Holistic Risk Management Research Articles

Integration of GRC and ESG in Hospital Risk Management and Its Impact On Sustainability

Hospitals face complex and evolving risks as regulations, patient expectations and operational challenges change. Integration of Governance, Risk, and Compliance (GRC) and Environmental, Social, and Governance (ESG) is important to ensure holistic risk management and hospital sustainability. This study aims to analyze the concept of GRC and ESG integration in hospital risk management. This study used qualitative research methods. The data collection technique in this research is literature study. The data that has been collected is then analyzed in three stages, namely data reduction, data presentation and drawing conclusions. The research results show that GRC and ESG in hospital risk management have a significant impact on operational sustainability. GRC ensures that hospitals have a strong framework for managing governance, risk and compliance, which is important for maintaining operational stability and avoiding legal issues. ESG, on the other hand, emphasizes the importance of environmental, social and governance responsibilities in the day-to-day operations of hospitals. So by integrating GRC and ESG, hospitals can identify and manage risks more comprehensively, from compliance with health regulations to the environmental and social impacts of operations.

Analysis of the List of Risks Affecting the Verification of Measuring Instruments

The purpose of this study is to identify and analyze the risks accompanying the process of verification of measuring instruments in metrological services. Risks are analyzed within the framework of a holistic risk and opportunity management system aimed at identifying and managing potential threats and opportunities affecting the achievement of the ultimate goals of the organization. Risk is defined as a possible negative event that could affect project performance and is evaluated by probability of occurrence and possible consequences. The objectives of risk and opportunity management are aimed at ensuring the achievement of the capabilities of the metrology service under conditions of uncertainty. Effective risk assessment of the process of verification of measuring instruments requires a comprehensive approach. In this regard, in the course of the study the regulatory framework was considered, regulating activities in the field of ensuring the uniformity of measurements, identified internal and external environmental factors affecting the process of verification of measuring instruments, identified stakeholders in the field of metrology services. Procedures for risk identification, analysis, assessment and management have been developed within the system. The list of typical risks and opportunities in the process of verification of measuring instruments in the relationship with environmental factors and possible consequences for the organization is compiled. The developed list of potential risks and opportunities is typical for the process of verification of measuring instruments and therefore can be recommended to employees of metrological services of enterprises. With its help it is possible to assess in advance the potential risks and opportunities in the metrological field and to achieve a more effective result by minimizing the negative consequences.

Information Technology Governance Between Iso 38500, Risk It and Val It in Private University

This study explores the application of the ISO 38500, Risk IT, and Val IT frameworks in improving IT governance at the university. ISO 38500 provides general guidance for IT management by boards of directors, while Risk IT focuses on IT risk management and Val IT focuses on managing the value of IT investments. Qualitative research methods were used, including interviews with key stakeholders at Pamulang University. The research results show that the integration of the ISO 38500, Risk IT, and Val IT frameworks has helped universities optimize strategic decision-making regarding IT. Implementation of this framework increases transparency, accountability and holistic IT risk management across the university. However, challenges faced include a lack of deep understanding of the framework and the need to ensure consistency in implementation. Recommendations for the university include more intensive training for staff, strengthening communication between different units, and developing performance metrics that align with the university's strategic goals. This research makes an important contribution to the practical understanding of implementing effective IT governance in higher education environments, by highlighting the benefits and challenges of integrating the ISO 38500, Risk IT, and Val IT frameworks.

Integrating Dimensions in Predictive Risk Models for Construction Projects

Abstract This review explores the evolution of predictive risk models in construction, emphasizing the integration of key dimensions—quality, safety, schedule delay, cost overrun, and environmental risk. Synthesizing diverse literature, it highlights findings, methodologies, and implications. From a historical perspective, it outlines criteria and search strategies, addressing limitations. Thematic sections delve into individual risk dimensions, and cross-theme analysis identifies overarching trends. Methodological approaches are scrutinized, challenges and controversies are discussed, and future directions suggest areas for exploration. In conclusion, the paper advances holistic risk management, aiding researchers, practitioners, and stakeholders in construction project risk assessment.

