004-01-01

    , throughout or not The application to a reinforced concrete shell demonstrates the capacity of this kind of models to predict the long term structure durability. The assessment capacity of the service life models is enhanced by using the probabilistic description of uncertain variables. Consequently, the integration of material behavior modeling, on a deterministic base, and probabilistic approach in the durability assessment can furnish realistic and quantitative indices to the structure management. With the purpose to improve the prediction of the ageing phenomena, Bayesian approaches are powerful methods that permit to couple models, measures and beliefs towards these variables. Beliefs have a great influence on the updating process and required some attention to be correctly estimated, Bayesian approaches make it possible to take into account in a rigorous and scientific way parameters that are sometimes neglected or estimated expert opinion. These approaches open a new way of structure management based on risk assessment. They require strong interdisciplinary knowledge but are the solution for an optimized maintenance of civil engineering infrastructure. (authors)

  10. Insightful monitoring of natural flood risk management features using a low-cost and participatory approach

    Science.gov (United States)

    Starkey, Eleanor; Barnes, Mhari; Quinn, Paul; Large, Andy

    2016-04-01

    Pressures associated with flooding and climate change have significantly increased over recent years. Natural Flood Risk Management (NFRM) is now seen as being a more appropriate and favourable approach in some locations. At the same time, catchment managers are also encouraged to adopt a more integrated, evidence-based and bottom-up approach. This includes engaging with local communities. Although NFRM features are being more readily installed, there is still limited evidence associated with their ability to reduce flood risk and offer multiple benefits. In particular, local communities and land owners are still uncertain about what the features entail and how they will perform, which is a huge barrier affecting widespread uptake. Traditional hydrometric monitoring techniques are well established but they still struggle to successfully monitor and capture NFRM performance spatially and temporally in a visual and more meaningful way for those directly affected on the ground. Two UK-based case studies are presented here where unique NFRM features have been carefully designed and installed in rural headwater catchments. This includes a 1km2 sub-catchment of the Haltwhistle Burn (northern England) and a 2km2 sub-catchment of Eddleston Water (southern Scotland). Both of these pilot sites are subject to prolonged flooding in winter and flash flooding in summer. This exacerbates sediment, debris and water quality issues downstream. Examples of NFRM features include ponds, woody debris and a log feature inspired by the children's game 'Kerplunk'. They have been tested and monitored over the 2015-2016 winter storms using low-cost techniques by both researchers and members of the community ('citizen scientists'). Results show that monitoring techniques such as regular consumer specification time-lapse cameras, photographs, videos and 'kite-cams' are suitable for long-term and low-cost monitoring of a variety of NFRM features. These techniques have been compared against

  11. Approaches on Correlation between Board of Directors and Risk Management in Resilient Economies

    Directory of Open Access Journals (Sweden)

    Daniel Ştefan Armeanu

    2017-01-01

    Full Text Available The recent financial crisis highlighted the need for a strong emphasis on the effectiveness of board risk oversight practices. Good corporate governance upholds effective risk management, which in turn ensures the flexibility to reply to unpredicted threats and take benefit of opportunities. Thus, risk management affords corporate resilience that engenders competitive advantage due to the capacity to circumvent, deter, defend, react, and adjust to any kind of disturbance, besides recovering quickly. Guaranteeing that the board is prepared and adequately resilient to deal with a crisis circumstance is a crucial part of good governance. By employing a data set of companies listed in Romania, this paper analyzes whether boards of directors influence risk management. We measure boards by means of size, independence, diversity, establishment of Consultative Committees, as well as CEO duality, gender, age, and tenure. Based on ten financial ratios, we develop two risk indicators regarding shareholders’ wealth and short-term risk, alongside a global business failure risk tool, by means of principal component analysis. Furthermore, the output of the multivariate regression analysis show that CEO gender, the size of the board, and Audit Committee negatively influence business failure risk.

  12. 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.

  13. 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.

  14. Risk management

    International Nuclear Information System (INIS)

    Magne, L.

    1999-01-01

    There is always a risk of an accident occurring at a nuclear power plant, however small. The problem lies in estimating the probability of it occurring. The method of probabilistic safety assessment provides this estimate, and by identifying the sources of potential risk, makes it possible to prevent them from occurring. It is not, however, a substitute for other decision-making processes. (author)

  15. A systematic checklist approach to immunosuppression risk management: An audit of practice at two clinical neuroimmunology centers.

    Science.gov (United States)

    Mori, Amelia M; Agarwal, Smriti; Lee, Monique W M; Rafferty, Martina; Hardy, Todd A; Coles, Alasdair; Reddel, Stephen W; Riminton, D Sean

    2017-11-15

    There is no consensus approach to safety screening for immune intervention in clinical neuroimmunology. An immunosuppression risk evaluation checklist was used as an audit tool to assess real-world immunosuppression risk management and formulate recommendations for quality improvements in patient safety. Ninety-nine patients from two centres with 27 non-MS diagnoses were included. An average of 1.9 comorbidities with the potential to adversely impact morbidity and mortality associated with immunosuppression were identified. Diabetes and smoking were the most common, however a range of rarer but potentially life-threatening co-morbid disorders in the context of immunosuppression were identified. Inadequate documentation of risk mitigation tasks was common at 40.1% of total tasks across both cohorts. A routine, systematic immunosuppression checklist approach should be considered to improve immunosuppression risk management in clinical neuroimmunology practice. Copyright © 2017 Elsevier B.V. All rights reserved.

  16. A Systems Modeling Approach for Risk Management of Command File Errors

    Science.gov (United States)

    Meshkat, Leila

    2012-01-01

    The main cause of commanding errors is often (but not always) due to procedures. Either lack of maturity in the processes, incompleteness of requirements or lack of compliance to these procedures. Other causes of commanding errors include lack of understanding of system states, inadequate communication, and making hasty changes in standard procedures in response to an unexpected event. In general, it's important to look at the big picture prior to making corrective actions. In the case of errors traced back to procedures, considering the reliability of the process as a metric during its' design may help to reduce risk. This metric is obtained by using data from Nuclear Industry regarding human reliability. A structured method for the collection of anomaly data will help the operator think systematically about the anomaly and facilitate risk management. Formal models can be used for risk based design and risk management. A generic set of models can be customized for a broad range of missions.

  17. 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.

  18. INNOVATIVE APPROACHES TO RESEARCH METHODOLOGY OF SOCIAL RESPONSIBILITY IN THE FIELD OF RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    L. Volokhova

    2016-06-01

    Full Text Available The paper defines the role of insurance and risk management in corporate social responsibility. Analysed some of the social problems of certain sectors of the economy and the distribution of investments by insurance companies in a socially-oriented areas of the economy. The result of the analysis show that the problem of insurance and risk management should be directed to the development of innovative insurance products that would receive specific corporate social value by real locating investments. To better study on strategic risk - management must diversify and improve the traditionally accepted methodological tools. We consider the theory of positional feedback and corresponding IRT innovative model for analysis of complex, highly-defined characteristics of this sector. In order to determine a common objective evaluation system of corporate social responsibility for all companies emphasis on practical social benefits as measuring the effectiveness and success of socially responsible activities, the benefits that the company will receive from the decision of the social project. The proposed comprehensive system of indicators based insurance, which allows you to deepen the study of social responsibility in risk management strategies. The indicator system includes the following sections: 1. Navkolyshnye environment. 2. Local government (social security community. 3. Occupational Safety. 4. Internal corporate relations. 5. Equality. 6. Product Attributes. 7. Management. 8. The interest of business. 9. Liability business. 10. Socially responsible insurance. The comparative characteristic of the efficacy of social activity of companies and assess their socio-oriented activities for the previous ten years.

  19. 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...

  20. Air quality risk management.

    Science.gov (United States)

    Williams, Martin L

    2008-01-01

    Rather than attempt to provide a comprehensive account of air quality risk assessment, as might be found in a textbook or manual, this article discusses some issues that are of current importance in the United Kingdom and the rest of Europe, with special emphasis on risk assessment in the context of policy formulation, and emerging scientific knowledge. There are two pollutants of particular concern and that both pose challenges for risk assessment and policy, and they are particulate matter (PM) and ozone. The article describes some issues for health risk assessment and finally some forward-looking suggestions for future approaches to air quality management.

  1. An innovative approach to determine economically optimal coastal setback lines for risk informed coastal zone management

    NARCIS (Netherlands)

    Ranasinghe, R.; Jongejan, R.B.; Callaghan, D.; Vrijling, J.K.

    2012-01-01

    Current methods used to determine Coastal setback lines have several limitations. Furthermore, the historical practice of defining setback lines based on a single deterministic estimate is also proving inadequate with the emergence of risk management style coastal planning frameworks which require

  2. 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.

  3. Relations between urban risk managers and local populations. A critical approach to a certain idea of ''communication''

    International Nuclear Information System (INIS)

    Coanus, Th.; Duchene, F.; Martinais, E.

    1998-01-01

    Relationships between risk managers (private or public industrialists, state employees, various experts, even certain elected representatives) and the population concerned by possible risks have often been marked by considerable mutual distrust. Moreover, with no 'relays' or spokesmen on the scale of the territories involved, risk managers generally resort to 'communication' policies inspired by marketing, whose effectiveness is far from certain. We aim here to develop the hypothesis that these ways of proceeding are based on the idea of a 'Great Divide' between risk managers on the one hand, and the population on the other. As a result of this divide, supposedly 'objective' knowledge becomes a discriminating factor, the prerogative of managers, without which the population is perceived as being of almost 'minor' importance. Our work in Lyons (France) on natural and industrial hazards shows the importance of risk-building work by those who, albeit non-specialists, are potentially subjected to them. Although these 'ordinary' representations of danger may sometimes differ considerably from 'accepted' forms, they are nevertheless logically and symbolically structured, by means of perceivable main themes, in a socio-anthropological perspective. What is more, the reputedly more 'rational' discourse of risk managers occasionally lets slip elements which could (scientifically speaking) be considered non-rational, but which can be given fresh meaning thanks, once again, to a socio-anthropological outlook. Both risk managers and the population can therefore be said to belong to the same human species: both react in their own specific - yet comparable - way, when confronted with danger, disease (in the case of chemical risks, for example) and in any case wit (potential) death. Here, then, is material for a different approach to communication policies in the field of urban risk. (authors)

  4. A systematic risk management approach employed on the CloudSat project

    Science.gov (United States)

    Basilio, R. R.; Plourde, K. S.; Lam, T.

    2000-01-01

    The CloudSat Project has developed a simplified approach for fault tree analysis and probabilistic risk assessment. A system-level fault tree has been constructed to identify credible fault scenarios and failure modes leading up to a potential failure to meet the nominal mission success criteria.

  5. Risk Management of Interest Rate Derivative Portfolios: A Stochastic Control Approach

    Directory of Open Access Journals (Sweden)

    Konstantinos Kiriakopoulos

    2014-10-01

    Full Text Available In this paper we formulate the Risk Management Control problem in the interest rate area as a constrained stochastic portfolio optimization problem. The utility that we use can be any continuous function and based on the viscosity theory, the unique solution of the problem is guaranteed. The numerical approximation scheme is presented and applied using a single factor interest rate model. It is shown how the whole methodology works in practice, with the implementation of the algorithm for a specific interest rate portfolio. The recent financial crisis showed that risk management of derivatives portfolios especially in the interest rate market is crucial for the stability of the financial system. Modern Value at Risk (VAR and Conditional Value at Risk (CVAR techniques, although very useful and easy to understand, fail to grasp the need for on-line controlling and monitoring of derivatives portfolio. The portfolios should be designed in a way that risk and return be quantified and controlled in every possible state of the world. We hope that this methodology contributes towards this direction.

  6. Approach to the health-risk management on municipal reclaimed water reused in landscape water system

    Science.gov (United States)

    Liu, X.; Li, J.; Liu, W.

    2008-12-01

    Water pollution and water heavily shortage are both main environmental conflicts in China. Reclaimed water reuse is an important approach to lessen water pollution and solve the water shortage crisis in the city. The heath risk of reclaimed water has become the focus of the public. It is impending to evaluate the health risk of reclaimed water with risk assessment technique. Considering the ways of the reclaimed water reused, it is studied that health risk produced by toxic pollutants and pathogenic microbes in the processes of reclaimed water reused in landscape water system. The pathogenic microbes monitoring techniques in wastewater and reclaimed water are discussed and the hygienic indicators, risk assessment methods, concentration limitations of pathogenic microbes for various reclaimed water uses are studied. The principle of health risk assessment is used to research the exposure level and the health risk of concerned people in a wastewater reuse project where the reclaimed water is applied for green area irrigation in a public park in Beijing. The exposure assessment method and model of various reclaimed water uses are built combining with Beijing reclaimed water project. Firstly the daily ingesting dose and lifetime average daily dose(LADD) of exposure people are provided via field work and monitoring analysis, which could be used in health risk assessment as quantitative reference. The result shows that the main risk comes from the pathology pollutants, the toxic pollutants, the eutrophication pollutants, pathogenic microbes and the secondary pollutants when municipal wastewater is reclaimed for landscape water. The major water quality limited should include pathogenic microbes, toxic pollutants, and heavy metals. Keywords: municipal wastewater, reclaimed water, landscape water, health risk

  7. Symposium on diseases related to ultraviolet radiation: A risk-management approach

    International Nuclear Information System (INIS)

    Gibbons, L.

    1992-01-01

    A symposium on diseases related to ultraviolet radiation (UVR), sponsored by the Laboratory Centre for Disease Control was attended by 50 national and international experts in the fields of dermatology, ophthalmology and epidemiology, as well as representatives from various national and provincial public health organizations. The objectives of the symposium were as follows: to review the evidence relating UVR to the incidence of melanoma of the skin and eye, non melanotic cancer of the skin and lip, nonmalignant skin conditions and cataract; to review the effectiveness of primary prevention and early detection of UVR-related diseases; and to recommend strategies for risk management through regulation, public education and screening programs, as well as research priorities. Fourteen experts presented papers on issues related to UVR exposure. After the presentations the participants met in working groups to discuss questions pertaining to the identification, assessment and management of health risks relating to UVR. (author)

  8. 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

  9. The drivers of sea lice management policies and how best to integrate them into a risk management strategy: An ecosystem approach to sea lice management.

    Science.gov (United States)

    Jackson, D; Moberg, O; Stenevik Djupevåg, E M; Kane, F; Hareide, H

    2018-06-01

    The control of sea lice infestations on cultivated Atlantic salmon is a major issue in many regions of the world. The numerous drivers which shape the priorities and objectives of the control strategies vary for different regions/jurisdictions. These range from the animal welfare and economic priorities of the producers, to the mitigation of any potential impacts on wild stocks. Veterinary ethics, environmental impacts of therapeutants, and impacts for organic certification of the produce are, amongst others, additional sets of factors which should be considered. Current best practice in both EU and international environmental law advocates a holistic ecosystem approach to assessment of impacts and risks. The issues of biosecurity and ethics, including the impacts on the stocks of species used as cleaner fish, are areas for inclusion in such a holistic ecosystem assessment. The Drivers, Pressures, State, Impacts, Responses (DPSIR) process is examined as a decision-making framework and potential applications to sea lice management are outlined. It is argued that this is required to underpin any integrated sea lice management (ISLM) strategy to balance pressures and outcomes and ensure a holistic approach to managing the issue of sea lice infestations on farmed stock on a medium to long-term basis. © 2017 The Authors. Journal of Fish Diseases Published by John Wiley & Sons Ltd.

  10. Managing the risks of disease transmission through trade: a commodities-based approach?

    Science.gov (United States)

    Brückner, G K

    2011-04-01

    Since its founding in 1924, the World Organisation for Animal Health (OIE) has facilitated safe trade in animals and animal products by developing effective standards to prevent the spread of animal diseases across the globe. A protocol for recognising the disease-free status of countries is an integral part of this process and has been adopted and advanced through the years to assist OIE Member Countries in placing disease-free animals and their products on the international market. Options such as trade from disease-free zones and disease-free compartments are now available to Members and have proven to be a positive mechanism for facilitating trade. A further option is trading in safe commodities, i.e. animals and animal products that have been identified as safe to trade even in the presence of disease, either with or without applying risk mitigation measures before export. Although most Members have incorporated the acceptance of disease-free countries or zones into their animal health policies and sanitary measures, there still appears to be a reluctance to trade in commodities from infected countries, despite clear, scientifically based risk management standards that can be applied if needed. This paper offers some examples reflecting the apparent reluctance to trade in commodities and discusses how the standards in the OIE's Terrestrial Animal Health Code could be used to apply scientifically based risk management practices to review outdated policies.

  11. Conscious worst case definition for risk assessment, part I: a knowledge mapping approach for defining most critical risk factors in integrative risk management of chemicals and nanomaterials.

    Science.gov (United States)

    Sørensen, Peter B; Thomsen, Marianne; Assmuth, Timo; Grieger, Khara D; Baun, Anders

    2010-08-15

    This paper helps bridge the gap between scientists and other stakeholders in the areas of human and environmental risk management of chemicals and engineered nanomaterials. This connection is needed due to the evolution of stakeholder awareness and scientific progress related to human and environmental health which involves complex methodological demands on risk management. At the same time, the available scientific knowledge is also becoming more scattered across multiple scientific disciplines. Hence, the understanding of potentially risky situations is increasingly multifaceted, which again challenges risk assessors in terms of giving the 'right' relative priority to the multitude of contributing risk factors. A critical issue is therefore to develop procedures that can identify and evaluate worst case risk conditions which may be input to risk level predictions. Therefore, this paper suggests a conceptual modelling procedure that is able to define appropriate worst case conditions in complex risk management. The result of the analysis is an assembly of system models, denoted the Worst Case Definition (WCD) model, to set up and evaluate the conditions of multi-dimensional risk identification and risk quantification. The model can help optimize risk assessment planning by initial screening level analyses and guiding quantitative assessment in relation to knowledge needs for better decision support concerning environmental and human health protection or risk reduction. The WCD model facilitates the evaluation of fundamental uncertainty using knowledge mapping principles and techniques in a way that can improve a complete uncertainty analysis. Ultimately, the WCD is applicable for describing risk contributing factors in relation to many different types of risk management problems since it transparently and effectively handles assumptions and definitions and allows the integration of different forms of knowledge, thereby supporting the inclusion of multifaceted risk

  12. Conscious worst case definition for risk assessment, part I. A knowledge mapping approach for defining most critical risk factors in integrative risk management of chemicals and nanomaterials

    DEFF Research Database (Denmark)

    Sørensen, P.S.; Thomsen, M.; Assmuth, T.

    2010-01-01

    This paper helps bridge the gap between scientists and other stakeholders in the areas of human and environmental risk management of chemicals and engineered nanomaterials. This connection is needed due to the evolution of stakeholder awareness and scientific progress related to human and environ...... and effectively handles assumptions and definitions and allows the integration of different forms of knowledge, thereby supporting the inclusion of multifaceted risk components in cumulative risk management.......This paper helps bridge the gap between scientists and other stakeholders in the areas of human and environmental risk management of chemicals and engineered nanomaterials. This connection is needed due to the evolution of stakeholder awareness and scientific progress related to human...... and environmental health which involves complex methodological demands on risk management. At the same time, the available scientific knowledge is also becoming more scattered across multiple scientific disciplines. Hence, the understanding of potentially risky situations is increasingly multifaceted, which again...

  13. 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

  14. A decision analysis approach for risk management of near-earth objects

    Science.gov (United States)

    Lee, Robert C.; Jones, Thomas D.; Chapman, Clark R.

    2014-10-01

    Risk management of near-Earth objects (NEOs; e.g., asteroids and comets) that can potentially impact Earth is an important issue that took on added urgency with the Chelyabinsk event of February 2013. Thousands of NEOs large enough to cause substantial damage are known to exist, although only a small fraction of these have the potential to impact Earth in the next few centuries. The probability and location of a NEO impact are subject to complex physics and great uncertainty, and consequences can range from minimal to devastating, depending upon the size of the NEO and location of impact. Deflecting a potential NEO impactor would be complex and expensive, and inter-agency and international cooperation would be necessary. Such deflection campaigns may be risky in themselves, and mission failure may result in unintended consequences. The benefits, risks, and costs of different potential NEO risk management strategies have not been compared in a systematic fashion. We present a decision analysis framework addressing this hazard. Decision analysis is the science of informing difficult decisions. It is inherently multi-disciplinary, especially with regard to managing catastrophic risks. Note that risk analysis clarifies the nature and magnitude of risks, whereas decision analysis guides rational risk management. Decision analysis can be used to inform strategic, policy, or resource allocation decisions. First, a problem is defined, including the decision situation and context. Second, objectives are defined, based upon what the different decision-makers and stakeholders (i.e., participants in the decision) value as important. Third, quantitative measures or scales for the objectives are determined. Fourth, alternative choices or strategies are defined. Fifth, the problem is then quantitatively modeled, including probabilistic risk analysis, and the alternatives are ranked in terms of how well they satisfy the objectives. Sixth, sensitivity analyses are performed in

  15. A risk-based approach to flood management decisions in a nonstationary world

    Science.gov (United States)

    Rosner, Ana; Vogel, Richard M.; Kirshen, Paul H.

    2014-03-01

    Traditional approaches to flood management in a nonstationary world begin with a null hypothesis test of "no trend" and its likelihood, with little or no attention given to the likelihood that we might ignore a trend if it really existed. Concluding a trend exists when it does not, or rejecting a trend when it exists are known as type I and type II errors, respectively. Decision-makers are poorly served by statistical and/or decision methods that do not carefully consider both over- and under-preparation errors, respectively. Similarly, little attention is given to how to integrate uncertainty in our ability to detect trends into a flood management decision context. We show how trend hypothesis test results can be combined with an adaptation's infrastructure costs and damages avoided to provide a rational decision approach in a nonstationary world. The criterion of expected regret is shown to be a useful metric that integrates the statistical, economic, and hydrological aspects of the flood management problem in a nonstationary world.

