Implementation Of Risk Management Research Articles

PRisk-MM: a public sector risk management maturity model for Brazilian public organisations

This article proposes a risk management maturity model focused on the public sector and developed for Brazilian public organisations, the PRisk-MM. The PRisk-MM contains 5 levels of maturity and 23 maturity attributes related to 15 dimensions. The model was elaborated following the scientific rigour found in the literature on maturity models, being divided into 2 main phases: the development of the model and its validation in 5 public organisations of 2 state governments. The development of the PRisk-MM is based on a previous study conducted by De Lorena and Costa, who proposed a reference model with attributes and key contingent factors for public organisations using data collected in the federal and state governments of Brazil. The assessment procedure of the model uses triangular fuzzy numbers to better treat the subjectivity and ambiguity of human judgement when analysing maturity dimensions and their attributes. Moreover, the PRisk-MM is adaptive to governments’ contexts and, once applied, presents prescriptions on what organisations must do to develop their risk management implementation. Since the Prisk-MM demonstrates practical implications as a government tool, policymakers are expected to use it to assess the public organisations’ status of maturity and compare their performance in implementing RM.

Do Financial Risks affect Financial Performance of Listed Insurance Firms in Nigeria?

The study assessed the effect of financial risks on the financial performance of listed insurance firms in Nigeria. The population of this study consists of all listed insurance firms in Nigeria. However, ten (10) insurance firms were selected as sample. The selection of these insurance firms was done using judgmental sampling technique. Data for the study were extracted from their annual reports covering 10 years, from 2015 to 2021. Panel data method was employed for analysis using E-view 10.0. Results revealed that only liquidity risk (LDR) has negative and significant effect on financial performance, while the effect of credit risk and leverage risk is insignificant among the sampled insurance firms. It is concluded that liquidity risk tends to significantly impair the financial performance, if not properly monitored and mitigated. Following this, the study recommends that the sampled insurance firms should continually develop and implement risk management policies and strategies that will help reduce their risk profile in order to improve their financial performance.

Operational Risk Management On The Training Ship Bung Tomo

Risk management plays a crucial role in ensuring the sustainability of an organization's operations. At the Surabaya Navigation Polytechnic, Bung Tomo's training vessel became the backbone for cadets to undergo navigation training. However, it is important to acknowledge that the ship's operational activities are not exempt from potential risks. Therefore, the study aims to identify potential obstacles or issues that may arise in the implementation of risk management at the Tomo Training Ship. This research adopts a qualitative descriptive approach, prioritizing an in-depth understanding of the observed phenomena. Various data collection techniques, such as observations, interviews, and documentation, are used to gain comprehensive insights. The results of this study reveal that the Engine of Tomo's Training Ship faces the highest level of risk. It's related to the fact that the ship hasn't undergone a major dock process since it was officially inaugurated six years ago, causing frequent damage. Therefore, risk management focused on the engine aspects becomes an urgent need to minimize potential interference in ship operations. Precautionary measures, periodic maintenance, and possible risk reduction must be implemented carefully to ensure the safety and reliability of the Tomo Brother's Training Ship during the cadets' sailing training.

Bahasa Indonesia

Risk management is a series of procedures and methodologies used to identify, measure, monitor and control risks arising from bank business activities. However, however, risk remains a barrier to an activity or activities that we plan, because risk is also the possibility of causing unexpected or unwanted losses. This research discusses operational risk and how to implement operational risk management at the head office of BCA Syariah. The results of the discussion show that operational risk is caused by inadequate or non-functioning internal processes, human errors, system failures or external events that have an impact on operational activities. The implementation of operational risk management at BCA Syariah seeks to raise risk awareness for each work unit at BCA Syariah in order to foster a strong and risk-aware culture to mitigate potential risks.

