Current Risk Management Systems Research Articles

How is counterfactual thinking integrated in organizational risk and resilience practices?

Managing risk from natural hazards and other types of critical risks is fundamental to the viability, sustainability, and resilience of organizations of all types and sizes. It is, crucially, an important part of demonstrating their purpose and commitment to society and the broader environment, which incorporates what they do to help tackle climate change. Counterfactual thought is the process of reimagining the past, for example, for a particular event that has occurred, as being different than what actually transpired. In this study, we investigate how this process and mindset of counterfactual thinking can have specific value in helping people in organizations to have a more robust way of analyzing and managing risk. The role and potential impact of counterfactual-based practices on risk mitigation and management, and an increased focus on purposeful resilience in a business context, has not previously been widely studied. We have conducted 10 semi-structured interviews with people in senior positions in various organizations, global contexts, scales, covering a range of industries and sectors including construction and property, engineering, mining, nonprofit, and consulting. Through these interviews we identify: (1) existing challenges of current risk management systems; (2) types of risks of concern in the organizations interviewed; (3) the current and potential use of counterfactual practices in these organizations; and (4) the perceived value of counterfactual practices within the business setting for risk mitigation and resilience. We share best practices that emerged from the study, especially the role of leadership, diversity, and inclusion as a necessary foundation for successful implementation of counterfactual risk practices. The findings from this project can be used to inform businesses interested in adopting emerging downward counterfactual risk and resilience practices to improve their preparedness to manage critical and evolving risks.

Analysis of Risk in Construction Projects

The construction industry is subject to more risk and uncertainty than any other industry. Most of the participants experience risks in cost and time over runs and many times fail to meet quality standards and operational requirements. Therefore the need to increase the understanding of risk management. In this project, the qualitative analysis of all types of risks except financial and economical risks in the construction projects is done by ‘Risk factor and priority model’. The industry has shifted from risk transfer to risk reduction, current risk management systems are inadequate to manage project risks, and lack of joint risk management mechanisms is the key barrier to adequate risk management. SPSS (Statistical Package for Social Sciences) software is used for statistical analysis of the data collected from respondents. The general methodology of this study relies largely on the survey questionnaire which was collected from the local building contractors of different sizes by mail or by personnel meeting. A thorough literature review is initially conducted to identify the risk factors that affect the performance of construction industry as a whole. The survey questionnaire is designed to problem the cross-sectional behavioral pattern of construction risks in construction industry.

A Proposed Framework for Effective Risk Management in Egyptian Sustainable Development Projects

The area of development has been a sector related to conditions of uncertainty. Activities within the development sector are exposed to many risks need to be considered considering social, environmental, and economic risks to all stakeholders. Risks are all events and situations that threaten the undisturbed execution of the project plan. Risk therefore relates to expectations of stakeholders regarding when and how the project will deliver, what the project will deliver and at what cost. Stakeholders would like to gain the maximum benefits and achieve successful results. So, risk must be effectively planned, monitored, and evaluated periodically by the project management team. Therefore, project risks are important factors determining whether the project will be a success or not. The main aim of this study is to identify the current risk management system adopted in sustainable development projects in Egypt, assess the importance of effective risk management procedure of sustainable development projects in Egypt, Evaluate and analyze the challenges of risk management procedure of sustainable development projects, Identify ways to reduce negative factors which are critical to the success of the sustainable development projects and develop a framework shows how the risk management procedure could improve the sustainable development project chances of success and Increase its efficiency and effectiveness.

Status and Perception of Risk Management in Radiation Therapy: Survey Among Korean Medical Physicists.

This study was conducted as part of an endeavor to improve the risk management system of radiation therapy departments in the Republic of Korea. An online survey on the status and perception of Korea's medical physicists on risk management in radiation therapy was carried out. A total of 40 domestic radiation oncology departments participated. This survey is divided into three categories: (1) work environment; (2) risk management status; and (3) opinions on how to improve risk management. Based on the results of the survey, the conclusions that can be derived are (1) the majority of respondents have a high interest in the risk management of radiation therapy; (2) the lack of staffing is one cause of risk management difficulties; (3) a risk-related terminology and classification system at the national or professional association level are required; (4) each hospital should create a voluntary reporting system for the handling of incidents; (5) medical physicists should establish incident reporting, analysis and countermeasures; and (6) government should develop education and training programs. It was confirmed that the current risk management system should be changed by education in the hospital and at the national level in order to improve risk management related to radiation therapy. In addition, it was recognized that a dedicated staff and a risk management certification system and organization for patient safety in radiotherapy are needed.

