Importance Of Risk Management Research Articles

Evaluating criteria for the implementation of energy management strategies

Strategic management assists organizations in formulating, implementing, and evaluating decisions to set objectives. Energy management should consider top management commitment, risk management, corporate social responsibility, and knowledge and awareness of energy strategies as criteria for implementation. The research aimed to evaluate the four criteria in terms of energy management strategy implementation. A quantitative, non-experimental research design was followed using a structured questionnaire. The most important criterion identified is top management commitment. The results indicate a strong positive correlation between top management commitment and energy management strategies and the importance of risk management. Corporate Social Responsibility and limited knowledge and awareness showed a lower correlation but also contributed to the implementation of energy management strategies. It showed that a lack of knowledge and awareness influences the implementation; organizations can do internal awareness campaigns and appoint a dedicated energy team that can assist management in educating and communicating energy strategies. Further findings included that energy management strategies are essential to the overall business strategy of organizations and that organizations can increase their public reputation by positively contributing to corporate social responsibility and top management commitment. Management needs to lead from the front and provide training, resources and leadership in energy practices. It is recommended that organizations set energy plans, have a dedicated energy team and increase their internal awareness and communication.

Relationship between Profile and Knowledge Level of Farmers about Pradhan Mantri Fasal Bima Yojana Scheme in Cuddalore District of Tamil Nadu, India

Agriculture has always been a risky profession. Unlike the industrial sector it is subjected to the vagaries of the nature. It is facing so many difficulties such as drought, floods, cyclones, pest, diseases etc. The present need is protecting the famers from financial losses arising due to natural calamities. The government gives protection to farmers in the way of crop insurance scheme. The recently launched crop insurance scheme is the Pradhan Mantri Fasal Bima Yojana, which is a kind of a “One Nation-One scheme” launched in the year 2016. Crop insurance is an important risk management tool used by farmers for stabilizing farm income against crop failure due to different types of natural calamities which reduce the production. Keeping in mind the importance of crop insurance scheme, the present study was undertaken to study on relationship between profile characteristics and knowledge level of farmers about Pradhan Mantri Fasal Bima Yojana scheme in Cuddalore district. The study revealed that about 40.84 per cent of the respondents had medium level of knowledge regarding PMFBY scheme. The variables educational status and farming experience were found to be significant at 1 per cent level of probability.

Risk Management in Internet Consumer Finance: A Case Study of Douyin Monthly Pay

Abstract: This study aims to explore risk management in internet consumer finance, taking Douyin Monthly Pay as a case study for in-depth analysis. Risk management is particularly crucial with the rapid development of internet consumer finance. By studying the current situation of risk management in Douyin Monthly Pay, some problems and challenges can be found. This study puts forward some suggestions and conclusions through detailed case analysis. Through this research, the risk management practice in Internet consumer finance can be better understood, providing valuable references and insights for related enterprises. Given the current context of internet consumer finance development, the importance of risk management is self-evident. Through the Douyin Monthly Pay case study, specific operations and risk management challenges can be thoroughly understood, guiding the industry toward future development. The conclusions and recommendations of this study can offer certain references and insights for relevant enterprises in risk management, promoting the healthy development of the industry.

Forensic Evaluation and the Importance of Risk Management

Forensic Evaluation and the Importance of Risk Management

Using NHS Data to Monitor Trends in the Occurrence of Severe, Food-Induced Allergic Reactions Work Package 1

