WorldWideScience

Sample records for risk management international

  1. Internal Audit and Risk Management

    OpenAIRE

    Constantin Nicolae Vasile; Alexandru Georgiana

    2011-01-01

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

  2. INTERNAL AUDIT AND RISK MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Elena RUSE

    2014-04-01

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

  3. 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...

  4. 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

  5. Risk management and internal audit: Evidence from Greece

    Directory of Open Access Journals (Sweden)

    George Drogalas

    2017-07-01

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

  6. 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.

  7. 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.

  8. Risk Management for the International Space Station

    Science.gov (United States)

    Sebastian, J.; Brezovic, Philip

    2002-01-01

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

  9. 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.

  10. 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

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

    Directory of Open Access Journals (Sweden)

    N. Dorosh

    2017-09-01

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

  12. 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 ...

  13. 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.

  14. Research Award: Risk Management and Internal Audit (RMIA)

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

    KKearney

    2011-09-12

    Sep 12, 2011 ... management, internal audit and advisory services. ... in the discharge of their responsibilities by providing assurance and advice on ... project management principles, enterprise risk management practices, and internal audit ...

  15. Research Award: Risk Management and Internal Audit (RMIA ...

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

    Jean-Claude Dumais

    2012-09-12

    Sep 12, 2012 ... Research Award: Risk Management and Internal Audit (RMIA). Deadline: 12 ... management, internal control, and governance processes. ... identifying competencies, key success factors or performance indicators most critical.

  16. 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...

  17. The use of risk management principles in planning an internal audit ...

    African Journals Online (AJOL)

    Kirstam

    12Key words: risk management, key risks, internal auditing, risk-based internal auditing, internal audit .... a structured approach, regardless of the engagement type (for example, a compliance audit), the level of the ... risk management approach (also referred to as 'organisational' or 'enterprise-wide'), rather than a silo ...

  18. Business Process Risk Management, Compliance and Internal Control: A Research Agenda

    DEFF Research Database (Denmark)

    Rikhardsson, Pall M.; Best, Peter; Green, Peter

    (COSO). Based on an inductive methodological approach using literature review and interviews with managers engaged in risk management and internal control projects, this paper identifies three main areas that currently have management attention. These are business process risk management, compliance......Integration of risk management and management control is emerging as an important area in the wake of the Sarbanes-Oxley Act and with ongoing development of frameworks such as the Enterprise Risk Management (ERM) framework from the Committee of Sponsoring Organizations of the Treadway Commission...... management and internal control development. This paper discusses these areas and identifies a series of research questions regarding these critical issues....

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

    OpenAIRE

    Nadia Carmen ENE

    2005-01-01

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

  20. ANALYSIS AND MANAGEMENT RISK IN INTERNATIONAL AFFAIRS

    OpenAIRE

    Lăpăduşi Mihaela Loredana,; Căruntu Constantin

    2009-01-01

    The risk is one of the most controversial issues for all persons involved both in domestic and international world economic affairs. The need to analyze, understand and effectively manage risk is growing, the ultimate aim being to obtain a higher degree of successThe risk means exposure to an uncertain future, the opportunity to face danger or suffering a loss ( "Risk - possibility of loss or injury", Webster's, 1995) or the chance that things go wrong ( "Risk is the change that something wil...

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

    Directory of Open Access Journals (Sweden)

    Tsenguun Ganbat

    2018-01-01

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

  2. KOMISARIS INDEPENDEN, KOMITE AUDIT, INTERNAL AUDIT DAN RISK MANAGEMENT COMMITTEE TERHADAP MANAJEMEN LABA

    Directory of Open Access Journals (Sweden)

    Nurika Restuningdiah

    2017-03-01

    Full Text Available The purpose of this research was to examine the impact of independency of board commisioner, audit committee,internal audit and risk management comittee to earning management. Regression Analysis of 35 publiccompanies listing in Indonesia Stock Exchange on year 2009 through a random sampling technique indicatedthat there was no significant impact of independency of board commisioner, audit committee, internal auditand risk management comittee to earning management. The implication of this study was relevant to thedecision maker of public companies to consider the skill and expertise of board commisioner, audit committe,internal audit and risk management comittee to support the internal corporate governance mechanism.

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

    OpenAIRE

    Ganbat, Tsenguun; Chong, Heap-Yih; Liao, Pin-Chao; Wu, You-Di

    2018-01-01

    International construction is complicated and involves high risks. However, with the development of technological innovation, Building Information Modeling (BIM) emerged and seems to be able to address certain risks. To understand BIM applications in risk management for international construction, a state-of-the-art review is required. Therefore, this paper aims to identify the research trends and opportunities for risk management in BIM-enabled international construction by reviewing 526 pee...

  4. Business Process Risk Management, Compliance and Internal Control: A Research Agenda

    OpenAIRE

    Rikhardsson, Pall; Best, Peter; Green, Peter; Rosemann, Michael

    2006-01-01

    Integration of risk management and management control is emerging as an important area in the wake of the Sarbanes-Oxley Act and with ongoing development of frameworks such as the Enterprise Risk Management (ERM) framework from the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on an inductive methodological approach using literature review and interviews with managers engaged in risk management and internal control projects, this paper identifies three main ar...

  5. 17 CFR 240.15c3-4 - Internal risk management control systems for OTC derivatives dealers.

    Science.gov (United States)

    2010-04-01

    ...-Counter Markets § 240.15c3-4 Internal risk management control systems for OTC derivatives dealers. (a) An... derivatives dealer's internal risk management control system shall include the following elements: (1) A risk... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Internal risk management...

  6. Komisaris Independen, Komite Audit, Internal Audit Dan Risk Management Committee Terhadap Manajemen Laba

    OpenAIRE

    Restuningdiah, Nurika

    2011-01-01

    The purpose of this research was to examine the impact of independency of board commisioner, audit committee,internal audit and risk management comittee to earning management. Regression Analysis of 35 publiccompanies listing in Indonesia Stock Exchange on year 2009 through a random sampling technique indicatedthat there was no significant impact of independency of board commisioner, audit committee, internal auditand risk management comittee to earning management. The implication of this stu...

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

    Directory of Open Access Journals (Sweden)

    I.M. Vygivska

    2017-12-01

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

  8. Changes and risks: How ARCO manages international expansion

    International Nuclear Information System (INIS)

    Bowlin, M.R.; Downey, M.W.

    1992-01-01

    ARCO's return on capital employed for the past 6 years has been an industry-leading 11.1%. However, even ARCO has not been immune to the severe problems of the domestic oil and gas business, and ARCO believes these domestic problems are not likely to disappear quickly. ARCO's response has been twofold: a careful revamping of the domestic exploration and production arm; and thoughtful expansion of ARCO's international efforts. In the late 1980's ARCO's senior management concluded that oil reserves and corporate profit from exploration and production (E and P) could be most successfully increased by a larger presence in international investments. It was recognized that success would not come from merely pouring more money into international E and P but would require structural changes in operations and enhanced risk management

  9. 17 CFR 240.17i-4 - Internal risk management control system requirements for supervised investment bank holding...

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Internal risk management... Supervised Investment Bank Holding Company Rules § 240.17i-4 Internal risk management control system...) As part of its internal risk management control system, a supervised investment bank holding company...

  10. Norms and international standards related to reduce risk management: A literature review

    Directory of Open Access Journals (Sweden)

    César Fuentes

    2011-09-01

    Full Text Available The current work aims to develop a revision of the literature within the main concepts in the international rules and standards related to risk management in companies. By this way, there will be an analysis of issues such as the COSO - ERM model, an introduction to the ISO 27000 and 31000 standards; and the Project Management according to PMI targeted at risk management

  11. Management of bank risks in the system of internal financial monitoring

    Directory of Open Access Journals (Sweden)

    O.V. Lysenok

    2015-09-01

    Full Text Available Risk is an integral part of banking activities. That is why there are many researches on definition, measurement and monitoring of banking risks. Nowadays it is important to improve the risk management process of legalization (laundering of proceeds from crime or terrorist financing, especially in the present conditions of socio-economic development. This will improve the quality of financial monitoring in the country as a whole and will reduce the risk of attracting banks to laundering money from crime. The article reviews and examines modern management techniques and risk assessment of laundering proceeds from crime. The authors make suggestions to strengthen the tracking and detection of illegal schemes and appropriate approaches to «launder» criminal money. They also offer an appropriate model to manage the risks which accompany the process of laundering the proceeds from crime. According to the study carried out the authors provide their conclusions and recommendations to improve risk management in the system of internal financial monitoring of banks.

  12. International legal framework for geoengineering: Managing the risks of an emerging technology

    NARCIS (Netherlands)

    Du, Haomiao

    2016-01-01

    The present book “International Legal Framework for Geoengineering – Managing the Risks of an Emerging Technology” is about international law and an emerging technology called geoengineering, which refers to the large-scale manipulation of the planetary environment for counteracting anthropogenic

  13. Banks’ internal controls and risk management: Value-added functions in Italian credit cooperative banks

    Directory of Open Access Journals (Sweden)

    Rosaria Cerrone

    2013-12-01

    Full Text Available A critical component of safe and sound bank management is constituted by an effective and efficient system of internal controls, which help to ensure that the goals and objectives of a bank will be met, that long-term profitability targets will be achieved, and maintain reliable financial and managerial reporting. Such a system can also ensure that the bank will comply with laws and regulations as well as policies, plans, internal rules and procedures, and decrease the risk of unexpected losses or damage to the bank’s reputation. The paper describes the essential elements of a sound internal control system and through a qualitative approach, it shows how is tied to the rules attaining capital requirements and, above all, to the purpose of the Internal Capital Adequacy Assessment Process (ICAAP which aims at determining the adequate capitalisation of a bank given the risks endured as well as future risks arising from growth, and new business lines. After the recent financial crisis ICAAP is becoming more and more relevant and a central component of an effective strategy for managing risk and creating value. All principles and considerations are referred to Italian Credit Cooperative Banks particular both for dimension and for governance and risk management. They have been contacted though local federations and the results confirm the existing of weakness in internal controls.

  14. Executive Assistant – Risk Management and Internal Audit / Office of ...

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

    Under the supervision of the Director, Risk Management and Internal Audit, the ... filing system which includes ensuring all information related to RMIA's activities is ... Maintains reliable accounting/budgeting records of fees and expenditures ... The Executive Assistant's responsibilites have a direct impact on Director's and ...

  15. Risk-oriented internal control: The essence, management methods at small enterprises

    OpenAIRE

    Piskunov, V. A.; Manyayeva, V. A.; Tatarovskaya, T. E.; Bychkova, E. Y.

    2016-01-01

    The research topic relevance is inspired by necessity to develop theoretical and methodical provisions on the internal control system, risk-based management at small enterprises and to prove application feasibility, using economic-mathematical methods its implementation. The purpose of this research is to develop theoretical and methodical approaches to internal control system formation in small businesses, generating reliable and relevant information on the commercial organization activities...

  16. Problem-Based Teaching in International Management: A Political/Economic Risk Assessment Exercise

    Science.gov (United States)

    Daly, Paula S.; White, Marion M.; Zisk, Daniel S.; Cavazos, David E.

    2013-01-01

    This article draws from the current literature to examine problem-based learning (PBL) as a management education tool, and provides an example of how to incorporate PBL into an undergraduate international management course. Also included are an explanation of, and specific guidelines for, a PBL exercise focused on the analysis of "country risk"…

  17. International Fatigue Risk Management Forum : Safety Promotion and Feedback in FRMS

    NARCIS (Netherlands)

    Stewart, S.; Koornneef, F.; Akselsson, R.

    2009-01-01

    Chapter 8: International Fatigue Risk Management Forum - Safety Promotion and Feedback in FRMS The European Commission HILAS project (Human Integration into the Lifecycle of Aviation Systems - a project supported by the European Commission’s 6th Framework between 2005-2009) was focused on using

  18. International recommendations for managing environmental risk from nuclear energy production

    International Nuclear Information System (INIS)

    Clarke, R.H.

    1996-01-01

    The establishment of any recommendations relating to the control of radiation exposure requires decisions on the management of the associated risk. Those decisions must reflect attitudes towards the acceptable levels of risk for both workers and the public. The environmental impact of nuclear energy principally concerns radiation doses and risks to members of the public. The author shows how the considerations of risk and acceptability are used internationally to set standards for protection. The results differ as between limiting doses for normal operations, for restricting the likelihood of accidents, intervening after an accident, or reducing doses from a chronic exposure situation. It is concluded that there is a coherent pattern in the resulting protection system

  19. Sustaining a Mature Risk Management Process: Ensuring the International Space Station for a Vibrant Future

    Science.gov (United States)

    Raftery, Michael; Carter-Journet, Katrina

    2013-01-01

    The International Space Station (ISS) risk management methodology is an example of a mature and sustainable process. Risk management is a systematic approach used to proactively identify, analyze, plan, track, control, communicate, and document risks to help management make risk-informed decisions that increase the likelihood of achieving program objectives. The ISS has been operating in space for over 14 years and permanently crewed for over 12 years. It is the longest surviving habitable vehicle in low Earth orbit history. Without a mature and proven risk management plan, it would be increasingly difficult to achieve mission success throughout the life of the ISS Program. A successful risk management process must be able to adapt to a dynamic program. As ISS program-level decision processes have evolved, so too has the ISS risk management process continued to innovate, improve, and adapt. Constant adaptation of risk management tools and an ever-improving process is essential to the continued success of the ISS Program. Above all, sustained support from program management is vital to risk management continued effectiveness. Risk management is valued and stressed as an important process by the ISS Program.

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

    Directory of Open Access Journals (Sweden)

    Szabo Alina

    2012-12-01

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

  1. International Conference on Harmonisation; guidance on Q9 Quality Risk Management; availability. Notice.

    Science.gov (United States)

    2006-06-02

    The Food and Drug Administration (FDA) is announcing the availability of a guidance entitled "Q9 Quality Risk Management."' The guidance was prepared under the auspices of the International Conference on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use (ICH). The guidance provides principles and examples of tools for quality risk management that can be applied to all aspects of pharmaceutical quality throughout the lifecycle of drug substances, drug products, and biological and biotechnological products. The guidance is intended to enable regulators and industry to make more effective and consistent risk-based decisions.

  2. 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.

  3. Appraising longitudinal trends in the strategic risks cited by risk managers in the international water utility sector, 2005-2015.

    Science.gov (United States)

    Chalker, Rosemary T C; Pollard, Simon J T; Leinster, Paul; Jude, Simon

    2018-03-15

    We report dynamic changes in the priorities for strategic risks faced by international water utilities over a 10year period, as cited by managers responsible for managing them. A content analysis of interviews with three cohorts of risk managers in the water sector was undertaken. Interviews probed the focus risk managers' were giving to strategic risks within utilities, as well as specific questions on risk analysis tools (2005); risk management cultures (2011) and the integration of risk management with corporate decision-making (2015). The coding frequency of strategic (business, enterprise, corporate) risk terms from 18 structured interviews (2005) and 28 semi-structured interviews (12 in 2011; 16 in 2015) was used to appraise changes in the perceived importance of strategic risks within the sector. The aggregated coding frequency across the study period, and changes in the frequency of strategic risks cited at three interview periods identified infrastructure assets as the most significant risk over the period and suggests an emergence of extrinsic risk over time. Extended interviews with three utility risk managers (2016) from the UK, Canada and the US were then used to contextualise the findings. This research supports the ongoing focus on infrastructure resilience and the increasing prevalence of extrinsic risk within the water sector, as reported by the insurance sector and by water research organisations. The extended interviews provided insight into how strategic risks are now driving the implementation agenda within utilities, and into how utilities can secure tangible business value from proactive risk governance. Strategic external risks affecting the sector are on the rise, involve more players and are less controllable from within a utility's own organisational boundaries. Proportionate risk management processes and structures provide oversight and assurance, whilst allowing a focus on the tangible business value that comes from managing strategic

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

    Directory of Open Access Journals (Sweden)

    BOLOCAN DRAGOS-MIHAIL

    2010-12-01

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

  5. Improving Operational Risk Management Using Business Performance Management Technologies

    OpenAIRE

    Bram Pieket Weeserik; Marco Spruit

    2018-01-01

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

  6. 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 ...

  7. Host-Country Related Risk Factors in International Construction: Meta-Analysis

    Directory of Open Access Journals (Sweden)

    Güzin AYDOGAN

    2014-09-01

    Full Text Available Internationalization has been on the agenda of construction firms as a strategic option in global competition. Due to globalization every sector including the construction industry has faced with high levels of competitiveness, uncertainty, and risk. International construction involves common risks to domestic construction, as well as risks that are related to the host country. These risks have serious effects on the performance of international projects. Since the sustainable competitiveness of international contractors depends largely on the effective management of these risks, their assessment becomes vital for the success of international contractors. The main aim of this study is to analyse the risks for international construction projects that are related to the host country. Meta-analysis technique is used in order to determine these risks. This paper, therefore, reviews the literature that has been published in four most respected construction and management journals, these being; Journal of Construction Engineering and Management, Journal of Management in Engineering, Construction Management and Economics, and International Journal of Project Management for the period of 2000-2010. International construction risk assessment models are also reviewed within the context of this study, since host country related risk factors were found to have serious effects on the profitability of international contractors due to literature review. As a result; political stability, law and regulations, exchange rate risk, cultural differences, inflation, expropriation, tax discrimination, language barrier, bribery and corruption, force majeure, and societal conflicts in the host country are found to be the most important risk factors in international construction. Findings of this study can be used in risk assessment models for international construction projects.

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

    Directory of Open Access Journals (Sweden)

    Alina Hagiu

    2008-05-01

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

  9. Internal audit: the expert in providing comfort to the audit committee. The case of risk management and internal control

    OpenAIRE

    G. SARENS; I. DE BEELDE

    2006-01-01

    This study investigates to what extent audit committees feel uncomfortable about risk management and internal control, and focuses on how internal audit can be the expert in providing comfort in these areas, building upon the sociology of professions literature. Four case studies reveal that audit committees need comfort with respect to the control environment. Thanks to their internal position, their familiarity with the company, and their position close to people across the company, interna...

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

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

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

  11. 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...

  12. The impact of risk management on internal and sustainable growth rate: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hamid Reza Vakili Fard

    2014-09-01

    Full Text Available Measuring the relative risk of firms has been an open discussion among researchers. There are many studies on learning how leverage may influence on growth of the firms. This article reviews the relationship between risk management, internal and sustainable growth of accepted companies in Tehran stock exchange. The survey considers three types of risks including operating, financial and compound and investigates their relationships with internal growth rate as well as sustainable growth rate. Using some regression techniques, the study has determined negative and meaningful relationships between different types of leverage on side and internal as well as sustainable growth on the other side.

  13. 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)

  14. Development and pilot of an internationally standardized measure of cardiovascular risk management in European primary care

    Directory of Open Access Journals (Sweden)

    Szecsenyi Joachim

    2011-04-01

    Full Text Available Abstract Background Primary care can play an important role in providing cardiovascular risk management in patients with established Cardiovascular Diseases (CVD, patients with a known high risk of developing CVD, and potentially for individuals with a low risk of developing CVD, but who have unhealthy lifestyles. To describe and compare cardiovascular risk management, internationally valid quality indicators and standardized measures are needed. As part of a large project in 9 European countries (EPA-Cardio, we have developed and tested a set of standardized measures, linked to previously developed quality indicators. Methods A structured stepwise procedure was followed to develop measures. First, the research team allocated 106 validated quality indicators to one of the three target populations (established CVD, at high risk, at low risk and to different data-collection methods (data abstraction from the medical records, a patient survey, an interview with lead practice GP/a practice survey. Secondly, we selected a number of other validated measures to enrich the assessment. A pilot study was performed to test the feasibility. Finally, we revised the measures based on the findings. Results The EPA-Cardio measures consisted of abstraction forms from the medical-records data of established Coronary Heart Disease (CHD-patients - and high-risk groups, a patient questionnaire for each of the 3 groups, an interview questionnaire for the lead GP and a questionnaire for practice teams. The measures were feasible and accepted by general practices from different countries. Conclusions An internationally standardized measure of cardiovascular risk management, linked to validated quality indicators and tested for feasibility in general practice, is now available. Careful development and pilot testing of the measures are crucial in international studies of quality of healthcare.

  15. CEA - 2014 risk management assessment

    International Nuclear Information System (INIS)

    Bonnevie, Edwige; Verwaerde, Daniel; Maillot, Bernard

    2015-06-01

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

  16. Global, regional and national nuclear risk management. Use of ALARA in decision-making on costly international cleanup effort of radioactive contamination

    International Nuclear Information System (INIS)

    Kuz'min, I.; Shaposhnikov, D.

    1993-01-01

    In the national risk management, it's found out that 'external' source of hazard situated at the territory of neighbor country contributes heavily to total public and environment risk of the country. In order to remove such an opportunity, it's necessary to establish for these purposes special international funds ('safety funds') intended for environment pollution international standards. They are used for helping to establish quantitative standards for contribution in such fund from different countries. The authors considered problem of the optimal international investment in risk reducing from radioactive waste dumping in water of oceans. Coordinated mechanism for management and control, international legislative and legal norms are discussed

  17. Information Risk Management and Resilience

    Science.gov (United States)

    Dynes, Scott

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

  18. Identifying and managing risk in international construction projects

    Directory of Open Access Journals (Sweden)

    Sachin Kerur

    2012-04-01

    Full Text Available Over the last decade, major construction projects have increasingly arisen in countries or regions that lack specialist, expert construction contractors, suppliers and consultants. Steps are being taken by governments in the Middle East, Eastern Europe, China, India and developing markets to address national infrastructure deficits, and by so doing, are creating new regions of booming construction demand. When coupled with anaemic growth in developed markets such as the United Kingdom, the USA and Western Europe, foreign markets present attractive opportunities to the global construction industry. However, foreign markets are littered with the cautionary tales of international contractors and consultants that have failed to grasp the intricacies and risks of operating in a new environment and have failed to capitalise on the opportunities available. By identifying the classes of risks, and undertaking detailed analysis, ranking and mitigation of relevant jurisdictional risks, participants in international construction projects will increase the likelihood of project success and commercial longevity in the new jurisdiction. Risk identification and assessment is not a science but an art, and while there are many potential approaches to the issue, we propose that our strategies for identifying, assessing, ranking and mitigating jurisdictional risks offer new international players a good chance of commercial success.

  19. RISK ANALYSIS AND INTERNAL CONTROL ASSESSMENT - PREMISES FOR IMPROVING MANAGEMENT AT THE LEVEL OF ROMANIAN PUBLIC ENTITIES

    Directory of Open Access Journals (Sweden)

    CRISTINA MARIA VOINEA

    2015-10-01

    Full Text Available Romania, as a European Union member state, has undergone, in recent years, a complex process of reform in all activity fields. This includes the current process of public administration reform, which aims to improve the management, the administrative capacity and the manner in which the entire Romanian public sector is organized. In this study, we intend to portray the manner in which the internal control system and the internal audit structure of a Romanian public entity are shaped into form. For exemplification, we chose the internal audit mission titled “The Accounting System and Its Reliability”. We will identify the risks, we will assess them and we will also propose measures through which the entity’s management may mitigate these risks by correcting registered deviations.

  20. Supply chain integration, risk management and manufacturing flexibility

    DEFF Research Database (Denmark)

    Chaudhuri, Atanu; Boer, Harry; Taran, Yariv

    2018-01-01

    , respectively, and manufacturing flexibility. Design/methodology/approach – Using hierarchical regression, data are analyzed from a sample of 343 manufacturing plants in Asia collected in 2013-2014 as part of the International Manufacturing Strategy Survey (IMSS VI). Findings – Internal integration and supply......Purpose – The purpose of this paper is to investigate the impact of internal integration, external integration and supply chain risk management on manufacturing flexibility, and the moderating effect of supply chain risk management on the relationships between internal and external integration...... chain risk management have a direct effect on manufacturing flexibility. Supply chain risk management moderates the relationship between external integration and flexibility. Research limitations/implications – Further research is needed to generalize beyond the flexibility performance of discrete...

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

    International Nuclear Information System (INIS)

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

    2015-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2015-07-01

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

  3. 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...

  4. The Impact of Competencies, Risk Management and Auditors Interactions on Internal Audit Effectiveness in Libyan Commercial Banks

    OpenAIRE

    Ashour, Mohamad Salah R; Sukoharsono, Eko Ganis; Ghofar, Abdul

    2015-01-01

    Internal audit (IA) has become an important and integral function of organizations in achieving their objectives and protecting their assets. Nonetheless, IA effectiveness has received scant attention in the literature, especially in the context of developing countries such as Libya. The research aimed To analyze the impact of competencies of the internal audit team, risk management and interaction between internal auditors and audit committees on internal audit effectiveness in Libyan commer...

  5. Developing Risk Management as a Competitive Capability

    OpenAIRE

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

    2013-01-01

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

  6. 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...

  7. INTERNAL GOVERNANCE AND ROLE OF INTERNAL AUDIT IN FINANCIAL INSTITUTIONS. CASE STUDY: RISK BASED PLANNING

    Directory of Open Access Journals (Sweden)

    Andrei Florin

    2015-07-01

    Full Text Available The global financial crisis from 2008 was considered a trigger to reshape the financial systems and to enhance the risk management practices. Considering the developments and new guidelines that are now used it can be observed a “positive” effect of the crisis, in particular to strengthen the risk management culture and governance in all aspects. Comparing to 2008 year, the improvements that have been made to the risk management systems can be easily observed in the financial institutions. For the scope of the article, the subject of this review will be focused on the internal audit function. The main aspect is to capture the new practices that are now used in order to contribute to a performing internal governance system. A case study will be presented in order to better understand how the internal audit function is designed and acting as a “line” of defence in the internal governance system. Also, it is in the scope of the article to issue some recommendations for future developments of the audit function in order to better manage its mission and the objectives. A risk based model used in the planning activities is presented. The financial institutions improved significantly their internal governance system. The internal audit function is now better integrated in the internal structures and clear lines of communication were settled. As the conclusion of the article is illustrating, the internal governance was frequently not sufficiently developed causing a failure in the risk management systems from the systemically financial institutions. The content of the article has practical applicability, as the results and the recommendations could be used in the design of an audit function within a financial institution.

