Risk Management Measures Research Articles

Private social media usage of employees: Implications for corporate risk management to protect corporate reputation

In an increasingly complex business environment, risk management has become essential for corporate survival. Given the rapidly changing environmental conditions and trends, new risks are constantly emerging and need to be assessed and managed. The influence of risks extends beyond the corporate sphere, for example, with the private use of social media by employees and the resulting potential damage to the company’s reputation. According to the literature, there is little to no knowledge on this topic. Therefore, in this study, 20 experts at different positions in their companies were interviewed about the significance, handling, mapping, consideration, and measurement of potential reputational risks associated with the private use of social media by employees. The results show that there is a certain awareness of the problem, but only a few mechanisms have been implemented to manage such risks. Based on the findings, risk management measures are identified by examining the employees’ journey, which can be used in operational practice to reduce the risk of potential reputational damage.

Unveiling mercury exposure sources in e-waste recycling with biomonitoring - A Portuguese case study

Abstract Background Mercury (Hg), a global pollutant, poses risks to both human and environmental health. The management and recycling of electrical and electronic waste (e-waste) is recognized as having the potential to promote workers’ exposure to this pollutant. Human biomonitoring (HBM) is a tool that can be used to evaluate exposure and monitor the health of workers. The objective of this study was to characterize exposure of workers from an e-waste recycling company and to analyze the relevance that HBM holds in the detailed characterization of exposure. Methods A cross-sectional observational study was conducted using data collected within the framework of the European Human Biomonitoring Initiative (HBM4EU). Data from environmental monitoring (settled dust) and biological monitoring (urine and hair) of 30 workers potentially exposed to Hg were analyzed in comparison with 12 unexposed workers from other occupational settings (controls). Results Exposed workers did not exhibit significantly higher concentrations of Hg in urine when compared to control workers. We found a significantly positive correlation between the concentration of Hg in urine (ρ = 0.688; p ≤ 0.001) and hair (ρ = 0.470; p ≤ 0.01) and the consumption of fish and shellfish. Conclusions Diet appears to be the most significant source of Hg in this context. These results suggest the importance of information and dietary habits to prevent mercury exposure. HBM stands out as an essential tool for identifying the most relevant exposure sources and risk management measures for workers and the general population. Key messages • Diet appears to be the most significant Hg source in workers from a Portuguese e-waste company. • HBM stands out as essential for identifying the most relevant exposure sources and risk management.

Cataloging and Testing Flood Risk Management Measures to Increase the Resilience of Critical Infrastructure Networks

Cataloging and Testing Flood Risk Management Measures to Increase the Resilience of Critical Infrastructure Networks

Research on risk management of ship maintenance projects based on multi agent swarm model simulation method

In recent years, the role of naval ship power has become increasingly prominent in regional conflicts and military operations worldwide, and the powerful capabilities demonstrated by naval forces have also been valued by countries around the world. While naval forces are frequently deployed to carry out various tasks, the intensity of equipment wear and tear on ships is also significantly increasing, posing a huge challenge to the maintenance and support capabilities of ship equipment. In the actual process of ship equipment maintenance, a series of risk factors such as cost, schedule, and quality will have a significant impact on the entire ship maintenance project, and even affect the success or failure of the entire project. This article first decomposes the project process of ship maintenance projects, further analyzes the various risk factors of ship maintenance projects based on the project decomposition situation, and then distinguishes the overall project, project process, and project risk factors to establish an intelligent agent group model for simulation analysis. Through the above simulation analysis, we will conduct in-depth research on the specific impact of project risks on ship maintenance projects, and analyze and verify the positive role and practical significance of project risk management in project risk control and project efficiency improvement. In the process of the above research content, methods and measures for risk management of ship maintenance projects are proposed, providing scientific and efficient risk management suggestions for such projects, improving the scientific management efficiency of ship maintenance projects, and contributing to the improvement of the quality and efficiency of project management.

