Risk Identification Framework Research Articles

Toward a supply chain risk identification and filtering framework using systems theory

PurposeThe purpose of the paper is to develop a methodological framework for supply chain risk management using the hierarchical holographic modeling approach. It analyses supply chain risks in a systematic manner and develops a hierarchical methodology for identifying, prioritizing and managing the potential supply chain risks.Design/methodology/approachThis research reviews supply chain risk management literature and develops a conceptual framework, which outlines general principles and guidelines for managing risks in a systematic manner. Through decomposition, the complexity of supply chain risk can be identified by analyzing smaller subsystems.FindingsThe paper provides a conceptual framework to identify supply chain risks from multiple overlapping perspectives. The structured filtering and ranking procedure enables decision-makers to focus on the most critical risks. The research shows that the supply chain risks associated with the sub-systems within the hierarchical structure contribute to and ultimately determine the risks of the overall supply chain system.Research limitations/implicationsThe risks associated with each sub system within the hierarchical structure can contribute to and determine the risks of the overall supply chain system. Further applications in various companies and industry sectors would benefit supply chain managers on a case-by-case basis.Practical implicationsThe hierarchical risk identification framework can serve as guidance for applications to specific supply chain systems and processes. The framework from a holistic overlapping perspective can efficiently and effectively help supply chain managers identify supply chain risks and facilitate the evaluation of the subsystem risks.Originality/valueThe paper applies system thinking in supply chain management and presents an efficient and practical framework for supply chain risk identification and evaluation.

Risk identification framework in construction of Egyptian mega housing projects

Egypt's population is increasing and expected to exceed 120 million by 2050. Egypt constructed mega housing projects (M.H.P) to cater with that escalation in population. The Egyptian strategy 2030 prioritized the construction of M.H.P. Contractors’ in Egypt have struggled to manage construction risks and deliver housing projects successfully. The aim of the paper is to develop a conceptual risk identification framework to improve contractors’ risk identification practices during the construction of mega housing projects in Egypt. The objectives of the paper are to analyse risk management practices in Egyptian M.H.P and to develop a risk identification framework (CRIF). The paper reviewed the literature of identified risks in construction of mega projects. Through a constructivism paradigm, the paper adopted the interview technique and allocated contractors’ recent risk practice. Qualitative risk information is analysed using NVivo tool for qualitative analysis. The paper used the ISO 31,000 as a backdrop to design a conceptual risk identification framework (CRIF), and a computerized risk identification database (CRID) using visual basic programming. The paper further produced generic guidelines to support the use of the CRIF during construction of M.H.P. Availability of resources, poor financial status, and weak technical training were the most common risks in construction of mega projects worldwide. The paper presented a risk breakdown structure (R.B.S) that included M.H.P common opportunities and challenges in Egypt. Egypt’s main challenges in construction of M.H.P included Management of Resources, Project Management, and Cash flow issues. The CRIF guides contractors’ in Egypt to improve risk knowledge, and management. The CRID improves the management of identified risks by providing a database for future M.H.P. The guidelines support contractors’ in using the conceptual risk identification framework. The paper updates risk identification process by adding multidisciplinary risk elements including risk communication, risk knowledge, and considering the context in building frameworks. The paper enhances contractors’ capability in management and identification of risks in construction of M.H.P. The paper allowed researchers to manage challenges and opportunities in construction of mega housing project in Egypt.

Determination and Metrics for Emerging Risks Identification DEMETER: Final Report

Identification of emerging risks in the food chain is essential if EFSA is to anticipate future needs in risk assessment, in relation to both data and methodology. The objectives and research proposed in the DEMETER project were specifically designed to support current (and future) EFSA procedures for emerging issue and risks identification by providing community resourcesto allow EFSA and EU Member State authorities to share data, knowledge and methods on emerging risks identification in a rapid and effective manner through a digital platform. To this end, an “Emerging Risk Knowledge Exchange Platform (ERKEP)” was developed as a prototype technical solution. Its design is based on a consultation on end‐users needs and the analysis of existing knowledge sharing solutions. ERKEP consists of three main components: 1) A content management system (CMS) providing the end‐user's “entry point” and Graphical User Interface (GUI) to ERKEP; 2) A web‐based data analytics platform (DAP) for sharing and executing data analytics workflows (DAWs), based on the KNIME Server infrastructure; 3) External web‐based services hosted by 3rd party service providers. Different DAWs were developed and added to the platform, these are: 1) Emerging risk identification system for the milk supply chain based on automated data retrieval; 2) NewsRadar; 3)Trending topics in news based on text mining and network analysis, and;4) Patent network analysis. Methodologies were identified to integrate social science information and data, into the emerging risk identification framework. Systematic reviews of the literature wereconducted in the areas of expert elicitation, citizen science, and behavioural science and a framework to incorporate data from Citizen Science into the EKREP platform was proposed. Finally, sustainability and maintenance of the project's outputs were conceptualized to enable use thereof beyond project DEMETER.