  16. Landslide risk impact management and web services for improving resilience: the LIFE+IMAGINE project approach

    Science.gov (United States)

    Congi, Maria Pia; Campo, Valentina; Cipolloni, Carlo; Delmonaco, Giuseppe; Guerrieri, Luca; Iadanza, Carla; Spizzichino, Daniele; Trigila, Alessandro

    2014-05-01

    The increasing damage caused by natural disasters in the last decades points out the need for interoperable added-value services to support environmental safety and human protection, by reducing vulnerability of exposed elements as well as improving the resilience of the involved communities. For this reason, to provide access to harmonized and customized data is only one of several steps towards delivering adequate support to risk assessment, reduction and management. Scope of the present work is to illustrate a methodology under development for analysis of potential impacts in areas prone to landslide hazard in the framework of the EC project LIFE+IMAGINE. The project aims to implement an infrastructure based on web services for environmental analysis, that integrates in its own architecture specifications and results from INSPIRE, SEIS and GMES. Existing web services will be customized during the project to provide functionalities for supporting the environmental integrated management. The implemented infrastructure will be applied to landslide risk scenarios, to be developed in selected pilot areas, aiming at: i) application of standard procedures to implement a landslide risk analysis; ii) definition of a procedure for assessment of potential environmental impacts, based on a set of indicators to estimate the different exposed elements with their specific vulnerability in the pilot area. More in detail, the landslide pilot will be aimed at providing a landslide risk scenario through the implementation and analysis of: 1) a landslide inventory from available historical databases and maps; 2) landslide susceptibility and hazard maps; 3) assessment of exposure and vulnerability on selected typologies of elements at risk; 4) implementation of a landslide risk scenario for different sets of exposed elements (e.g. population, road network, residential area, cultural heritage). The pilot will be implemented in Liguria, Italy, in two different catchment areas located

  17. 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

  18. 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.

  19. 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 ...

  20. Risk management and statistical multivariate analysis approach for design and optimization of satranidazole nanoparticles.

    Science.gov (United States)

    Dhat, Shalaka; Pund, Swati; Kokare, Chandrakant; Sharma, Pankaj; Shrivastava, Birendra

    2017-01-01

    Rapidly evolving technical and regulatory landscapes of the pharmaceutical product development necessitates risk management with application of multivariate analysis using Process Analytical Technology (PAT) and Quality by Design (QbD). Poorly soluble, high dose drug, Satranidazole was optimally nanoprecipitated (SAT-NP) employing principles of Formulation by Design (FbD). The potential risk factors influencing the critical quality attributes (CQA) of SAT-NP were identified using Ishikawa diagram. Plackett-Burman screening design was adopted to screen the eight critical formulation and process parameters influencing the mean particle size, zeta potential and dissolution efficiency at 30min in pH7.4 dissolution medium. Pareto charts (individual and cumulative) revealed three most critical factors influencing CQA of SAT-NP viz. aqueous stabilizer (Polyvinyl alcohol), release modifier (Eudragit® S 100) and volume of aqueous phase. The levels of these three critical formulation attributes were optimized by FbD within established design space to minimize mean particle size, poly dispersity index, and maximize encapsulation efficiency of SAT-NP. Lenth's and Bayesian analysis along with mathematical modeling of results allowed identification and quantification of critical formulation attributes significantly active on the selected CQAs. The optimized SAT-NP exhibited mean particle size; 216nm, polydispersity index; 0.250, zeta potential; -3.75mV and encapsulation efficiency; 78.3%. The product was lyophilized using mannitol to form readily redispersible powder. X-ray diffraction analysis confirmed the conversion of crystalline SAT to amorphous form. In vitro release of SAT-NP in gradually pH changing media showed 95%) in pH7.4 in next 3h, indicative of burst release after a lag time. This investigation demonstrated effective application of risk management and QbD tools in developing site-specific release SAT-NP by nanoprecipitation. Copyright © 2016 Elsevier B.V. All

  1. [Approaching the "evidence-practice gap" in pharmaceutical risk management: analysis of healthcare claim data].

    Science.gov (United States)

    Nakayama, Takeo

    2012-01-01

    The concept of evidence-based medicine (EBM) has promulgated among healthcare professionals in recent years, on the other hand, the problem of underuse of useful clinical evidence is coming to be important. This is called as evidence-practice gap. The major concern about evidence-practice gap is insufficient implementation of evidence-based effective treatment, however, the perspective can be extended to measures to improve drug safety and prevention of drug related adverse events. First, this article reviews the characteristics of the database of receipt (healthcare claims) and the usefulness for research purpose of pharmacoepidemiology. Second, as the real example of the study on evidence-practice gap by using the receipt database, the case of ergot-derived anti-Parkinson drugs, of which risk of valvulopathy has been identified, is introduced. The receipt analysis showed that more than 70% of Parkinson's disease patients prescribed with cabergoline or pergolide did not undergo echocardiography despite the revision of the product label recommendation. Afterwards, the issues of pharmaceutical risk management and risk communication will be discussed.

  2. The development of an ecological approach to manage the pollution risk from highway runoff.

    Science.gov (United States)

    Crabtree, B; Dempsey, P; Johnson, I; Whitehead, M

    2009-01-01

    In the UK, the Highways Agency is responsible for operating, maintaining and improving the strategic road network in England. One focus of the Highways Agency's ongoing research into the nature and impact of highway runoff is aimed at ensuring that the Highways Agency will meet the requirements of the EU Water Framework Directive. A research programme, undertaken in partnership with the Environment Agency, is in progress to develop a better understanding of pollutants in highway runoff and their ecological impact. The paper presents the outcome of a study to: (1) monitor pollutants in highway runoff under different climate and traffic conditions; (2) develop standards to assess potential ecological risks from soluble pollutants in highway runoff; and (3) develop a model to predict pollutant concentrations in highway runoff. The model has been embedded in a design tool incorporating risk assessment procedures and receiving water standards for soluble and insoluble pollutants--the latter has been developed elsewhere in another project within the research programme. The design tool will be used to support improved guidance on where, and to what level, treatment of runoff is required for highway designers to manage the risk of ecological impact from highway runoff.

  3. FAO/IAEA Guidelines for Implementing Systems Approaches for Pest Risk Management of Fruit Flies. Working Material

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2011-07-01

    International trade in commodities provides food, consumer goods, and a livelihood to millions of people, but can also spread pests that cause serious damage to commercial crops and to the environment. Many Tephritidae fruit fly species are important plant pests, due to tendencies towards high fecundity, wide host range and potential to cause serious damage. These fruit fly species often are categorized as quarantine pests in the first phase of a Pest Risk Analysis, which is a harmonised framework for decisions regarding trade in plant products, developed under the International Plant Protection Convention. The National Plant Protection Organisation of each country is responsible for addressing the possible risks from trade to domestic plant resources. After assessing the risk, the need for pest risk management is determined. These guidelines focus on the final phase of the PRA, when a management plan is developed. Some of the stand-alone options for managing fruit fly risk are non-host status, Pest Free Areas, and commodity treatments. Pest risk management measures may be combined in a Systems Approach, however, as described in the International Standard on Phytosanitary Measures No. 14 (The use of integrated measures in a system approach for pest risk management). This concept, described in depth in section IV, has been applied successfully to various combinations of different species of pest/host/area for many years. Yet, NPPOs still encounter challenges to the application of Systems Approach. The examples and descriptions in these guidelines seek to support its use against fruit fly pests. Measures may be applied sequentially in the exporting country at the time of preharvest, harvest, post-harvest, export and transport, or at entry and distribution to the importing country. Area-wide integrated pest management programmes against fruit flies can play a significant role in suppressing pest populations to the low level required to reduce initial infestation in

  4. FAO/IAEA Guidelines for Implementing Systems Approaches for Pest Risk Management of Fruit Flies. Working Material

    International Nuclear Information System (INIS)

    2011-01-01

    International trade in commodities provides food, consumer goods, and a livelihood to millions of people, but can also spread pests that cause serious damage to commercial crops and to the environment. Many Tephritidae fruit fly species are important plant pests, due to tendencies towards high fecundity, wide host range and potential to cause serious damage. These fruit fly species often are categorized as quarantine pests in the first phase of a Pest Risk Analysis, which is a harmonised framework for decisions regarding trade in plant products, developed under the International Plant Protection Convention. The National Plant Protection Organisation of each country is responsible for addressing the possible risks from trade to domestic plant resources. After assessing the risk, the need for pest risk management is determined. These guidelines focus on the final phase of the PRA, when a management plan is developed. Some of the stand-alone options for managing fruit fly risk are non-host status, Pest Free Areas, and commodity treatments. Pest risk management measures may be combined in a Systems Approach, however, as described in the International Standard on Phytosanitary Measures No. 14 (The use of integrated measures in a system approach for pest risk management). This concept, described in depth in section IV, has been applied successfully to various combinations of different species of pest/host/area for many years. Yet, NPPOs still encounter challenges to the application of Systems Approach. The examples and descriptions in these guidelines seek to support its use against fruit fly pests. Measures may be applied sequentially in the exporting country at the time of preharvest, harvest, post-harvest, export and transport, or at entry and distribution to the importing country. Area-wide integrated pest management programmes against fruit flies can play a significant role in suppressing pest populations to the low level required to reduce initial infestation in

  5. 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.

  6. 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

  7. How to quantify sustainable development: a risk-based approach to water quality management.

    Science.gov (United States)

    Sarang, Amin; Vahedi, Arman; Shamsai, Abolfazl

    2008-02-01

    Since the term was coined in the Brundtland report in 1987, the issue of sustainable development has been challenged in terms of quantification. Different policy options may lend themselves more or less to the underlying principles of sustainability, but no analytical tools are available for a more in-depth assessment of the degree of sustainability. Overall, there are two major schools of thought employing the sustainability concept in managerial decisions: those of measuring and those of monitoring. Measurement of relative sustainability is the key issue in bridging the gap between theory and practice of sustainability of water resources systems. The objective of this study is to develop a practical tool for quantifying and assessing the degree of relative sustainability of water quality systems based on risk-based indicators, including reliability, resilience, and vulnerability. Current work on the Karoun River, the largest river in Iran, has included the development of an integrated model consisting of two main parts: a water quality simulation subroutine to evaluate Dissolved Oxygen Biological Oxygen Demand (DO-BOD) response, and an estimation of risk-based indicators subroutine via the First Order Reliability Method (FORM) and Monte Carlo Simulation (MCS). We also developed a simple waste load allocation model via Least Cost and Uniform Treatment approaches in order to consider the optimal point of pollutants control costs given a desired reliability value which addresses DO in two different targets. The Risk-based approach developed herein, particularly via the FORM technique, appears to be an appropriately efficient tool for estimating the relative sustainability. Moreover, our results in the Karoun system indicate that significant changes in sustainability values are possible through dedicating money for treatment and strict pollution controls while simultaneously requiring a technical advance along change in current attitudes for environment protection.

  8. An overview of the ERICA Integrated Approach to the assessment and management of environmental risks from ionising contaminants

    International Nuclear Information System (INIS)

    Larsson, Carl-Magnus

    2008-01-01

    The ERICA project (environmental risks from ionising contaminants: assessment and management, EC contract no. FI6R-CT-2004-508847) concluded with the publication of two main outputs: the ERICA Integrated Approach to the assessment and management of environmental risks from ionising radiation, of which also introduces the user to the second main output, the ERICA Tool, which is a software programme with supporting databases, that together with its associated help will guide users through the assessment process. More than 60 European scientists contributed to the ERICA Integrated Approach. In addition, a large number of experts, policy makers, and decision-makers in different areas have contributed views on the ERICA Integrated Approach and its associated Tool from the user's perspective, through participation in the End-Users Group set up under the ERICA project. Databases on transfer, dose conversion coefficients and radiation effects on biota have been developed specifically for the purpose of the Integrated Approach, and incorporated into, or interacting with, the Tool. Species sensitivity distributions of biological effects data have been performed and did not reveal, for chronic exposure, any statistical grounds for separation between terrestrial, marine and freshwater ecosystems in terms of species sensitivity to radiation; on the basis of such analysis a universal screening dose rate criterion of 10 μGy h -1 incremental dose rate is suggested for exiting the assessment procedure while being confident that environmental risks are negligible. This criterion is used for the two first tiers (conservative assessment with limited data requirement and various possibilities of incorporating user-defined parameter values, including the screening dose rate criterion) of the assessment methodology. Exposure situations of concern are carried through a third tier, making use of all relevant databases and with a number of issues and options listed to support and guide

  9. Vulnerability assessment to Drought in Various Provinces, approach towards risk management in the country

    Directory of Open Access Journals (Sweden)

    F. Nasrnia

    2016-05-01

    can considerably reduce the harmful effects of drought. According to the results, Semnan, Tehran and Gilan provinces jointly are economically vulnerable. On the other hand, in terms of criteria for social vulnerability, provinces of Fars, Khuzestan and Gilan were the most social vulnerable and Isfahan, Kermanshah and Ilam are the least vulnerable. Also, according to the results the province of Khuzestan, Fars and Khorasan were the most; and Yazd, Bushehr and Kohgiluyeh Boyer were the least physical vulnerability. Conclusion: In this study, in order to assess vulnerability to drought in various provinces, , after determining the hierarchy and collect relevant data, the importance of each criteria and sub-criteria were determined. In order to determine the importance of different aspects of vulnerability (the economic, social and physical Fuzzy AHP method was used in each dimension. According to the results of this study, the province of Khuzestan, Fars and Khorasan are the most and Yazd, Bushehr and Kohgiluyeh Boyer were the least physical vulnerability. Since different provinces ‌have significant differences in vulnerability to drought and vulnerability in various aspects of economic, social and physical, in order to achieve drought management based on risk management, recommended in policy and planning make attention the effects of drought in the various provinces.

  10. Risk watershed analysis: a new approach to manage torrent control structures

    Science.gov (United States)

    Quefféléan, Yann; Carladous, Simon; Deymier, Christian; Marco, Olivier

    2017-04-01

    Torrential check dams have been built in French public forests since the 19th century, applying the Restoration and conservation of Mountainous Areas (RTM) laws (1860, 1864, 1882). The RTM department of the National Forestry Office (ONF) helps the government to decide on protective actions to implement within these areas. While more than 100 000 structures were registered in 1964, more than 14 000 check dams are currently registered and maintained within approximatively 380 000 ha of RTM public forests. The RTM department officers thus have a long experience in using check dams for soil restoration, but also in implementing other kinds of torrential protective structures such as sediment traps, embankments, bank protection, and so forth. As a part of the ONF, they are also experienced in forestry engineering. Nevertheless, some limits in torrent control management have been highlighted: - as existing protective structures are ageing, their effectiveness to protect elements at risk must be assessed but it is a difficult task ; - as available budget for maintenance is continuously decreasing, priorities have to be made but decisions are difficult : what are the existing check dams functions? what is their expected effect on torrential hazard? is maintenance cost too important given this expected effect to protect elements at risk? Given these questions, a new policy has been engaged by the RTM department since 2012. A technical overview at the torrential watershed scale is now needed to help better maintenance decisions: it has been called a Risk Watershed Analysis (Etude de Bassin de Risque in French, EBR) and is funded by the government. Its objectives are to: - recall initial objectives of protective structures : therefore, a detailed archive analysis is made ; - describe current elements at risk to protect ; - describe natural hazards at the torrential watershed scale and their evolution since protective structures implementation ; - describe civil engineering

  11. 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.

  12. Managing Complex Environmental Risks

    Energy Technology Data Exchange (ETDEWEB)

    Karlsson, Mikael [Karlstad Univ. (Sweden). Dept. of Environmental Sciences

    2006-09-15

    Environmental and public health risks are often handled in a process in which experts, and sometimes policy makers, try their best to quantitatively assess, evaluate and manage risks. This approach harmonises with mainstream interpretations of sustainable development, which aim at defining a desirable relationship between human and natural systems, for instance by policies that define limit values of different forms of disturbances. However, under conditions of high scientific incertitude, diverging values and distrust, this approach is far from satisfactory. The use of cell phones, hazardous chemicals, nuclear or fossil energy systems, and modern biotechnology are examples of activities causing such risks with high complexity. Against this background, a complementary interpretation of the concept of sustainable development is suggested. This interpretation is operationalised through new formulations of three common principles for public risk management; the precautionary principle, the polluter pays principle and the principle of public participation. Implementation of these reformulated principles would challenge some foundations of present mainstream views on environmental decision-making, but would on the other hand contribute to improved practices for long-term human welfare and planetary survival (full text of contribution)

  13. Managing Complex Environmental Risks

    International Nuclear Information System (INIS)

    Karlsson, Mikael

    2006-01-01

    Environmental and public health risks are often handled in a process in which experts, and sometimes policy makers, try their best to quantitatively assess, evaluate and manage risks. This approach harmonises with mainstream interpretations of sustainable development, which aim at defining a desirable relationship between human and natural systems, for instance by policies that define limit values of different forms of disturbances. However, under conditions of high scientific incertitude, diverging values and distrust, this approach is far from satisfactory. The use of cell phones, hazardous chemicals, nuclear or fossil energy systems, and modern biotechnology are examples of activities causing such risks with high complexity. Against this background, a complementary interpretation of the concept of sustainable development is suggested. This interpretation is operationalised through new formulations of three common principles for public risk management; the precautionary principle, the polluter pays principle and the principle of public participation. Implementation of these reformulated principles would challenge some foundations of present mainstream views on environmental decision-making, but would on the other hand contribute to improved practices for long-term human welfare and planetary survival (full text of contribution)

  14. 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

  15. 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.

  16. ENSO-Based Index Insurance: Approach and Peru Flood Risk Management Application

    Science.gov (United States)

    Khalil, A. F.; Kwon, H.; Lall, U.; Miranda, M. J.; Skees, J. R.

    2006-12-01

    Index insurance has recently been advocated as a useful risk transfer tool for disaster management situations where rapid fiscal relief is desirable, and where estimating insured losses may be difficult, time consuming, or subject to manipulation and falsification. For climate related hazards, a rainfall or temperature index may be proposed. However, rainfall may be highly spatially variable relative to the gauge network, and in many locations data are inadequate to develop an index due to short time-series and the spatial dispersion of stations. In such cases, it may be helpful to consider a climate proxy index as a regional rainfall index. This is particularly useful if a long record is available for the climate index through an independent source and it is well correlated with the regional rainfall hazard. Here, ENSO related climate indices are explored for use as a proxy to extreme rainfall in one of the departments of Peru -- Piura. The ENSO index insurance product may be purchased by banks or microfinance institutions (MFIs) to aid agricultural damage relief in Peru. Crop losses in the region are highly correlated with floods, but are difficult to assess directly. Beyond agriculture, many other sectors suffer as well. Basic infrastructure is destroyed during the most severe events. This disrupts trade for many micro-enterprises. The reliability and quality of the local rainfall data is variable. Averaging the financial risk across the region is desirable. Some issues with the implementation of the proxy ENSO index are identified and discussed. Specifically, we explore (a) the reliability of the index at different levels of probability of exceedance of maximum seasonal rainfall; (b) the potential for clustering of payoffs; (c) the potential that the index could be predicted with some lead time prior to the flood season; and (d) evidence for climate change or non-stationarity in the flood exceedance probability from the long ENSO record. Finally, prospects for

  17. 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)

  18. An optimization-based approach for facility energy management with uncertainties, and, Power portfolio optimization in deregulated electricity markets with risk management

    Science.gov (United States)

    Xu, Jun

    Topic 1. An Optimization-Based Approach for Facility Energy Management with Uncertainties. Effective energy management for facilities is becoming increasingly important in view of the rising energy costs, the government mandate on the reduction of energy consumption, and the human comfort requirements. This part of dissertation presents a daily energy management formulation and the corresponding solution methodology for HVAC systems. The problem is to minimize the energy and demand costs through the control of HVAC units while satisfying human comfort, system dynamics, load limit constraints, and other requirements. The problem is difficult in view of the fact that the system is nonlinear, time-varying, building-dependent, and uncertain; and that the direct control of a large number of HVAC components is difficult. In this work, HVAC setpoints are the control variables developed on top of a Direct Digital Control (DDC) system. A method that combines Lagrangian relaxation, neural networks, stochastic dynamic programming, and heuristics is developed to predict the system dynamics and uncontrollable load, and to optimize the setpoints. Numerical testing and prototype implementation results show that our method can effectively reduce total costs, manage uncertainties, and shed the load, is computationally efficient. Furthermore, it is significantly better than existing methods. Topic 2. Power Portfolio Optimization in Deregulated Electricity Markets with Risk Management. In a deregulated electric power system, multiple markets of different time scales exist with various power supply instruments. A load serving entity (LSE) has multiple choices from these instruments to meet its load obligations. In view of the large amount of power involved, the complex market structure, risks in such volatile markets, stringent constraints to be satisfied, and the long time horizon, a power portfolio optimization problem is of critical importance but difficulty for an LSE to serve the

  19. 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...

  20. 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 ...

  1. 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...

  2. Risk assessment, identification, and notification (RAIN) system : a novel approach for traffic management.

    Science.gov (United States)

    2009-08-31

    Primary research focused on the design and development of an energy-efficient Risk Notification Message Dissemination Protocol (RNMDP) for vehicular ad hoc networks (VANETs). RNMDP propagates Risk Notification Messages (RNMs) from a location of origi...

  3. 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.

  4. 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

  5. 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...

  6. A systems approach to hazard and risk management for the SDC detector

    International Nuclear Information System (INIS)

    Lavelle, R.F.

    1993-05-01

    The realities of the day seem almost insurmountable: Environmental impact statements, public hearings, stringent enforcement of the existing government ES ampersand H regulations together with new and seemingly costly requirements; the list goes on. It is self-evident that the recent years have seen a significant increase in environmental and system safety awareness. We are now beginning to see the effects of this awakening on the Department of Energy (DOE) and its High Energy Physics (HEP) programs. The days of a laissez-faire and sometimes cavalier approach to safety and environmental issues are over. Environmental awareness and personnel safety are now paramount design criteria. In our environment, the importance of ES ampersand H is now on par with physics performance itself, especially in the eyes of the customer. The predicament is further complicated by budget-driven extensions of development profiles, sometimes elongated out to ten or twelve years. All of these facts combine to render the traditional ''post-hoc'' safety analysis program obsolete. The predominant question today centers on how HEP Project Managers can implement a cost and performance effective ES ampersand H program. This program must at once address the needs of the customer, the needs of the research, the needs of the public, and must be dynamic enough to be viable over a ten or twelve year development schedule. We must begin by coming to an understanding of our working environment, an understanding of the customer's requirements and a utilization of lessons learned from others who have existed in a similar environment. Surprisingly enough, there is real help in answering these questions. Let's characterize the current HEP environment in which such a program must operate

  7. 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.