A Case Study of Enterprise Risk Management Implementation and its Impact on Sustainability Performance in State Government-Linked Company

Enterprise Risk Management (ERM) is an approach that systematically assesses, treats, monitors, and reviews risks to enhance an enterprise’s value and its ability to anticipate and prepare for imminent risks. Previous studies have mainly focused on the impact of ERM implementation on financial performance, while its relationship with non-financial performance, particularly sustainability performance, has received less attention. This study aims to explore the level of ERM implementation and develop a framework to investigate its effect on sustainability performance, encompassing economic, environmental, and social aspects. The study proposes a questionnaire survey to be distributed to respondents involved in risk management implementation, such as the risk committee, risk management workgroup, and the top corporate risk working group, among state government-linked companies. By gathering insights on companies’ ERM implementation and sustainability performance, the study aims to conceptualize the relationship between the two. For data analysis, the statistical package for social sciences (SPSS) is proposed to investigate relationships between constructs and latent variables. Understanding the penetration level of ERM implementation and its impact on sustainability performance will offer valuable insights for formulating strategies to improve the overall performance of state government-linked companies.
 Keywords: enterprise risk management, sustainability performance, COSO framework, government linked companies

Efficacy of Enterprise Risk Management in Enhancing Sustainability and Financial Performance in the Solar PV Industry: A Conceptual Framework

As an alternative to fossil fuels, solar PV electricity can help mitigate global warming and improve the environment by lowering greenhouse gas emissions (GHG). More nations have developed programs to encourage the production and use of PV electricity, considering the potential of renewable energy for sustainable development. The government of Malaysia wants solar PV to be the primary source of renewable energy by 2030. To reduce global warming, renewable energy technology must be implemented more widely. However, the production of solar photovoltaic modules raises serious sustainability concerns. These concerns include using conflict minerals, toxicity, and limited supply or supply chain governance risks of rare materials. Even though solar energy projects are technically feasible, stakeholders still view the region’s initiatives as risky due to ongoing governance problems. Domains related to solar project deployment that involve installation, operation, and management are particularly susceptible to governance issues, such as a lack of accountability and transparency. Renewable energy investments upfront are risky and expensive. Risks in the solar PV value chain include subpar design and manufacturing decisions, inventory losses, quality problems during the execution process, and cultural and societal problems brought on by the absence of an effective risk management system. This study thus investigates how the implementation of ERM influences the company’s financial performance. Enterprise Risk Management (ERM) is a technique that regulates, and coordinates offset risks all over the firm to manage and integrate all risks holistically. As a result, this paper provides a conceptual and theoretical framework for how corporations use risk management to lower the cost of capital and improve sustainable development in the solar PV industry. The suggested theoretical and conceptual framework, supported by stakeholder and legitimacy theory, provides a foundation for empirically validating the entangled interaction between the relevant variables. It is advocated that measuring variables such as enterprise risk management, financial performance, and sustainability performance be based on previous research and frameworks and recommendations produced by major organizations. The purpose of this paper is to guide Malaysian solar PV companies in the implementation of sustainability and risk management.
 Keywords: enterprise risk management, sustainability, solar PV, financial performance

Navigating the Complex Terrain of Food Security in Decentralised Systems: Insights from South Africa and Nigeria

Despite their substantial economies and populations, South Africa and Nigeria encounter significant challenges primarily due to constraints in accessing to agricultural input resources. The study adopts an interpretivist approach, which involves acknowledging reality and making meaningful contributions through qualitative research. As such, secondary data was collected and analysed thematically. This paper delves into the multifaceted nature of food insecurity, highlighted by historical factors, widespread poverty and unemployment, further exacerbated by escalating global food prices. The correlation between exorbitant input expenses and restricted agricultural yields and production, resulting in heightened food prices, is thoroughly explored. Additionally, the review critically examines the influence of climate change on the agricultural sector and its implications for the availability and accessibility of food in rural areas. The narrative in this paper emphasises the imperative of fairness, equity, transparency, and accountability in formulating sustainable strategies to combat these challenges. The paper advocates for contextually appropriate, evidence-based policy approaches, emphasising the significance of collaborations between research institutions and government entities. Such partnerships are crucial for developing efficacious responses to issues like drought, which necessitate comprehensive monitoring systems and mitigation strategies. The role of local government in fostering the growth of agro-based enterprises is underscored, illustrating how local processing of agricultural products can augment revenue, employment, and overall agricultural productivity. The paper also proposes policies to attract private sector investment, such as subsidies for farming equipment and fertilisers, and the development of climate-resilient agricultural technologies that integrate local indigenous knowledge. Lastly, the paper addresses the critical imperative of enhancing the resilience of supply chains against unforeseen disruptions, encompassing natural disasters and market fluctuations. This entails implementing risk management strategies, investing in infrastructure, adopting advanced technologies, and fostering collaboration throughout the supply chain. The paper concludes that such measures are indispensable for ensuring a stable and consistent supply of agricultural products, ultimately benefiting both producers and consumers and contributing to the overarching goal of attaining food security in South Africa, Nigeria, and similar contexts. Keywords: Food security, Rural livelihoods, Strategic policies, Vulnerable communities, South Africa, Nigeria

