Implementation Of Risk Management Research Articles

An Exploration of Investment Strategies within Zambia's National Pension Scheme Authority

As a critical state-owned enterprise administering billions in retirement assets, NAPSA's investment governance has substantial fiscal and welfare implications for Zambia. Investment strategies in government institutions involve a systematic and comprehensive approach to managing public funds for various purposes, such as infrastructure development, pension fund assets, and bond proceeds. However, there has been little scholarly investigation into the real- world dynamics, drivers, and performance impacts of NAPSA's investment strategies, policy decisions over its recent history. This study aimed to bridge that knowledge gap through qualitative analysis of NAPSA's investment strategy formulation, risk management approaches, implementation processes, and financial results over the past two decades. The primary instruments for data collection in this study were semi-structured interviews and focus groups, both conducted remotely via Microsoft Teams. The data analysis for this study was undertaken using thematic analysis. This approach was instrumental in interpreting the data collected from the interviews and focus groups. Furthermore, qualitative documents like reports provided corroborating context. Together these primary data resources facilitated nuanced analysis around the multi-layered drivers and impacts influencing NAPSA’s investment governance – aligning techniques tightly with exploratory research goals seeking elucidations to inform potential policy enhancements. The findings revealed that NAPSA maintained a diversified investment portfolio across various asset classes. Formalization of developmental impact assessment measures and the strengthening of specialized analytical competencies are amongst the recommendations. These steps are important for NAPSA to continue effectively managing its substantial assets in a manner that supports both the welfare of its pensioners and the broader economic interests of Zambia.

The Relationship between Respondents’ Characteristics and Their Perceptions of Enterprise Risk Management. Results of a Survey

The present study investigated whether responents’ socio-demographic characteristics influenced their personal views on the adoption and implementation of enterprise risk management. An online questionnaire was administered to employees of Italian artisan firms to collect data on the adoption and implementation of enterprise risk management, its determinants, and its relationship with organisational performance. Respondents’ responses were compared to their demographic characteristics to determine whether gender, age, education, position, and role may have influenced their opinions on enterprise risk management. The presence of a well-established risk culture in an organisation and the support of senior management were considered essential in the effective implementation of enterprise risk management in an organization and in positively influencing organisational performance. Select participant’s demographic characteristics had an influence on their views on the implementation of enterprise risk management. The results of this study add to the body of knowledge on enterprise risk management and can support risk managers to effectively and efficiently implement enterprise risk management.

Identification of Chronic Pancreatitis Associated microRNAs and Genes for the Diagnosis of Pancreatic Cancer.

The timely identification of both malignant and nonmalignant pancreatic lesions has the potential to significantly enhance prognosis and implement risk management strategies across various levels. microRNAs (miRs) and their corresponding targets play a crucial role in the development of pancreatic lesions and can serve as valuable diagnostic and therapeutic targets. The objective of our study was to investigate potential diagnostic markers that can effectively differentiate between malignant and nonmalignant pancreatic lesions. Gene Expression Omnibus (GEO) database with GSE24279 dataset was utilized to screen differentially expressed miRNAs (DEMs). We utilized the TargetScanHuman database to predict the target genes associated with hsa-miR-150-3p, hsa-miR-150-5p, and hsa-miR-214-3p. Furthermore, a cohort comprising healthy individuals (n = 52), chronic pancreatitis (CP; n = 34), and pancreatic adenocarcinoma (PAAD; n = 53) patients was recruited to ascertain the levels of plasma markers. We identified 3 miRNAs (hsa-miR-150-3p, hsa-miR-150-5p, and hsa-miR-214-3p) and 2 proteins (PCDH1 and AMN) as potential diagnostic markers for distinguishing between CP and PAAD. The area under the curve (AUC) values for all markers exceeded .800. Notably, a combination of plasma PCDH1 and AMN demonstrated excellent diagnostic performance (AUC = .921; 95% CI: .866-.977; sensitivity = .792; specificity = .941) in discriminating between CP and PAAD. In addition, the model of hsa-miR-150-3p, hsa-miR-150-5p, and hsa-miR-214-3p yielded an AUC of .928, sensitivity of .830, and specificity of .912, respectively. Plasma levels of miRNAs (hsa-miR-150-3p, hsa-miR-150-5p, and hsa-miR-214-3p) and their corresponding targets (PCDH1 and AMN) hold promise as potential biomarkers for predicting PAAD in patients with CP.

