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...

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.

A SURVEY OF INTERNATIONAL FINANCIAL RISK MANAGEMENT SYSTEM

Directory of Open Access Journals (Sweden)

SETHI Narayan

2013-12-01

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

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...

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.

[The relevance of clinical risk management].

Science.gov (United States)

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

2011-01-01

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

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

International Nuclear Information System (INIS)

Thekdi, Shital; Aven, Terje

2016-01-01

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

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

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 ...

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.

Radiological environmental risk associated with different water management systems in amang processing in Malaysia

International Nuclear Information System (INIS)

Ismail, B.; Yasir, M.S.; Redzuwan, Y.; Amran, A.M.

2003-01-01

The processing of amang (tin-tailing) for its valuable minerals have shown that it technologically enhanced naturally occurring radioactive materials, and has a potential of impacting the environment. Large volume of water is used to extract these valuable minerals from amang. Three types of water management systems are used by amang plants, i.e. Open Water System (OWS), Close Water System Man-made (CWS mm) and Close Water System Natural (CWSn). A study was carried out to determine the radiological environmental risk associated with these different water management systems in amang processing in Malaysia. The parameters studied were pH of water, Water Quality Indices, and uranium ad thorium concentrations in water and sediments. Three different sampling locations were selected for each water management system, i.e. the source, the receiver and related reference water bodies. Results obtained showed that amang reduces the pH and contaminates the water. However, OWS appears have the least radiological environmental impact. On the contrary both CWS (man-made and natural) pose a potential environmental risk if great care are not given to the treatment of accumulated sediment and contaminated water before discharge into the environment

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.

PERFORMANCE IN INTERNAL CONTROL AND RISK MANAGEMENT

Directory of Open Access Journals (Sweden)

JELER (POPA IOANA

2017-06-01

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

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.

Regional differences in self-reported screening, prevalence and management of cardiovascular risk factors in Switzerland

Science.gov (United States)

2012-01-01

Background In Switzerland, health policies are decided at the local level, but little is known regarding their impact on the screening and management of cardiovascular risk factors (CVRFs). We thus aimed at assessing geographical levels of CVRFs in Switzerland. Methods Swiss Health Survey for 2007 (N = 17,879). Seven administrative regions were defined: West (Leman), West-Central (Mittelland), Zurich, South (Ticino), North-West, East and Central Switzerland. Obesity, smoking, hypertension, dyslipidemia and diabetes prevalence, treatment and screening within the last 12 months were assessed by interview. Results After multivariate adjustment for age, gender, educational level, marital status and Swiss citizenship, no significant differences were found between regions regarding prevalence of obesity or current smoking. Similarly, no differences were found regarding hypertension screening and prevalence. Two thirds of subjects who had been told they had high blood pressure were treated, the lowest treatment rates being found in East Switzerland: odds-ratio and [95% confidence interval] 0.65 [0.50-0.85]. Screening for hypercholesterolemia was more frequently reported in French (Leman) and Italian (Ticino) speaking regions. Four out of ten participants who had been told they had high cholesterol levels were treated and the lowest treatment rates were found in German-speaking regions. Screening for diabetes was higher in Ticino (1.24 [1.09 - 1.42]). Six out of ten participants who had been told they had diabetes were treated, the lowest treatment rates were found for German-speaking regions. Conclusions In Switzerland, cardiovascular risk factor screening and management differ between regions and these differences cannot be accounted for by differences in populations' characteristics. Management of most cardiovascular risk factors could be improved. PMID:22452881

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 )}.

Risk perception as a driver for risk management policies

Science.gov (United States)

Carmona, María; Mañez, María

2016-04-01

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

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.

CEA - Assessment of risk management 2013

International Nuclear Information System (INIS)

Bigot, Bernard; Bonnevie, Edwige; Maillot, Bernard

2014-06-01

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

Structuring and self-competence: How they can make a difference in assessing and managing risk

Directory of Open Access Journals (Sweden)

Virtu Chongtham

2015-01-01

Full Text Available Background: Assessing risk is a mandatory part of standard mental health practice in the West, but is fraught with difficulties. Structuring and self-efficacy are important factors, but there is near absence of work on this aspect from India. This study aimed to determine how these two concepts can make a difference in assessing and managing risk. Methods: A prospective cross-sectional study over 2 months was conducted with 35 participants (dealing with patients with mental illnesses from Department of Psychiatry, Government Medical College and Hospital-32, Chandigarh and 30 participants in comparison group (dealing with people with intellectual disabilities from Regional Institute of Mentally Handicapped-31, Chandigarh using Risk Assessment and Management Self-efficacy Scale (RAMSES. Results : In overall sample (n = 65, only 17% reported using a screening instrument while 62% reported use of screening questions thereby making the total prevalence of use of screening instruments and/or questions as 79%. Total RAMSES score and mean score for all three domains was 7.14 and between 7 and 8 respectively for the study group; while for the comparison group, the total RAMSES score was 7.92 and the mean score for all three domains was between 7 and 9 respectively indicating above average level of reported self-efficacy. For the individual RAMSES items, a lower competency (<7 for study group and (<8 for comparison group was reported for formal or written process related to synthesis of risk assessment and risk management. The study group showed lower self-efficacy scores on majority of individual RAMSES items, 2/3 domains and overall score. Conclusions: Indian mental health professionals of different backgrounds with varying duration of experience reported reasonable degree of competence regarding risk assessment (primarily for the risk toward self and others. Hence, we recommend that they embrace the western concept of "risk assessment" by incorporating

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

International Nuclear Information System (INIS)

Anon.

1996-01-01

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

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.

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.

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.

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.

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

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.

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.

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

Science.gov (United States)

Moorman, Jessica D; Harrison, Kristen

2016-09-01

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

The Dynamics of Foreign Exchange Rate Risk Management in Different Enterprises

OpenAIRE

Khaldoun M. Al-Qaisi

2012-01-01

Foreign currency exchange management is very crucial in firms with foreign deals. The objective of this research was to study the management practices in Jordanian firms of foreign exchange management and its risk on these firms. A questionnaire was used to collect data using a stratified random sample. The results show that the firms interested with foreign currency exchange management as it forms more that 50% of its deals. Most of firms indicated that they have a policy for foreign exchang...

Benchmarking Outdoor Expeditionary Program Risk Management Strategies

Science.gov (United States)

Meerts-Brandsma, Lisa; Furman, Nate; Sibthorp, Jim

2017-01-01

In 2003, the University of Utah and the National Outdoor Leadership School (NOLS) completed a study that developed a risk management taxonomy in the outdoor adventure industry and assessed how different outdoor expeditionary programs (OEPs) managed risk (Szolosi, Sibthorp, Paisley, & Gookin, 2003). By unifying the language around risk, the…

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...

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

Effects of Risk Management Practices on IT Project Success

Directory of Open Access Journals (Sweden)

Pimchangthong Daranee

2017-03-01

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

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

CERN Document Server

Hopkin, Paul

2012-01-01

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

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.

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

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.

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

Science.gov (United States)

Ray, Paul S.

2002-01-01

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

The Imperative of Enterprise Risk Management in the Value-Creating Process

Directory of Open Access Journals (Sweden)

Keul M.

2009-12-01

Full Text Available A growing emphasis on risk assessment has marked the past 20 years of financial theory and practice and risk management has emerged as an independent research area. The present study focuses on enterprise risk management strategies which, in contrast to portfolio risk management, require different ways of thinking and different tools to use. With an understanding of risks and their consequences, firms can develop a strategic risk management strategy and exploit risks for higher returns rather than hedging.

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

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

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

Perceived and calculated health risks: do the impacts differ

International Nuclear Information System (INIS)

Payne, B.A.; Williams, R.G.

1986-01-01

In many cases of radioactive and hazardous waste management, some members of the general public perceive that human health risks associated with the wastes are higher than the calculated risks. Calculated risks are projections that have been derived from models, and it is these risks that are usually used as the basis for waste management. However, for various reasons, the calculated risks are often considered by the public as too low or inappropriate. The reasons that calculated risks are not perceived as accurate and the factors that affect these perceptions are explored in this paper. Also discussed are the impacts related to the perceived and calculated health risks: what they are, and if and how they differ. The kinds of potential impacts examined are health effects, land value changes, and social, transportation, and economic effects. The paper concludes with a discussion of the implications of incorporating these different risk perspectives in decisions on waste management

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)

PERFORMANCE IN INTERNAL CONTROL AND RISK MANAGEMENT

OpenAIRE

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

2017-01-01

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

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)

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...

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.

[Risk assessment and control strategies of pests in Lycium barbarum fields under different managements].