  8. 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.

  9. 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.

  10. Management of Hypercholesterolemia, Appropriateness of Therapeutic Approaches and New Drugs in Patients with High Cardiovascular Risk.

    Science.gov (United States)

    Agabiti Rosei, Enrico; Salvetti, Massimo

    2016-09-01

    Control of lipid levels is one of the most effective strategies for cardiovascular (CV) event prevention. In fact, many clinical trials have clearly demonstrated that low-density lipoprotein cholesterol (LDL-C) lowering, primarily with statins, reduces major CV events and mortality. The evidence from these trials has been useful in designing the cholesterol treatment guidelines, which are mainly aimed at preventing and managing cardiovascular disease (CVD). However, available data indicate that a large proportion of patients fail to achieve lipid goals, and this is particularly frequent in patients at high or very high CV risk. Furthermore, owing to side effects, a significant percentage of patients cannot tolerate statin treatment. Hence, researchers have focused their attention on novel LDL-C-lowering agents that act via mechanisms distinct from that of statins. Among the new compounds under investigation, the monoclonal antibodies to proprotein convertase subtilisin/kexin type 9 (PCSK9) seem particularly promising, having recently been shown to be well tolerated and highly effective at lowering LDL-C, with a possible effect on the occurrence of CV events. Currently, alirocumab is approved by the US Food and Drug Administration (FDA) as an adjunct to diet and maximally tolerated statin therapy for use in adults with heterozygous familial hypercholesterolemia (FH) or those with atherosclerotic CV disease who require additional LDL-C lowering; it has also been recently approved by the European Medicines Agency (EMA) for use in patients with heterozygous FH, non-familial hypercholesterolemia or mixed dyslipidemia in whom statins are ineffective or not tolerated. Evolocumab is approved by the FDA as an adjunct to diet and maximally tolerated statins for adults with hetero- and homozygous FH and those with atherosclerotic CV disease who require additional lowering of LDL-C, and by the EMA in adults with primary hypercholesterolemia or mixed dyslipidemia, as an adjunct

  11. Business operations and decommissioning strategy for imperial college London research reactor 'Consort' - A financial risk management approach

    International Nuclear Information System (INIS)

    Franklin, S.J.; Gardner, D.; Mumford, J.; Lea, R.; Knight, J.

    2005-01-01

    Imperial College London (IC) operates commercially a 100 kW research reactor, and as site licensee is responsible for funding both operations and eventual decommissioning. With long lead times ahead urgent decisions on the future business options have had to be made in 2004/5 including choices on whether to move to early decommissioning, recognising the high costs entailed, or to pursue continuing operations involving life extension measures such as refuelling. To develop a coherent overall approach strategy a financial risk driven programme was initiated to help define a robust transparent business and termination case for the reactor. This study was carried out in collaboration with a UK firm of financial risk experts, PURE Risk Management Ltd (PURE), working within a dedicated IC London reactor project team. This work evaluated immediate closure options due to financial constraints or life limiting failures, and options for continuing operation extending to 2028. Decommissioning and clean up were reviewed. Bespoke financial models created single value cost outputs and ranges of probabilistic net present values (NPV) for decommissioning costs and financial provisions to meet those costs at various levels of risk acceptance and regulatory compliance. (author)

  12. The future of monitoring in clinical research - a holistic approach: linking risk-based monitoring with quality management principles.

    Science.gov (United States)

    Ansmann, Eva B; Hecht, Arthur; Henn, Doris K; Leptien, Sabine; Stelzer, Hans Günther

    2013-01-01

    Since several years risk-based monitoring is the new "magic bullet" for improvement in clinical research. Lots of authors in clinical research ranging from industry and academia to authorities are keen on demonstrating better monitoring-efficiency by reducing monitoring visits, monitoring time on site, monitoring costs and so on, always arguing with the use of risk-based monitoring principles. Mostly forgotten is the fact, that the use of risk-based monitoring is only adequate if all mandatory prerequisites at site and for the monitor and the sponsor are fulfilled.Based on the relevant chapter in ICH GCP (International Conference on Harmonisation of technical requirements for registration of pharmaceuticals for human use - Good Clinical Practice) this publication takes a holistic approach by identifying and describing the requirements for future monitoring and the use of risk-based monitoring. As the authors are operational managers as well as QA (Quality Assurance) experts, both aspects are represented to come up with efficient and qualitative ways of future monitoring according to ICH GCP.

  13. Risk Information Management Resource (RIMR): modeling an approach to defending against military medical information assurance brain drain

    Science.gov (United States)

    Wright, Willie E.

    2003-05-01

    As Military Medical Information Assurance organizations face off with modern pressures to downsize and outsource, they battle with losing knowledgeable people who leave and take with them what they know. This knowledge is increasingly being recognized as an important resource and organizations are now taking steps to manage it. In addition, as the pressures for globalization (Castells, 1998) increase, collaboration and cooperation are becoming more distributed and international. Knowledge sharing in a distributed international environment is becoming an essential part of Knowledge Management. This is a major shortfall in the current approach to capturing and sharing knowledge in Military Medical Information Assurance. This paper addresses this challenge by exploring Risk Information Management Resource (RIMR) as a tool for sharing knowledge using the concept of Communities of Practice. RIMR is based no the framework of sharing and using knowledge. This concept is done through three major components - people, process and technology. The people aspect enables remote collaboration, support communities of practice, reward and recognize knowledge sharing while encouraging storytelling. The process aspect enhances knowledge capture and manages information. While the technology aspect enhance system integration and data mining, it also utilizes intelligent agents and exploits expert systems. These coupled with supporting activities of education and training, technology infrastructure and information security enables effective information assurance collaboration.

  14. 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...

  15. 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?”

  16. 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...

  17. 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...

  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. 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.

  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 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

  2. 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.

  3. 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....

  4. An Approach to Assess Knowledge and Skills in Risk Management through Project-Based Learning

    Science.gov (United States)

    Galvao, Tulio Acacio Bandeira; Neto, Francisco Milton Mendes; Campos, Marcos Tullyo; Junior, Edson de Lima Cosme

    2012-01-01

    The increasing demand for Software Engineering professionals, particularly Project Managers, and popularization of the Web as a catalyst of human relations have made this platform interesting for training this type of professional. The authors have observed the widespread use of games as an attractive instrument in the process of teaching and…

  5. A Risk-based, Practice-centered Approach to Project Management for HPCMP CREATE

    Science.gov (United States)

    2015-10-05

    form of videoconferencing. These impediments have been mitigated to some extent by using browser-based Software as a Service ( SaaS ) access to CREATE...one-time password (OTP), and OpenID. Security is managed within the DREN, as opposed to every desktop. As a “Software as a Service” ( SaaS

  6. 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

  7. 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…

  8. 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....

  9. The Branding Management Approaches

    Institute of Scientific and Technical Information of China (English)

    YAKOUBI; Mohamed Lamine

    2014-01-01

    [Abstract]We wil try to present,through the display of the various branding concepts and theories, the different branding management approaches.This wil present the different visions of the discipline depending on the author to try and demonstrate their differences,at first, and their complementarities at last to help the different branding management practitioners (brand managers,marketing managers,advertisers,media-planners……) apprehend the right brand positioning strategy to engage.

  10. Managing cyber-risk and security in the global supply chain: a systems analysis approach to risk, structure and behaviour

    DEFF Research Database (Denmark)

    Sepúlveda Estay, Daniel Alberto

    -term legal ramifications. As a result, little information about attacks and their consequences is published. Supply chains continue to prepare for cyber-attacks through a mix of traditional risk and resilience frameworks, protecting their networks through patches, firewalls and antiviruses, or financially...

  11. Risk Management in Smallholder Cattle Farming: A Hypothetical Insurance Approach in Western Kenya

    OpenAIRE

    Otieno, David Jakinda; Oluoch-Kosura, Willis; Karugia, Joseph Thuo; Drucker, Adam G.; Rege, Edward

    2006-01-01

    Smallholder cattle farming is an important livelihood strategy in most developing countries like Kenya. However, tropical diseases in Africa often wipe out these valuable assets. This paper focuses on mitigation of cattle disease risks through a hypothetical insurance scheme. The study is based on data from a survey conducted on a purposive sample of 300 smallholder cattle farmers in Kakamega and Siaya districts of Western Kenya. Descriptive measures and a regression model were used in the an...

  12. Development of advanced risk informed asset management tool based on system dynamics approach for nuclear power plant

    International Nuclear Information System (INIS)

    Lee, Gyoung Cheol

    2007-02-01

    In the competitive circumstance of electricity industry, the economic efficiency of electricity generation facility is the most important factor to increase their competitiveness. For nuclear power plant (NPP), safety is also an essential factor. Over fast several years, efforts for development of safety concerned and financial asset maximizing method, process and tools have been continued internationally and Risk-Informed Asset Management (RIAM) methodology is suggested by Electric Power Research Institute (EPRI). This RIAM methodology is expected to provide plant operators with a project prioritization and life cycle management planning tool for making long-term maintenance plans, guiding plant budgeting, and determining the sensitivity of a plant's economic risk to the reliability and availability of system, structure, and components (SSC), as well as other technical and economic parameters. The focus of this study is to develop model that help us to resource allocation, to find what effect such allocations on the plant economic and safety performance. Detailed research process for this goal is as follow; First step for development of advanced RIAM model is to review for current RIAM model of EPRI. This part describes the overall RIAM methodology including its conceptual model, implementation process, modular approach etc. Second step is to perform feasibility study for current EPRI's RIAM model with case study. This part shows the result of feasibility study for current RIAM method by case study and discussion for result. Finally, concept of Advanced RIAM model is developed based on system dynamics approach and parameter relationship is formulated. In advanced RIAM Model, Identification of scheduled maintenance effect on other parameters and the relationship between PM Activity and failure rate is most important factor. In this study, these relationships are formulated based on system dynamics approach. Creations of these modeling tool using Vensim

  13. 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.

  14. Risk management framework a lab-based approach to securing information systems

    CERN Document Server

    Broad, James

    2013-01-01

    The RMF allows an organization to develop an organization-wide risk framework that reduces the resources required to authorize a systems operation. Use of the RMF will help organizations maintain compliance with not only FISMA and OMB requirements but can also be tailored to meet other compliance requirements such as Payment Card Industry (PCI) or Sarbanes Oxley (SOX). With the publishing of NIST SP 800-37 in 2010 and the move of the Intelligence Community and Department of Defense to modified versions of this process, clear implementation guidance is needed to help individuals correctly im

  15. The European Union approach to flood risk management and improving societal resilience: lessons from the implementation of the Floods Directive in six European countries

    Directory of Open Access Journals (Sweden)

    Sally J. Priest

    2016-12-01

    Full Text Available Diversity in flood risk management approaches is often considered to be a strength. However, in some national settings, and especially for transboundary rivers, variability and incompatibility of approaches can reduce the effectiveness of flood risk management. Placed in the context of increasing flood risks, as well as the potential for flooding to undermine the European Union's sustainable development goals, a desire to increase societal resilience to flooding has prompted the introduction of a common European Framework. We provide a legal and policy analysis of the implementation of the Floods Directive (2007/60/EC in six countries: Belgium (Flemish region, England, France, the Netherlands, Poland, and Sweden. Evaluation criteria from existing legal and policy literature frame the study of the Directive and its effect on enhancing or constraining societal resilience by using an adaptive governance approach. These criteria are initially used to analyze the key components of the EU approach, before providing insight of the implementation of the Directive at a national level. Similarities and differences in the legal translation of European goals into existing flood risk management are analyzed alongside their relative influence on policy and practice. The research highlights that the effect of the Floods Directive on increasing societal resilience has been nationally variable, in part because of its focus on procedural obligations, rather than on more substantive requirements. Analysis shows that despite a focus on transboundary river basin management, existing traditions of flood risk management have overridden objectives to harmonize flood risk management in some cases. The Directive could be strengthened by requiring more stringent cooperation and providing the competent authorities in international river basin districts with more power. Despite some shortcomings in directly affecting flood risk outcomes, the Directive has positively

  16. A Cloud Computing Approach to Personal Risk Management: The Open Hazards Group

    Science.gov (United States)

    Graves, W. R.; Holliday, J. R.; Rundle, J. B.

    2010-12-01

    According to the California Earthquake Authority, only about 12% of current California residences are covered by any form of earthquake insurance, down from about 30% in 1996 following the 1994, M6.7 Northridge earthquake. Part of the reason for this decreasing rate of insurance uptake is the high deductible, either 10% or 15% of the value of the structure, and the relatively high cost of the premiums, as much as thousands of dollars per year. The earthquake insurance industry is composed of the CEA, a public-private partnership; modeling companies that produce damage and loss models similar to the FEMA HAZUS model; and financial companies such as the insurance, reinsurance, and investment banking companies in New York, London, the Cayman Islands, Zurich, Dubai, Singapore, and elsewhere. In setting earthquake insurance rates, financial companies rely on models like HAZUS, that calculate on risk and exposure. In California, the process begins with an official earthquake forecast by the Working Group on California Earthquake Probabilities. Modeling companies use these 30 year earthquake probabilities as inputs to their attenuation and damage models to estimate the possible damage factors from scenario earthquakes. Economic loss is then estimated from processes such as structural failure, lost economic activity, demand surge, and fire following the earthquake. Once the potential losses are known, rates can be set so that a target ruin probability of less than 1% or so can be assured. Open Hazards Group was founded with the idea that the global public might be interested in a personal estimate of earthquake risk, computed using data supplied by the public, with models running in a cloud computing environment. These models process data from the ANSS catalog, updated at least daily, to produce rupture forecasts that are backtested with standard Reliability/Attributes and Receiver Operating Characteristic tests, among others. Models for attenuation and structural damage

  17. 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

  18. Bayesian Monte Carlo and Maximum Likelihood Approach for Uncertainty Estimation and Risk Management: Application to Lake Oxygen Recovery Model

    Science.gov (United States)

    Model uncertainty estimation and risk assessment is essential to environmental management and informed decision making on pollution mitigation strategies. In this study, we apply a probabilistic methodology, which combines Bayesian Monte Carlo simulation and Maximum Likelihood e...

  19. Managing projects using a project management approach

    Directory of Open Access Journals (Sweden)

    Marko D. Andrejić

    2011-04-01

    these objectives should be like. Requirements and effects of the application of project management The goal of the project management methodology is to assist the manager in all of these elements, but also to provide a uniform way of evaluating his performance as an objective comparison of indicators in all projects that are implemented in the system. Project management methodology Efficient business operations and fulfilling the requests of users, or buyers if business is done for the third parties, require modern planning and management of projects using computers and appropriate software. Given that the project management with the help of network models requires frequent and rapid processing of large amount of data, it is obvious that the application of computers in this area is of utmost importance. System of reporting on project implementation To achieve effective monitoring, control and implementation of control actions, it is necessary to organize an effective reporting system that will provide timely and realistic information about the real state of the project, in terms of job performing time, the resources spent and the costs of project implementation. Concept of risk management In any project there are many different risk events by type, the probability of appearance, manner and size of the impact of the project. The process of testing the nature of risk events in the project as well as their potential impact on the outcome of the project and their interdependence are realized through the risk analysis. Conclusion Methodologies of project management surged from these differences, when it became apparent that a unified approach to the problem of project managing does not meet the unique project requirements. Taking into account that in the future projects will become more complex and that the methodology of project management will be required to deal with such projects, a proper selection of methodology within the organization is extremely important.

  20. Managing cardiovascular disease risk in patients treated with antipsychotics: a multidisciplinary approach

    Directory of Open Access Journals (Sweden)

    Shulman M

    2014-10-01

    Full Text Available Matisyahu Shulman,1 Avraham Miller,2 Jason Misher,3 Aleksey Tentler4 1Department of Psychiatry, Zucker Hillside Hospital, Glen Oaks, NY, USA; 2The Ruth and Bruce Rappaport Faculty of Medicine, The Technion Israel Institute of Technology, Haifa, Israel; 3Department of Medicine, Hofstra North Shore-LIJ School of Medicine, Hempstead, NY, USA; 4Department of Internal Medicine, Rutgers New Jersey Medical School, Rutgers, The State University of New Jersey, Newark, NJ, USA Background: The use of antipsychotic medication in the United States and throughout the world has greatly increased over the last fifteen years. These drugs have significant side effect burdens, many of them relating to cardiovascular health. Objective: To review the available evidence on the major cardiovascular issues that arise in patients taking antipsychotic medication. Method: A PubMed literature review was performed to identify recent meta-analyses, review articles, and large studies. Further articles were identified through cited papers and based on expert consultation when necessary. Results: Clinical guidance on the following adverse effects and antipsychotics was reviewed: electrocardiogram (ECG changes, (specifically, prolonged QT and risk of torsades de pointes, weight gain, dyslipidemia, metabolic syndrome, and myocarditis. Specific attention was paid to monitoring guidelines and treatment options in the event of adverse events, including dose change, medication switch, or adjuvant therapy. Keywords: schizophrenia, prolonged QT, increased mortality, weight gain, myocarditis

  1. Reliability of objects in aerospace technologies and beyond: Holistic risk management approach

    Science.gov (United States)

    Shai, Yair; Ingman, D.; Suhir, E.

    A “ high level” , deductive-reasoning-based (“ holistic” ), approach is aimed at the direct analysis of the behavior of a system as a whole, rather than with an attempt to understand the system's behavior by conducting first a “ low level” , inductive-reasoning-based, analysis of the behavior and the contributions of the system's elements. The holistic view on treatment is widely accepted in medical practice, and “ holistic health” concept upholds that all the aspects of people's needs (psychological, physical or social), should be seen as a whole, and that a disease is caused by the combined effect of physical, emotional, spiritual, social and environmental imbalances. Holistic reasoning is applied in our analysis to model the behavior of engineering products (“ species” ) subjected to various economic, marketing, and reliability “ health” factors. Vehicular products (cars, aircraft, boats, etc.), e.g., might be still robust enough, but could be out-of-date, or functionally obsolete, or their further use might be viewed as unjustifiably expensive. High-level-performance functions (HLPF) are the essential feature of the approach. HLPFs are, in effect, “ signatures” of the “ species” of interest. The HLPFs describe, in a “ holistic” , and certainly in a probabilistic, way, numerous complex multi-dependable relations among the representatives of the “ species” under consideration. ; umerous inter-related “ stresses” , both actual (“ physical” ) and nonphysical, which affect the probabilistic predictions are inherently being taken into account by the HLPFs. There is no need, and might even be counter-productive, to conduct tedious, time- and labor-consuming experimentations and to invest significant amount of time and resources to accumulate “ representative statistics” to predict - he governing probabilistic characteristics of the system behavior, such as, e.g., life expectancy of a particular type of products.

  2. A systems approach to hazard and risk management for the SDC detector

    International Nuclear Information System (INIS)

    Lavelle, R.F.

    1994-01-01

    The realities of the day seem almost insurmountable: Environmental impact statements, public hearings, stringent enforcement of the existing government ES ampersand H regulations together with new and seemingly costly requirements; the list goes on. It is self-evident that the recent years have seen a significant increase in environmental and system safety awareness. Designers are now beginning to see the effects of this awakening on the Department of Energy (DOE) and its High Energy Physics (HEP) programs. The days of a laissez-faire and sometimes cavalier approach to safety and environmental issues are over. Environmental awareness and personnel safety are now paramount design criteria. In this environment, the importance of ES ampersand H in now on par with physics performance itself, especially in the eyes of the customer. The predicament is further complicated by budget-driven extensions of development profiles, sometimes elongated out to ten or twelve years. All of these facts combine to render the traditional 'post-hoc' safety analysis program obsolete. Designers must begin by coming to an understanding of the working environment, and understanding of the customer's requirements and a utilization of lessons learned from others who have existed in a similar environment. Surprisingly enough, there is real help in answering these questions

  3. 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...

  4. Risk Management Plan Rule

    Science.gov (United States)

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

  5. A Practical Risk Stratification Approach for Implementing a Primary Care Chronic Disease Management Program in an Underserved Community.

    Science.gov (United States)

    Xu, Junjun; Williams-Livingston, Arletha; Gaglioti, Anne; McAllister, Calvin; Rust, George

    2018-01-01

    The use of value metrics is often dependent on payer-initiated health care management incentives. There is a need for practices to define and manage their own patient panels regardless of payer to participate effectively in population health management. A key step is to define a panel of primary care patients with high comorbidity profiles. Our sample included all patients seen in an urban academic family medicine clinic over a two-year period. The simplified risk stratification was built using internal electronic health record and billing system data based on ICD-9 codes. There were 347 patients classified as high-risk out of the 5,364 patient panel. Average age was 59 years (SD 15). Hypertension (90%), hyperlipidemia (62%), and depression (55%) were the most common conditions among high-risk patients. Simplified risk stratification provides a feasible option for our team to understand and respond to the nuances of population health in our underserved community.

  6. Integrated Foreign Exchange Risk Management

    DEFF Research Database (Denmark)

    Aabo, Tom; Høg, Esben; Kuhn, Jochen

    Empirical research has focused on export as a proxy for the exchange rate exposure and the use of foreign exchange derivatives as the instrument to deal with this exposure. This empirical study applies an integrated foreign exchange risk management approach with a particular focus on the role...

  7. Making Risk Management Strategic

    DEFF Research Database (Denmark)

    Sax, Johanna; Andersen, Torben Juul

    2018-01-01

    Enterprise risk management (ERM) is an established management practice and is increasing in prominence as more firms spend substantial resources implementing ERM frameworks, partially induced by regulatory requirements. Yet, there is a lack of knowledge as to whether such frameworks add value and...... outcomes. The study develops a new multidimensional measure of adherence to ERM practices where earlier studies typically have relied on dichotomous proxies. We discuss the implications of these findings for ERM practice and strategic management in general....