Flood management in the built environment: the micro-scale contribution to a distributed strategy

Abstract The built environment offers an opportunity to implement Flood Risk Management measures by spatially distributing them as a complementary alternative to large-scale protection schemes. Specifically, micro-scale solutions focus on buildings, open spaces, users, and small infrastructure, addressing various flood management strategies with different performance indicators. These measures encompass, for instance, private precautionary measures like floodproofing or elevation, and nature-based solutions. However, their adoption faces technology, economics, and social challenges. To effectively reduce flood risk and increase the built environment’s resilience to floods, a systemic approach is necessary, evaluating and jointly implementing diverse measures across the built environment. Drawing from a systematic literature review and expert interviews, this study explores micro-scale Flood Risk Management measures within the built environment, examining their barriers and drivers. Additionally, it introduces an atlas of multi-strategy measures, qualitatively comparing their performance. The paper concludes by emphasizing the need for a holistic perspective on flood adaptation and highlights opportunities to enhance building-level adaptation actions through collaboration with various stakeholders.

Harnessing long-term gridded rainfall data and microtopographic insights to characterise risk from surface water flooding.

Climate projections like UKCP18 predict that the UK will move towards a wetter and warmer climate with a consequent increased risk from surface water flooding (SWF). SWF is typically caused by localized convective rainfall, which is difficult to predict and requires high spatial and temporal resolution observations. The likelihood of SWF is also affected by the microtopographic configuration near buildings and the presence of resilience and resistance measures. To date, most research on SWF has focused on modelling and prediction, but these models have been limited to 2 m resolution for England to avoid excessive computational burdens. The lead time for predicting convective rainfall responsible for SWF can be as little as 30 minutes for a 1 km x 1 km part of the storm. Therefore, it is useful to identify the locations most vulnerable to SWF based on past rainfall data and microtopography to provide better risk management measures for properties. In this study, we present a framework that uses long-term gridded rainfall data to quantify SWF hazard at the 1 km x 1 km pixel level, thereby identifying localized areas vulnerable to SWF. We also use high-resolution photographic (10 cm) and LiDAR (25 cm) DEMs, as well as a property flood resistance and resilience (PFR) database, to quantify SWF exposure at property level. By adopting this methodology, locations and properties vulnerable to SWF can be identified, and appropriate SWF management strategies can be developed, such as installing PFR features for the properties at highest risk from SWF.

Situational analysis on porcine diseases: general risk assessment and prioritization of epizootic threats to biosecurity systems of pig establishments in the Russian Federation

The results of the situational analysis on porcine diseases in the Russian Federation and the expert assessment prioritizing the list of porcine pathogens significant for the pig industry of the country are presented. The method applied to analyse the expert estimates in the situational analysis allows for rapid assessment and interpretation of the situation with identification of priority diseases to be further addressed. The calculations demonstrated the sufficient degree of agreement among the experts (coefficient of concordance W = 0.61), and Pearson’s chi-squared test statistic χ2 = 51.33 (≥ 21.02607) indicated that the concordance is not random and the results can be used in subsequent studies. The specific features of epizootiology of the agents of African swine fever, classical swine fever, porcine reproductive and respiratory syndrome that can impact the effectiveness of biosecurity systems of pig establishments, as well as further ways for improving biosecurity management measures are discussed. The overall risk for the pig industry in the Russian Federation that is associated with external sources is currently characterized as permanently high, requiring maintaining risk management measures at the pig establishments by both the managerial staff of the establishments and the State Veterinary Service. It is recommended that biosecurity measures against external threats should focus on diseases such as African swine fever (weight λ = 0.52), porcine reproductive and respiratory syndrome (λ = 0.071), classical swine fever (λ = 0.068) and infections considered emerging for the Russian Federation (λ = 0.05) according to the weights based on the expert estimation results. The biosecurity systems of the establishments should equally address other threats significant for the pig industry of the country: swine enzootic pneumonia, porcine pleuropneumonia (Actinobacillus pleuropneumoniae), Aujeszky’s disease, streptococcosis (Streptococcus suis), porcine circovirus infection, foot-and-mouth disease, leptospirosis, transmissible gastroenteritis, cysticercosis (λ = 0.02…0.05). The improvement of the governmental policy for eradication of African swine fever, porcine reproductive and respiratory syndrome, classical swine fever (including the substantial modification of the existing official pig turnover control, zoning, diagnosis and prevention quality, as well as the implementation of biosecurity standards) is the most significant factor, without which the disease eradication perspective is questionable.

