Risk Management Challenges Research Articles

China Transport Supply Chain Risk Management Challenges Face to Covid-19 Analysis

The international COVID-19 outbreak at the beginning of 2019 has had a huge influencing factor on lot of global and local manufacturing transportation chains, and triggered a continuous risks of logistics chains breakage by the way the COVID-18 pandemic has revealed the weakness of intercontinental supply chains arising from initial raw material scarcity, mass production and transportation disruption, and human being isolation. Among them, the short-term and medium-term and long-term impacts include encouraging companies to improve the flexibility of supply chains by constructing supply chains digital platforms, supply chains diversification systems and supply chains early warning system in the short, medium and long term, the global supply chains layout will change from internationalization to regionalization, and some high-end manufacturing industries will have a backflow trends. The risks associated with global supply chains management have created a discourse among practitioners and academics. Supply chains risk management is an integral function of the supply chains networks. Supply chains risks management have increasingly becoming a more popular research area recently, when COVID-18 appeared regionally, internationally and globally. In the article there are presented different calculation equations beginning from risk assessment during transportation and finishing by risk modeling, there are important factors influencing logistics and mainly supply chains when different types of risks appeared during COVID-22 transportation time.

Analisis Manajemen Risiko Pada Bank Syariah: Tinjauan Literatur

Due to their unique risk profile, Islamic banks face challenges in risk management. This study aims to review the risks faced by Islamic banks. This study explores risk practices through selected literature and describes the risks faced by Islamic banks. The results show that there are several risks faced by Islamic banks including: credit risk, liquidity risk, operational risk, legal risk, withdrawal risk, benchmark risk and fiduciary risk. Another finding is that Islamic banking is riskier than conventional banks due to its uniqueness in providing financing. In addition, this is also due to an immature money market, limited availability of lender of last resort facilities from the central bank, and a lack of market infrastructure. Islamic banks from the literature analyzed, have not shown to have developed effective solutions to manage the risks of conventional banks and face their own unique risks.
 Keywords: Islamic Banking, Management, Risk

Critical gaps and implications of risk communication in the global agreements-SFDRR, SDGs, and UNFCCC: 3 select case studies from urban areas of tropics in South Asia.

There has been a consistent rise in urban disasters, particularly in developing countries located in tropical areas. Among various challenges of disaster risk management and climate change impacts, it is noted that most residents are poorly informed about their risk exposure or apposite response. The paper is based on the premise that one important cause for this gap is inadequate emphasis on risk communication at different levels of planning and agreements. Accordingly, it highlights some important gaps in the risk communication across international agreements including Sendai Framework for Disaster Risk Reduction (SFDRR), Sustainable Development Goals (SDGs), and United Nations Framework Convention on Climate Change (UNFCCC), and evaluates their impacts at the local level. It brings three selected urban case studies located in the tropical areas of the South Asia region that illustrate gaps in risk communication that result in enhanced vulnerability and deviations in response. The findings are based on secondary data and literature focusing on global agreements, risk communication, and disaster response. The paper argues that even though global strategies address urban risks, the fragmented nature of risk communication results in poor response and contributes to losses that occur in disasters. Three critical gaps noted in risk communication include (i) it not prioritized at different levels, (ii) inadequate structures to measure its impacts and stakeholders inclusiveness, and (iii) indifference to cultural diversity and integration. Further, it is suggested that there is a need to redefine risk communication at the global scale that extends beyond warning generation and considers multiple factors influencing response including interlinked vulnerabilities and variations in perceptions emerging from varied geographical, socio-cultural, economic, and political processes.

Chronic thromboembolic pulmonary hypertension: a review of risk factors, management and current challenges