Business insurance in holistic risk management in agriculture (UBROL project) – review and dispute

Business insurance in holistic risk management in agriculture (UBROL project) – review and dispute

Harnessing fuzzy logic for building structural health during large diameter tunnelling in urban area

Building structural health is constantly jeopardized by tunnel construction, which thus is in a sustained demand for holistic risk assessment and management approaches. In this study, we propose an enhanced consulting fuzzy model with limited information losses to evaluate the static and dynamic risks of building health deterioration during tunnelling. The model integrates three main strategies including, (i) reducing influence of experts’ bias in the ranking processes; (ii) expanding the space of uncertainties in fuzzy environment, and (iii) controlling risk aversion settings through the prospect theory. The construction of the largest diameter (15.3 m) tunnel in China is adopted as a case study to demonstrate the application of the proposed model in assessing the risk statuses of surrounding buildings. Through the proposed model, the risk index can indicate beneficial or detrimental effects of tunnelling and the degree of risk factors delineates priority actions for risk management. The results enable the development of operational risk abatement procedures to enhance the state of practice of large diameter tunnel construction in complex geological conditions.

Big data-driven risk decision-making and safety management in agricultural supply chains

In the era of digitization, the integration of big data technologies has become instrumental in advancing agricultural supply chain management and bolstering risk decision-making processes. Agricultural supply chains, critical to ensuring food security and bolstering rural economies, face vulnerabilities stemming from a myriad of internal and external elements, including natural disasters and market dynamics. Consequently, the urgency to adopt effective risk management strategies is paramount. Contemporary studies have explored the utilization of big data in decision-making processes specific to agricultural supply chain risks, predominantly concentrating on preliminary risk prediction and characterization. Nonetheless, there exists a shortfall in comprehensively analyzing the intricate interplay among risk factors and establishing a holistic risk management decision-making framework based on such analyses. This research addresses these deficiencies through two principal investigative components. First, this research explores the analysis of risk factors and their interrelationships in the agricultural supply chain based on a decision tree algorithm with a transition structure. This algorithm enhances decision-makers’ understanding of risk factors and their interrelationships, and guide the implementation of effective risk mitigation measures and the formulation of contingency plans. Subsequently, the research constructs a corresponding data-driven multi-criteria decision-making method, assisting managers in balancing different risk management strategies in a volatile supply chain environment, considering costs, benefits, and feasibility to formulate the optimal strategy. The innovation of this research lies in the development of a novel risk analysis tool based on the transition decision tree algorithm. This is the first time that such advanced algorithms are applied to agricultural supply chain risk management, filling a gap in the current research. The outcomes of this study not only contribute to enhancing risk management practices within agricultural supply chains but also offer novel insights and methodological tools that are applicable in research and practices across related domains.

The City of Penticton’s comprehensive approach to wildfire risk reduction

From 2017 to 2023, British Columbians experienced four record-breaking wildfire seasons, resulting in reduced air quality, mass evacuations and the destruction of homes, properties and livelihoods. Wildfire risk reduction is vital to breaking the sequence of disaster that has befallen such communities as Kelowna, BC in 2003, Ft. McMurray, AB in 2016, and Lytton, BC in 2021. As the City of Penticton (‘the City’) is located in a wildfire-prone environment, its Fire Department, FireSmart Team and Emergency Program have worked closely together to facilitate a proactive and comprehensive approach towards reducing the impacts of wildfire on Penticton’s neighbourhoods, businesses and residents through a variety of wildfire mitigation initiatives. This paper discusses the City’s efforts to achieve a holistic wildfire risk management plan through alignment with the seven disciplines of FireSmart and the four pillars of emergency management, namely: the use of education; land use planning and development considerations; vegetation management; emergency planning; and cross training and interagency cooperation. The paper describes the challenges the City has faced, as well its successes, and provides recommendations to help other local authorities reduce the risk of wildfire in their communities.

Integrating Quantitative and Qualitative Risk Assessment Models for Mega Infrastructure Ventures

This research paper delves into the critical domain of risk assessment for mega infrastructure ventures by proposing and evaluating an integrated approach that harmoniously combines quantitative and qualitative models. The study recognizes the multifaceted nature of risks in large-scale projects and addresses the limitations of singular assessment methodologies. Through an exhaustive literature review, the paper establishes the necessity of a holistic risk management strategy and outlines the methodology for integrating both quantitative and qualitative models. Drawing upon real-world case studies, the paper demonstrates the application of the proposed approach in diverse mega infrastructure settings. Results indicate a synergistic effect, offering a comprehensive understanding of risks that traditional methods might overlook. The integrated model not only enhances the accuracy and reliability of risk assessments but also provides valuable insights for effective decision-making. This innovative approach contributes to the advancement of risk management practices in the field, providing a solid foundation for future research and practical applications in the realm of mega infrastructure development. Keywords: Risk Integration, Holistic Risk Management, Mega Infrastructure Projects, Quantitative Metrics, Qualitative Factors, Decision Support Systems.