Framework for Risk Identification of Renewable Energy Projects Using Fuzzy Case-Based Reasoning

Construction projects are highly risk-prone due to both internal factors (e.g., organizational, contractual, project, etc.) and external factors (e.g., environmental, economic, political, etc.). Construction risks can thus have a direct or indirect impact on project objectives, such as cost, time, safety, and quality. Identification of these risks is crucial in order to fulfill project objectives. Many tools and techniques have been proposed for risk identification, including literature review, questionnaire surveys, and expert interviews. However, the majority of these approaches are highly reliant on expert knowledge or prior knowledge of the project. Therefore, the application of such tools and techniques in risk identification for renewable energy projects (e.g., wind farm and solar power plant projects) is challenging due to their novelty and the limited availability of historical data or literature. This paper addresses these challenges by introducing a new risk identification framework for renewable energy projects, which combines case-based reasoning (CBR) with fuzzy logic. CBR helps to solve problems related to novel projects (e.g., renewable energy projects) based on their similarities to existing, well-studied projects (e.g., conventional energy projects). CBR addresses the issue of data scarcity by comparing novel types of construction projects to other well-studied project types and using the similarities between these two sets of projects to solve the different problems associated with novel types of construction projects, such as risk identification of renewable energy projects. Moreover, the integration of fuzzy logic with CBR, to develop fuzzy case-based reasoning (FCBR), increases the applicability of CBR in construction by capturing the subjective uncertainty that exists in construction-related problems. The applicability of the proposed framework was tested on a case study of an onshore wind farm project. The objectives of this paper are to introduce a novel framework for risk identification of renewable energy projects and to identify the risks associated with the construction of onshore wind farm projects at the work package level. The results of this paper will help to improve the risk management of renewable energy projects during the construction phase.

A novel framework for regional collision risk identification based on AIS data

Identification of regional collision risk in water area is of significance for the safety of navigation. However, traditional risk identification models are subject to the limitations in accuracy, short-term identification and traffic characteristics. Herein, a framework was put forward to identify regional collision risk instantaneously based on AIS data. The vessels were clustered by using the spatial clustering method. Afterwards, the framework was divided into two steps. Firstly, collision risk of each cluster was obtained by collision risk and contribution of the vessels within the cluster. An analytical method was adopted to identify collision risk of each vessel from the perspective of vessel pairs. Contribution of each vessel was determined by using improved Shapley value method in game theory. Secondly, regional collision risk was obtained by collision risk and contribution of each cluster. Case studies were carried out based on the AIS data of Northern Yellow Sea in China to validate the validity of the proposed framework. The results show that the proposed framework can effectively identify collision risk in water area, presenting the potential for collision risk monitoring and collision risk analysis of water area.

A proactive operational risk identification and analysis framework based on the integration of ACAT and FRAM

Risks in the industrial operation processes involve complex system elements such as human, machine, organization, information, as well as nonlinear coupling relationships among them. Traditional risk analysis methods focus on the cause-effect relationships between the system elements and accidents, while ignoring what the correct and proper relationships should be. For a proactive risk identification and analysis, learning from success is suggested instead of learning from post hoc accidents, which requires that risk analysis identifies the normal functions and their couplings. Therefore, system functioning has been a subject of interest in the field of risk analysis. The Functional Resonance Analysis Method (FRAM) has been an effective tool to reveal the couplings and dependent relationships among different functions. However, the functions identification and interaction analysis in the FRAM is limited because there is no consistent or explicit stop rule. For a detailed and rigorous description of functions, the Accident Causation Analysis and Taxonomy (ACAT) model is used to enrich the FRAM by generating functions based on a closed-loop control system. Two operation processes in the hazardous industries are used as illustrations. The results show that more functional constraints and deep contributing factors to accidents can be identified with the hybrid approach.

