Concept Of Risk Management Research Articles

The first step toward the success of the Korean risk management framework (KRMF)

The risk management framework (RMF) applied by the United States combines the concepts of information security and risk management in the product development process. This includes the systematic structure of equipment, parts, other construction systems, facilities, and personnel, as well as the related security of cyberspace. This concept has been a concept that has been systematically applied for the completion of information security from the requirement planning stage to the destruction of the weapon system. The RMF, which should be reflected in the project of power enhancement to ensure the perfect performance of the weapons system that our military will use in the future, is unfamiliar to Republic of Korea Army (ROK). RMF is a step-level field that has not yet been based on detailed research and measures in any ROK military, such as the Army, Navy, and Air Force. However, the USFK, which is stationed in the Republic of Korea during peacetime, and the United States’ wartime reinforcement forces [Flexible Deterrence Option (FDO), Force Module Package (FMP), Time Phased Forces Deployment Data (TPFDD)], which are deployed at the request of the CFC Commander in the event of a crisis situation on the Korean peninsula and under the direction of the Joint Chiefs of Staff, are thoroughly prepared for cyber threats by applying the RMF procedure. Therefore, the military should also create and apply the corresponding procedures during combined and joint operations as soon as possible. This study aims to provide a direction for the development of a categorization system, which is the most basic and important step 1 system in the RMF process, and I hope that it will help in the implementation of the Korean Risk Management Framework (KRMF) that should be applied in the future.

Risk management framework of peer-to-peer electricity markets

Due to the acceleration of energy transition from fossil fuels to Distributed Energy Resources (DERs), the structure of the power industry (mainly generation and distribution) is changing. The emergence of the smart grid concept and Peer-to-Peer (P2P) electricity markets make local producers and consumers face new challenges and risks. Managing the risks that the participants in P2P markets are encountered is necessary to guarantee a sustainable penetration of such markets. This article provides a comprehensive risk analysis by implementing a proposed risk management framework to address the identification, classification, assessment, and mitigation of all risks that prosumers will face when participating in a P2P electricity market. The main risk factors have been investigated in an elaborated way through risk assessment and preliminary suggestions for risk mitigation. Ten risks have been identified and categorized into three main groups. The proper potential responses are addressed for each assessed risk to mitigate the impact of risk associated with participation in the P2P electricity market. Studying the risks from a prosumer's point of view, considering management of those risks in the context of micro-grid scheduling/optimization, and designing the mechanism of the P2P electricity trading market will enhance the acceptance of participating in these markets. Moreover, further research opportunities and directions regarding risk management concepts in P2P electricity markets are discussed.

Information Security Risk Management Model for Big Data

In the current society of rapid expansion of information, big data have achieved vigorous development in all walks of life, considerably promoting data transmission and information sharing. Meanwhile, individuals are becoming increasingly reliant on big data and the Internet, but at the same time, the threat of information security posed by big data is becoming increasingly visible. As a result, how to protect the information security of big data has piqued the interest of both government and businesses. The essence of information security management is risk management, which is closely related to each other. Therefore, this study focuses on the following two aspects of research work. On the one hand, most existing risk management models merely describe risk management in the abstract from a macro-level, and they lack research on risk assessment, making them ineffective. This research builds a novel information security risk management model on the basis of existing risk management models based on the concept of multidimensional risk management. To achieve multidimensional dynamic management of big data risks and to keep them within an acceptable range as much as possible, the model is divided into five levels and two dimensions. On the other hand, this research also optimizes and improves the fuzzy mathematical analysis method and proposes a fuzzy comprehensive assessment method as the core algorithm for the risk assessment layer in the model. As a post-event risk assessment method, the advantage of this method is that it can comprehensively consider factors affecting risk and can quantify some assessment factors in the real network to achieve an effective combination of qualitative and quantitative, thereby providing a basis for decision-making in risk analysis and risk control. Finally, the effectiveness of the risk model in the real application is verified by example analysis, and it is intended that the study work would provide assistance and assurance for big data information security management.