Holistic Cybersecurity Risk Management Framework

Holistic Cybersecurity Risk Management Framework

Holistic Cybersecurity Risk Management Framework

Holistic Cybersecurity Risk Management Framework

Assessing the Impact of Unmanned Aerial Systems on Project Site Safety and Accessibility: A Comprehensive Study

The construction industry, responsible for shaping the modern world through iconic structures and critical infrastructure, faces a troubling challenge – a high frequency of occupational accidents. These accidents not only imperil workers’ lives but also impose significant economic and environmental burdens. This paper delves into the multifaceted realm of construction site safety and risk management, with a particular focus on the risks associated with construction project monitoring. It explores existing literature, emphasizing the role of organizational management, worker involvement, safety systems, and cultural factors in fostering a safety-oriented environment. Additionally, it reviews studies from various countries, shedding light on diverse factors affecting construction site safety. Beyond human factors, the paper highlights risk inherent in construction projects, emphasizing the need for proactive risk management. The paper concludes by acknowledging the gravity of construction site accidents and their far-reaching consequences, underscoring the importance of holistic risk management strategies.

The impact of risk management on organizations: A literature review

Events in the early years of the 21st century, such as the Enron and WorldCom scandals and the financial crises, revealed significant deficiencies in existing control processes and the difficulties companies had in structuring robust risk management models. With the advent of COSO ERM, ISO 31000 and the Sarbanes Oxley Act –as the main frameworks for holistic risk management models– the aim was for organizations to improve their ability to achieve their strategic objectives through activities that manage uncertainty and, above all, create and sustain organizational value. The purpose of this paper is to review the research on the effectiveness of risk management in organizations by reviewing the literature in Scopus and Web of Science. This review shows that the research is not conclusive regarding the real impact generated by risk management systems and their contribution to value creation and increase in financial profitability. It also shows that there is an interesting gap for future research, considering that many of the studies that have been carried out have a special emphasis on the financial sector, neglecting other equally important economic sectors.

Selected issues of risk management in livestock production

This article presents the findings of a review study conducted using the snowba l l ing te chnique. Its primary goal is in-depth analysis of six important, in the author’s subjective opinion, issues concerning risk management in livestock production. The starting point for consideration is the observation that livestock farmers are confronted with various risks that can ultimately (when they materialise) impair their economic and financial situation. However, the most serious threat lies in animal diseases and epidemics, which can also adversely affect the states’ budgetary situation, as well as the supply of animal products and their quality and prices. In this context, both farmers and public authorities should have appropriate economic models in place to control animal health and diseases, an overview of which are provided in this article. However, for the models to be used effectively, all stakeholders should, at minimum, have general knowledge of the sources of risks, their perception and the attitudes of agricultural producers themselves towards them, so the article analyses these categories as well. We also present the formal aspect of production and price risk modelling to address, among others, the reasons for the low uptake of traditional insurance in livestock production. Following this, the practical and political recommendation that every country should have a holistic risk management system for livestock rearing and breeding, which is also the main conclusion of the analysis, is reliably documented. Of course, such system should be continuously improved, and it is also highly desirable that it is gradually supported by complex models of system dynamics. Key words: economic models for livestock health and disease control, risk in livestock production, insurance in livestock production, risk management in livestock production

Flood Risk Assessment Focusing on Exposed Social Characteristics in Central Java, Indonesia

This study analyzes Indonesia, a country marked by significant socioeconomic diversity, to inform the development of holistic flood risk management strategies. We examine the relationship between flood-exposed populations and socioeconomic factors at the regency level, particularly in Central Java, using open data encompassing flood-prone areas, topography, population distribution, and socioeconomic indicators. Key findings include population exposure to flooding varies significantly across the 33 regencies and 7 cities, ranging from 1% to 61% in exposure rate. A notable 5.8-fold difference in average income exists among regencies, with income strongly correlating with higher education rates. Similarly, poverty rates correlate with low educational attainment; there was a very large range in the balance between the size of the exposed economy and the number of exposed poor population in each administrative division. Consequently, we propose a classification system that considers social vulnerability due to poverty, low-education, and economic impacts. The map reflecting these classifications is a risk map that facilitates the understanding of the risk characteristics and the relative risk magnitude of each administrative district. Our analysis underscores the importance of adapting flood risk management strategies to local socioeconomic characteristics and suggests the importance of the use of local wisdom.