Implementation of a quality risk management approch in a clinical mycobacteriology laboratory

Implementation of a quality risk management approch in a clinical mycobacteriology laboratory

Analysis of the Effect of Time and Cost Performance Risk of Toll Road Project Based on the Principle of Project Management Body of Knowledge

Toll road facilities are needed by the community to improve economic standards with adequate mobility. Toll Road Projects often have delays in the implementation schedule which results in increased project costs. This study aims to determine the effect of the risk of increasing costs on toll road projects caused by delays in project implementation time based on PMBOK guidelines. This research is based on the object of the Japek II Selatan Package III Toll Road project and studies journal literature, surveys, and questionnaires using the SEM Smart PLS program. The effect of risk on cost performance is variable due to the lack of project land readiness. Based on project data from the contract, it was supposed to be completed in December 2020 but was pushed back to mid-2024 estimates. The effect is due to an increase in costs, with a percentage of 2%; in this study, the factor of implementing K3 Projects is in the form of work accident costs. The analysis of SEM PLS shows the effect of time and cost performance on the Planning and Implementation of land readiness indicators, unit price increase, project K3 implementation, and risk management implementation. The study concludes that the risk of increasing costs includes poor planning, which is hampered by land readiness and results in delays in implementation time and year differences that cause changes in material unit prices, resulting in an increase in project costs. Risk Management, as stated in the PMBOK guidelines on Toll Road Projects, must be implemented to reduce the impact of the risk of increasing project costs.

Manajemen Risiko Pelaksanaan Proyek Peningkatan Jalan Kota Denpasar Dan Dampaknya Terhadap Lingkungan

Good roads are one of the important things in the world of transportation, especially in Denpasar City. This encourages improvements to road infrastructure in Denpasar City through road management activities including road maintenance and improvement. Road improvement construction work is the work that has the most risks and impacts on the surrounding environment during the road improvement project process. This research aims to identify and mitigate risks in road improvement construction work in Denpasar City. The method used in the research was interview methods with respondents involved in road construction projects in Denpasar City. The risk assessment is carried out after receiving answers from respondents, this aims to measure the dominant risks that exist. The risk mitigation process and risk ownership will be held accountable by the project owner as well as contractors, supervisory consultants, and planning consultants. The results of the research were 30 risks found in road improvement projects in Denpasar City with the sources being the environment (14.3%), politics (5.8%), planning (8.5%), economy (5.7%), natural (8.52%), technical (22.08%), human (8.5%), criminal (6.7%), safety (5.7%), project (14.2%). From the results of this analysis, risks in the technical, environmental, and project categories have the highest percentage. The environmental impact factor is also considered in this construction work because it is ranked second after technical risk. This encourages the implementation of risk management in every road improvement project activity in the following years, to create appropriate handling strategies that do not harm the environment.

Nam Nghi Resort in Phu Quoc

Learning outcomes This case study provides in-depth, practical knowledge to develop business strategies for the management program. After reading this case study, the students will be able to learn about the challenges and problems that service firms face during a crisis, the drastic changes in the market environment due to a crisis and the analysis tools that can be used when analyzing the shifted market environment. By analyzing this case study, students will be trained for the decision-making that arises in the process of crisis management in the hotel industry. Case overview/synopsis Nam Nghi Resort, situated on the picturesque Phu Quoc Island in Vietnam, experienced the tumultuous period of the COVID-19 pandemic. Before the pandemic, Nam Nghi was a thriving five-star resort, deeply rooted in Vietnamese culture and renowned for its luxurious amenities and breathtaking location. However, the onset of COVID-19 brought unprecedented challenges to the hospitality industry, leading to a sharp decline in tourism and revenue. Despite the adversity, Nam Nghi implemented risk management practices successfully and displayed resilience and adaptability. Through rigorous cost minimization, strategic facility upgrades and targeted marketing efforts, Nam Nghi managed to navigate the crisis and gradually rebuild its business as travel restrictions eased. As the industry began to show signs of recovery, the general manager faced new challenges in restoring the resort’s prepandemic vitality. The challenge remained of understanding changing consumer values and market dynamics. Complexity academic level This case study can be used as class material for Master of Business Administration (MBA) students. In particular, MBA students in the hospitality industry such as hotels, resorts, travel agencies and restaurants are the target audience. Supplementary materials Teaching notes are available for educators only. Subject code CSS 12: Tourism and hospitality.

