Effectiveness Of Risk Management Strategies Research Articles

Strengthening Fintech Security in Uganda: An Analysis of Insider Threats and Effective Risk Management Strategies

Purpose: The purpose of this study is to analyze security policies and risk management practices for reducing insider threats in the Fintech industry in Uganda. The study aims to classify and identify insider threats, examine how they relate to risk management procedures, and offer practical recommendations for improving Fintech companies’ security measures. Methodology: The study adopted a descriptive research design, focusing on diverse respondents across various sectors. Data was collected through surveys from 25 respondents, including IT security specialists, accountants, finance officers, and other relevant roles. The sectors represented included Banking and Finance (52%), Security (12%), Information Technology and Telecommunications (8% each), and others such as Agriculture, Civil Society, and Public Service (each 4%). The study employed both qualitative and quantitative data collection methods, with secondary data reviewed from existing literature and case studies. Statistical analysis was conducted using SPSS to interpret the data and identify trends in insider threat occurrences and risk management practices. Findings: The study revealed that insider threats in Uganda's Fintech sector can manifest in both physical and cyber forms. The predominant risk management practices identified include proactive measures such as robust security policies, access controls utilized by 88% of respondents, security awareness training by 80%, and continuous monitoring by 68%. Incident response and reporting procedures were also critical, ensuring that breaches are swiftly addressed to minimize impact. There was a significant positive correlation (r = .65; p < 0.05) between the frequency of past insider attacks and the regularity of risk assessments, underscoring the importance of regular evaluations in mitigating risks. Unique Contribution to Theory, Practice and Policy: The study contributes to the theoretical understanding of how local cultural attitudes and regulatory frameworks impact effectiveness of risk management strategies, providing insights that can inform RMF adaptations in similar contexts. For practitioners, it recommends development and implementation of robust security policies, employee training programs, and advanced monitoring systems. Policy-makers are advised to support regulatory frameworks that mandate regular risk assessments and the adoption of best Fintech practices.

Effectiveness of Risk Management Strategies in Mitigating Supply Chain Disruptions in South Africa

Purpose: The aim of the study was to examine the effectiveness of risk management strategies in mitigating supply chain disruptions in South Africa Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: The effectiveness of risk management strategies in mitigating supply chain disruptions in South Africa has proven to be critical in maintaining operational stability and ensuring business continuity. In an environment characterized by frequent economic, political, and environmental challenges, robust risk management strategies have become indispensable for South African businesses. These strategies, including risk assessment, diversification of suppliers, implementation of advanced technologies, and development of contingency plans, have significantly enhanced the resilience of supply chains. By systematically identifying and evaluating potential risks, businesses have been able to proactively address vulnerabilities and reduce the impact of disruptions. The use of advanced technologies, such as predictive analytics, real-time monitoring systems, and blockchain, has further strengthened risk management efforts. These technologies provide valuable insights into supply chain dynamics, enable early detection of potential disruptions, and facilitate rapid response measures. As a result, businesses can maintain smoother operations and minimize downtime during unforeseen events. Unique Contribution to Theory, Practice and Policy: Resilience Theory, Resource-Based View (RBV) & Contingency Theory may be used to anchor future studies on effectiveness of risk management strategies in mitigating supply chain disruptions in South Africa. Encourage the adoption of advanced technologies such as Internet of Things (IoT), artificial intelligence (AI), and blockchain for real-time monitoring and supply chain visibility. Practical implementation of these technologies can enhance early detection of disruptions and facilitate rapid response strategies. Foster closer collaboration with suppliers to co-develop robust contingency plans and risk-sharing mechanisms. Practices such as dual sourcing, supplier diversification, and joint risk assessments can build resilience across the supply chain network. Advocate for policies that incentivize resilience-building practices within supply chains. This could include tax incentives for investments in resilient infrastructure, as well as mandatory reporting on supply chain risk management practices to enhance transparency and accountability.

Employee training and bank stability

AbstractUsing a unique data set of Italian banks covering the 2011 to 2019 period, this study investigates the influence of human resource training on bank stability and examines whether this relationship is affected by bank efficiency and credit risk. In line with the resource‐based view (RBV) of the firm, our findings suggest that employee training exerts a positive impact on bank stability. Credit risk and bank efficiency are also identified as potential drivers in this relationship. Importantly, our results remain robust when addressing endogeneity issues and considering alternative model specifications. This study offers novel insights into the impact of employee‐related variables on bank performance. The practical implications of our findings hold relevance for both banks and regulatory authorities, as human resource training can profoundly influence the effectiveness of risk management strategies and, ultimately, the sound and prudent management of banks.