  8. 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...

  9. Risk assessment in international operations

    International Nuclear Information System (INIS)

    Stricklin, Daniela L.

    2008-01-01

    During international peace-keeping missions, a diverse number of non-battle hazards may be encountered, which range from heavily polluted areas, endemic disease, toxic industrial materials, local violence, traffic, and even psychological factors. Hence, elevated risk levels from a variety of sources are encountered during deployments. With the emphasis within the Swedish military moving from national defense towards prioritization of international missions in atypical environments, the risk of health consequences, including long term health effects, has received greater consideration. The Swedish military is interested in designing an optimal approach for assessment of health threats during deployments. The Medical Intelligence group at FOI CBRN Security and Defence in Umea has, on request from and in collaboration with the Swedish Armed Forces, reviewed a variety of international health threat and risk assessment models for military operations. Application of risk assessment methods used in different phases of military operations will be reviewed. An overview of different international approaches used in operational risk management (ORM) will be presented as well as a discussion of the specific needs and constraints for health risk assessment in military operations. This work highlights the specific challenges of risk assessment that are unique to the deployment setting such as the assessment of exposures to a variety of diverse hazards concurrently

  10. 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...

  11. European Practice Assessment of Cardiovascular risk management (EPA Cardio: protocol of an international observational study in primary care

    Directory of Open Access Journals (Sweden)

    van Lieshout Jan

    2009-01-01

    Full Text Available Abstract Background Despite important improvements in available prevention and treatment, cardiovascular diseases (CVD remain an important cause of morbidity and mortality. Not all high-risk patients and patients with CVD have healthy lifestyles and receive the best possible healthcare. Internationally comparative data are needed to compare cardiovascular risk management in different countries, and to examine the impact of improvement programs and others factors. Objectives This study aims to provide internationally comparative data on cardiovascular risk management provided in primary care and on health-related lifestyles of patients in Europe. The study will also explore the views of doctors and patients on innovative preventive services for CVDs. Design and methods An observational cross-sectional study is planned. In 10 European countries, stratified samples of 36 practices per country will be recruited. In each practice, three samples of 15 patients each will be sampled: patients with coronary heart disease, patients at high risk for CVD, and healthy adult patients. The quality of cardiovascular risk management has been specified in terms of 44 performance indicators that resulted from an international Delphi-procedure with general practitioners. Most indicators are based on medical records, and some on a structured interview with a contact person of the practice. Lifestyle (smoking, physical exercise, diet will be measured with previously validated questionnaires that are completed by patients. Additional measures include practice characteristics and exposure to programs to improve cardiovascular care.

  12. 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.

  13. Foreign Exchange Risk in International Transactions

    Directory of Open Access Journals (Sweden)

    Florentina-Olivia Balu

    2007-03-01

    Full Text Available Every international business is affected by the ever-changing value of the currencies implied in contracts. While many of us consider this unpredictability a nuisance, the volatility of currencies around the world can mean the difference between success and failure for many exporters/importers. Exchange rates between one currency and another can change dramatically in a short period of time, leaving the unprepared business exposed to potentially crippling losses. The efficient management of this risk is essential for the survival of a company and any business that is exposed to such a risk should ensure that it is fully prepared to manage it. Old standbys and recent breakthroughs in the area of financial risk management can remove much of the risk from currency rate movements. The range of such products is huge, with increasingly sophisticated techniques constantly being added. Among the most modern methods for managing exchange risk there are four major classes of derivative products like: forwards, futures, options, and swaps. Beyond the four main types of risk management instruments, there are a number of other products including "swaptions" (options on swaps; avenging options; yield curve swaps; futures on spreads; and options on portfolios. Sophisticated mathematical tools and high-speed computers are needed to calculate the price of these instruments and to determine their overall effect on the company. In this article we will focus on forward and futures contracts for managing foreign exchange risk. A forward is a contract to buy or sell currency at an agreed upon exchange rate at a specific date in the future. Futures are similar to forwards except that they're traded on exchanges which specify settlement dates. Also we make some recommendations related to the foreign exchange risk-management practices that are useful for companies involved in international trade and for financial institutions interested in providing hedging products to

  14. 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...

  15. 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.

  16. The Role of Internal Audit in Risk Management– Evidence from Private Sector of Kosovo

    Directory of Open Access Journals (Sweden)

    Hysen Ismajli

    2017-10-01

    Full Text Available The aim of this study is to examine the role of internal audit function in risk management and challenges that influence its function in private companies in Kosovo. The method chosen for the research is based on structured questionnaire survey sent to all head of internal audit of top 21 largest private companies in Kosovo and conducted several interviews with them. Based on responses received, the role of internal auditor in the risk management is perceived to be very important, but first there are many activities within the company which must be improved to have fully functional audit department. Further, results show that internal auditors understand the concept of risk management but restricted access from business owners to core and confidential information, inexperienced internal audit staff, insufficient funds allocated to develop internal audit department, and lack of management interest are barriers that leads to improper performance of internal audit in risk management and non-functional internal audit. As the role of internal audit in the private sector in Kosovo has been very rarely empirically examined, this study attempts to contribute to future studies that relate to a very important issue such as risk management.

  17. 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

  18. RISK MANAGEMENT FROM THE PERSPECTIVE OF INTERNAL AUDIT

    OpenAIRE

    Florin-Constantin, DIMA

    2013-01-01

    The existence of a wide range of risks with actual or potential impact on business entities is a certainty, as well as their influence on company results. In this context, the increase of the economic performance and the implementation of effective activities is strictly related to implementing a risk management system, allowing to define the principal risks of the entity, to identify and assess the risks it faces, and the creation of effective strategies to reduce them.

  19. INTERNAL AUDIT AS AN ATTRIBUTE OF MANAGEMENT DURING THE ECONOMIC CRISIS

    Directory of Open Access Journals (Sweden)

    Georgiana Susmanschi

    2012-09-01

    Full Text Available Internal audit provides through its tasks reasonable assurance that decisions implemented and on-going objectives are under control. Internal audit has passed from a simple check to a role in assisting management in order to have better control over operations, thus the internal audit function overcomes its primordial role to provide simple stage directions functional, following his path to becoming a useful leverage to optimize the company. Any company, irrespective of its business and operating environment, faces a number of risks, frauds. The most effective tools in preventing fraud are management control and internal audit, the latter being of prime importance in the field of corporate governance. The present paper follows to highlight the place and role that internal audit has in the economic entities which it is labeled as an attribute of management. A negative element identified at the level of the affected companies is the failure to identify risk management, due to increasing complexity of services and risky nature of the business. Although internal audit is not responsible for implementation of actions as a response to risks, it is responsible for providing reports to the management of significant information showing key risk assessment and so helps the management to become more efficient.

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

    Directory of Open Access Journals (Sweden)

    Esteban Crespo Martínez

    2017-02-01

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

  1. RISK MANAGEMENT FROM THE PERSPECTIVE OF INTERNAL AUDIT

    Directory of Open Access Journals (Sweden)

    Florin-Constantin, DIMA

    2013-12-01

    Full Text Available The existence of a wide range of risks with actual or potential impact on business entities is a certainty, as well as their influence on company results. In this context, the increase of the economic performance and the implementation of effective activities is strictly related to implementing a risk management system, allowing to define the principal risks of the entity, to identify and assess the risks it faces, and the creation of effective strategies to reduce them.

  2. 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.

  3. Communicating Risk to Program Managers

    Science.gov (United States)

    Shivers, C. Herbert

    2005-01-01

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

  4. COMPLIANCE AS FACTORING BUSINESS RISK MANAGEMENT: CONTROL ASPECTS

    Directory of Open Access Journals (Sweden)

    V.K. Makarovych

    2016-03-01

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

  5. Strengthening the management of ESA - the Inter-Directorate Reform of Corporate and Risk Management

    Science.gov (United States)

    Feustel-Büechl, Jörg; Arend, Harald; Derio, Eric; Infante, Giovanni; Kreiner, Gerhard; Phaler, Jesse; Tabbert, Michael

    2007-02-01

    ESA has undertaken the Inter-Directorate Reform of Corporate and Risk Management to strengthen the Agency's internal operations. The reform was completed at the end of 2006, encompassing five dedicated projects on Risk Management, Agency-Wide Controlling System, Project Plan and Integrated Project Review, General Budget Structure and Charging Policy, and Corporate Information Systems. It has contributed to improved management of the Agency's internal operations by engaging all internal stakeholders in a common objective, introducing improvements to planning and management methods, elaborating consolidated information structures and tools, contributing to enhanced transparency and accountability, and by providing qualified new policies, processes and tools.

  6. Assessing the risk of work-related international travel.

    Science.gov (United States)

    Druckman, Myles; Harber, Philip; Liu, Yihang; Quigley, Robert L

    2014-11-01

    To identify factors affecting the likelihood of requiring medical services during international business trips. Data from more than 800,000 international trips and medical assistance cases provided to 48 multinational corporations in 2009. Travel destination countries were grouped into four a priori risk-related categories. Travel to "low" medical risk countries in aggregate accounted for more hospitalizations and medical evacuations than travel to "high" medical risk countries. Nevertheless, the risk per trip was much higher for travel to higher medical risk countries. Corporations with employees on international travel should allocate sufficient resources to manage and ideally prevent medical issues during business travel. Travel medicine must focus on more than infectious diseases, and programs are necessary for both high- and low-risk regions. Improved understanding of travel-related needs determines resource allocation and risk mitigation efforts.

  7. Expanding the Reach of Participatory Risk Management: Testing an Online Decision-Aiding Framework for Informing Internally Consistent Choices.

    Science.gov (United States)

    Bessette, Douglas L; Campbell-Arvai, Victoria; Arvai, Joseph

    2016-05-01

    This article presents research aimed at developing and testing an online, multistakeholder decision-aiding framework for informing multiattribute risk management choices associated with energy development and climate change. The framework was designed to provide necessary background information and facilitate internally consistent choices, or choices that are in line with users' prioritized objectives. In order to test different components of the decision-aiding framework, a six-part, 2 × 2 × 2 factorial experiment was conducted, yielding eight treatment scenarios. The three factors included: (1) whether or not users could construct their own alternatives; (2) the level of detail regarding the composition of alternatives users would evaluate; and (3) the way in which a final choice between users' own constructed (or highest-ranked) portfolio and an internally consistent portfolio was presented. Participants' self-reports revealed the framework was easy to use and providing an opportunity to develop one's own risk-management alternatives (Factor 1) led to the highest knowledge gains. Empirical measures showed the internal consistency of users' decisions across all treatments to be lower than expected and confirmed that providing information about alternatives' composition (Factor 2) resulted in the least internally consistent choices. At the same time, those users who did not develop their own alternatives and were not shown detailed information about the composition of alternatives believed their choices to be the most internally consistent. These results raise concerns about how the amount of information provided and the ability to construct alternatives may inversely affect users' real and perceived internal consistency. © 2015 Society for Risk Analysis.

  8. Foreign Exchange Risk in International Transactions

    Directory of Open Access Journals (Sweden)

    Florentina-Olivia Balu

    2007-03-01

    In this article we will focus on forward and futures contracts for managing foreign exchange risk. A forward is a contract to buy or sell currency at an agreed upon exchange rate at a specific date in the future. Futures are similar to forwards except that they’re traded on exchanges which specify settlement dates. Also we make some recommendations related to the foreign exchange risk-management practices that are useful for companies involved in international trade and for financial institutions interested in providing hedging products to these companies.

  9. Social Risk and the Management of MNCs

    DEFF Research Database (Denmark)

    Taarup Esbensen, Jacob

    2015-01-01

    Multinational companies (MNCs) are increasing being exposed to risk that originate from local communities in the business environment where they operate. The response has been to implement systems for stakeholder engagement by including social issues into their risk management systems. However......” systems, which are based on the capability to identify frames and sensemaking processes. This paper show how social risk management can be conventionalised using distinct theoretical domains taking its outset in a sociological perspective on risk, linking International Business (IB) risk management...

  10. 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

  11. Effectiveness of insurance risk management under crisis conditions

    Directory of Open Access Journals (Sweden)

    I.G. Goncharenko

    2015-06-01

    Full Text Available In the article some historical aspects of insurance, domestic trends in insurance risk management with aspects of international experience, the modern role of insurance and insurance companies in a market economy, factors of risk management system and the nature of the insurance portfolio are analyzed. Factors of risk events in insurance, the spectrum of risks, imbalance of the insurance market in crisis conditions are outlined; expert’s estimations of the insurance market in recent years are examined. Problems of insurance business perform are determined, especially insurance risk management. The ability to use the provisions of European insurance regulation on internal domestic insurance market is analyzed, and also the aspects of integration of Ukrainian insurance market are determined.

  12. Improvement of Internal Audit Planning Method through Application of Risk Card by the Indices of Value-Based Management System of Joint-Stock Company

    OpenAIRE

    Oleksandr Smetanko

    2014-01-01

    The Article deals with issues of improving methods of planning and carrying out internal audit in conditions of risk-oriented approach to audit according to the indices of value-based management system - VBM (Value Based Management) using the risk card (risk matrix). A risk card (risk matrix) method has been disclosed taking into account risk level of each of the key factors influencing joint-stock company value rates. Recommendations have been given and abstract of working document has been ...

  13. CEA - Assessment of risk management for 2012

    International Nuclear Information System (INIS)

    Bonnevie, Edwige

    2013-06-01

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

  14. 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...

  15. Audit of psychosocial risk management systems

    DEFF Research Database (Denmark)

    Jespersen, Anne Helbo; Hasle, Peter; Hohnen, Pernille

    2014-01-01

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

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

    Science.gov (United States)

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

    2016-08-01

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

  17. 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.

  18. Managing Risk in Information Resources and Services Provision in ...

    African Journals Online (AJOL)

    Risk management forms an integral part of the Library's planning and monitoring process and its internal control framework. It is therefore a vital element of good governance and management. This paper discusses the strategies for managing risks in the provision of information services in University Libraries. The concept ...

  19. From CSR to Social Risk Management

    DEFF Research Database (Denmark)

    Taarup Esbensen, Jacob

    2014-01-01

    When it comes to social risks multinational companies (MNC) within Mining are one of the most exposed businesses one can imagine. This paper examines how social risk management is practiced through the case of Teghout copper-molybdenum mine in North- Eastern Armenia, supplemented with evidence from...... other mining MNCs in the country, onsite fieldwork, interviews with key stakeholders, and public available information. This evidence suggest that a standards based social risk management strategy is adopted and that this strategy is based on international Corporate Social Responsibility (CSR) standards...... engagement management systems that is promoted through the standard. The implemented social risk management systems are ineffective because they makes the MNC unable to recognise the value of weak ties and fail to build legitimacy and trust with some of the key stakeholders resulting in the creation of more...

  20. Internal controls and credit risk relationship among banks in Europe

    Directory of Open Access Journals (Sweden)

    Ellis Kofi Akwaa-Sekyi

    2017-01-01

    Full Text Available Purpose: The study purport to investigate the effectiveness of internal control mechanisms, investigate whether evidence of agency problem is found among banks in Europe and determine how internal controls affect credit risk. Design/methodology/approach: Panel data from 91 banks from 23 European Union countries were studied from 2008-2014. Hausman’s specification test suggest the use of fixed effects estimation technique of GLS. Quantitatively modelled data on 15 variables covering elements of internal controls, objectives of internal controls, agency problem, bank and country specific variables were used. Findings: There is still high credit risk in spite of measures being implemented by the European Central Bank. Banks have individual entity factors that increase or decrease credit risk. The study finds effective internal control systems because objectives of internal controls are achieved and significantly determine credit risk. Agency problem is confirmed due to significant positive relation with credit risk. There is significant effect of internal controls on credit risk with specific variables as risk assessment, return on average risk weighted assets, institutional ownership, bank size, inflation, interest rate and GDP. Research limitations/implications: Missing data prevented the use of strongly balanced panel. The lack of flexibility with using quantitative approach did not allow further scrutiny of the nature of variables. However, statistical tests were acceptable for the model used. The study has implications for management and owners of banks to be warry of agency problem because that provides incentive for reckless high risk transactions that may benefit the agent than the principal. Management must engage in actions that profile the company better and enhances value maximization. Rising default risk has tendency to impair corporate image leading to loss of reputational capital. Originality/value: The study provides the use of

  1. Practical Methods for Information Security Risk Management

    Directory of Open Access Journals (Sweden)

    Cristian AMANCEI

    2011-01-01

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

  2. Risk-trading in flood management: An economic model.

    Science.gov (United States)

    Chang, Chiung Ting

    2017-09-15

    Although flood management is no longer exclusively a topic of engineering, flood mitigation continues to be associated with hard engineering options. Flood adaptation or the capacity to adapt to flood risk, as well as a demand for internalizing externalities caused by flood risk between regions, complicate flood management activities. Even though integrated river basin management has long been recommended to resolve the above issues, it has proven difficult to apply widely, and sometimes even to bring into existence. This article explores how internalization of externalities as well as the realization of integrated river basin management can be encouraged via the use of a market-based approach, namely a flood risk trading program. In addition to maintaining efficiency of optimal resource allocation, a flood risk trading program may also provide a more equitable distribution of benefits by facilitating decentralization. This article employs a graphical analysis to show how flood risk trading can be implemented to encourage mitigation measures that increase infiltration and storage capacity. A theoretical model is presented to demonstrate the economic conditions necessary for flood risk trading. Copyright © 2017 Elsevier Ltd. All rights reserved.

  3. Effect of internal controls on credit risk among listed Spanish banks

    Directory of Open Access Journals (Sweden)

    Ellis Kofi Akwaa-Sekyi

    2016-02-01

    Full Text Available Purpose: The paper examines the effectiveness of internal control systems, explores the exposure of Spanish banks to the dangers of default as a result of internal control systems and establishes a relationship between internal controls and credit risk. Design/Methodology/Approach: Quantitative research approach is used to test hypotheses on the relationship between internal controls and credit risk among listed banks in Spain. Data from Bankscope and company websites from 2004-2013 were used. Generalized Least Squares (random effect econometric estimation technique was used for the model. Findings: We find that internal control systems are in place but their effectiveness cannot be guaranteed. This exposes Spanish listed banks to serious default situations. There is significant effect of internal controls on credit risk especially the control environment, risk management, control activities and monitoring. The non-disclosure of material internal control weakness is a contributory factor to the ineffective internal control systems. There is however a perceived board ineffectiveness which does not augur well for effective internal control systems. Board characteristics for Spanish banks confirm the agency theory. Research Limitations and Implications: Data unavailability for certain years, variables and many inactive banks did not permit a larger sample size than expected. The use of quantitative variables lacks flexibility. Practical Implications: Bank management will find the work useful to ensure strict enforcement of internal control mechanisms and see it as both credit risk and operational risk issues. Central bank should hurry to compel banks to disclose material internal control weakness as provided in the reviewed COSO framework. Social Implications: Ineffective internal controls lead to credit risks, bank closure and loss of investments. Society suffers a lot from such losses and contagion. Disclosure of material internal control

  4. Heap leach cyanide irrigation and risk to wildlife: Ramifications for the international cyanide management code.

    Science.gov (United States)

    Donato, D B; Madden-Hallett, D M; Smith, G B; Gursansky, W

    2017-06-01

    Exposed cyanide-bearing solutions associated with gold and silver recovery processes in the mining industry pose a risk to wildlife that interact with these solutions. This has been documented with cyanide-bearing tailings storage facilities, however risks associated with heap leach facilities are poorly documented, monitored and audited. Gold and silver leaching heap leach facilities use cyanide, pH-stabilised, at concentrations deemed toxic to wildlife. Their design and management are known to result in exposed cyanide-bearing solutions that are accessible to and present a risk to wildlife. Monitoring of the presence of exposed solutions, wildlife interaction, interpretation of risks and associated wildlife deaths are poorly documented. This paper provides a list of critical monitoring criteria and attempts to predict wildlife guilds most at risk. Understanding the significance of risks to wildlife from exposed cyanide solutions is complex, involving seasonality, relative position of ponding, temporal nature of ponding, solution palatability, environmental conditions, in situ wildlife species inventory and provision of alternative drinking sources for wildlife. Although a number of heap leach operations are certified as complaint with the International Cyanide Management Code (Cyanide Code), these criteria are not considered by auditors nor has systematic monitoring regime data been published. Without systematic monitoring and further knowledge, wildlife deaths on heap leach facilities are likely to remain largely unrecorded. This has ramifications for those operations certified as compliance with the Cyanide Code. Copyright © 2017 Elsevier Inc. All rights reserved.

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

    International Nuclear Information System (INIS)

    Chakraborty, S.

    1992-01-01

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

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

    OpenAIRE

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

    2012-01-01

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

  7. Improving Supply Chain Management by enhanced Risk Management to minimize the Impact of Disruptions on Supply Chains

    OpenAIRE

    Meyer-Larsen, N.; Drupsteen, L.; Gräf, G.; Maier, L.; Müller, R.

    2013-01-01

    Risk management, which is the identification and analysis of risks and their mitigation, is increasingly becoming a crucial factor in the management of international intermodal supply chains. On the one hand, security risks are addressed, especially since the terrorist attacks of 11 September 2001. Several laws, regulations, security procedures and technical measures to improve security were developed by the US, by international organisations and also by the industry. On the other hand, enhan...

  8. Methods of currency risk management in foreign trade

    Directory of Open Access Journals (Sweden)

    V.V. Ksendzuk

    2016-03-01

    Full Text Available Development of the country’s market national economy is closely connected with international economic relations. Therefore national business entities are actively involved in foreign trade, and their positive results influence not only on the status and income of owners, but form the economic potential of the country. The survey describes the main indicators of foreign trade and the impact of export and import transactions on economic development of Ukraine, particularly on the gross domestic income of the country. Taking into account also the negative trends in foreign currency exchange rates, the article considers the types of currency risks that accompany international transactions and identifies the limits of the usefulness of currency risk management methods. The methods of currency risk management are also systematized, the benefits of their use for the enterprise are considered and the status and readiness of Ukraine’s financial market to ensure appropriate conditions for the functioning of the currency risk management in domestic enterprises are analyzed.

  9. Entrprise Risk Management : Das COSO-ERM-Framework

    OpenAIRE

    Ruud, Flemming; Sommer, Katerina

    2006-01-01

    Das Enterprise Risk Management (ERM) ist ein wichtiges Element der Corporate Governance. Es kann Unternehmen bei der Zielerreichung unterstützen, indem es hilft, Chancen und Risiken zu erkennen und geeignete Massnahmen zu ergreifen. Die Weiterentwicklung des Internal-Control-Framework zu einem Enterprise-Risk-Management-Framework, dessen Grund sätze, Ziele und Komponenten, dessen Nutzen und Grenzen sowie die Unterschiede zum ursprünglichen COSO-ICFramework ist Gegenstand dieses Artikels.

  10. 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.

  11. Investment riskmanagement of the transnational corporations: paradigm of the ХХІ century

    Directory of Open Access Journals (Sweden)

    Yevhen Panchenko

    2009-03-01

    Full Text Available The article reveals the management conceptual frameworks of the international investment risks of transnational corporations in the current conditions. Since the operation models of the investments risks used in the practices of international management aren’t perfect and contain numerous errors of risk-managers, the authors offer a system of integrative riskmanagement. There was researched the evolution of the management paradigm of the international investment risks from the past fatalistic and mathematic paradigms through “weather-type” and organic paradigm to the latest behavioral paradigm, the key characteristics of which is a crucial influence of the decisions and actions of leading international investments players on the state and dynamics of changes of the world financial markets. There has been proved a regular character of the formation of the modern integrative system of international risk-management, which includes not only traditional financial and managerial instruments but also nontraditional financial instruments (hedge funds of the new type, art banking, stress testing, and also cross-cultural technologies (cross-cultural compliance, friendly merger technologies, cultural types of risk-managers and so on.

  12. Banking risk 51: INSOL International (the solvency risk

    Directory of Open Access Journals (Sweden)

    Matić Vesna

    2016-01-01

    Full Text Available Solvency preservation of economic and financial subjects in the context of their functional connectedness has been in the focus of attention and consideration of professional circles last decades. The solvency risk of important economic entities is specific because it can result in broader consequences in the sense of a chain expansion on the wider range of economic and financial subjects. The movement of economic cycles which enter the stage of global economic crises in specific periods has an important influence on the systemic character of the solvency risk. In order to prevent and harmonize solvency risk management in the wider geographic area, INSOL International has been formed, as a worldwide federation of national associations for accountants and lawyers who are specialized in turnaround and insolvency.