Research on gold price prediction based on ARIMA model

Gold is one of the most prevalent currencies in the world and its price has a very strong influence in the global financial markets. Gold has safe-haven properties, which can have a significant impact on its demand and price, especially in times of social unrest or financial crisis. Now, the demand for gold by investors has increased dramatically. Therefore, being able to accurately predict the direction of the gold price can help investors to effectively develop investment strategies and risk management measures. The overall objective of this study is to forecast the price of gold futures for the next six months. In this study, the Kaggle website was searched to find the price of gold from 2020 to 2024 and finally the CLOSE price was chosen as the final predicted price. This paper uses the ARIMA model for gold price forecasting. By comparing the RSME size of each model, ARIMA (1, 1, 2) is finally chosen. From the prediction results the price of gold remains stable in the first half of the year and then increases significantly. From the results of the residual test, there is no autocorrelation, and then it is white noise.

DOES ESG INVESTMENT IMPACT THE FINANCIAL SUSTAINABILITY OF NIGERIAN ENERGY COMPANIES: A PANEL REGRESSION APPROACH?

The destruction of around 5% to 10% of Nigerian mangrove ecosystems and the disappearance of approximately 7,400 square kilometres of rainforest have shifted managerial priorities in Nigeria's energy sector from purely financial gain to increased social responsibility. The rising concerns regarding climate change, environmental risks, social well-being, and sustainability have propelled ESG investment to the forefront of corporate sustainability considerations. The study delves into the influence of ESG investment on the financial sustainability of listed industry players in Nigeria's oil and gas industry. By utilizing quantitative data from sustainability and corporate annual reports of listed firms on the Nigeria Exchange Group from 2013 to 2023, a fixed pooled panel regression model was conducted to statistically test the three hypotheses anchored on the ESG nexus on financial sustainability. The findings indicate that the relationship between environmental investments, measured by environmental emissions, and return on assets (ROA) for the examined listed entities is insignificant. However, the research establishes a notable correlation between social investing practices, quantified by workforce size, and ROA, displaying a positive coefficient. Moreover, the study does not confirm a substantial impact of governance investing practices, measured by board size, on the ROA of the scrutinized corporations. The research acknowledged the impact of ESG on the financial sustainability of Nigeria’s energy sector. The research recommendations include integrating ESG factors into investment strategies, enhancing disclosure and transparency, improving risk management and resilience measures, and collaborating with policymakers.

A harmonized occupational biomonitoring approach

Biomonitoring has been widely used in assessing exposures in both occupational and public health complementing chemical risk assessments because it measures the concentrations of chemical substances in human body fluids (e.g., urine and blood). Biomonitoring considers all routes and sources of exposure. An occupational biomonitoring guidance document has been elaborated (OECD Occupational Biomonitoring Guidance) within the OECD framework and specifically, the Working Parties on Exposure and Hazard Assessment by scientific experts from 40 institutes and organizations representing 15 countries. The guidance provides practical information for assessing chemical exposures in occupational settings including the three common routes of exposure: inhalation, skin absorption and ingestion due to hand to mouth contact. The elaborated stepwise approach for conducting biomonitoring is tailored for occupational health professionals, scientists, risk assessors, and regulators. It includes methods for selecting appropriate biomarkers, devising sampling strategies, and assessing laboratories for validated analytical methods for the biomarker of interest, and ensuring timely feedback of results. Furthermore, it describes procedures for setting up efficient biomonitoring programs based on the Similar Exposure Group (SEG) approaches. Derived health-based human exposure biomarker assessment values called Occupational Biomonitoring Levels (OBLs) are proposed for use in occupational exposure and risk assessment. It also helps with the interpretation of biomonitoring results routinely collected and procedures for communicating biomonitoring results at individual, collective, and workplace levels. Ethical considerations associated with biomonitoring are also discussed. The ultimate goal of this biomonitoring approach is to promote harmonized application and interpretation of biomarkers as well as evidence-based occupational risk management measures.