Evaluating the Effectiveness of Risk Management Strategies in the Indian Mutual Fund Industry

The study will employ a mixed-method approach, combining quantitative analysis of historical fund performance data with qualitative assessment of risk management processes and policies adopted by mutual fund companies. By examining key risk metrics such as volatility, beta, and sharpe ratio, the research aims to assess the impact of risk management strategies on the overall performance of mutual fund schemes in the dynamic and rapidly growing Indian mutual fund industry. As with any investment vehicle, mutual funds are subject to various risks that can impact investor returns, prompting mutual fund companies to employ various risk management strategies to mitigate these risks. This study seeks to evaluate the effectiveness of these strategies by analyzing different techniques employed by mutual fund companies, with the goal of identifying best practices for minimizing the impact of various risk factors on fund performance. The findings will provide valuable insights for both mutual fund companies and investors, aiding in understanding the effectiveness of risk management strategies in mitigating investment risks. By identifying and promoting best practices in risk management, this research aims to contribute to the development and sustainability of the mutual fund sector in India. Keywords: Risk management, mutual fund, market stability, investment risk

Risk Management Strategies in Financial Institutions

This research aims to explore the factors that influence the effectiveness of risk management strategies in financial institutions. Through analysis of variables such as the level of risk awareness across the organization, the level of success in identifying and mitigating the impact of risks, and employee participation in the risk management process, our findings show that these factors have a significant influence on the effectiveness of risk management strategies. Financial institutions that have a strong risk culture, supported by a high level of risk awareness and open communication about risk across the organizational hierarchy, tend to be more successful in managing risk and achieving their goals. The practical implication of this research is the importance of strengthening risk culture, increasing risk awareness throughout the organization, and encouraging active employee participation in the risk management process to increase the effectiveness of risk management strategies in financial institutions.

The Effectiveness of Risk Management Strategies on Improving Financial Performance of ZSE Listed Commercial Banks

The Effectiveness of Risk Management Strategies on Improving Financial Performance of ZSE Listed Commercial Banks

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The article is dedicated to studying the problem of risk management in the tourism industry in times of war. It examines the significance of effective risk management for ensuring the safety of tourists and the stability of the tourism business during conflict situations. The state of war creates a unique danger for the tourism industry, yet it requires further analysis and understanding. Research should focus on identifying specific aspects of risks faced by tourism enterprises and the impact of these risks on tourist safety and industry profitability. This scientific article aims to investigate and analyze the problem of risk management in the tourism industry in times of war. It aims to understand the peculiarities of risks arising from the state of war and determine effective strategies for managing these risks to ensure tourist safety and preserve industry profitability. The objectives of the scientific article are as follows: � Conduct a review of existing research and publications on the problem of risk management in the tourism industry in times of war. � Identify the characteristics and features of risks that arise in the tourism industry during a state of war. � Analyze the impact of these risks on tourist safety and the economic resilience of the tourism industry. � Determine key strategies and approaches for risk management in the tourism industry in times of war. � Examine the role of communication, technology, and stakeholder interaction in the process of risk management. � Analyze practical examples and case studies illustrating the effectiveness of risk management strategies in times of war. The article begins with an overview of the current political and geopolitical situation worldwide, which may lead to the emergence of a state of war and the potential impact of this state on the tourism industry. It then analyzes the main risks faced by tourism enterprises and tourists during wartime conflicts, such as violence, terrorist threats, economic instability, and others. The article discusses strategies and practical approaches to risk management in such conditions. It provides advice and recommendations on developing effective emergency plans, ensuring tourist safety, communicating with clients and employees, as well as resource backup and redistribution. Key words: Management, Risks, Tourism, Strategy, State of war.

"I wish that there was more info": characterizing the uncertainty experienced by carriers of pathogenic ATM and/or CHEK2 variants.