Risk Impact of Maintenance and Other Activities with Regard to Plant Areas

In all operating modes of a nuclear power plant a lot of activities take place, including maintenance, surveillance testing and plant modifications. Some of these activities can impose temporary increase in risk level, as they may change the status of equipment important to plant safety. Such risk increases are usually controlled by risk monitoring, which considers changes in risk due to changes in the status (e.g. availability) of plant systems and functions. Risk monitors are, in many cases, designed and operated to be system-oriented (or function-oriented), as they focus on “measuring” the risk associated with different system configurations (from where comes the often used term “configuration risk management”). On the other hand, components of plant systems are placed in various locations and at various floors (elevations) of plant buildings. Piping, as well as cabling, is routed through one or more buildings. Equipment performing different functions is, sometimes, located near each other due to architectural limitations. Where required, barriers are applied in order to ensure physical separation and independency. Due to these reasons, a particular plant area (compartment, room, part of a large room,…) can contain a variety of mechanical, electrical and / or other equipment with different safety implications. As well as system components, plant areas are also related to each other, with different degrees of relative importance. Since activities performed in different plant areas can imply changes, actual or potential, in the status of associated equipment, structures and / or barriers, there is also a need that risk monitoring considers the area-oriented aspects, beside considering those which are system-oriented or function-oriented. Risk impact of an activity taking place in a particular plant area can be considered in terms of changes (potential or actual) to its three components: 1) likelihood of initiators which can be triggered by equipment in the area (but which are not mitigated by any of the equipment in the same area); 2) mitigating capability regarding the initiators which are not triggered in this area; 3) likelihood of initiators triggered in this area and mitigating capability regarding the same initiators. Activity in a particular plant area may be related to none or to any combination of the three risk impact components. Normally, risk impact under 3) is limited by the architectural engineering principles (because it may become very large risk contributor). However, it may be present in some residual form and it cannot be excluded (as demonstrated by area-related risk studies performed in the past, such as internal fire and internal flooding analyses). With activity taking place in a particular area, the relevant importance of any other plant area (and, hence, potential risk impact of any activity that may be planned to go on at the same time) is then considered in terms of, respectively: 1) whether it contains the equipment relevant for mitigation of initiators that can be triggered in the considered area; 2) whether it includes the potential for triggering an initiator which is mitigated by the equipment located in the considered area; 3) whether it contains the relevant mitigation equipment or include the potential for relevant initiators. The paper discusses these and other related issues and describes some basic concepts for the area-oriented risk management.

Impact of Pandemic SARS COVID-19 on Different Construction Project Management: Problems and Solutions.

This study discusses risk management strategies caused by pandemic-related (Covid-19) suspensions in thirty-six engineering projects of different types and sizes selected from countries in the middle east and especially Iraq. The primary data collection method was a survey and questionnaire completed by selected project crew and laborers. Data were processed using Microsoft Excel to construct models to help decision-makers find solutions to the scheduling problems that may be expected to occur during a pandemic. A theoretical and practical concept for project risk management that addresses a range of global and local issues that affect schedule and cost is presented and results indicate that the most significant delays are due to a lack of good project risk management skills and remote project management capability which is exacerbated by shortfalls in technical development and information technology.

Податкові пільги в умовах воєнного стану: управління комплаєнс-ризиком

Introduction. In the conditions of the armed aggression of the Russian Federation against Ukraine, the need arose to amend the current legislation aimed at overcoming the negative phenomena in the economic, social and defense spheres. Problem Statement. During the two months of martial law, six laws were passed that amended the current tax rules and provided benefi ts to certain categories of taxpayers. At the same time, most legislative acts were adopted without proper fi nancial, economic and scientifi c justifi cation for their adoption. Th is has led to fi scal risks, which are discussed in the article. Purpose. Th e aim is to study the probable risks of the introduction of certain legal norms in the conditions of martial law and to develop recommendations for their minimization. Methods. Qualitative research methods were used to describe the existing diffi culties in tax administration, quantitative methods – to analyze the benefi ts of corporate income tax and VAT. Results. It has been found that the analyzed norm-forming practice will lead to budget losses and disproportionate taxation of other taxpayers. Th is is not in line with the concept of compliance risk management, as these preferences can be used by other payers. As a result, the risk of aggressive tax planning by those taxpayers who are not cove red by the benefi ts will increase. Conclusions. Fully unjustifi ed unconditional provision of tax benefi ts to certain categories of taxpayers requires careful analysis in order to achieve the declared purposes. Proposals for amendments to legislation to minimize fi scal risks within the compliance risk management procedure have been formulated.