Science.gov (United States)

Zhao, Zi-Hua; Zhang, Rong; He, Da-Han; Wang, Fang; Zhang, Ting-Ting; Zhang, Zong-Shan

2009-04-01

In the risk assessment of pests, both the community structure and the environmental factors should be considered at the same time, because of their mutual effects on the outbreak of disaster pests. This paper established a comprehensive assessment system, including 2 sub-systems, 5 respects, and 14 indices. In the meanwhile, risk assessment indices and experience formula were used to analyze the risk degree of pests in Lycium barbarum fields under different managements. It was found that using risk assessment indices and experience formula could obtain similar results. In abandoned field, Aceria palida, Aphis sp., and Paratrioza sinica were the frequent disaster pests, Lema decempunctata, Neoceratitis asiatica, Jaapiella sp., and Phthorimaea sp. were the incidental disaster pests, and Psylliodes obscurofaciata and Phthorimaea sp. were general pests. In organic field, the frequent disaster pests were the same species as those in abandoned field, while P. indicus, Jaapiella sp. and Phthorimaea sp. were the incidental disaster pests. In chemical control field, A. palida, Aphis sp., P. sinica, and P. indicus were the frequent disaster pests, while Jaapiella sp. and Phthorimaea sp. were the incidental disaster pests. Optimal 5 separations most fitted the division of pest sub-communities in L. barbarum fields, which were infancy period (from March 28 to April 15), outbreak I period (from April 15 to July 18), dormancy period (from July 18 to September 8), outbreak II period (from September 8 to October 15), and recession period (after October 15). The matrix of correlation coefficient showed that the dynamics of pests in L. barbarum fields under different managements were significantly correlated with each other, suggesting that the dynamics of pest populations was similar in different L. barbarum fields, which had two population establishment stages and one exponential growth stage in every year. The optimal controlling stages were from late infancy period to early and

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....

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 ...

Is ALARP applicable to the management of terrorist risks?

International Nuclear Information System (INIS)

Guikema, S.D.; Aven, T.

2010-01-01

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

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.

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...

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.

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...

Risks Management of Ready-Made Garments Industry In Bangladesh

Directory of Open Access Journals (Sweden)

Morshadul Hasan

2017-08-01

Full Text Available The primary objective of this paper is to identify the associated risks in ready made garments sector and find out the ways how these risks can be mitigated. The sample respondents are selected from the different company in different locations, and different level of the respondents are interviewed for collecting information randomly from 45 garments factory from the total population size 4328 company. It has been found in this research that almost all the risks are properly controlled or managed by the responsible parties. The responsible parties of controlling risks are trying most to control the risks. There is few past research about risks management of ready-made garments industry in Bangladesh. Different types of risks and the risks controlling technique will be discussed in the letter part of this research.

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

OpenAIRE

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

2007-01-01

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

Risk Management - Variance Minimization or Lower Tail Outcome Elimination

DEFF Research Database (Denmark)

Aabo, Tom

2002-01-01

on future cash flows (the budget), while risk managers concerned about costly lower tail outcomes will hedge (considerably) less depending on the level of uncertainty. A risk management strategy of lower tail outcome elimination is in line with theoretical recommendations in a corporate value......This paper illustrates the profound difference between a risk management strategy of variance minimization and a risk management strategy of lower tail outcome elimination. Risk managers concerned about the variability of cash flows will tend to center their hedge decisions on their best guess......-adding perspective. A cross-case study of blue-chip industrial companies partly supports the empirical use of a risk management strategy of lower tail outcome elimination but does not exclude other factors from (co-)driving the observations....

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)

Decision support for utility environmental risk management

International Nuclear Information System (INIS)

Balson, W.E.; Wilson, D.S.

1991-01-01

This paper reviews a number of decision support methods developed and applied by Decision Focus Incorporated to help utility personnel manage current environmental problems. This work has been performed for the Environmental Risk Analysis Program of EPRI's Environment Division, and also for a number of electric utilities across the country. These are two distinct types of decision support software tools that have been created: economic risk management and environmental risk analysis. These types differ primarily in the identification of who will make a decision. Economic risk management tools are directed primarily at decisions made by electric utilities. Environmental risk analysis tools are directed primarily at decisions made by legislative or regulatory agencies, about which a utility may wish to comment

Sustainable flood risk management – What is sustainable?

DEFF Research Database (Denmark)

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

2016-01-01

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

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...

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).

Quantifying risk and accuracy in cancer risk assessment: the process and its role in risk management problem-solving.

Science.gov (United States)

Turturro, A; Hart, R W

1987-01-01

A better understanding of chemical-induced cancer has led to appreciation of similarities to problems addressed by risk management of radiation-induced toxicity. Techniques developed for cancer risk assessment of toxic substances can be generalized to toxic agents. A recent problem-solving approach for risk management of toxic substances developed for the U.S. Department of Health and Human Services, and the role of risk assessment and how uncertainty should be treated within the context of this approach, is discussed. Finally, two different methods, research into the assumptions underlying risk assessment and the modification of risk assessment/risk management documents, are used to illustrate how the technique can be applied.

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

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...

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.

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.

Analysis of interactions among barriers in project risk management

Science.gov (United States)

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

2018-03-01

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

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)

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

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 ...

Process-based project proposal risk management

Directory of Open Access Journals (Sweden)

Alok Kumar

2016-12-01

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

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.

[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.

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

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 ...

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.

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.

Ethnic Differences in HIV Risk Behaviors Among Methadone-Maintained Women Receiving Contingency Management for Cocaine Use Disorders

Science.gov (United States)

Barry, Danielle; Weinstock, Jeremiah; Petry, Nancy M.

2008-01-01

Objective To identify ethnic differences in HIV risk behaviors among cocaine using women receiving methadone maintenance for opioid dependence, and to evaluate the efficacy of contingency management (CM) for cocaine use disorders in reducing HIV risk behaviors. Methods African American (N=47), Hispanic (N=47), and White women (N = 29) were randomized to standard methadone treatment or standard methadone treatment plus a CM intervention. They completed the HIV Risk Behavior Scale (HRBS) indicating frequency of drug use and sexual behaviors across the lifetime, in the month before baseline, and in the 3 months following clinical trial participation. Ethnic group differences and the effect of CM on change in HIV risk behaviors between baseline and follow-up were evaluated. Results White women reported significantly higher lifetime rates of risky drug use and sexual behaviors on the HRBS than African American women; neither group differed significantly from Hispanic women. No ethnic group differences in HIV risk behaviors were identified in the month prior to baseline. At follow-up, African American women reported fewer high-risk drug use behaviors than White or Hispanic women, and Hispanic women reported more high-risk sexual behaviors than White or African American women. CM was associated with reduction in high-risk drug use behaviors regardless of ethnicity, but did not affect high-risk sexual behaviors. Conclusions White women receiving methadone maintenance engage in more lifetime HIV risk behaviors than African American women. CM for cocaine use reduces risky drug use behaviors, but certain ethnic groups may benefit from additional targeted HIV prevention efforts. PMID:18684571

Risk Management Improvement of Engineering Projects in Woodworking Industry

Directory of Open Access Journals (Sweden)

Simona Bartkutė

2014-02-01

Full Text Available Risk is a complex phenomenon that has physical, monetary, cultural and social dimensions. Every company wants tosave money, time, increase quality, optimise manufacturing, but each factor may involve different risks with different influenceto company, its reputation. The aim of the research is to find better risk management improvement decisions, using techniquesthat could help to reduce risk impact in wood-based nonstandard production with shorter project time, smoother design process,lower costs, better project coordination, increased ability to manage problems, technical solutions.

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

International Nuclear Information System (INIS)

Aristizabal, Edier; Vargas, Richard

2008-01-01

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

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.

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

Science.gov (United States)

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

2010-01-01

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

The role of internal audit in companies' risk management

Directory of Open Access Journals (Sweden)

Vlaović-Begović Sanja

2012-01-01

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

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...

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.

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.

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.

Probability concepts in quality risk management.

Science.gov (United States)

Claycamp, H Gregg

2012-01-01

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

THE MANAGEMENT OF RISKS IN BUSINESS AND IN THE MANAGEMENT OF HUMAN RESOURCES

Directory of Open Access Journals (Sweden)

Reta CONDEI

2014-10-01

Full Text Available The characteristics of market economy and coordinates of modern life have determinate both individual level and organizations increase of number of risk who can affect us, of their dimensions and of the consequences which induce them, but at the same time a highest need of firm security. In economic and financial department was develop an entire area –management risk and many financial instruments to reduce or diminish risk. The behaviour of economical agents respectively of the entrepreneurs and managers is different according to the risk in many respects: risk adversaries unaffected to risk and risk belovers who leave mark on decisions take it. Management risk is an cyclical process with distinct stages: risk identification, risk analyses and risk reactions. The management of this phenomenon goes from this context and the firm objectives, analyse the risk factors into a security conception having the purpose to minimize the risks and the cost. The policies of occupational safety and health at the level of the organization must include information regarding: the general security and health policy at work; the specific risks and the way of dealing with them; the responsibility of the managers in this field; the measures of implementation of these policies and must be based on: Employee safety is very important; Safety is prior to efficiency; Employee safety leads to advantages and efficiency; Respecting the regulations

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.

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.

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.

Bayesian network as a modelling tool for risk management in agriculture

DEFF Research Database (Denmark)

Rasmussen, Svend; Madsen, Anders Læsø; Lund, Mogens

The importance of risk management increases as farmers become more exposed to risk. But risk management is a difficult topic because income risk is the result of the complex interaction of multiple risk factors combined with the effect of an increasing array of possible risk management tools. In ......, and that it has the ability to link uncertainty from different external sources to budget figures and to quantify risk at the farm level....