Разработка концепции выявления и оценки рисков, как инструмента повышения эффективности электронного декларирования таможенного транзита

The issue of improving the efficiency of customs control, while reducing the additional forms of customs control is the most acute and topical issues of practical activities of customs authorities. The reserves of efficiency of the current risk management system are approaching the specified thresholds if not fully exhausted. Therefore, a fundamentally new approach to risk identification is required to significantly improve the effectiveness of the risk management system. The proposed concept of risk identification and assessment is based on the application of the mechanism of through-process customs control, involving the unification of information about the person being the declarant of goods, as well as the preliminary information about the imported consignment in the amount of information submitted when placing goods under the declared customs procedure with the Declaration of goods. The above features allow to introduce a subject-oriented approach of risk management system at all stages of customs operations in respect of goods imported into the customs territory of the Eurasian economic Union, and also significantly increase the share of formalized risk indicators, including semantic risk indicators, which are the basis for the application of forms of customs control. The introduction of the above risk indicators will ensure the transition to a qualitatively new level of customs control in respect of goods subject to other types of state control and also will lead to a significant increase in the effectiveness of the risk management system by increasing the proportion of identified target risk profiles.

Public perceptions of environmental risk in China

China, as a ‘double risk’ society, is in urgent need for effective environmental risk management systems. Compared with other risks, man-made environmental risks have not been given due weight. Public awareness and perceptions of environmental risks are crucial in all phases of effective risk management. However, little is known about public perceptions of environmental risks in China. To contribute to better understanding of public perception of environmental risk, a questionnaire survey was conducted among university students in Beijing, who represent a group with high level of education and a generally high sensitivity to new information. The results show that even this group has limited knowledge about environmental risks and current risk management systems. Further studies are needed to understand the social construction of environmental risks in China and to seek ways to involve the Chinese public in emergency response and risk management.

Integrated Risk Management through dynamic capabilities within project-based organizations: The Company Dynamic Response Map

This article proposes a new risk management (RM) instrument for project-based organizations – the Company Dynamic Response Map (CDRM) – and tests its ability to better respond to risks and opportunities. The CDRM is based on the concept of dynamic capabilities as a means by which companies can adapt to fit with their evolving business environment. Different risk response strategies are conceptualized as the combination of a given set of capabilities that could be used to manage risks more effectively across the organization. The empirical basis of the article is provided by a leading project-based organization competing in the Engineering, Procurement & Construction industry; the CDRM has been applied to analyse the company's current RM systems, highlighting strengths and weaknesses. On the basis of the data analysis, generalized operational elements are identified that project-based organizations should consider when seeking to manage risks and opportunities in a holistic and integrated way.

Traffic Lights

PurposeThe current risk management system for community mental health patients in England is based around the Care Programme Approach (CPA). This system is not responsive to changes in risk for community patients. This paper aims to introduce a practical system to manage risk that has been developed for an Early Intervention Service in East London on the basis of need.Design/methodology/approachCoding of red, amber and green is associated with specific criteria agreed by all disciplines in the team. The change of a code leads to a rapid change in risk level and management. An agreed clinical and non‐clinical action plan leads to a whole team response. The limitation of use is dependent on the size of the case load and the number of clinical staff attending a daily clinical briefing.FindingsZoning according to the traffic lights system could complement the CPA system and support a clinical governance structure utilising a whole team response.Research limitations/implicationsThe risk management system described has not been tested empirically. Currently it has been used in early intervention mental health teams but will need to be adapted for other teams with bigger case loads.Originality/valueThis practical risk management system is aligned with the statuary CPA requirements. A dynamic and flexible management of risk is central to early intervention in psychosis teams but the risk management system described can suit any community mental health team and fits well with the distributed responsibility model of functionalised teams according to new ways of working.