Dfg dfg dfg df dfg adfg sadf gsh sfty uty urt ut jqr

The article is aimed at solving the important problem of risk management in the context of innovative projects, which affects the competitiveness and sustainability of organizations in the modern business environment. The purpose of the article is to highlight and develop an innovative approach to risk management in innovative projects to improve their success. The article examines the theoretical foundations of risk management in the context of innovative projects, including concepts, principles, and methods of risk management. The article identifies and analyzes the key risks that arise in the process of implementing innovative projects, including technological, financial, market and organizational risks. The article proposes the development of risk assessment methods and tools in the context of innovative projects, which may include the use of analytical methods, models, and approaches to assess the probability of risk occurrence and their potential impact on projects. The article offers effective methods of risk management in innovative projects the development of proactive measures to prevent risks, the determination of control points, the implementation of backup plans, and the development of a risk monitoring and control system. The article provides practical recommendations and examples of the implementation of innovative risk management in the real field of innovative project management. The authors examine various aspects of risk management and offer practical recommendations for managing them effectively. The results of the study will contribute to the improvement of risk management practices in organizations engaged in innovative activities and contribute to ensuring sustainable development and competitiveness.

The Role of Risk Management in Competitiveness at PT Bank Central Asia TBK with an ERM (Enterprise Risk Management) Approach using Likelihood Table

The key to BCA's success has survived to this day. Because BCA is able to seize opportunities for bank development that arise from time to time and turn them into competitive advantages. The purpose of this study is to determine the role of risk management in competitiveness at PT Bank Central Asia Tbk. with an ERM (Enterprise Risk Management) approach using a likelihood table so that it can easily handle risks that occur in the future, and the integrity of BCA can be maintained consistently in banking world’s the research method is a survey through structured interviews with questionnaires. Observation data collection techniques, interviews and document studies. The sample in this study is the entire population of 26 people. Data analysis techniques with Fishbone and heatmap. The results showed that there were 21 KTD risk categories with a risk score of 5.03 to 10.92. With the implementation of Operational risk management, BCA has become stronger at the level of competition in the banking world.

Analisis Compliance Risk Management (CRM) dalam Meningkatkan Kepatuhan Wajib Pajak Badan pada KPP Pratama Depok Cimanggis

Implementation of Compliance Risk Management (CRM) is one of the efforts of the Director General of Taxes to increase tax compliance. The purpose of the study was to analyze the implementation of CRM in improving corporate taxpayer compliance at the Depok Cimanggis Primary Tax Service Office. Research using qualitative methods with data collection through interviews. Taxpayer compliance is analyzed based on SE-24 / PJ / 2019 and William Dunn's policy criteria. Based on the analysis, it is concluded that all stages of CRM implementation have been carried out, but the results have not been maximized because there are several obstacles; taxpayers have not complied with paying taxes because they do not understand the importance of paying taxes and there is equal treatment for those who are compliant and non-compliant in paying taxes. There have been many taxpayers registered but have not shown compliance in paying taxes so that the realization of tax revenue has not been as expected.