  13. Management of low (favourable)-risk prostate cancer.

    Science.gov (United States)

    Carter, H Ballentine

    2011-12-01

    What's known on the subject? and What does the study add? Most men who are diagnosed with favourable-risk prostate cancer undergo some form of active intervention, despite evidence that treatment will not improve health outcomes for many. The decision to undergo treatment after diagnosis is, in part, related to the inability to precisely determine the long-term risk of harm without treatment. Nevertheless, physicians should consider patient age, overall health, and preferences for living with cancer and the potential side effects of curative treatments, before recommending a management option. This is especially important for older men, given the high level of evidence that those with low-risk disease are unlikely to accrue any benefit from curative intervention. What is known on the subject: Over treatment of favourable-risk prostate cancer is common, especially among older men. What does the study add: A review of the natural history of favourable-risk prostate cancer in the context of choices for management of the disease. • The management of favourable-risk prostate cancer is controversial, and in the absence of controlled trials to inform best practice, choices are driven by personal beliefs with resultant wide variation in practice patterns. • Men with favourable-risk prostate cancer diagnosed today often undergo treatments that will not improve overall health outcomes. • A shared-decision approach for selecting optimal management of favourable-risk disease should account for patient age, overall health, and preferences for living with cancer and the potential side effects of curative treatments. © 2011 THE AUTHOR. BJU INTERNATIONAL © 2011 BJU INTERNATIONAL.

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

    Science.gov (United States)

    Lengyel, David M.

    2009-01-01

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

  15. GENERAL ASPECTS REGARDING THE MANAGEMENT ACTIVITY IN INTERNATIONAL BUSINESS

    Directory of Open Access Journals (Sweden)

    Mihaela Loredana LĂPĂDUŞI

    2010-09-01

    Full Text Available The strategy of penetrating and developing the external markets is an important objective of the international enterprises management. This involves a specific analysis of the business environment for illustrating the opportunities of business and risks and the business potential of a particular enterprise in order to establish the internalisation objectives and types. The international management is individualised by the environment where the enterprises develop their economical activity, supposing that the world market of international business involves the access to new markets and the enterprises must adapt to the specific needs and opportunities.

  16. Quality in translation: case management in the international marketplace.

    Science.gov (United States)

    Beichl, Lisa; Craig, Kathy

    2009-01-01

    This article identifies three categories of case management (CM), in-country, international, and micro, that are poised to serve as the quality proxy for the international medical patient in the rapidly emerging globalized healthcare marketplace. The content concentrates on describing in-country CM and international CM (ICM). Because CM professionals are the providers of patient-centered quality and safety improvements, they are capable of filling the chasm between the travel industry and the regulators who specialize in accrediting hospital systems. In-country and ICM case managers are equipped to perform surveillance and intervention at the level of the international patient's bedside, activate network connections, and use culture-sensitive communication skills to safeguard patients in their individual sojourns abroad. The article discusses useful concepts and sources, including an algorithmic tool under development that is geared to identify and quantify risks for lay and business individuals who seek to engage the global medical market. The article's information is provided for front-line and front-office healthcare practitioners to understand or enter the worldwide medical marketplace. Content is targeted to CM generalists, specialists, and business developers interested in learning about safeguarding the patients who travel internationally to receive medical care. It can also be applied by those within and outside the healthcare practice arena, particularly those interested in the development of quality initiatives. All research and syntheses were executed by the authors. Sources included scholarly treatises, business correspondence, medical tourism literature, corporate Internet profiles, news releases, and healthcare industry investigative and monitoring agencies. International health insurance, economics, and financing expertise stems from one author (L.B.). Clinical competencies stem from the international practice experiences of one author (K.C.). This

  17. SURF - SUrvey of Risk Factor management: first report of an international audit.

    Science.gov (United States)

    Cooney, Mt; Reiner, Z; Sheu, W; Ryden, L; Sutter, J de; De Bacquer, D; DeBacker, G; Mithal, A; Chung, N; Lim, Yt; Dudina, A; Reynolds, A; Dunney, K; Graham, I

    2014-07-01

    Despite the fact that subjects with established coronary heart disease (CHD) are at high risk of further events and deserve meticulous secondary prevention, current audits such as EUROASPIRE show poor control of major risk factors. Ongoing monitoring is required. We present a new risk factor audit system, SURF (Survey of Risk Factor management), that can be conducted much more quickly and easily than existing audit systems and has the potential to allow hospitals of all sizes to participate in a unified international audit system that will complement EUROASPIRE. Initial experience indicates that SURF is truly simple to undertake in an international setting, and this is illustrated with the results of a substantive pilot project conducted in Europe and Asia. The data collection system was designed to allow rapid and easy data collection as part of routine clinic work. Consecutive patients (aged 18 and over) with established CHD attending outpatient cardiology clinics were included. Information on demographics, previous coronary medical history, smoking history, history of hypertension, dyslipidaemia or diabetes, physical activity, attendance at cardiac rehabilitation, cardiac medications, lipid and glucose levels (and HbA1c in diabetics) if available within the last year, blood pressure, heart rate, body mass index, and waist circumference were collected using a one-page data collection sheet. Years spent in full time education was added as an additional question during the pilot phase. Three European countries - Ireland (n = 251), Belgium (n = 122), and Croatia (n = 124) - and four Asian countries - Singapore (n = 142), Taiwan (n = 334), India (n = 97), and Korea (n = 45) - were included in the pilot study. The results of initial field testing were confirmed in that it proved possible to collect data within 60-90 seconds per subject. There was poor control of several risk factors including high levels of physical inactivity (41

  18. Safety Climate, Perceived Risk, and Involvement in Safety Management

    OpenAIRE

    Kouabenan , Dongo Rémi; Ngueutsa , Robert ,; Safiétou , Mbaye

    2015-01-01

    International audience; This article examines the relationship between safety climate, risk perception and involvement in safety management by first-line managers (FLM). Sixty-three FLMs from two French nuclear plants answered a questionnaire measuring perceived workplace safety climate, perceived risk, and involvement in safety management. We hypothesized that a positive perception of safety climate would promote substantial involvement in safety management, and that this effect would be str...

  19. 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".

  20. Enterprise Risk Management : Das COSO-ERM-Framework

    OpenAIRE

    Ruud, Flemming; Sommer, Katerina

    2006-01-01

    Das Enterprise Risk Management (ERM) ist ein wichtiges Element der Corporate Governance. Es kann Unternehmen bei der Zielerreichung unterstützen, indem es hilft, Chancen und Risiken zu erkennen und geeignete Massnahmen zu ergreifen. Die Weiterentwicklung des Internal-Control-Framework zu einem Enterprise-Risk-Management-Framework, dessen Grund sätze, Ziele und Komponenten, dessen Nutzen und Grenzen sowie die Unterschiede zum ursprünglichen COSO-ICFramework ist Gegenstand dieser Ausführunge...

  1. 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

  2. Improving Supply Chain Management by enhanced Risk Management to minimize the Impact of Disruptions on Supply Chains

    NARCIS (Netherlands)

    Meyer-Larsen, N.; Drupsteen, L.; Gräf, G.; Maier, L.; Müller, R.

    2013-01-01

    Risk management, which is the identification and analysis of risks and their mitigation, is increasingly becoming a crucial factor in the management of international intermodal supply chains. On the one hand, security risks are addressed, especially since the terrorist attacks of 11 September 2001.

  3. 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.

  4. Real-Time Risk and Fault Management in the Mission Evaluation Room for the International Space Station

    Energy Technology Data Exchange (ETDEWEB)

    Nelson, W.R.; Novack, S.D.

    2003-05-30

    Effective anomaly resolution in the Mission Evaluation Room (MER) of the International Space Station (ISS) requires consideration of risk in the process of identifying faults and developing corrective actions. Risk models such as fault trees from the ISS Probabilistic Risk Assessment (PRA) can be used to support anomaly resolution, but the functionality required goes significantly beyond what the PRA could provide. Methods and tools are needed that can systematically guide the identification of root causes for on-orbit anomalies, and to develop effective corrective actions that address the event and its consequences without undue risk to the crew or the mission. In addition, an overall information management framework is needed so that risk can be systematically incorporated in the process, and effectively communicated across all the disciplines and levels of management within the space station program. The commercial nuclear power industry developed such a decision making framework, known as the critical safety function approach, to guide emergency response following the accident at Three Mile Island in 1979. This report identifies new methods, tools, and decision processes that can be used to enhance anomaly resolution in the ISS Mission Evaluation Room. Current anomaly resolution processes were reviewed to identify requirements for effective real-time risk and fault management. Experience gained in other domains, especially the commercial nuclear power industry, was reviewed to identify applicable methods and tools. Recommendations were developed for next-generation tools to support MER anomaly resolution, and a plan for implementing the recommendations was formulated. The foundation of the proposed tool set will be a ''Mission Success Framework'' designed to integrate and guide the anomaly resolution process, and to facilitate consistent communication across disciplines while focusing on the overriding importance of mission success.

  5. Real-Time Risk and Fault Management in the Mission Evaluation Room of the International Space Station

    Energy Technology Data Exchange (ETDEWEB)

    William R. Nelson; Steven D. Novack

    2003-05-01

    Effective anomaly resolution in the Mission Evaluation Room (MER) of the International Space Station (ISS) requires consideration of risk in the process of identifying faults and developing corrective actions. Risk models such as fault trees from the ISS Probablistic Risk Assessment (PRA) can be used to support anomaly resolution, but the functionality required goes significantly beyond what the PRA could provide. Methods and tools are needed that can systematically guide the identification of root causes for on-orbit anomalies, and to develop effective corrective actions that address the event and its consequences without undue risk to the crew or the mission. In addition, an overall information management framework is needed so that risk can be systematically incorporated in the process, and effectively communicated across all the disciplines and levels of management within the space station program. The commercial nuclear power industry developed such a decision making framework, known as the critical safety function approach, to guide emergency response following the accident at Three Mile Island in 1979. This report identifies new methods, tools, and decision processes that can be used to enhance anomaly resolution in the ISS Mission Evaluation Room. Current anomaly resolution processes were reviewed to identify requirements for effective real-time risk and fault management. Experience gained in other domains, especially the commercial nuclear power industry, was reviewed to identify applicable methods and tools. Recommendations were developed for next-generation tools to support MER anomaly resolution, and a plan for implementing the recommendations was formulated. The foundation of the proposed toolset will be a "Mission Success Framework" designed to integrate and guide the anomaly resolution process, and to facilitate consistent communication across disciplines while focusing on the overriding importance of mission success.

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

    International Nuclear Information System (INIS)

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

    2016-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2016-04-15

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

  8. 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.

  9. Air pollution and public health: a guidance document for risk managers.

    Science.gov (United States)

    Craig, Lorraine; Brook, Jeffrey R; Chiotti, Quentin; Croes, Bart; Gower, Stephanie; Hedley, Anthony; Krewski, Daniel; Krupnick, Alan; Krzyzanowski, Michal; Moran, Michael D; Pennell, William; Samet, Jonathan M; Schneider, Jurgen; Shortreed, John; Williams, Martin

    2008-01-01

    This guidance document is a reference for air quality policymakers and managers providing state-of-the-art, evidence-based information on key determinants of air quality management decisions. The document reflects the findings of five annual meetings of the NERAM (Network for Environmental Risk Assessment and Management) International Colloquium Series on Air Quality Management (2001-2006), as well as the results of supporting international research. The topics covered in the guidance document reflect critical science and policy aspects of air quality risk management including i) health effects, ii) air quality emissions, measurement and modeling, iii) air quality management interventions, and iv) clean air policy challenges and opportunities.

  10. International and institutional aspects of reprocessing and plutonium management

    International Nuclear Information System (INIS)

    1978-09-01

    Various institutional alternatives applicable to reprocessing, plutonium management and recycle are considered, not as a definitive analysis but rather as a basis for identifying the institutional approaches and measures which the Working Group might wish to examine more thoroughly. Seven alternatives arrangements for reprocessing are presented. These range from suspending the operation of existing reprocessing plants through placing national facilities under safeguards to limiting reprocessing to a few large facilities subject to plutonium management, multinational or international control. Finally, the comprehensive alternative of an International Nuclear Fuel Authority with worldwide responsibility for reprocessing and plutonium management is considered. Plutonium management alternatives to complement the reprocessing options, are then outlined. These include national discretion on the separation and disposition of plutonium under safeguards, an agreed Code of Practice for plutonium management at national facilities and the international storage of plutonium. The advantages and disadvantages of the alternative are discussed tentatively. It is recognised that the alternatives are presented in a simplified form and that their elements can be combined or separated in many ways. Although strengthening the institutions relating to the peaceful uses of nuclear energy is imperative and can contribute to non-proliferation, such arrangements might open other proliferation risks through the spread of sensitive materials, facilities and technology. While there are risks with any fuel cycle, where plutonium in quantity is separated these risks are of a high order. Although these can be mitigated, they will have to be set against the energy and economic case for reprocessing and alternatives other than plutonium considered

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

    International Nuclear Information System (INIS)

    Okrent, D.; Whipple, C.

    1977-06-01

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

  12. 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...

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

    OpenAIRE

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

    2010-01-01

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

  14. Operational risk management for a NPP

    Energy Technology Data Exchange (ETDEWEB)

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

    2013-07-01

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

  15. Imaging X-Ray Polarimetry Explorer (IXPE) Risk Management

    Science.gov (United States)

    Alexander, Cheryl; Deininger, William D.; Baggett, Randy; Primo, Attina; Bowen, Mike; Cowart, Chris; Del Monte, Ettore; Ingram, Lindsey; Kalinowski, William; Kelley, Anthony; hide

    2018-01-01

    The Imaging X-ray Polarimetry Explorer (IXPE) project is an international collaboration to build and fly a polarization sensitive X-ray observatory. The IXPE Observatory consists of the spacecraft and payload. The payload is composed of three X-ray telescopes, each consisting of a mirror module optical assembly and a polarization-sensitive X-ray detector assembly; a deployable boom maintains the focal length between the optical assemblies and the detectors. The goal of the IXPE Mission is to provide new information about the origins of cosmic X-rays and their interactions with matter and gravity as they travel through space. IXPE will do this by exploiting its unique capability to measure the polarization of X-rays emitted by cosmic sources. The collaboration for IXPE involves national and international partners during design, fabrication, assembly, integration, test, and operations. The full collaboration includes NASA Marshall Space Flight Center (MSFC), Ball Aerospace, the Italian Space Agency (ASI), the Italian Institute of Astrophysics and Space Planetology (IAPS)/Italian National Institute of Astrophysics (INAF), the Italian National Institute for Nuclear Physics (INFN), the University of Colorado (CU) Laboratory for Atmospheric and Space Physics (LASP), Stanford University, McGill University, and the Massachusetts Institute of Technology. The goal of this paper is to discuss risk management as it applies to the IXPE project. The full IXPE Team participates in risk management providing both unique challenges and advantages for project risk management. Risk management is being employed in all phases of the IXPE Project, but is particularly important during planning and initial execution-the current phase of the IXPE Project. The discussion will address IXPE risk strategies and responsibilities, along with the IXPE management process which includes risk identification, risk assessment, risk response, and risk monitoring, control, and reporting.

  16. Contribution of enterprise risk management and internal audit function towards quality of financial reporting in universities in a developing country

    Directory of Open Access Journals (Sweden)

    Newman Wadesango

    2017-05-01

    Full Text Available Quality of financial reporting is limited to issues of compliance to statutory provisions under which state enterprises in Zimbabwe operate, usefulness of the reports produced and their impact on the national fiscus. It is thus measured by way of compliance to these expectations and is indicated by way of a disclosure index signifying the presence of each of the expected aspects. This study therefore sought to establish the contribution of enterprise risk management and internal audit function towards the quality of financial reporting in universities in Zimbabwe. The study adopted a desktop analysis where relevant literature was reviewed. Quality of internal audit function was found to influence quality of financial reporting in that the strength, or quality, of the IAF will contribute to a distinctly different control environment depending on the strength of the good corporate governance in the university. Findings of this desktop research have undoubtedly revealed the gaps in the governance processes in state universities and it is envisaged that a careful analysis of these lacunas will provide a guide in the development of strategies and policy that strengthen state enterprise governance processes. It is hoped that this will help the parent ministry in charge of state enterprises, and, the relevant management of specific state enterprises to determine the magnitude of resources and efforts for implementation of efficient and effective enterprise risk management, internal audit function and corporate governance systems

  17. 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)

  18. When international management meets diversity management:

    DEFF Research Database (Denmark)

    Rask, Morten; Korsgaard, Steffen T.; Lauring, Jakob

    2010-01-01

    management is increasingly recognised as a relevant way of managing human differences. We perform a content analysis of 44 IKEA recruitment websites as an empirical vehicle for understanding the embedded barriers, and the opportunities for combining diversity management and international management. We...... conclude that, through the use of diversity management principles, IKEA succeeds in manoeuvring in the paradox of the simultaneous need for a strong corporate culture and local adaptation. Thus, the paper contributes to the understanding of the use of diversity management principles in international...

  19. Maintenance risk management in Dayabay nuclear power plant

    International Nuclear Information System (INIS)

    He Xuhong; Tong Jiejuan

    2005-01-01

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

  20. The disclosure of enterprise risk management (ERM information: An overview of Canadian regulations for risk disclosure

    Directory of Open Access Journals (Sweden)

    Michael Maingot

    2013-12-01

    Full Text Available This paper discusses the mandatory risk disclosures in Canada under International Financial Reporting Standards (IFRS. U.S. mandatory accounting disclosures of risk are also briefly examined, since some Canadian companies are cross-listed in the US. Mandatory disclosures of risk under the Basel II and Basel III Accords for the international regulation of banks are discussed as well as the assessment of ERM by Standard & Poor’s. The risk disclosures in the Management Discussion & Analysis (MD&A section of the annual report prescribed by the Canadian Securities Administrators (CSA in National Instrument 51-102 Continuous Disclosure Obligations are examined. Since these risk disclosures are voluntary, the actual disclosures in the MD&A section of the annual report are entirely at the discretion of management subject to effective board oversight.

  1. Management Risk Reporting Practices and their determinants

    OpenAIRE

    VANDEMAELE, Sigrid; VERGAUWEN, Philip; MICHIELS, Anneleen

    2009-01-01

    In recent years, the need for effective risk management, internal control and transparent risk reporting has become an important corporate governance principle and a predominant issue in business. Already in 1987, the AICPA[ ] report stated that shareholders are increasingly demanding that financial statements include more information concerning the risks and uncertainties companies are facing (Schrand and Elliott, 1998). Abraham and Cox (2007) claim that this information can help investors t...

  2. 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.

  3. The enterprise-wide risk management system of CNNC Lanzhou Uranium Enrichment Co., Ltd

    International Nuclear Information System (INIS)

    Liu Yinliang; Li Xuehong; Zhao Zhifu

    2010-01-01

    This paper targeted at the enterprise-wide risk management system of CNNC Lanzhou uranium enrichment co., Ltd., combining the Central enterprise-wide risk management guidelines document, outlining the main content of the overall risk management system on target, structure, process, strategy, internal control, information and culture. And it provides specific measures in evaluation and monitoring to enhance the total risk management system of CNNC Lanzhou uranium co, ltd on the basis of following the principles of total risk management system. and provides proper insurance for the overall target of risk management. (authors)

  4. Organizational, managerial, and institutional influences on risk management

    International Nuclear Information System (INIS)

    Perin, C.

    1992-01-01

    Organizational and managerial systems for risk management in nuclear power plants are under the influence of externally and internally generated goals. Externally, the NRC, public utility commissions, and such institutions as Institute of Nuclear Power Operations (INPO) establish requirements and guidelines for best practice. Internally, utility strategies define operational goals and standards for safety and production. One managerial responsibility in operating the complex, interdependent technological systems of nuclear power plants is to assure that the activities of departments, divisions, and functions are coordinated. These bridging processes need to be understood in order to suggest alternatives for organizing work and managing risk. To delineate the ways in which regulators and industry institutions affect these processes, details of their influences on daily practices can be addressed through a work system approach. The work system approach takes a dynamic view of organizational structures and managerial processes. Managers balance safety goals with efficiency and production goals through a continuous exchange of information, advice, expertise, budget allocations, personnel, and other resources, drawing on resources from within their organizations and from outside their boundaries. This exchange of resources is essential to organizational strategies for reducing and managing risk

  5. ANALYSIS OF HOW YOU MANAGE RISK IN THE BANK BANCPOST S.A.

    Directory of Open Access Journals (Sweden)

    Rodica Pripoaie

    2008-05-01

    Full Text Available Risk management within Bancpost is a decentralized process guided by policies andprocedures laid down centrally. Within the bank there are five major organizational groups involved inthe process of risk management. These groups are responsible for defining, implementing and / orrevision of policies, regulations and procedures for risk management of the bank:1. Board of Directors;2. Executive Committee and heads of bank;3. The Risk Management;4. Internal Audit;5. Business units (branches, agencies, working points.

  6. 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

  7. Validation Techniques of the Intern Models for Credit Risk

    Directory of Open Access Journals (Sweden)

    Bogdan Moinescu

    2006-11-01

    Full Text Available The new own funds adequacy device, officialy named “ International Convergence of Capital Measurement and Capital Standards”, describes the most important benchmark framework for micro-prudential supervision at the moment. The publication of the final text in June 2004, after five years of deliberations, represents the result of multiple analyses and comments provided by all interested parties, banking supervision authorities, associations and credit institutions. Provided the development of complex methodologies of risk measurement and management, on a large scale, by credit institutions, simple and static rules of the first accord have become less and less relevant during the last years. And so, the need of setting up a own funds adequacy framework which is much more risk sensitive and provides incentives to credit institutions on what concerns the improvement of risk measurement and management systems was met by approval of the Basel II Accord, which will, therefore, lead to the strengthening of financial stability. The revisal of the Accord was mainly focused on the increase of risk analysis and internal measurement and the changes made to their estimation allow banks to create their own methodological framework to calculate capital requirements (also considering each credit institution’ risk appetite.

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

    Directory of Open Access Journals (Sweden)

    Darya Nikolaevna Shabanova

    2016-06-01

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

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

    Directory of Open Access Journals (Sweden)

    Vita Afanasieva

    2017-04-01

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

  10. Director, Risk Management and Internal Audit | IDRC - International ...

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

    Directs the establishment of an IDRC strategy for Internal Audit that outlines the ... process and are developed with an understanding of IDRC context and business model; ... Planning, Conduct and Reporting of Internal Audit Engagements:.

  11. IT Operational Risk Measurement Model Based on Internal Loss Data of Banks

    Science.gov (United States)

    Hao, Xiaoling

    Business operation of banks relies increasingly on information technology (IT) and the most important role of IT is to guarantee the operational continuity of business process. Therefore, IT Risk management efforts need to be seen from the perspective of operational continuity. Traditional IT risk studies focused on IT asset-based risk analysis and risk-matrix based qualitative risk evaluation. In practice, IT risk management practices of banking industry are still limited to the IT department and aren't integrated into business risk management, which causes the two departments to work in isolation. This paper presents an improved methodology for dealing with IT operational risk. It adopts quantitative measurement method, based on the internal business loss data about IT events, and uses Monte Carlo simulation to predict the potential losses. We establish the correlation between the IT resources and business processes to make sure risk management of IT and business can work synergistically.

  12. Aspects Concerning the Relationship between Internal Audit and Fraud Risk

    Directory of Open Access Journals (Sweden)

    Ioana Lupasc

    2016-07-01

    Full Text Available In the current economical situation, fraud cannot be regarded as an exception with random occurrence and limited effects on credit institution. Major fraud scandals that shook the financial markets required a rethinking of the organization and control of the banks to keep intact the trust of customers. Identifying and assessing risks is a concern not only for managers, but also for internal and external auditors. Management may implement programs or measures to limit the risks or deciding to accept some risks. In order to identify the main causes generating fraud risk and increasing the quality of banking activity we used a quantitative research method that was based on a questionnaire administered individually, using SPSS.

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

    Directory of Open Access Journals (Sweden)

    JUAN PABLO SARMIENTO

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

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

    Science.gov (United States)

    Willmer, D R; Haas, E J

    2016-01-01

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

  15. The International Bleeding Risk Score

    DEFF Research Database (Denmark)

    Laursen, Stig Borbjerg; Laine, L.; Dalton, H.

    2017-01-01

    The International Bleeding Risk Score: A New Risk Score that can Accurately Predict Mortality in Patients with Upper GI-Bleeding.......The International Bleeding Risk Score: A New Risk Score that can Accurately Predict Mortality in Patients with Upper GI-Bleeding....

  16. Risk in International Business

    OpenAIRE

    Canavan, Deirdre; Sharkey Scott, Pamela

    2012-01-01

    Risk in international business can stress risk adverse behaviour to counteract foreign market uncertainty or individual entrepreneurial risk taking behaviour dependent on the characteristics of both the business sector and the individual. International business theory would suggest that the perception of risk may differ in situations including where new market entry is incremental, is taken in larger or earlier stages, or indeed whether it may be experienced in a continually fluctuating manne...

  17. Risk management as a modern sustainable development of the enterprise management tool

    Directory of Open Access Journals (Sweden)

    Aikhel K.V.

    2017-01-01

    Full Text Available Actively embedding in the international market processes, domestic industrial enterprises improve their management tools to create competitive structures. Spread one of the modern approaches to Business Engineering defines risk management as the starting point of building processes of the company. Adapting the method of analyzing hierarchies for quantitative risk assessment will increase the efficiency for the implementation of the new management approach, taking into account the existing time limits and the initial data, which in turn will ensure the stability of enterprises operations in the face of uncertainty. From the point of view of prospect of development, stability of the modern enterprises is also reflection of their competitiveness.

  18. THE IMPORTANCE OF THE LIQUIDITY RISK IN THE MANAGEMENT OF THE CREDIT INSTITUTIONS

    Directory of Open Access Journals (Sweden)

    Costea Ciprian-Dan

    2013-03-01

    Full Text Available The credit institutions management faces nowadays new and important challenges, of which the most important is the central role the liquidity risk management takes in the overall banking management complexity. This shows that liquidity risk in at the top of attention in the modern banking management, all the other banking risks being subsequent to this one. International regulations and settlers come to sustain the rising importance of liquidity risk in modern credit institution management.