Investigation of the Construction Industry Stakeholder's Perceptions of Work-Health and Safety Risk-Based Scenarios Associated with Risks

Improving occupational safety and health (OSH) performance in the construction industry is critical, because it reflects the quality of completed projects and, more importantly, the protection of workers' lives. The application of risk management concepts is one initiative for improving OSH performance in the construction industry. Effective risk management necessitates the cooperation and consensus of all stakeholders, but this is difficult to achieve. The goal of this study is to determine the extent, to which construction stakeholders share a common understanding of perceived risks. This was achieved by utilizing four case study scenario surveys which represent the risk exposures or consequences in the crushing of panels and vibration operations. Data was gathered from a sample of twelve construction professionals in Malaysia. Analysis of the data describes the various risk perceptions among construction industry stakeholders. The immediate-type of risk was rated higher than the expected scores, whereas delayed-effect risks like 'vibration' and ‘chemical' were rated lower. The findings obtained suggest that strategic steps to engage stakeholders in the risk management process are needed, and risk perceptions should be taken into account.

The evolution of risk management

The aim of this paper is to present the evolution of approaches towards risk management, starting from the beginnings of this field and ending with modern times. The article provides an overview on the applied approaches towards risk management. It allows to understand the basics of contemporary risk management concepts in enterprises and can provide guidance for further research on risk. The author analyzes in detail the change in approaches towards risk management over the years, focusing in particular on traditional, silo risk management and on the most modern concept—ERM, currently considered the most mature and the most perfect, proactive approach towards risk management in an enterprise. Silo risk management treats individual risks independently and focuses on minimizing risk exposure, while the essence of ERM is the integrated management of all risks to which the organization is exposed and the inclusion of risk management in the organization’s strategy.

Quality By Design: Approach to Analytical Method Validation

A pharmaceutical industry is highly regulated by a quality policy in its management. The principles of Quality by Design (QbD) must be applied to ensure the development of pragmatic and systematic methods while managing the risks associated with analytical methods. Quality by Design (QbD) is a scientific way to develop easy and robust analytical techniques for critical analysis. Quality by Design (QbD) is a systematic approach to product or method development that starts with predetermined goals and uses a science and risk management approach to achieve product and method understanding. The concept of risk management is deeply integrated into the quality assurance system to ensure pharmaceutical quality and patient safety. In the context of quality control, detecting impurities in raw materials and finished products is a major concern. Analytical Quality by Design (AQbD) aims to achieve quality in measurement. The main objectives are to explain the various steps involved in developing a method using a Quality by Design (QbD) approach for the development of analytical methods and to explain the implementation of Quality by Design (QbD) in the validation of analytical procedures. The advantages of applying Quality by Design (QbD) principles to analytical techniques include finding and minimizing sources of variability that could lead to poor method robustness and ensuring that the method meets the desired performance requirements over the product and method life cycle. The Analytical Quality by Design (AQbD) strategy is increasingly being adopted as it allows an early understanding of the method and guarantees the determination of a wider set of experimental conditions.

AGRICULTURAL DIVERSIFICATION AMONG THE FARMERS

Agricultural diversification is slowly picking up momentum in favor of high value food commodities primarily to enhancement of income rather than the traditional concept of risk management. The nature of diversification differs across regions due to existence of wide heterogeneity in agro-climatic and socio-economic environments. It was considered interesting to delineate the key regions and sub-sectors of agriculture where diversification was catching up fast. Crops, livestock, horticulture and forestry constitute the core sectors of agriculture. Total 160 respondents were selected from sixteen villages belongs to Dhanera, Deesa, Vadgam and Lakhani talukas of Banaskantha district of Gujarat state. The data were collected by personal contact method with help of structured interview schedule and data were coded, classified, tabulated and analyzed in the light of objectives. The appropriate statistical methods were used for analysis of data. The result found that Vast majority of the respondents had medium to low level of crop diversification, had medium level of enterprise diversification and nearly three fourth of the respondents had medium to high level of agricultural diversification. Whereas, in case of nature of diversification two fifth of the respondents had diversified their agriculture by Shift from one crop to another crop from less remunerative crops to more remunerative crops both and majority of the respondents had diversified addition of new enterprises to exiting profile.