ANALYSIS OF THE IMPLEMENTATION OF RISK MANAGEMENT ON BSI HASANAH CARD PRODUCTS

In accordance with sharia law and principles, Bank Syariah Indonesia issues cards called hasanah cards whose functions are similar to credit cards. The financing card product issued by PT Bank Syariah Indonesia has risks in its management. This research aims to determine the mechanism for issuing hasanah card products and to determine the application of risk management in reducing the risk of default or credit risk on hasanah cards at PT Bank Syariah Indonesia KC Medan Ahmad Yani. The method used in this research is a descriptive qualitative method. The data collection techniques that the author uses in this research are interviews and documentation observation. And the data used is primary data from interviews with Hasanah Card at BSI KC Medan Ahmad Yani and secondary data comes from books, journals, brochures and others. The results of this research state that the hasanah card issuance mechanism applies 3 contracts, namely kafalah, qardh and ijarah. The biggest risks are the risk of bad credit and irregularities in payments. However, in overcoming this risk, PT Bank Syariah KC Medan Ahmad Yani implements risk management, namely if there is a delay in payment for the Hasanah Card, a ta'widh fee will be charged, namely by setting a maximum benchmark fee based on the approved card limit, which is called a monthly fee. The nominal monthly fee is 1.75%. Islam prohibits taking profits in buying and selling transactions or lending and borrowing, the application of this hasanah card is in accordance with the National Sharia Fatwa (DSN) No.54/DSN-MUI/X/2006.) Implementation of risk management to reduce the risk of default on hasanah cards in Bank Syariah Indonesia is carried out using a process of risk identification, risk measurement, risk monitoring and risk control which is guided by the 5C principles of Character, Capacity, Capital, Collateral and Condition.

Risk Management for “Stockists and Fabrication Abrasion Resistance Plate” in Indonesia

The abrasion-resistant steel supply and fabrication industry has many potential risks due to errors in the marketing process carried out by the company, lack of worker awareness and discipline regarding work instructions, lack of human resource management and company financial management. PT. Gipan Metal Teknik Indonesia has (PT. GMTI) problems in mitigating the risks it faces. This research aims to identify potential hazards and classify risk values at PT. GMTI. By determining the risk value, the company can provide risk control suggestions for each factor such as marketing, operations, human resources and finance. Key factors that influence the success of risk management implementation include management commitment, employee participation, effective communication, and access to necessary resources. In addition, this research also highlights the challenges faced by the fabrication industry in dealing with risks related to technological changes and increasingly stringent regulatory demands. The research results showed that there were 18 risk events and important implications for the abrasion-resistant steel supply and fabrication industry, emphasizing the importance of integrating risk management for each division at PT. GMTI.

The Factors Influencing the Risk Based Internal Audit in Improving the Effectiveness of Internal Audit

Internal Control System (SPI) weaknesses hamper government performance; Therefore, the concept of Risk-Based Internal Audit (RBIA) through risk determination techniques based on priority scales is thought to be able to improve the effectiveness of internal control in North Sumatra Province. The purpose of this study is to determine the impact of Professional Development, Top Management Commitment, and the Role of Internal Audit on Risk-Based Internal Audit (RBIA), as well as its impact on the Effectiveness of Internal Audit both directly and indirectly in North Company. Sumatra Provincial Inspectorate. This study took quantitative methods. The population of this study is the Functional Position of Internal Auditor and Local Government Affairs Supervisor (PPUPD) which amounts to 101 people, while the informant is a party who understands the implementation of RBIA, namely Auxiliary Inspectors. The sampling technique used is census, meaning that the entire population is sampled in the study. The test used a variant-based Structural Equation Modeling (SEM) model with the Partial Least Squares (PLS) technique. Professional Development, Top Management Commitment, and the Role of Internal Audit are variables that allegedly affect the success of RBIA implementation in improving Internal Audit Effectiveness. The results showed that Professional Development, Top Management Commitment, and the Role of Internal Audit had a significant positive effect on the successful implementation of risk management with the RBIA method. The implication of these findings is the importance of the role of Professional Development, Top Management Commitment, and the Role of Internal Audit in improving the effectiveness of internal control within local government.

Pelatihan Manajemen Risiko Bisnis Pada UMKM Teluk Pucung Bekasi

Micro, Small and Medium Enterprises (MSMEs) are the biggest supporter of the creative economy for the Indonesian economy. MSME players must be able to develop their business to be able to carry out this. The digital era has the potential to create opportunities and risks for business people and organizations. In every business, risks will always be faced by business actors because of uncertainty which results in losses. Internal and external events that have an impact on achieving the goals of MSMEs must be identified, and risks and opportunities must be differentiated. In the business world, knowledge about risk management is an important element in business management. With good management, a business organization will be able to avoid losses and even bankruptcy. Likewise, small, micro and medium enterprises that do not have sufficient capital and whose operations are not optimal are very vulnerable to changes in risk. Events that cause losses, which are usually called peril, can occur unexpectedly and can arise from various sources. The problem is how to overcome these risks so that business operations are not disrupted. Risks are analyzed by considering likelihood and impact as a basis for determining how they can be managed. Therefore, by providing an understanding of risk management, it is hoped that MSMEs will be able to know how to implement risk management in business to avoid losses. PM activities are held offline or face to face on holidays so as not to disturb the work time of the Teluk Pucung MSMEs, while the output of PM activities is in the form of press releases in online print media and also publications in community service journals