  19. SME's Implementing a Quality Management System- Risks and Opportunities

    Directory of Open Access Journals (Sweden)

    Luise ZEININGER

    2017-12-01

    Full Text Available Part of our daily lives, risk ceased to be just something that managers are desperate to alleviate if not eliminate. It is now rightfully considered a path to explore new opportunities. The last version of the ISO 9001, the 2015 edition, is asking from organization implementing it to determine the risk and opportunities associated with their main processes, the impact over relevant third parties and the context, both internal and external. With this duality as starting point, we have investigated among SME's implementing a quality management system what would they consider to be the risk and opportunities associated to this action. Our paper presents hereinafter the partial results of a wider study on Romanian SME's management, especially the findings related to what managers consider as risk or opportunity when implementing a quality management system.

  20. Natural risks assessment and management (project of monograph)

    International Nuclear Information System (INIS)

    Ragozin, A.L.

    1998-01-01

    Full text of publication follows: large-scale theoretic and practical works on the issue of natural risk assessment and management started in Russia in the end of the 80's. By now there has been made a considerable progress, which allowed for the preparation of a collective monograph on the subject mentioned in the title of this abstract. It is supposed to be published in 1999 in order to become a Russian contribution to the International Decade of Natural Disasters Reduction. The monograph included 6 chapters with the following titles: 1. Methodological foundations of natural risk analysis and assessment. 2. Investigating and forecasting natural hazards for the purpose of risk assessment. 3. Assessment of economic, social and ecological damage from natural hazards. 4, Theory of natural risk assessment. 5. Examples of natural risk assessment and mapping. 6. Natural risk management. In the report there is described the content of the monograph and unsolved questions are discussed. Executive editor offers all international experts to cooperate in the compilation of this monograph, which is to be completed by the end of 1998, especially of chapter 5 and 6. (author)

  1. 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 )}.

  2. 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.

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

    DEFF Research Database (Denmark)

    Vedel, Mette; Ellegaard, Chris

    The aim of this work-in-progress paper is to uncover the supply risk management functions performed by sourcing intermediaries. The purchasing and supply chain management literature, including the part of it concerned with supply risk, pays little attention to sourcing intermediaries....... But the fields of marketing and international business have investigated the intermediary including its high supply risk reducing potentials, suggesting that this supply chain entity may be highly relevant to supply risk management. In order to get a better understanding of the supply risk reducing properties...... of sourcing intermediaries, we perform a study of the Danish clothing industry. The study incorporate interviews across a range of functions and companies in this industry including retailers, producers, suppliers, and various types of intermediaries. We contribute by coupling the supply risk management...

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

    Directory of Open Access Journals (Sweden)

    Porananond, D.

    2014-07-01

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

  5. Multiple challenges of risk management in EU credit institutions

    Directory of Open Access Journals (Sweden)

    Constantinescu, A.

    2011-01-01

    Full Text Available This paper is intended to be a significant insight into risk management issues by describing the main types of such risks and by providing management and evaluation procedures of significant risks into some active banking companies in Romania. In times of crisis, risk management in the banking system has a greater importance than in the normal economic times. The 2011 was a year in which Romania has been hit by the repercussions of the international economic crisis. Using strategies against risks, implementing procedures to monitor and control risks, risk assessment and quantification can substantially reduce the financial losses of a company or those of a financial institution. Risk management is an integral part of all decision making and business processes from credit institutions, its purpose being to protect their sustainable development. The innovations on the financial market, the internationalization of the specific operations, and the pressure of the competition are just a few arguments that impose a permanent supervision of the general and specific risks. This is the main reason why is compulsory to find new methods of managing risks, to keep in consideration the identification, evaluation of the management and the control of the banking system and of each bank.

  6. Global warming risk in Russia: National actions and some options for international cooperation

    International Nuclear Information System (INIS)

    Sokolov, V.I.

    1995-01-01

    In the management of global environmental risks the Russia case is a special one regarding certain specific features which determine the position of the country, particularly in a new international community emerged on the territory of the former Soviet Union, large scientific interest to the global physical processes and low interest and capabilities to deal with such risks on the part of social institutions inherited from the USSR. The largest country in the world with visible geopolitical role and probably biggest regional differences could not be ignored as a one of major players in the management of global environmental risks. The understanding of all deficiencies and positive sides of global risks management process in this country are absolutely important for extrapolating the appropriate trends in some other parts of the world. At the same time the ex-Soviet Union case shows clearly how the social learning process can radically ''change the course'', diverting to the opposite direction the social goals and preferences. Starting the studies on possibilities to change the climate for improving the human being, the former soviet society perceived the risks of human impact on climate and started to regulate it and to participate in the process of international management of global warming. The level of activity in this process on the part of Russia will however depend heavily on how much national interests will be reflected in the specific prevention measures realized by the international community

  7. Managing Corruption Risks

    DEFF Research Database (Denmark)

    Krause Hansen, Hans

    2011-01-01

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

  8. 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.

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

    Science.gov (United States)

    Sylla, Cheickna

    2014-12-01

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

  10. 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.

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

    OpenAIRE

    Goettelmann , Elio; Mayer , Nicolas; Godart , Claude

    2014-01-01

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

  12. Efficacy of internal control and controlling business risks

    Directory of Open Access Journals (Sweden)

    Luminiţa IONESCU

    2010-06-01

    Full Text Available Companies can gain additional efficiency in designing and implementing or assessing internal control by focusing on only those financial reporting objectives directly applicable to the company’s activities and circumstances, taking a risk based approach to internal control. It is important for any organization to have reliable financial data for internal decision-making purpose. Financial information is often useful in many internal decisions such as product or service pricing. This is why the most important function of the controller is to create and maintain the corporate financial control system. Today’s corporation operates in an increasingly complex environment and the controller’s role is to advice the management of current or future problems of the business environment or to prevent the fraud.

  13. [Global risk management].

    Science.gov (United States)

    Sghaier, W; Hergon, E; Desroches, A

    2015-08-01

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

  14. Does the Early Adopter of Drugs Exist? A Population Based Study of General Practitioners’ Prescribing of New Drugs.20 th International Conference on Pharmacoepiemiology and Risk Management. Bordeaux, France. Pharmacoepidemiology and Drug Safety, 2004;13:Sl 1:158

    DEFF Research Database (Denmark)

    Dybdahl, Torben; Andersen, Morten; Søndergaard, Jens

    2004-01-01

    20 th International Conference on Pharmacoepiemiology and Risk Management. Bordeaux, France. Pharmacoepidemiology and Drug Safety, 2004;13:Sl 1:158......20 th International Conference on Pharmacoepiemiology and Risk Management. Bordeaux, France. Pharmacoepidemiology and Drug Safety, 2004;13:Sl 1:158...

  15. Improving the System of Risk Management in Ukrainian Banks

    Directory of Open Access Journals (Sweden)

    Skasko Oleh I.

    2014-01-01

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

  16. 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.

  17. 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.

  18. 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...

  19. The management object in risk management approaches

    OpenAIRE

    Christiansen, Ulrik

    2013-01-01

    Using a systematic review of the last 55 years of research within risk management this paper explores how risk management as a management technology (methodologies, tools and frameworks to mitigate or manage risks) singles out risks as an object for management in order to make action possible. The paper synthesise by developing a framework of how different views on risk management enable and constrain the knowledge about risk and thus frame the possibilities to measure, analyse an...

  20. The Management Object in Risk Management Approaches

    DEFF Research Database (Denmark)

    Christiansen, Ulrik

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

  1. Selected Aspects Of The Risk In The Supply Chain In Context Of The Supplier Quality Management

    Science.gov (United States)

    Koblen, Ivan; Lestyánszka Škůrková, Katarína

    2015-06-01

    The introductory part of the paper underlines the importance of "Risk-based thinking" in the Quality Management System (QMS) and risk in the supply chain, as a principle part of the QMS. After introducing the key terms, the authors focused on the principle part of the article - explanation of the external and internal supply chain risks and the main factors concerning the supply risks, demand risks and environmental risks (as cardinal types of external supply chain risks) as well as the manufacturing and process risks, network/planning and control risks (as most important types of internal supply chain risks). The authors inform on the selected supply chain risk management tools, especially on those which are linked to the appropriate utilization of quality management tools.

  2. Selected Aspects Of The Risk In The Supply Chain In Context Of The Supplier Quality Management

    Directory of Open Access Journals (Sweden)

    Koblen Ivan

    2015-06-01

    Full Text Available The introductory part of the paper underlines the importance of "Risk-based thinking" in the Quality Management System (QMS and risk in the supply chain, as a principle part of the QMS. After introducing the key terms, the authors focused on the principle part of the article - explanation of the external and internal supply chain risks and the main factors concerning the supply risks, demand risks and environmental risks (as cardinal types of external supply chain risks as well as the manufacturing and process risks, network/planning and control risks (as most important types of internal supply chain risks. The authors inform on the selected supply chain risk management tools, especially on those which are linked to the appropriate utilization of quality management tools.

  3. Credit Risk Management - Loan Approval Process

    Directory of Open Access Journals (Sweden)

    Lulzim Rashiti

    2016-03-01

    Full Text Available The aim of this study is on understanding the international regulations issued by Basel I, Basel II and Basel III to best supervise and manage credit risk management policies. Part of paper will focus on the description and impacts of the regulations and the pivotal importance they play in providing a sound banking system. Credit risk represents another important element that will be analysed considering that it lays the foundation during the loan consideration and approval process. The paper will also explain in detail procedures and responsibilities shared along the process of loan acceptance by a banker. To sum up, the overall process from application to loan approval or denial will be explained pointing out the implications that are faced along the way

  4. Assessing and managing health and environmental risks from energy and other complex industrial systems

    International Nuclear Information System (INIS)

    1988-03-01

    There is a growing awareness that it is necessary to identify, assess, and manage the risks of energy and other complex industrial activities in order to minimize their potential to harm public health and the environment. Therefore, quantitative risk analysis with emphasis on risk management has become an important aspect in high level decision making for regulation in developed and developing countries. The International Atomic Energy Agency (IAEA), the United Nations Environment Programme (UNEP) and the World Health Organization (WHO) have initiated a project to promote the use of risk assessment and risk management in environmental health and safety decision making throughout the world. A meeting was held in Paris, France on October 13-17, 1986. The purpose of the meeting was to: a) Discuss the state of the art of national and international experience in conducting case studies in the field of assessing and managing industrial risks from energy and other complex industrial systems either at the plant level or in highly industrialized areas within a country; b) Present and discuss planned regional risk management case studies within a country or international research projects on risk management to be implemented in the future; and c) Review the Project Document on ''Assessing, Controlling, and Managing Health and Environmental Risks from Energy and Other Complex Industrial Systems''. The full texts, together with abstracts, of the papers given at the meeting are presented. The summary reviews briefly some of the major points that arose in papers or in the ensuing discussions. Where a consensus view resulted, conclusions were drawn. Major differences of opinion are also noted

  5. 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.

  6. 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.

  7. 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

  8. 18th International Congress on Project Management and Engineering

    CERN Document Server

    Blanco, José; Capuz-Rizo, Salvador

    2016-01-01

    This volume features papers from the 18th International Congress on Project Management and Engineering, held by the University of Zaragoza in collaboration with the Spanish Association of Project Management and Engineering (AEIPRO). It illustrates the state of the art in this emerging area. Readers will discover ways to increase the effectiveness of project engineering as well as the efficiency of project management. The papers, written by international researchers and professionals, cover civil engineering and urban planning, product and process engineering, environmental engineering, energy efficiency and renewable energies, rural development, safety, labor risks and ergonomics, and training in project engineering. Overall, this book contributes to the improvement of project engineering research and enhances the transfer of results to the job of project engineers and project managers around the world. It will appeal to all professionals in the field as well as researchers and teachers involved in the traini...

  9. The Three Rs: Parental Risk Management Strategies in the International Secondary Education Market

    Science.gov (United States)

    Ayling, Pere

    2017-01-01

    Risk permeates all aspects of modern life, and the International Secondary Education Market (ISEM) is no exception. Drawing on empirical data, this paper considers a specific type of risk: namely, the potential loss of cultural identity, which Nigerian parents associate with educating their children in the West. This paper argues that Nigerian…

  10. Mission Risk Reduction Regulatory Change Management

    Science.gov (United States)

    Scroggins, Sharon

    2007-01-01

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

  11. THE OPERATIONAL RISK MANAGEMENT IN THE ROMANIAN SMEs

    Directory of Open Access Journals (Sweden)

    Roxana Mironescu

    2015-07-01

    Full Text Available The prerequisite for the smooth functioning of the business risk management is the correct identification. Basically, identifying business risks is fundamental to determine the optimal level of protection for a given activity. If the risk is underestimated, the protection will be insufficient to cover losses and, if overstated, the cost of protection will reduce the excess proceeds of the activity. The objective of this research was to identify the internal and external major factors which influence the present activities and the future of the SMEs from the North East region The method used in this paper work is based on a questionnaire applied to a sample of 120 top managers coming from various fields of activity, operating on the market for more than two years. The management of information and the data collection was conducted in the late 2013. In the first stage, a total of 35 risks was identified. The further evaluation of the results used the probability and the impact of the identified risks, based on questionnaires and by processing information from the documentation provided by the managers of SMEs taken under the analysis.

  12. 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.

  13. Risk Management in Agriculture for Food Security in Latin America and the Caribbean

    Science.gov (United States)

    Martinez, A.; National Research CouncilScientific; Technological Research (Conicet)

    2013-05-01

    The Americas are extremely important as a unique contributor to Food Security. It provides from tropical to temperate crops. Not only they are able to feed their own population, but contribute significantly to the food supply of the population in developed, emergent and underdeveloped countries. This fact has given the region a unique responsibility to develop a regional risk-management strategy to manage food insecurity at a local, national, regional and global level. Although international agencies such as UN Food and Agriculture Organization (FAO), Instituto Interamericano para la Cooperación en Agricultura (IICA) and the regional centres of the Consultative Group for International Agriculture Research (CGIAR) and the World Bank (WB), are engaged in actions for Risk Management in Agriculture for reducing Food Insecurity. However there is a need to build a framework and/or comprehensive regional strategy for the Americas. It would identify areas for promoting research projects where natural and social science work together for producing relevant scientific information and tools i.e. maps, indicators, models and scenarios, early warning systems, etc. to cooperate with both policy and decision makers in the public and private sectors. This would eventually lead to a comprehensive regional programme for reducing food insecurity. The purpose of International Council for Science-International Research and the International Research for Disaster Risk programme (ICSU-IRDR) and ICSU Regional Office for Latinamerica and the Caribbean (ICSU-ROLAC) is to promote the cooperation of the relevant scientific fields in both natural science and social science in a multi and trans-disciplinary approach on risk management to reduce food insecurity. Also both ICSU-IRDR and ICSU-ROLAC are building a case for the inclusion of the scientific community in the revision of the Hjogo Framework for Action for Disaster Reduction to be held in 2015 as risk management for reducing food

  14. Rethinking risk management

    International Nuclear Information System (INIS)

    Kloman, H.F.

    1992-01-01

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

  15. Analysis of the effect of corporate governance attributes on risk management practices

    Directory of Open Access Journals (Sweden)

    Raef Gouiaa

    2018-03-01

    Full Text Available Despite recent increased risk research attention being focussed on the Canadian and international scene, there are few research studies that specifically address the relation between corporate governance systems and risk management practices. This paper examines the relation between corporate governance systems and enterprise risk management. More specifically, we analyze how corporate governance attributes and particularly board characteristics can affect risk management practices in the context of Canadian listed companies. Using a content analysis approach, the level of exposure to risk in terms of likelihood, the consequences of such risk and the strategies for managing that risk were identified for each type of risk. The results reveal that corporate governance attributes related to board’s structure, directors’ characteristics and the board's operating process play a significant and important role in establishing an integrative risk management approach. The results show that directors’ characteristics and the board's process significantly determine the quality of risk management through the level of risk-taking in decisions, especially in terms of financial risks.

  16. Risk management model of winter navigation operations

    International Nuclear Information System (INIS)

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

    2016-01-01

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

  17. Nuclear safety culture and integrated risk management

    International Nuclear Information System (INIS)

    Joksimovich, V.; Orvis, D.D.

    1993-01-01

    A primary focus of nuclear safety is the prevention of large releases of radioactivity in the case of low-probability severe accidents. An analysis of the anatomy of nuclear (Chernobyl, Three Mile Island Unit 2) and nonnuclear (Challenger, Bhopal, Piper Alpha, etc.) severe accidents yields four broad categories of root causes: human (operating crew response), machine (design with its basic flaws), media (natural phenomena, operational considerations, political environment, commercial pressures, etc.)-providing triggering events, and management (basic organizational safety culture flaws). A strong management can minimize the contributions of humans, machines, and media to the risk arising from the operation of hazardous facilities. One way that management can have a powerful positive influence is through the establishment of a proper safety culture. The term safety culture is used as defined by the International Atomic Energy Agency's International Safety Advisory Group

  18. Social and ethical issues in environmental risk management.

    Science.gov (United States)

    Oughton, Deborah H

    2011-07-01

    The recognition of the social and ethical aspects of radiation risk management has been an important part of international projects following the Chernobyl accident of 1986. This study comments on the science and policy issues in environmental risk assessment, including the social and ethical dimensions of emergency preparedness and remediation experiences gained from the Chernobyl accident. While the unique situation of Fukushima, combined with an earthquake and tsunami, raises its own social and political challenges, it is hoped that some of the lessons learnt from Chernobyl will be relevant to long-term management of the Fukushima site. Copyright © 2011 SETAC.

  19. MANAGEMENT CHALLENGES IN THE CONTEXT OF RISK CULTURE

    Directory of Open Access Journals (Sweden)

    Iwona Gorzeń-Mitka

    2015-12-01

    Full Text Available In recent years (especially in the context of the financial sector we can find many debates (public and academic which emphasise the need to change mindsets in management (Gorzeń-Mitka, 2012. This discussion is a result of the dynamically changing external and internal conditions of the functioning of organizations. At the same time, we observe great progress over the past decade in developing effective tools and techniques for managing (also risk and complexity within organizations. But management is carried out by people. Their awareness of threats and opportunities determines the effectiveness of the whole management process within the organization. One of the themes of this discussion is to indicate the need for changes in the area of organizational culture by creating the so-called risk culture.

  20. Knowledge management in support of enterprise risk management

    OpenAIRE

    Rodriguez, Eduardo; Edwards, John S.

    2014-01-01

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

  1. Credit Risk Management in Banking Institutions: Comparison between Chinese Banks and UK Banks

    OpenAIRE

    YU, LIN

    2009-01-01

    The recent international financial market turmoil has a great effect on the banking industry; accordingly it is very necessary to investigate the topic of the credit risk management. This paper mainly discusses the importance, current situation, ways and guidelines of the credit risk management for the banking industry. A large number of literatures are integrated in order to illustrate and explain recent developments in both methods and principles of credit risk management. Meanwhile, some e...

  2. Occupational emerging risks affecting international virtual project Team Results

    Directory of Open Access Journals (Sweden)

    Dumitraşcu-Băldău Iulia

    2017-01-01

    Full Text Available The expansion of internet access, high-speed connection services, collaborative work platforms and tools, allowed employees to interact virtually offering companies the possibility to develop projects around the world, reducing operational costs and gain competitive advantage. Realizing the advantages and disadvantages of developing a project team in an international virtual work environment, requires adopting specific strategies to construct an effective team and ensure the project success. One of the most important disadvantages that we identified is that the new work environment brings new risks for both team members and managers. So, it becomes mandatory to identify and analyze the occupational emerging risks and their impact on the productivity of virtual team members, in order to prevent them efficiently and to ensure the safety and health of employees in a virtual working environment. This paper aims to highlight the necessity for project managers and organizations, to include in their specific project strategies, an efficient occupational risks management in the virtual workplace, to obtain a continuously improved virtual working environment, so to achieve a high performance from virtual employees.

  3. 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

  4. Improving ICU risk management and patient safety.

    Science.gov (United States)

    Kielty, Lucy Ann

    2017-06-12

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

  5. International trade standards for commodities and products derived from animals: the need for a system that integrates food safety and animal disease risk management.

    Science.gov (United States)

    Thomson, G R; Penrith, M-L; Atkinson, M W; Thalwitzer, S; Mancuso, A; Atkinson, S J; Osofsky, S A

    2013-12-01

    A case is made for greater emphasis to be placed on value chain management as an alternative to geographically based disease risk mitigation for trade in commodities and products derived from animals. The geographic approach is dependent upon achievement of freedom in countries or zones from infectious agents that cause so-called transboundary animal diseases, while value chain-based risk management depends upon mitigation of animal disease hazards potentially associated with specific commodities or products irrespective of the locality of production. This commodity-specific approach is founded on the same principles upon which international food safety standards are based, viz. hazard analysis critical control points (HACCP). Broader acceptance of a value chain approach enables animal disease risk management to be combined with food safety management by the integration of commodity-based trade and HACCP methodologies and thereby facilitates 'farm to fork' quality assurance. The latter is increasingly recognized as indispensable to food safety assurance and is therefore a pre-condition to safe trade. The biological principles upon which HACCP and commodity-based trade are based are essentially identical, potentially simplifying sanitary control in contrast to current separate international sanitary standards for food safety and animal disease risks that are difficult to reconcile. A value chain approach would not only enable more effective integration of food safety and animal disease risk management of foodstuffs derived from animals but would also ameliorate adverse environmental and associated socio-economic consequences of current sanitary standards based on the geographic distribution of animal infections. This is especially the case where vast veterinary cordon fencing systems are relied upon to separate livestock and wildlife as is the case in much of southern Africa. A value chain approach would thus be particularly beneficial to under-developed regions of

  6. Coastal Risk Management in a Changing Climate

    DEFF Research Database (Denmark)

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

    2014-01-01

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

  7. 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.

  8. Negotiated risks. International talks on hazardous issues

    International Nuclear Information System (INIS)

    Avenhaus, Rudolf; Sjoestedt, Gunnar

    2009-01-01

    This book fills a major gap in the risk literature, as it brings together two research strands: risks, to which IIASA's research programs have contributed significantly over the years, culminating in the Risk and Vulnerability Program, and international negotiations, on which there is an abundance of published work, much of it resulting from the work of IIASA's Processes of International Negotiations Program. Throughout the book, it is pointed out that there are actor-driven risks, namely those posed by international negotiations themselves, and issue-driven risks which are caused by large-scale human activities. In fact, negotiated risks deal with some of the most serious risks facing humanity: climate change, nuclear activities, and weapons of mass destruction. The book contains both scientific analyses on the nature of internationally negotiated risks and analyses of concrete risks, both of which are of immense practical relevance in the larger context of international negotiations. (orig.)

  9. Risk Management: Coordinating Corporate Investment and Financing Policies

    OpenAIRE

    Kenneth A. Froot; David S. Scharfstein; Jeremy C. Stein

    1992-01-01

    This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if external sources of finance are more costly to corporations than internally generated funds, there will typically be a benefit to hedging: hedging adds value to the extent that it helps ensure that a corporation has sufficient internal funds available to take advantage of attractive investment opportunities. We then argue that this simple observation has wide ranging implica...

  10. 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

  11. The perception for the risk in the basic internal control models

    Directory of Open Access Journals (Sweden)

    Galin Markov

    2017-07-01

    Full Text Available The article describes risk conception as a leading perception in the field of internal control. The clarification of its nature and characteristics allow effective risk assessment and management. And so they are the most important precondition for achieving of organizational mission. The understandings of risk of the COSO, ISACA, Co Co, The Turnbull committee and the AMF are reviewed. The used methodology is a literature analysis. After the conducted research we can conclude that the risk is an uncertainty which impedes achieving of the organizational mission.

  12. Risk management in the energy sector; Energiesector verplicht tot risicomanagement

    Energy Technology Data Exchange (ETDEWEB)

    Razzorenova, I.

    2006-06-15

    Within the framework of The International Financial Reporting Standards (IFRS) since January 1, 2005, energy companies are obliged to give account of their system of risk management. This tool can be used to monitor the new developments in this sector and to control the consequences. Deloitte studied how the risk management tool is used in 16 energy companies. [Dutch] In het kader van de International Financial Reporting Standards zijn energiebedrijven sinds 1 januari 2005 verplicht externe verantwoording af te leggen over het systeem van risicobeheersing, staat risicomanagement hoog op de agenda. Risicomanagement kan worden ingezet als een middel om deze ontwikkelingen en de consequenties ervan te inventariseren en beheersbaar te maken. Deloitte onderzocht bij 16 energiebedrijven hoe dit middel wordt ingezet.

  13. The Rise of Risk Management in the Universities: A New Way to Understand Quality in University Management

    Science.gov (United States)

    Yokoyama, Keiko

    2018-01-01

    This study aims to identify how uncertainty and insecurity in the post-2008 period have reshaped risk management in the university systems. The study scrutinises internal control in the contexts of the English university system and the State University of New York (SUNY) system. It utilises the concept of 'risk' by exploring 'risk society' theses.…

  14. Coastal Risk Management in a Changing Climate

    DEFF Research Database (Denmark)

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

  15. 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.

  16. Agricultural risk management

    DEFF Research Database (Denmark)

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

    2005-01-01

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

  17. Shaping Performance: Do International Accreditations and Quality Management Really Help?

    Science.gov (United States)

    Nigsch, Stefano; Schenker-Wicki, Andrea

    2013-01-01

    In recent years, international accreditations have become an important form of quality management for business schools all over the world. However, given their high costs and the risk of increasing bureaucratisation and control, accreditations remain highly disputed in academia. This paper uses quantitative data to assess whether accreditations…

  18. Environmental risk management for: insurance requirements, mergers and acquisitions and plant closures

    Energy Technology Data Exchange (ETDEWEB)

    Pizzi, F.P.