Effect of internal audit, internal control, and audit quality on fraud prevention: Evidence from the public sector in Indonesia

Fraud prevention entails developing and implementing risk management strategies, particularly regarding fraud, and establishing internal controls and transparent corporate governance practices to eliminate fraudulent activities. This study aims to examine the effect of internal auditors, internal control, and audit quality on preventing fraud at the Inspectorate of North Sumatra Province, Indonesia. The sample included 61 government internal auditors of the Inspectorate of North Sumatra Province, Indonesia. The data collection process was carried out by administering questionnaires using Google Forms. Additionally, this investigation assessed the constructs under scrutiny using a five-point Likert and the partial least square (PLS) approach. The results showed that internal audit has a positive and significant effect on fraud prevention (p < 0.05), internal control has a positive and significant effect on fraud prevention (p < 0.05), and audit quality has no effect on fraud prevention at the Inspectorate of North Sumatra Province, Indonesia (p > 0.05). The Inspectorate of North Sumatra Province, Indonesia, should conduct internal audits, implement an internal control system, and pay attention to the quality of audits to make them more effective as a basis for quality decision-making and fraud minimization.

Exchange Rate Volatility and International Trade in Turkey

Purpose: The aim of the study was to investigate the exchange rate volatility and international trade in Malaysia.
 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:  Exchange rate volatility significantly impacts international trade by affecting exporters, importers, and trade volumes. It introduces uncertainty, raises hedging costs, and alters price competitiveness, leading to shifts in trade flows. While policymakers implement measures to manage volatility, their effectiveness is debated. Regional trade agreements can mitigate its impact, but challenges persist. Effective management of exchange rate volatility is essential for fostering stable international trade relationships.
 Unique Contribution to Theory, Practice and Policy: The theory of purchasing power parity (PPP), the theory of optimum currency areas (OCA) & the balassa- samuelson effect may be used to anchor future studies on the exchange rate volatility and international trade in Malaysia. Implement risk management strategies to mitigate the adverse effects of exchange rate volatility on international trade, including the use of financial derivatives, hedging instruments, and diversification strategies. Design and implement policies that strike a balance between exchange rate flexibility and stability, recognizing the trade-offs between exchange rate volatility and export competitiveness.

Governance, risk management, compliance on preventing potential fraud in Indonesian state-owned port service industry

This study aims to determine the effect of corporate governance, risk management, and compliance with applicable regulations on the prevention of potential fraud based on the Pentagon Fraud concept. For companies engaged in the Port Service Industry, the results of this research are expected to contribute to the implementation of governance, risk management, and compliance with the prevention of potential fraud in the state-owned port service industry in Indonesia. The respondents used in this study were employees of companies engaged in Port Services. Data were collected using interviews, observations, and questionnaires. Descriptive analysis, data quality analysis, and structural model analysis are used to test hypotheses. In this study, it is known that Governance has a non-significant influence on the prevention of potential fraud compared to risk management and compliance which has a significant influence on the prevention of potential fraud.

Implementation of credit risk management basel principles (Evaluation Study of an Indonesian Commercial Bank)

The study evaluated the implementation of credit risk management at Bank PQR based on the Basel Principles regarding Management of Credit Risk due to increasing Low-Quality Credit in the last six months. It adopted a case study approach at Bank PQR, one of Indonesia's commercial banks, in the Corporate Segment with total credit reaching 62% of the Bank PQR credit portfolio using a qualitative descriptive method by conducting document analysis and interviews to collect data. The study sample consists of 30 credit-granting proposals of Bank PQR. First, it evaluated the suitability of the Basel Principles with the regulation of the Financial Services Authority, then analyze Bank PQR document, conduct an interview and last evaluated implementation of credit risk management by providing a score of three if suitable and implemented well, two if suitable and not implemented well and one if not suitable. The result shows the implementation is not by the Basel Principles with a final score of 2.58 out of 3, and the main weakness being the inadequacy of the credit risk environment’s development. It recommends the Bank PQR to improve its credit risk environment, such as compliance with regulations, employee training, and implementing good internal controls.