FEATURES OF RISK DETERMINATION AND CONTROL OF THE UNDERGROUND FACILITIES STABILITY LOSS UNDER CONDITIONS OF ROCKS PROPERTIES VARIATION

Problem statement. Modern geotechnical production or an underground structure used as a military-industrial facility must meet the requirements of international risk management standards, which form the basis of safe and effective management. Implementation of effective risk management improves the quality of decision making, and has a positive impact on the benefit of the enterprises and society as a whole. The purpose of the article. To improve the method of risks’ determining for the mining stability loss and other underground structures, taking into acount the variability of the physical and mechanical properties of rocks. Methods. The use of a systematic approach in analytical studies of literary sources, systematization of modern approaches and methods in determining risks in the life safety system, processing by statistical methods, and the use of probability theory. Research results. Based on the results of field studies of the underground mining of the Yubileynaya mine at the Pershotravenskoye Mining Structural Division of PuAT DTEK Pavlogradugol, graphs of roof deformations were constructed, displacements were determined, dependencies were obtained, and the risks of underground mining destruction were identified. Scientific novelty. For the first time, the use of the parameters’ scatter by their standard deviation in identifying the risk of stability loss for underground mining is proposed. Practical value. A methodology for identifying and predicting geomechanical parameters for a risk-oriented system for monitoring the stability of the rock mass while ensuring safety when using developments as military-industrial complexes is proposed.

Effect of Implementation of Performance Risk Management on High Rise Building Structure Work (Junction City Building)

There are risks in every construction project, uncontrolled risks will become a problem and cause losses to the project due to cost overruns and delays in work execution. Therefore, to manage risk, it is necessary to carry out risk management so that the project can survive, or perhaps optimize risk. The purpose of this study was to determine the dominant risk factors, how big the level of risk that occurred and the response given to the dominant risks of cost and time performance in the structural work of the Grand Jati Junction Apartment Development project. From the results of this study, it was found that 8 factors became the dominant risk factors with varying (different) levels depending on the complexity of the work and the conditions at the time of implementation of each stage of the work. Then from the results of the risk factor analysis, a risk response is obtained in the form of preventive measures to prevent or minimize these risks. Keywords: Risk Management, Building Structure Work.

Upaya Peningkatan Keselamatan Pasien dengan Pelaksanaan Manajemen Risiko di Unit Rawat Inap


 This study aims to describe the implementation of planned changes in an effort to improve patient safety through optimizing monitoring and evaluation of the implementation of risk management countermeasures in inpatient rooms. The method used is to use a problem solving cycle approach which includes identifying problems, analysis and diagnosis, designing solutions, implementation and evaluation. The assessment was carried out by means of structured interviews, observation, and distributing questionnaires. Implementation of planned changes using Kurt Lewin's change model, namely unfreezing, movement and refreezing. The results of problem identification showed that the implementation of risk management in the inpatient unit was not optimal, so innovation was needed to motivate staff to implement patient safety by distributing online flyers and creating an instrument to monitor the implementation of risk management. In conclusion, monitoring using good monitoring instruments and distributing online flyers can increase nurses' understanding of implementing risk management so that patient safety can be realized.
 
 Keywords: Patient Safety, Risk Management, Service Quality Improvement, Monitoring System

Potential Risks of Cloud Computing in Financial Institutions in Tanzania: Perspectives from CRDB Bank Plc