Lesson from Crude Oil Treasure Failure in 2020

After the 2020 pandemic, the Chicago Mercantile Exchange (CME) changed its trading rules, allowing the negative oil price mechanism in the futures market. That same month, Bank of China's (BOC) "Crude Oil Bao" investment product brought huge losses to investors, exposing the product's risk management flaws. The purpose of this report is to conduct a comprehensive study of the factors that led to the losses suffered by Chinese investors in international crude oil product trading. It delves into the operational dynamics of these financial industry institutions, as well as the perspectives of Chinese banks and retail investors affected by the incident. Finally, recommendations are made to strengthen risk management measures in response to events such as the Crude Oil Treasure, with the aim of helping commercial banks to improve their product design methodologies. The article provides valuable insights into understanding financial product failures and offers guidance on mitigating risk.

Introducing a climate, demographics, and infrastructure multi-module workflow for projected flood risk mapping in the greater Pamba River Basin, Kerala, India

Enhanced understanding of extreme events is essential for comprehensive risk assessment promoting informed decision-making and early warning to ensure the resilience against challenges imposed by changing climate. This study proposes a novel multi-module integration framework for the comprehensive evaluation of future flood risk in the Greater Pamba River basin, Kerala, India. The integrative modelling framework is developed by assembling a Cellular Automata-Markov Chain (CAMC) based and Use/Land Cover (LULC) projections, Reliability Ensemble Averaging (REA) of Global Climate Model (GCM) rainfall projections, Bayesian approach-based population projection, and spatial analysis of projected infrastructure and Digital Elevation Models (DEMs). By seamlessly interweaving the associated datasets, we illustrate the intricacies of flood vulnerability, exposure, and frequency across multiple return periods (2, 5, 10, and 100, 200 and 500 year) leading to the creation of diagnostic and prognostic high-resolution flood risk maps. The resultant flood analytics and analyses shown that around 36 % of the villages/municipalities and between 70 and 80 % of the critical facilities like schools, hospitals, and flood relief camps are falling under high-risk zones, for the 100-year return period flood. This finding is in line with Kerala's devastating flood episode in 2018, which exhibited characteristics of a nearly 100-year return period flood. In light of a changing climate, population growth, and shifting landscapes, these approaches provide a roadmap for more informed decision-making and adaptive flood risk management measures.

China's Direct Investment in the Russian Soybean Market in the Context of Risk Management Strategy

This article is based on the multifaceted impact factors of China's direct foreign investment in the Russian soybean market, identifying potential risks encountered in the investment process, including political, economic, logistics and supply chain, socio-cultural, and environmental risks. On the basis of these risks, the paper proposes a comprehensive set of risk management measures, and validates the effectiveness and practicality of these risk mitigation strategies through the analysis of successful investment cases. Overall, the paper underscores the significance of comprehensive risk management for sustainable development, providing systematic and comprehensive risk management advice for Chinese enterprises engaged in direct investments in the Russian soybean market

Incorporation crisis lifecycle theory into full-stage flash drought spatio-temporal pattern identification and risk analysis

Compared to conventional slow-developing droughts, the characteristics and drivers of flash droughts are often more complex. This complexity challenges global drought early warning systems, leading to severe losses in crop yields during flash drought events. To address this problem, our study introduces the Full Life Cycle Flash Drought Identification Framework (FLCFDIF), which incorporates crisis lifecycle theories to link the lifecycle progression of flash droughts with corresponding risk management measures. The results indicate significant differences in the risk characteristics of flash drought events are observed between monsoon and non-monsoon regions of China, with flash droughts in monsoon regions erupting more rapidly, lasting longer, and recovering more slowly than flash droughts in non-monsoon areas. Flash droughts typically feature negative precipitation anomalies and positive anomalies in maximum temperature and evapotranspiration during the progression of the droughts. However, the high-intensity precipitation events that drive flash drought recovery primarily occur during the termination phase rather than the previously assumed recovery phase. Therefore, employing a 40% soil moisture percentile as a threshold for determining the end of flash droughts can reduce disturbances from low-intensity precipitation events and establish a link between flash droughts and seasonal droughts. In Southeast China, the probability of flash droughts transitioning to seasonal droughts is approximately 10%. In future flash drought risk management, it is crucial to integrate the four stages of flash drought progression (development, duration, recovery, and termination) and implement timely emergency response actions, including warning, assessment, mitigation, and monitoring, to address the environmental impacts of flash drought events.