Risk and investment management in liberalized electricity markets

DEFF Research Database (Denmark)

Lemming, Jacob Kjærgaard

2005-01-01

markets affects the nancial risk related to different decision problems within the areas of risk management and investments in liberalized electricity markets. Focus is on applied microeconomics and analyzes of the interplay between market design parameters and the technical characteristics...... of the electricity system. Theory, literature and introduction to speci c problem areas related to risk management and investments is provided in two separate introductory chapters. Contributions to research within specific problems areas is then subsequently provided by five research papers. The two topics...... are relatively broad, however the two chapters and ve papers all share analyzes of nancial risk in liberalized electricity markets as a common underlying theme. The risk management part of the thesis focusses on modelling and measurement of financial risk in electricity markets. Key topics are electricity price...

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.

Risk and/or resilience management

Directory of Open Access Journals (Sweden)

Jean-Paul Louisot

2015-06-01

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

Operational Risk Assesement Tools for Quality Management in Banking Services

OpenAIRE

Dima, Alina Mihaela

2009-01-01

Among all the different types of risks that can affect financial companies, the operational risk can be the most devastating and the most difficult to anticipate. The management of operational risk is a key component of financial and risk management discipline that drives net income results, 2capital management and customer satisfaction. The present paper contains a statistical analysis in order to determine the number of operational errors as quality based services determinants, depending on...

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)

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)

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.

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...

Risk Management Challenges in Large-scale Energy PSS

DEFF Research Database (Denmark)

Tegeltija, Miroslava; Oehmen, Josef; Kozin, Igor

2017-01-01

data and representation of the results to the decision makers play an important role. Second, we introduce a selection of alternative, so-called “post-probabilistic”, risk management methods developed across different scientific fields to cope with uncertainty due to lack of knowledge. Possibilities......Probabilistic risk management approaches have a long tradition in engineering. A large variety of tools and techniques based on the probabilistic view of risk is available and applied in PSS practice. However, uncertainties that arise due to lack of knowledge and information are still missing...... for overcoming industrial PSS risk management challenges are suggested through application of post-probabilistic methods. We conclude with the discussion on the importance for the field to consider their application....

On the new ISO guide on risk management terminology

International Nuclear Information System (INIS)

Aven, Terje

2011-01-01

A new ISO guide on risk management terminology has recently been issued. The guide provides basic vocabulary for developing a common understanding of risk assessment and risk management concepts and terms among organisations and functions, and across different application areas. It provides the foundation of, for example, the ISO 31000 standard on risk management. The guide strongly influences the risk assessment and risk management field, and its quality is thus of utmost importance. In this paper a critical review of the guide is conducted. We argue that the guide fails in several ways in producing consistent and meaningful definitions of many of the key concepts covered. A main focus is placed on the risk concept, which is defined as the effect of uncertainty on objectives, but also many other definitions are looked into, including probability, vulnerability, hazard, risk identification and risk description. Examples are used to illustrate the problems and show how they can be rectified. Although the focus is on the ISO guide, the discussion is to a large extent general. The overall aim of the paper is to contribute to the further development of the area of risk assessment and risk management by strengthening its conceptual basis.

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.

The effectiveness of different instruction methods for risk and safety management in relation to medical profession and seniority

NARCIS (Netherlands)

Navot Pikkel, Dvora

2017-01-01

The study, which was guided by Prof.dr J.b. Rijsman as promotor and by Dr. Y.T. Tal as co- promotor, was a comparative interventional study that was designed to evaluate the effectiveness of different teaching & educational strategies of risk management and patient's safety in medicine. Eventually,

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

THE ANALYSIS OF RISK MANAGEMENT PROCESS WITHIN MANAGEMENT

Directory of Open Access Journals (Sweden)

ROMANESCU MARCEL LAURENTIU

2016-10-01

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

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...

On Best Practices for Risk Management in Complex Projects

Directory of Open Access Journals (Sweden)

Dan BENTA

2011-01-01

Full Text Available Risk management shall be proactive. This is one of the key preliminaries to cope with the challenges of complex projects. An overarching and consistent view on project risks and uncertainties is necessary to follow a holistic approach in project risk management. Uncertainty is inevitable since projects are unique and temporary undertakings based on assumptions and constraints, delivering project results to multiple stakeholders with different requirements. Project management can be seen as an attempt to control this uncertain environment, through the use of structured and disciplined techniques such as estimating, planning, cost control, task allocation, earned value analysis, monitoring, and review meetings. Each of these elements of project management has a role in defining or controlling inherent variability in projects. Project risk management provides approaches by which uncertainty can be understood, assessed, and managed within projects. A number of associations (e.g., Project Management Institute – PMI®, International Project Management Association – IPMA,or Network of Nordic Project Management Associations - NORDNET work constantly in acquiring, improving, and standardizing best practices in project management.Based on the industrial practice, this paper outlines strategies to identify, prioritize, and mitigate risks for achievement of project’ or organizational objectives.

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...

Models for assessing and managing credit risk

Directory of Open Access Journals (Sweden)

Neogradi Slađana

2014-01-01

Full Text Available This essay deals with the definition of a model for assessing and managing credit risk. Risk is an inseparable component of any average and normal credit transaction. Looking at the different aspects of the identification and classification of risk in the banking industry as well as representation of the key components of modern risk management. In the first part of the essay will analyze how the impact of credit risk on bank and empirical models for determining the financial difficulties in which the company can be found. Bank on the basis of these models can reduce number of approved risk assets. In the second part, we consider models for improving credit risk with emphasis on Basel I, II and III, and the third part, we conclude that the most appropriate model and gives the best effect for measuring credit risk in domestic banks.

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...

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?”

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...

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.

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...

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.

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

The adoption and design of Enterprise Risk Management practices : An empirical study

NARCIS (Netherlands)

Paape, L.; Speklé, R.F.

2012-01-01

We examine (1) the extent of enterprise risk management (ERM) implementation and the factors that are associated with cross-sectional differences in the level of ERM adoption, and (2) specific risk management design choices and their effect on perceived risk management effectiveness. Broadly

Autonomous Weapon Systems and Risk Management in Hybrid Networks

DEFF Research Database (Denmark)

Nørgaard, Katrine

hand, governments and military services hope to develop game-changing technologies, that are ‘better, faster and cheaper’. In this paper, I wish to show how different and competing regimes of justification shape the technopolitical controversy and risk management of autonomous weapon systems...... of justification and risk management in contemporary conflicts....

Surveying perceptions of landslide risk management in Norway

Science.gov (United States)

Chiu, Jessica Ka Yi; Eidsvig, Unni

2016-04-01

-institutional organisation as well as allocation and use of financial resources for dealing with landslides at local levels. Although the survey was considered too difficult by some of the respondents, it can be regarded as a starting point to develop a common terminology/language in landslide risk management in Norway that allows mutual understandings among people with different backgrounds. The approach of surveying perceptions of landslide risk management can also be expanded to the public to enable comparisons of perceptions between experts and the public. Furthermore, the methodology can be applied to other types of natural hazards in Norway, such as floods. This project is supported by Klima2050 (http://www.klima2050.no/).

International comparative analyses of healthcare risk management.

Science.gov (United States)

Sun, Niuyun; Wang, Li; Zhou, Jun; Yuan, Qiang; Zhang, Zongjiu; Li, Youping; Liang, Minghui; Cheng, Lan; Gao, Guangming; Cui, Xiaohui

2011-02-01

Interpretation of the growing body of global literature on health care risk is compromised by a lack of common understanding and language. This series of articles aims to comprehensively compare laws and regulations, institutional management, and administration of incidence reporting systems on medical risk management in the United Kingdom, the United States, Canada, Australia, and Taiwan, so as to provide evidence and recommendations for health care risk management policy in China. We searched the official websites of the healthcare risk management agencies of the four countries and one district for laws, regulatory documents, research reports, reviews and evaluation forms concerned with healthcare risk management and assessment. Descriptive comparative analysis was performed on relevant documents. A total of 146 documents were included in this study, including 2 laws (1.4%), 17 policy documents (11.6%), 41 guidance documents (28.1%), 37 reviews (25.3%), and 49 documents giving general information (33.6%). The United States government implemented one law and one rule of patient safety management, while the United Kingdom and Australia each issued professional guidances on patient safety improvement. The four countries implemented patient safety management policy on four different levels: national, state/province, hospital, and non-governmental organization. The four countries and one district adopted four levels of patient safety management, and the administration modes can be divided into an "NGO-led mode" represented by the United States and Canada and a "government-led mode" represented by the United Kingdom, Australia, and Taiwan. © 2011 Blackwell Publishing Asia Pty Ltd and Chinese Cochrane Center, West China Hospital of Sichuan University.

A model for the optimal risk management of (farm) firms

DEFF Research Database (Denmark)

Rasmussen, Svend

Current methods of risk management focus on efficiency and do not provide operational answers to the basic question of how to optimise and balance the two objectives, maximisation of expected income and minimisation of risk. This paper uses the Capital Asset Pricing Model (CAPM) to derive...... an operational criterion for the optimal risk management of firms. The criterion assumes that the objective of the firm manager is to maximise the market value of the firm and is based on the condition that the application of risk management tools has a symmetric effect on the variability of income around...... the mean. The criterion is based on the expected consequences of risk management on relative changes in the variance of return on equity and expected income. The paper demonstrates how the criterion may be used to evaluate and compare the effect of different risk management tools, and it illustrates how...