ABSTRACT Introduction Chronic thromboembolic pulmonary hypertension (CTEPH) is an under-diagnosed complication of acute pulmonary embolism (PE), whereby there is incomplete resolution of pulmonary emboli, which then become organized into obstructive fibrotic material with an associated small vessel vasculopathy. CTEPH is diagnosed by abnormal lung perfusion despite 3-months of oral anticoagulation with persistent pulmonary artery thromboembolic/ fibrotic material confirmed on cross sectional imaging and pulmonary hypertension on right heart catheterization. Without treatment the prognosis is bleak, but there are now three treatment modalities that are effective in treating patients with CTEPH: pulmonary endarterectomy (PEA) surgery, balloon pulmonary angioplasty (BPA) and medical therapy. Areas Covered We provide a comprehensive review of the literature with particular emphasis on the epidemiology, pathophysiology, diagnosis, and the established and emerging treatments of CTEPH. Expert opinion It is important to recognize that CTEPH is complication of an acute PE as there are effective and sometimes curative treatments available. In European and North American practice, PEA surgery remains the cornerstone of therapy in patients with CTEPH and accessible disease without significant comorbidity. For those patients with a disease burden that is inaccessible or fails to justify the risk of major surgery, initiating medical therapy and considering BPA is appropriate. Those with persistent pulmonary hypertension after PEA should also receive medical therapy and be considered for BPA or re-do endarterectomy. The available therapies are not necessarily mutually exclusive, and the treatment decision is often subjective and individualized, based on the local available expertise. Further research is needed to understand the optimal treatment strategy for patients and in particular to identify ‘responders’ and assess the synergies between these three treatment strategies.

A Risk Management Framework for Large Scale Scrum using Metadata Outer Request Management Methodology

Recently, most software projects became naturally Distributed Agile Development (DAD) projects. The main benefits of DAD projects are cost-saving and being close to markets due to their distributed nature, such as in large-scale Scrum (LeSS). Developing LeSS projects leads to the emergence of challenges in risk management, especially the team collaboration challenges, where there is no standardized process for teams to communicate collaboratively. Team collaboration and the knowledge sharing is a vital resource for a large Scrum team's success. Hence, finding a dynamic technique that facilitates team collaboration in the LeSS environment is necessary. This paper proposes a risk management framework for LeSS using outer metadata requests. The proposed framework manages the outer requests amongst the distributed team. Therefore, it avoids missing team collaboration, risks, and threats to project completion. It also contributes to exchanging team skills and experience. The proposed framework is evaluated by applying it to two different case studies for large-scale Scrum projects. The evaluation results are given. The evaluation proved the effectiveness of the proposed framework.

Disaster risk management challenges in military hospitals: A qualitative study.

BACKGROUND:Disaster can pose significant challenges to the health infrastructure in the community. Hospitals are the central unit for providing health services in the disaster response plan. With regard to the vital role of military hospitals in health response to disaster, this study was carried out with the aim of investigating the disaster risk management (DRM) challenges in military hospitals in Iran.MATERIALS AND METHODS:The current study was qualitative research performed in 2020 in military hospitals in Iran. Participants consisted of 12 managers and staff of the military hospitals in Tehran and professionals in health in emergencies and disasters who were included in the study by the purposive sampling technique. Semistructured individual interviews based on the interview guide were exploited for the data collection, and a content analysis method was used to analyze them.RESULTS:DRM challenges in military hospitals were explained in the form of six categories: “management and leadership, planning, prevention and mitigation, preparedness, response, and recovery” and 22 subcategories.CONCLUSION:Managers' awareness of DRM challenges in hospitals, particularly military hospitals, and the design and implementation of solutions can lead to the promotion of hospital DRM and hospital preparedness to deal with disasters.

Unmanned aerial systems: Status and Forthcoming challenges for Safety Risk Management

Urban Air Mobility (UAM) promises a revolution in urban transportation: for the first time ever, cities will be able to use the third dimension for their mobility needs. The traditional aviation industry and high-tech newcomers alike are making huge investments to make this - still unproven - technology a reality. Although Unmanned Aerial Systems (UAS) have now for some time been used in segregated airspace where separation from other air traffic can be assured, potential users have interests to deploy UAS in non-segregated airspaces. Recent technological and operational improvements give reason to believe that UAS safety and performance capabilities are maturing. However, there is still the need for establishing a systematic agreement between UAS safety policies with commonly accepted UAS Safety Risk Management processes. This agreement is needed to show that the risks related to UAS operations in all the different airspace classes can be adequately controlled in a way that would not jeopardize current safety levels and safety mitigations effectiveness. This study aims to investigate the current status of UAS operations and future concepts of operations with specific interest in the management of safety risk. This manuscript aims to summarize some of regulatory aspects currently available linked to safety investigation and reporting of drone operations and consequently draw some potential lines for future research.