  8. Capability and Development Risk Management in System-of-Systems Architectures: A Portfolio Approach to Decision-Making

    Science.gov (United States)

    2012-04-30

    tool that provides a means of balancing capability development against cost and interdependent risks through the use of modern portfolio theory ...Focardi, 2007; Tutuncu & Cornuejols, 2007) that are extensions of modern portfolio and control theory . The reformulation allows for possible changes...Acquisition: Wave Model context • An Investment Portfolio Approach – Mean Variance Approach – Mean - Variance : A Robust Version • Concept

  9. 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)

  10. 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.

  11. 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

  12. 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...

  13. 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

  14. 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.

  15. PROJECT APPROACH TO ENERGY MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Інга Борисівна СЕМКО

    2016-02-01

    Full Text Available Project management is widely used around the world as a tool to improve business performance. Correct implementation of the program of implementation of energy efficiency is accompanied by the adoption of an appropriate legislative framework, support programs, the approval of market-based instruments. Currently, it is paying enough attention to the effective application of market-based instruments, although most of the activities in the field of energy efficiency from the economic side are quite profitable. The authors suggested the use of the methodology of project management to the management of energy-saving measures, new approaches to the place and role of project management in the hierarchy of guidance. As a result, this innovation can improve the competitiveness of enterprises. The conclusions that the energy-saving project management allows you to get the best results for their implementation by reducing the time, resources, risk reduction.

  16. An integrated systems approach to risk management within a technology driven industry using the design structure matrix and fuzzy logic

    OpenAIRE

    2012-01-01

    D.Ing. “Innovation is the act of introducing something new” (Byrd & Brown, 2003). When companies are competing on the technology “playground” they need to be innovative. By analysis according to Byrd & Brown (Byrd & Brown, 2003) the “act of introducing”, relates to risk taking, and the “new” relates to creativity, and therefore these concepts, creativity and risk taking, in combination, are what innovation is all about. Risk management has become one of the greatest challenges of the 21st ...

  17. 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...

  18. Using BP Neural Networks to Prioritize Risk Management Approaches for China’s Unconventional Shale Gas Industry

    Directory of Open Access Journals (Sweden)

    Cong Dong

    2017-06-01

    Full Text Available This article is motivated by a conundrum: How can shale gas development be encouraged and managed without complete knowledge of the associated risks? To answer this question, we used back propagation (BP neural networks and expert scoring to quantify the relative risks of shale gas development across 12 provinces in China. The results show that the model performs well with high predictive accuracy. Shale gas development risks in the provinces of Sichuan, Chongqing, Shaanxi, Hubei, and Jiangsu are relatively high (0.4~0.6, while risks in the provinces of Xinjiang, Guizhou, Yunnan, Anhui, Hunan, Inner Mongolia, and Shanxi are even higher (0.6~1. We make several recommendations based on our findings. First, the Chinese government should promote shale gas development in Sichuan, Chongqing, Shaanxi, Hubei, and Jiangsu Provinces, while considering environmental, health, and safety risks by using demonstration zones to test new technologies and tailor China’s regulatory structures to each province. Second, China’s extremely complex geological conditions and resource depths prevent direct application of North American technologies and techniques. We recommend using a risk analysis prioritization method, such as BP neural networks, so that policymakers can quantify the relative risks posed by shale gas development to optimize the allocation of resources, technology and infrastructure development to minimize resource, economic, technical, and environmental risks. Third, other shale gas industry developments emphasize the challenges of including the many parties with different, often conflicting expectations. Government and enterprises must collaboratively collect and share information, develop risk assessments, and consider risk management alternatives to support science-based decision-making with the diverse parties.

  19. The spatial turn and the scenario approach in flood risk management : Implementing the European Floods Directive in the Netherlands

    NARCIS (Netherlands)

    van Ruiten, Leon; Hartmann, T.

    2016-01-01

    The European Floods Directive requires member states to prepare flood risk management plans for their river catchments. The first generation of those plans was just developed at the end of 2015; the next revision is due in 2021. The new instrument institutionalizes an ongoing paradigm shift from

  20. 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)

  1. Managing Chemical & Material Risks

    Science.gov (United States)

    2011-12-01

    Certification Program Acquisition, Technology and Logistics 9 DoD Hexavalent Chromium Risk Reduction Non- Chrome Primer II EXAVAJ ENT CHROM lrUMI...Royal Demolition eXplosive (RDX) • Cyclotrimethylenetrinitramine  Hexavalent Chromium (Cr6+) Naphthalene …pending downgrade to watch list Beryllium...T1me (secondo) 700 Acquisition, Technology and Logistics 10 Hexavalent Chromium Risk Management Actions • DoD minimization policy signed April

  2. 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.

  3. Risk-Based Approach for Microbiological Food Safety Management in the Dairy Industry: The Case of Listeria monocytogenes in Soft Cheese Made from Pasteurized Milk.

    Science.gov (United States)

    Tenenhaus-Aziza, Fanny; Daudin, Jean-Jacques; Maffre, Alexandre; Sanaa, Moez

    2014-01-01

    According to Codex Alimentarius Commission recommendations, management options applied at the process production level should be based on good hygiene practices, HACCP system, and new risk management metrics such as the food safety objective. To follow this last recommendation, the use of quantitative microbiological risk assessment is an appealing approach to link new risk-based metrics to management options that may be applied by food operators. Through a specific case study, Listeria monocytogenes in soft cheese made from pasteurized milk, the objective of the present article is to practically show how quantitative risk assessment could be used to direct potential intervention strategies at different food processing steps. Based on many assumptions, the model developed estimates the risk of listeriosis at the moment of consumption taking into account the entire manufacturing process and potential sources of contamination. From pasteurization to consumption, the amplification of a primo-contamination event of the milk, the fresh cheese or the process environment is simulated, over time, space, and between products, accounting for the impact of management options, such as hygienic operations and sampling plans. A sensitivity analysis of the model will help orientating data to be collected prioritarily for the improvement and the validation of the model. What-if scenarios were simulated and allowed for the identification of major parameters contributing to the risk of listeriosis and the optimization of preventive and corrective measures. © 2013 Society for Risk Analysis.

  4. Managing risk at Hanford

    International Nuclear Information System (INIS)

    Hesser, W.A.; Stillwell, W.G.; Rutherford, W.A.

    1994-01-01

    Clearly, there is sufficient motivation from Washington for the Hanford community to pay particular attention to the risks associated with the substantial volumes of radiological, hazardous, and mixed waste at Hanford. But there is also another reason for emphasizing risk: Hanford leaders have come to realize that their decisions must consider risk and risk reduction if those decisions are to be technically sound, financially affordable, and publicly acceptable. The 560-square miles of desert land is worth only a few thousand dollars an acre (if that) -- hardly enough to justify the almost two billion dollars that will be spent at Hanford this year. The benefit of cleaning up the Hanford Site is not the land but the reduction of potential risk to the public and the environment for future generations. If risk reduction is our ultimate goal, decisions about priority of effort and resource allocation must consider those risks, now and in the future. The purpose of this paper is to describe how Hanford is addressing the issues of risk assessment, risk management, and risk-based decision making and to share some of our experiences in these areas

  5. 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)

  6. 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...

  7. 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.

  8. 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)

  9. Financial Management: An Organic Approach

    Science.gov (United States)

    Laux, Judy

    2013-01-01

    Although textbooks present corporate finance using a topical approach, good financial management requires an organic approach that integrates the various assignments financial managers confront every day. Breaking the tasks into meaningful subcategories, the current article offers one approach.

  10. 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.

  11. 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

  12. The Green, Amber, Red Delineation of Risk and Need (GARDIAN) management system: a pragmatic approach to optimizing heart health from primary prevention to chronic disease management.

    Science.gov (United States)

    Carrington, Melinda J; Kok, Simone; Jansen, Kiki; Stewart, Simon

    2013-08-01

    A sustained epidemic of cardiovascular disease and related risk factors is a global phenomenon contributing significantly to premature deaths and costly morbidity. Preventative strategies across the full continuum of life, from a population to individual perspective, are not optimally applied. This paper describes a simple and adaptable 'traffic-light' system we have developed to systematically perform individual risk and need delineation in order to 'titrate' the intensity and frequency of healthcare intervention in a cost-effective manner. The GARDIAN (Green Amber Red Delineation of Risk and Need) system is an individual assessment of risk and need that modulates the frequency and intensity of future healthcare intervention. Individual assessment of risk and need for ongoing intervention and support is determined with reference to three domains: (1) clinical stability, (2) gold-standard management, and (3) a broader, holistic assessment of individual circumstance. This can be applied from a primary prevention, secondary prevention, or chronic disease management perspective. Our experience with applying and validating GARDIAN to titrate healthcare resources according to need has been extensive to date, with >5000 individuals profiled in a host of clinical settings. A series of clinical randomized trials will determine the impact of the GARDIAN system on important indices of healthcare utilization and health status. The GARDIAN model to delineating risk and need for varied intensity of management shows strong potential to cost effectively improve health outcomes for both individuals at risk of heart disease and those with established heart disease.

  13. 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...

  14. 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

    A comprehensive analytical review of the risk assessment, risk management, and risk communication approaches currently being undertaken by key national, provincial/state, territorial, and international agencies was conducted. The information acquired for review was used to identify the differences, commonalities, strengths, and weaknesses among the various approaches, and to identify elements that should be included in an effective, current, and comprehensive approach applicable to environmental, human health and occupational health risks. More than 80 agencies, organizations, and advisory councils, encompassing more than 100 risk documents, were examined during the period from February 2000 until November 2002. An overview was made of the most important general frameworks for risk assessment, risk management, and risk communication for human health and ecological risk, and for occupational health risk. In addition, frameworks for specific applications were reviewed and summarized, including those for (1)contaminated sites; (2) northern contaminants; (3) priority substances; (4) standards development; (5) food safety; (6) medical devices; (7) prescription drug use; (8) emergency response; (9) transportation; (10) risk communication. Twelve frameworks were selected for more extensive review on the basis of representation of the areas of human health, ecological, and occupational health risk; relevance to Canadian risk management needs; representation of comprehensive and well-defined approaches; generalizability with their risk areas; representation of "state of the art" in Canada, the United States, and/or internationally; and extent of usage of potential usage within Canada. These 12 frameworks were: 1. Framework for Environmental Health Risk Management (US Presidential/Congressional Commission on Risk Assessment and Risk Management, 1997). 2. Health Risk Determination: The Challenge of Health Protection (Health and Welfare Canada, 1990). 3. Health Canada Decision

  15. 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)

  16. 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)

  17. 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...

  18. Approaches to acceptable risk: a critical guide

    Energy Technology Data Exchange (ETDEWEB)

    Fischhoff, B.; Lichtenstein, S.; Slovic, P.; Keeney, R.; Derby, S.

    1980-12-01

    Acceptable-risk decisions are an essential step in the management of technological hazards. In many situations, they constitute the weak (or missing) link in the management process. The absence of an adequate decision-making methodology often produces indecision, inconsistency, and dissatisfaction. The result is neither good for hazard management nor good for society. This report offers a critical analysis of the viability of various approaches as guides to acceptable-risk decisions. This report seeks to define acceptable-risk decisions and to examine some frequently proposed, but inappropriate, solutions. 255 refs., 22 figs., 25 tabs.

  19. Approaches to risk assessment in food allergy

    DEFF Research Database (Denmark)

    Madsen, Charlotte Bernhard; Hattersley, S.; Buck, J.

    2009-01-01

    modelling is considered to be the most promising approach for use in population risk assessment (which is a particular focus for risk managers). For all approaches, further improvement of input data is desirable, particularly data on consumption patterns/food choices in food allergic consumers, data...... models. The workshop concluded that all the three approaches to safety and risk assessment of allergenic foods should continue to be considered. A particular strength of the MoE and probabilistic approaches is that they do not rely on low-dose extrapolations with its inherent issues. Probabilistic......A workshop was organised to investigate whether risk assessment strategies and methodologies used in classical/conventional toxicology may be used for risk assessment of allergenic foods. to discuss the advantages and limitations of different approaches and to determine the research needed to move...

  20. Three Points Approach (3PA) for urban flood risk management: A tool to support climate change adaptation through transdisciplinarity and multifunctionality

    DEFF Research Database (Denmark)

    Fratini, Chiara; Geldof, Govert Daan; Kluck, J.

    2012-01-01

    Urban flood risk is increasing as a consequence of climate change and growing impervious surfaces. Increasing complexity of the urban context, gradual loss of tacit knowledge and decreasing social awareness are at the same time leading to inadequate choices with respect to urban flood risk...... management (UFRM). The European Flood Risk Directive emphasises the need for non-structural measures aimed at urban resilience and social preparedness. The Three Points Approach (3PA) provides a structure facilitating the decision making processes dealing with UFRM. It helps to accept the complexity...... water managers and operators an efficient communication tool and thinking system, which helps to reduce complexity to a level suitable when organising strategy plans for UFRM and urban adaptation to climate change....

  1. 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.

  2. A structured approach to control of Salmonella Dublin in 10 Danish dairy herds based on risk scoring and test-and-manage procedures

    DEFF Research Database (Denmark)

    Nielsen, Liza Rosenbaum; Nielsen, Søren Saxmose

    2012-01-01

    routes of infection; 4) interpretation of repeated testing of individual animals to detect high-risk animals for special hygienic management or culling; and 5) diagnostic testing of different age groups and bulk tank milk to evaluate progress of control over time. Serology, true prevalence estimates...... stock and adult cattle in 10 case herds that were followed for more than three years. The five steps in the structured approach were: 1) risk scoring to determine transmission routes within the herd and into the herd; 2) determining a plan of action; 3) performing management changes to close important...... and changes in herd classification in the Danish surveillance programme for Salmonella Dublin were used to assess the progress in the herds during and after the control period. Effective control of Salmonella Dublin was achieved in all participating herds through management that focused on closing infection...

  3. Disaster risk management in prospect mining area Blitar district, East Java, using microtremor analysis and ANP (analytical network processing) approach

    Energy Technology Data Exchange (ETDEWEB)

    Parwatiningtyas, Diyan, E-mail: diane.tyas@gmail.com, E-mail: erlinunindra@gmail.com; Ambarsari, Erlin Windia, E-mail: diane.tyas@gmail.com, E-mail: erlinunindra@gmail.com; Marlina, Dwi, E-mail: diane.tyas@gmail.com, E-mail: erlinunindra@gmail.com; Wiratomo, Yogi, E-mail: diane.tyas@gmail.com, E-mail: erlinunindra@gmail.com [Department of Physics, Faculty of Engineering, Mathematics and Natural Sciences, Indraprasta PGRI University, Nangka Street No. 58C Tanjung Barat, South Jakarta (Indonesia)

    2014-03-24

    Indonesia has a wealth of natural assets is so large to be managed and utilized, either from its own local government and local communities, especially in the mining sector. However, mining activities can change the state of the surface layer of the earth that have a high impact disaster risk. This could threaten the safety and disrupt human life, environmental damage, loss of property, and the psychological impact, sulking to the rule of law no 24 of 2007. That's why we strive to manage and minimize the risk of mine disasters in the region, how to use the method of calculation of Amplification Factor (AF) from the analysis based microtremor sulking Kanai and Nakamura, and decision systems were tested by analysis of ANP. Based on the amplification factor and Analytical Network Processing (ANP) obtained, some points showed instability in the surface layer of a mining area include the site of the TP-7, TP-8, TP-9, TP-10, (Birowo2). If in terms of structure, location indicated unstable due to have a sloping surface layer, resulting in the occurrence of landslides and earthquake risk is high. In the meantime, other areas of the mine site can be said to be a stable area.

  4. Disaster risk management in prospect mining area Blitar district, East Java, using microtremor analysis and ANP (analytical network processing) approach

    International Nuclear Information System (INIS)

    Parwatiningtyas, Diyan; Ambarsari, Erlin Windia; Marlina, Dwi; Wiratomo, Yogi

    2014-01-01

    Indonesia has a wealth of natural assets is so large to be managed and utilized, either from its own local government and local communities, especially in the mining sector. However, mining activities can change the state of the surface layer of the earth that have a high impact disaster risk. This could threaten the safety and disrupt human life, environmental damage, loss of property, and the psychological impact, sulking to the rule of law no 24 of 2007. That's why we strive to manage and minimize the risk of mine disasters in the region, how to use the method of calculation of Amplification Factor (AF) from the analysis based microtremor sulking Kanai and Nakamura, and decision systems were tested by analysis of ANP. Based on the amplification factor and Analytical Network Processing (ANP) obtained, some points showed instability in the surface layer of a mining area include the site of the TP-7, TP-8, TP-9, TP-10, (Birowo2). If in terms of structure, location indicated unstable due to have a sloping surface layer, resulting in the occurrence of landslides and earthquake risk is high. In the meantime, other areas of the mine site can be said to be a stable area

  5. Risk Assessment Approaches for Carcinogenic Food Contaminants

    OpenAIRE

    Gillespie, Zoe; Pulido, Olga; Vavasour, Elizabeth

    2011-01-01

    Health Canada has identified the need for a standardized department-wide approach for the risk assessment of carcinogens in foods (e.g., pesticides, food chemical contaminants, veterinary therapeutics). A standardized approach would better facilitate and inform risk management strategies for the control of human exposure to food sources of carcinogens. Within the post- market regulatory context, directly DNA-reactive carcinogens are of most concern because any exposure is theoretically assume...

  6. Energy price risk management

    International Nuclear Information System (INIS)

    Evans, J.W.G.

    1998-01-01

    While long term, fixed price contracts for fuel procurement and export of excess power may lock in the economics of a CHP plant, these do not necessarily give the best pricing opportunities that may exist during the life of those contracts. A more prudent approach may be to vary the length of the contracts and markets are now developing in gas and electricity to assist in the management of such a portfolio. (Author)

  7. The management of uncertainties in the French regulation on deep disposal: the development of a non-risk based approach

    International Nuclear Information System (INIS)

    Raimbault, P.

    2004-01-01

    The development of a safety case for disposal of high level and medium level long-lived waste in a geological formation has to handle two main difficulties: - uncertainties associated to natural systems; - uncertainties associated to the consideration of long time scales. Licensing of the different steps leading to geological disposal implies thus that a sufficient level of confidence in the safety case will be obtained, at each step, among the different stakeholders. The confidence in the safety case relies on the whole set of arguments of different natures which complement each other and build up the file. This means that, to be defensible, the safety case should be organised in such a way that it can be reviewed and scrutinized in a structured manner. This also means that individual elements of the safety case will have to be considered separately even if all elements should fit well in the integrated safety case. This segregation implies some inherent decoupling of parts of the system, of its evolution over time and of the events that may impact on it. This decoupling will thus introduce inherent uncertainties that risk or non-risk based approaches have to deal with since both approaches have to introduce transparency in the analysis. In the non-risk based or deterministic approach this segregation is pushed further in order to put into perspective the different elements of appreciation that allow to judge the safety case as a whole. The French regulation on deep disposal presented in the basic safety rule RFS III.3.f, issued in 1991, takes these points into consideration to set the basis for the safety case in the framework of a deterministic approach. This basic safety rule is currently being revised in order to clarify some concepts and to take account evolution of ideas at the national and international level. However the basic rationale behind the safety assessment methodology will remain the same. The approach presented in RFS III.2.f implies that at

  8. 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.

  9. THE EVOLUTION OF RISK MANAGEMENT RESEARCH: CHANGES IN KNOWLEDGE MAPS

    OpenAIRE

    Iwona Gorzeń-Mitka

    2017-01-01

    One of the leading trends in modern academic research is risk management. Over the years, the approach to risk management has changed and affected many different areas. This study aims to investigate changes in risk management and trends of risk management in the past 20 years. Risk management related publications from 1990 to 2016 were retrieved from the Web of Science and Scopus databases. VOS viewer software was used to analyse the research trend. Literature growth related to risk manageme...

  10. Risk management integration into complex project organizations

    Science.gov (United States)

    Fisher, K.; Greanias, G.; Rose, J.; Dumas, R.

    2002-01-01

    This paper describes the approach used in designing and adapting the SIRTF prototype, discusses some of the lessons learned in developing the SIRTF prototype, and explains the adaptability of the risk management database to varying levels project complexity.

  11. 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

  12. 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

  13. 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)

  14. 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.

  15. 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.

  16. 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,…

  17. Managing Corruption Risks

    DEFF Research Database (Denmark)

    Krause Hansen, Hans

    2011-01-01

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

  18. 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...

  19. Managing Climate Change Risks

    Energy Technology Data Exchange (ETDEWEB)

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

    2003-07-01

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

  20. Mainstreaming Multi-Risk Approaches into Policy

    Directory of Open Access Journals (Sweden)

    Anna Scolobig

    2017-12-01

    Full Text Available Multi-risk environments are characterized by domino effects that often amplify the overall risk. Those include chains of hazardous events and increasing vulnerability, among other types of correlations within the risk process. The recently developed methods for multi-hazard and risk assessment integrate interactions between different risks by using harmonized procedures based on common metrics. While the products of these assessments, such as multi-hazard and -risk indexes, maps, cascade scenarios, or warning systems provide innovative and effective information, they also pose specific challenges to policy makers and practitioners due to their novel cross-disciplinary aspects. In this paper we discuss the institutional barriers to the adoption of multi-risk approaches, summarizing the results of the fieldwork conducted in Italy and Guadeloupe and of workshops with disaster risk reduction practitioners from eleven European countries. Results show the need for a clear identification of responsibilities for the implementation of multi-risk approaches, as institutional frameworks for risk reduction remain to this day primarily single-risk centered. Authorities are rarely officially responsible for the management of domino effects between e.g., tsunamis and industrial accidents, earthquake and landslides, floods and electricity network failures. Other barriers for the implementation of multi-risk approaches include the limited measures to reduce exposure at the household level, inadequate financial capacities at the local level and limited public-private partnerships, especially in case of interactions between natural and industrial risks. Adapting the scale of institutions to that of multi-risk environments remains a major challenge to better mainstream multi-risk approaches into policy. To address it, we propose a multi-risk governance framework, which includes the phases of observation, social and institutional context analysis, generation of

  1. 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.