The adoption of cloud computing introduces a range of potential risks that financial institutions must navigate with prudence. Cloud service providers are entrusted with valuable customer information, and any compromise could have severe consequences, including financial losses and reputational damage. The main objective of this research was to assess the potential risks of cloud computing in financial institutions in Tanzania. This is done in the context of CRDB bank. The research employed a mixed methods approach, incorporating both quantitative and qualitative data collection methods. The data was acquired through questionnaires, specifically targeting the employee population of CRB bank. The data underwent quantitative analysis. The research sampled population is 201 respondents from ICT, legal and procurement departments at the financial institution. Cloud computing poses hazards that financial organizations must carefully manage. Security of sensitive financial data comes first. Any compromise of cloud service providers' client data could result in financial losses and reputational damage. Data privacy risks occur as legislative contexts change. Cross-border cloud services can challenge data sovereignty and local legislation. Another crucial factor is operational continuity. Financial institutions depend on uninterrupted service, putting them exposed to cloud service provider outages and technical issues. Maintaining financial services and client satisfaction are crucial. The regulatory compliance challenge is unique. Cloud computing requires vigilance in local and international legal systems. To retain financial ecosystem confidence, financial institutions must ensure their cloud-based solutions meet industry standards and laws. The study stressed the importance of a holistic strategy to cloud computing in financial institutions like CRDB Bank PLC. Cloud technology has many benefits, but stakeholders must be cautious and implement risk management and mitigation strategies. The conclusions of this study can help CRDB Bank PLC and other Tanzanian financial institutions make educated cloud technology implementation decisions. These decisions must prioritize financial system security, privacy, and resilience. The results also highlight the need for financial industry-regulatory cooperation to keep the regulatory framework up to date with technology.

Legal Protection of Customer Personal Data in the Banking Sector

In banking, what becomes a bank secret is all forms of personal data about customers and their deposits. With the current technological advances, banks are expected to be able to provide faster, easier, and safer services in transactions process. However, it is undeniable that during the transactions process, a risk for both banks and customers of data theft is done by other parties. This research is legal research using normative juridical legal research or library legal research carried out by examining library materials or secondary research sources consisting of primary legal materials, secondary legal materials, and tertiary legal materials. Based on the research results, there are several rules that can protect personal data, that are Law No. 10 of 1998 concerning Amendments to Law No. 7 of 1992 concerning Banking, Financial Services Authority Regulation (POJK) No. 11/POJK.03/2022 dated 6 July 2022 concerning the Implementation of Information Technology by Commercial Banks, and Law No. 27 of 2022 dated 17 October 2022 concerning the Protection of Personal Data. Based on these regulations, it is clear that they cannot fully protect banks and customers from personal data leaks. In addition, there are no regulations with concrete steps to protect personal data so that banks can implement risk management in data protection.

Resilient Supply Chains in the Face of Disruptions: An In-Depth Study of Strategies Employed by U.S. Companies to Ensure Business Continuity

This study retrospectively explores the strategies employed by U.S. companies to ensure business continuity in the face of disruptions within their supply chains. The purpose of this research was to investigate the effectiveness of various resilience strategies adopted by American businesses and to derive insights that can inform future supply chain management practices. The problem addressed in this study was the increasing vulnerability of supply chains to disruptions, including natural disasters, global pandemics, and geopolitical tensions. These disruptions could result in significant economic losses and operational challenges for businesses. Understanding how U.S. companies tackled these challenges in the past provides valuable lessons for enhancing supply chain resilience. To achieve these objectives, a mixed-methods research approach was employed. Quantitative data were collected through surveys distributed to a diverse sample of U.S. companies across different industries. Qualitative data were obtained through in-depth interviews with supply chain and operations managers from a subset of these companies. The study analyzed historical cases of supply chain disruptions and the corresponding strategies used to mitigate their impact. Findings from this research indicate that U.S. companies employed a combination of strategies to enhance supply chain resilience, including diversifying suppliers, leveraging technology for real-time visibility, and implementing risk management frameworks. Companies that had robust business continuity plans in place were better equipped to respond to disruptions effectively. In conclusion, this study highlights the critical importance of proactive supply chain resilience strategies in mitigating the impact of disruptions. The lessons learned from past disruptions provide valuable insights for companies seeking to build more resilient supply chains in the future. Recommendations include the development and regular testing of robust business continuity plans, the adoption of digital technologies for enhanced visibility, and a proactive approach to risk management. By drawing from past experiences, U.S. companies can better prepare for and respond to future disruptions, ultimately ensuring the continuity of their operations and safeguarding their competitiveness in an ever-changing business landscape. Keywords: Resilient Supply Chains, Disruptions, U.S. Companies, Business Continuity, Strategies