ФОРМУВАННЯ СИСТЕМИ УПРАВЛІННЯ РИЗИКАМИ НА ПРОМИСЛОВИХ ПІДПРИЄМСТВАХ

The presence of a significant number of different risks, which are influenced by the management of industrial enterprises and taking into account which they are forced to make management decisions has determined the relevance of the chosen research topic. Numerous theoretical and, as a consequence, practical aspects of managing various risks that accompany the operation of industrial enterprises were considered in the works of B. Barkley, R. Dembo, S. Drew, M. Frenkel, P. Hopkin and other foreign researchers, and soon also in works of numerous domestic scientists V. Danchuk, V. Nemchenko, T. Pismena, A. Sviderska, K. Semenova, K. Tarasova and other researchers. The need to implement an integrated approach to risk management makes sense not only within a single business entity, but also in the totality of established sectors and sectors of economic and industrial activities. The vast majority of characteristics that determine the nature of risk, associate it with the probability of implementation and the possibility of inflicting damage, which correlates with the definition of risk as part of the uncertainty. All actions that take place during the risk management process must be subject to continuous monitoring and be under the constant control of the company’s management. Risks must be assessed taking into account the specifics of not only the entity but the economic system in which it is integrated. Risks should be considered as a dynamic quantity that can affect the subject in both negative and stimulating ways. Risk management in industrial enterprises should be focused on identifying the causes of various risks, and the use of all factors that ensure optimal development of industrial enterprises in conditions of economic uncertainty. The existence of two concepts of risk management is substantiated: traditional and modern. The traditional concept is characterized by the fragmentary nature of risk management, episodic risk management. The modern concept is based on an integrated approach to management and continuous risk management. The implementation of dynamic models involves the use of various methodologies, such as: the use of a system of balanced scores (Balanced Score Card), the application of logistics principles in the management of certain types of risks, the transition to integrated risk management systems. Approaches to risk management at industrial enterprises are defined. The key conditions in the field of risk management are formulated, under which this process will be the most effective between the various elements of the system. Statistical and dynamic models are singled out within the approaches to risk management, the peculiarities of their application are considered. The principles of logistics are considered, based on general approaches to the procedures of response and regulation of the probability of threats in the management of risks in the enterprise, which aim to ensure the coordination of logistics functions. The concept of integrated risk system at enterprises is highlighted, the advantages of its use are determined. The common methodology of risk management COSO ERM (Enterprise Risk Management - Integrated Framework Committee of Sponsoring Organizations of the Treadway Commission) is analyzed. The model of integrated risk management and its stages are presented.

Risk Management Concept: Predictive Assessment in Transhumanistic Space

At the present stage of realizing the transhumanistic concept, its reflection in various fields of scientific knowledge should be considered, considering the possible risks formed by the transhumanistic space. This concept provokes interest both for its direction and its contradictions. The article considers alternative concepts and tools different from transhumanism in their moral and ethical directionality and based on responsible decisions that take this aspect into account. The concept of risk management is presented based on the diagnostics of orienting indicators that outline the transhumanistic space according to the indicated risk zones. The diagnostic analysis is based on a predictive assessment of the development of the situation, which is formed as a result of using innovative technologies/biotechnologies from the point of transhumanism. Several exact directions for the assessment’s development of the situation developing in the transhumanistic space are identified, conceptual decisions that develop such assessment are presented, and the interconnection between the blocks of the methodology for modelling future decisions to respond to emerging challenges of transhumanism is given.