A cost-benefit ‘source-receptor’ framework for implementation of Blue-Green flood risk management

As floods are a major and growing source of risk in urban areas, there is a necessity to improve flood risk management frameworks and civil protection through planning interventions that modify surface flow pathways and introduce storage. Despite the complexity of densely urbanised areas (topography, buildings, green spaces, roads), modern flood models can represent urban features and flow characteristics in order to help researchers, local authorities, and insurance companies to develop and improve efficient flood risk frameworks to achieve resilience in cities. A cost-benefit driven ‘source-receptor’ flood risk framework is developed in this study to identify (1) locations contributing to surface flooding (sources), (2) buildings and locations at high flood risk (receptors), (3) the cost-benefit nexus between the ‘source’ and the ‘receptor’, and finally (4) ways to mitigate flooding at the ‘receptor’ by adding Blue-Green Infrastructure (BGI) in critical locations. The analysis is based on five steps to identify the ‘source’ and the ‘receptor’ in a study area based on the flood exposure of buildings, damages arising from flooding and available green spaces with the best potential to add sustainable and resilient solutions to reduce flooding. The framework was developed using the detailed hydrodynamic model CityCAT in a case study of the city centre of Newcastle upon Tyne, UK. The novelty of this analysis is that firstly, multiple storm magnitudes (i.e. small and large floods) are used combined with a method to locate the areas and the buildings at flood risk and a prioritized set of best places to add interventions upstream and downstream. Secondly, planning decisions are informed by considering the benefit from reduced damages to properties and the cost to construct resilient BGI options rather than a restricted hydraulic analysis considering only flood depths and storages in isolation from real world economics.

Determinants influencing implementation of clinical risk management – Qualitative results of a national survey among clinical risk managers in Germany (KHaSiMiR21)

Background The improvement of patient safety requires management of clinical risks in hospitals. However, implementation status of clinical risk management (CRM) varies substantially across hospitals. Investigations into facilitators and barriers for effective implementation are thus necessary. Using an in-depth interview study with CRM experts in hospitals, this study aimed to investigate factors accountable for effective development and implementation status of CRM measures in Germany. Methods As part of a nationwide survey, we conducted semi-standardized interviews with n = 10 selected clinical risk managers from general hospitals. We used qualitative content analysis to identify barriers and facilitators to the implementation of CRM. Results A broad range of determinants influencing CRM implementation were identified. Determinants were categorized into five thematic categories: general knowledge of CRM, safety culture, availability of resources, multi-level engagement and organizational structures. Discussion While numerous barriers to CRM implementation were identified, interviewees reported only a few supporting factors in comparison. Results suggest further challenges in effective CRM implementation and inform future research and implementation efforts.

Inhibiting Factors in the Application of Risk Management at Hospital X Jakarta

Background: The risk management program will run well with commitment and good management. This study aims to describe the experience of nurse managers in implementing risk management in hospitals. Research methodology: this study used a descriptive qualitative approach. The data collection technique used Focus Group Interviews with 12 nurse managers consisting of 1 Sub Installation Head, 7 Unit Heads, and 4 Team Leaders. Interviews were carried out three times, and each implementation consisted of four participants. Analysis using thematic content and consolidation for reporting qualitative research (COREQ) was used as a guide to research reporting. The research found three inhibiting factors in implementing risk management: 1) Busyness, 2) Lack of knowledge, and 3) Lack of structured monitoring and evaluation. Conclusion: The active participation of nurse managers in implementing risk management is very influential in the successful implementation of risk management in hospitals. Good time management, increasing the level of knowledge, and supported by a systematic risk management monitoring-evaluation system means that risk management will be carried out well

PORTRAIT OF RISK MANAGEMENT AS AN EFFORT TO PREVENT CORPORATE FINANCIAL FRAUD

Risk management is a methodological approach in managing uncertainty related to the threat of organizational loss. If risk management is connected to fraud, it will have a positive impact which can provide prevention of fraud. This research aims to determine the role of risk management as an effort to prevent corporate financial fraud. This research uses a literature review approach by analyzing various journals, previous national and international articles related to the role of risk management in preventing financial fraud. The results of this research show that from various journals, previous research articles that have been analyzed show that the implementation of risk management has a positive impact on companies so that risk management can help in preventing financial fraud. The results of this research can provide more benefits to companies so they can implement risk management to minimize the occurrence of financial fraud.