A framework for enterprise risk identification and management: the resource-based view

PurposeThis study aims to examine the factors influencing enterprise risk management and propose a framework for identifying and explaining the components of enterprise risk management. To enable broader analytical thinking about risk factors, the framework utilizes the resource-based theory to link various classes of risks to an extended set of organizational resources.Design/methodology/approachThe paper opted for an exploratory study using a sample from an online survey. The survey subjects were recruited from the membership database of the American Institute of Certified Public Accountants, focusing primarily on CFOs. The survey consisted of six sections: demographics, a section on each of the four risk types included in ERM: strategic risk, operational risk, financial risk and hazard risk, and exit questions (where very general questions about ERM were asked). The survey yielded a data set of 227 valid responses.FindingsUsing the associated sample survey data, the paper provides empirical validation of the proposed framework that managers in any organizations could use to identify and manage risks.Research limitations/implicationsThe proposed model does have limitations that predominantly exist from the fact that human judgment in decision-making is not always data-driven, and hence, a proper risk exposure could be ignored based on pure arguments of cost and benefits from domain experts. Therefore, researchers and practitioners are encouraged to test the proposed framework further.Practical implicationsRisk exposure is not a snapshot event in an organization’s time horizon. Rather, risk identification is an ongoing process and the proposed framework allows organizations to handle increasing complex risks and/or identifying them based on how the organizational resources may be exposed over time. Managers could use a form of risk control analytics (monitoring dashboard of all identified risks under each interaction sets on a regular basis) to become more proactive in managing risk or exploiting opportunities across enterprise.Originality/valueThis paper fulfills an identified need to study how enterprise risks exposure can be proactively assessed and managed.

Applying Text-mining Techniques to Global Supply Chain Region Selection: Considering Regional Differences

The concept of the global supply chain is built upon the mindset of competitive advantages, and it results in several benefits to the manufacturing process, such as increasing flexibility and operational cost-down. Nevertheless, there are still plenty of risks differing among different regions or nations under a global supply chain, and this increases the uncertainty of the supply chain and the possibility of disruption. This paper tackles this issue through a text-mining based global supply chain regional risk identification framework that analyzes literature to identify potential regionalglobal supply chain risks in a supplier region selection process. Text mining was implemented to collect and analyze the existing previous studies related to regional-related global supply chain risks. The results of text mining are represented in a document-term matrix that can further calculate the term-frequency (TF) and term frequency-inverse document frequency (TF-IDF) for the correlation analysis of terms related to supply chain risks. Those indicators provided information about whether the term-related content is vital in the studied literature, and further identified potential regional risk factors. A total of eight regional risk factors were extracted and organized. The proposed framework can objectively analyze geographical differences and provide enterprises with a global supply chain with intuitive guidance on region selection.

Design for patient safety: a systems-based risk identification framework

Current risk identification practices applied to patient safety in healthcare are insufficient. The situation can be improved, however, by studying systems approaches broadly and successfully utilised in other safety-critical industries, such as aviation and chemical industries. To illustrate this, this paper first investigates current risk identification practices in the healthcare field, and then examines the potential of systems approaches. A systems-based approach, called the Risk Identification Framework (RID Framework), is then developed to enhance improvement in risk identification. Demonstrating the strengths of using multiple inputs and methods, the RID Framework helps to facilitate the proactive identification of new risks. In this study, the potential value of the RID Framework is discussed by examining its application and evaluation, as conducted in a real-world healthcare setting. Both the application and evaluation of the RID Framework indicate positive results, as well as the need for further research.Practitioner Summary: The findings in this study provide insights into how to make a better amalgamation of risk identification inputs to the safer design and more proactive risk management of healthcare delivery systems, which have been an increasing research interest amongst human factor professionals and ergonomists.

RISK ANALYSIS FRAMEWORK FOR INNOVATIVE PROCESSES IN TRANSPORT

The paper deals with the problem of risk identification in transport related innovative processes. While transport innovations can be both technology and process driven, the common feature is their unpredictable character. Inventions are not always rapidly introduced into transport systems, nor are they willingly accepted by users. While analysis of different risk sources associated with the innovations which have been introduced in recent years or which are in development for different modes of transport is conducted the risks which accompany them are identified. The framework for risk capturing in those transport innovative processes is proposed, helping in proper risk identification for the purposes of transport innovative process managers. The risks are distributed in accordance with the principle of three transmission channels: risks impacting the cost, time and acceptance of transport innovations. Then, traditional risk classifications are clustered into this new framework. The overall result is a risk identification framework which could be used by transport innovators and which is capable of accounting for the transport sector specificity.