Improving company value: the role of human capital, structural capital, capital employed, investment decisions, and manager's attitude to risk

Various studies show that companies and organizations have realized that knowledge-based capital is an important company asset. Managing the company's knowledge-based capital is one of the important tasks to encourage companies to compete with other companies. This study aims to identify the knowledge-based capital in human capital, structural capital, and capital employed by companies and its effect on investment decisions that affect company value. Through literature review, this concept also incorporates managers' risk attitude, which is part of ERM (Enterprise Risk Management) to develop the concept of Knowledge-based Risk Management (KBRM). Based on path analysis using AMOS, the result shows direct influence of human capital and capital employed on investment decisions is not significant. Meanwhile, the direct influence is significant. Investment decision does not mediate the relationship between human capital, structural capital, and capital employed on company value. Furthermore, managers' attitude to risk as risk-averse weakens the relationship between investment decisions and company value. Based on that result, companies need to reconsider managers’ behaviour in facing risks so that managers able to take risks when deciding on investments in the future and increase the value of the company.

Evaluation on Biosecurity Applications of Dairy Farms in Bursa Provinces-II

Biosecurity is focused on reducing, preventing and minimizing the spread of animal diseases or pests on a farm. Biosecurity action plans need to be considered mainly in farms where disease agents can be carried by a variety of sources such as personnel, consultants, buying cows, consumables, feedstuffs and vehicles. The concept of biological risk management recognizes that animal diseases cannot be completely eliminated, but that producers can manage disease risk through effective control measures. In the study, the farms and districts with 20 heads and above in Bursa province, which are registered in the Türkvet and herd book-program database were determined. The farms in these 5 districts (Mustafakemalpaşa, Yenişehir, Karacabey, Nilüfer and Osmangazi) are grouped according to their number of animal. In this context, the farms are divided into 4 layers: 20-50 head, 51-100 head, 101-300 head and 300 head above cattle. The farms were determined and the farms within the population size were chosen and visited randomly by stratified sampling method. During the farms visits, questions were asked to reveal the border security of the farms, animal movements, applications for visitors and the protection of feed and water resources.

Approaching Risk Management in Medical Laboratories

Abstract Risk is one of the greatest challenges in a medical laboratory. Risk-based thinking is a concept that always preoccupies medical laboratory technicians. The objectives of this work were to bring forward the specialty standards recommendations for the implementation of risk management principles in medical laboratory, the accreditation requirement of ISO 15189:2012; to demonstrate that the understanding of the fundamental notions of the concept of risk, the effectively apply of the means of identifying, assessing and controlling risks, and the risk monitoring and handling through strategies of acceptance, elimination, transfer and mitigation of risks can ensure the continuous improvement processes. A model to approach to risk management in a medical laboratory establishes the inputs, the outputs, the techniques, and the activities carried out in each of the following sub-processes of the risk management process: risk management process planning, risk identification, risk analysis and evaluation, development of the risk response plan and risk monitoring, control and revision. The concepts of risk and risk management are applied accordingly to standards ISO 31000:2018 and ISO 22367:2020 of International Organization for Standardization (ISO). Risk management ensures that the fundamental requirements for healthy, proactive internal control of the medical laboratory are met.

Security management of intermodal transportation in conditions of sustainable development of global supply chains

The article considers the complex problem of ensuring the security of supply chains of various kinds, including dangerous, when they are transported by different modes of transport with the necessary transshipment in a single logistics flow. At the same time, the authors tried to take into account both the general concept of sustainable development of the system of global supply chains (consumer goods) and the dynamics of change of supply objects depending on specific needs and situations in the world. Therefore, given the current tense military situation in the world, the main focus was on intermodal transport of dangerous goods and systemic security risks and threats of man-made nature and their consequences for the generalized characteristics of economic and social security. The research was based on the United Nations World Development Program to 2030, scientific and theoretical foundations of supply chain management and security, SCM, the concept of advanced risk management, as well as standards and practical recommendations of leading international organizations (ISO, BTO, ICAO and others) issues of economic security and protection of components of the world transport system from threats and exacerbation of risks. The practical result of scientific research is the development of recommendations for ensuring man-made safety of intermodal transport in the supply chain of dangerous goods under the programs of preventive, compensatory and remedial measures.