People with food allergies may experience food allergic reactions due to accidental exposure. These reactions are commonly categorised as non-severe, fatal food anaphylaxis and near-fatal food anaphylaxis. Non-severe allergic reactions to food are more common with an incidence of up to 1,000 times greater than fatal food-related anaphylaxis. However, obtaining accurate data relating to the circumstances under which these reactions occurred is challenging under the current diagnosis coding system used in the National Health Service (NHS). This project addressed two key questions: 1. What are the trends in the occurrence of food hypersensitivity (FHS) reactions and their consequences in terms of healthcare encounters (both to hospital and primary care)? 2. What are the circumstances surrounding severe, life-threatening reactions to food? Approach The researchers used existing NHS datasets (relating to Hospital Admissions, Accident & Emergency visits, Critical Care admissions and Primary care visits) to evaluate healthcare encounters due to food hypersensitivity over the study period. Patient pathways through the healthcare system were also assessed by linking these different datasets. Key Results • Food-induced anaphylaxis represented 29.4% of reported anaphylaxis. admissions, and increased significantly from 1.23 to 4.02 admissions per 100,000 population per annum over the study period. • However, despite an annual increase of 5.7% in hospitalisation for food-induced anaphylaxis between 1998 and 2018, the case fatality rate (proportion of hospital admissions associated with a fatal outcome) more than halved, from 0.7% in 1998 to less than 0.3% in 2018. • 152 deaths were identified during the study period where the cause was very likely to have been food-induced anaphylaxis. • At least 86 (46%) fatalities were triggered by peanut or tree nuts. • Cows’ milk was reported to be the most common cause of fatal anaphylaxis in children aged under 16 years. • Using data from England for the period 2008-2018, the prevalence of food allergy ranged from 4% in preschool-aged children (under 5 years), 1-2% in school-aged children and young people (5 to 20 years) and 0.9% in adults. Although the same methods were used throughout the study period, the statistics presented may be prone to limitations such as miscoding and incomplete datasets. • Prescription of adrenaline auto-injector devices (AAI) are an important risk management intervention in people at risk of food-induced anaphylaxis. However, there is significant under-prescribing of AAI. Data showed that 40% of individuals with prior food-induced anaphylaxis were not prescribed AAI and at least 59% did not have AAI on repeat prescription. • Most healthcare visits for food allergy occurred in general practice. Less than 3% of individuals with a diagnosis of food allergy attended Accident and Emergency during the study period, 2008-2018. Therefore, using hospital data in isolation to analyse patterns of health service utilisation with respect to FHS may not provide a comprehensive overview.

The Application of Hedging in Enterprise Risk Management: The Case Study of Southwest Airlines

In today's project of globalization and increasing market uncertainty, enterprise risk management has become one of the key factors for the survival and development of enterprises. As an important risk management tool, hedging is widely used in corporate practice. This article takes Southwest Airlines as an example to explore the application of hedging in enterprise risk management. Through a case study of Southwest Airlines, we aim to uncover how hedging can help companies reduce risk, stabilize operations, and improve profitability. At the same time, this paper also hopes to provide useful inspiration and reference for enterprise risk management.

Cross-hedging wild salmon prices

A number of studies have documented that there is a global market for salmon, in which wild and farmed salmon have a common price determination process. Recent studies report that Norwegian farmed salmon spot prices are also highly correlated with the Fish Pool salmon future contract price, indicating that the futures market can be an important risk management tool, as producers and buyers can hedge price risk. Here, we investigate whether the wild salmon prices can be cross-hedged against the Fish Pool salmon future contract, by testing whether the two prices are correlated.. If so, the Fish Pool future contracts can be used as a risk management tool for fishers and buyers of wild salmon. We find that this is the case, providing an additional link between wild and farmed salmon specifically, and between fisheries and aquaculture generally.

Comparative Risk Assessment of Cyber Threats Based on Average and Fuzzy Set Theory

Applied results of scientific analysis should be the key focus of modern security research. A comparative analysis of research results obtained using different methods, as an applied task, forms a broader basis for interpreting the results and substantiating the conclusions. A social survey and expert opinion research were conducted to implement the general concept of strategic analysis of cybersecurity in Ukraine. Using the method based on determining the average value in a certain set of estimates, as well as the method based on the theory of fuzzy sets, the risks of spreading certain cyber threats in Ukraine were assessed. The results were compared. Although the use of different measurement methods led to some differences in quantitative risk indicators, the comparative analysis of the ratio of the level of different cyber threats did not change significantly. At the same time, the fuzzy set method provided more flexible interpretation of the results to characterize cyber threats in terms of their upward or downward trend. In general, the combined approach to cyber threat risk assessment can become an important risk management tool, as it takes advantage of different methods and allows for a deeper understanding of the current situation and the formation of more informed management decisions.