The risk management of perishable supply chain based on coloured Petri Net modeling

The supply chain of perishable products is a combination of information organization, sharing and integration. The information modeling of supply chain is constructed to abstract key quality information including environment information, processing procedures and product quality assessments based on principle of quality safety factors and property of decay rate. The coloured Petri Net is applied for integrated description of independent information classification, aiming at risk identification and risk management framework. Well, according to the quality deterioration tendency, risk grades management and decision-making system are established. Practically, the circulation system of aquatic products is studied in this paper for full processing description. The simulation experiments are manipulated on environmental information, processing information and product quality information by the coloured Petri Net. Eventually, the conclusion turns out precisely as such that the coloured Petri Net conclusive for information classification and information transmission while integrated information management is available of efficient risk identification and decision-making system in supply chain of perishable products. Meanwhile, the validity of evaluating management and shelf-life estimation of perishable products are technically feasible.

Facilitating the discovery of relevant studies on risk analysis for three-dimensional printing based on an integrated framework

In an accurate and timely manner, capturing the risk signals for a specific emerging technology from academic publications is important to facilitate risk governance and to reduce the potential negative impact on socioeconomic systems. In the past decade, three-dimensional printing (3D printing) has become a promising emerging technology. To identify the relevant research on risk analysis for 3D printing, “term clumping” on “risk analysis” is explored using a quantitative method, and an integrated framework for risk identification is proposed with regard to 3D printing. This method involves a variation of TF*IDF and several new metrics for a Boolean query of the literature. The empirical results for the risk analysis studies of 3D printing show that, to date, very little attention has been paid to the relevant topics. However, although the risk signals of 3D printing are still weak and dispersed in many different categories, the potential threats to human health, cyber-security, and the environment are revealed in some facets. This enables initiation of strategies for anticipatory governance, involving science and technology policies and regulations.

EFFECT OF RISK EVALUATION ON PERFORMANCE OF FINANCIAL INSTITUTIONS

Purpose: The purpose of the study was to determine the effect of risk evaluation on performance of financial institutions.Methodology: The study used explanatory research design. The study used stratified random sampling to select respondents from target population comprising of managers of 46 commercial banks, 52 Micro Finance institutions (MFIs) and 200 SACCOs and a sample size of 239 respondents obtained. Data was collected using questionnaires. Descriptive statistics was presented, while inferential statistics was done using Pearson product moment correlation.Results: There was a positive influence of risk evaluation [r = .813, p<.05] on the performance of financial institutions was obtained. The risk evaluation positively influenced the performance of financial institutions. The risk evaluation had positive relationship with performance of financial institutions (P<0.05). The null hypothesis HO3 stating that there is no significant effect of risk evaluation on performance of financial institutions was rejected. This indicates that for each increase in the risk evaluation, there is 0.821 increase in performance of financial institutions.Unique contribution to theory, practice and policy: The study has established the importance of ownership structure as a system of corporate governance that significantly moderates the relationship between risk management practices and performance of financial institutions can exploit various risk management practices identification, analysis, evaluation and monitoring should be enhanced so as to bring efficiency in the performance of financial institutions. These may be achieved through establishment and implementation of risk identification, analysis, evaluation and monitoring policy framework which will significantly influence performance of financial institutions and enhance shareholder capabilities to evaluate all risks that can hinder the financial institutions from achieving their set objectives

EFFECT OF OWNERSHIP STRUCTURE ON THE RELATIONSHIP BETWEEN RISK MANAGEMENT PRACTICES AND FINANCIAL PERFORMANCE OF FINANCIAL INSTITUTIONS IN KENYA

Purpose: The purpose of the study was to determine the effects of ownership structure on the relationship between risk management practices and performance of financial institutions.Methodology: The study used explanatory research design. The study used stratified random sampling to select respondents from target population comprising of managers of 46 commercial banks, 52 Micro Finance institutions (MFIs) and 200 SACCOs and a sample size of 239 respondents obtained. Data was collected using questionnaires. Descriptive statistics was presented, while inferential statistics was done using Pearson product moment correlation.Results: The findings indicated that the risk management practices (identification, analysis, evaluation and monitoring) influence the performance of financial institutions.Unique contribution to theory, practice and policy: The study has established the importance of ownership structure as a system of corporate governance that significantly moderates the relationship between risk management practices and performance of financial institutions can exploit various risk management practices identification, analysis, evaluation and monitoring should be enhanced so as to bring efficiency in the performance of financial institutions. These may be achieved through establishment and implementation of risk identification, analysis, evaluation and monitoring policy framework which will significantly influence performance of financial institutions and enhance shareholder capabilities to identify, analyse, evaluate and monitor all risks that can hinder the financial institutions from achieving their set objectives.