Developing an institutional control framework for contaminated sites in China: An analytical case study

Institutional controls, as an important measure for risk management of contaminated sites, is widely used in site management by the United States, Canada and European countries. At present, some regions in China have also begun to explore the implementation of institutional controls, but its path, safeguard mechanism, and tracking evaluation are still unclear. Based on China's unique contaminated site remediation control system and land management system, this paper proposes a framework for the whole life cycle institutional controls of China's contaminated sites: (1) evaluate the need for institutional controls; (2) establish the objectives of institutional controls; (3) identify the restrictive requirements of institutional controls; (4) establish the implementation form of institutional controls; and (5) regularly review the effectiveness of institutional controls. To demonstrate the applicability of the institutional control framework, a case demonstration study was conducted at a petrochemical contaminated site in China. By analyzing the information on residual pollutants after the implementation of risk management measures at the site, the exposure pathways and hazards in case of re-release, and the engineering facilities, we proposed eight restrictive requirements, including the prohibition of disturbing and damaging the clean and planted soil layers of the site and the protection of long-term monitoring wells. At the same time, we constructed a multi-departmental pathway to implement institutional controls in conjunction with ecological environment, natural resources and housing departments to ensure effective implementation of institutional controls. Eventually, we summarized a set of replicable and generalizable institutional controls application models, which provide valuable theoretical and practical support for China and other local governments in the implementation of institutional controls at contaminated sites.

Assessing the Impact of Derivatives on the 2008 Financial Crisis and the Effectiveness of Subsequent Regulatory Reforms

The 2008 financial crisis was a global financial catastrophe that reflected the misuse of financial derivatives in financial markets, such as credit default swaps, asset-backed securities and collateralized debt obligations, exposing significant weaknesses in the global financial system. These financial instruments were designed to hedge against debt risk, but their lack of transparency and massive misuse ultimately led to the accumulation of systemic risk that accelerated the financial crisis. Since then, regulatory authorities around the world have realized the necessity for stronger regulatory frameworks, and a series of significant reforms have been implemented, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act in the United States, the European Market Infrastructure Regulation in the European Union, and the Basel III international regulatory framework, with the objectives of increasing transparency in financial markets and improving the risk management measures of financial institutions. This paper will explore the role of derivatives in the 2008 financial crisis and examine the effectiveness of these regulatory measures introduced after the crisis in enhancing stability of financial system.

Managing SARS-CoV-2 transmission risk in workplace COVID-19 outbreaks.

A Coronavirus disease 2019 (COVID-19) workplace outbreak is a risk to the health of workers and business continuity. To minimise this risk, companies have implemented risk management measures (RMMs) designed to mitigate SARS-CoV-2 transmission within the workforce. The objective of this work was to gather insights into the application of RMMs in non-healthcare workplaces and to improve understanding of the practical barriers to their implementation. Data were collected using a pre-designed framework from 12 volunteer workplaces through discussions with staff responsible for site safety and during site visits to observe the RMMs and work processes. To evaluate ventilation effectiveness, measurements for carbon dioxide (CO2) were taken during the site visit and logged over an extended period in selected occupied areas. RMMs that were implemented well included working at home for office and other non-production staff, provision, and use of face coverings, provision for hand hygiene, and as methods became commonly available, carrying out testing for infected people. However, maintaining adequate physical distancing in many production areas proved difficult because established factory layouts cannot be easily changed and there is often a need for workers to be close to each other to communicate. A major shortcoming identified was the understanding and application of measures to improve workplace ventilation. Rapidly installing and/or upgrading mechanical ventilation systems during a pandemic may not be practical and ideally should be considered in building design. Measuring CO2 in occupied workspaces proved to be a useful tool for identifying areas with potentially inadequate ventilation. Preventing workplace attendance by identifying infected individuals is challenging, making effective RMMs crucial to mitigating virus transmission. The effectiveness of individual RMMs can be uncertain; therefore, it is necessary to adopt multilayered RMMs. Successful implementation relies on measures that are specific to individual workplaces, identified by accurate risk assessment, regularly reviewed for effectiveness, and worker compliance. Establishing suitable risk mitigation policies and providing staff supervision are vital to ensure the sustained and effective implementation of RMMs. For RMMs that require technical understanding, such as workplace ventilation systems, specialist support may be necessary to ensure effective implementation.