A Critical Analysis of Risk Auditing: An Auditor's Approach

This research aims to critically analyze risk auditing, focusing on the auditor's approach, to uncover complexities and challenges inherent in contemporary auditing practices. The study synthesizes findings from a literature review, discussing implications for auditors, organizations, and future research. The multifaceted role of auditors in risk auditing involves identifying, assessing, and managing risks across financial and operational domains, ensuring organizational objectives and assets' safeguarding. Auditors must possess diverse skills, expertise, and judgment to navigate subjective risk assessment, particularly in evaluating emerging risks and complex financial instruments. Moreover, auditors must adopt a proactive approach to risk management, anticipating potential risks and providing timely recommendations. However, challenges such as the lack of standardized risk assessment practices, the rapid pace of business environment changes, and integrating emerging technologies into risk auditing persist. These challenges underscore the need for ongoing innovation and improvement in risk auditing practices. Empirical findings suggest a positive association between risk disclosures' quality and firm performance, emphasizing governance mechanisms' importance in risk management. By addressing challenges and collaborating with stakeholders, auditors can enhance risk management practices' effectiveness, safeguarding organizational objectives and assets in dynamic business environments.

THE EFFICIENCY OF OPERATIONS MANAGEMENT OF CONSTRUCTION ENTERPRISES IN CONDITIONS OF PUBLIC-PRIVATE PARTNERSHIP

This article explores the operational management of construction enterprises within the framework of public-private partnerships (PPP). It describes the theoretical foundations of operational management, main tasks, methods and tools, as well as the specific features of operational management in PPP construction enterprises. The main tasks of operational management include timely and cost-effective project execution, risk minimization, resource optimization, ensuring construction quality, and meeting customer needs. The authors discuss methods of performance evaluation, coordination, and control mechanisms in managing construction projects under PPP. The article proposes a performance evaluation system for construction enterprises from the perspective of PPP. Emphasis is placed on the importance of risk management in PPP projects. A model of the impact of risk assessment on management decision-making in PPP is formulated. A combined approach to risk assessment is proposed, integrating elements of sensitivity analysis, simulation modelling, and expert evaluation. Recommendations for improving the operational management system and enhancing risk management in PPP are provided. Keywords: operations management, construction enterprise, management tools, strategic partnership, public-private partnership, risk management, performance evaluation, coordination, control.

THE EFFICIENCY OF OPERATIONS MANAGEMENT OF CONSTRUCTION ENTERPRISES IN CONDITIONS OF PUBLICPRIVATE PARTNERSHIP

This article explores the operational management of construction enterprises within the framework of public-private partnerships (PPP). It describes the theoretical foundations of operational management, main tasks, methods and tools, as well as the specific features of operational management in PPP construction enterprises. The main tasks of operational management include timely and costeffective project execution, risk minimization, resource optimization, ensuring construction quality, and meeting customer needs. The authors discuss methods of performance evaluation, coordination, and control mechanisms in managing construction projects under PPP. The article proposes a performance evaluation system for construction enterprises from the perspective of PPP. Emphasis is placed on the importance of risk management in PPP projects. A model of the impact of risk assessment on management decisionmaking in PPP is formulated. A combined approach to risk assessment is proposed, integrating elements of sensitivity analysis, simulation modeling, and expert evaluation. Recommendations for improving the operational management system and enhancing risk management in PPP are provided. Keywords: operations management, construction enterprise, management tools, strategic partnership, public-private partnership, risk management, performance evaluation, coordination, control.

Post-earthquake fires: risk assessment and precautions

Earthquakes have great damage potential and importance in risk management and structural engineering, causing fires in buildings such as residences and commercial spaces. Post-earthquake fires (PEF) are secondary disasters that can cause material and moral destruction and loss of life. Similar to natural disasters, they show the time of occurrence and possible scenarios in places. This study aims to analyse and examine what precautions can be taken to prevent or minimize PEF through risk assessment. In this study, a literature review was conducted with the tracking method, focusing on examples from the world where the fires that occur as a secondary effect of the earthquake can cause devastating damages and significant disasters, and inferences are made by classifying the data obtained. Many factors, such as gas leaks due to earthquakes, cracks in pipelines, and short circuits in electrical installations, can cause fires. In addition, flammable liquid or combustible gas emissions and fire protection disturbances create significant fire hazards after earthquakes. In this paper, in which the causes and consequences of fires are analysed, risks, the evaluation process depending on the risks, the precautions that can be taken according to the situations that the risks will cause, and the models developed are emphasized. The research is a reference study with the expectation that there will be an increase in the number of studies examining experimental and physical PEF models.