  2. 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).

  3. Ecohealth approach to urban waste management: exposure to environmental pollutants and health risks in Yamoussoukro, Côte d'Ivoire.

    Science.gov (United States)

    Kouamé, Parfait K; Dongo, Kouassi; Nguyen-Viet, Hung; Zurbrügg, Christian; Lüthi, Christoph; Hattendorf, Jan; Utzinger, Jürg; Biémi, Jean; Bonfoh, Bassirou

    2014-10-02

    Poor waste management is a key driver of ill-health in urban settlements of developing countries. The current study aimed at assessing environmental and human health risks related to urban waste management in Yamoussoukro, the political capital of Côte d'Ivoire. We undertook trans-disciplinary research within an Ecohealth approach, comprised of a participatory workshop with stakeholders and mapping of exposure patterns. A total of 492 randomly selected households participated in a cross-sectional survey. Waste deposit sites were characterised and 108 wastewater samples were subjected to laboratory examinations. The physico-chemical parameters of the surface water (temperature, pH, conductivity, potential oxidise reduction, BOD5, COD, dissolved oxygen, nitrates, ammonia and total Kendal nitrogen) did not comply with World Health Organization standards of surface water quality. Questionnaire results showed that malaria was the most commonly reported disease. Diarrhoea and malaria were associated with poor sanitation. Households having dry latrines had a higher risk of diarrhoea (odds ratio (OR) = 1.8, 95% confidence interval (CI) 1.2-2.7) compared to latrines with septic tanks and also a higher risk for malaria (OR = 1.9, 95% (CI) 1.1-3.3). Our research showed that combining health and environmental assessments enables a deeper understanding of environmental threats and disease burdens linked to poor waste management. Further study should investigate the sanitation strategy aspects that could reduce the environmental and health risks in the study area.

  4. Ecohealth Approach to Urban Waste Management: Exposure to Environmental Pollutants and Health Risks in Yamoussoukro, Côte d’Ivoire

    Directory of Open Access Journals (Sweden)

    Parfait K. Kouamé

    2014-10-01

    Full Text Available Poor waste management is a key driver of ill-health in urban settlements of developing countries. The current study aimed at assessing environmental and human health risks related to urban waste management in Yamoussoukro, the political capital of Côte d’Ivoire. We undertook trans-disciplinary research within an Ecohealth approach, comprised of a participatory workshop with stakeholders and mapping of exposure patterns. A total of 492 randomly selected households participated in a cross-sectional survey. Waste deposit sites were characterised and 108 wastewater samples were subjected to laboratory examinations. The physico-chemical parameters of the surface water (temperature, pH, conductivity, potential oxidise reduction, BOD5, COD, dissolved oxygen, nitrates, ammonia and total Kendal nitrogen did not comply with World Health Organization standards of surface water quality. Questionnaire results showed that malaria was the most commonly reported disease. Diarrhoea and malaria were associated with poor sanitation. Households having dry latrines had a higher risk of diarrhoea (odds ratio (OR = 1.8, 95% confidence interval (CI 1.2–2.7 compared to latrines with septic tanks and also a higher risk for malaria (OR = 1.9, 95% (CI 1.1–3.3. Our research showed that combining health and environmental assessments enables a deeper understanding of environmental threats and disease burdens linked to poor waste management. Further study should investigate the sanitation strategy aspects that could reduce the environmental and health risks in the study area.

  5. Specifying nurse’s experiences of risk management is one of the patient security challenges in social security hospital: A phenomenological approach

    Directory of Open Access Journals (Sweden)

    Sedighe Teimuri

    2016-06-01

    Full Text Available Patient safety is regarded as prevention and damage adjustment due to elimination of errors related to mentioned hygienic care which decreases the mistakes by the help of applying practical methods and causes not occurrence of events. So this study was conducted aimed at specifying the experiences of nurses as a challenge to patient safety in social security hospital of Zahedan in 2015. This study is a qualitative research with a phenomenological approach. Participants of this study have been selected from nurse population on the basis of purposeful sampling. The sampling continued until the completeness of the data. 14 participants of this study consist of 2 supervisors, 1 head nurse and 11 nurses aged from 22-45 years old and all married. Data collection developed through deep, nonstructural interviews which were tape recorded and transcribed word by word. The data were then analyzed in Collaizzi’s7 step method. At the end of interview analysis, 130 codes were elicited and two themes were drawn named risk management and human resources management. Risk management consists of sub concepts; the policy of punishments of managers, inefficient management of medical errors and human resources management include sub concepts; The shortage of nurse forces, inefficient selection of nurses and increase in authenticity requirements. inefficient risk management is one of the most important patient safety challenges related to medical errors which should be specifically taken into account and intensify the encouragement system and the policy of not punishing nurses should be used in order to remove the mentioned challenges related to establishment of patient safety system.

  6. 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...

  7. Livelihood asset maps: a multidimensional approach to measuring risk-management capacity and adaptation policy targeting—a case study in Bhutan

    DEFF Research Database (Denmark)

    Jakobsen, Kristian Thor

    2013-01-01

    to the fact that some areas facing increased level of climate-related risks lack access to productive and human capital, while other areas facing a similar situation have relatively insufficient access to financial assets. This again shows that any non-targeted policy aiming at improving households’ risk-management......The application of a livelihood asset-based approach to adaptation policy targeting is presented through the creation of maps highlighting the spatial contrasts of access to various types of livelihood assets utilizing primary household data. Thus, the livelihood maps provide policy......-makers with a tool to quickly identify areas with limited access to certain types of assets, making the latter less able to react to a changing level of climaterelated risks. In the case of Bhutan, distinct spatial patterns of asset endowments is identified using five different asset indicators drawing attention...

  8. Methodical approaches to managing risks for endocrine diseases evolvement in children related to impacts of environmental factors occuring on areas aimed for development

    Directory of Open Access Journals (Sweden)

    K.P. Luzhetskiy

    2017-06-01

    Full Text Available It is vital to develop systems of preventing risk-associated pathology due to constantly high levels of endocrine diseases in children exposed to chemicals with trophic effects on endocrine system (lead, cadmium, manganese, chromium, nickel, benzene, phenol, formaldehyde, benzpyrene, chlorine-organic compounds, and nitrates. Applying risk management techniques is one of the most promising trends in prevention of diseases related to environmental impacts. We offer methodical approaches based on system combination of activities at various management levels aimed at improving risk-oriented model of surveillance and control. These approaches enable allowing for detected thropic risk factors in regional social-hygienic monitoring programs, implementing algorithms of case monitoring over exposed children population, and applying contemporary prevention technologies. Social-hygienic monitoring improvement at territorial level implies stricter control and more comprehensive lists of monitored components. This can be achieved by studying compounds which form risks for endocrine system, by working out scientific-methodological grounds for accounting chemical compounds which are trophic for endocrine system, as well as by refining volumes and contents of scheduled inspections performed at high risks objects together with laboratory examination of chemical compounds including those thropic for endocrine system. Local level includes algorithms and schemes of prevention activities aimed at early detection of endocrine disorders related to chemicals impacts. When we give grounds for personified technologies of endocrine diseases prevention (alimentary disorders, physical retardation and obesity related to impacts exerted by chemicals which are trophic for endocrine system we should remember that individual programs choice is based not only on their capacity to eliminate priority compounds determining total chemical load on a person faster but also on

  9. 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.

  10. 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...

  11. 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...

  12. Quality Risk Management of Compliant Excipients

    Directory of Open Access Journals (Sweden)

    Brian Carlin

    2012-12-01

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

  13. 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

  14. A multi-region approach to assessing fiscal and farm level consequences of government support for farm risk management

    Directory of Open Access Journals (Sweden)

    Joseph Cooper

    2014-12-01

    Full Text Available The 2014 U.S. Farm Act has new programs for providing producers with commodity support payments covering “shallow losses” in revenue. We develop an approach to examine the sensitivity of the farmer’s downside risk protection to marginal changes in the deductible in shallow loss program scenarios. The copula approach we use simultaneously considers price and yield correlation across all U.S. counties producing several major field crops. We find that average payments under the shallow loss program scenarios are elastic with respect to the program’s payment coverage rate. To empirically assess where shallow loss is likely to most benefit producers, we map at the county level the ratios of expected shallow loss payments to crop insurance premiums for corn, soybeans, cotton, and winter wheat. As tail dependencies among individual crop yield densities may vary spatially, we propose a method for grouping counties in a t-copula that allows for heterogeneity in tail dependencies.

  15. 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...

  16. 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.

  17. Peculiarities of the risk management system organization in current conditions

    OpenAIRE

    MIKHIN P.O.

    2014-01-01

    Risk-management system organization problem is topical nowadays. The innovation activity is defined as an activity vulnerable to risk and needs more attention. The basic approaches and elements of organization structure development in risk-management system are considered to find out the best structure for business modelling usage. Balance and combination of risk-management system types are required in current conditions.

  18. 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.

  19. Risk management through concurrency

    International Nuclear Information System (INIS)

    Childress, J.R.; Briant, V.B.

    1991-01-01

    More than ever before, management and technical professionals are concerned with the subtle and dynamic relationships between safety and performance in complex and hazardous industries. This is certainly true in the nuclear power industry. With the US electric energy industry on the verge of deregulation and increased competition, and with a virtual stoppage on building new nuclear power plants, the increasing demand for reliable sources of efficient electric energy is pressing the nuclear utilities to increase production. At the same time, public sentiment and regulatory pressures are increasing their focus on safety at all costs. The purpose of this paper is to present a proven approach to creating a new work culture for improved nuclear safety and performance. The concepts and material which make up this paper have been taken from both authors experience, research, and consulting in the nuclear industry for several years, as well as from over 20 years of consulting work on the relationships between organizational behavior, culture, and productivity

  20. 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.

  1. 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...

  2. Practitioner review: schizophrenia spectrum disorders and the at-risk mental state for psychosis in children and adolescents--evidence-based management approaches.

    Science.gov (United States)

    Tiffin, Paul A; Welsh, Patrick

    2013-11-01

    Schizophrenia spectrum disorders are severe mental illnesses which often result in significant distress and disability. Attempts have been made to prospectively identify and treat young people viewed as at high risk of impending nonaffective psychosis. Once a schizophrenia spectrum disorder has developed, prompt identification and management is required. This article reviews the literature relating to the assessment and management of 'at-risk mental states' (ARMS) and the treatment of schizophrenia spectrum disorders in children and adolescents. A systematic search of the literature was undertaken using EMBASE, MEDLINE, PsycINFO databases for the period January 1970-December 2012. Evidence suggests that young people fulfilling the ARMS criteria are at high risk of adverse mental health outcomes but that the majority do not develop nonaffective psychosis over the medium term. Although clinical trial findings have been inconsistent, psychosocial approaches, such as cognitive behaviour therapy, may reduce the risk of transition to psychosis and improve some symptoms, at least over the short term. The effectiveness of psychotropic medication for the ARMS is uncertain although there is accumulating evidence for potential adverse effects of antipsychotic medication, even at low dose, in this population. For the schizophrenias, clinical trial findings suggest that, as in adults, antipsychotics should be selected on the basis of side-effect profile although clozapine may be helpful in treatment refractory illness. There are almost no studies of psychosocial treatments for schizophrenia in young people under 18, and some caution must be exercised when extrapolating the findings of adult studies to younger individuals. A stepped care approach to the ARMS in young people represents a plausible potential management approach for those at high risk of serious mental health problems. However, predictive models currently lack precision and should focus on accurately identifying

  3. A Risk Assessment Approach to Manage Inundation of Elseya albagula Nests in Impounded Waters: A Win-Win Situation?

    Science.gov (United States)

    McDougall, A. J.; Espinoza, T.; Hollier, C.; Limpus, D. J.; Limpus, C. J.

    2015-03-01

    A risk assessment process was used to trial the impact of potential new operating rules on the frequency of nest inundation for the White-throated snapping turtle, Elseya albagula, in the impounded waters of the Burnett River, Queensland, Australia. The proposed operating rules would increase the barrage storage level during the turtle nesting season (May-July) and then would be allowed to reduce to a lower level for incubation for the rest of the year. These proposed operating rules reduce rates of nest inundation by altering water levels in the Ben Anderson Barrage impoundment of the Burnett River. The rules operate throughout the turtle reproductive period and concomitantly improve stability of littoral habitat and fishway operation. Additionally, the proposed rules are expected to have positive socio-economic benefits within the region. While regulated water resources will inherently have a number of negative environmental implications, these potential new operating rules have the capacity to benefit the environment while managing resources in a more sustainable manner. The operating rules have now been enacted in subordinate legislation and require the operator to maintain water levels to minimize turtle nest inundation.

  4. Transfer of analytical procedures: a panel of strategies selected for risk management, with emphasis on an integrated equivalence-based comparative testing approach.

    Science.gov (United States)

    Agut, C; Caron, A; Giordano, C; Hoffman, D; Ségalini, A

    2011-09-10

    In 2001, a multidisciplinary team made of analytical scientists and statisticians at Sanofi-aventis has published a methodology which has governed, from that time, the transfers from R&D sites to Manufacturing sites of the release monographs. This article provides an overview of the recent adaptations brought to this original methodology taking advantage of our experience and the new regulatory framework, and, in particular, the risk management perspective introduced by ICH Q9. Although some alternate strategies have been introduced in our practices, the comparative testing one, based equivalence testing as statistical approach, remains the standard for assays lying on very critical quality attributes. This is conducted with the concern to control the most important consumer's risk involved at two levels in analytical decisions in the frame of transfer studies: risk, for the receiving laboratory, to take poor release decisions with the analytical method and risk, for the sending laboratory, to accredit such a receiving laboratory on account of its insufficient performances with the method. Among the enhancements to the comparative studies, the manuscript presents the process settled within our company for a better integration of the transfer study into the method life-cycle, just as proposals of generic acceptance criteria and designs for assay and related substances methods. While maintaining rigor and selectivity of the original approach, these improvements tend towards an increased efficiency in the transfer operations. Copyright © 2011 Elsevier B.V. All rights reserved.

  5. 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.

  6. Self-management of vascular risk factors

    NARCIS (Netherlands)

    Sol-de Rijk, B.G.M.

    2009-01-01

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

  7. 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.

  8. 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

  9. 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.

  10. 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…

  11. 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, ...

  12. 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...

  13. 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

  14. Decision support tools for urban contingency policy: a scenario approach to risk management of the Vesuvio area in Naples, Italy

    NARCIS (Netherlands)

    Concilio, Grazia; Torrieri, Francesca

    2001-01-01

    Contingency management, in particular the management of unanticipated events outside the control of an ordinary planning system, has in the last 50years become an important andfrequently debated issue in the scientific literature on complex systems management underrisk conditions. The urban system

  15. Managing risk with renewable resources

    International Nuclear Information System (INIS)

    Brower, M.C.; Bernow, S.; Duckworth, M.; Spinney, P.; Bell, K.

    1997-01-01

    One approach to managing risk is for a utility company to invest in diverse power sources such as wind power plants. Since wind plants consume no fuel, can be built in relatively small increments with short construction lead times, and generate no pollutants, it is often said that they offer significant protection from risks associated with conventional fossil-fuel power plants. With assistance from Convergence Research, Charles River Associates, and the Tellus Institute, the authors tested this hypothesis by conducting an in-depth analysis of the risk implications of a decision to build a 1,600 MW wind power plant instead of a 400 MW gas-fired combined cycle plant. (The two plants were assumed to have equal firm capacity.) The case study utility was Texas Utilities Electric, a very large investor-owned company serving an area with substantial, high-quality wind resources. The uncertain inputs included fuel prices, environmental regulations (specifically, CO 2 and air pollution controls), wind plant output, conventional plant availability, and load growth. Two different market scenarios were examined: traditional regulation and an unregulated wholesale market characterized either by a power pool or fixed-price contracts of varying duration. Conclusions are striking: under traditional regulation, wind energy provides a net present-value risk-reduction benefit of $3.4 to $7.8/MWh

  16. Coastal Risk Management in a Changing Climate

    DEFF Research Database (Denmark)

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

    2014-01-01

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

  17. Spatially explicit risk approach for multi-hazard assessment and management in marine environment: The case study of the Adriatic Sea.

    Science.gov (United States)

    Furlan, Elisa; Torresan, Silvia; Critto, Andrea; Marcomini, Antonio

    2018-03-15

    In the last few decades the health of marine ecosystems has been progressively endangered by the anthropogenic presence. Natural and human-made pressures, as well as climate change effects, are posing increasing threats on marine areas, triggering alteration of biological, chemical and physical processes. Planning of marine areas has become a challenge for decision makers involved in the design of sustainable management options. In order to address threats posed by climate drivers in combination with local to regional anthropogenic pressures affecting marine ecosystems and activities, a multi-hazard assessment methodology was developed and applied to the Adriatic Sea for the reference scenario 2000-2015. Through a four-stages process based on the consecutive analysis of hazard, exposure, vulnerability and risk the methodology allows a semi-quantitative evaluation of the relative risk from anthropogenic and natural sources to multiple endpoints, thus supporting the identification and ranking of areas and targets more likely to be at risk. Resulting output showed that the higher relative hazard scores are linked to exogenic pressures (e.g. sea surface temperature variation) while the lower ones resulted from endogenic and more localized stressors (e.g. abrasion, nutrient input). Relatively very high scores were observed for vulnerability over the whole case study for almost all the considered pressures, showing seagrasses meadows, maërl and coral beds as the most susceptible targets. The approach outlined in this study provides planners and decision makers a quick-screening tool to evaluate progress towards attaining a good environmental status and to identify marine areas where management actions and adaptation strategies would be best targeted. Moreover, by focusing on risks induced by land-based drivers, resulting output can support the design of infrastructures for reducing pressures on the sea, contributing to improve the land-sea interface management

  18. 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.

  19. 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.

  20. Risk management and analysis: risk assessment (qualitative and quantitative)

    OpenAIRE

    Valentin Mazareanu

    2007-01-01

    We use to define risk as the possibility of suffering a loss. Starting this, risk management is defined as a business process whose purpose is to ensure that the organization is protected against risks and their effects. In order to prioritize, to develop a response plan and after that to monitor the identified risks we need to asses them. But at this point a question is born: should I choose a qualitative approach or a quantitative one? This paper will make a short overview over the risk eva...

  1. 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...

  2. 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...

  3. 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

  4. Credit risk management in the power sector

    International Nuclear Information System (INIS)

    Allen, D.

    2002-01-01

    Deregulation of the electric power industry has the potential to put power businesses at market risk particularly when the value of an asset or liability will change with market movements. Market risk gives rise to credit risk where a contract cannot be fulfilled. This presentation describes how credit risks can be identified and measured. Most practitioners use some variant of value-at-risk (VAR) technology for measuring market risk. Under this approach, risk is determined by the volatility implied by the market. Volatility of electricity prices and natural gas prices has increased significantly in Alberta in recent years. The consequence is an increase in both market and credit risk. The author described the difference between the two risks and their significance. An overview of credit risk management with derivatives, an over-the counter contract, was also presented. The author also discusses issue of protection buyers in the event of a failed contract. 9 figs

  5. 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

  6. 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.

  7. Business risk management

    International Nuclear Information System (INIS)

    Cosby, C.

    2015-01-01

    Bruce Power's definition: an emerging and demonstrable event or change in business plan assumptions that could impact Bruce Power's achievement of its business plan objectives and results. Risks can be either negative (threats) or positive (opportunities). Risks against the 5 year business plan Net Risk = impact * probability.

  8. Business risk management

    Energy Technology Data Exchange (ETDEWEB)

    Cosby, C., E-mail: Christine.cosby@brucepower.com [Bruce Power, Tiverton, ON (Canada)

    2015-07-01

    Bruce Power's definition: an emerging and demonstrable event or change in business plan assumptions that could impact Bruce Power's achievement of its business plan objectives and results. Risks can be either negative (threats) or positive (opportunities). Risks against the 5 year business plan Net Risk = impact * probability.

  9. An SDP Approach for Multiperiod Mixed 0–1 Linear Programming Models with Stochastic Dominance Constraints for Risk Management

    DEFF Research Database (Denmark)

    Escudero, Laureano F.; Monge, Juan Francisco; Morales, Dolores Romero

    2015-01-01

    In this paper we consider multiperiod mixed 0–1 linear programming models under uncertainty. We propose a risk averse strategy using stochastic dominance constraints (SDC) induced by mixed-integer linear recourse as the risk measure. The SDC strategy extends the existing literature to the multist...

  10. 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.

  11. Smart Grid Risk Management

    Science.gov (United States)

    Abad Lopez, Carlos Adrian

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

  12. 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.

  13. Tank waste remediation system tank waste retrieval risk management plan

    International Nuclear Information System (INIS)

    Klimper, S.C.

    1997-01-01

    This Risk Management Plan defines the approach to be taken to manage programmatic risks in the TWRS Tank Waste Retrieval program. It provides specific instructions applicable to TWR, and is used to supplement the guidance given by the TWRS Risk Management procedure

  14. Tank Waste Remediation System Characterization Project Programmatic Risk Management Plan

    International Nuclear Information System (INIS)

    Baide, D.G.; Webster, T.L.

    1995-12-01

    The TWRS Characterization Project has developed a process and plan in order to identify, manage and control the risks associated with tank waste characterization activities. The result of implementing this process is a defined list of programmatic risks (i.e. a risk management list) that are used by the Project as management tool. This concept of risk management process is a commonly used systems engineering approach which is being applied to all TWRS program and project elements. The Characterization Project risk management plan and list are subset of the overall TWRS risk management plan and list

  15. 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.

  16. Federal-aid highways : FHWA has improved its risk management approach, but needs to improve its oversight of project costs.

    Science.gov (United States)

    2009-07-01

    The federal-aid highway program : provides about $33 billion a year to : states for highway projects. The : federal government provides : funding for and oversees this : program, while states largely : choose and manage the projects. : As requested, ...