    1985-03-01

    Industry cannot rely on external sources such as EIL Insurance as the primary vehicle for minimizing or reducing environmental liabilities. We must develop strong internal risk management programs and procedures to eliminate or minimize the risks from operations.

  19. 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.

  20. Internal mammary lymph node management – further direction

    Directory of Open Access Journals (Sweden)

    Vrana D

    2017-02-01

    Full Text Available D Vrana,1,2 J Gatek3,4 1Department of Oncology, 2Institute of Molecular and Translational Medicine, Faculty of Medicine and Dentistry, Palacky University, Olomouc, 3Department of Surgery, Atlas Hospital, 4Faculty of Humanities, Tomas Bata University in Zlín, Zlín, Czech Republic We read the article titled “Internal mammary sentinel lymph node biopsy: abandon or persist?” by Qiu et al with high interest. This was an excellent paper regarding the contemporary management of internal mammary lymph nodes (IMLN in early-stage breast cancer1 and we would like to take this opportunity to comment on this paper.There are several unresolved questions regarding early-stage breast management including axillary staging, clear resection margin, or IMLN.2–4 We have been focusing on the issues of IMLN for almost a decade and just recently published our data regarding IMLN management. We absolutely agree that one has to carefully balance the benefit and potential risks of biopsy or radiotherapy of IMLN.  Authors' reply Peng-Fei Qiu, Yong-Sheng WangBreast Cancer Center, Shandong Cancer Hospital Affiliated to Shandong University, Jinan, People’s Republic of China  We appreciate the letter from Professors Vrana and Gatek regarding our article titled “Internal mammary sentinel lymph node biopsy: abandon or persist?”.1 We have been following their publications regarding internal mammary lymph nodes (IMLN management since the publication of their article titled “Prognostic influence of internal mammary node drainage in patients with early-stage breast cancer” in December 20162 and we share their interest on this topic.  View the original paper by Qiu and colleagues.

  1. 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...

  2. 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)

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

    Science.gov (United States)

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

    2011-01-01

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

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

    Science.gov (United States)

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

    2011-06-01

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

  5. 10th International Conference on Management Science and Engineering Management

    CERN Document Server

    Hajiyev, Asaf; Nickel, Stefan; Gen, Mitsuo

    2017-01-01

    This book presents the proceedings of the Tenth International Conference on Management Science and Engineering Management (ICMSEM2016) held from August 30 to September 02, 2016 at Baku, Azerbaijan and organized by the International Society of Management Science and Engineering Management, Sichuan University (Chengdu, China) and Ministry of Education of Azerbaijan. The aim of conference was to foster international research collaborations in management science and engineering management as well as to provide a forum to present current research findings. The presented papers were selected and reviewed by the Program Committee, made up of respected experts in the area of management science and engineering management from around the globe. The contributions focus on identifying management science problems in engineering, innovatively using management theory and methods to solve engineering problems effectively and establishing novel management theories and methods to address new engineering management issues.

  6. Expanding the Navy’s Managers Internal Control Program’s (MICP) Capability to Prepare for External Financial Audits

    Science.gov (United States)

    2015-06-01

    omissions due to fraud, illegal acts, and corruption; and the risk of management override ( COSO , 2013d). Effective internal controls are an important...the Department is well managed . In 2013, The Committee of Sponsoring Organizations of the Treadway Commission ( COSO ) added 17 principles to the five...Commission’s ( COSO ) 17 Principles, Office of Financial Operations (FMO), ManagersInternal Control Program, ManagersInternal Control Manual. 15. NUMBER OF

  7. 7th International Conference on Management Science and Engineering Management

    CERN Document Server

    Fry, John; Lev, Benjamin; Hajiyev, Asaf; Vol.I Focused on Electrical and Information Technology; Vol.II Focused on Electrical and Information Technology

    2014-01-01

    This book presents the proceedings of the Seventh International Conference on Management Science and Engineering Management (ICMSEM2013) held from November 7 to 9, 2013 at Drexel University, Philadelphia, Pennsylvania, USA and organized by the International Society of Management Science and Engineering Management, Sichuan University (Chengdu, China) and Drexel University (Philadelphia, Pennsylvania, USA).   The goals of the Conference are to foster international research collaborations in Management Science and Engineering Management as well as to provide a forum to present current research findings. The selected papers cover various areas in management science and engineering management, such as Decision Support Systems, Multi-Objective Decisions, Uncertain Decisions, Computational Mathematics, Information Systems, Logistics and Supply Chain Management, Relationship Management, Scheduling and Control, Data Warehousing and Data Mining, Electronic Commerce, Neural Networks, Stochastic Models and Simulation, F...

  8. 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...

  9. Risk application research on risk warning mechanism in organizational crisis management – taking Vanke Real Estate Co. Ltd., as an example

    International Nuclear Information System (INIS)

    Zhang, Long; Wang, Lihong

    2016-01-01

    With the changes in domestic and international economic environment, the increasingly dynamic and complex environment has become the pressures and challenges that enterprises have to face. From the perspective of healthy development of companies in long-term running, it’s urgent to build an enterprise risk warning system. This paper takes daily operational risks and crises in Chinese enterprises as the research object, synthetically using the relevant knowledge of risk management theory, early warning management theory, the strategic management theory, the analytic hierarchy process, and fuzzy mathematics to build a daily management risk early warning system for Chinese enterprises. By constructing the system, the enterprises can make dynamic tracking for different stages in business management, so as to realize the risk before crises, take some actions during and after crises.

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

    Directory of Open Access Journals (Sweden)

    Viktorija Stasytytė

    2015-07-01

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

  11. Failure mode effect analysis and fault tree analysis as a combined methodology in risk management

    Science.gov (United States)

    Wessiani, N. A.; Yoshio, F.

    2018-04-01

    There have been many studies reported the implementation of Failure Mode Effect Analysis (FMEA) and Fault Tree Analysis (FTA) as a method in risk management. However, most of the studies usually only choose one of these two methods in their risk management methodology. On the other side, combining these two methods will reduce the drawbacks of each methods when implemented separately. This paper aims to combine the methodology of FMEA and FTA in assessing risk. A case study in the metal company will illustrate how this methodology can be implemented. In the case study, this combined methodology will assess the internal risks that occur in the production process. Further, those internal risks should be mitigated based on their level of risks.

  12. 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

  13. 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...

  14. Risk Perception and Management Strategies in Dairy Farming: A Case of Adana Province of Turkey

    Directory of Open Access Journals (Sweden)

    Seyit Hayran

    2015-12-01

    Full Text Available This study aims to determine and analyse farmers’ risk perceptions and risk management strategies in dairy farming. Data were obtained in 2014 (December and 2015 (February and March from face-to-face interviews with 96 dairy farmers in Yüregir and Saricam district of Adana province of Turkey. Factor analysis was used in data reduction to identify a small number of factors related to risk sources and risk strategies in this study. Then, multiple regression model was used to evaluate the influence of socio-economic characteristics and communication behaviour on the farmers’ risk perceptions and risk management strategies using factor loadings. The results of this study show that the most important risk source that the farmers' perceive is variability in feed prices and risk management strategy that the farmers' perceive is take precautions to prevent disease. The results of factor analysis show that the risk scale consists of 8 factors explaining 70.24% of total variance. The internal consistency coefficient Cronbach Alfa of the scale is 0.808 and KMO is 0.732. The risk management scale consists of 6 factors explaining 67.78% of total variance. The internal consistency coefficient Cronbach Alfa of the scale is 0.775 and KMO is 0.746. According to the results, perceptions were farmer-specific, a number of socio-economic variables and communication behaviour are found to be related to risk and risk management. To improve risk management strategies is useful for farmers as well and might help them to avoid many risks and reduce losses.

  15. 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.

  16. 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.

  17. International waste management conference

    International Nuclear Information System (INIS)

    Anon.

    1989-01-01

    This book contains the proceedings of the international waste management conference. Topics covered include: Quality assurance in the OCR WM program; Leading the spirit of quality; Dept. of Energy hazardous waste remedial actions program; management of hazardous waste projects; and System management and quality assurance

  18. Internal sources of risk in building employees’ attitudes of safe work in metallurgical enterprise

    Directory of Open Access Journals (Sweden)

    K. Grzybowska

    2013-04-01

    Full Text Available The aim of the article is the identification of the internal sources of risk in the process of improving the system of safety and work hygiene management. After conduction of the analysis the conclusion is that the significant source of risk in the process of improvement of safety and work hygiene management is the human factor and, in particular, the lack of employees’ awareness concerning the importance of their attitudes in the improvement of the system.

  19. 4th International Language Management Symposium

    Czech Academy of Sciences Publication Activity Database

    Prošek, Martin

    2016-01-01

    Roč. 77, č. 3 (2016), s. 233-240 ISSN 0037-7031. [international language management symposium] Institutional support: RVO:68378092 Keywords : language management theory * international language symposium * language management Subject RIV: AI - Linguistics OBOR OECD: Linguistics Impact factor: 0.625, year: 2016

  20. 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)

  1. 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

  2. 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 ...

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

    Science.gov (United States)

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

    2017-04-01

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

  4. [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.

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

    Institute of Scientific and Technical Information of China (English)

    LI Gui-jun; ZHANG Yue-song

    2006-01-01

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

  6. 8th International Conference on Management Science and Engineering Management

    CERN Document Server

    Cruz-Machado, Virgílio; Lev, Benjamin; Nickel, Stefan

    2014-01-01

    This is the Proceedings of the Eighth International Conference on Management Science and Engineering Management (ICMSEM) held from July 25 to 27, 2014 at Universidade Nova de Lisboa, Lisbon, Portugal and organized by International Society of Management Science and Engineering Management (ISMSEM), Sichuan University (Chengdu, China) and Universidade Nova de Lisboa (Lisbon, Portugal). The goals of the conference are to foster international research collaborations in Management Science and Engineering Management as well as to provide a forum to present current findings. A total number of 138 papers from 14 countries are selected for the proceedings by the conference scientific committee through rigorous referee review. The selected papers in the first volume are focused on Intelligent System and Management Science covering areas of Intelligent Systems, Decision Support Systems, Manufacturing and Supply Chain Management.

  7. 8th International Conference on Management Science and Engineering Management

    CERN Document Server

    Cruz-Machado, Virgílio; Lev, Benjamin; Nickel, Stefan

    2014-01-01

    This is the Proceedings of the Eighth International Conference on Management Science and Engineering Management (ICMSEM) held from July 25 to 27, 2014 at Universidade Nova de Lisboa, Lisbon, Portugal and organized by International Society of Management Science and Engineering Management (ISMSEM), Sichuan University (Chengdu, China) and Universidade Nova de Lisboa (Lisbon, Portugal). The goals of the conference are to foster international research collaborations in Management Science and Engineering Management as well as to provide a forum to present current findings. A total number of 138 papers from 14 countries are selected for the proceedings by the conference scientific committee through rigorous referee review. The selected papers in the second volume are focused on Computing and Engineering Management covering areas of Computing Methodology, Project Management, Industrial Engineering and Information Technology.

  8. The Dutch risk management policy and its impact for radiation protection

    International Nuclear Information System (INIS)

    Brinkman, Rob; Bosnjakovic, Branko; Jongh, Paul de

    1989-01-01

    Since 1985 the environmental policy in the Netherlands is based on a quantitative risk management policy. This policy was developed for reasons of external safety and for the management of chemical substances in the environment. The experiences with this quantitative risk management policy are positive. An extension of the risk policy is currently in preparation: the risks of other aspects than the death of human beings will be included. For example, the risk of damage to the environmental production function of soils and water will be taken into account. Meanwhile, a policy whitebook on radiation protection standards is in preparation. In this whitebook the occupational and environmental aspects of radiation protection will be dealt with. The whitebook will be sent to Parliament in 1989. in the radiation protection policy to be developed there will be a strong relation between the quantitative risk management of the environmental policy and the system of radiation protection standards to be developed. In the paper some basic presumptions as well as the international context of changes in standard setting will be discussed. (author)

  9. 19th International Congress on Project Management and Engineering

    CERN Document Server

    Blanco, José; Capuz-Rizo, Salvador

    2017-01-01

    This book gathers the best papers presented at the 19th International Congress on Project Management and Engineering, which was held in Granada, Spain in July 2015. It covers a range of project management and engineering contexts, including: civil engineering and urban planning, product and process engineering, environmental engineering, energy efficiency and renewable energies, rural development, information and communication technologies, safety, labour risks and ergonomics, and training in project engineering. Project management and engineering is taking on increasing importance as projects continue to grow in size, more stakeholders become involved, and environmental, organisational and technological issues become more complex. As such, this book offers a valuable resource for all professionals seeking the latest material on the changing face of project management.

  10. 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.

  11. 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.

  12. COMMUNICATION AND INFORMATION SYSTEM MANAGEMENT INTERNATIONAL

    Directory of Open Access Journals (Sweden)

    Mircea Alexandru Răduţeanu

    2012-01-01

    Full Text Available In recent decades international management itself as a separate component of the general science of leadership, is an intercultural management. In this context of globalization, computerization, any business that wants have a modern management should have a structured information system based on communication, overall objective consisting in providing accurate data in real time all parties, increasing the level of communication. Given these considerations, we conducted this work trying to highlight the role of communication in achieving a modern, emphasizing international management features.The paper is divided into 6 parts, prefaced by an introduction of the paper we presented and completed within a set of conclusions on the effectiveness of communication. During the other paragraphs, we present the theoretical concepts of international management, communication, after which I stressed the role of information communication, managerial communication and will then focus on the process, taking stock of its specific stages in international management.

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

    Science.gov (United States)

    O'Donnell, Carol

    2002-01-01

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

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

    International Nuclear Information System (INIS)

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

    2008-01-01

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

  15. An Application Relating To Credit Risk and Credit Risk Management in Tu rkish Banking System: The Case of Turkey Garanti Bank

    Directory of Open Access Journals (Sweden)

    Seyhan Çil Koçyiğit

    2014-09-01

    Full Text Available Within the globalization process of the world, at the competitive area arised as a result of the rapid increase in the number of banks and their branches in developing countries, the vigorously existance of banks depend on the management of the risks faced successfully. Banks must establish their credit strategies onto a good risk managment. Indeed, it is the inevitable fact that the success of financial institutions depends on having a powerful risk management system. In this study, by using the banking ratios, it is aimed to investigate the credit-risk changes of Turkish Garanti Bank (S.C. by three-month periods of 2007–2012 and give information about the risk management of Turkish Garanti Bank (S.C.. In conclusion, it is seen that, at Turkish Garanti Bank (S.C., credit risk is measured and evaluated in accordance with international standards, and all risk management is executing in parallel with Basel II regulations.

  16. Risk management in nuclear projects

    International Nuclear Information System (INIS)

    Salles, Claudio J.R.

    2002-01-01

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

  17. Risk Management for e-Business

    Directory of Open Access Journals (Sweden)

    2007-01-01

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

  18. Risk and integrity management system for PETRONAS Gas Berhad's gas and liquid hydrocarbon pipelines

    Energy Technology Data Exchange (ETDEWEB)

    Khalid, Tuan Hj. Ahmad Nadzri bin; Nasir, Osman; Napiah, Mohd Nazmi Mohd Ali [PETRONAS Gas Berhad, Johor (Malaysia); Choong, Evelyn

    2005-07-01

    PETRONAS Gas Berhad (PGB), Malaysia currently operates one of Southeast Asia's largest onshore pipeline systems comprising more than 2,500 km of large diameter high pressure gas and liquid transmission, supply and lateral pipelines. Recognizing the value of a risk based approach to pipeline integrity management program, in 2002 PGB implemented a customized and fully integrated Risk and Integrity Management System (RIMS) which included software modules for: data management; semi-quantitative risk assessment; risk control cost benefit analyses; defect assessment; corrosion growth modeling; and reporting. As part of this project, a benchmarking study performed jointly with the contractor, PGB's pipeline integrity programs were also compared with a broad group of international pipeline operators. This study compared the relative ranking position of PGB pre- and post implementation of RIMS. It demonstrated that implementation of RIMS places PGB in a select group of first quartile international pipeline operators, with respect to the implementation of pipeline integrity management best practice. This paper describes the functionalities of RIMS system and how it has benefited PGB, which have been realized to date from its implementation. (author)

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

    Science.gov (United States)

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

    2010-01-01

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

  20. International cooperation in the solution to trade-related invasive species risks.

    Science.gov (United States)

    Perrings, Charles; Burgiel, Stas; Lonsdale, Mark; Mooney, Harold; Williamson, Mark

    2010-05-01

    In this paper, we consider the factors behind the growth of invasive species as a global problem, and the scope for international cooperation and coordination in addressing that problem. This is limited by the terms of the various international agreements governing trade, health, and biodiversity. The default strategy in most cases has two parts: border protection and the control of or adaptation to introduced species that have escaped detection at the border. Most invasive species policy involves unilateral national defensive action as opposed to coordinated international action. We argue that an important part of the solution to the problem lies in global coordination and cooperation in the management of both pathways and sanitary and phytosanitary risks at all scales. More particularly, because invasive species are an externality of trade, transport, and travel that involve public goods, they require collective regulation of international markets that goes beyond that admitted under the World Trade Organization's (WTO) Agreement on the Application of Sanitary and Phytosanitary Measures. We argue that it is important to bring that agreement into conformity with the International Health Regulations (IHR), and to develop an international mechanism to generate and disseminate information on invasive species risks and their impacts.

  1. 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.

  2. International waste-management symposium

    International Nuclear Information System (INIS)

    Shoup, R.L.

    1977-01-01

    An International Symposium on the Management of Wastes from the LWR Fuel Cycle was held in Denver, Colo., on July 11 to 16, 1976. The symposium covered a broad range of topics, from policy issues to technology. Presentations were made by national and international speakers involved in all aspects of waste management, government and agency officials; laboratory managers, directors, and researchers; and industrial representatives. Many speakers advocated pragmatic action on programs for the management of commercial nuclear wastes to complete the light-water reactor (LWR) fuel cycle. The industrialized nations' demand for increasing supplies of energy and their increasing dependence on nuclear energy to fulfill this demand will necessitate the development of an acceptable solution to the disposal of nuclear wastes within the next decade for some industrial nations. Waste-disposal technology should be implemented on a commercial scale, but the commercialization must be accompanied by the decision to use the technology. An important issue in the use of nuclear energy is the question of sharing the technology with the less industrialized nations and with nations that may not have suitable means to dispose of nuclear wastes. The establishment of international and multinational cooperation will be an important key in realizing this objective. Pressing issues that international organizations or task groups will have to address are ocean disposal, plutonium recycling and safeguards, and disposal criteria. The importance of achieving a viable waste-management program is made evident by the increased funding and attention that the back end of the fuel cycle is now receiving

  3. Inflation risk and international asset returns

    NARCIS (Netherlands)

    G.A. Moerman (Gerard); M.A. van Dijk (Mathijs)

    2010-01-01

    textabstractWe show that inflation risk is priced in international asset returns. We analyze inflation risk in a framework that encompasses the International Capital Asset Pricing Model (ICAPM) of Adler and Dumas (1983). In contrast to the extant empirical literature on the ICAPM, we relax the

  4. Relationship Management in International Strategic Alliances and networks

    DEFF Research Database (Denmark)

    Andersen, Poul

    2011-01-01

    This chapter discusses relationship management in international strategic alliances and networks, building on and synthesizing parts of the relationship management literature. The chapter provides a model linking three generic relationship management tasks with three levels of management......, identifying nine focus areas for relationship management efforts. Rather than distinguishing between the management of external and internal resources, the integration of external and internal resources is the focus, meaning that all managerial tasks have both internal and external consequences...

  5. International human resources management challenges and changes

    CERN Document Server

    2015-01-01

    This book covers the issues related to human resource management (HRM) in an international context. It gives perspectives and future direction in International HRM research. The chapters explore the models, tools and processes used by international organizations in order to assist international managers to better face the challenges and changes in HRM. It is suitable to HR managers, engineers, entrepreneurs, practitioners, academics and researchers in the field.

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

    Directory of Open Access Journals (Sweden)

    Kyungmo Park

    2017-02-01

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

  7. Das COSO Enterprise Risk Management-Framework

    OpenAIRE

    Ruud, Flemming; Reichert, Felix

    2007-01-01

    Der Verwaltungsrat und die Geschäftsleitung tragen die Verantwortung, ein Internes Kontrollsystem (IKS) im Unternehmen auszugestalten. Ab dem Geschäftsjahr 2008 wird die Existenz eines IKS durch den externen Revisor geprüft (Art. 728a, 728b revOR). Auch sind im Anhang Angaben über die Durchführung einer Risikobeurteilung zu publizieren (Art. 663b revOR). Das Enterprise-Risk-Management-Framework von COSO (COSO ERM) kann als Führungsinstrument helfen, wichtige Chancen und Risiken zu erkennen...

  8. Continuous Risk Management at NASA

    Science.gov (United States)

    Hammer, Theodore F.; Rosenberg, Linda

    1999-01-01

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

  9. Business continuity management in international organisations.

    Science.gov (United States)

    Adamou, Christel

    2014-01-01

    In the area of business continuity management, a preliminary review of the literature reveals extensive knowledge, expertise and experience concerning organisations in the private and public sectors. It is interesting to note, however, that there is little literature about business continuity management in international organisations, although these entities are complex and particularly prone to threats. This apparent absence of literature suggests that business continuity management has not yet hit the agenda of international organisations. In recent years, member states have encouraged senior management to design and implement business continuity strategies to minimise the mishandling of an internal crisis and build organisational resilience, but very few of them have actually been able to design and implement comprehensive business continuity programmes. Based on actual experience working in international organisations, this paper outlines some of the challenges faced by international organisations in developing and implementing business continuity activities and attempts to make suggestions for further improvement.

  10. 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

  11. “The 3 rd International Conference on Islamic Banking and Finance: Risk Management, Regulation and Supervision” Jakarta, Indonesia, 22-24 February 2010.

    OpenAIRE

    Only, Report

    2010-01-01

    The conference “3rd International Conference on Islamic Banking and Finance: Risk Management, Regulation and Supervision” was jointly organized by IRTI and Center of Islamic Economics and Business (PEBS) University of Indonesia and cohosted by Bank Indonesia. It started with a welcoming ceremony and dinner on 22nd of February. The ceremony was addressed by H. E. Sri Mulyani Indrawarti, then Minister of Finance, Republic of Indonesia (currently Executive Director at World Bank). In her speech ...

  12. Internal Antecedents of Management Innovation

    DEFF Research Database (Denmark)

    Harder, Mie

    This dissertation explores the internal antecedents of the phenomenon labeled management innovation. Management innovation refers to the implementation of new management practices, processes, techniques or structures that alter the way the work of management is performed. In other words, management...... innovation refers to changes in what managers do and how they do it....

  13. A Case Study of Risk Informed Asset Management (RIAM) for Nuclear Power Plant

    International Nuclear Information System (INIS)

    Lee, Gyoung Cheol; Jeong, Yong Hoon; Chang, Soon Heung; Chung, Dae Wook

    2006-01-01

    Recently, the concern for Nuclear Asset Management (NAM) is increasing in nuclear industry. Asset Management is management of the financial assets of a company in order to maximize return. However, asset management in the nuclear industry is needed for coincidental consideration of nuclear safety and risk. Over fast several years, efforts for development of safety concerned and financial asset maximizing method, process and tools have been continued internationally. Risk Informed Asset Management (RIAM) is a methodology, process, and (eventually) software tool by which analyst review historical performance and develop predictive logic models and data analyses to provide plant manager and company decision-makers critical quantitative performance indicators

  14. THE ADEQUACY OF THE CAPITAL - CENTRAL OBJECTIVE OF PERFORMANCE MANAGEMENT AND BANKING RISK

    Directory of Open Access Journals (Sweden)

    LOREDANA CIURLĂU

    2016-08-01

    Full Text Available The main objective of this work is to highlight the role that the methods and techniques for the management of banking risks have in internal process the capital adequacy at risk in the future and to reflect the continued growth of the banking risks in the contemporary age, in conjunction with the intensification of cooperation that led to the internationalizing of regulations, within the meaning of the development of national rules in accordance with the principles accepted by several countries, the kind of international groups of studies organized by the Bank for International Settlements the Basel Convention or the application of Community rules, drawn up in the form of the Directives of the European Communities. The work has the research field the theoretical and practical aspects of the completion of the internal process the capital adequacy at risk in banks.

  15. Mapping between Classical Risk Management and Game Theoretical Approaches

    OpenAIRE

    Rajbhandari , Lisa; Snekkenes , Einar ,

    2011-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Ekaterina Tikhonovna Sveshnikova

    2015-12-01

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

  17. Managing the risks of legacy radioactive sources from a security perspective

    International Nuclear Information System (INIS)

    Alexander, Mark; Murray, Allan

    2008-01-01

    The safety and security risk posed by highly radioactive, long-lived sources at the end of their normal use has not been consistently well-managed in previous decades. The Brazilian Cs-137 accident in 1986 and the Thailand Co-60 accident in 2000 are prime examples of the consequences that ensue from the loss of control of highly dangerous sources after their normal use. With the new international emphasis on security of radioactive sources throughout their life cycle, there is now further incentive to address the management of risks posed by legacy, highly dangerous radioactive sources. The ANSTO South-East Asia Regional Security of Radioactive Sources (RSRS) Project has identified, and is addressing, a number of legacy situations that have arisen as a result of inadequate management practices in the past. Specific examples are provided of these legacy situations and the lessons learned for managing the consequent safety and security risk, and for future complete life-cycle management of highly radioactive sources. (author)

  18. 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.