Simulation modelling and risk assessment as tools to identify the impact of climate change on microbiological food safety – The case study of fresh produce supply chain

The current quality assurance and control tools and methods to prevent and/or to control microbiological risks associated with fresh produce are challenged due to the following pressures upon the food supply chain, i.e. changing consumption patterns, globalization and climate change. It demonstrates the need for scientific research and development of new and/or improved tools, techniques and practices to adapt the current risk management systems. In this paper, a conceptual research approach is presented to analyse the complexity of the climate change and globalization challenge on the fresh produce supply chain taken as a case study. The factors which affect the vulnerability of the fresh produce chain demand a multidisciplinary research approach. The proposed knowledge-based modelling system is believed to be a most appropriate way to identify problems and to offer solutions to monitor and prevent microbiological food safety risks during all phases of food production and supply. To explore the potential impact of climate change and globalization, baseline information can be obtained by surveillance and performance measurement of implemented food safety management systems. Simulation of climate change scenarios and the logistic chain of fresh produce, along with mathematical models to optimize packaging technology to maintain quality and safety of fresh produce are tools to provide insights in the complex dynamic ecosystem. They are the basis for elaboration of risk assessment studies to scientifically support management options and decisions to new microbiological threats related to globalization and climate change in the fresh produce supply chain. This research concept as such will contribute to develop strategies in order to guarantee the (microbiological) food safety of fresh produce on the long term.

Risk Management in the Chinese Construction Industry

There has been an increase in research on risk management practice in the construction industry. However, little research has been conducted to systematically investigate the overall aspects of risk management on the perspectives of various project participants. This paper reports the findings of an empirical Chinese industry survey on the importance of project risks, application of risk management techniques, status of the risk management system, and the barriers to risk management, which were perceived by the main project participants. The risk management strategies adopted in the Three Gorges Project were also studied. The study reveals that: Most project risks are commonly of concern to project participants; the industry has shifted from risk transfer to risk reduction; current risk management systems are inadequate to manage project risks; and lack of joint risk management mechanisms is the key barrier to adequate risk management. Future studies should be conducted to systematically improve the risk management in construction by different approaches that facilitate equitable sharing of rewards through effective risk management among participants. Such studies should also consider the establishment of an open communication risk management process to permit the corporate experience of all participants, as well as their personal knowledge and judgment, to be effectively utilized.

Can We Ensure the Safe Use of Known Human Teratogens?

The prescription of known teratogenic medications requires a careful balance between allowing women access to medications that they might need and avoiding unnecessary exposure to these medications during pregnancy because of their devastating fetal effects. Isotretinoin, a potent human teratogen, is of particular concern because of its widespread use among reproductive-aged women and the dramatic increase in use from 1992 through 2000. A revised risk management system was implemented in 2002 because of concerns about the continued occurrence of isotretinoin-exposed pregnancies. However, the recent approval of three generic versions of isotretinoin in the US has further complicated risk management and raises concerns that use might increase further if the lower cost of generics serves to increase accessibility. There are now four separate isotretinoin risk management systems in the US, each with its own distinct packaging, though the requirements for and substance of each are identical. Some additional concrete steps could be taken to minimise any unnecessary use of isotretinoin and help allow an adequate assessment of the current risk management systems. In addition to being familiar with and following all aspects of the current risk management system, physicians could choose to limit the use of isotretinoin to those who meet the labelled indications in order to reduce the number of exposed pregnancies. All four companies currently marketing isotretinoin in the US could jointly and voluntarily establish a consolidated, mandatory registration and follow-up of all women of reproductive potential who receive an isotretinoin prescription. Mandatory registration has many challenges, but it could allow a clear accounting of the total number of women for whom follow-up information is and is not available. Although the companies cannot be legally compelled to use a consolidated approach, the use of a single registry for the originator's product and all generic brands would allow identification of duplicates and also avoid the confusion that is introduced by providing materials that not only look different, but also have different addresses, contact information and names for participation in follow-up surveys. This is particularly important because women might take more than one version of isotretinoin during a single course of therapy or might receive a different programme's materials from their doctor than from the pharmacy. Though the introduction of generic versions of isotretinoin further complicates risk management, the companies marketing isotretinoin have an opportunity to work together to demonstrate their commitment to both limit the occurrence of exposed pregnancies and conduct a meaningful evaluation of the occurrence of pregnancies exposed to isotretinoin.