  17. [METHODICAL APPROACHES, EXPERIENCE AND PERSPECTIVES OF THE IMPLEMENTATION OF THE RISK MODEL OF SURVEILLANCE ACTIVITIES IN THE SPHERE OF THE ASSURANCE OF SANITARY AND EPIDEMIOLOGICAL WELFARE OF POPULATION, POPULATION'S HEALTH RISK MANAGEMENT AND THE CONSUMER RIGHTS PROTECTION].

    Science.gov (United States)

    Gurvich, V B; Kuz'min, S V; Dikonskaia, O V; Gileva, M A; Boiarskiĭ, A P

    2015-01-01

    Control and supervision measures--one of the main technologies of Federal Service for Supervision of Consumer Rights protection and Human Welfare in the overall system of risk management for public health and damage to property consumers, aimed at the solution of the prior tasks in the field of assurance of the sanitary and epidemiological welfare of the population and consumer rights protection. The effectiveness of this technology depends on the correct choice of priority objects of supervision, which form the main problems in the sanitary and epidemiological situation and in the consumer market. The application of is approach has led to more effective oversight activity and the improvement of a number of indices characterizing the achievement of the objectives in the common system of risk management for public health and property of consumers.

  18. 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.

  19. 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

  20. RISKS IN INVESTMENT AND MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Ms. Tatiana A. Ykovleva

    2016-12-01

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

  1. 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...

  2. THRMS: A pilot risk management system

    International Nuclear Information System (INIS)

    Xue, D.; Xu, Y.

    2000-01-01

    Daya Bay NPP is the first commercial nuclear power plant in China. This plant is interested in and pro-active towards the development and application of PSA and PSA tools. This, together with the support from the IAEA promoted the project 'THRMS: the pilot study of risk management system for NPP'. The objectives in development and implementation of THRMS includes: survey and discuss on the development of the approaches used in constructing plant risk models; design and study on the realization of a real-time risk management system. An overview of the project is presented in this paper. (author)

  3. 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. ...

  4. 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.

  5. 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 ...

  6. 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.

  7. 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.

  8. Trading and risk management during the transition to competition

    International Nuclear Information System (INIS)

    Palmer, A.

    2001-01-01

    This power point presentation outlined the risks facing companies active in competitive energy markets. It reviewed and explained various types of risks including physical, market, credit, liquidity, volumetric and operational risks. The management of price risks includes trading and risk management strategies aimed at exploiting the alternatives associated with highly volatile power and fuel markets. The presentation also reviewed financial energy management in terms of the fuel markets and wholesale markets. Approaches to trading were also presented. tabs., figs

  9. 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 ...

  10. Stress Management: A Rational Approach.

    Science.gov (United States)

    Reeves, Cecil

    This workbook was designed for use as the primary resource tool during a l-day participatory stress management seminar in which participants identify stressful situations, conduct analyses, and develop approaches to manage the stressful situations more effectively. Small group warm-up activities designed to introduce participants, encourage…

  11. Managing Multiple Risk Factors

    National Research Council Canada - National Science Library

    Lollis, Charlie

    1998-01-01

    ...) contribute to the racial differences in cardiovascular risk and events among women. High levels of socioeconomic stress, higher dietary fat intake and sedentary lifestyle are more prevalent among black than white women...

  12. 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...

  13. Common approach of risks analysis

    International Nuclear Information System (INIS)

    Noviello, L.; Naviglio, A.

    1996-01-01

    Although, following the resolutions of the High German Court, the protection level of the human beings is an objective which can change in time, it is obvious that it is an important point when there is a risk for the population. This is true more particularly for the industrial plants whose possible accidents could affect the population. The accidents risk analysis indicates that there is no conceptual difference between the risks of a nuclear power plant and those of the other industrial plants as chemical plants, the gas distribution system and the hydraulic dams. A legislation analysis induced by the Seveso Directive for the industrial risks give some important indications which should always be followed. This work analyses more particularly the legislative situation in different European countries and identifies some of the most important characteristics. Indeed, for most of the countries, the situation is different and it is a later difficulties source for nuclear power plants. In order to strengthen this reasoning, this paper presents some preliminary results of an analysis of a nuclear power plant following the approach of other industrial plants. In conclusion, it will be necessary to analyse again the risks assessment approach for nuclear power plants because the real protection level of human beings in a country is determined by the less regulated of the dangerous industrial plants existing at the surroundings. (O.M.)

  14. 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

  15. 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

  16. How to manage risk better

    CSIR Research Space (South Africa)

    Walwyn, DR

    2002-09-01

    Full Text Available Risk management practices in the R&D departments of many chemical and pharmaceutical companies lack much of the rigor and sophistication of the equivalent corporation in the financial sector. For instance investment decisions on research projects...

  17. Risk Management and Value Creation

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Roggi, Oliviero

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

  18. Operations management approach to hospitals.

    Science.gov (United States)

    Harvey, J; Duguay, C R

    1988-06-01

    An operations management systems approach can be a useful tool for coordinating and planning in a complex organization. The authors argue for adapting such an approach to health care from the manufacturing industries in order to facilitate strategy formulation, communication and implementation.

  19. Do You Know Whats In Your Community A Strategic Risk Management Approach to Better Prepare for Chemical Emergencies

    Science.gov (United States)

    2016-03-01

    occasional hikes or mini sanity resets, I don’t know how I could have finished this program. Finding the balance between working a full-time job, on-call...function, but the economic benefits must not outweigh the safety and risk that these facilities impose on communities and the environment. Industry...ensure compliance with codes, mandates, laws, and regulations.17 Industries bring economic support, jobs, consumer benefits , and tax revenue to the

  20. Ecosystem Approach To Flood Disaster Risk Reduction

    Directory of Open Access Journals (Sweden)

    RK Kamble

    2013-12-01

    Full Text Available India is one of the ten worst disaster prone countries of the world. The country is prone to disasters due to number of factors; both natural and anthropogenic, including adverse geo-climatic conditions, topographical features, environmental degradation, population growth, urbanisation, industrlisation, non-scientific development practices etc. The factors either in original or by accelerating the intensity and frequency of disasters are responsible for heavy toll of human lives and disrupting the life support systems in the country. India has 40 million hectares of the flood-prone area, on an average, flood affect an area of around 7.5 million hectares per year. Knowledge of environmental systems and processes are key factors in the management of disasters, particularly the hydro-metrological ones. Management of flood risk and disaster is a multi-dimensional affair that calls for interdisciplinary approach. Ecosystem based disaster risk reduction builds on ecosystem management principles, strategies and tools in order to maximise ecosystem services for risk reduction. This perspective takes into account the integration of social and ecological systems, placing people at the centre of decision making. The present paper has been attempted to demonstrate how ecosystem-based approach can help in flood disaster risk reduction. International Journal of Environment, Volume-2, Issue-1, Sep-Nov 2013, Pages 70-82 DOI: http://dx.doi.org/10.3126/ije.v2i1.9209

  1. Study on Risk Approaches in Software Development Projects

    Directory of Open Access Journals (Sweden)

    Claudiu BRANDAS

    2012-01-01

    Full Text Available Risk approaches in project development led to the integration in the IT project management methodologies and software development of activities and processes of risk management. The diversity and the advanced level of the used technologies in IT projects with increasing com-plexity leads to an exponential diversification of risk factors.The purpose of this research is to identify the level of the risk approach in IT projects both at the IT project management and software development methodologies level and the level of the perception of IT project man-agers, IT managers and IT analysts in Romanian IT companies. Thus, we want to determine the correlation between the use of a project management or software development methodology and the overall level of risk perceived by the project managers using these methodologies.

  2. Risk assessment and risk management of mycotoxins.

    Science.gov (United States)

    2012-01-01

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

  3. 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...

  4. An approach to risk assessment

    DEFF Research Database (Denmark)

    Simonsen, L.; Lund, S. P.; Hass, Ulla

    1998-01-01

    of Ministers with the task to propose criteria for neurotoxicity. Functional effects on the nervous system, such as reduction in memory and learning ability, decrease in attention, and alteration of behavior due to toxic chemicals in the environment is now being acknowledged as an important public health...... indicate that numerous persons are exposed in the working as well as in the general environment to several chemicals, for which almost no data on the effect on subtle neurophysiological functions are available. Development of an approach to risk assessment dealing with this problem is a major challenge...... in the nineties. Different approaches to risk assessment are discussed, the quality of the databases available for hazard assessment are evaluated, and the needs for further research are identified. (C) 1996 Intox Press, Inc....

  5. Producers' Complex Risk Management Choices

    NARCIS (Netherlands)

    Pennings, J.M.E.; Isengildina, O.; Irwin, S.H.; Garcia, P.; Good, D.L.

    2008-01-01

    Producers have a wide variety of risk management instruments available, making their choice(s) complex. The way producers deal with this complexity can vary and may influence the impact that the determinants, such as risk aversion, have on their choices. A recently developed choice bracketing

  6. Legal risk management in shipping

    DEFF Research Database (Denmark)

    Siig, Kristina

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

  7. 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

  8. Environmental risk management

    International Nuclear Information System (INIS)

    Parris, P.A.

    1994-01-01

    A professional, audit able environmental approach is the only path a responsible government, institution or company can take. Such an approach can be applied to a small petrol station, an oil refinery or a multi-million dollar mining development. Environmental issues cannot be divorced from socio-economic criteria; each impacts on the other. Twenty years ago, financial criteria ruled decision making and the environment tagged along a poor third to social and safety issues. Today, financial issued are still dominant, but decision makers realised that environmental issues hold the same weight as socio-economic criteria and the three are inexorably intertwined. (author)

  9. Price Risk and Risk Management in Agriculture

    Directory of Open Access Journals (Sweden)

    Udo Broll

    2013-06-01

    Full Text Available This note studies the risk-management decisions of a risk-averse farmer. The farmer faces multiple sources of price uncertainty. He sells commodities to two markets at two prices, but only one of these markets has a futures market. We show that the farmer’s optimal commodity futures market position, i.e., a cross-hedge strategy, is actually an over-hedge, a full-hedge, or an under-hedge strategy, depending on whether the two prices are strongly positively correlated, uncorrelated, or negatively correlated, respectively.

  10. A systematic review of internet-based worksite wellness approaches for cardiovascular disease risk management: outcomes, challenges & opportunities.

    Science.gov (United States)

    Aneni, Ehimen C; Roberson, Lara L; Maziak, Wasim; Agatston, Arthur S; Feldman, Theodore; Rouseff, Maribeth; Tran, Thinh H; Blumenthal, Roger S; Blaha, Michael J; Blankstein, Ron; Al-Mallah, Mouaz H; Budoff, Matthew J; Nasir, Khurram

    2014-01-01

    The internet is gaining popularity as a means of delivering employee-based cardiovascular (CV) wellness interventions though little is known about the cardiovascular health outcomes of these programs. In this review, we examined the effectiveness of internet-based employee cardiovascular wellness and prevention programs. We conducted a systematic review by searching PubMed, Web of Science and Cochrane library for all published studies on internet-based programs aimed at improving CV health among employees up to November 2012. We grouped the outcomes according to the American Heart Association (AHA) indicators of cardiovascular wellbeing--weight, BP, lipids, smoking, physical activity, diet, and blood glucose. A total of 18 randomized trials and 11 follow-up studies met our inclusion/exclusion criteria. Follow-up duration ranged from 6-24 months. There were significant differences in intervention types and number of components in each intervention. Modest improvements were observed in more than half of the studies with weight related outcomes while no improvement was seen in virtually all the studies with physical activity outcome. In general, internet-based programs were more successful if the interventions also included some physical contact and environmental modification, and if they were targeted at specific disease entities such as hypertension. Only a few of the studies were conducted in persons at-risk for CVD, none in blue-collar workers or low-income earners. Internet based programs hold promise for improving the cardiovascular wellness among employees however much work is required to fully understand its utility and long term impact especially in special/at-risk populations.

  11. A systematic review of internet-based worksite wellness approaches for cardiovascular disease risk management: outcomes, challenges & opportunities.

    Directory of Open Access Journals (Sweden)

    Ehimen C Aneni

    Full Text Available CONTEXT: The internet is gaining popularity as a means of delivering employee-based cardiovascular (CV wellness interventions though little is known about the cardiovascular health outcomes of these programs. In this review, we examined the effectiveness of internet-based employee cardiovascular wellness and prevention programs. EVIDENCE ACQUISITION: We conducted a systematic review by searching PubMed, Web of Science and Cochrane library for all published studies on internet-based programs aimed at improving CV health among employees up to November 2012. We grouped the outcomes according to the American Heart Association (AHA indicators of cardiovascular wellbeing--weight, BP, lipids, smoking, physical activity, diet, and blood glucose. EVIDENCE SYNTHESIS: A total of 18 randomized trials and 11 follow-up studies met our inclusion/exclusion criteria. Follow-up duration ranged from 6-24 months. There were significant differences in intervention types and number of components in each intervention. Modest improvements were observed in more than half of the studies with weight related outcomes while no improvement was seen in virtually all the studies with physical activity outcome. In general, internet-based programs were more successful if the interventions also included some physical contact and environmental modification, and if they were targeted at specific disease entities such as hypertension. Only a few of the studies were conducted in persons at-risk for CVD, none in blue-collar workers or low-income earners. CONCLUSION: Internet based programs hold promise for improving the cardiovascular wellness among employees however much work is required to fully understand its utility and long term impact especially in special/at-risk populations.

  12. ADA access to passenger vessels : finding safety equivalence solutions for weathertight doors with coamings : Phase 2 : a risk management approach to reconfiguration design solutions

    Science.gov (United States)

    2005-03-01

    This report examines a risk management methodology to provide for both marine safety and disability access at weathertight doors into passenger accommodation spaces on U.S. passenger vessels. The Architectural and Transportation Barriers Compliance B...

  13. Managing Supplier Sustainability Risk

    OpenAIRE

    Harilainen, Hanna-Riitta

    2014-01-01

    Supply chains are increasingly global, often reaching to developing regions. The media pressure brand owners to be responsible, but a product is only as sustainable as the practices of all the companies involved in manufacturing it are. It’s not enough that the brand owner acts responsibly; sustainable practices have to reach component and raw material suppliers upstream. Image risk has often been recognized as reason for investing in sustainability. In the supply chain context, supplier m...

  14. 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.

  15. The Safety Case and the Risk-Informed Performance-Based Approach for Management of US Commercial Low Level Radioactive Waste (LLRW)

    International Nuclear Information System (INIS)

    Abu-Eid, Rateb; Esh, David; Grossman, Chrisopher

    2016-01-01

    Summary/Conclusion Safety Case & 10 CFR Part 61: • Safety Case is an integrated approach to risk assessment and risk management. • NRC staff explicitly added “the safety case” concept in the ongoing amendment of 10 CFR Part 61, at the direction of Commission. • Plain language description the safety arguments and evidence to demonstrate the overall safety of a land disposal facility were developed. • It describes all safety relevant aspects of the disposal site, the design of the facility, and the managerial control measures and regulatory controls to inform the decision whether to grant a license. • It includes the same type of information that the original 10 CFR Part 61 required to be submitted as part of a license application (i.e., 10 CFR 61.10 – 10 CFR 61.16). • The safety case will be updated over time as a new information is gained during the various phases of the facility’s development, inspection, and operation. • 10 CFR Part 61 SC is quite consistent with IAEA SSG-23 with more detailed technical analysis.

  16. Health risk assessment as an approach to manage an old landfill and to propose integrated solid waste treatment: A case study in Italy.

    Science.gov (United States)

    Paladino, O; Massabò, M

    2017-10-01

    The aim of the present paper is to show how an approach based on human health risk analysis can be used as a decisional tool for the evaluation of impacts on population and for deciding between different waste treatment processes. The situation in which the increasing production of solid wastes cannot be confined in the old existing Municipal Solid Waste landfill (settled in Genoa, Liguria Region, Italy) is used as a case study. Risk assessment for human health due to air, surface water, groundwater and soil contamination is performed in different scenarios for the old landfill and compared with alternative Waste-to-Energy management solutions that consider thermal treatment by gasification of the total waste or gasification of the dry fraction coupled with anaerobic digestion of the wet fraction, plus biogas combustion with or without sludge and bottom ash/slag disposal in the old landfill. Hazard Index (HI) and Cancer Risk (CR) in case of operating landfill and under the suspected situation of failure of the sealing system, were respectively 1.15 and 1.1∗10 -7 . Unacceptable HI were found due to groundwater contamination, while HI due to river pollution was slightly under the threshold. Vegetables ingestion was the most important pathway and ammonia the most responsible of toxic adverse effects. Fish ingestion and dermal contact with contaminated water were found to be the most important exposure pathways for carcinogenic risk, due mainly to BTEX. HI and CR in the supposed scenario of total waste gasification were respectively 9.4∗10 -1 and 1.1∗10 -5 while they were respectively 3.2∗10 -1 and 6∗10 -6 in case of gasification of the dry fraction. CR in both scenarios was over the threshold mainly due to dioxins, where milk and meat ingestion were found to be the highest risk pathways. Inhalation resulted as the highest not-carcinogenic risk exposure pathway, mainly due to NOx. Decision making was made by weighing up the different scenarios, and results

  17. 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

  18. Approach to uncertainty in risk analysis

    Energy Technology Data Exchange (ETDEWEB)

    Rish, W.R.

    1988-08-01

    In the Fall of 1985 EPA's Office of Radiation Programs (ORP) initiated a project to develop a formal approach to dealing with uncertainties encountered when estimating and evaluating risks to human health and the environment. Based on a literature review of modeling uncertainty, interviews with ORP technical and management staff, and input from experts on uncertainty analysis, a comprehensive approach was developed. This approach recognizes by design the constraints on budget, time, manpower, expertise, and availability of information often encountered in ''real world'' modeling. It is based on the observation that in practice risk modeling is usually done to support a decision process. As such, the approach focuses on how to frame a given risk modeling problem, how to use that framing to select an appropriate mixture of uncertainty analyses techniques, and how to integrate the techniques into an uncertainty assessment that effectively communicates important information and insight to decision-makers. The approach is presented in this report. Practical guidance on characterizing and analyzing uncertainties about model form and quantities and on effectively communicating uncertainty analysis results is included. Examples from actual applications are presented.

  19. Approach to uncertainty in risk analysis

    International Nuclear Information System (INIS)

    Rish, W.R.

    1988-08-01

    In the Fall of 1985 EPA's Office of Radiation Programs (ORP) initiated a project to develop a formal approach to dealing with uncertainties encountered when estimating and evaluating risks to human health and the environment. Based on a literature review of modeling uncertainty, interviews with ORP technical and management staff, and input from experts on uncertainty analysis, a comprehensive approach was developed. This approach recognizes by design the constraints on budget, time, manpower, expertise, and availability of information often encountered in ''real world'' modeling. It is based on the observation that in practice risk modeling is usually done to support a decision process. As such, the approach focuses on how to frame a given risk modeling problem, how to use that framing to select an appropriate mixture of uncertainty analyses techniques, and how to integrate the techniques into an uncertainty assessment that effectively communicates important information and insight to decision-makers. The approach is presented in this report. Practical guidance on characterizing and analyzing uncertainties about model form and quantities and on effectively communicating uncertainty analysis results is included. Examples from actual applications are presented

  20. Accident management approach in Armenia

    International Nuclear Information System (INIS)

    Ghazaryan, K.

    1999-01-01

    In this lecture the accident management approach in Armenian NPP (ANPP) Unit 2 is described. List of BDBAs had been developed by OKB Gydropress in 1994. 13 accident sequences were included in this list. The relevant analyses had been performed in VNIIAES and the 'Guidelines on operator actions for beyond design basis accident (BDBA) management at ANPP Unit 2' had been prepared. These instructions are discussed

  1. TWRS safety and technical integration risk management plan

    International Nuclear Information System (INIS)

    Fordham, R.A.

    1996-01-01

    The objectives of the Tank Waste Remediation System (TWRS) Safety and Technical Integration (STI) programmatic risk management program are to assess, analyze, and handle risks associated with TWRS STI responsibilities and to communicate information about the actions being taken and the results to enable decision making. The objective of this TWRS STI Risk Management Plan is to communicate a consistent approach to risk management that will be used by the organization

  2. 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...

  3. 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.

  4. The flood risk management plan: towards spatial water governance

    NARCIS (Netherlands)

    Hartmann, T.; Driessen, P.

    2017-01-01

    The flood risk management plan challenges both water engineers and spatial planners. It calls for a new mode of governance for flood risk management. This contribution analyses how this mode of governance distinguishes from prevalent approaches. Spatial planning and water management in Europe are

  5. Managing nuclear supplier risks

    International Nuclear Information System (INIS)

    Ramberg, B.

    1990-01-01

    This paper reports that with the appearance of such third-tier suppliers as Argentina, Brazil, South Korea, Taiwan, China, and others capable of producing nuclear components and sensitive nuclear materials, assurance that importers are using nuclear energy benignly and safely may become more uncertain. It is therefore important to integrate emerging exporters and importers into a regime of norms designed to minimize nuclear risks. The experience of the London Nuclear Suppliers Group (NSG) to arrive at a code of conduct is encouraging. Placed in the context of the larger evolving nuclear energy regime that seeks to address nuclear safety, proliferation, terrorism, and military attacks on reactors, the international community has made substantial progress. Still, there is much that remains to be done

  6. Management of risks in the public interest

    International Nuclear Information System (INIS)

    Nathwani, J.S.; Lind, N.C.; Siddall, E.

    1990-01-01

    The study is a model framework for making decisions about risks and benefits and how the basis for such decisions can be improved through a more rational and scientific approach. An aim is to establish a general approach to the management of risks in society. The original impetus was to prepare for a study of the full socio-economic impact of nuclear energy. However, as the study progressed, it became clear that the total social and economic impacts of a single energy technology cannot be satisfactorily addressed in isolation. (orig./DG)

  7. Applying risk management strategies to strengthen an IDS's investment policy.

    Science.gov (United States)

    Fine, R P

    1998-11-01

    The increased financial risk that not-for-profit integrated delivery systems have assumed to function under managed care has required them to become increasingly reliant on income and gains from their investment portfolios. This reliance underscores the need for these organizations to take steps to effectively manage their investment risk. Not-for-profit IDSs should establish a systematic approach to investment risk management that is based on maintaining a sound fiduciary infrastructure and having a clear understanding of risk exposures, the most important of which are policy and market risk. Applying reasonable and common-sense risk management strategies to investment policy will enhance an IDS's overall financial and competitive strength.