Using Digitalization as a Solution to Disaster Risk Reduction and Management Challenges in the Philippines

Using Digitalization as a Solution to Disaster Risk Reduction and Management Challenges in the Philippines

Occupational safety and health risk assessment and management challenges in Brazil – lessons from the AquaSafe mobile software application

Occupational safety and health risk assessment and management challenges in Brazil – lessons from the AquaSafe mobile software application

A hybrid risk assessment approach for assessing the earthquake risks in worn-out urban fabrics: a case study in Iran

PurposeTo reduce financial and human losses, managing risks associated with earthquakes is essential in practice. However, in using common risk management methods, experts are often faced with ambiguities that can create profound challenges for risk management. Therefore, it is necessary to develop a logical and straightforward risk assessment model to provide scientific and accurate answers to complex problems. This study aims to recommend an innovative combined method based on the probability-impact (P-I) approach and intuitionistic fuzzy set theory to identify and prioritize the essential earthquake risks associated with worn-out urban fabrics in the context of Iran.Design/methodology/approachThe opinions of 15 experts in the fields of civil engineering and urban construction were gathered during brainstorming sessions. These brainstorming sessions were conducted to determine the probability of risks and the effect of identified risks. After calculating the severity of risks using the P-I approach and converting them to intuitionistic fuzzy sets, the risks were measured and prioritized based on their individual scores.FindingsThe study results indicated that risk of damage due to buildings’ age and flooding risk had the highest and lowest priorities in causes of financial damage, respectively. Furthermore, the risk of damage due to building quality (demolition) and building age was the most important. The risk of flooding and damage to communication networks has the lowest importance among causes of fatalities in worn-out urban fabrics.Originality/valueThe study findings and recommendations can be served as a policy and consultative instrument for the relevant stakeholders in the area of urban management.

Flood Risk Management and its Compliance in Loko Community Adamawa State, Nigeria

Flood risk management functions to reduce socio-economic and human resources associated with disasters. This study investigates flood risk administration for the socio-demographic progress of the Loko Community in the Song local government area in Adamawa State, Nigeria. The study’s objective was to evaluate the compliance levels to flood risk management practices, challenges and interventions adopted to address the concerns. The study utilized a case study research design while targeting a population of 4,200 inhabitants comprising, 800 households, 20 NEMA staff and 40 ADSEMA staff. The findings indicated that floods significantly affects the socio-economic condition and livelihoods of the people. Moreover, the study found that institutional, cultural, and demographic factors limited compliance to FRM practices, necessitating the adoption of appropriate interventions. Therefore, it is necessary because homes far from flood-prone areas will mitigate the adverse flood effects. Similarly, the Ministry of Agriculture and Cooperatives through the Extension Services should incentivize the communities through funding to increase the area cultivated on the upland to enhance the food security at the household level. There should be increased support programmes for the affected, and viable farmers prioritized for the support programmes. The study concludes that there is a need to develop better and appropriate measures to prepare and mitigate the effects of floods. Socio-economic problems such as poverty, livelihood profile, cultural views, the position of weaker social groups, and the rights of minorities and ethnic groups must be addressed urgently.

Learning from the Failure of Autonomous and Intelligent Systems: Accidents, Safety, and Sociotechnical Sources of Risk.

Efforts to develop autonomous and intelligent systems (AIS) have exploded across a range of settings in recent years, from self-driving cars to medical diagnostic chatbots. These have the potential to bring enormous benefits to society but also have the potential to introduce new-or amplify existing-risks. As these emerging technologies become more widespread, one of the most critical risk management challenges is to ensure that failures of AIS can be rigorously analyzed and understood so that the safety of these systems can be effectively governed and improved. AIS are necessarily developed and deployed within complex human, social, and organizational systems, but to date there has been little systematic examination of the sociotechnical sources of risk and failure in AIS. Accordingly, this article develops a conceptual framework that characterizes key sociotechnical sources of risk in AIS by reanalyzing one of the most publicly reported failures to date: the 2018 fatal crash of Uber's self-driving car. Publicly available investigative reports were systematically analyzed using constant comparative analysis to identify key sources and patterns of sociotechnical risk. Five fundamental domains of sociotechnical risk were conceptualized-structural, organizational, technological, epistemic, and cultural-each indicated by particular patterns of sociotechnical failure. The resulting SOTEC framework of sociotechnical risk in AIS extends existing theories of risk in complex systems and highlights important practical and theoretical implications for managing risk and developing infrastructures of learning in AIS.