  19. Risk and/or resilience management

    Directory of Open Access Journals (Sweden)

    Jean-Paul Louisot

    2015-06-01

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

  20. Safety and resiliency in action: Integrating risk management into local development

    Directory of Open Access Journals (Sweden)

    Ebay Jorge S.

    2013-01-01

    Full Text Available This paper examines the efforts of the local government unit (LGU of San Jose de Buenavista, in the Province of Antique in central Philippines to manage risks associated with multiple hazards to protect the people, their livelihoods and local development gains. More specifically, it analyzes the process of pursuing risk management objectives vis-a-vis national and international disaster risk reduction and management (DRRM norms, without loosing sight of local contextual realities that directly influence people’s vulnerabilities and capacities. Risk management initiatives in the LGU revolve around four key areas namely disaster prevention and mitigation, disaster preparedness, emergency response, and recovery and rehabilitation. Binding these initiatives are actions that integrate governance mechanisms with scientific data and sectoral and community participation to develop a comprehensive plan of action and standard operating procedures that will serve as guideposts in the process of building a safer community. The experience of San Jose de Buenavista also suggests that cost saving strategies an be replicated by communities and organizations that have financial limitations to pursue DRRM objectives. This paper contends that risk management is a fundamental development strategy to pursue local development goals and to sustain efforts to protect development gains in the long run. This can be done using a combination of governance, risk assessment, knowledge management, vulnerability reduction and preparedness strategies. Local leadership, people’s participation, environmental resource management and continuous capability building are key elements of the process. Ultimately, risk management must be mainstreamed into local development to develop community resiliency.

  1. Problems of introduction of international standards of conscientious state financial management in Ukrainian practice

    OpenAIRE

    Anhelina, I.

    2014-01-01

    The m aintenance of the INTOSAI GOV standardssystem, which show by itself guidance from a conscientious state financial management in the field of internal control and standards of record-keeping, is generalized. The directions of the use of risk and control model COSO are determinated for the financial management of state sector in part of authentication of sources of risk, aims and duties of organization. The measures are worked out on introduction of standards of INTOSAI GOVand models of C...

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

    Directory of Open Access Journals (Sweden)

    Iwona Gorzeń-Mitka

    2015-12-01

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

  3. Towards internationally acceptable standards for food additives and contaminants based on the use of risk analysis

    NARCIS (Netherlands)

    Huggett, A.; Petersen, B.J.; Walker, R.; Fisher, C.E.; Notermans, S.H.W.; Rombouts, F.M.; Abbott, P.; Debackere, M.; Hathaway, S.C.; Hecker, E.F.F.; Knaap, A.G.A.; Kuznesof, P.M.; Meyland, I.; Moy, G.; Narbonne, J.-F.; Paakkanen, J.; Smith, M.R.; Tennant, D.; Wagstaffe, P.; Wargo, J.; Würtzen, G.

    1998-01-01

    Internationally acceptable norms need to incorporate sound science and consistent risk management principles in an open and transparent manner, as set out in the Agreement on the Application of Sanitary and Phytosanitary Measures (the SPS Agreement). The process of risk analysis provides a procedure

  4. A nuclear power enterprise debt management system construction Based on Sanmen Nuclear Power Co., LTD, debt risk management case analysis

    International Nuclear Information System (INIS)

    Wu Yan; Liu Shuqing

    2010-01-01

    Building nuclear power enterprises need huge investment , often tens of billions RMB. How to do a good job in corporate debt risk management, becoming powerful large-scale development of nuclear power ,ensuring the supply of funds and existing debt service in the process of large-scale development of nuclear power ,is an important task. In this paper, managing the company's debt is very urgent and necessary through analysis of SMNPC financing and debt structure; through the analysis of SMNPC's debt risk management , the authors would like to explore how to build up the framework of the debt management under the large-scale development of nuclear power construction . Nuclear power enterprises need to strengthen supervision mechanism and internal control,build-up and perfect all-round debt risk manage system, keep watch on debt risk in order to ensure preservation and increment of the value of state assets. (authors)

  5. Managing corporate governance risks in a nonprofit health care organization.

    Science.gov (United States)

    Troyer, Glenn T; Brashear, Andrea D; Green, Kelly J

    2005-01-01

    Triggered by corporate scandals, there is increased oversight by governmental bodies and in part by the Sarbanes-Oxley Act of 2002. Corporations are developing corporate governance compliance initiatives to respond to the scrutiny of regulators, legislators, the general public and constituency groups such as investors. Due to state attorney general initiatives, new legislation and heightened oversight from the Internal Revenue Service, nonprofit entities are starting to share the media spotlight with their for-profit counterparts. These developments are changing nonprofit health care organizations as well as the traditional role of the risk manager. No longer is the risk manager focused solely on patients' welfare and safe passage through a complex delivery system. The risk manager must be aware of corporate practices within the organization that could allow the personal objectives of a few individuals to override the greater good of the community in which the nonprofit organization serves.

  6. 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

  7. Risk Management and Nuclear Insurance Program within Societatea Nationala Nuclearelectrica S.A

    International Nuclear Information System (INIS)

    Havris, Alexandru

    2008-01-01

    This paper shall present the Risk Management and associated nuclear insurance program developed within Societatea Nationala 'Nuclearelectrica' S.A, owner and operator of Units 1 and 2 Cernavoda NPP, the Nuclear Fuel Plant and in charge with commissioning of Units 3 and 4. From the risk management perspective, the main aspects that energy industry has to face due to global economic changes within a dynamic business environment are highlighted. In order to mitigate the operational and investment associated risks, Societatea Nationala 'Nuclearelectrica' S.A. successfully developed, implemented and maintained a coherent insurance program both on local and international insurance market. (authors)

  8. Venous thromboembolism management in Northeast Melbourne: how does it compare to international guidelines and data?

    Science.gov (United States)

    Lim, Hui Y; Chua, Chong C; Tacey, Mark; Sleeman, Matthew; Donnan, Geoffrey; Nandurkar, Harshal; Ho, Prahlad

    2017-09-01

    Venous thromboembolism (VTE) is a major cause of morbidity and mortality with significant heterogeneity in its management, both within our local practice and in international guidelines. To provide a holistic evaluation of 'real-world' Australian experience in the warfarin era, including how we compare to international guidelines. Retrospective evaluation of VTE from July 2011 to December 2012 at two major hospitals in Melbourne, Australia. These results were compared to recommendations in the international guidelines. A total of 752 episodes involving 742 patients was identified. Contrary to international guidelines, an unwarranted heritable thrombophilia screen was performed in 22.0% of patients, amounting to a cost of AU$29 000. The duration of anticoagulation was longer compared to international recommendations, although the overall recurrence (3.2/100 person-years) and clinically significant bleeding rates (2.4/100 person-years) were comparable to 'real-world' data. Unprovoked VTE (hazard ratio 2.06; P = 0.01) was a risk factor for recurrence, and there was no difference in recurrence between major VTE (proximal deep vein thrombosis (DVT) and/or pulmonary embolism) and isolated distal DVT (3.02 vs 3.94/100 person-years; P = 0.25). Fourteen patients were subsequently diagnosed with malignancy, and patients with recurrent VTE had increased risk of prospective cancer diagnosis (relative risk 6.68; P management strategies, including excessive thrombophilia screening and longer duration of anticoagulation. This audit highlights the need for national VTE guidelines, as well as prospective auditing of VTE management, in the direct oral anticoagulant era for future comparison. © 2017 Royal Australasian College of Physicians.

  9. The place of Political Risk Insurance in the political risk management strategy of multinational corporations

    Directory of Open Access Journals (Sweden)

    Violeta Iftinchi

    2016-06-01

    Full Text Available Confronted with a variety of political risks that affect their international activities, multinational corporations (MNCs can use Political Risk Insurance (PRI as a method to mitigate some of those risks. The aim of this article is to present the main characteristics of the PRI policies and participants, to highlight its benefits and to put forward three limitations that prevent MNCs in using PRI in their political risk management strategy (fluctuating capacity on the market, high premium rates and small compensation value. The recent trend in incorporating corporate social responsibility requirements as a pre-condition for providing PRI can contribute to lowering PRI premium rates.

  10. 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.

  11. CRITIQUES TOWARDS COSO’S ENTERPRISE RISK MANAGEMENT (ERM) FRAMEWORK IN ITS BASIC ASSUMPTIONS

    OpenAIRE

    Kurniawanti, Ika Atma

    2010-01-01

    Most professionals in internal control, risk management and other similar bailiwickshave agreed that Enterprise Risk Management discourses would’ve invariablyreferred to what the COSO had produced recently: the framework underlying ERM.But this paper takes a bit different stance that views several problematic issuesstem from unclear conceptions of either the basic premise underlying ERM or thenature of some ERM’s components outlined by COSO. This paper notes that, atleast, there are three poi...

  12. 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

  13. 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 .

  14. 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...

  15. 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...

  16. 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...

  17. 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?”

  18. 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...

  19. 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.

  20. 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.

  1. CEA: risk management assessment 2011

    International Nuclear Information System (INIS)

    Bigot, Bernard; Bonnevie, Edwige; Maillot, Bernard

    2012-01-01

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

  2. CEA: assessment of risk management 2011

    International Nuclear Information System (INIS)

    2012-06-01

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

  3. Homophobia and communal coping for HIV risk management among gay men in relationships.

    Science.gov (United States)

    Stachowski, Courtney; Stephenson, Rob

    2015-02-01

    Men who have sex with men (MSM) remain disproportionately affected by the HIV epidemic in the US and estimates suggest that one to two-thirds of new infections occur among main partners. Previous research has focused on individual MSM and their risk for HIV, yet couples' ability to manage risk has been largely understudied. In particular, the role that homophobia plays in shaping the ability of gay male couples to cope with HIV risk is currently understudied. A sample of 447 gay/bisexual men with main partners was taken from a 2011 survey of gay and bisexual men in Atlanta. Linear regression models were fitted for three couples' coping outcome scales (outcome efficacy, couple efficacy, communal coping) and included indicators of homophobia (internalized homophobia and homophobic discrimination). Findings indicate that reporting of increased levels of internalized homophobia were consistently associated with decreased outcome measures of couples' coping ability regarding risk management. The results highlight the role that homophobia plays in gay male couples' relationships and HIV risk, extending the existing literature in the field of same-sex relationships as influenced by homophobia.

  4. An international approach to radioactive waste management

    International Nuclear Information System (INIS)

    Barlett, J.W.

    1994-01-01

    Needs and opportunities for an international approach to management and disposal of radioactive wastes are discussed. Deficiencies in current national radioactive waste management programs are described, and the impacts of management of fissile materials from nuclear weapons on waste management are addressed. Value-added services that can be provided by an international organization for waste management are identified, and candidate organizations that could provide these services are also identified

  5. 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

  6. Risk Management and Nuclear Insurance Program within Societatea Nationala Nuclearelectrica S.A

    Energy Technology Data Exchange (ETDEWEB)

    Havris, Alexandru [Societatea Nationala Nuclearelectrica S.A, 65 Polona Street, code 010494, sector 1, Bucharest (Romania)

    2008-07-01

    This paper shall present the Risk Management and associated nuclear insurance program developed within Societatea Nationala 'Nuclearelectrica' S.A, owner and operator of Units 1 and 2 Cernavoda NPP, the Nuclear Fuel Plant and in charge with commissioning of Units 3 and 4. From the risk management perspective, the main aspects that energy industry has to face due to global economic changes within a dynamic business environment are highlighted. In order to mitigate the operational and investment associated risks, Societatea Nationala 'Nuclearelectrica' S.A. successfully developed, implemented and maintained a coherent insurance program both on local and international insurance market. (authors)

  7. 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)

  8. The increasing importance of effective risk management in banking: Findings from Serbia

    Directory of Open Access Journals (Sweden)

    Vukosavljević Dejan

    2016-01-01

    Full Text Available The subject of the research presented in this paper is risk management, with a special study of banking sector. Research goals include determining the degree of importance and influence of risk management of internal and external risks to a more favorable environment for business success of banks in strategic terms, in the long run. In this sense, the key results of the empirical research on the territory of Serbia in 2015 on a sample of 34 financial institutions, of which 26 were banks, has been provided . The results were processed by statistical and mathematical methods and confirmed the validity of the defined hypotheses, that the importance of effective risk management in banking is growing, as well as the reporting system. The contribution of this research is in a scientific assessment of the importance of various risks, determination of the dominant theoretical and empirical knowledge supporting wider further research in this area in the banking industry.

  9. 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...

  10. 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.

  11. 9th International Conference on Management Science and Engineering Management

    CERN Document Server

    Nickel, Stefan; Machado, Virgilio; Hajiyev, Asaf

    2015-01-01

    This is the Proceedings of the Ninth International Conference on Management Science and Engineering Management (ICMSEM) held from July 21-23, 2015 at Karlsruhe, Germany. The goals of the conference are to foster international research collaborations in Management Science and Engineering Management as well as to provide a forum to present current findings. These proceedings cover various areas in management science and engineering management. It focuses on the identification of management science problems in engineering and innovatively using management theory and methods to solve engineering problems effectively. It also establishes a new management theory and methods based on experience of new management issues in engineering. Readers interested in the fields of management science and engineering management will benefit from the latest cutting-edge innovations and research advances presented in these proceedings and will find new ideas and research directions. A total number of 132 papers from 15 countries a...

  12. Effects of Comprehensive Risk Management Program on the Preparedness of Rofeide Rehabilitation Hospital in Disasters and Incidents

    Directory of Open Access Journals (Sweden)

    Samira Rajabi

    2017-07-01

    Conclusion: Considering the positive impact of the implementation of the risk management program on the preparedness of Rofeide Rehabilitation Hospital and promotion of its preparedness level from poor to moderate, as well as relatively high vulnerability of hospitals against internal and external risks, national hospitals are recommended to use the comprehensive hospital risk management model to be more prepared for disasters.

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

    Science.gov (United States)

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

    2010-12-01

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

  14. Assessing and Managing Knowledge Loss Risk

    International Nuclear Information System (INIS)

    Dermarkar, Fred

    2013-01-01

    Summary: • Sustaining Design Basis Knowledge is a strategic need for long term safe and reliable operation; • Utilities need to manage knowledge in a systematic manner, based on identifying areas of risk, developing and implementing plans to mitigate the risk, and exercising oversight of those plans; • Approaches will differ depending upon organizational functions and needs; • Individual utility efforts are not sufficient: they need to be complemented by a larger scale infrastructure in the academic and research communities; • The Canadian nuclear industry has been collaborating to actively support and expand the academic infrastructure to sustain design basis knowledge; • KM initiatives require constant nurturing for sustainability; • Internationally recognized guidance on Characteristics, Attributes and Best Practices for governmental, industrial and academic contributions to KM is important to sustainability

  15. 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

  16. The relevance of national and international initiatives on toxic substances to the management of hazardous air pollutants in Canada

    Energy Technology Data Exchange (ETDEWEB)

    Buccini, J.

    2001-03-30

    The Canadian Council of Ministers of the Environment (CCME), seeking guidance on current and emerging national and international initiatives, activities, and programs that could impact on the management of hazardous air pollutants (HAPs) in Canada, commissioned the author to prepare this document. In this report, HAPs are defined as toxic substances subject to airborne transport as a significant route of environmental distribution and/or exposure. Heavy metals and persistent organic pollutants (POPs) were included in this definition. A model, known as toxics cycle, represented the four distinct stages of the process of selecting substances for risk assessment and management: problem identification and priority setting, risk assessment, risk management, and monitoring and evaluation. A large number of international activities were reviewed, such as research, hazard and risk assessment, risk management, and monitoring and surveillance programs. The present report only deals with the programs that had been identified in the National Air Issues Coordinating Committee-Other Air Issues (NAICC-A) of the CCME report published in 1999 and which had recent or foreseen impacts. Five bi-lateral and multi-lateral agreements on persistent toxic substances, as well as national, regional and global programs, activities, and initiatives concerning the assessment of the hazards and risks of chemicals and actions were reviewed. It was recommended that initiatives at all levels continue to be monitored and that Environment Canada continue to be the conduit of information at the international level. Issues and opportunities must be identified by all jurisdictions with regard to risk management. It was suggested by the author that risk assessment be conducted by Environment Canada and the attention of the HAP group be drawn on specific topics as required. 2 tabs., 1 fig.

  17. International Conference on Risk Analysis

    CERN Document Server

    Oliveira, Teresa; Rigas, Alexandros; Gulati, Sneh

    2015-01-01

    This book covers the latest results in the field of risk analysis. Presented topics include probabilistic models in cancer research, models and methods in longevity, epidemiology of cancer risk, engineering reliability and economical risk problems. The contributions of this volume originate from the 5th International Conference on Risk Analysis (ICRA 5). The conference brought together researchers and practitioners working in the field of risk analysis in order to present new theoretical and computational methods with applications in biology, environmental sciences, public health, economics and finance.

  18. 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

  19. 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.

  20. 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,…

  1. RISK MANAGEMENT - AT THE CONVERGENCE BETWEEN PRUDENCE AND CONTINUITY, A BASIS FOR AN EFFICIENT GOVERNANCE

    Directory of Open Access Journals (Sweden)

    Gabriela-Geanina, TUDOSE

    2014-11-01

    Full Text Available The accountancy principles are sine qua non for a faithful image, nevertheless when it is about evaluation, accountancy is considered a source of uncertainty. The principle of being prudent is the pillar of accountancy having a view to protect the invested capital, although under the conditions of organizations development and of the desire to better results, which inevitably implies risk, this would infringe initiatives and change. Even more, prudence offers a continuity in organization activity, becoming accountancy fundamentals in the principles of corporation governance, the organization management respectively, by accepting the benefits of risk management, of financial management and internal control under the monitor of internal audit. The activity continuity is not only an accountancy principle but also an absolutely necessary element to quarantee the financial information. The principle of continuity also confers the accountancy science a provisional role because it extends its action from a simple elaboration of financial statements to the assurance of financial information to prevent difficulties, the finding and removal of risk and offering the necessary factors for an efficient provisional management. A good governance within a company reduces risks, increases performance, opens the way to financial markets, improves the marketing capacity for goods and services, the management style, shows transparency and social responsability.

  2. 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.

  3. The role of records management as a tool to identify risks in the public sector in South Africa

    Directory of Open Access Journals (Sweden)

    Mpho Ngoepe

    2014-06-01

    Objectives: The study utilised the King III report on corporate governance in South Africa as a framework to investigate the role of records management in identifying risks in the public sector, with a view to entrench the synergy between records management and risk management. Method: Quantitative data were collected through questionnaires distributed to records managers, risk managers and auditors in governmental bodies in South Africa. Provisions of the King III report, guided the research objectives. Results: Even though the study established that there is a reciprocal relationship between risk identification and records management, most governmental bodies in South Africa lack records management and risk-mitigating frameworks or strategy. Furthermore, records management did not feature in most governmental bodies’ risk registers. It has been established that most governmental bodies have established risk committees that do not include records management practitioners. In most governmental bodies, risk management resides within internal audit functions. Conclusion: The study concludes by arguing that a strong records management regime can be one of an organisation’s primary tools in identifying risks and implementing proper risk management. Therefore, records management should be integrated with risk management processes for organisations to benefit from the synergy.

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

    Directory of Open Access Journals (Sweden)

    N. N. Kudryavtseva

    2017-01-01

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

  5. International Patterns of Practice in the Management of Radiation Therapy-induced Nausea and Vomiting

    International Nuclear Information System (INIS)

    Dennis, Kristopher; Zhang Liying; Lutz, Stephen; Baardwijk, Angela van; Linden, Yvette van der; Holt, Tanya; Arnalot, Palmira Foro; Lagrange, Jean-Léon; Maranzano, Ernesto; Liu, Rico; Wong, Kam-Hung; Wong, Lea-Choung; Vassiliou, Vassilios; Corn, Benjamin W.; De Angelis, Carlo; Holden, Lori; Wong, C. Shun; Chow, Edward

    2012-01-01

    Purpose: To investigate international patterns of practice in the management of radiation therapy-induced nausea and vomiting (RINV). Methods and Materials: Oncologists prescribing radiation therapy in the United States, Canada, The Netherlands, Australia, New Zealand, Spain, Italy, France, Hong Kong, Singapore, Cyprus, and Israel completed a Web-based survey that was based on 6 radiation therapy-only clinical cases modeled after the minimal-, low-, moderate-, and high-emetic risk levels defined in the antiemetic guidelines of the American Society of Clinical Oncology and the Multinational Association of Supportive Care in Cancer. For each case, respondents estimated the risks of nausea and vomiting separately and committed to an initial management approach. Results: In total, 1022 responses were received. Risk estimates and management decisions for the minimal- and high-risk cases varied little and were in line with guideline standards, whereas those for the low- and moderate-risk cases varied greatly. The most common initial management strategies were as follows: rescue therapy for a minimal-risk case (63% of respondents), 2 low-risk cases (56% and 80%), and 1 moderate-risk case (66%); and prophylactic therapy for a second moderate-risk case (75%) and a high-risk case (95%). The serotonin (5-HT) 3 receptor antagonists were the most commonly recommended prophylactic agents. On multivariate analysis, factors predictive of a decision for prophylactic or rescue therapy were risk estimates of nausea and vomiting, awareness of the American Society of Clinical Oncology antiemetic guideline, and European Society for Therapeutic Radiology and Oncology membership. Conclusions: Risk estimates and management strategies for RINV varied, especially for low- and moderate-risk radiation therapy cases. Radiation therapy-induced nausea and vomiting are under-studied treatment sequelae. New observational and translational studies are needed to allow for individual patient risk

  6. International Patterns of Practice in the Management of Radiation Therapy-induced Nausea and Vomiting

    Energy Technology Data Exchange (ETDEWEB)

    Dennis, Kristopher; Zhang Liying [Odette Cancer Centre, Sunnybrook Health Sciences Centre, University of Toronto, Toronto, Ontario (Canada); Lutz, Stephen [Blanchard Valley Health Systems, Findlay, Ohio (United States); Baardwijk, Angela van [Department of Radiation Oncology (MAASTRO Clinic), GROW-School for Oncology and Developmental Biology, Maastricht University Medical Centre, Maastricht (Netherlands); Linden, Yvette van der [Leiden University Medical Center, Leiden (Netherlands); Holt, Tanya [Radiation Oncology Mater Centre, Princess Alexandra Hospital, Brisbane (Australia); Arnalot, Palmira Foro [Parc de Salut Mar. Universitat Pompeu Fabra Barcelona (Spain); Lagrange, Jean-Leon [AP-HP Hopital Henri-Mondor, Universite Paris Est Creteil, Creteil (France); Maranzano, Ernesto [' S. Maria' Hospital, Terni (Italy); Liu, Rico [Queen Mary Hospital, Hong Kong (China); Wong, Kam-Hung [Queen Elizabeth Hospital, Hong Kong (Hong Kong); Wong, Lea-Choung [National University Cancer Institute (Singapore); Vassiliou, Vassilios [Bank of Cyprus Oncology Centre, Nicosia (Cyprus); Corn, Benjamin W. [Tel Aviv Medical Center, Tel Aviv (Israel); De Angelis, Carlo; Holden, Lori; Wong, C. Shun [Odette Cancer Centre, Sunnybrook Health Sciences Centre, University of Toronto, Toronto, Ontario (Canada); Chow, Edward, E-mail: Edward.Chow@sunnybrook.ca [Odette Cancer Centre, Sunnybrook Health Sciences Centre, University of Toronto, Toronto, Ontario (Canada)

    2012-09-01

    Purpose: To investigate international patterns of practice in the management of radiation therapy-induced nausea and vomiting (RINV). Methods and Materials: Oncologists prescribing radiation therapy in the United States, Canada, The Netherlands, Australia, New Zealand, Spain, Italy, France, Hong Kong, Singapore, Cyprus, and Israel completed a Web-based survey that was based on 6 radiation therapy-only clinical cases modeled after the minimal-, low-, moderate-, and high-emetic risk levels defined in the antiemetic guidelines of the American Society of Clinical Oncology and the Multinational Association of Supportive Care in Cancer. For each case, respondents estimated the risks of nausea and vomiting separately and committed to an initial management approach. Results: In total, 1022 responses were received. Risk estimates and management decisions for the minimal- and high-risk cases varied little and were in line with guideline standards, whereas those for the low- and moderate-risk cases varied greatly. The most common initial management strategies were as follows: rescue therapy for a minimal-risk case (63% of respondents), 2 low-risk cases (56% and 80%), and 1 moderate-risk case (66%); and prophylactic therapy for a second moderate-risk case (75%) and a high-risk case (95%). The serotonin (5-HT){sub 3} receptor antagonists were the most commonly recommended prophylactic agents. On multivariate analysis, factors predictive of a decision for prophylactic or rescue therapy were risk estimates of nausea and vomiting, awareness of the American Society of Clinical Oncology antiemetic guideline, and European Society for Therapeutic Radiology and Oncology membership. Conclusions: Risk estimates and management strategies for RINV varied, especially for low- and moderate-risk radiation therapy cases. Radiation therapy-induced nausea and vomiting are under-studied treatment sequelae. New observational and translational studies are needed to allow for individual patient risk

  7. Biological Risks to Public Health: Lessons from an International Conference to Inform the Development of National Risk Communication Strategies.