Little is known about what uncertainties patients experience after being identified to carry a pathogenic variant in a moderate-risk cancer gene as a result of undergoing multigene panel testing for cancer susceptibility. Data regarding cancer risk estimates and effectiveness of risk management strategies for these variants continues to evolve, which has the potential to evoke uncertainty. Acknowledging uncertainty during pre- and post-test discussions is imperative to helping individuals to adapt to their results. A better understanding of this population's experience of uncertainty is needed to facilitate such discussions and is the aim of the current study. Semi-structured interviews (30-60min in length), informed by Han and colleagues' taxonomy of uncertainty in clinical genomic sequencing, were conducted to assess motivations to pursue genetic testing, areas of perceived uncertainty, and strategies for managing uncertainty among 20 carriers of pathogenic variants in two moderate-risk genes, ATM and CHEK2. We found that participants pursue genetic testing with the expectation that results will clarify cancer risks and approaches to management. Participants experience uncertainties aligning with Han's taxonomy relating to the ambiguity of specific cancer risk estimates and effectiveness of certain risk management strategies. These uncertainties influenced decisions around the uptake of risk management strategies, which were additionally impacted by clinicians' uncertainty towards such strategies. Participants employ a variety of uncertainty management approaches to cope with their anxieties. Clinicians may wish to use these findings to facilitate patient adaptation to the implications of multigene panel testing for cancer susceptibility during both pre- and post-test counseling sessions.

Effectiveness Of Risk Management Strategies For Protecting Front-Line Workers From The Devastating Impact Of Covid-19 Pandemic With Major Focus On Their Mental Health Conditions

Abstract Going to work during the COVID-19 pandemic has placed frontline workers under immense and unprecedented pressures, putting their physical, mental, and social well-being at risk. Staff under excessive or prolonged stress become more prone to frequent absences from work or reduced productivity while at work, accidents, and mistakes. In the COVID-19 pandemic, this may mean compromised quality and safety of care, breach of protocols and guidelines, increased risk of infections, and compromised capacity of the health system and emergency response teams to fight the pandemic. While frontline workers have the responsibility of caring for themselves and verbalizing their needs and concerns, many of the efforts to prevent and reduce stress and care for the mental health of frontline workers must be made by organizations, managers, and health administrators.

Effectiveness of Risk Management Strategies Among Deposit Money Banks in Nigeria

Deposit Money Banks (DMBs) face formidable challenges in order to operate profitably. As business entities poised to maximise shareholders’ wealth, they need to grow their revenue while at the same time keep their cost of funds as low as possible. The threats to achieving this come from the mandatory cash reserve ratio that restricts reasonable chunk of deposits from being invested, and their attempt to build-up deposit portfolio that tilts more towards non-interest paying demand deposit. Since the most profitable assets of the DMBs are the loans and advances, the booking of these risk assets for credit worthy customers who will meet maturing obligations as at when due, constitutes the greatest task to management. This paper is a study to determine how effective risk management practices have been among the DMBs in the Nigerian financial services sector. Survey research design was employed. The study population consisted of twenty-six (26) DMBs from which 10 were selected using purposive sampling technique. The primary data were obtained through a validated structured questionnaire. Reliability of the instrument was assessed, yielding Cronbach’s Alpha coefficients for the constructs that ranged between 0.818 and 0.873. The collected data were analysed using Relative Importance Index (RII) and Mean Score Index. Findings revealed that risk management practices were effective among the DMBs in Nigeria with RII of the 7 segments in the risk management practices above 0.80. The board of directors’ involvement came highest with 0.90. The use of loan syndication came last with 0.82 within the risk management strategy segment. The study concluded that the active interest of the board of directors in the risk management practices contributed immensely to the effectiveness among the DMBs. The study recommends that the Central Bank of Nigeria should bring down the cash reserve ratio that restricts credit creation and causes high cost of funds, and also pay interest rate on cash reserves held by the bank.

Risk Management with Clients Who Stalk, Threaten, and Harass Mental Health Professionals.

Although most psychologists will at some point be confronted with a client who engages in stalking, threatening, or harassing behavior (STHB), few feel prepared to manage these situations. In this article, the results of a survey of 112 psychologists who endorsed experiencing STHB are reported. Psychologists were asked about their perceptions of client motivations and personality pathology, frequency of use of 18 risk management responses, and perceived effectiveness of these responses. The effectiveness of risk management strategies differed by client level of personality organization and motivation for STHB. Some of the most commonly used risk management responses were among those most likely to result in adverse outcomes, particularly with certain types of clients. Efforts to develop empirically derived risk management strategies for clinicians confronted with STHB should integrate contextual variables, such as client personality and motivation.