The Top 6 Risk Management Themes

The Risk Revolution series, part of the Voices in Validation podcast, uncovers the latest challenges in risk management, with the goal of advancing the maturity of risk management practices within the industry by covering topics that challenge quality professionals to seek opportunities to improve and advance the ways in which they perceive and...

Climate‐change driven increased flood magnitudes and frequency in the British uplands: Geomorphologically informed scientific underpinning for upland flood‐risk management

AbstractUpland river systems in the UK are predicted to be prone to the effects of increased flood magnitudes and frequency, driven by climate change. It is clear from recent events that some headwater catchments can be very sensitive to large floods, activating the full sediment system, with implications for flood risk management further down the catchment. We provide a 15‐year record of detailed morphological change on a 500‐m reach of upland gravel‐bed river, focusing upon the geomorphic response to an extreme event in 2007, and the recovery in the decade following. Through novel application of two‐dimensional (2D) hydrodynamic modelling we evaluate the different energy states of pre‐ and post‐flood morphologies of the river reach, exploring how energy state adjusts with recovery following the event. Following the 2007 flood, morphological adjustments resulted in changes to the shear stress population over the reach, resulting in higher shear stresses. Although the proportion of shear stresses in excess of those experienced using the pre‐flood digital elevation model (DEM) varied over the recovery period, they remained substantially in excess of those experienced pre‐2007, suggesting that there is still potential for enhanced bedload transport and morphological adjustment within the reach. Although volumetric change calculated from DEM differencing does indicate a reduction in erosion and deposition volumes in the decade following the flood, we argue that the system still has not fully recovered to the pre‐flood state. We further argue that Thinhope Burn, and other similarly impacted catchments in upland environments, may not recover under the wet climatic phase currently being experienced. Hence systems like Thinhope Burn will continue to deliver large volumes of sediment further down river catchments, providing new challenges for flood risk management into the future.

A literature- and senior stakeholder-informed model of southern African programme risk management challenges

Strategic capital infrastructure programmes are risky endeavours due to the complexity inherent in implementing and managing such large project-based programmes. Successful programmes demand well-developed skills in the under-researched and underdeveloped discipline of programme risk management. The purpose of this qualitative study was to explore programme risk management challenges, as described in the literature and experienced in southern African programmes. The study was based on a literature review on programme risk management, followed by semi-structured interviews with southern African programme risk management stakeholders. A model was then created based on inductive thematic analysis of the study data, which provides a novel diagrammatic view of the relationship between programme risk management maturity, culture, and execution, thereby facilitating a holistic understanding of the corresponding management demands required for the successful delivery of large-scale programmes. The model and a study codebook provide a framework and a tool for (1) researchers to position and structure their research and (2) programme management stakeholders to analyze and assess their programme risk management practices. Our conclusions provide novel theoretical and practical insights into a field that is important for the southern African development agenda, where updated research-based knowledge is required to support the delivery of capital infrastructure programmes.

Comparing social constructions of wildfire risk across media, government, and participatory discourse in a Colorado fireshed

This study examined how wildfire risk is framed by different entities and actors within a common region, during and after experiencing several large wildfire events. Using a social constructionist lens, we viewed wildfire risk as a fluid and variable concept that is socially constructed and framed through public discourse. Inconsistent social constructions of wildfire risk may pose challenges for effective wildfire risk governance and management, which requires the coordination of diverse entities including government, land managers, homeowners, and community groups. We sought to understand differing social constructions of wildfire risk within one region, the Northern Colorado Front Range, across four domains of social discourse: mainstream media coverage, governmental planning documents, a community collaborative group’s meeting notes, and Community Wildfire Protection Plans. Through multiple rounds of qualitative coding, we compared how values at risk, causes of risk, and solutions to mitigate risk are framed across discourse domains. We also identified which agencies, organizations, or other actors’ voices were most prominent within each domain. Our results show inconsistent framings of wildfire risk definition across the data, building upon past literature that has identified divides between fire suppression and mitigation work, as well as disconnects between media representations of fire and perspectives of resource managers and scientists. Lastly, we highlight two examples of cross-cutting discourses - public drinking water and smoke – as concepts that span boundaries and may have the power to generate broader coordination and support for wildfire policy solutions and action.