    Science.gov (United States)

    Dickmann, Petra; Bhatiasevi, Aphaluck; Chaib, Fadela; Baggio, Ombretta; Banluta, Christina; Hollenweger, Lilian; Maaroufi, Abderrahmane

    Biological risk management in public health focuses on the impact of outbreaks on health, the economy, and other systems and on ensuring biosafety and biosecurity. To address this broad range of risks, the International Health Regulations (IHR, 2005) request that all member states build defined core capacities, risk communication being one of them. While there is existing guidance on the communication process and on what health authorities need to consider to design risk communication strategies that meet the requirements on a governance level, little has been done on implementation because of a number of factors, including lack of resources (human, financial, and others) and systems to support effective and consistent capacity for risk communication. The international conference on "Risk communication strategies before, during and after public health emergencies" provided a platform to present current strategies, facilitate learning from recent outbreaks of infectious diseases, and discuss recommendations to inform risk communication strategy development. The discussion concluded with 4 key areas for improvement in risk communication: consider communication as a multidimensional process in risk communication, broaden the biomedical paradigm by integrating social science intelligence into epidemiologic risk assessments, strengthen multisectoral collaboration including with local organizations, and spearhead changes in organizations for better risk communication governance. National strategies should design risk communication to be proactive, participatory, and multisectoral, facilitating the connection between sectors and strengthening collaboration.

  8. Individual Property Risk Management

    Directory of Open Access Journals (Sweden)

    Michael S. Finke

    2010-01-01

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

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

    Science.gov (United States)

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

    2010-01-01

    This paper analyses some potential security risks, concerning terrorism or more mundane forms of crime, such as fraud, in management of nuclear waste using a PEST scan (of political, economic, social and technical issues) and some insights of criminologists on crime prevention. Nuclear waste arises as spent fuel from ongoing energy generation or other nuclear operations, operational contamination or emissions, and decommissioning of obsolescent facilities. In international and EU political contexts, nuclear waste management is a sensitive issue, regulated specifically as part of the nuclear industry as well as in terms of hazardous waste policies. The industry involves state, commercial and mixed public-private bodies. The social and cultural dimensions--risk, uncertainty, and future generations--resonate more deeply here than in any other aspect of waste management. The paper argues that certain tendencies in regulation of the industry, claimed to be justified on security grounds, are decreasing transparency and veracity of reporting, opening up invisible spaces for management frauds, and in doing allowing a culture of impunity in which more serious criminal or terrorist risks could arise. What is needed is analysis of this 'exceptional' industry in terms of the normal cannons of risk assessment - a task that this paper begins. Copyright 2009 Elsevier Ltd. All rights reserved.

  10. [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.

  11. 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.

  12. Rethinking Risk in International Financial Markets

    NARCIS (Netherlands)

    R.A.J. Campbell-Pownall (Rachel)

    2001-01-01

    textabstractThis thesis aims to address many of the issues raised concerning the appropriate definition and measurement of risk. An alternative approach to the estimation of risk, and the risk-return trade-off in international financial markets is investigated. Rather than focusing on the deviation

  13. THE ROLE OF THE INTERNAL AUDIT IN THE TOURISM UNIT’S RISK MANAGEMENT PROCESS

    Directory of Open Access Journals (Sweden)

    BOGDAN RĂVAŞ

    2011-01-01

    Full Text Available Management plans, organizes, and directs the performance of sufficient actions to provide reasonable assurance that objectives and goals will be achieved. Management periodically reviews its objectives and goals and modifies its processes to accommodate changes in internal and external conditions. Management also establishes and maintains an tourism unital culture, including an ethical climate that fosters control. Control is any action taken by management to enhance the likelihood that established objectives and goals will be achieved. Controls may be preventive (to determine undesirable events from occurring, detective (to detect and correct undesirable events which have occurred, or directive (to cause or encourage a desirable event to occur. The concept of a system of control is the integrated collection of control components and activities that are used by an tourism unit to achieve its objectives and goals.

  14. PEMETAAN RISIKO DI INDUSTRI PENYAMAKAN KULIT DENGAN PENDEKATAN ENTERPRISE RISK MANAGEMENT (ERM

    Directory of Open Access Journals (Sweden)

    Helen Wiryani

    2014-09-01

    Full Text Available ABSTRACTThe aim of this study were 1 identify the risks faced by PT XYZ, 2 measure and map the risk of PT XYZ, 3 formulating an effective risk mitigation strategy for PT XYZ. The method of risk management with enterprise risk management approach (ERM was applied. Risk management with ERM can help companies better prepared to cope with uncertainty, increase the added value and competitive advantage. ERM approach to risk mapping is done by referring to the eight components of ERM. The first three components, namely internal environment, objective setting, and event identification, were used to observe PT.  XYZ situation and identify the risks that exist. A review of the business processes in PT XYZ shows that there are various strategic, operating, reporting, and compliance risks identified in the stages of the business process. Results showed 1 the risks found in the PT XYZ stages of business process were related to the field of strategic, operating, reporting, and compliance, 2 the amount of risk experienced by PT XYZ were reflected in the risk map formed on the measurement of risk based on probability and impact, 3 strategies need to be developed for effective risk mitigation for PT XYZ were prioritized addressing the highest risk first then to a lower risk.Keywords: ERM, FGD, risk management, upholstery industry, risk mappingABSTRAKTujuan  penelitian  ini  adalah 1 mengidentifikasi risiko yang dihadapi PT XYZ, 2 mengukur dan memetakan risiko PT XYZ, 3 merumuskan strategi mitigasi risiko yang efektif bagi PT XYZ. Metode pengelolaan risiko dengan pendekatan enterprise risk management (ERM. Pengelolaan risiko dengan ERM dapat membantu perusahaan lebih siap dalam  mengatasi ketidakpastian,  meningkatkan nilai tambah, dan keunggulan bersaing. Pemetaan risiko dengan pendekatan ERM dilakukan dengan berpedoman pada delapan komponen ERM. Tiga komponen pertama yaitu internal environment, objective setting, dan event identification dilakukan untuk

  15. 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...

  16. INTERNAL AUDIT IN CORPORATE GOVERNANCE

    Directory of Open Access Journals (Sweden)

    Felicia Gabriela UNGUREANU

    2010-03-01

    Full Text Available Internal Audit, compared with verification of transactions and compliance with established procedures, identify risks and assess the effectiveness of risk management.Internal audit based on risk analysis assesses the adequacy and effectiveness of internal control in all areas of activity, helps management in its task by analyzing the causes and consequences, with recommendations concerning the activities examined, whereas both shareholders and existing and potential investors are interested in how the entity is governed.

  17. 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...

  18. 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

  19. Enterprise risk management and disclosure

    Directory of Open Access Journals (Sweden)

    Nicoleta Farcane

    2008-01-01

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

  20. 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

  1. Culture and conflict management style of international project managers

    OpenAIRE

    Mohammed, U. K.; Prabhakar, G. P.; White, G.

    2008-01-01

    The management of culture has become increasingly important to many organisations and business disciplines, particularly multicultural and international project management. Cultural differences often result in varying degrees of conflict and require careful consideration. This study surveys 116 Project Managers using the Thomas-Kilmann Conflict Mode Instrument to determine their approach toward managing conflict. Indian, French and UK Project Managers’ conflict management style are correlated...

  2. Investigating the effective factors on management internal controls applying

    Directory of Open Access Journals (Sweden)

    Ahmad Ahmadkhani

    2012-08-01

    Full Text Available Information technology plays an important role on increasing internal control in many organizations. In this paper, we present an empirical study to measure the impact of information technology, hiring high quality skilled management team, using high quality standards and increasing employees' awareness on managing internal control. The survey uses a questionnaire based on Likert scale and distributes among the people who work in either administration or financial sectors of governmental agencies in province of Zanjan, Iran. The results of the study indicate that the implementation of information technology positively influences management team to control their system, more effectively, using more skilled and specialized managers positively influences management internal control, an organization with suitable standard positively influences management internal control and increasing employees' awareness positively influences management internal control.

  3. An Analysis of Internal Controls and Procurement Fraud Deterrence

    Science.gov (United States)

    2013-12-01

    might keep the organization from achieving its objectives and analyze risks , including fraud risk , so as to decide how the risk should be managed ( COSO ...internal control to adequately manage the risk ( COSO , 2013). Risk management involves developing the effective internal control targeted at a...structure and management . While the risk of fraud cannot be eliminated entirely, it can be greatly reduced with an appropriate procurement fraud prevention

  4. 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.

  5. 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

  6. 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)

  7. 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”.

  8. RECALMIN: The association between management of Spanish National Health Service Internal Medical Units and health outcomes.

    Science.gov (United States)

    Zapatero-Gaviria, Antonio; Javier Elola-Somoza, Francisco; Casariego-Vales, Emilio; Fernandez-Perez, Cristina; Gomez-Huelgas, Ricardo; Bernal, José Luis; Barba-Martín, Raquel

    2017-08-01

    To investigate the association between management of Internal Medical Units (IMUs) with outcomes (mortality and length of stay) within the Spanish National Health Service. Data on management were obtained from a descriptive transversal study performed among IMUs of the acute hospitals. Outcome indicators were taken from an administrative database of all hospital discharges from the IMUs. Spanish National Health Service. One hundred and twenty-four acute general hospitals with available data of management and outcomes (401 424 discharges). IMU risk standardized mortality rates were calculated using a multilevel model adjusted by Charlson Index. Risk standardized myocardial infarction and heart failure mortality rates were calculated using specific multilevel models. Length of stay was adjusted by complexity. Greater hospital complexity was associated with longer average length of stays (r: 0.42; P International Society for Quality in Health Care. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com

  9. Sepsis in Internal Medicine wards: current knowledge, uncertainties and new approaches for management optimization.

    Science.gov (United States)

    Zaccone, Vincenzo; Tosoni, Alberto; Passaro, Giovanna; Vallone, Carla Vincenza; Impagnatiello, Michele; Li Puma, Domenica Donatella; De Cosmo, Salvatore; Landolfi, Raffaele; Mirijello, Antonio

    2017-11-01

    Sepsis represents a global health problem in terms of morbidity, mortality, social and economic costs. Although usually managed in Intensive Care Units, sepsis showed an increased prevalence among Internal Medicine wards in the last decade. This is substantially due to the ageing of population and to multi-morbidity. These characteristics represent both a risk factor for sepsis and a relative contra-indication for the admission to Intensive Care Units. Although there is a lack of literature on the management of sepsis in Internal Medicine, the outcome of these patients seems to be gradually improving. This is due to Internists' increased adherence to guidelines and "bundles". The routine use of SOFA score helps physicians in the definition of septic patients, even if the optimal score has still to come. Point-of-care ultrasonography, lactates, procalcitonin and beta-d-glucan are of help for treatment optimization. The purpose of this narrative review is to focus on the management of sepsis in Internal Medicine departments, particularly on crucial concepts regarding diagnosis, risk assessment and treatment. Key Messages Sepsis is a life-threatening organ dysfunction caused by a dysregulated host response to infection. The prevalence of sepsis is constantly increasing, affecting more hospital patients than any other disease. At least half of patients affected by sepsis are admitted to Internal Medicine wards. Adherence to guidelines, routine use of clinical and lab scores and point-of-care ultrasonography are of help for early recognition of septic patients and treatment optimization.

  10. 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

  11. Branding and the Risk Management Imperative

    OpenAIRE

    Fournier Susan; Srinivasan Shuba

    2018-01-01

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

  12. 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...

  13. 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

  14. 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

  15. 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.

  16. PENGARUH PELAKSANAAN RISK BASED INTERNAL AUDITING TERHADAP PENCEGAHAN FRAUD

    Directory of Open Access Journals (Sweden)

    Rozmita Dewi Yuniarti Rozali

    2015-12-01

    Full Text Available This study aims to determine the effect of implementation of risk based internal auditing on fraud prevention on internal audit Inspection Office Bank BRI Bandung Region. The sample used by 18 internal auditors in Inspection Office of Bank BRI Bandung Region saturated sampling method. Based on calculation of simple regression analysis obtained result that every increase of implementation of risk based internal auditing (X will lead to increase fraud prevention (Y. It shows that there is a positive influence between the implementation of risk based internal auditing on fraud prevention on the internal audit of Inspection Office of Bank BRI Bandung Region.

  17. [Clinical risk management in german hospitals - does size really matter?].

    Science.gov (United States)

    Bohnet-Joschko, S; Jandeck, L M; Zippel, C; Andersen, M; Krummenauer, F

    2011-06-01

    management, 92 % of the hospitals see potential for internal improvement; 44 % have already communicated with external consultants. While identification of clinical risks with near miss and other incident reporting systems meets increasing acceptance, the learning potential based on incident reporting is not yet appropriately being used. There is a deficit regarding systematic and comprehensive risk assessment and controlling; this will have to be met by improving the organisational framework for clinical risk management. © Georg Thieme Verlag KG Stuttgart · New York.

  18. Risk and integrity management system for PETRONAS Gas Berhad's gas and liquid hydrocarbon pipelines

    Energy Technology Data Exchange (ETDEWEB)

    Khalid, Tuan Hj. Ahmad Nadzri bin; Nasir, Osman; Napiah, Mohd Nazmi Mohd Ali [PETRONAS Gas Berhad, Johor (Malaysia); Choong, Evelyn

    2005-07-01

    PETRONAS Gas Berhad (PGB), Malaysia currently operates one of Southeast Asia's largest onshore pipeline systems comprising more than 2,500 km of large diameter high pressure gas and liquid transmission, supply and lateral pipelines. Recognizing the value of a risk based approach to pipeline integrity management program, in 2002 PGB implemented a customized and fully integrated Risk and Integrity Management System (RIMS) which included software modules for: data management; semi-quantitative risk assessment; risk control cost benefit analyses; defect assessment; corrosion growth modeling; and reporting. As part of this project, a benchmarking study performed jointly with the contractor, PGB's pipeline integrity programs were also compared with a broad group of international pipeline operators. This study compared the relative ranking position of PGB pre- and post implementation of RIMS. It demonstrated that implementation of RIMS places PGB in a select group of first quartile international pipeline operators, with respect to the implementation of pipeline integrity management best practice. This paper describes the functionalities of RIMS system and how it has benefited PGB, which have been realized to date from its implementation. (author)

  19. 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.

  20. The Behavioral Bias of Foreign Debt Usage in Foreign Exchange Risk Management

    DEFF Research Database (Denmark)

    Aabo, Tom

    We investigate the behavioral bias in the use of debt denominated in foreign currency (foreign debt) in managing foreign exchange risks. From a strictly financial (rational) point of view foreign debt and derivates are close substitutes. Whether e.g. a European firm sells forward US dollars against...... foreign exchange risk management in medium-sized, non-financial firms in Denmark and find a behavioral bias in the use of foreign debt. Among the firms that are internationally involved (operating revenues, costs and/or assets in foreign currency), on average a quarter of the financial debt is denominated...... in foreign currency. The use / non-use of foreign debt is positively related to a number of internationality measures but most significantly to the existence of subsidiaries abroad whereas the degree of usage is particularly related to the magnitude of foreign operating assets. The use of foreign debt...

  1. 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.

  2. Risks and governance modes in offshoring decisions : Linking supply chain management and international business perspectives

    NARCIS (Netherlands)

    Patrucco, A.S.; Scalera, V.G.; Luzzini, D.

    2016-01-01

    Governing offshoring has become a major challenge for firms that run operations outside the home country. International business (IB) and supply chain management (SCM) literature offer different insights on the topic, focusing especially on possible governance modes and the drivers of this choice,

  3. 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.

  4. Comparisons of Food and Drug Administration and European Medicines Agency risk management implementation for recent pharmaceutical approvals: report of the International Society for Pharmacoeconomics and outcomes research risk benefit management working group.

    Science.gov (United States)

    Lis, Yvonne; Roberts, Melissa H; Kamble, Shital; J Guo, Jeff; Raisch, Dennis W

    2012-12-01

    1) To compare the Food and Drug Administration's (FDA's) Risk Evaluation and Mitigation Strategies (REMS) and European Medicines Agency's (EMA's) Risk Management Plan (RMP) guidances and 2) to compare REMS and RMPs for specific chemical entities and biological products. FDA, EMA, and pharmaceutical company Web sites were consulted for details pertaining to REMS and RMPs. REMS requirements include medication guides, communication plans, elements to ensure safe use, implementation systems, and specified assessment intervals. RMP requirements are increased pharmacovigilance and risk minimization activities. We compared these requirements for drugs requiring both REMS and RMPs. We identified 95 drugs on FDA's REMS list as of March 2010. Of these, there were 29 drugs (11 biologics and 18 new chemical entities) with EMA RMPs. REMS and RMPs are similar in objectives, with comparable toolkits. Both allow flexibility in product-specific actions, recognizing adverse effects of potential concern. Of the 29 drugs reviewed, REMS requirements not included in RMPs were patient medication guides (100% of the drugs), provider communication plans (38%), and routine monitoring of REMS (66%). RMP requirements not included in REMS were specific adverse event reporting (45% of the drugs), prospective registry studies (34%), prospective epidemiology studies (24%), additional trial data (28%), and Summary of Product Characteristics contraindications (76%). Both REMS and RMPs provide positive guidance for identification, monitoring, and minimization of risk to patient safety. Currently, neither agency provides specific guidance on how risk should be related to benefit either qualitatively or quantitatively. Copyright © 2012 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

  5. 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.

  6. 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....

  7. 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

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

    Science.gov (United States)

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

    2014-12-01

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

  9. 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.

  10. Risk Management in Insurance Companies

    OpenAIRE

    Yang, Xufeng

    2006-01-01

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

  11. 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.

  12. Managing risk and knowledge in the internationalisation process

    Directory of Open Access Journals (Sweden)

    Victoria Rodríguez

    2010-10-01

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

  13. 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

  14. 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.

  15. Self-reported hypertension, dyslipidemia and hyperuricemia management by Italian Internal Medicine Units: a national survey of the FADOI Study Group in Cardiovascular Medicine

    Directory of Open Access Journals (Sweden)

    Alberto Mazza

    2017-11-01

    Full Text Available The aim of this study was to evaluate the management practices of internal medicine clinicians for patients with cardiovascular risk factors, with particular respect to treatment thresholds, medication choices and target goals. A sample of internists - representatives of Internal Medicine Units (IMUs from all the regions in Italy - were identified by the cardiovascular medicine study group of the Italian Internal Medicine FADOI (Federazione delle Associazioni dei Dirigenti Ospedalieri Internisti Society and invited to fill out a questionnaire about hypertension, dyslipidemia and hyperuricemia. From the 101 questionnaires collected, it was found that despite large heterogeneity between IMUs in terms of patient management and adherence to guidelines, internists were experts in the management of patients with multiple cardiovascular risk factors and associated comorbidities. We hope that these data prompt the internal medicine community to consider the value of producing shared, real-world guidelines on the management of cardiovascular disease.

  16. Managing Climate Risk. Integrating Adaptation into World Bank Group Operations

    International Nuclear Information System (INIS)

    Van Aalst, M.

    2006-08-01

    climate conditions. There are several ways in which the World Bank Group can continue helping its clients better manage climate risks to poverty reduction and sustainable development: Integrating climate risk management into the project cycle, by adopting early risk identification (for instance by applying a quick and simple risk-screening tool) and following up throughout the design process if necessary. Integrating climate risk management into country and sector dialogues, especially in countries and sectors that are particularly vulnerable. Enhancing internal support for and coordination of climate risk management by, for example, expanding analytical work and capacity for cross-support by the Global Climate Change Team and the Hazard Management Unit of the World Bank and by actively developing climate risk management activities within regional departments. Supporting the establishment of proper financing mechanisms for adaptation, using, for example, the Investment Framework for Clean Energy and Development. New funding mechanisms created under the United Nations Framework Convention on Climate Change (UNFCCC) and being made operational by the Global Environment Facility (GEF), as well as the Kyoto Protocol, should be used to leverage maximum adaptation results within the Bank's broad range of development activities and investments. By enhancing climate risk management, the World Bank Group will be able to address the growing risks from climate change and, at the same time, make current development investments more resilient to climate variability and extreme weather events. In that way, climate risk management will not only guard the Bank's investments in a changing climate but will also improve the impact of development efforts right now.

  17. 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.

  18. 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

  19. Evolution of project management research: a bibliometric study of International Journal of Project Management

    Directory of Open Access Journals (Sweden)

    Fábio Cocchi da Silva Eiras

    2017-03-01

    Full Text Available Over the past decades, the project management field has evolved and consolidated. Facing this growth, this research aims to identify the main trends of research in the area, as well as providing an overview of publications, identifying new issues, changes in approaches and the development of knowledge areas. To do so, a systematic review of the literature was performed with the use of bibliometric study in the papers of the International Journal of Project Management (IJPM, included in SCOPUS, from its first volume to 2015, covering a period of more than 30 years. It was found that developing countries are increasingly concerned in developing research into the field of project management, especially in mega infrastructure projects and public-private partnerships. The risk is a central topic in all periods of analysis, however, the strategic topics such as success in project and portfolio management are among the fastest growing. Issues related to the soft side of project management as skills, culture, and knowledge management have emerged in recent periods. According to the industry, construction projects and projects in information technology are the most studied along the period analysed.

  20. 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.

  1. 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

  2. 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…

  3. 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...

  4. 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

  5. 12 CFR Appendix B to Part 3 - Risk-Based Capital Guidelines; Market Risk Adjustment

    Science.gov (United States)

    2010-01-01

    ...) The bank must have a risk control unit that reports directly to senior management and is independent... management systems at least annually. (c) Market risk factors. The bank's internal model must use risk.... Section 4. Internal Models (a) General. For risk-based capital purposes, a bank subject to this appendix...

  6. 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.

  7. The Tous Dam Disaster of 1982: Risk communication and the origins of integrated flood risk management in Spain

    Science.gov (United States)

    Serra-Llobet, A.; Tàbara, J.; Sauri, D.

    2012-12-01

    The failure of Tous dam on the Júcar River near Valencia in 1982 was one of the most important socio-natural disasters in 20th century Spain. The death toll of 25 would have been much greater had not a local dam manager anticipated the failure and alerted mayors of a failure, before it actually occurred. The Tous Dam failure occurred a week before the first democratic elections in Spain after the Franco dictatorship, it received extensive coverage in the media. As a result, this disaster triggered a paradigm change in the way disaster risks were perceived and managed at multiple levels of government in Spain. Many factors, often of a qualitative and organisational nature, affect (vertical and horizontal) communication in disaster risk reduction learning and planning at the community level. Through interviews with key actors and stakeholders, content analysis of scientific literature, review of historical and media accounts, and analysis of legislation and regulation, we documented changes that resulted from the Tous Dam failure: (1) A process of institutional development, which led to the growth, and increase in complexity of the organisations involved both in vertical and horizontal communication of disaster risk reduction. (2) Actions taken and experiences gained in dealing with disaster risk reduction in the Tous area were used as a benchmark to develop new strategies, as well as new mechanisms for communication and planning in other territories and other risk domains in Spain.We identify three main stages from 1980s to present in the evolution of disaster risk reduction planning in the area, which show a progressive shift towards a more integrated and preventative approach: (1) After the collapse of the Tous Dam, disaster risk reduction strategies in Spain focused on improving preparedness in order to reduce short-term risks. (2) Disaster management in the 1990s was strongly influenced by international initiatives (e.g. the UN International Decade for Natural

  8. Management Intelligent Systems : First International Symposium

    CERN Document Server

    Martínez-López, Francisco; Rodríguez, Juan

    2012-01-01

    The 2012 International Symposium on Management Intelligent Systems is believed to be the first international forum to present and discuss original, rigorous and significant contributions on Artificial Intelligence-based (AI) solutions—with a strong, practical logic and, preferably, with empirical applications—developed to aid the management of organizations in multiple areas, activities, processes and problem-solving; i.e., what we propose to be named as Management Intelligent Systems (MiS). The three-day event aimed to bring together researchers interested in this promising interdisciplinary field who came from areas as varied as management, marketing, and business in general, computer science, artificial intelligence, statistics, etc. This volume presents the proceedings of these activities in a collection of contributions with many original approaches. They address diverse Management and Business areas of application such as decision support, segmentation of markets, CRM, product design, service person...

  9. Risk analysis and bioeconomics of invasive species to inform policy and management

    Science.gov (United States)

    David M. Lodge; Paul W. Simonin; Stanley W. Burgiel; Reuben P. Keller; Jonathan M. Bossenbroek; Christopher L. Jerde; Andrew M. Kramer; Edward S. Rutherford; Matthew A. Barnes; Marion E. Wittmann; W. Lindsay Chadderton; Jenny L. Apriesnig; Dmitry Beletsky; Roger M. Cooke; John M. Drake; Scott P. Egan; David C. Finnoff; Crysta A. Gantz; Erin K. Grey; Michael H. Hoff; Jennifer G. Howeth; Richard A. Jensen; Eric R. Larson; Nicholas E. Mandrak; Doran M. Mason; Felix A. Martinez; Tammy J. Newcomb; John D. Rothlisberger; Andrew J. Tucker; Travis W. Warziniack; Hongyan. Zhang

    2016-01-01

    Risk analysis of species invasions links biology and economics, is increasingly mandated by international and national policies, and enables improved management of invasive species. Biological invasions proceed through a series of transition probabilities (i.e., introduction, establishment, spread, and impact), and each of these presents opportunities for...

  10. Trust Management - Building Trust for International Cross Disciplinary Collaboration on Climate Change

    Science.gov (United States)

    Oakley, K. V.; Gurney, R. J.