An Assessment of Risk and Risk Management Information Disclosure of Companies Listed in Nasdaq OMX Baltic and Euronext Brussels

Directory of Open Access Journals (Sweden)

Dalia Kolmatsui

2016-09-01

Full Text Available The main goal of this paper is to discuss theoretically and to evaluate empirically the differences of risk and risk management information disclosure (RRMID among companies listed in Nasdaq OMX Baltic and Euronext Brussels and to determine factors influencing such differences. The authors use analysis and systemization of scientific literature, induction, content analysis and coding procedure for risk and risk management information disclosure assessment, as well as correlation and regression analyses. The results suggest that companies listed in Euronext Brussels disclose more risk and risk management (RRM information; RRM related disclosures are more qualitative, focused on past or present events and have a neutral meaning in both markets. Companies also disclose more information about risks themselves than about risk management. Finally, only companies’ size and presence of audit committee are significant factors influencing RRMID.

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

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

Flood risk management in Flanders: from flood risk objectives to appropriate measures through state assessment

Directory of Open Access Journals (Sweden)

Verbeke Sven

2016-01-01

Full Text Available In compliance with the EU Flood Directive to reduce flood risk, flood risk management objectives are indispensable for the delineation of necessary measures. In Flanders, flood risk management objectives are part of the environmental objectives which are judicially integrated by the Decree on Integrated Water Policy. Appropriate objectives were derived by supporting studies and extensive consultation on a local, regional and policy level. Under a general flood risk objective sub-objectives are formulated for different aspects: water management and safety, shipping, ecology, and water supply. By developing a risk matrix, it is possible to assess the current state of flood risk and to judge where action is needed to decrease the risk. Three different states of flood risk are distinguished: a acceptable risk, where no action is needed, b intermediate risk where the risk should be reduced by cost efficient actions, and c unacceptable risk, where action is necessary. For each particular aspect, the severity of the consequences of flooding is assessed by quantifiable indicators, such as economic risk, people at risk and ecological flood tolerance. The framework also allows evaluating the effects of the implemented measures and the autonomous development such as climate change and land use change. This approach gives a quantifiable assessment of state, and enables a prioritization of flood risk measures for the reduction of flood risk in a cost efficient and sustainable way.

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)

Role of NDT in risk management

International Nuclear Information System (INIS)

Porter, Jr. James F.

2009-01-01

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

Cattle farmers’ perceptions of risk and risk management strategies

DEFF Research Database (Denmark)

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

2018-01-01

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

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.

Constructing risks – Internalisation of flood risks in the flood risk management plan

NARCIS (Netherlands)

Roos, Matthijs; Hartmann, T.; Spit, T.J.M.; Johann, Georg

Traditional flood protection methods have focused efforts on different measures to keep water out of floodplains. However, the European Flood Directive challenges this paradigm (Hartmann and Driessen, 2013). Accordingly, flood risk management plans should incorporate measures brought about by

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

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

Risk Management in Mergers and Acquisitions

Directory of Open Access Journals (Sweden)

Dmitry O. Verdiev

2015-01-01

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

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,…

RISK MANAGEMENT OF GERMAN FRUIT PRODUCERS

Directory of Open Access Journals (Sweden)

Annkatrin PORSCH

2018-03-01

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

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

Science.gov (United States)

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

2013-11-01

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

Enterprise Content Management Implementation and Risk

Directory of Open Access Journals (Sweden)

Jaroslava Klegová

2015-01-01

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

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...

Virtual Enterprise Risk Management Using Artificial Intelligence

Directory of Open Access Journals (Sweden)

Hanning Chen

2010-01-01

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

Risk management in electricity markets emphasizing transmission congestion

International Nuclear Information System (INIS)

Kristiansen, Tarjei

2004-01-01

This thesis analyzes transmission pricing, transmission congestion risks and their associated hedging instruments as well as mechanisms for stimulating investments in transmission expansion. An example of risk management in the case of a hydropower producer is included. After liberalization and restructuring of electricity markets, risk management has become important. In particular the thesis analyzes risks due to transmission congestion both in the short- and long-term (investments) for market players such as generators, loads, traders, independent system operators and merchant investors. The work is focused on the northeastern United States electricity markets and the Nordic electricity markets. The first part of the thesis reviews the literature related to the eight research papers in the thesis. This describes the risks that are relevant for an electricity market player and how these can be managed. Next, the basic ingredients of a competitive electricity market are described including the design of the system operator. The transmission pricing method is decisive for hedging against transmission congestion risks and there is an overview of transmission pricing models considering their similarities and differences. Depending on the transmission pricing method used, locational or area (zonal) pricing, the electricity market players can use financial transmission rights or Contracts for Differences, respectively. In the long-term it is important to create mechanisms for investments in transmission expansion and the thesis describes one possible approach and its potential problems. The second part comprises eight research papers. It presents empirical analyses of existing markets for transmission congestion derivatives, theoretical analyses of transmission congestion derivatives, modeling of merchant long-term financial transmission rights, theoretical analysis of the risks of the independent system operator in providing financial transmission rights, an analysis

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...

Holistic Disaster Risk Evaluation for the Urban Risk Management Plan of Manizales, Colombia

Institute of Scientific and Technical Information of China (English)

Martha Liliana Carre(n)o; Omar-Darío Cardona; Alex H.Barbat; Dora Catalina Suarez; María del Pilar Perez; Lizardo Narvaez

2017-01-01

Disaster risk depends on both the physical vulnerability and a wide range of social,economic,and environmental aspects of a society.For a better risk understanding,a holistic or integrated perspective was considered when risk was assessed for the city of Manizales,Colombia.This assessment accounts not only for the expected physical damage and loss,but also for the socioeconomic vulnerability factors that favor secondorder effects in a disaster.This comprehensive approach allows the identification of different aspects related to physical vulnerability,social fragility,and lack of resilience that can be improved,thus enhancing integrated disaster risk management actions.The outcomes of this comprehensive assessment are currently being used as input to update the disaster risk management plan of Manizales.

A review of risk management process in construction projects of developing countries

Science.gov (United States)

Bahamid, R. A.; Doh, S. I.

2017-11-01

In the construction industry, risk management concept is a less popular technique. There are three main stages in the systematic approach to risk management in construction industry. These stages include: a) risk response; b) risk analysis and evaluation; and c) risk identification. The high risk related to construction business affects each of its participants; while operational analysis and management of construction related risks remain an enormous task to practitioners of the industry. This paper tends towards reviewing the existing literature on construction project risk managements in developing countries specifically on risk management process. The literature lacks ample risk management process approach capable of capturing risk impact on diverse project objectives. This literature review aims at discovering the frequently used techniques in risk identification and analysis. It also attempts to identify response to clarifying the different classifications of risk sources in the existing literature of developing countries, and to identify the future research directions on project risks in the area of construction in developing countries.

Confluence and Contours: Reflexive Management of Environmental Risk.

Science.gov (United States)

Soane, Emma; Schubert, Iljana; Pollard, Simon; Rocks, Sophie; Black, Edgar

2016-06-01

Government institutions have responsibilities to distribute risk management funds meaningfully and to be accountable for their choices. We took a macro-level sociological approach to understanding the role of government in managing environmental risks, and insights from micro-level psychology to examine individual-level risk-related perceptions and beliefs. Survey data from 2,068 U.K. citizens showed that lay people's funding preferences were associated positively with beliefs about responsibility and trust, yet associations with perception varied depending on risk type. Moreover, there were risk-specific differences in the funding preferences of the lay sample and 29 policymakers. A laboratory-based study of 109 participants examined funding allocation in more detail through iterative presentation of expert information. Quantitative and qualitative data revealed a meso-level framework comprising three types of decisionmakers who varied in their willingness to change funding allocation preferences following expert information: adaptors, responders, and resistors. This research highlights the relevance of integrated theoretical approaches to understanding the policy process, and the benefits of reflexive dialogue to managing environmental risks. © 2015 Society for Risk Analysis.

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

Managing major chemical accidents in China: Towards effective risk information

International Nuclear Information System (INIS)

He Guizhen; Zhang Lei; Lu Yonglong; Mol, Arthur P.J.

2011-01-01

Chemical industries, from their very inception, have been controversial due to the high risks they impose on safety of human beings and the environment. Recent decades have witnessed increasing impacts of the accelerating expansion of chemical industries and chemical accidents have become a major contributor to environmental and health risks in China. This calls for the establishment of an effective chemical risk management system, which requires reliable, accurate and comprehensive data in the first place. However, the current chemical accident-related data system is highly fragmented and incomplete, as different responsible authorities adopt different data collection standards and procedures for different purposes. In building a more comprehensive, integrated and effective information system, this article: (i) reviews and assesses the existing data sources and data management, (ii) analyzes data on 976 recorded major hazardous chemical accidents in China over the last 40 years, and (iii) identifies the improvements required for developing integrated risk management in China.

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.

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

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)

Disaster Risk Management and Measurement Indicators for Cultural Heritage in Taiwan

Science.gov (United States)

Yen, Y. N.; Cheng, C. F.; Cheng, H. M.