  8. Terceirização em cuidados continuados: uma abordagem de gestão de risco Outsourcing in long-term care: a risk management approach

    Directory of Open Access Journals (Sweden)

    Cristina Machado Guimarães

    2012-05-01

    Full Text Available Este artigo tem como objetivo investigar a decisão de externalização, integrada na gestão da cadeia de suprimentos no setor da saúde, nomeadamente os motivos e condicionantes da decisão, os critérios de escolha das atividades a entregar a terceiros, os tipos de acordos possíveis e o impacto que a decisão tem na organização e na pratica. Através do estudo de caso de uma unidade de saúde prestadora de cuidados continuados de forma inovadora, com grandes níveis de customização e em início de atividade, investigou-se todo o processo de terceirização em contexto do início do ciclo de vida de uma organização (não no contexto comum de mudança organizacional e construiu-se uma matriz de avaliação de risco para atividades terceirizadas de modo a permitir a definição do processo de monitorização da performance a implementar. Este estudo visa compreender como se avaliam e balizam os riscos da adopção de uma estratégia de terceirização e sugere um modelo de monitorização, com recurso a ferramentas de gestão de risco. Concluiu-se que uma abordagem de Gestão de Risco pode ser uma solução para monitorização de terceirização em atividade que se iniciam. Retiram-se, ainda, conclusões acerca da insatisfação com os resultados da estratégia de externalização adotada.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

  9. 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

  10. 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.

  11. 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.

  12. 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.

  13. Supply Chain Risk Management

    OpenAIRE

    Babková, Ivana

    2008-01-01

    Práce se zabývá problematikou řízení rizika v logistických řetězcích se zaměřením na jeden konkrétní článek řetězce. Definuje základní oblasti risk managementu, jeho hlavní aspekty a systém spojitého plánování. Zabývá se bezpečností práce v pojetí EU, České republiky a Velké Británie. V aplikační části uvádí řízení rizika v jednom článku logistického řetězce, skladu poskytovatele logistických služeb ve Velké Británii.

  14. The prospects for whole-farm risk management

    NARCIS (Netherlands)

    Meuwissen, M.P.M.; Asseldonk, van M.A.P.M.; Huirne, R.B.M.

    2002-01-01

    Whole-farm risk management approaches, i.e. approaches in which multiple risks and farm activities are considered simultaneously, seem more efficient than ‘single risk and commodity strategies’. This paper first discusses the results of a questionnaire survey among livestock and arable farmers in

  15. Managing risk: clinical decision-making in mental health services.

    Science.gov (United States)

    Muir-Cochrane, Eimear; Gerace, Adam; Mosel, Krista; O'Kane, Debra; Barkway, Patricia; Curren, David; Oster, Candice

    2011-01-01

    Risk assessment and management is a major component of contemporary mental health practice. Risk assessment in health care exists within contemporary perspectives of management and risk aversive practices in health care. This has led to much discussion about the best approach to assessing possible risks posed by people with mental health problems. In addition, researchers and commentators have expressed concern that clinical practice is being dominated by managerial models of risk management at the expense of meeting the patient's health and social care needs. The purpose of the present study is to investigate the risk assessment practices of a multidisciplinary mental health service. Findings indicate that mental health professionals draw on both managerial and therapeutic approaches to risk management, integrating these approaches into their clinical practice. Rather than being dominated by managerial concerns regarding risk, the participants demonstrate professional autonomy and concern for the needs of their clients.

  16. 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

  17. Methodology of environmental risk assessment management

    Directory of Open Access Journals (Sweden)

    Saša T. Bakrač

    2012-04-01

    . and industrial activities that may pose threats to ecosystems, flora, fauna and humans. This model-concept gives a three-phase assessment where the assessor tries to determine whether a specific place may be subject to assessment, to characterize the level of risk and to confirm or refute the findings of the first phase, collecting information and corrective measures, or to establish basic requirements for environment protection. Risk assessment methodology - American concept: The third methodological approach to environmental risk assessment is developed by the U.S. Agency for Environmental Protection, 'U.S. EPA'. This model primarily involves the implementation of environmental risk assessment under the conditions of anthropogenic impact on environment, without aiming at solving problems of natural environmental risks, although this methodology can be applied in this environment segment as well. The methodology gives a clear distinction between a scientific (phase of estimation and a non-scientific (planning part of assessment. The phases of estimation given by this model are: problem formulation, risk analysis and risk characterization. Conclusion: Concepts and methodologies of all three models-concepts of assessment are mostly reduced to a common goal: how to reduce existing or avoid potential risks. However, it should be noted that the implementation of appropriate management and ecological risk assessment does not guarantee that risks will be avoided or that the implementation of these processes will be successful.

  18. 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.

  19. 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...

  20. 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

  1. 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.

  2. 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

  3. Systems approach in energy management

    International Nuclear Information System (INIS)

    Dutta-Choudhury, K.

    1993-01-01

    Several years ago when the author was working in the chemicals division of a paper company in Instrumentation and Controls, one experience had a lasting impact on his work approach which is systems approach. The maintenance manager told the author that a very important piece of boiler instrument of the power plant had broken down and delivery of the replacement needed to be expedited. The instrument was ordered over the phone in another city. The purchase order was personally delivered at the supplier's office and arrangements were made so the instrument was put on the next flight. A week later the maintenance manager indicated that the particular instrument still had not arrived in the plant and he could not run the power plant. Thus the company incurred substantial losses. Further inquiries showed that the instrument did indeed arrive at the plant stores on time. But, in the absence of any instructions thereon, the instrument was not delivered to the power plant. The sense of urgency was lost in the existing delivery process. In other words, the process or system failed. The whole process from requisitioning to delivery of ordered items was analyzed and corrective procedures were incorporated to prevent future repetitions. This brings up the subject of systems approach in engineering management in general and energy management in particular. This involves defining an objective and designing a system for an effective way of getting there

  4. 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

  5. RISK MANAGEMENT USING PROJECT RECON

    Science.gov (United States)

    2016-11-28

    centralized database . • Project Recon (formerly Risk Recon) is designed to be used by all Program Management Offices, Integrated Project Teams and any...Create growth plans to proactively capture benefits • Customize reports to group opportunities by programmatic, technical, business, contracting, and

  6. 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

  7. PROJECT MANAGER SKILLS, RISK MANAGEMENT TOOLS

    Directory of Open Access Journals (Sweden)

    Vladut Iacob

    2013-12-01

    Full Text Available Although the projects are different from each other there are many common things that contribute to their success. Looked overall, the success of a project is the result of a multitude of factors. This person is considered the "engine" of the project. The man who makes the action set for the achievement of project objectives to be brought to an end. The project manager must have the technical knowledge and economic diverse. He should be able to choose a team and lead. You must be tenacious, combative, to know how to communicate both within the team and beyond. In a word, the project manager must have an impressive stock of knowledge, skills and abilities and appreciate as Peter Drucker, to "exist for the organization. To be its servant. Any management who forget this will only cause damage to the organization. "This study will focus on highlighting the skills of the project manager and their role in managing difficult situations or risk.

  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. Reducing the risk, managing safety.

    Science.gov (United States)

    Aldridge, Peter

    2016-02-01

    Fire safety in healthcare premises has always been a challenge to those that discharge this duty. Statutory compliance should be a matter of course, but in an ever increasingly challenged NHS, even this is not a given. While the NHS is driven by managing very complex risk to deliver cutting edge healthcare, providers cannot be risk averse. Which risk, however, takes priority? Here Peter Aldridge, fire and corporate services manager at Leeds Teaching Hospitals NHS Trust, and Secretary to the National Association of Healthcare Fire Officers (NAHFO)--which will this month and next jointly stage fire safety seminars with IHEEM; see page 8--considers the key issues, with input from a fire officer at a leading mental health and community Trust.

  10. The future of risk management in an uncertain world

    OpenAIRE

    Coulson-Thomas, Colin

    2017-01-01

    Risk management approaches, practices and techniques need to change to reflect evolving risks and the inter-connected nature of contemporary organisations. Boards need to challenge and question them. The risk management community needs to adopt more pro-active and positive approaches that add more value and enable innovation and entrepreneurship. They need to contribute to solutions rather than just report problems, and focus on opportunities as well as challenges. A wider perspective and mor...

  11. 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.

  12. Managing industrial price risk: a balancing act

    International Nuclear Information System (INIS)

    Muse, J-F.

    2000-01-01

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

  13. Risk Management in IT Governance Framework

    Directory of Open Access Journals (Sweden)

    Mirela GHEORGHE

    2011-12-01

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

  14. 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

  15. 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

  16. Coastal Risk Management in a Changing Climate

    DEFF Research Database (Denmark)

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

  17. 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.

  18. 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”.

  19. 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

  20. Nuclear Knowledge Management: the IAEA Approach

    International Nuclear Information System (INIS)

    Sbaffoni, M.; De Grosbois, J.

    2015-01-01

    Knowledge in an organization is residing in people, processes and technology. Adequate awareness of their knowledge assets and of the risk of losing them is vital for safe and secure operations of nuclear installations. Senior managers understand this important linkage, and in the last years there is an increasing tendency in nuclear organizations to implement knowledge management strategies to ensure that the adequate and necessary knowledge is available at the right time, in the right place. Specific and advanced levels of knowledge are clearly required to achieve and maintain technical expertise, and experience must be developed and be available throughout the nuclear technology lifecycle. If a nuclear organization does not possess or have access to the required technical knowledge, a full understanding of the potential consequences of decisions and actions may not be possible, and safety, security and safeguards might be compromised. Effective decision making during design, licencing, procurement, construction, commissioning, operation, maintenance, refurbishment, and decommissioning of nuclear facilities needs to be risk-informed and knowledge-driven. Nuclear technology is complex and brings with it inherent and unique risks that must be managed to acceptably low levels. Nuclear managers have a responsibility not only to establish adequate technical knowledge and experience in their nuclear organizations but also to maintain it. The consequences of failing to manage the organizations key knowledge assets can result in serious degradations or accidents. The IAEA Nuclear Knowledge Management (NKM) sub-programme was established more than 10 years ago to support Nuclear Organizations, at Member States request, in the implementation and dissemination of the NKM methodology, through the development of guidance and tools, and by providing knowledge management services and assistance. The paper will briefly present IAEA understanding of and approach to knowledge

  1. Environmental management: A system approach

    Science.gov (United States)

    Petak, William J.

    1981-05-01

    This paper presents a system framework whose purpose is to improve understanding of environmental management. By analyzing the links between elements of the environmental management system, it is possible to construct a model that aids thinking systematically about the decision-making subsystem, and other subsystems, of the entire environmental management system. Through a multidisciplinary environmental approach, each of the individual subsystems is able to adapt to threats and opportunities. The fields of government, market economics, social responsibility and ecology, for example, are so complex that it is extremely difficult to develop a framework that gives full consideration to all aspects. This paper, through the application of a highly idealized system framework, attempts to show the general relationships that exist between complex system elements.

  2. Risk Management for Food Allergy

    DEFF Research Database (Denmark)

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

  3. 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.

  4. Specific Features of Diagnostics of Efficiency of Management of Innovation Risks at Enterprises of the Baking Industry (Cost-is-no-object Approach

    Directory of Open Access Journals (Sweden)

    Bilynska Juliana V.

    2014-03-01

    Full Text Available The article analyses diagnostics of efficiency of management of innovation risks through cost optimisation. Management of costs on innovation grounds is carried out with the aim of their reduction. In order to realise measures on reduction of influence of innovation risks in the system of cost management the article specifies the most important factors and builds multi-factor models. The process of study of influence of the innovation risk upon the cost value of the sold products of bakeries is presented in the form of a scheme of logically united stages. The article takes into account all restrictions and requirements, eliminates multi-collinearity and uses MS Excel Regression analysis for modelling dynamic multi-factor models of cost value of sold products of the studied bakeries. In the result of the study the article obtains main factors that would be used for forecasting tendencies of development of the studied enterprises, development of the decision making system and improvement of methodical provision of innovation risk management.

  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. Risk assessment approach for Rokkasho reprocessing plant

    International Nuclear Information System (INIS)

    Ootou, Y.; Tamauchi, Y.; Hayashi, Y.; Takebe, K.; Miyata, T.

    2006-01-01

    for various types of equipment and piping and for operations performed by operators, and was obtained through sensitivity analysis, such as the influence of change in the maintenance periods of the occurrence frequency. This information might be of use for operation management. On the other hand, in order to have grasp of the risk profile at a reprocessing plant and in order for us to make good use of the risk information, it is also necessary to conduct risk assessments for incidents other than major accidents. Since it is appropriate to use a Graded Approach to assess the risks of such a large number of incidents effectively and efficiently, a simplified method, called ''improved risk index method'' was developed. It based on the Risk Index Method recommended by U.S. NRC. The Risk Index Method is simple and is appropriate for fuel cycle facilities where a wide variety of accidents may occur, but it is characterized by the fact that it requires engineering judgments by analysts when assessing the occurrence frequency, and the common components between the safety measures (the subordinacy) are difficult to clarify. In order to solve the problems inherent in the Risk Index Method, quantification, flexibility and traceability have been improved while maintaining its advantages. Currently, risk assessments for a wide variety of incidents and accidents are being conducted using the above mentioned methods and their results will be used for the improvement of operation management. Furthermore, risk assessments for external incidents (earthquakes, etc.) are being planned

  7. Quality risk management in pharmaceutical development.

    Science.gov (United States)

    Charoo, Naseem Ahmad; Ali, Areeg Anwer

    2013-07-01

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

  8. 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

  9. 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.

  10. An ecosystem service approach to support integrated pond management: a case study using Bayesian belief networks--highlighting opportunities and risks.

    Science.gov (United States)

    Landuyt, Dries; Lemmens, Pieter; D'hondt, Rob; Broekx, Steven; Liekens, Inge; De Bie, Tom; Declerck, Steven A J; De Meester, Luc; Goethals, Peter L M

    2014-12-01

    Freshwater ponds deliver a broad range of ecosystem services (ESS). Taking into account this broad range of services to attain cost-effective ESS delivery is an important challenge facing integrated pond management. To assess the strengths and weaknesses of an ESS approach to support decisions in integrated pond management, we applied it on a small case study in Flanders, Belgium. A Bayesian belief network model was developed to assess ESS delivery under three alternative pond management scenarios: intensive fish farming (IFF), extensive fish farming (EFF) and nature conservation management (NCM). A probabilistic cost-benefit analysis was performed that includes both costs associated with pond management practices and benefits associated with ESS delivery. Whether or not a particular ESS is included in the analysis affects the identification of the most preferable management scenario by the model. Assessing the delivery of a more complete set of ecosystem services tends to shift the results away from intensive management to more biodiversity-oriented management scenarios. The proposed methodology illustrates the potential of Bayesian belief networks. BBNs facilitate knowledge integration and their modular nature encourages future model expansion to more encompassing sets of services. Yet, we also illustrate the key weaknesses of such exercises, being that the choice whether or not to include a particular ecosystem service may determine the suggested optimal management practice. Copyright © 2014 Elsevier Ltd. All rights reserved.

  11. 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.

  12. Improving ICU risk management and patient safety.

    Science.gov (United States)

    Kielty, Lucy Ann

    2017-06-12

    Purpose The purpose of this paper is to describe a study which aimed to develop and validate an assessment method for the International Electrotechnical Commission (IEC) 80001-1 (IEC, 2010) standard (the Standard); raise awareness; improve medical IT-network project risk management processes; and improve intensive care unit patient safety. Design/methodology/approach An assessment method was developed and piloted. A healthcare IT-network project assessment was undertaken using a semi-structured group interview with risk management stakeholders. Participants provided feedback via a questionnaire. Descriptive statistics and thematic analysis was undertaken. Findings The assessment method was validated as fit for purpose. Participants agreed (63 per cent, n=7) that assessment questions were clear and easy to understand, and participants agreed (82 per cent, n=9) that the assessment method was appropriate. Participant's knowledge of the Standard increased and non-compliance was identified. Medical IT-network project strengths, weaknesses, opportunities and threats in the risk management processes were identified. Practical implications The study raised awareness of the Standard and enhanced risk management processes that led to improved patient safety. Study participants confirmed they would use the assessment method in future projects. Originality/value Findings add to knowledge relating to IEC 80001-1 implementation.

  13. Risk assessment and radioactive waste management

    International Nuclear Information System (INIS)

    Cohen, J.J.

    1979-01-01

    Problems of radioactive waste management, both real and apparent, have provided a serious constraint in the development of nuclear power. Several studies have been conducted in an attempt to evaluate the actual (quantifiable) risks of radioactive waste management and place them in a reasonable perspective. These studies are reviewed and discussed. Generally, the studies indicate the risks to be of a level of seriousness which might normally be considered acceptable in current society. However, it is apparent that this acceptability has not been attained and public apprehension prevails. To understand the reasons for this apprehension requires an assessment of those factors of ''perceived'' risks which play a major role in determining public attitudes toward radioactive waste management programs and nuclear power, in general. Such factors might include the spector of legacies of harm to future generations, genetic effects, nuclear garbage dumps, proliferation of plutonium inventories, nuclear terrorism, etc. A major problem in development of acceptable waste management policies and programs requires not only the recognition of the importance of perceived risk factors but development of a methodology for their incorporation in planning and conduct of such activities. Some approaches to the development of this methodology are discussed

  14. 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....

  15. Risk management in microfinance institutions

    OpenAIRE

    Batin, Artyom

    2014-01-01

    In the following paper I have tried to find the correlation between type of ownership and effective risk management in the operations of microfinance institutions in India. The results found are consistent with the current findings of how the type of ownership does not impact both the financial or social performance of MFIs. Dataset of 72 MFIs was acquired from the Microfinance Information Exchange on MFIs and evaluated using an OLS regression. The results show that the type of ownership insi...

  16. Flood Risk Management In Europe: European flood regulation

    NARCIS (Netherlands)

    Hegger, D.L.T.; Bakker, M.H.; Green, C.; Driessen, Peter; Delvaux, B.; Rijswick, H.F.M.W. van; Suykens, C.; Beyers, J-C.; Deketelaere, K.; Doorn-Hoekveld, W. van; Dieperink, C.

    2013-01-01

    In Europe, water management is moving from flood defense to a risk management approach, which takes both the probability and the potential consequences of flooding into account. In this report, we will look at Directives and (non-)EU- initiatives in place to deal with flood risk in Europe indirectly

  17. Managing three approaches to organizational behaviour for ...

    African Journals Online (AJOL)

    Managing three approaches to organizational behaviour for effectiveness and ... job description, productivity, individual performance and management matters. ... having attained a high productivity level, the organization starts going down.

  18. A risk-based approach to evaluating wildlife demographics for management in a changing climate: A case study of the Lewis's Woodpecker

    Science.gov (United States)

    Erin Towler; Victoria A. Saab; Richard S. Sojda; Katherine Dickinson; Cindy L. Bruyere; Karen R. Newlon

    2012-01-01

    Given the projected threat that climate change poses to biodiversity, the need for proactive response efforts is clear. However, integrating uncertain climate change information into conservation planning is challenging, and more explicit guidance is needed. To this end, this article provides a specific example of how a risk-based approach can be used to incorporate a...

  19. An ecosystem service approach to support integrated pond management: A case study using Bayesian belief networks – Highlighting opportunities and risks

    NARCIS (Netherlands)

    Landuyt, D.; Lemmens, P.; D'Hondt, R.; Broekx, S.; Liekens, I.; De Bie, T.; Declerck, S.A.J.; De Meester, L.; Goethals, P.

    2014-01-01

    Freshwater ponds deliver a broad range of ecosystem services (ESS). Taking into account this broad range of services to attain cost-effective ESS delivery is an important challenge facing integrated pond management. To assess the strengths and weaknesses of an ESS approach to support decisions in

  20. Risk management in nuclear power social aspects

    International Nuclear Information System (INIS)

    Sappa, N.N.

    1996-01-01

    Problems connected with safety evaluation and risk management during operation of nuclear power installations are considered. Social aspects of risk assessment of enterprises with increased danger are discussed

  1. RISK MANAGEMENT AS CHALLENGE TO TODAY’S ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Iwona Gorzeń-Mitka

    2013-07-01

    Full Text Available Risk and its management are becoming increasingly important issues in modern theory and practice of managing organizations. It is propounded that organizations, regardless of the type or size of activity they carry out, take into account the impact of risk in their decisions and processes. Managerial approach to risk is aimed at reducing the extent to which risk impacts the functioning of an organization, allowing it to take optimal decisions. At the same time, changes occurring in the environment increase manifold the risk that organizations are forced to take. Inadequacy of the existing, traditional approaches to risk management, which often do not correspond to the dynamics of the changes in the environment in which today’s organizations function, makes it necessary to look for new, innovative managerial solutions. This has led to the emergence of the paradigm of enterprise risk management (ERM.

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

    CERN Document Server

    Aven, Terje

    2014-01-01

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

  3. Strategic raw materials. Risk management

    International Nuclear Information System (INIS)

    Bertau, Martin; Matschullat, Joerg; Kausch, Peter

    2014-01-01

    This volume is divided into four chapters: (1) Raw material management, (2) Primary raw materials, (3) Secondary raw materials and recycling, (4). Processing and products. The topics for the chapter ''Raw material management'' are: Substitution of raw materials - framework conditions and implementation; Thales: Strategic raw materials; Time for cooperation between the EU and China in raw materials policy; Availability of elements for the semiconductor industry; Market price risks of raw material-intensive companies - identification and management. The topics on the second item ''Primary raw materials'' are: The supply of economic-critical raw materials - A search and analysis for causes; Lithium extraction from primary raw materials - state and perspectives; The global market of rare earths - A balancing act; Rare earth deposits in Namibia; New technologies in exploration and discovery - Focus on activities in Europe. The third chapter, ''Secondary Raw Materials and Recycling'', covered the topics: Technology metals - Systemic Requirements along the recycling chain; Integrated re-use of high-tech and greentech wastes; From the sewage sludge ash to the phosphorus fertilizer RecoPhos P38 in the stress field of waste, fertilizer and soil protection. In chapter 4. ''Processing and products'' are the topics: Treatment and processing of rare earth metals; Processing of mineral resources - opportunities and challenges; Consequences of modern germanium chemistry; Strategic resources - Risk management. A review and outlook with a pinch of fantasy.. [de

  4. Risk communication: a mental models approach

    National Research Council Canada - National Science Library

    Morgan, M. Granger (Millett Granger)

    2002-01-01

    ... information about risks. The procedure uses approaches from risk and decision analysis to identify the most relevant information; it also uses approaches from psychology and communication theory to ensure that its message is understood. This book is written in nontechnical terms, designed to make the approach feasible for anyone willing to try it. It is illustrat...