Resilient Design and Operation of Cyber Physical Systems with Emphasis on Unmanned Autonomous Systems

Autonomy and autonomous systems are occupying central stage in the research community, as autonomous vehicles are proliferating and their utility in all aspects of the military and civilian domains are increasing exponentially from one year to the next. The development and application of resiliency and safety technologies to autonomous systems is, unfortunately, not keeping pace with their growth rate. Several factors impede the deployment and adoption of autonomous systems. Among them is the absence of an adequately high level of autonomy that can be relied upon, significant challenges in the area of human-machine interface requiring significant human intervention to operate and interpret sensor data, the need for emerging machine learning technologies and, most importantly, the resilient design and operation of complex systems to assure their safety, reliability and availability when executing missions in unstructured and cluttered environments. Recent advances in resiliency and safety of complex engineered systems have focused on methods/tools to tradeoff system performance for increased time to failure aiming at mission completion or trial and error methods to arrive at a suboptimal policy for system self-organization in the presence of a failure mode. This paper introduces a novel framework for the resilient design and operation of such complex systems via self-organization and control reconfiguration strategies that avoid empirical trial and error techniques and may be implemented and perform in real time on-platform. The main theme is summarized as: “a healthy and resilient system is a safe system”. To accomplish this objective, we introduce an integrated and rigorous approach to resilient design while safety considerations ascertain that the targeted system is contained within a safe envelope. A resilient system is robustly and flexibly monitoring its internal and external environment, it can detect and anticipate disturbances that may affect its operational integrity and take appropriate action to compensate for the disturbance. Resilience enhances safety while improving risk factors and assures that vehicles subjected to extreme disturbances remain within their safe envelope. The enabling technologies begin with graph spectral and epidemic spreading modeling tools to represent the system behaviors under normal and faulty conditions; a Markov Decision Process is the basic self-organization module. We are introducing a novel approach to fault-tolerance by considering the impacts of severe fault modes on system performance as inputs to a Reinforcement Learning (RL) strategy that trades off system performance with control activity in order to extend the Remaining Useful Life (RUL) of the unmanned system. Performance metrics are defined and assist in the algorithmic developments and their validation. We pursue an integrated and verifiable methodology to safety assurance that enables the evaluation of the effectiveness of risk management strategies. Several unmanned autonomous systems are used for demonstration purposes.

Does Liquidity Risk Explain the Time-Variation in Asset Correlations? Evidence from Stocks, Bonds and Commodities

The time-variation in asset correlations have broad implications in asset pricing, portfolio management and hedging. Numerous studies in the literature have found that the change in correlations is mainly related to the magnitude of market movements, hence volatility. However, recent research finds that the size of markets fluctuations is not necessarily the primary driver for the time-variation in correlations, but that the effect of market movements is amplified in times of high financial distress, characterised by low liquidity. This paper seeks to investigate the effect of liquidity on time-varying correlations among different asset classes, namely stocks, corporate bonds and commodities. Our findings show that liquidity indeed has a significant effect on the time-variation in asset correlations, particularly in the case of how bond returns comove with other asset classes. We observe that higher liquidity risk is associated with lower correlation of bond returns with stocks as well as commodities. Our findings suggest that measures of liquidity risk can improve models of correlations; and potentially help improve the effectiveness of risk management strategies during periods of financial distress.

Does Liquidity Risk Explain the Time-Variation in Asset Correlations? Evidence from Stocks, Bonds and Commodities

The time-variation in asset correlations have broad implications in asset pricing, portfolio management and hedging. Numerous studies in the literature have found that the change in correlations is mainly related to the magnitude of market movements, hence volatility. However, recent research finds that the size of markets fluctuations is not necessarily the primary driver for the time-variation in correlations, but that the effect of market movements is amplified in times of high financial distress, characterised by low liquidity. This paper seeks to investigate the effect of liquidity on time-varying correlations among different asset classes, namely stocks, corporate bonds and commodities. Our findings show that liquidity indeed has a significant effect on the time-variation in asset correlations, particularly in the case of how bond returns comove with other asset classes. We observe that higher liquidity risk is associated with lower correlation of bond returns with stocks as well as commodities. Our findings suggest that measures of liquidity risk can improve models of correlations; and potentially help improve the effectiveness of risk management strategies during periods of financial distress.