Information Security Risk Assessment: A Method Comparison

Numerous methods for information security risk assessment (ISRA) are available, yet there is little guidance on how to choose one. Through a comprehensive risk identification, estimation, and evaluation framework, the author evaluates the practical application of three ISRA methods in terms of tasks required, user experience, and results.

A framework for accident reduction and risk identification and assessment in Saudi Arabia

Purpose – The purpose of this paper is to propose a framework methodology for the assessment and improving accident data collection and analysis in the Kingdom of Saudi Arabia (KSA). Design/methodology/approach – A proposed framework methodology for accident reduction by an integrated process which includes a risk identification, assessment and reduction process is proposed for Tabuk city in KSA. Findings – Tabuk city has a high accident rate. The proposed framework can improve the process of accident data collection and analysis and identify hot spot locations and accident severity. Originality/value – It has been estimated that the annual cost of traffic accidents in Saudi Arabia exceeds six billion US dollars, in addition to other social, health and economic impacts, such as disability, rehabilitation and unemployment due to traffic accident injuries. There are not many studies, if any, in Tabuk in KSA on the investigation and development of a framework for accident reduction.

Risk Identification and Assessment in PPP Infrastructure Projects using Fuzzy Analytical Hierarchy Process and Life-Cycle Methodology

To fulfil the increasing demands of the public,Public Private Partnership (PPP) has beenincreasingly used to procure infrastructureprojects, such as motor ways, bridges, tunnelsand railways. However, the risks involved inPPP projects are unique and dynamic due tolarge amount of investment and longconcession period. This paper aims to developa risk identification framework from theperspectives of project life cycle, and anassessment framework for risks associatedwith PPP project using fuzzy analyticalhierarchy process (AHP). First the paperreviews the current literature to identifycommon risks in PPP infrastructure projectsand classification methods used. The risksidentified from the literature were classifiedusing project life cycle perspectives. Followingthat, the paper presents the advantages offuzzy AHP. Furthermore, the paper provides aframework for assessment of risks in PPPprojects followed by an illustrative examplewhere the data was obtained from surveyquestionnaires. The paper concludes that risksassociated in PPP infrastructure projects areunique and therefore it is beneficial to classifythem from project life cycle perspectives, andthe proposed fuzzy AHP method is suitable forthe assessment of these risks.

China Urban Housing Reverse Mortgage Loan Risk and its Countermeasures

the paper first from the present the trend of aging, expounds the main concept of this paper and involved in the background and significance, for housing reverse mortgage loan introduces connotation above thus puts forward to the borrower risk identification framework, the life expectancy, future housing value fluctuation, loan interest and so on various risk factors, and the correlation analysis of its generating mechanism analysis. Meanwhile to prevent these risks were expounded. Finally, in housing reverse mortgage loan theory research and risk research put forward, based on the practice in housing reverse mortgage loan risk management some concrete measures and Suggestions.

Six Sigma based Risk Identification and Mitigation Framework for Projects Execution

Six Sigma being a project management methodology is used in the industries and corporate sectors to substantiate goal of near perfection in process implementation and execution. It is based on the impetus of Plan-Do-Check-Act and has myriads of applications in numerous organizational and business processes to attain significant performance improvement in different industrial and corporate sectors including the IT sector. Despite realization of profuse maturity in many business processes, Six Sigma still lacks across-theboard framework for effective risk management because root cause analysis (RCA) is still the primary and principal technique used for handling risks in this methodology. In this paper, we have attempted to put forward a risk identification framework in order to improve quality and productivity of Six Sigma projects, particularly the IT development projects. The study also encompasses an abridged overview of the current methods being practiced for risk identification in Six Sigma. Our proposed model enlist a number of hypotheses for validation purposes and is duly evaluated and analyzed viz-Ã -viz DMAIC and DMADV approaches to make it compatible with QFD, FMEA and PMBOK requirements.

The Empirical Identification and Analysis of Key Risk Factors of Inventory Financing

Considering that there lacks study on the empirical identification and analysis of key risk factors of inventory financing, this paper uses SPSS to analyze the reliability and the validity of research data, revising the original index variables and sorting out the main risk factors, and finally establishing an ideal risk evaluation index system. The results of this paper provided a new research framework for risk identification of inventory financing.