Systematic Literature Review: Penerapan Manajemen Keselamatan dan Kesehatan Kerja di Puskesmas

The research evaluates the implementation of Occupational Safety and Health (K3) in Indonesian Community Health Centers (Puskesmas), with a focus on risk management, standard preventive measures, and fatal work accidents. Despite efforts to implement an Occupational Safety and Health Management System (SMK3), research shows gaps in the understanding and awareness of Community Health Center officers regarding standard preventive measures. Fatal accidents, such as electric shocks and fires, highlight the need for holistic risk management. Recommendations include regular training, equipment maintenance, and ongoing evaluation to improve OSH practices in these health facilities. These measures support the quality of healthcare and patient safety. This research was conducted using a systematic literature review guided by the PICO Framework to formulate specific and focused research questions. This research shows that careful planning has a key role in the successful implementation of Occupational Safety and Health (K3) in Community Health Centers, with the use of technology such as web-based reporting systems to increase efficiency. Continuous evaluation is an important instrument for identifying successes and challenges in K3 implementation, while external involvement and support is needed to overcome internal and external obstacles. Constraints such as lack of resources are the main focus, but evaluation also opens up opportunities for improvement, especially in the implementation of K3 policies and procedures. Optimizing K3 planning strategies is the key to increasing compliance and effectiveness of K3 management at the Community Health Center level, with an expanded focus on continuous supervision and monitoring.

Biyo-İklimsel Konfor ve İklim Değişikliği İlişkisi: Burdur Havzası'nda Bir Örnek Çalışma

Aim of study: Climate change triggers many problems, such as loss of biodiversity on land and sea, destruction of forest areas, poverty, inequality, and economic development. One of the most vital indicators of quality of life and sustainable development is temperature, humidity, and wind conditions, which are in the range of bio-climatic comfort values. The changes in these parameters due to global warming threaten vitality and affect the use of space and quality of life in cities. The study aimed to model the evolution of bioclimatic comfort zones with the effect of climate change in the research area.
 Area of study: The research was carried out in the Burdur Basin of Türkiye, which is an area that includes the underground and surface water bodies and the lakes region within its borders.
 Material and Methods: Models were produced at 20-year intervals until 2100. The spatio-temporal variations are generated according to the IPCC's SSPs 245 and SSPs 585 scenarios. The discomfort index (DI) and Effective warming wind speed (ETv) were used to determine bioclimatic comfort.
 Main Results: According to the DI, 87.4% of the area will be in the cold zone today, while in 2100, 50.5%, according to the SSP245, and 98.3%, according to the SSP 585 will be in the comfort zone. According to ETv, 92.7% of the area is quite cool today; by 2100, 90% of the site will be classified as slightly cool according to SSP 245, and 89.3%, according to SSP 585 will turn into mild areas.
 Research highlights: The results of the research reflect the spatial impact of climate change and are significant in terms of holistic risk management at the basin scale

Contamination and ecological risk assessment of Cr, As, Cd and Pb in water and sediment of the southeastern Bay of Bengal coast in a developing country

Safe levels of heavy metals in the surface water and sediment of the eastern Bay of Bengal coast have not been universally established. Current study characterized heavy metals such as arsenic (As), chromium (Cr), cadmium (Cd) and lead (Pb) in surface water and sediments of the most important fishing resource at the eastern Bay of Bengal coast, Bangladesh. Both water and sediment samples were analyzed using inductively coupled plasma mass spectrometer. Considering both of the seasons, the mean concentrations of Cr, As, Cd, and Pb in water samples were 33.25, 8.14, 0.48, and 21.14 μg/L, respectively and in sediment were 30.47, 4.48, 0.20, and 19.98 mg/kg, respectively. Heavy metals concentration in water samples surpassed the acceptable limits of usable water quality, indicating that water from this water resource is not safe for drinking, cooking, bathing, and any other uses. Enrichment factors also directed minor enrichment of heavy metals in sediment of the coast. Other indexes for ecological risk assessment such as pollution load index (PLI), contamination factor (CF), geoaccumulation index (Igeo), modified contamination degree (mCd), and potential ecological risk index (PERI) also indicated that sediment of the coastal watershed was low contamination. In-depth inventorying of heavy metals in both water and sediment of the study area are required to determine ecosystem health for holistic risk assessment and management.