  5. Stress Analysis in Managing the Region’s Budget Risks

    Directory of Open Access Journals (Sweden)

    Natalya Pavlovna Pazdnikova

    2014-09-01

    Full Text Available The article addresses the implementation of budget risk management methods into the practices of governmental authorities. Drawing on the example of a particular region the article aims to demonstrate the possible methods of budget risk management. The authors refine the existing approaches to the notion of risk in its relation to budget system by introducing the notion of “budget risk.” Here the focus is the risk of default of budget spending in full which causes underfunding of territories and decrease in quality of life in the region. The authors have particularized the classification of budget risks and grouped together the criteria and factors which significantly influence the assessment and choice of method to manage budget risks. They hypothesize that budget risk is a financial risk. Therefore, the methods of financial risks management can be applied to budget risks management. The authors suggest a methodological approach to risk assessment based on correlation and regression analysis of program financing. The application of Kendall rank correlation coefficient allowed to assess the efficiency of budget spending on the implementation of state programs in Perm Krai. Two clusters — “Nature management and infrastructure” and “Public security” — turned out to be in the zone of high budget risk. The method of stress analysis, which consists in calculating Value at Risk (VaR, was applied to budget risks that in terms of probability are classified as critical. In order to assess risk as probability rate, the amount of Perm Krai deficit budget was calculated as induced variable from budget revenues and spending. The results demonstrate that contemporary management of public resources in the regions calls for the implementation of new management tools of higher quality and budget risk management is one of them.

  6. 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)

  7. Risk-informed approach in US-APWR technical specifications

    International Nuclear Information System (INIS)

    Saji, Etsuro; Tanaka, Futoshi; Kuroiwa, Katsuya; Kawai, Katsunori

    2009-01-01

    The Risk-Managed Technical Specifications and the Surveillance Frequency Control Program have been adopted in the US-APWR Technical Specifications. These risk-informed approaches are unique among the technical specifications for the advanced light water reactor designs adopted by planned nuclear power stations in the United States. (author)

  8. Importance of whole-farm risk management in agriculture

    NARCIS (Netherlands)

    Huirne, R.B.M.; Meuwissen, M.P.M.; Asseldonk, van M.A.P.M.

    2007-01-01

    Risk management is an increasingly important topic. At the farm level, it received little attention in Europe. Research indicates that whole-farm riskmanagement approaches, that is approaches in which multiple risks and farm activities are considered simultaneously, seem more efficient than `single

  9. A positive risk approach when clients choose to live at risk: a palliative case discussion.

    Science.gov (United States)

    De Bono, Christopher E; Henry, Blair

    2016-09-01

    The article discusses recent approaches in the literature about clients who chose to live at risk in their homes. It argues for a positive risk-based approach and a tool to help manage risk in the home, and applies these to a hypothetical end-of-life scenario. Historically, safety plans to consider risk management involved a culture of risk aversion supported by sometimes paternalistic motives intended to protect vulnerable clients. New findings in the literature engage in a process that respects the ethical principles underlying harm reduction philosophies. The literature also argues for a perspective that moves away from viewing risk as only harmful, to one that supports a positive understanding of risk as part of a client's informed choice. A risk support management plan, based on a positive approach, can provide a way to both support a client's choice to live at risk, anticipate for expected complications, and inform the creation of a contingency plan to address concerns as they may arise. The added value of a structured approach like the one proposed here for risk support management plans is that it provides adequate due diligence and informed decision-making when planning for risk-taking in complex situations.

  10. Adoption of Building Information Modelling in project planning risk management

    Science.gov (United States)

    Mering, M. M.; Aminudin, E.; Chai, C. S.; Zakaria, R.; Tan, C. S.; Lee, Y. Y.; Redzuan, A. A.

    2017-11-01

    An efficient and effective risk management required a systematic and proper methodology besides knowledge and experience. However, if the risk management is not discussed from the starting of the project, this duty is notably complicated and no longer efficient. This paper presents the adoption of Building Information Modelling (BIM) in project planning risk management. The objectives is to identify the traditional risk management practices and its function, besides, determine the best function of BIM in risk management and investigating the efficiency of adopting BIM-based risk management during the project planning phase. In order to obtain data, a quantitative approach is adopted in this research. Based on data analysis, the lack of compliance with project requirements and failure to recognise risk and develop responses to opportunity are the risks occurred when traditional risk management is implemented. When using BIM in project planning, it works as the tracking of cost control and cash flow give impact on the project cycle to be completed on time. 5D cost estimation or cash flow modeling benefit risk management in planning, controlling and managing budget and cost reasonably. There were two factors that mostly benefit a BIM-based technology which were formwork plan with integrated fall plan and design for safety model check. By adopting risk management, potential risks linked with a project and acknowledging to those risks can be identified to reduce them to an acceptable extent. This means recognizing potential risks and avoiding threat by reducing their negative effects. The BIM-based risk management can enhance the planning process of construction projects. It benefits the construction players in various aspects. It is important to know the application of BIM-based risk management as it can be a lesson learnt to others to implement BIM and increase the quality of the project.

  11. Environmental risk management for pharmaceutical compounds

    Energy Technology Data Exchange (ETDEWEB)

    Voulvoulis, N [Imperial College London (United Kingdom)

    2004-09-15

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

  12. Environmental risk management for pharmaceutical compounds

    Energy Technology Data Exchange (ETDEWEB)

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

    2004-09-15

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

  13. 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.

  14. GERIHCO "Gestion des Risques et Histoire des Coulées Boueuses" - Risk Management and History of Muddy Floods / An interdisciplinary approach to understand the muddy floods risk (Alsace - France)

    Science.gov (United States)

    Heitz, C.; Rozan, A.; Auzet, A.; Koller, R.; Wintz, M.

    2012-12-01

    stakeholders has to be initiate to define the best practices and the best way to manage muddy floods and their damages. The psychosocial analyse (based on questionnaires) allows us to understand the agents' behaviors and then to identify the potential protective measures they should adopt. Surveys among farmers highlight their willingness to set up fascines in their fields. The results show that: they perceive fascines as a "solution of emergency", negative aspects mainly concern the cost, the integration in the landscape and the care and maintenance of the fascines, there is a lack of information dealing with the protective measures and their efficiency. All the results show that the management of a natural disaster occurring every year in some cases and damaging inhabitants as well as farmers has to be managed with a collaborative approach: all actors have to be involved in the settlement of mitigation measures. The financial support of the local Water Agency allows us to implement the different studies and then to communicate largely the results of the program. This investment also shows the interest of such an approach in risk studies.

  15. Risk management for buildings -- Has the time come?

    Energy Technology Data Exchange (ETDEWEB)

    Berry, D.L.; Hunter, R.L.

    1997-08-01

    There are both incentives and challenges for applying formal risk management processes to buildings and other structures, including bridges, highways, dams, stadiums, shopping centers, and private dwellings. Based on an assessment of several issues, the authors conclude that for certain types of buildings and structures the time has come for the use of a formal risk-management approach, including probabilistic risk assessment methods, to help identify dominant risks to public health, safety, and security and to help manage these risks in a cost-effective manner.

  16. 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

  17. 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

  18. Operational Risk Management and Military Aviation Safety

    National Research Council Canada - National Science Library

    Ashley, Park

    1999-01-01

    .... The Army's Class A aviation mishap rate declined after it implemented risk management (RM) principles in 1987. This reduction caught the attention of Air Force leadership who have since stated that the application of operational risk management...

  19. Control of the development and prevalence of antimicrobial resistance in bacteria of food animal origin in Japan: a new approach for risk management of antimicrobial veterinary medicinal products in Japan.

    Science.gov (United States)

    Asai, Tetsuo; Hiki, Mototaka; Ozawa, Manao; Koike, Ryoji; Eguchi, Kaoru; Kawanishi, Michiko; Kojima, Akemi; Endoh, Yuuko S; Hamamoto, Shuichi; Sakai, Masato; Sekiya, Tatsuro

    2014-03-01

    Antimicrobial agents are essential for controlling bacterial disease in food-producing animals and contribute to the stable production of safe animal products. The use of antimicrobial agents in these animals affects the emergence and prevalence of antimicrobial resistance in bacteria isolated from animals and animal products. As disease-causing bacteria are often transferred from food-producing animals to humans, the food chain is considered a route of transmission for the resistant bacteria and/or resistance genes. The Food Safety Commission of Japan (FSC) has been assessing the risk posed to human health by the transmission of antimicrobial-resistant bacteria from livestock products via the food chain. In addition to the FSC's risk assessments, the Japanese Ministry of Agriculture, Forestry and Fisheries has developed risk-management guidelines to determine feasible risk-management options for the use of antimicrobial veterinary medicinal products during farming practices. This report includes information on risk assessment and novel approaches for risk management of antimicrobial veterinary medicinal products for mitigating the risk of development and prevalence of antimicrobial resistance in bacteria originating from food-producing animals in Japan.

  20. An Integrated Approach to Identification, Assessment and Management of Watershed-Scale Risk for Sustainable Water Use Through Reuse and Recycling

    Science.gov (United States)

    Hunter, C. K.; Bolster, D.; Gironas, J. A.

    2014-12-01

    Water resources are essential to development, not only economically but also socially, politically and ecologically. With growing demand and potentially shrinking supply, water scarcity is one of the most pressing socio-ecological problems of the 21st century. Considering implications of global change and the complexity of interrelated systems, uncertain future conditions compound problems associated with water stress, requiring hydrologic models to re-examine traditional water resource planning and management. The Copiapó water basin, located in the Atacama Desert of northern Chile exhibits a complex resource management scenario. With annual average precipitation of only 28 mm, water intensive sectors such as export agriculture, extensive mining, and a growing population have depleted the aquifeŕs reserves to near critical levels. Being that global climate change models predict a decrease in already scarce precipitation, and that growing population and economies demand will likely increase, the real future situation might be even worse than that predicted. A viable option for alleviation of water stress, water reuse and recycling has evolved through technological innovation to feasibly meet hydraulic needs with reclaimed water. For the proper application of these methods for resource management, however, stakeholders must possess tools by which to quantify hydrologic risk, understand its factors of causation, and choose between competing management scenarios and technologies so as to optimize productivity. While previous investigations have addressed similar problems, they often overlook aspects of forecasting uncertainty, proposing solutions that while accurate under specific scenarios, lack robustness to withstand future variations. Using the WEAP (Water Evaluation and Planning) platform for hydrologic modeling, this study proposes a methodology, applicable to other stressed watersheds, to quantify inherent risk in water management positions, while considering

  1. Financial Service of Wealth Management Banking: Balanced Scorecard Approach

    OpenAIRE

    Cheng-Ru Wu; Chin-Tsai Lin; Pei-Hsuan Tsai

    2008-01-01

    Problem Statement: There are four main banking business sectors in Taiwan, involving the areas of consumer, corporate, wealth management, and investment banking. The wealth management banking sector is actively promoted for reaping a risk-free premium. In the proposed model, the dimensions of financial services for wealth management banks have been taken from four perspectives derived from balanced scorecard approach, viz. finance, customer, internal business, learning and growth. Approach: T...

  2. 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...

  3. 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.

  4. Risk, Risk Perception, Risk Management – a Review of the Literature

    OpenAIRE

    Tamás Vasvári

    2015-01-01

    Risks have become an integral part of our society. In this context, the aim of this paper is to provide a summary of the findings of risk research conducted in different fields of study and to trace the effect of these findings on risk management practices. The basic approaches to risk presented in this paper show that the notions of probability employed in studying processes in any area of life belong in the province of epistemology rather than ontology. Therefore, subjectivity cannot be com...

  5. 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

  6. Therapeutic risk management of the suicidal patient: safety planning.

    Science.gov (United States)

    Matarazzo, Bridget B; Homaifar, Beeta Y; Wortzel, Hal S

    2014-05-01

    This column is the fourth in a series describing a model for therapeutic risk management of the suicidal patient. Previous columns presented an overview of the therapeutic risk management model, provided recommendations for how to augment risk assessment using structured assessments, and discussed the importance of risk stratification in terms of both severity and temporality. This final column in the series discusses the safety planning intervention as a critical component of therapeutic risk management of suicide risk. We first present concerns related to the relatively common practice of using no-suicide contracts to manage risk. We then present the safety planning intervention as an alternative approach and provide recommendations for how to use this innovative strategy to therapeutically mitigate risk in the suicidal patient.

  7. A non-Gaussian approach to risk measures

    Science.gov (United States)

    Bormetti, Giacomo; Cisana, Enrica; Montagna, Guido; Nicrosini, Oreste

    2007-03-01

    Reliable calculations of financial risk require that the fat-tailed nature of prices changes is included in risk measures. To this end, a non-Gaussian approach to financial risk management is presented, modelling the power-law tails of the returns distribution in terms of a Student- t distribution. Non-Gaussian closed-form solutions for value-at-risk and expected shortfall are obtained and standard formulae known in the literature under the normality assumption are recovered as a special case. The implications of the approach for risk management are demonstrated through an empirical analysis of financial time series from the Italian stock market and in comparison with the results of the most widely used procedures of quantitative finance. Particular attention is paid to quantify the size of the errors affecting the market risk measures obtained according to different methodologies, by employing a bootstrap technique.

  8. Best practice vendor risk management in today's interconnected world.

    Science.gov (United States)

    Beale, Ian

    2017-01-01

    This paper explains why vendor/third-party risk is so important to all organisations, as well as the principal risks that organisations must consider. It describes the responsibility of management to manage these risks with support from risk experts at the selection phase and through the ongoing relationship. Different sources of information about the management of the key risks and alternative ways of collecting the data are evaluated. The paper concludes by discussing how both customer and supplier organisations benefit from a balanced approach to risk management. The approach described in the paper applies to organisations of all types and sizes and can be applied to varied supply chains. The data and insights are based on research conducted by CEB.

  9. Development of funding project risk management tools.

    Science.gov (United States)

    2013-11-01

    Funding project risk management is a process for identifying, assessing, and prioritizing project funding risks. To plan to : minimize or eliminate the impact of negative events, one must identify what projects have higher risk to respond to potentia...

  10. Risk management and audit | IDRC - International Development ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    ... a well defined strategic and program framework and sound management processes; and ... A Risk Management Committee supports and monitors the Centre's ... placed on our highly qualified staff in our management of human resources.

  11. A model-based risk management framework

    Energy Technology Data Exchange (ETDEWEB)

    Gran, Bjoern Axel; Fredriksen, Rune

    2002-08-15

    The ongoing research activity addresses these issues through two co-operative activities. The first is the IST funded research project CORAS, where Institutt for energiteknikk takes part as responsible for the work package for Risk Analysis. The main objective of the CORAS project is to develop a framework to support risk assessment of security critical systems. The second, called the Halden Open Dependability Demonstrator (HODD), is established in cooperation between Oestfold University College, local companies and HRP. The objective of HODD is to provide an open-source test bed for testing, teaching and learning about risk analysis methods, risk analysis tools, and fault tolerance techniques. The Inverted Pendulum Control System (IPCON), which main task is to keep a pendulum balanced and controlled, is the first system that has been established. In order to make risk assessment one need to know what a system does, or is intended to do. Furthermore, the risk assessment requires correct descriptions of the system, its context and all relevant features. A basic assumption is that a precise model of this knowledge, based on formal or semi-formal descriptions, such as UML, will facilitate a systematic risk assessment. It is also necessary to have a framework to integrate the different risk assessment methods. The experiences so far support this hypothesis. This report presents CORAS and the CORAS model-based risk management framework, including a preliminary guideline for model-based risk assessment. The CORAS framework for model-based risk analysis offers a structured and systematic approach to identify and assess security issues of ICT systems. From the initial assessment of IPCON, we also believe that the framework is applicable in a safety context. Further work on IPCON, as well as the experiences from the CORAS trials, will provide insight and feedback for further improvements. (Author)

  12. Managing risks: Seveso and Harrisburg

    International Nuclear Information System (INIS)

    Conrads-Herzog, A.; Krebsbach-Gnath, C.

    1980-01-01

    The publications dealing with the technical, organisation-relevant, and social preconditions for risk strategies rely on second-hand information, i.e. the conclusions which are drawn from the production accident in Seveso and the TMI-accident. A comparison results in common facts as well as in fundamental differences. In contrast to the authorities in Italy the authorities in the United States intervened more rapidly; the management of necessary measures was taken over by the authorities and very good information was given. (DG) [de

  13. 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

  14. Strategic PSYOP Management: A Marketing Management Approach

    National Research Council Canada - National Science Library

    Sokoloski, Joseph A., III

    2005-01-01

    .... The opportunity derived from this study is to adapt principles of civilian marketing management to provide a framework and tools to develop PSYOP campaign management into a more efficient, target audience based mechanism.

  15. Integrating remote sensing approach with pollution monitoring tools for aquatic ecosystem risk assessment and management: a case study of Lake Victoria (Uganda).

    Science.gov (United States)

    Focardi, Silvia; Corsi, Ilaria; Mazzuoli, Stefania; Vignoli, Leonardo; Loiselle, Steven A; Focardi, Silvano

    2006-11-01

    indicator of insecticides exposure showed significant differences among fish species in both activity and sensitivity of selected inhibitor insecticides. This integrated approach aims at identifying and quantifying selected aquatic environmental issues which integrated with monitoring techniques such as contaminant concentrations and biological responses to insecticides exposure in fish populations will provide a scientific basis for aquatic zones management and assist in policy formulations at the national and international levels.

  16. Human System Risk Management for Space Flight

    Science.gov (United States)

    Davis, Jeffrey

    2015-01-01

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

  17. Managing Macroeconomic Risks by Using Statistical Simulation

    Directory of Open Access Journals (Sweden)

    Merkaš Zvonko

    2017-06-01

    Full Text Available The paper analyzes the possibilities of using statistical simulation in the macroeconomic risks measurement. At the level of the whole world, macroeconomic risks are, due to the excessive imbalance, significantly increased. Using analytical statistical methods and Monte Carlo simulation, the authors interpret the collected data sets, compare and analyze them in order to mitigate potential risks. The empirical part of the study is a qualitative case study that uses statistical methods and Monte Carlo simulation for managing macroeconomic risks, which is the central theme of this work. Application of statistical simulation is necessary because the system, for which it is necessary to specify the model, is too complex for an analytical approach. The objective of the paper is to point out the previous need for consideration of significant macroeconomic risks, particularly in terms of the number of the unemployed in the society, the movement of gross domestic product and the country’s credit rating, and the use of data previously processed by statistical methods, through statistical simulation, to analyze the existing model of managing the macroeconomic risks and suggest elements for a management model development that will allow, with the lowest possible probability and consequences, the emergence of the recent macroeconomic risks. The stochastic characteristics of the system, defined by random variables as input values defined by probability distributions, require the performance of a large number of iterations on which to record the output of the model and calculate the mathematical expectations. The paper expounds the basic procedures and techniques of discrete statistical simulation applied to systems that can be characterized by a number of events which represent a set of circumstances that have caused a change in the system’s state and the possibility of its application in the field of assessment of macroeconomic risks. The method has no

  18. Integrating risk management and safety culture in a framework for risk informed decision making

    International Nuclear Information System (INIS)

    Nelson, W.R.

    2009-01-01

    Operators and regulators of nuclear power plants agree on the importance of maintaining safety and controlling accident risks. Effective safety and risk management requires treatment of both technical and organizational components. Probabilistic Risk Assessment (PRA) provides tools for technical risk management. However, organizational factors are not treated in PRA, but are addressed using different approaches. To bring both components together, a framework of Risk Informed Decision Making (RIDM) is needed. The objective tree structure of the International Atomic Energy Agency (IAEA) is a promising approach to combine both elements. Effective collaboration involving regulatory and industry groups is needed to accomplish the integration. (author)

  19. Managing project risks and uncertainties

    Directory of Open Access Journals (Sweden)

    Mike Mentis

    2015-01-01

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

  20. Multi-stakeholder decision analysis and comparative risk assessment for reuse-recycle oriented e-waste management strategies: a game theoretic approach.

    Science.gov (United States)

    Kaushal, Rajendra Kumar; Nema, Arvind K

    2013-09-01

    This article deals with assessment of the potential health risk posed by carcinogenic and non-carcinogenic substances, namely lead (Pb), cadmium (Cd), copper, chromium (CrVI), zinc, nickel and mercury, present in e-waste. A multi-objective, multi-stakeholder approach based on strategic game theory model has been developed considering cost, as well as human health risk. The trade-off due to cost difference between a hazardous substances-free (HSF) and a hazardous substance (HS)-containing desktop computer, and the risk posed by them at the time of disposal, has been analyzed. The cancer risk due to dust inhalation for workers at a recycling site in Bangalore for Pb, Cr(VI) and Cd was found to be 4, 33 and 101 in 1 million respectively. Pb and Cr(VI) result in a very high risk owing to dust ingestion at slums near the recycling site--175 and 81 in 1 million for children, and 24 and 11 in 1 million for adults respectively. The concentration of Pb at a battery workshop in Mayapuri, Delhi (hazard quotient = 3.178) was found to pose adverse health hazards. The government may impose an appropriate penalty on the land disposal of computer waste and/or may give an incentive to manufacturer for producing HSF computers through, for example, relaxing taxes, but there should be no such incentive for manufacturing HS-containing computers.