GenAІ – імператив удосконалення інституційного підґрунтя управління ризиками

The article analyzes the rapid progress in the artificial intelligence sector as one of the most promising areas of information and communication technologies. There is observed an increase in the use of the generative artificial intelligence (GenAI) system in various business areas and a significant increase in investment. The authors focus on the need to implement GenAI in Ukrainian business. At the same time, they emphasize the emergence of negative consequences that arise from the development of artificial intelligence (AI), that in particular can be either accidental or malicious. The importance of risk management in the context of the use of GenAI for effective application in business is emphasized. An analysis of scientific publications in the field of artificial intelligence shows an increasing interest in understanding and analyzing the risks of the development and use of AI. The need for continuous monitoring and development of institutional frameworks for effective AI risk management is underlined, including integrating the efforts of all stakeholders and differentiating efforts at different stages of the development and use of AI. It is noted that the development and use of AI have probable negative consequences, which range from random to deliberately mixed. Sometimes the information generated by AI systems may not be accurate, and sometimes it is biased in nature based on gender, race, and other stereotypes and can be used to facilitate unethical or criminal activities. Some of the inherent risks of AI have already been explored, while others remain unknown. This situation necessitates systematic monitoring of the possible implications of AI development and adoption, as well as the development of appropriate institutional frameworks to assess progress in this area.

Factors Affecting Performance of Financial Institutions: A Case Study of Afghanistan International Bank

This study investigated and focused upon the risk management practices of banks in Afghanistan and their influencesd on banking performance. In recent years, the importance of risk management in banking institutions has grown significantly, particularly following the Global Financial Crisis. The study holds particular significance in the context of Afghanistan, a developing economy where the banking sector plays a vital role in national development. The continuity and success of banks in Afghanistan were intricately tied to effective risk management. This research aims to contribute to the ongoing debate surrounding risk management effectiveness in developing countries, specifically Afghanistan. It explores the relationship between risk management practices and banking performance while assessing the level of risk understanding and management in Afghan banks. The study's findings highlight the importance of risk understanding, risk assessment and analysis, managing credit risk, and managing liquidity risk in improving risk management practices in Afghan banks. These results provide valuable insights into enhancing the effectiveness of risk management in the banking sector.

ROLE OF MODIFIED EARLY WARNING SCORE IN EVALUATING MORTALITY IN POSTOPERATIVE PERIOD

Objectives: The intent of the study is to analyze the role of modified early warning score (MEWS) in the assessment of the need of early intervention and surgical intensive care unit (SICU) admission in patients undergoing elective and emergency major surgical procedures. Methods: This prospective study incorporated 150 patients who underwent emergency or elective major surgical procedures, with monitoring of physiological parameters in the post-operative period with implementation of MEWS. The MEWS score of 1–3: Escalation of monitoring done. MEWS of 4–5: Escalation of monitoring, urgent assessment by the surgical team, shift of patient to intensive care unit (ICU) if required. MEWS of ≥6: Shift of patient to ICU with emergency assessment by the surgical/medical/ICU team. Outcomes were (1) improvement in patients’ clinical condition after early goal-directed therapies (frequent monitoring, shifting to ICU), (2) discharged alive from the hospital, and (3) patient death. Results: In our study, all the patients with MEWS from 1 to 7 were discharged alive and all the patients with a score above ≥8 were succumbed to death suggesting MEWS score of ≥8 implicates the strict need for SICU admission and an increased mortality of the patient in the post-operative period. MEWS improved communication between nursing staff, junior doctors with surgical team to “flag-up” and prioritize patients. Conclusion: The MEWS is an important risk management tool that is simple to implement and effective in identifying the early deterioration of the patients, which can be used as a routine protocol in post-operative period and assessing the need of ICU for further interventions.

Risk Management in Health Management

The study of this paper investigates the crucial function of risk management in healthcare administration. It centers around the different sorts of dangers in medical services and their motivation on quiet security, care quality, and authoritative execution. The use of technology, the importance of risk management, risk consideration and mitigation strategies, and the challenges faced by healthcare organizations are all examined in this section. It keeps up by underlining the situation with fostering a gamble mindfulness in regard to effectively accomplishing chances and working on understanding results in the troublesome medical services setting.