Assessment of glyphosate and its metabolites' residue concentrations in cultured African Catfish offered for sale in selected markets in Ibadan, Oyo State, Nigeria.

Introduction: Glyphosate is a non-targeted organophosphate insecticide whose solubility and mobility in hydrophilic solvents enable its rapid leaching into the soil and subsequent contamination of ground and surface water and possible build-up in the aquatic food chain. Based on the public health importance of glyphosate in fish through consumption, it is crucial to determine the current residue concentration in culture Clarias gariepinus species. The aim of the present study is to evaluate glyphosate's residue concentrations and its metabolites in cultured African Catfish offered for sale in selected markets in Ibadan. Methods: A total of twenty-five (25) adult Clarias gariepinus (300 ± 50g) were sourced from five (5) selected active fish markets (Ojoo, Iwo road, Eleyele, Challenge, and Apata) within the Ibadan metropolis. The collected fish tissue samples (liver, kidney, and spleen) were prepared for glyphosate residue concentration analysis using Liquid Chromatography (LC). Results: The results showed that glyphosate residues were recorded in all the seventy-five (75) fish tissue samples obtained from the selected fish markets in the Ibadan metropolis and all residue concentrations were above both the recommended Acceptable Daily Intake (ADI) of 1.0mg/kg (1 × 10-3mg/L) and Maximum Residue Limits (MRL) of 0.01mg/kg (1 × 10-5mg/L). Isopropylamine has the highest residue concentration followed by N-Phosphonomethyl and Aminomethylphosphonic Acid (AMPA), while N-Acetyl Glyphosate has the least residue concentration across the sampled markets. Discussion: The presence of residues of glyphosate and its metabolites in ready-to-eat fish calls for holistic, systematic, and effective risk management strategies towards monitoring pesticide/herbicide usage in aquaculture production and ensuring the provision of wholesome fish and fish products for the consumers.

Determining the Critical Risk Factors of Implementing Public–Private Partnership in Water and Wastewater Infrastructure Facilities: Perspectives of Private and Public Partners in Iran

Due to the fact that risks can cause project delays and increase project implementation costs, successful construction project completion requires effective and holistic risk management. Identification and evaluation of critical risk factors (CRFs) associated with different types of projects are the most significant components of accurate risk management. This study aims to identify and evaluate the CRFs inherent with private–public partnership (PPP) projects specifically for the development of water and wastewater infrastructure (WWI) facilities in the developing country of Iran. In this line, a comprehensive literature analysis was undertaken to extract the CRFs in applying PPP projects for the development of infrastructure projects in developing countries in general. Then, four rounds of a Delphi survey were conducted to consolidate the major risks to the circumstances of Iran and WWI facilities. There were a total of 35 risks that were grouped into six categories. The main risks were then analyzed and ranked using the Measurement Alternatives and Ranking according to the Compromise Solution (MARCOS) technique. The overall ranking results of the various CRFs revealed that “lack of trust in government’s economic programs” risk was ranked first in terms of importance, followed by the risk of “delay in timely fund payment for project financing and credits,” and the risk of “delay in finalizing bank negotiations.” The overall ranking of the risks placed “economic changes, such as inflation, increase or decrease in prices, and exchange rate” risk in the bottom position. According to the risk ranking findings based on the opinions of private experts, “lack of commitment to the project schedule” was placed first. Conversely, experts from the public sector considered “choosing the wrong financing method” to be the most CRF. It is anticipated that the key research findings and effective recommendations of this study will considerably contribute to the smooth development and remarkable improvement of risk management in applying PPP for WWI facilities in developing countries while enhancing different stakeholders’ understanding of the CRFs for PPP projects, particularly towards WWI services in Iran.