Financial Optimization Management and Equipment Procurement Risk Analysis of New Energy Photovoltaic Power Generation Project

As renewable energy gains momentum and energy structures evolve, photovoltaic power generation projects assume greater significance in the energy sector. This paper aims to explore financial optimization strategies and procurement risks in new energy PV projects, offering countermeasures. Firstly, an in-depth study of PV project finance reveals potential issues during operation. Cost control, income optimization, and capital management strategies are proposed to ensure economic viability and long-term profitability. Secondly, a systematic analysis of equipment procurement risks in PV projects considers factors like market volatility, technological advancements, and supply chain challenges. Comprehensive risk management measures are put forward to mitigate these risks. These measures cover supplier selection, contract management, technical monitoring and other aspects, aiming at minimizing the uncertainty in the procurement process and ensuring the equipment quality and reliability of the project. Finally, based on actual cases, this paper verifies the practicability and effectiveness of the proposed optimal management and risk analysis methods by comparing the effects of different financial management and equipment procurement strategies. Through these studies, this paper aims to provide useful reference for investors, managers and decision makers of new energy photovoltaic power generation projects, and promote them to make more scientific and reasonable financial management and equipment procurement decisions in the process of project implementation.

The Gaps Between Institutional and Practical Disaster Risk Management Measures on Coastal Flood Risks in South Korea’s Coastal Communities

Global warming and climate change significantly increase the frequency of coastal floods caused by sea level rise (SLR) as a permanent factor and hydrometeorological hazards as tentative factors. The combined risks will affect coastal communities. South Korea is gradually facing SLR risks, mainly in its southern coastal regions; however, disaster risk reduction (DRR) in coastal regions remains fragmented. This study aimed to investigate the status of DRR for coastal communities in South Korea by looking at government practices and testimonies from residents. This study reviewed DRR-related regulations and documents and collected data from interviews with local government officials, field visits, and informal conversations with residents in six coastal communities. The findings show that the coastal communities were less resilient to coastal floods than to other hazards, such as typhoons and heavy rains, and the potential consequences could be expanded due to demographic challenges, fragmented institutional systems, and low risk awareness. Moreover, this study emphasized the necessity of an integrated approach to reducing the impact of coastal floods caused by both SLR and other factors. It also highlighted the importance of coastal community engagement in local DRR activities through increasing risk awareness and adapting to environmental change based on appropriate risk information disclosure by the government. The impacts of coastal floods triggered by SLR and other hazard factors can be reduced by aligning practical regulatory measures with adaptive strategies and enhancing the disaster resilience of coastal communities.

Strategic flood risk management over time. Applying a temporal lens to see how flood risk management measures are (or are not) implemented

ABSTRACT Strategic flood risk management of river catchments involves significant increases in the complexity both of the contents (e.g. the aims and measures) of a given strategy and also its social, spatial, and temporal scales. Conceptually, flood risk management research to date has underestimated the importance of time and temporality. This paper, which is based on ‘historical Institutionalism,’ introduces a temporal lens to focus on strategic flood risk management; it highlights issues of duration and timing as well as tempo and change in tempo with respect to the implementation of measures to reduce flood risk at catchment level. The application of a temporal lens is illustrated through empirical research into strategic flood risk management for the medium-sized Aist river catchment in Austria. The paper uses a longitudinal qualitative research design to analyze the changes in strategic flood risk management in the catchment. The analysis shows that strategy efforts in reaction to an extreme flood event in the catchment in August 2002 can be differentiated into three phases. Phase 1 is characterized by the design of ambitious catchment-wide management; Phase 2 by struggles to implement the strategy due to institutional conditions and protests by citizens; and Phase 3 by redesign of the initial strategic plan to make it less ambitious and by changes to the actor constellation supporting the plan. The present paper offers a process-oriented institutional explanation for this pattern of phases, and it highlights issues of timing and tempo. It concludes with general suggestions for enhancing the temporal dimension in flood risk management.