2015-08-01

Under the influence of global climate change, the risk preparedness has become a universal issue in different research fields. In the conservation of cultural heritage, disaster risk management is becoming one of the major research topics. Besides researches on the theory and mechanism of disaster risk management, the tools for the performance of site managers to protect cultural heritage is another important issue that needs development. UNESCO and ICOMOS have released some important documents on disaster risk management including its concept, identification, evaluation, mitigation, monitoring and resilience, etc. However, there is a big gap between concept and implementation in Taiwan. Presently there are 2000 monuments in Taiwan that hardly meet the modern code. First, based on international documents released, this research presents 13 disaster indicators on monuments and their environments. Next, 345 monuments in northern Taiwan are taken as examples to evaluate their risk situations with indicators designed in 2011. Some positive recommendations were given at the same time. As a result, a comparative evaluation was completed in 2012 and some key issues are found, such as too many electrical facilities, lack of efficient firefighting equipment, and a shortage of management mechanism, just to name a few. Through the improvement of the management, some major risk can be mitigated. In 2013~14, this research took 23 national monuments from the 345 monuments to evaluate their risk situations and compare the differences between national and local monuments. Results show that almost all management mechanisms in the national monuments have been established and are running well. However, problems like inappropriate electrical facilities and insufficient monitoring equipment remain. In addition, the performance of private monuments is not as good as public ones. Based on the collected information and evaluation, this research develops safety measures of heritage

The precautionary principle and pharmaceutical risk management.

Science.gov (United States)

Callréus, Torbjörn

2005-01-01

Although it is often vigorously contested and has several different formulations, the precautionary principle has in recent decades guided environmental policy making in the face of scientific uncertainty. Originating from a criticism of traditional risk assessment, the key element of the precautionary principle is the justification for acting in the face of uncertain knowledge about risks. In the light of its growing invocation in various areas that are related to public health and recently in relation to drug safety issues, this article presents an introductory review of the main elements of the precautionary principle and some arguments conveyed by its advocates and opponents. A comparison of the characteristics of pharmaceutical risk management and environmental policy making (i.e. the setting within which the precautionary principle evolved), indicates that several important differences exist. If believed to be of relevance, in order to avoid arbitrary and unpredictable decision making, both the interpretation and possible application of the precautionary principle need to be adapted to the conditions of pharmaceutical risk management.

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”.

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

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.

Risk Management in Construction Project: Taking Fairness into Account

Science.gov (United States)

Górecki, Jarosław; Bizon-Górecka, Jadwiga

2017-10-01

Risk management requires a comprehensive review of possible hazards, their possible outcomes as well as some recommendations about minimizing the risk. The study emphasises that the project risk management refers to an analysis of the risk factors and a creation of the strategy minimising negative effects of the risk. It was pointed out that a construction project is this kind of projects that can be defined as a unique process of high complexity (design documentation, various stages of creating the building), which has clearly defined time frames and a given financial limit. It is executed as a team work, by qualified or highly qualified specialists of different matters, for example masonry, precast, etc. Additionally, it requires a use of modern equipment and an adequate preparation of the investment. Therefore, the risk management focuses on the problems allowing for troubleshooting. A basis of the risk management is to recognise the fundamentals, which are crucial for the construction project management, i.e. an object perspective, including technological, supporting and management processes as well as an entity perspective - project stakeholders. Construction projects require also an acquaintance with the specificity of the branch. The article refers to the risk management in construction project and, in particular, a phenomenon of participants’ fairness in such projects. The problem of fairness of the entities involved in a project should be understood as a fair play, according to the arrangements agreed in a contract and compatible with current formal procedures and social rules. It was indicated that fairness can be treated as an important factor in predicting the success of such projects. Interviews conducted among contractors in Kuyavian-Pomeranian region showed varied fairness requirements put to individual participants of construction projects. The article presents results of the research. It shows a desired attitude of the surveyed enterprises

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.

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...

Adaptive risk management using new risk perspectives – an example from the oil and gas industry

International Nuclear Information System (INIS)

Bjerga, Torbjørn; Aven, Terje

2015-01-01

This article discusses management of risk in the case of large uncertainties and the use of adaptive risk management in such situations. This type of management is based on the acknowledgement that one best decision cannot be made, but rather, a set of alternatives should be dynamically tracked to gain information and knowledge about the effects of different courses of action. In the article, we study a case from the oil and gas industry, the main aim being to gain insights into how adaptive risk management could be implemented when giving due attention to the knowledge and uncertainty aspects of risk. In recent years, several authors have argued for the adoption of some new types of risk perspectives, which highlight uncertainties and knowledge in the way risk is understood and measured — this article uses these perspectives as the basis for the discussion. - Highlights: • Demonstrates a new perspective on adaptive risk management. • The perspective highlights uncertainty and knowledge, not only probability. • Illustrates the perspective on an oil and gas case, which is characterized by deep uncertainties

Risk Management Techniques and Practice Workshop Workshop Report

Energy Technology Data Exchange (ETDEWEB)

Quinn, T; Zosel, M

2008-12-02

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

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.

Risk Management and Risk Psychology in Romanian Sme’s

Directory of Open Access Journals (Sweden)

Irina Dănciulescu

2015-12-01

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

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

Directory of Open Access Journals (Sweden)

Viktoriia Kovalenko

2016-03-01

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

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.

Natural-technological risk assessment and management

Science.gov (United States)

Burova, Valentina; Frolova, Nina

2016-04-01

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

Founder Family Influence and Foreign Exchange Risk Management

DEFF Research Database (Denmark)

Aabo, Tom; Kuhn, Jochen; Zanotti, Giovanni

2011-01-01

Purpose    The purpose of this study is to explore the influence of founder families in medium-sized, manufacturing firms and to investigate the impact of such influence on risk management - more specifically foreign exchange hedging and speculation. Design/methodology/approach This empirical study...... in the management team, are members of the board of directors, and/or are shareholders of the firm. We find no difference between such founder family firms and other firms in terms of the use / non-use decision related to foreign exchange derivatives but a marked difference in terms of the extent decision. Thus...... in medium-sized firms (as opposed to large, listed firms in most other studies) and adds to the sparse literature on the impact of founder family influence on risk management.  ...

Risk assessment and management logistics chains

Directory of Open Access Journals (Sweden)

Vladimir Vikulov

2014-03-01

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

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.

Credit Unions and Capital Adequacy: Managing Growth and Risk

Directory of Open Access Journals (Sweden)

R. Raymond Sant PhD, CFA, CMA

2013-07-01

Full Text Available In this paper we argue that a financial institution needs to continuously monitor and assess its risk exposure in the context of capital requirements and available growth opportunities. Judicious management of the interaction between these three elements is crucial to the long term survival and growth of such an institution. We highlight different approaches to risk analysis, beyond stress testing, such as, Value at Risk and Monte Carlo simulation. We recommend that the board of directors establish a sub-committee of its directors to oversee risk management and capital control functions, and to monitor a credit union’s asset liability management activities on an ongoing basis. Efforts should also be made to increase the level of internal expertise regarding risk management and analysis with the full participation of the board, a function that should not be outsourced. In an increasingly regulated financial industry environment it is imperative that a financial institution seeks out growth opportunities while maintaining the balance between capital and risk exposure for long-term business continuity.

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

Directory of Open Access Journals (Sweden)

Cleophas Ambira

2011-03-01

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

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

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

Directory of Open Access Journals (Sweden)

ANDRÁS TILCSIK

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

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

Directory of Open Access Journals (Sweden)

A. V. Nikolaeva

2016-01-01

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

Gambling in Latin: incorporating uncertainty in risk management

Energy Technology Data Exchange (ETDEWEB)

Gratt, L.B.; Levin, L. (IWG Corporation, San Diego, CA (United States))

1994-08-01

Risk assessment uses assumptions based on differing degrees of conservatism. This complicates the understanding of the uncertainty in the final risk estimate. Uncertainties arise from each component of the risk assessment process: source terms, atmospheric transport, exposure, and dose response. Probabilistic modeling using Monte Carlo and Latin Square sampling techniques (reference to Gambling in Latin) allows for an improved approach to risk assessment and management. 16 refs., 1 fig., 1 tab.

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....

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

Risk management of non-renewable energy systems

CERN Document Server

Verma, Ajit Kumar; Muruva, Hari Prasad

2015-01-01

This book describes the basic concepts of risk and reliability with detailed descriptions of the different levels of probabilistic safety assessment of nuclear power plants (both internal and external). The book also maximizes readers insights into time dependent risk analysis through several case studies, whilst risk management with respect to non renewable energy sources is also explained. With several advanced reactors utilizing the concept of passive systems, the reliability estimation of these systems are explained in detail with the book providing a reliability estimation of components through mechanistic model approach. This book is useful for advanced undergraduate and post graduate students in nuclear engineering, aerospace engineering, industrial engineering, reliability and safety engineering, systems engineering and applied probability and statistics. This book is also suitable for one-semester graduate courses on risk management of non renewable energy systems in all conventional engineering bran...

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...

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

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...

Financial risk management of pharmacy benefits.