    2014-12-01

    Successful communication and collaboration entails mutual understanding, and transfer, of information. The risk of misunderstanding and/or miscommunication between collaborating groups is tackled in different ways around the globe; some are well documented whereas others may be unknown outside particular groups, whether defined geographically or by specialism. For example; in some countries legally binding contracts define the terms of collaboration. Some regions place greater emphasis on developing trust relationships, and sometimes an official agreement is implied, such as many electronic data transfers on the web. International collaboration on climate change increasingly involves electronic data exchange (e.g. open access publications, shared documents, data repositories etc.) and with this increased reliance on electronic data a need has arisen for scientists to collaborate both internationally and cross-disciplinarily particularly with information technology and data management specialists. Trust of data and metadata on the internet (e.g. privacy, legitimacy etc.) varies, possibly due to a lack of internationally agreed standards for data governance and management, leaving many national, regional and institutional practices tailored to the needs of that group only. It is proposed that building trust relationships between cross-disciplinary and international groups could help facilitate further communication, understanding and benefits from the relationship, while still maintaining independence as separate groups. Complex international cross-disciplinary group relationship dynamics are not easily mapped and producing a set of trust building rules that can be applied to any current and future collaboration with equal validity may be unfeasible. An alternative to such a set of rules may be found in a Trust Manager, whose role is to improve mutually beneficial knowledge exchange between groups, build trust and increase future collaborative potential. This

  11. International trade, risk taking and welfare

    NARCIS (Netherlands)

    Vannoorenberghe, G.C.L.

    2014-01-01

    This paper shows that the gains from opening up to international trade are smaller when firms do not fully internalize downward risk. I develop a general equilibrium model with two key assumptions. First, when faced with adverse productivity shocks, employers can lay off workers without fully paying

  12. 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)

  13. 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...

  14. 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...

  15. 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.

  16. Manager, Technology Services | IDRC - International Development ...

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

    The Manager, Technology Services (TS) manages IT operations and technical support. ... while ensuring high levels of customer service quality and availability. .... Represents the division and Centre during internal and external meetings, ...

  17. INTERNATIONAL DIMENSIONS OF HUMAN RESOURCE MANAGEMENT

    OpenAIRE

    Cristian Marinaş; Aurel Manolescu

    2007-01-01

    In a global context it is necessary to redefine the role of human resources department that has to offer to high level managers the necessary instruments to react on an international market, which is highly competitive. Speaking about human resources management from an international perspective, it is also important to discuss about the development process of the multinational companies, which are the main way to transfer the managerial know-how between countries and regions. The globalizatio...

  18. International Nuclear Waste Management Fact Book

    International Nuclear Information System (INIS)

    Leigh, I.W.

    1994-05-01

    International Nuclear Waste Management Fact Book has been compiled in an effort to provide current data concerning fuel cycle and waste management facilities, R ampersand D programs, and key personnel in 24 countries, including the US, four multinational agencies and 21 nuclear societies. This publication succeeds the previously issued International Nuclear Fuel Cycle Fact Book (PNL-3594), which appeared annually for 13 years. While the title is different, there are no substantial changes in the content

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

    International Nuclear Information System (INIS)

    2004-01-01

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

  20. 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.

  1. Medical leadership and management: An international revolution

    Directory of Open Access Journals (Sweden)

    Alex Till

    2015-01-01

    Full Text Available Medical leadership and management are increasingly receiving widespread attention internationally. Significant focus has been paid as to the style of leadership within healthcare and how to develop both leadership and management skills and competencies (the two are inseparable yet distinct throughout the careers of all healthcare professionals. This article discusses how leadership and management development is being considered internationally, both at an organisational and personal level, helpful models and frameworks and challenges and opportunities.

  2. 12 CFR 932.1 - Risk management.

    Science.gov (United States)

    2010-01-01

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

  3. 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

  4. Risk management solutions for Cernavoda Unit #2 NPP completion

    International Nuclear Information System (INIS)

    Chirica, T.; Pall, S.

    2002-01-01

    The greatest risk facing today's electric utilities is change. Utility risk managers are being challenged to address the changes of deregulation, new technologies and changing work force. The utilities must be more aware of where all its costs are located to face with the challenge of competition, forcing them to respond with lower prices and innovative services. For completion of large projects, like Cernavoda NPP, Unit 2, the utilities are facing also with certain specific risks: politic, economic, social. The natural perils or machinery breakdown are common risks for operation as well as for construction-commissioning projects. Beyond the explicit challenges associated with the completion of a nuclear power plant in a transition economy environment, the utilities are facing with new risk factors such as professional liability, political risk, product warranty and liability, international exposure, etc. Changes in other governmental policies are also affecting large projects, mentioning healthcare, workplace safety, workers' compensation, environmental clean up, etc.(author)

  5. 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

  6. 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.

  7. Familial risk and sibling mentalization: Links with preschoolers' internalizing problems.

    Science.gov (United States)

    Rodrigues, Michelle; Binnoon-Erez, Noam; Prime, Heather; Perlman, Michal; Jenkins, Jennifer M

    2017-09-01

    The current study explored whether older sibling mentalization moderated the relationship between familial risk for internalizing symptoms and the development of future internalizing problems in the younger siblings, referred to as target children. Data were collected on 397 older siblings at Time 1 (T1) when target children were newborn and their older siblings were on average 2.61 years old (SD = .75). Target children were on average 1.60 years old at Time 2 (T2). Internalizing problems were assessed via mother and partner reports. Familial risk was operationalized as the average of all older siblings' level of internalizing problems. Older sibling mentalization, indexed by internal state talk and reasoning, was observed and coded during a sibling pretend-play interaction at T2. Results revealed a significant interaction between familial risk of internalizing problems and older siblings' mentalizing abilities, showing that familial risk was related to target children's internalizing problems in the absence of sibling mentalization. Familial risk was not associated with target children's internalizing problems when siblings demonstrated mentalizing abilities. Findings support the need to consider sibling mentalization as a protective factor for children's internalizing problems. (PsycINFO Database Record (c) 2017 APA, all rights reserved).

  8. 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 ...

  9. CONNECTION BETWEEN INTERNAL AUDIT AND MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Georgiana SUSMANSCHI

    2013-06-01

    Full Text Available Management activity has utility in all socio-economic segments, taking into account the need for continuous professional training of humans, management involvement in the activity of economic entities registered a significant need. What levers should be used and in what direction in order to act effectively? The answer is not unique, but will be made based on economic theory and systematic methodological principles that lead to certain, multiple positive effects on a long-term perspective.Looking at the dynamics of the business environment every manager will set a secondary objective in addition to maximizing the profit of the economic entity, which consist in preparing for any type of change in the market, due to the influence of endogenous or exogenous factors.Internal audit concept is connected to the concept of management, internal audit beingdefined as an attribute of management by many specialists.

  10. 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?

  11. [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.

  12. Using expert judgments to improve chronic wasting disease risk management in Canada.

    Science.gov (United States)

    Oraby, Tamer; Tyshenko, Michael G; Westphal, Margit; Darshan, Shalu; Croteau, Maxine C; Aspinall, Willy; Elsaadany, Susie; Cashman, Neil; Krewski, Daniel

    2016-01-01

    ABSTARCT Chronic wasting disease (CWD) is a neurodegenerative, protein misfolding disease affecting cervids in North America in epidemic proportions. While the existence of CWD has been known for more than 40 years, risk management efforts to date have not been able to curtail the spread of this condition. An expert elicitation exercise was carried out in May 2011 to obtain the views of international experts on both the etiology of CWD and possible CWD risk management strategies. This study presents the results of the following three components of the elicitation exercise: (1) expert views of the most likely scenarios for the evolution of the CWD among cervid populations in Canada, (2) ranking analyses of the importance of direct and indirect transmission routes, and (3) rating analyses of CWD control measures in farmed and wild cervids. The implications of these findings for the development of CWD risk management strategies are described in a Canadian context.

  13. 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.

  14. 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)

  15. 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

  16. 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....

  17. Non-governmental organizations internal communication in reputation management

    OpenAIRE

    Vaicekauskaitė, Renata

    2010-01-01

    The object of this study is non-governmental organization’s internal communication and its role in reputation management. The aim of this study is to analyse the context of non-governmental organization reputation management and according to it find out the significance of the internal communication factors in non-governmental organization reputation management. The tasks of the study: to analyse the factors which have settled the need of non-governmental organization reputation management; t...

  18. 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.

  19. 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.

  20. 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

  1. 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

  2. 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.

  3. 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.

  4. 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.)

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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...

  10. COMMUNICATION SKILLS, A SOLUTION DIMINISHING RISKS IN INTERNATIONAL BUSINESS

    Directory of Open Access Journals (Sweden)

    Anisoara Duica

    2015-05-01

    Full Text Available According to the latest approaches in the field, the integrated marketing communication requires a planned organizational approach, creating and maintaining in time good relations with the customers of its products or services, but also with its other stakeholders. According to the data provided by the National Statistics Institute (INS, the year 2014 is the first year in history when the Romanian exports exceeded the amount of EUR 50 billion. However, within the context of the economic crisis, numerous Romanian brands have disappeared from the market and Romania risks becoming a simple outlet market if the local companies do not improve their communication processes and skills, as sources of competitive advantage by which the Romanian products and services may differ in relation to those of the E.U. member countries. Within the context of business globalization and of the knowledge society, the present paper is trying to identify ways of developing the communication skills, which can be integrated in a formal risk management system, allowing the decrease of the risks triggered by the cultural differences specific of communication in international business.

  11. 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…

  12. 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, ...

  13. 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.

  14. 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…

  15. 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.

  16. 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.

  17. 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

  18. The Trend of International Risk Diversification

    Directory of Open Access Journals (Sweden)

    Oana Mionel

    2013-10-01

    Full Text Available The goal of this paper is to analyze the international diversification of risk through portfolio diversification based on investments abroad, particularly by investing in currencies of emerging countries. The starting point of the analysis is the work of Harry Markowitz, Portfolio selection, a reference work for the global financial environment in which the author states that a portfolio is efficient if it provides the highest possible expected return for a given level of risk and the lowest possible level of risk for any expected rate of earnings. The information used for this study comes from numerous sources and of great importance to international financial markets. The results based on the used data and information provide a comprehensive scan of how Federal Reserve proposed a clustered index of currencies, the current trend of exchange, the emerging BRIC countries scenario for 2050 and sources of the volatile emerging markets. Thus, following the completion of this work, we consider it necessary to pay attention to the course of emerging markets whose economic development and openness plays a significant role in their penetration of international investors’ investment plan.

  19. Optimisation of the securities portfolio as a part of the risk management process

    Directory of Open Access Journals (Sweden)

    Srečko Devjak

    2004-01-01

    Full Text Available Securities of Slovene companies are listed at the Ljubljana Stock Exchange. Market capitalisation at the Ljubljana Stock Exchange has been growing since 1996 due to new listings of equities. On the basis of financial data time series for listed equities, the financial investor can calculate a risk for each individual security with a selected risk measure and can determine an optimal portfolio, subject to selected constraints. In this paper, we shall consequently determine an optimal portfolio of equities for the financial investor, investing his assets only in selected equities listed at the Ljubljana Stock Exchange. Selecting an appropriate risk measure is especially important for a commercial bank in a risk management process. Commercial banks can use internal models in the risk management process and for the purpose of capital charges as well. An optimal portfolio will be calculated, using a non-linear mathematical model.

  20. Risk management method for small photovoltaic plants

    Directory of Open Access Journals (Sweden)

    Kirova Milena

    2016-09-01

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

  1. 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...

  2. 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.

  3. 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...

  4. 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....

  5. 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...

  6. 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

  7. 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

  8. 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.

  9. 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...

  10. International conference on nuclear knowledge management: Strategies, information management and human resource development. Unedited papers

    International Nuclear Information System (INIS)

    2004-01-01

    The nuclear industry is knowledge based, similar to other highly technical industries, and relies heavily on the accumulation of knowledge. Recent trends such as workforce ageing and declining student enrolment numbers, and the risk of losing accumulated knowledge and experience, have drawn attention to the need for better management of nuclear knowledge. In 2002 the IAEA General Conference adopted a resolution on nuclear knowledge, which was reiterated in 2003; the resolution emphasized the importance of nuclear knowledge and information management and urged both the IAEA and Member States to strengthen their activities and efforts in this regard. Consequently, the International Conference on Nuclear Knowledge Management: Strategies, Information Management and Human Resource Development, which was held on 7-10 September 2004 in Saclay, was organized by the IAEA and the Government of France through the Commissariat a l'energie atomique in cooperation with the European Commission, OECD Nuclear Energy Agency, European Atomic Forum, Japan Atomic Industrial Forum, World Council of Nuclear Workers, World Nuclear University and European Association of Information Services. The conference was attended by 250 experts, scientists and officials from 54 Member States and nine international organizations, giving the conference a very broad representation of the nuclear sector. The objective of the conference was to reach a clear and common understanding of the issues related to nuclear knowledge management for sustaining knowledge and expertise in nuclear science and technology and to define a strategic framework for developing IAEA cross-cutting knowledge management activities. The conference provided a forum for professionals and decision makers in the nuclear sector, comprising industry, government and academia, as well as professionals in the knowledge management and information technology sectors. The unedited papers are presented in this report

  11. 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

  12. 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.

  13. Emerging risks from ballast water treatment: The run-up to the International Ballast Water Management Convention

    NARCIS (Netherlands)

    Werschkun, B.; Banerji, S.; Basurko, O.C.; David, M.; Fuhr, F; Gollasch, S.; Grummt, T.; Haarich, M.; Jha, A.N.; Kacan, S.; Kehrer, A.; Linders, J.; Mesbahi, E.; Pughiuc, D.; Richardson, S.D.; Schwarz-Schulz, B.; Shah, A.; Theobald, N.; von Gunten, U.; Wieck, S.; Hofer, T.

    2014-01-01

    Uptake and discharge of ballast water by ocean-going ships contribute to the worldwide spread of aquatic invasive species, with negative impacts on the environment, economies, and public health. The International Ballast Water Management Convention aims at a global answer. The agreed standards for

  14. Internal Management and Perceived Managerial Trustworthiness

    DEFF Research Database (Denmark)

    Pedersen, Mogens Jin; Stritch, Justin Michael

    2018-01-01

    What is the effect of internal public management on individuals’ perceptions of managerial trustworthiness (MTW)? MTW is associated with a range of positive organizational outcomes, but research examining how a public manager might affect employees’ perception of MTW is sparse. This article compl...

  15. When international academics in management meet in Hungary: Report on the 5th International Conference on Management

    OpenAIRE

    Utzeri, Mounia

    2015-01-01

    The fifth International Conference on Management was held 18-19th of July 2015 in Gödöllö, Hungary. The topics of this conference were built around the contemporary issues in leadership, management and entrepreneurship from an interdisciplinary perspective.

  16. ISO 14000 - the International Environmental Management Standard: Potential impacts on environmental management and auditing in the electric power generation industry

    International Nuclear Information System (INIS)

    Gauntlett, S.B.; Pierce, J.L.; Pierce, J.L.

    1995-01-01

    In the framework of environmental management, the concept of voluntary environmental compliance auditing is not in itself a new development. Environmentally conscious firms have for more than a decade, undertaken voluntary audits to help achieve and maintain compliance with environmental regulations and to help identify and correct unregulated or poorly regulated environmental hazard. The firms undertaking the audits were motivated by a desire to mitigate legal and financial risks and/or the desire to be a highly responsible member of the corporate community. Much of the early attention to environmental auditing was in the chemical process industries. Today, there are four current trends affecting environmental auditing: (1) the practice is becoming widespread in all industry groups in both large and small firms; (2) environmental management and audit methodolgies and approaches are being codified in the form of written national and International standards; (3) environmental management programs and in-house audits are increasingly being certified by independent auditors (who are not associated with regulatory agencies); and (4) the certifications are being viewed as marketing and public relations tools. The adoption of ISO 14000 is destined to become the most significant development in international environmental management and auditing. International standards for the development of Environmental Management Systems and the execution of environmental audits do not currently exist. Individual countries, such as England and France, have national standards. One multi-national standard currently exists--the European Economic Community's Eco-Management and Audit Scheme (EMAS). The United States does not have a national environmental management and auditing standard

  17. 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 ...

  18. 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.

  19. 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.

  20. 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.

  1. 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

  2. Active Risk Management and Banking Stability

    NARCIS (Netherlands)

    Silva Buston, C.F.

    2013-01-01

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

  3. 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.

  4. CERN hosts training event on international management

    CERN Multimedia

    2007-01-01

    CERN held its first training event on international management at the Globe on 2 October, sharing its expertise with high-level Swiss managers as part of their year-long part-time executive training programme on advanced management. CERN is often talked about in terms of impressive statistics: the coldest place in the universe, the largest accelerator, the greatest volume of data. Whilst the science is undeniably remarkable, it is backed by a management infrastructure that has to be as cutting-edge as the research it supports. On 2 October, the Learning and Development section of HR organised an event for 60 delegates to come to CERN to learn about international management from those who have taken on the management challenges at the heart of this unique institution. It was the first time that CERN had prepared such an event. SKU, a non-profit organisation, approached our management training team to arrange the event as part of a wee...

  5. 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.

  6. International Risk-Sharing: Macroeconomic and Financial Aspects

    NARCIS (Netherlands)

    Hadzi-Vaskov, M.

    2008-01-01

    International risk-sharing is one of the most important benefits from the process of international financial integration, which gained in speed, scope, and geographical coverage during the past decades. As long as different national economies are not perfectly correlated, there are possibilities for

  7. COORDINATES OF A RISK MANAGEMENT PROJECT

    Directory of Open Access Journals (Sweden)

    ALEXANDRU OLTEANU

    2013-05-01

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

  8. 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.

  9. 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...

  10. 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.

  11. THEORETICAL BASIS FOR MANAGEMENT OF PERSONNEL RISKS

    OpenAIRE

    Haliashova, Katsiaryna

    2017-01-01

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

  12. 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...

  13. Managing power risk

    International Nuclear Information System (INIS)

    Rudd, D.C.

    1999-01-01

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

  14. 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...

  15. 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

  16. Risk Management in Logystics Chains

    OpenAIRE

    Butrin, Andrey; Vikulov, Vladimir

    2013-01-01

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

  17. The Theme of Risk Management

    Directory of Open Access Journals (Sweden)

    Chua, D. K. H.

    2014-07-01

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

  18. Risk management at GPU Nuclear

    International Nuclear Information System (INIS)

    Long, R.L.

    1991-01-01

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

  19. Risk Management and Uncertainty in Infrastructure Projects

    DEFF Research Database (Denmark)

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

    2014-01-01

    The assumption that large complex projects should be managed in order to reduce uncertainty and increase predictability is not new. What is relatively new, however, is that uncertainty reduction can and should be obtained through formal risk management approaches. We question both assumptions...... by addressing a more fundamental question about the role of knowledge in current risk management practices. Inquiries into the predominant approaches to risk management in large infrastructure and construction projects reveal their assumptions about knowledge and we discuss the ramifications these have...... for project and construction management. Our argument and claim is that predominant risk management approaches tends to reinforce conventional ideas of project control whilst undermining other notions of value and relevance of built assets and project management process. These approaches fail to consider...

  20. Perceptions of food risk management among key stakeholders

    DEFF Research Database (Denmark)

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

    2006-01-01

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

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

    Science.gov (United States)

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

    2012-02-01

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

  2. 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)

  3. 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...

  4. INTERMARS: User-controlled international management system

    Science.gov (United States)

    Schmitt, Harrison H.

    1986-01-01

    Existing international space law as well as the best interest of all nations are consistent with the establishment of a user-based international organization, herein called INTERMARS. INTERMARS would provide access to facilities and services at a Martian base which would be of high functional potential, quality, safety, and reliability. These opportunities would be available on an open and nondiscriminatory basis to all peaceful users and investors. INTERMARS is a model organization concept tailored to provide cooperative international management of a Martian base for the benefit of its members, users, and investors. Most importantly, INTERMARS would provide such management through a sharing of both sovereignty and opportunity rather then unilateral control by any one nation or set of competing nations. Through an Assembly of Parties, a Board of Governors, a Board of Users and Investors, and a Director General, INTERMARS would meet its primary goal as it would be in the self-interest of all members, users, and investors to do so. The internal structure and philosophy of INTERMARS would provide not only for all participants to have representation in decisions affecting its activities, but also would insure effective and responsive management. Surely this is the precedent wished for, to establish for mankind at the now not-so-distant shores of the new ocean of space.

  5. Environmental health risk assessment and management for global climate change

    Science.gov (United States)

    Carter, P.

    2014-12-01

    This environmental health risk assessment and management approach for atmospheric greenhouse gas (GHG) pollution is based almost entirely on IPCC AR5 (2014) content, but the IPCC does not make recommendations. Large climate model uncertainties may be large environmental health risks. In accordance with environmental health risk management, we use the standard (IPCC-endorsed) formula of risk as the product of magnitude times probability, with an extremely high standard of precaution. Atmospheric GHG pollution, causing global warming, climate change and ocean acidification, is increasing as fast as ever. Time is of the essence to inform and make recommendations to governments and the public. While the 2ºC target is the only formally agreed-upon policy limit, for the most vulnerable nations, a 1.5ºC limit is being considered by the UNFCCC Secretariat. The Climate Action Network International (2014), representing civil society, recommends that the 1.5ºC limit be kept open and that emissions decline from 2015. James Hansen et al (2013) have argued that 1ºC is the danger limit. Taking into account committed global warming, its millennial duration, multiple large sources of amplifying climate feedbacks and multiple adverse impacts of global warming and climate change on crops, and population health impacts, all the IPCC AR5 scenarios carry extreme environmental health risks to large human populations and to the future of humanity as a whole. Our risk consideration finds that 2ºC carries high risks of many catastrophic impacts, that 1.5ºC carries high risks of many disastrous impacts, and that 1ºC is the danger limit. IPCC AR4 (2007) showed that emissions must be reversed by 2015 for a 2ºC warming limit. For the IPCC AR5 only the best-case scenario RCP2.6, is projected to stay under 2ºC by 2100 but the upper range is just above 2ºC. It calls for emissions to decline by 2020. We recommend that for catastrophic environmental health risk aversion, emissions decline

  6. Defense Procurement: An Analysis of Contract Management Internal Controls

    Science.gov (United States)

    2015-03-22

    management to discuss what could go wrong within the organization and how to best mitigate any potential risks , including fraud risks ( COSO , 2013...knowledge management system supporting its governance of processes and practices (Power, 1996, p. 289). Organizations’ increased concern for risk ...meeting the organizational goals set by management ( COSO , 2013). If any controls need to be updated, changed, removed, or added, management can

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

    Directory of Open Access Journals (Sweden)

    Grzegorz MICHALSKI

    2008-12-01

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

  8. Management Ownership and Risk-Shifting Investment

    OpenAIRE

    Nobuyuki Teshima

    2012-01-01

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

  9. International Journal of Development and Management Review

    African Journals Online (AJOL)

    International Journal of Development and Management Review ... social Development and Management practices and theories while providing an institutional ... The Igbo care for the elderly in contemporary times: an old testament evaluation ...

  10. Global pest management program wins international award

    OpenAIRE

    Rich, Miriam Sommers

    2009-01-01

    An agricultural research program managed at Virginia Tech has won an international award for its work with pest-management practices that show economic benefits with minimal impact on health and the environment.

  11. Marine and Hydrokinetic Technology Development Risk Management Framework

    Energy Technology Data Exchange (ETDEWEB)

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

    2015-09-01

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

  12. Future Challenges in Managing Human Health and Performance Risks for Space Flight

    Science.gov (United States)

    Corbin, Barbara J.; Barratt, Michael

    2013-01-01

    and program managers takes careful consideration of researcher concerns and decision maker needs. Active participation by researchers in the development of this forum is essential, and the benefit can be tremendous. The ability to rapidly respond to research results without compromising publication rights and intellectual property will facilitate timely reduction in human health and performance risks in support of international exploration missions.

  13. Strategic Risk Management and Corporate Value Creation

    DEFF Research Database (Denmark)

    Andersen, Torben Juul; Roggi, Oliviero

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

  14. International Environmental Agreements with Endogenous or Exogenous Risk

    OpenAIRE

    Fuhai Hong; Larry Karp

    2014-01-01

    We examine the effect of endogenous and exogenous risk on the equilibrium (expected) membership of an International Environmental Agreement when countries are risk averse. Endogenous risk arises when countries use mixed rather than pure strategies at the participation game, and exogenous risk arises from the inherent uncertainty about the costs and benefits of increased abate- ment. Under endogenous risk, an increase in risk aversion increases expected participation. Under exogenous risk and ...

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

    International Nuclear Information System (INIS)

    Gareva, R.

    2007-01-01

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

  16. RISK MANAGEMENT PROCESSES IN SUPPLY CHAINS

    Directory of Open Access Journals (Sweden)

    Aleksandar Aleksić

    2009-06-01

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

  17. International ROR: risk, opportunity, reward

    International Nuclear Information System (INIS)

    Krentz, D.; Gair, J.

    1996-01-01

    Norcen Energy Resources Limited's pursuit of international oil and gas opportunities since the late 1980s were outlined. By 1994 Norcen had exploration and production concessions in 12 countries stretching from Algeria, Russia, Argentina, Indonesia to offshore Australia. The company had seen its share of risks, opportunities and rewards. Since 1994 international efforts of the Company have been focused on lower risk opportunities with exploration upside in defined core areas of South America, particularly in Venezuela, a country with conventional, heavy and ultra-heavy oil resources exceeding that of Saudi Arabia. These, and other similar foreign investments in the formerly closed national oil industries of South America have been greatly facilitated by the political liberalization, economic reforms and stabilization that have taken place there over the past ten years. The story of Norcen's successful bidding on the Oritupano-Leona production block in 1993 and Delta Centro exploration block in 1996 was the subject of this presentation

  18. Risk management of precious metals

    NARCIS (Netherlands)

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

    2010-01-01

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

  19. Risk management, derivatives and shariah compliance

    Science.gov (United States)

    Bacha, Obiyathulla Ismath

    2013-04-01

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

  20. The total theory about risk management

    International Nuclear Information System (INIS)

    Furuya, Shunsuke

    2003-01-01

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