Emerging Roles and Responsibilities of Auditors and CFOs in the Light of Transforming Risk Landscape

A new perspective of risk management in the context of emergence of new technologies and innovations has not only changed the risk landscape in the last few years but has also prompted an important shift in the role of auditors and Chief Financial Officers (CFOs) in organizations. Auditors along with senior management need to take a holistic and forward trending view on the emerging risk and risk management practices. They need to be transparent about arriving at the audit opinion and expand their coverage in implementing and improving compliance, governance and risk management-related processes and controls within an organization. New ways and perspectives of risk management have emerged and board, senior leaders, regulators, leaders have all expanded their focus to include the concept of enterprise risk management (ERM). The realities of an ever-changing world with frequent business disruptions have made the concept of ERM important in companies. With the changing times and dynamic scenario that has arisen due to the pandemic, leading organizations are increasingly expecting auditors and CFOs to ensure that they integrate risk into strategic decision-making so as to make smarter decisions. Auditors need to move away from a siloed approach to a more consolidated risk assessment and monitoring perspective. They need to add focus to the top risk areas, think about the return for the organization, avoid unnecessary governance and compliance, and provide objective assurance to the board regarding risk management efficiency.

The landscape of safety management systems research: A scientometric analysis

Safety management systems (SMSs) are widely applied across many industrial sectors, and a large body of literature has been published addressing their design, implementation, effectiveness, and associated challenges. This article presents a high-level analysis of the SMS research domain, guided by a set of questions addressing the contents, structure, and evolution the research domain, its dominant themes and focus topics, the key scientific domains and journals contributing to its development, and the key publications serving as an intellectual basis for SMS related research. The results show a rapidly increasing volume of research outputs and a shift from research based in North America and Europe to Asia and Australia. There is only a limited number of institutions enduringly contributing to the field, and there are relatively few stable research collaborations, with the number of Chinese institutions publishing SMS related research fast expanding in recent years. The domain is strongly interdisciplinary and embedded in applied domains of science, with industrial engineering the most contributing category, as well as categories focusing on the industrial application domains. A temporal evolution of the research activity in different application domains is apparent, with an initial focus on occupational health and safety, followed by process safety, patient safety, food safety, and construction safety. SMS research has a strong relation to safety culture and safety climate research, and while safety and risk management concepts and theories form an important knowledge base for most application domains, the dominant views on accident causation differ between these. Research on SMS in the food industry is relatively separated from the other application domains. Based on the findings, various future research directions are discussed.

Risk Management Concept Development of Pondok Pesantren Educational Institutions

The concept of risk management has been widely studied in terms of finance in Islamic and conventional banking, government institutions, and insurance. While research on non-financial risk management in educational institutionsis still rarely done. This article aims to propose the development of the concept of risk management for Islamic educational institutions, especially pondokpesantrenor Islamic boarding schools. This research is a qualitative research/conceptual paper by conducting theoretical and empirical studies on articles that have been published. The data is secondary data. The results of the study found that risk exists in all organizations including pondokpesantren, so it is necessary to carry out risk management. Risk must be managed appropriately and correctly because failure to manage risk has serious consequences for the organization. The risk management process in pondokpesantrenis based on the implementation of Islamic values ​​sourced from the Qur'an and Hadith. The most important contribution of this paper is to develop the concept of risk management for pondokpesantren.

Risk Management Concept Development of Pondok Pesantren Educational Institutions

The concept of risk management has been widely studied in terms of finance in Islamic and conventional banking, government institutions, and insurance. While research on non-financial risk management in educational institutionsis still rarely done. This article aims to propose the development of the concept of risk management for Islamic educational institutions, especially pondokpesantrenor Islamic boarding schools. This research is a qualitative research/conceptual paper by conducting theoretical and empirical studies on articles that have been published. The data is secondary data. The results of the study found that risk exists in all organizations including pondokpesantren, so it is necessary to carry out risk management. Risk must be managed appropriately and correctly because failure to manage risk has serious consequences for the organization. The risk management process in pondokpesantrenis based on the implementation of Islamic values ​​sourced from the Qur'an and Hadith. The most important contribution of this paper is to develop the concept of risk management for pondokpesantren.