Science.gov (United States)

Saikami, D

1997-10-01

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

Calysto: Risk Management for Commercial Manned Spaceflight

Science.gov (United States)

Dillaman, Gary

2012-01-01

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

Managing Key Risks in Post-Merger IS Integration

DEFF Research Database (Denmark)

Alaranta, Mar; Mathiassen, L

2014-01-01

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

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

NARCIS (Netherlands)

van Staveren, Martinus Theodorus

2009-01-01

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

ISO 31000:2009--Setting a new standard for risk management.

Science.gov (United States)

Purdy, Grant

2010-06-01

Last year saw the publication of IS0 31000:2009, a new globally accepted standard for risk management together with a new, associated vocabulary in ISO Guide 73:2009. These were developed through a consensus-driven process over four years, through seven drafts, and involving the input of hundreds of risk management professionals around the world. The new standard supports a new, simple way of thinking about risk and risk management and is intended to begin the process of resolving the many inconsistencies and ambiguities that exist between many different approaches and definitions. While most decisionmakers seem to welcome the new standard and it has so far received very good reviews, it does create challenges for those who use language and approaches that are unique to their area of work but different from the new standard and guide. The need for compromise and change is the inevitable consequence of standardization.

Enterprise risk management in international construction operations

CERN Document Server

Zhao, Xianbo; Low, Sui Pheng

2015-01-01

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

Meteorological risks as drivers of innovation for agroecosystem management

Science.gov (United States)

Gobin, Anne; Van de Vyver, Hans; Zamani, Sepideh; Curnel, Yannick; Planchon, Viviane; Verspecht, Ann; Van Huylenbroeck, Guido

2015-04-01

Devastating weather-related events recorded in recent years have captured the interest of the general public in Belgium. The MERINOVA project research hypothesis is that meteorological risks act as drivers of environmental innovation in agro-ecosystem management which is being tested using a "chain of risk" approach. The major objectives are to (1) assess the probability of extreme meteorological events by means of probability density functions; (2) analyse the extreme events impact of on agro-ecosystems using process-based bio-physical modelling methods; (3) identify the most vulnerable agro-ecosystems using fuzzy multi-criteria and spatial analysis; (4) uncover innovative risk management and adaptation options using actor-network theory and economic modelling; and, (5) communicate to research, policy and practitioner communities using web-based techniques. Generalized Extreme Value (GEV) theory was used to model annual rainfall maxima based on location-, scale- and shape-parameters that determine the centre of the distribution, the deviation of the location-parameter and the upper tail decay, respectively. Likewise the distributions of consecutive rainy days, rainfall deficits and extreme 24-hour rainfall were modelled. Spatial interpolation of GEV-derived return levels resulted in maps of extreme precipitation, precipitation deficits and wet periods. The degree of temporal overlap between extreme weather conditions and sensitive periods in the agro-ecosystem was determined using a bio-physically based modelling framework that couples phenological models, a soil water balance, crop growth and environmental models. 20-year return values were derived for frost, heat stress, drought, waterlogging and field access during different sensitive stages for different arable crops. Extreme yield values were detected from detrended long term arable yields and relationships were found with soil moisture conditions, heat stress or other meteorological variables during the

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

A risk assessment methodology to evaluate the risk failure of managed aquifer recharge in the Mediterranean Basin

Science.gov (United States)

Rodríguez-Escales, Paula; Canelles, Arnau; Sanchez-Vila, Xavier; Folch, Albert; Kurtzman, Daniel; Rossetto, Rudy; Fernández-Escalante, Enrique; Lobo-Ferreira, João-Paulo; Sapiano, Manuel; San-Sebastián, Jon; Schüth, Christoph

2018-06-01

Managed aquifer recharge (MAR) can be affected by many risks. Those risks are related to different technical and non-technical aspects of recharge, like water availability, water quality, legislation, social issues, etc. Many other works have acknowledged risks of this nature theoretically; however, their quantification and definition has not been developed. In this study, the risk definition and quantification has been performed by means of fault trees and probabilistic risk assessment (PRA). We defined a fault tree with 65 basic events applicable to the operation phase. After that, we have applied this methodology to six different managed aquifer recharge sites located in the Mediterranean Basin (Portugal, Spain, Italy, Malta, and Israel). The probabilities of the basic events were defined by expert criteria, based on the knowledge of the different managers of the facilities. From that, we conclude that in all sites, the perception of the expert criteria of the non-technical aspects were as much or even more important than the technical aspects. Regarding the risk results, we observe that the total risk in three of the six sites was equal to or above 0.90. That would mean that the MAR facilities have a risk of failure equal to or higher than 90 % in the period of 2-6 years. The other three sites presented lower risks (75, 29, and 18 % for Malta, Menashe, and Serchio, respectively).

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…

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...

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

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

OpenAIRE

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

2012-01-01

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

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...

Development of computerized risk management tool

International Nuclear Information System (INIS)

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

1997-01-01

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

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...

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...

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.

Managing the Risks Associated with End-User Computing.

Science.gov (United States)

Alavi, Maryam; Weiss, Ira R.

1986-01-01

Identifies organizational risks of end-user computing (EUC) associated with different stages of the end-user applications life cycle (analysis, design, implementation). Generic controls are identified that address each of the risks enumerated in a manner that allows EUC management to select those most appropriate to their EUC environment. (5…

Business resilience: Reframing healthcare risk management.

Science.gov (United States)

Simeone, Cynthia L

2015-09-01

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

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...

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...

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

MANAGEMENT OF RISKS BASED ON INTERACTION BETWEEN CONSTRUCTION EXPERT AND CUSTOMER ORGANIZATION

Directory of Open Access Journals (Sweden)

Александр Васильевич Харитонович

2016-02-01

Full Text Available The paper describes problems connected to management of risk and key characteristics of interaction of construction expert and organization-customer of expert services. We have conducted the analysis of different schemes used for management of risk, their advantages and disadvantages. In addition authors describe the main opportunities that appear in the organization as a result of the systematic engagement of an external expert at different stages of investment and construction project (getting recommendations aimed at improving of the organization adaptability to changes and risks; improving the efficiency of management of investment and construction projects etc..

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

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.

Enterprise Risk Management with the focus on Small and Medium Enterprises

NARCIS (Netherlands)

H. van den Berg; P. Kristofik

2011-01-01

In the paper, the risk and risk management issues are discussed. We try to offer different definitions and characteristics of business risk together with categorisation of risk connected with the entrepreneurship. Specific risks in the SMEs sector are emphasized and some solutions for

Supply Chain Risk Management: Literature Review and Future Research

OpenAIRE

Iwan Vanany; Suhaiza Zailani; Nyoman Pujawan

2009-01-01

Supply chain risk management has increasingly becoming a more popular research area recently. Various papers, with different focus and approaches, have been published since a few years ago. This paper aims to survey supply chain risk management (SCRM) literature. Paper published in relevant journals from 2000 to 2007 are analysed and classified into five categories: conceptual, descriptive, empirical, exploratory cross-sectional, and exploratory longitudinal. We also looked at the papers in t...

Risks in hospitals. Assessment and Management

Directory of Open Access Journals (Sweden)

Bradea Ioana-Alexandra

2014-12-01

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

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

Science.gov (United States)

Neumann, Stefan

2015-01-01

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

Risk analysis of radioactive waste management systems in Germany

International Nuclear Information System (INIS)

Wingender, H.J.

1978-01-01

Within the scope of a system study, ''Radioactive wastes in the Federal Republic of Germany,'' performed from 1974 through 1976, the questions of risk assessment were investigated. A risk analysis of a high-level waste (HLW) management system was performed. The results of the HLW tank storage are that the risk expectation value is 700 nJ/kg x RBE (7 x 10 -5 rem) per year for atmospheric release. The discussion of the main contributing accidents shows the possibility of reducing the risk by a technical means. A qualitative comparison on the release basis with the results of the WASH-1400 report shows significant differences that can be explained by the different methodologies applied. The risk analysis activities have led to a comprehensive risk assessment project, which was recently started. The projected includes research and development tasks concerning nuclide migration and transport to the ecosphere, nuclide mobilization by various mechanisms, methodology problems, data collection, computer code development, as well as risk analyses of waste management facilities. It is intended to round off the project with risk analyses of spent fuel element transport, storage, and reprocessing

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.

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)

Integrated Risk Management Within NASA Programs/Projects

Science.gov (United States)

Connley, Warren; Rad, Adrian; Botzum, Stephen

2004-01-01

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

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....

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...

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

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

International Nuclear Information System (INIS)

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

1994-02-01

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

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.

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.