The Legal and Political Implications of AI Bias: An International Comparative Study

Purpose: "The Legal and Political Implications of AI Bias: An International Comparative Study" extensively navigates the intricate terrain of AI governance, with a specific focus on the ethical challenges arising from bias in AI systems. The purpose of this study is to underscore the urgent need for robust regulatory frameworks to address issues of bias, discrimination, and fairness within the realm of AI technologies.
 Materials and Methods: The research methodology involved a comprehensive analysis of international perspectives on AI bias. This entailed examining existing literature, legal frameworks, and political dynamics surrounding AI governance in various countries. Comparative analysis was conducted to elucidate the diverse approaches adopted by different nations to tackle AI bias and unravel the corresponding legal and political consequences.
 Findings: The study highlighted the inherent risks associated with biased algorithms and stressed the paramount importance of proactively detecting and mitigating bias to prevent discrimination and promote fairness in AI systems. Additionally, it advocated for comprehensive measures such as risk management strategies, conformity assessments for high-risk AI applications, and the careful handling of sensitive data to identify and rectify biases that could lead to discriminatory outcomes.
 Implication to Theory, Practice and Policy: The study was informed by theories of ethical governance and legal frameworks in AI development and deployment. It was validated through the comparative analysis of international perspectives, which provided insights into the effectiveness of different regulatory approaches in addressing AI bias. Recommendations to practitioners include implementing risk management strategies, conducting conformity assessments for high-risk AI applications, and ensuring the careful handling of sensitive data to identify and rectify biases. Practitioners are urged to prioritize ethical considerations and advocate for responsible deployment practices to mitigate AI bias effectively. Recommendations to policymakers emphasize the need to prioritize ethical considerations and advocate for responsible deployment practices in AI governance. Policymakers are urged to develop robust regulatory frameworks that promote transparency, accountability, and inclusivity in AI development and deployment to build a more equitable and trustworthy AI ecosystem.
 In essence, the study provides crucial insights into the complex interplay between legal frameworks, political dynamics, and ethical considerations in addressing AI bias on a global scale. It paves the way for the establishment of fair and unbiased AI systems that benefit society as a whole.

Risk management in diffused structures: Analysis for Shared Services Centers


 
 
 Research background: Shared Services Centers (SSCs) are often a spin-off of corporate services to separate all operational tasks from the corporate headquarters. The primary focus of the headquarters should be on leadership and corporate governance. However, many SSCs have also been given some corporate functions. Risk management is a significant part of governance and one of its principles. The effectiveness of risk management depends on its integration into the organization’s governance, including decision-making. The question is how a modern SSC manages this part of governance.
 Purpose: This study aims to present the conditions that prove the implementation of risk management in SSCs and to evaluate the most effective risk management model.
 Research methodology: Targeted literature review followed by surveys and a case study.
 Results: The risk management process consists of several stages that are repeated in many models (identification and risk assessment, risk management model selection, and monitoring). Thus, it is possible to use each model in the SSC concerning the migrated processes, considering the limitations of the strategic goals definition. However, not all methods will find a potential application in risk management in the SSC, considering the most effective risk assessment.
 Novelty: While the literature provides models that can be of use, a lack of specific guidelines has been recognized, especially regarding the risk management aspect in SSCs. In the last decade, the focus was on the expected benefits coming from standardization, ignoring the new risks in SSC processes.
 