The moderating impact of supply network topology on the effectiveness of risk management

While supply chain risk management offers a rich toolset for dealing with risk at the dyadic level, less attention has been given to the effectiveness of risk management in complex supply networks. We bridge this gap by building an agent based model to explore the relationship between topological characteristics of complex supply networks and their ability to recover through inventory mitigation and contingent rerouting. We simulate upstream supply networks, where each agent represents a supplier. Suppliers' connectivity patterns are generated through random and preferential attachment models. Each supplier manages its inventory using an anchor-and-adjust ordering policy. We then randomly disrupt suppliers and observe how different topologies recover when risk management strategies are applied. Our results show that topology has a moderating effect on the effectiveness of risk management strategies. Scale-free supply networks generate lower costs, have higher fill-rates, and need less inventory to recover when exposed to random disruptions than random networks. Random networks need significantly more inventory distributed across the network to achieve the same fill rates as scale-free networks. Inventory mitigation improves fill-rate more than contingent rerouting regardless of network topology. Contingent rerouting is not effective for scale-free networks due to the low number of alternative suppliers, particularly for short-lasting disruptions. We also find that applying inventory mitigation to the most disrupted suppliers is only effective when the network is exposed to frequent disruptions; and not cost effective otherwise. Our work contributes to the emerging field of research on the relationship between complex supply network topology and resilience.

Failures in sprouts-related risk communication

Nutritional and perceived health benefits have contributed to the increasing popularity of raw sprouted seed products. In the past two decades, sprouted seeds have been a recurring food safety concern, with at least 55 documented foodborne outbreaks affecting more than 15,000 people. A compilation of selected publications was used to yield an analysis of the evolving safety and risk communication related to raw sprouts, including microbiological safety, efforts to improve production practices, and effectiveness of communication prior to, during, and after sprout-related outbreaks. Scientific investigation and media coverage of sprout-related outbreaks has led to improved production guidelines and public health enforcement actions, yet continued outbreaks call into question the effectiveness of risk management strategies and producer compliance. Raw sprouts remain a high-risk product and avoidance or thorough cooking are the only ways that consumers can reduce risk; even thorough cooking messages fail to acknowledge the risk of cross-contamination. Risk communication messages have been inconsistent over time with Canadian and U.S. governments finally aligning their messages in the past five years, telling consumers to avoid sprouts. Yet consumer and industry awareness of risk remains low. To minimize health risks linked to the consumption of sprout products, local and national public health agencies, restaurants, retailers and producers need validated, consistent and repeated risk messaging through a variety of sources.

Reducing failures in software development projects: effectiveness of risk mitigation strategies

Risks as uncertain conditions with negative consequences on a software project could increase the failure rate of a project if it is ignored. To identify the effectiveness of risk management strategies, a questionnaire survey among over 1000 software professionals was conducted. Post Hoc Multiple Comparison Test and Kendal’s non-parametric test were employed to analyse risk mitigation strategies in terms of effectiveness in reducing time and cost overruns. Findings reveal risk mitigation strategies related to the technical part are not as efficient as that in the managerial part such as the users’ involvement and commitment in reducing time and cost overruns.

Risk mitigation strategies for software development projects: Professional perspectives

The success of software development projects relies on how risks are managed. There is a lack of understanding on the effectiveness of risk mitigating strategies for managing software development projects. In a questionnaire survey conducted among 324 IT professionals, the effectiveness of risk management strategies was explored. The statistical method of variance technique (ANOVA) was used to analyse risk mitigation strategies in terms of their effectiveness in reducing time and cost overruns. Findings reveal that risk mitigation strategies related to the technical part are not as efficient as that in the managerial part such as the users’ involvement and commitment in reducing time and cost overruns. Results from this study could help increase the chances of success, achieve project cost and time objectives, and reduce project risks in software development projects. Key words: Risk mitigation, software development, IT business, risk management.

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

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 about price and performance risk have significant effects on interest in further education about production contracts, futures and options, packer marketing contracts, and financial management.

Analysis of Beef Producers' Risk Management Perceptions and Desire for Further Risk Management Education

Beef cattle producers were surveyed in Texas and Nebraska to investigate perceptions of sources of risk, the effectiveness of risk management strategies, and interest in further risk management education, particularly production risk, using probit analysis. Important decision variables identified are age, prior use of risk management tools, previous attendances of risk management education, and risk aversion. Severe drought and cattle price variability are identified as primary risk factors with potential to affect farm income. Extremely cold weather and disease are of less importance. Understocking pasture and storing hay are perceived most effective as risk management options.