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

International Nuclear Information System (INIS)

Kojima, Shigeo

2003-01-01

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

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

International Nuclear Information System (INIS)

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

1993-02-01

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

Managing Risks in Dry Port Operations

OpenAIRE

Ciortescu Cezar-Gabriel; Pãvãla?cu Narcis Sebastian

2012-01-01

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

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

Software And Systems Engineering Risk Management

Science.gov (United States)

2010-04-01

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

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

DEFF Research Database (Denmark)

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

2016-01-01

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

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…

On the perceived usefulness of risk descriptions for decision-making in disaster risk management

International Nuclear Information System (INIS)

Lin, Lexin; Nilsson, Anders; Sjölin, Johan; Abrahamsson, Marcus; Tehler, Henrik

2015-01-01

Managing risk using an “all-hazards” and “whole of society”-approach involves extensive communication of risk descriptions among many stakeholders. In the present study we investigate how professionals working with disaster risk management in such contexts perceive the usefulness of different descriptions of risk. Empirical data from the Swedish disaster risk management system were used in an attempt to investigate the aspects of a risk description that affect its usefulness (as perceived by professionals). Thirty-three local municipal risk and vulnerability assessments (RVA documents) produced in the region of Scania in 2012 were analyzed in terms of six variables. The documents were then ranked by professionals based on their perceived usefulness for decision-making. Statistical analysis was conducted to identify any possible correlations between the overall ranking of the usefulness of the municipal RVA:s and each of the variables. We conclude that the way the likelihood and consequences of scenarios are described influence the perceived usefulness of a risk description. Furthermore, whether descriptions of scenarios are included in a risk description or not, and whether background information concerning the likelihood of scenarios are included also influence perceived usefulness of risk descriptions. - Highlights: • Written communication of risk between professionals is investigated. • The way likelihood is described influences a risk description's usefulness. • The way consequences are described influence a risk description's usefulness. • Whether background information is included in a risk description influences its usefulness

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, ...

Cognitive mapping tools: review and risk management needs.

Science.gov (United States)

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

2012-08-01

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

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

Science.gov (United States)

Karadsheh, Louay A.

2010-01-01

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

The Role of risk perception for risk management

International Nuclear Information System (INIS)

Renn, Ortwin

1999-01-01

The list of individual and social factors that shape risk perception demonstrates that the intuitive understanding of risk is a multidimensional concept and cannot be reduced to the product of probabilities and consequences. Although risk perceptions differ considerably among social and cultural groups, the multi-dimensionality of risk and the integration of beliefs related to risk, the cause of risk, and its circumstances into a consistent belief system appear to be common characteristics of public risk perception in almost all countries in which such studies have been performed. Furthermore, the experience of risk is not limited to the threat of facing harm in the future. It includes subjective predictions of possible outcomes, the social and cultural context in which the risk is experienced, the mental images the risk situation evokes, the perception of the players who are involved in the risk situation and the judgments about fairness and equity related to the distribution of potential hazardous events. In this sense, risk is a social construct rather than a physical entity. Risk communication and conflict resolution is therefore a crucial element of any risk management strategy. The goal of risk communication and conflict resolution should not be to persuade people to accept whatever the communicator thinks is best for them. The ideal communication program envisions a receiver who processes all the available information to form a well-balanced judgement in accordance with the factual evidence, the arguments of all sides, and his/her own interests and preferences. The ultimate goal of risk communication is to reconcile expertise, interests, and public preferences. (EHS)

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.

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.

Risk Management for the International Space Station

Science.gov (United States)

Sebastian, J.; Brezovic, Philip

2002-01-01

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

12 CFR 704.6 - Credit risk management.

Science.gov (United States)

2010-01-01

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

Sustainable Risk Management in the Banking Sector

Directory of Open Access Journals (Sweden)

Županović Ivo

2014-01-01

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

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....

Chemical and radiation environmental risk management at the crossroads: Case studies

International Nuclear Information System (INIS)

Tran, N.; Burke, T.; Locke, P.

1999-01-01

Although many of the major environmental risk management decisions we face today require the simultaneous evaluation and control of both radiological and chemical risks, the separation of radiation and chemical risk management persists along legal, regulatory, programmatic, training and professional practice levels. In June 1998, a panel of 40 chemical and radiation risk experts met at an interactive workshop entitled 'Addressing the Similarities and Differences in Chemical and Radiation Environmental Risk Management,' in Annapolis, Maryland to discuss several perspectives on harmonizing chemical and radiation risk management approaches. At the conclusion of the meeting, workshop participants recommended that case studies of clean-up sites at which radioactive materials and hazardous chemical risks were addressed, be developed to help educate participants in the harmonization dialogue about their counterpart's issues, stimulate discussion and sharpen issues in a way that they can be resolved. Several key risk management issues that were highlighted from the discussion at the Annapolis meeting are being evaluated in the case studies. They include: decision criteria, costs and public/stakeholder input. This paper presents these key issues and the approach taken in the case studies. (author)

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...

Probabilistic risk assessment methodology for risk management and regulatory applications

International Nuclear Information System (INIS)

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

1997-01-01

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

Contradictions Between Risk Management and Sustainable Development

International Nuclear Information System (INIS)

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

2006-01-01

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

Contradictions Between Risk Management and Sustainable Development

Energy Technology Data Exchange (ETDEWEB)

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

2006-09-15

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

Risk Management for Point-of-Care Testing

OpenAIRE

James, H. Nichols

2014-01-01

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

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

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.

Multi-hazard risk analysis for management strategies

Science.gov (United States)

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

2009-04-01

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

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 ...

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.

Risk Management in the Agri-food Sector

Directory of Open Access Journals (Sweden)

Hrabrin Bachev

2013-03-01

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

Managing total corporate electricity/energy market risks

International Nuclear Information System (INIS)

Henney, A.; Keers, G.

1998-01-01

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

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.

Ontological Analysis of the Project Risk Management Concept ‘Risk’

Directory of Open Access Journals (Sweden)

Uzulāns Juris

2018-02-01

Full Text Available The aim of the current research series is to examine the definitions of the concept ‘risk’ and analyze the concepts used in the definitions of ‘risk’ in the sources of these definitions in order to perform the ontological analysis of the concept of ‘risk’. Ontological and epistemological analysis of the concepts in the definition of the concept ‘risk’ was used to answer the question what ‘risk’ means in project management. This investigation represents a part of the research series where the ontological, epistemological and methodological analysis of project risk is performed with the aim to improve risk registers and risk management as a whole. In the previous studies the author analyzed the concept of ‘event’ that defines the content of the concept ‘risk’. The use of ‘event’ was analyzed in different sources to find out how the concept should be used. The ontological, epistemological and methodological analysis of the definitions of the concept ‘risk’ is the theoretical foundation for risk register creation because it is possible to create complete and understandable register for the participants of the project risk management process. The author believes that the conducted research helps establish confidence that ontological analysis is the method that together with the epistemological and methodological analysis provides opportunity to perform analysis of risk management sources aimed at improving risk management. The results of the study cannot be considered sufficient for deriving valid conclusions about project risk management and developing recommendations for improving risk management with regard to the content of the risk register. For valid conclusions and recommendations, a deeper research is needed which, first of all, would analyze a larger number of sources.

Information security risk management and incompatible parts of organization

Energy Technology Data Exchange (ETDEWEB)

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

2016-07-01

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

Information security risk management and incompatible parts of organization

International Nuclear Information System (INIS)

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

2016-01-01

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

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

Active Risk Management and Banking Stability

NARCIS (Netherlands)

Silva Buston, C.F.

2013-01-01

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

The process of Risk management for E-business

Directory of Open Access Journals (Sweden)

Erion Lekaj

2017-07-01

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

Model of Axiological Dimension Risk Management

Directory of Open Access Journals (Sweden)

Kulińska Ewa

2016-01-01

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

Parental risk management in relation to offspring defence: bad news for kids.

Science.gov (United States)

Mahr, Katharina; Riegler, Georg; Hoi, Herbert

2015-01-07

Do parents defend their offspring whenever necessary, and do self-sacrificing parents really exist? Studies recognized that parent defence is dynamic, mainly depending on the threat predators pose. In this context, parental risk management should consider the threat to themselves and to their offspring. Consequently, the observed defence should be a composite of both risk components. Surprisingly, no study so far has determined the influence of these two threat components on parental decision rules. In a field experiment, we investigated parental risk taking in relation to the threat posed to themselves and their offspring. To disentangle the two threat components, we examined defence behaviours of parent blue tits Cyanistes caeruleus towards three different predators and during different nestling developmental stages. Nest defence strategies in terms of alarm call intensity and nearest predator approach differed between the three predators. Defence intensity was only partly explained by threat level. Most importantly, parental risk management varied in relation to their own, but not offspring risk. Parent defence investment was independent of nestling risk when parents followed a high-risk strategy. However, parents considered nestling as well as parental risk when following a low-risk strategy. Our findings could have general implications for the economy of risk management and decision-making strategies in living beings, including humans. © 2014 The Author(s) Published by the Royal Society. All rights reserved.

Business continuity and risk management at a strategic level: Case study of the Flemish government.

Science.gov (United States)

Bouve, Joris; Steens, Herman-Peter; Ruebens, Martin

2018-01-01

The Flemish government comprises a number of different departments and agencies with the autonomy to optimise their service level in a proactive and resilient manner. Recently, the Flemish government defined four organisational values: openness, decisiveness, trust and agility. In addition, the Internal Audit Agency developed guidelines concerning internal control and organisational management, in which risk management was emphasised. In combination with goal setting and process management, this paper considers risk management as a starting point for the overall management of Flemish government entities. The paper then develops tools to support the establishment of business continuity and risk management processes. These tools fit into the organisation's strategic framework and are easy to understand, pragmatically designed and flexible in their use. The paper goes on to illustrate how the Department of the Chancellery and Public Governance is implementing BCM and risk management, and how it is integrating BCM, risk management and crisis management. It will then focus on the Flemish government's long-term strategy across the boundaries between the different entities and the question of how risk management can become a useful tool for policy makers.