Cognitive ability impact on life insurance lapsation


 
 
 Life insurance is an important household risk management and financial tool. Policy lapsation has economic effects on life insurance companies, policyholders, and beneficiaries that may be detrimental when these lapses are unexpected. Prior literature examined several hypotheses of life insurance lapse focusing mainly on macroeconomic factors using aggregate data and household microeconomic factors using household-level data. We introduce and test individual cognitive ability variables in a model of the life insurance voluntary lapse decision by individual policyholders using household-level data from the Health and Retirement Study. We find that one measure of cognitive ability, in particular, numer- acy, is related to the voluntary lapse decision. While controlling for numeracy, we find evidence that those individuals with higher levels of net worth are less likely to voluntarily lapse a policy which is consistent with the emergency fund hypothesis. We introduce a new measure of liquidity shock, kids moving home, into the model and find it has a strong positive relationship with the decision to voluntar- ily lapse a policy. Consistent with life insurance demand theory, we find that those who have recently entered retirement are more likely to lapse their policy.
 
 

نموذج مقترح لإدارة المخاطر في الشركات ذات المشروعات المتعددة

Recently, the importance of risk management has increased in the field of project management, especially software projects. The importance of risk management is because it has direct effects on the success of the project. Therefore, software organizations face a major challenge in achieving effective and efficient risk management. Therefore, measuring risks in software development is a key activity to be undertaken in risk management. Risk measurement is also one of the important topics that need more effort, especially in a work environment with multiple software projects. A multi-project environment involves multiple projects sharing the same available resources. This research aims to conduct a literature review to discover patterns or trends in software development to measure project risks and to reveal aspects of the measurement process, risk indicators, and various metrics for software projects. This research also aims to present a proposed framework for assessing risks in a multi-project work environment with shared resources for different levels in organizations with different capabilities.

Trends in weather-related marine cargo insurance claims: A South African perspective

Background: Marine cargo insurance covers the loss or damage to goods while in transit. It is an important supply chain risk management tool for organisations involved in international trade, especially in regions where cargo insurance penetration is low, and protection gaps are high. However, marine cargo insurance faces new challenges because of increasing frequency and severity of extreme weather events. This study focuses on the case of South Africa: a developing country with a strategic role in connecting Africa with the global market.Objectives: The research analyses the trends, differences, and seasonality of weather-related marine cargo insurance claims in South Africa from 2013 to 2022.Method: Statistical and general claims analysis was performed on a master dataset of 17 727 claims to answer the three research questions related to the research objectives.Results: The results show that weather-related marine cargo insurance claims have been increasing over the past decade, creating challenges and disruptions to the supply chain network in South Africa. Furthermore, this research shows that weather-related claims have higher average values and follow a seasonal pattern compared with non-weather-related events on supply chains in South Africa.Conclusion: This research reveals the growing impact of weather-related events in South Africa.Contribution: It provides practical and theoretical implications for supply chain managers and insurers to manage weather-related risks more effectively and proactively contributes to the literature by offering empirical insights from a developing country perspective, and provides considerations for future work.

Longitudinal adherence to breast cancer surveillance following cancer genetic testing in an integrated health care system.

Screening with mammography and breast magnetic resonance imaging (MRI) is an important risk management strategy for individuals with inherited pathogenic variants (PVs) in genes associated with increased breast cancer risk. We describe longitudinal screening adherence in individuals who underwent cancer genetic testing as part of usual care in a vertically integrated health system. We determined the proportion time covered (PTC) by annual mammography and breast MRI for individuals with PVs in TP53, BRCA1, BRCA2, PALB2, NF1, CHEK2, and ATM. We determined time covered by biennial mammography beginning at age 50years for individuals who received negative results, uncertain results, or with PVs in genes without specific breast cancer screening recommendations. One hundred and forty individuals had PVs in TP53, BRCA1, BRCA2, PALB2, NF1, CHEK2, or ATM. Among these individuals, average PTC was 48% (range 0-99%) for annual screening mammography and 34% (range 0-100%) for annual breast MRI. Average PTC was highest for individuals with PVs in CHEK2 (N = 14) and lowest for individuals with PVs in TP53 (N = 3). Average PTC for biennial mammography (N = 1,027) was 49% (0-100%). Longitudinal screening adherence in individuals with PVs in breast cancer associated genes, as measured by the proportion of time covered, is low; adherence to annual breast MRI falls below that of annual mammography. Additional research should examine screening behavior in individuals with PVs in breast cancer associated genes with a goal of developing interventions to improve adherence to recommended risk management.