The Development of a Small and Medium-Sized Business Risk Management Intervention Tool

Risk is inevitable in business. For large companies, risk management is formalised and structured through compliance with industry standards. However, small and medium-sized businesses (SMEs) rarely have adequate resources to develop their own standards or conform to pre-established criteria. This results in an increased vulnerability to risk, which tends to undermine SMEs’ sustainability. The primary reasons for the low adoption rate of risk management are related to the tremendous initial difficulty in orientating the business concerning risk and the significant investment of the workforce in developing and implementing a structured managerial process. The objective of this paper is to produce a guided process tool for small and medium-sized businesses with which they can identify, evaluate, and appropriately address risks from an SME perspective. Moreover, this intervention would offer enhancements at no cost beyond the time of its implementation. In order to identify what constitutes holistic risk management, document analysis was applied, which utilised risk management standards, academic articles, books, and regulatory policy and strategy documentation. The identified elements were integrated with a tool that improves business owners’ capacity to position themselves in context with their daily risk management challenges.

Challenges of Integration Risk Management of Sustainability of Business Processes to Corporate Governance of the Company

The sustainability of risk management process discussed in this article is a business process that supports the company’s sustainability goals and aims to align sustainability with risk management based on corporate risk management principles. The associated risks are determined by the ESG practice of the company’s business, its strategy and the sector of the economy in which it operates. The Committee on Sustainable Development of FERMA in ESG considers environmental risks (climate, resources, pollution), social risks (people and communications, products and services, external and internal shareholders) and management risks (corporate governance, business ethics and behavior). Companies in the “sustainable development” phase take a corporate approach to ESG risks and link them to common strategic objectives. In the process of identifying ESG risks, it is possible to follow different approaches, in particular, maintaining a risk register, including ESG risks, or discussing the company’s various sustainability prospects with top management and shareholders and, associated risks, or sorting risks related to strategic, operational and external, taking into account the impact on the state of sustainability of the company and, finally, in-depth analysis of all sustainability risks can be performed, and identified risks can be tracked in a common registry along with other business risks. The risk assessment phase aims at potential risk by quantifying its probability of occurrence and impact. At the same time, the assessment of sustainability should be broader and multidimensional, the potential consequences for the company, its reputation and durability should be taken into account.

Emerging Innovation Risk Management in Financial Institutions of United States

Financial institution within the USA is faced with great challenge of risk management, hence the pursuit of every financial institution to come up with better innovative ways of managing risks. However, the emerging innovation in risk management in financial institution has an underlying negative implication which is yet to be studied. The aim of this research was to explore emerging innovation in risk management in financial institutions. The research utilized qualitative research design, through an intensive literature review that involved deep research and reviewing of academic scholarly academic articles. This type of approach ensures that the research includes wide variety of sources that support this research and making it viable for future reference. Results showed that the emerging innovation in risk management in financial institutions is digital financing. Owing to the associated implication of excessive technology use, the research suggests that financial institutions should be very cautious, particularly with the associated risk of cybercrime.

Challenges of Financial Risk Management: AI Applications

Research Question: This paper reviews different artificial intelligence (AI) techniques application in financial risk management. Motivation: Financial technology has significantly changed the business operations which required transformation of financial industry. The financial risk management needs to be restructured because the methods that have been used in the past became low effective. The artificial intelligence techniques proved their efficiency and contributed to fast, low–cost and improved financial risk management in both financial institutions and companies. Idea: The aim of this paper is to present a state of AI techniques application in financial risk management, as well as to point out the direction in which further application and development could be expected. Data: The analysis was conducted by reviewing various papers, books and reports on AI applications in financial risk management. Tools: The relevant literature systematization was used to provide answers to the question to what extent AI techniques (especially machine learning) could be used in managing financial risk management. Findings: Artificial intelligence largely improved the market risk and credit risk management through data preparation, modelling risk, stress testing and model validation. Artificial intelligence techniques can be useful in data quality assurance, text-mining for data augmentation and fraud detection. The financial technology will continue to affect the financial sector through requiring the adaption to new environment and new business models. Because of that, it could be expected that artificial intelligence will become part of the financial risk management framework. Contribution: This paper provides a review of artificial intelligence applications in market risk management, credit risk management and operational risk management. The paper identified the key AI techniques that could be used for financial risk management improvement because of financial industry transformation.