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.

Risk Management of P2P Internet Financing Service Platform

Science.gov (United States)

Yalei, Li

2017-09-01

Since 2005, the world’s first P2P Internet financing service platform Zopa in UK was introduced, in the development of “Internet +” trend, P2P Internet financing service platform has been developed rapidly. In 2007, China’s first P2P platform “filming loan” was established, marking the P2P Internet financing service platform to enter China and the rapid development. At the same time, China’s P2P Internet financing service platform also appeared in different forms of risk. This paper focuses on the analysis of the causes of risk of P2P Internet financing service platform and the performance of risk management process. It provides a solution to the Internet risk management plan, and explains the risk management system of the whole P2P Internet financing service platform and the future development direction.

Making decentralised systems viable: a guide to managing decentralised assets and risks.

Science.gov (United States)

Willetts, J; Fane, S; Mitchell, C

2007-01-01

Decentralised systems have the potential to provide a viable option for long term sustainable management of household wastewater. Yet, at present, such systems hold an uncertain status and are frequently omitted from consideration. Their potential can only be realised with improved approaches to their management, and improved methods to decision-making in planning of wastewater systems. The aim of this paper is to demonstrate the value of a novel framework to guide the planning of decentralised systems so that asset management and risk management are explicitly considered. The framework was developed through a detailed synthesis of literature and practice in the area of asset management of centralised water and wastewater systems, and risk management in the context of decentralised systems. Key aspects of the framework are attention to socio-economic risks as well as engineering, public health and ecological risks, the central place of communication with multiple stakeholders and establishing a shared asset information system. A case study is used to demonstrate how the framework can guide a different approach and lead to different, more sustainable outcomes, by explicitly considering the needs and perspectives of homeowners, water authorities, relevant government agencies and society as a whole.

COORDINATES OF A RISK MANAGEMENT PROJECT

Directory of Open Access Journals (Sweden)

ALEXANDRU OLTEANU

2013-05-01

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

Methods of assessment and management of enterprise risks

Directory of Open Access Journals (Sweden)

I. A. Kiseleva

2017-01-01

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

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

OpenAIRE

Waldron, Kelly

2017-01-01

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

Widening the understanding of risk approaches by comparing definitions from different disciplines

DEFF Research Database (Denmark)

Berg-Beckhoff, Gabriele; Wiedemann, Peter; Adam, Balazs

2017-01-01

The aim of this chapter is to critically reflect definitions of hazard, risk, and risk per-ception, and their assessments used in different scientific disciplines and give ex-amples of the potential implications for scientific discussions, knowledge manage-ment, and risk communication. Scientists...... with backgrounds in public health, psy-chology, environmental health, occupational health, engineering, sociology and medicine were asked for a definition of hazard, risk, risk assessment and risk per-ception seen from their specific scientific disciplines. Hazard is generally seen as an adverse event or condition....... For most risk definitions, probability and severity are important aspects. Often a quantification of risk is desired, whereas risk perception is seen as a subjective appraisal and a cognitive construct. As risk perceptions are based on a combination of knowledge and individual values and affects, it may...

Meteorological risks are drivers of environmental innovation in agro-ecosystem management

Science.gov (United States)

Gobin, Anne; Van de Vyver, Hans; Vanwindekens, Frédéric; Planchon, Viviane; Verspecht, Ann; Frutos de Cachorro, Julia; Buysse, Jeroen

2016-04-01

Extreme weather events such as droughts, heat waves and rain storms are projected to increase both in frequency and magnitude with climate change. The research hypothesis of the MERINOVA project is that meteorological risks act as drivers of environmental innovation in agro-ecosystem management which is being tested using a chain of risk approach. The project comprises of five major parts that reflect the chain of risks: the hazard, its impact on different agro-ecosystems, vulnerability, risk management and risk communication. Generalized Extreme Value (GEV) theory was used to model annual maxima of meteorological variables based on a location-, scale- and shape-parameter that determine the center of the distribution, the deviation of the location-parameter and the upper tail decay, respectively. Spatial interpolation of GEV-derived return levels has yielded maps of temperature extremes, precipitation deficits and wet periods. The degree of temporal overlap between extreme weather conditions and sensitive periods in the agro-ecosystem was determined using a bio-physically based modelling framework that couples phenological models, a soil water balance, crop growth and environmental models. 20-year return values for frost, heat stress, drought, waterlogging and field access during different crop stages were related to arable yields. The spatial extent of vulnerability is developed on different layers of spatial information that include inter alia meteorology, soil-landscapes, crop cover and management. The level of vulnerability and resilience of an agro-ecosystem is also determined by risk management. The types of agricultural risk and their relative importance differ across sectors and farm types as elucidated by questionnaires and focus groups. Risk types are distinguished according to production, market, institutional, financial and liability risks. A portfolio of potential strategies was identified at farm, market and policy level. In conclusion, MERINOVA

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.

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...

Livestock Disease Management for Trading Across Different Regulatory Regimes.

Science.gov (United States)

Bate, Andrew M; Jones, Glyn; Kleczkowski, Adam; Naylor, Rebecca; Timmis, Jon; White, Piran C L; Touza, Julia

2018-02-12

The maintenance of livestock health depends on the combined actions of many different actors, both within and across different regulatory frameworks. Prior work recognised that private risk management choices have the ability to reduce the spread of infection to trading partners. We evaluate the efficiency of farmers' alternative biosecurity choices in terms of their own-benefits from unilateral strategies and quantify the impact they may have in filtering the disease externality of trade. We use bovine viral diarrhoea (BVD) in England and Scotland as a case study, since this provides an example of a situation where contrasting strategies for BVD management occur between selling and purchasing farms. We use an agent-based bioeconomic model to assess the payoff dependence of farmers connected by trade but using different BVD management strategies. We compare three disease management actions: test-cull, test-cull with vaccination and vaccination alone. For a two-farm trading situation, all actions carried out by the selling farm provide substantial benefits to the purchasing farm in terms of disease avoided, with the greatest benefit resulting from test-culling with vaccination on the selling farm. Likewise, unilateral disease strategies by purchasers can be effective in reducing disease risks created through trade. We conclude that regulation needs to balance the trade-off between private gains from those bearing the disease management costs and the positive spillover effects on others.

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...

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...

Managing IT-related operational risks

Directory of Open Access Journals (Sweden)

Savić Ana

2008-01-01

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

Advancing Coordination Between DRM and CCA in Integrated Flood Risk Management

DEFF Research Database (Denmark)

Flood hazards in coastal regions induce risks toward lives, property, economy and the environment. In need of sustainable and holistic actions to reduce risks, these should include innovative Disaster Risk Management (DRM) and Climate Change Adaptation (CCA) measures. While differing on important...

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.

Estimation, assessment and management of risks

International Nuclear Information System (INIS)

Reinoehl-Kompa, S.

2005-01-01

After the introductory lectures the closed conference divided into sessions on the estimation, assessment and management of risks. This review article summarises some of the central issues which were addressed in the discussions held during the closed conference and which may be of significance for the future work of the ''Radiation Risk'' Committee within the Radiation Protection Commission. Fundamental difficulties still persist in the implementation of risk quantities within the concepts of radiation protection (lectures by Breckow and Kiefer). Some of these difficulties have to do with the definition of dose quantities, in particular with the one most central to radiation protection, the effective dose. In the field of sparsely ionizing radiation attention was focused on two main topics, namely the risk of acquiring thyroid cancer in association with the Chernobyl desaster and analyses of new mortality data on the survivors of the nuclear bomb attacks on Hiroshima and Nagasaki. In the area of lung cancer risk from radon exposure, attention was focused on indoor exposure and the cohort study on bismuth miners. The body of knowledge that has accumulated on the risk of acquiring cancer through UV radiation takes a special position within the wider field of risks associated with nonionizing radiation, since much has already been achieved towards identifying the action mechanisms involved here. Since skin cancer shows the highest increments in incidence of all types of cancer, estimating the risk of acquiring skin cancer through UV radiation will be an important issue in future. One of the tasks of risk management is to translate the results of risk assessment into action. One task of particular importance in this regard is ''risk communication'', the problems surrounding which were illuminated from different perspectives in various contributions

Risk management for sulfur dioxide abatement under multiple uncertainties

Science.gov (United States)

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

2016-03-01

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

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

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...

Perceptions of food risk management among key stakeholders

DEFF Research Database (Denmark)

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

2006-01-01

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

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

Science.gov (United States)

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

2012-02-01

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

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

International Nuclear Information System (INIS)

Hechanova, A.E.

2000-01-01

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

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

CSIR Research Space (South Africa)

Haywood, Lorren K

2017-06-01

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

GFC-Robust Risk Management Strategies under the Basel Accord

NARCIS (Netherlands)

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

2010-01-01

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

RiskLab - a joint Teaching Lab on Hazard and Risk Management

Science.gov (United States)

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

2009-04-01

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

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

Science.gov (United States)

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

2010-05-01

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