 

Analysis of Factors that Affect the Effectiveness of Fraud Prevention Proxied by Professionalism and Internal Audit Experience and Corporate Accountability

The condition of fraud in Indonesia in 2022 (ARN) Indonesia ranked fourth with 23 fraud cases. if left like an iceberg starting from small/little, or the omission will eventually become an iceberg. Based on these conditions, fraud can be prevented early with the effectiveness of fraud prevention. However, the effectiveness of fraud prevention is also influenced by several factors. Thus, the study aims to examine the factors that influence the effectiveness of fraud prevention by proxied by auditor professionalism, auditor experience, and company accountability. The research method is descriptive and verification with multiple regression tests. The population is 2018, and the sample is 150 manufacturing companies in Bandung Regency. Based on the study results, the factors proxied by the professionalism and experience of auditors and corporate accountability can significantly influence the effectiveness of fraud prevention in manufacturing companies in Bandung Regency both partially and simultaneously. This condition illustrates that the more professional and the longer experience the auditors have and supported by the existence of high corporate accountability both together and partially, the effectiveness of fraud prevention will be created through the creation of a transparent and honest cultural climate, a good control environment, effective risk management implementation, regular control, effective information and communication, and regular monitoring. Thus, it will provide benefits that one way to minimize fraud is to prevent fraud effectively. This will certainly be influenced by the proxy of internal auditors and effective internal audit experience and the company's accountability.

Attitude towards the risk-based approach implementation into the russian healthcare system among employees of medical organizations

Aim of the study was to develop recommendations for improving procedures and unifying the content of risk management of the healthcare system to preserve public health based on an analysis of the opinions of doctors, organizers and experts of the healthcare system. Material and methods. As part of a quantitative online survey conducted from September to December, 2022, 104 respondents working in the healthcare system of the Russian Federation were interviewed. Additionally, 6 in-depth interviews were conducted with the organizers and experts of the healthcare sector as part of a qualitative sociological study. Desk research included analysis of scientific literature, and the regulatory framework related to the introduction of a risk-based approach to healthcare. Results and discussion. The article presents an analysis the perception of risks in healthcare by doctors, organizers and experts at the level of a medical organization, of the healthcare system and of public health (macro level), with the identification and classification of the main risk groups, on the basis of which risk-management’ measures can be built. The results of the study testify to the insufficiently deep introduction of risk management into the management system of medical organizations. The half of the respondents noted the low and extremely low level of risk management principles’ usage in their own organizations (50 % of respondents) and in Russian medical organizations in general (58.6 % of respondents). At the same time, from a third to a half of the participants found that it was difficult to answer about risk management implementation in their organizations, due to the lack of a unified methodology, imperfection of standards and quality control system of this set of measures, lack of specialists who could manage risks, lack of educational activities. To introduce a systematic approach to the unification of risk management processes, it is necessary to develop and approve the methodology of best practices, as well as take care of the training of specialists. Conclusions. In order to implement a systematic approach to the unification of risk management processes, it is necessary to develop and approve a methodology of best practices, as well as to take care of the training of specialists. It is imperative that hospital managers and staff focus on improving the organizational culture of patient safety management as the basis for their mission to preserve public health. It is necessary to continue further research in this direction in order to develop a strategy for countering risks at the level of public health as a medical and social resource of society.

How do navy escorts influence piracy risk in East Africa? A Bayesian network approach.

Navy escorts are considered crucial in countering illegal piracy attacks. In this paper, a novel approach is developed to investigate the effect of navy escorts on piracy incidents by models based on two enhanced Tree-Augmented Naïve (TAN) Bayesian networks. This approach offers a systematic investigation into the various factors that influence pirate activities, and helps to identify changes in piracy attack behaviors when confronted by navy escorts and assess the effectiveness of anti-piracy measures. An empirical study is conducted utilizing a unique data set compiled from multiple sources from 2000 to 2019. The empirical evidence shows that there was a gradual reduction in the incidence of piracy attacks in East Africa following the implementation of navy escorts in 2009, but with a surge in 2010 and 2011. The data set is, thus, divided into two time periods at the point of 2009 to facilitate a robust and comprehensive analysis, resulting in the development of two TAN models. Meanwhile, the geographical distribution of pirate attacks has shifted from international waters to port areas and territorial waters. We argue that the surge and geographical shift could be attributed to the calculating behavior of pirates when they encounter external pressures. Finally, a Shapely approach is introduced to evaluate the potential effectiveness of the implemented risk management strategies from a Game Theory perspective. This study offers new insights into the promotion of navy escorts and contributes to the development of a framework for assessing piracy risks in uncertain and dynamic anti-piracy environments.