Risk Management Objectives Research Articles

Assessment of the adequacy of minimum guarantee sums in mandatory medical malpractice insurance in Poland in relation to claims for annuities by injured patients

This article examines the adequacy of minimum guarantee sums in compulsory insurance for entities providing medical services in Poland, within the framework of risk management principles and objectives. The authors refer to the principles and functions of the risk management process and the perspectives of various stakeholders. Value of risk is analysed in relation to annuities claimed for bodily injury, using the maximum probable loss approach in cases of serious injury resulting in the loss of the ability to work and lead an independent life at a young age—key components of annuity claims. To determine the value of the damage, the authors conduct example annuity calculations using the scenario method. The calculations were conducted in relation to two medical malpractice cases involving Polish medical entities: one concerning an injured Polish patient, and the other a German patient (illustrating medical tourism from a neighbouring country). In both cases, Polish substantial law applies, as determined by the location of the tort. That is why, the claim assessment is based on life expectancy tables and macroeconomic data from both the Polish and German markets. The key findings lead to the conclusion that the insurance sums stipulated by the legislator are grossly inadequate in relation to the level of injury sustained. Limited empirical examples and scenario analyses of potential claims for serious bodily injury (without even considering the worst-case scenarios) suggest that the legislator’s minimum insurance sums are exceeded by 4 to over 100 times (for foreign patients), solely for annuities. This has negative consequences—albeit varying across different stakeholders. The findings also show that the value of annuities is indeed spread over time, but it significantly surpasses compensation claims, underscoring the importance of annuities in risk assessment. The results concerning the potential claim values should form the basis for the legislative decisions regarding minimum guarantee sums, especially if we assume the primacy of the proper protection of potentially injured parties. Furthermore, these findings are also important in shaping the scope of protection under voluntary insurance instruments.

Construction and Optimization of Comprehensive Risk Management System of Enterprises

In the complex and changing market environment, the construction and optimization of enterprise comprehensive risk management system is crucial. This study clarifies the connotation and objectives of enterprise comprehensive risk management, analyzes the main risks faced by the enterprise and the reasons for them, and constructs a comprehensive risk management system including risk management organization structure, process and information system. In terms of risk prevention and control in key areas, specific measures are proposed for strategic, financial and market risks. Meanwhile, through risk management technology innovation, culture construction and capacity enhancement, the efficiency and accuracy of risk management have been improved, and the risk awareness and professional quality of all staff have been enhanced. In conclusion, the comprehensive risk management system of an enterprise is a systematic project, which requires the joint efforts of all departments to adapt to the market environment and provide guarantee for the sound development of the enterprise.

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

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

Forest structural complexity and ignition pattern influence simulated prescribed fire effects

BackgroundForest structural characteristics, the burning environment, and the choice of ignition pattern each influence prescribed fire behaviors and resulting fire effects; however, few studies examine the influences and interactions of these factors. Understanding how interactions among these drivers can influence prescribed fire behavior and effects is crucial for executing prescribed fires that can safely and effectively meet management objectives. To analyze the interactions between the fuels complex and ignition patterns, we used FIRETEC, a three-dimensional computational fluid dynamics fire behavior model, to simulate fire behavior and effects across a range of horizontal and vertical forest structural complexities. For each forest structure, we then simulated three different prescribed fires each with a unique ignition pattern: strip-head, dot, and alternating dot.ResultsForest structural complexity and ignition pattern affected the proportions of simulated crown scorch, consumption, and damage for prescribed fires in a dry, fire-prone ecosystem. Prescribed fires in forests with complex canopy structures resulted in increased crown consumption, scorch, and damage compared to less spatially complex forests. The choice of using a strip-head ignition pattern over either a dot or alternating-dot pattern increased the degree of crown foliage scorched and damaged, though did not affect the proportion of crown consumed. We found no evidence of an interaction between forest structural complexity and ignition pattern on canopy fuel consumption, scorch, or damage.ConclusionsWe found that forest structure and ignition pattern, two powerful drivers of fire behavior that forest managers can readily account for or even manipulate, can be leveraged to influence fire behavior and the resultant fire effects of prescribed fire. These simulation findings have critical implications for how managers can plan and perform forest thinning and prescribed burn treatments to meet risk management or ecological objectives.

Judicialization of Global Climate Governance: In Defence of the Paris Agreement

Abstract This article questions the effect that the delegation of global climate governance to the international judiciary may have on climate action. It argues that the underlying premise of the judicialization movement—namely, the existence of a broad international consensus as to the objectives of global climate change risk management—is contradicted by evidence, such as political declarations by governments, countries’ nationally determined contributions, and domestic court judgments. Governments brought to court resist propositions that domestic or international legal norms subject them to quantitative emission reduction obligations that can be “objectively” determined on the basis of best available science, and national judiciaries make conflicting findings on the implications of science for climate policy. In this context, renouncement of the “bottom-up” Paris model which was designed specifically to address the complex landscape of diverse interests and risk perceptions across world regions and societies may have a chilling, rather than galvanizing, effect on climate action.

Integration of AI and IoT into Corporate Social Responsibility Strategies for Financial Risk Management and Sustainable Development

This research explores the integration of artificial intelligence (AI) and the Internet of Things (IoT) within corporate social responsibility (CSR) strategies, focusing on financial risk management and sustainable development. Employing a novel Coevolutionary multi-paradigm approach to technological development, this study examines how these technologies can be embedded into CSR practices to enhance sustainability and manage risks effectively. The findings reveal that successful integration depends significantly on the adaptability of institutional structures to support technological innovations. This study contributes to the literature by providing a comprehensive analysis of the intersection of AI, IoT, and CSR, highlighting the necessity for robust mechanisms and policies that ensure security, standardization, and sustainable use of emerging technologies. Through this investigation, this research offers a new perspective on leveraging advanced technologies to advance corporate sustainability and risk management objectives.

Catastrophe risk in a stochastic multi‐population mortality model

AbstractThis paper incorporates mortality shocks in the scenarios for future mortality rates produced by a stochastic multi‐population mortality model. Hereto, the proposed model combines a decreasing stochastic mortality trend with a mechanism that switches between regimes of low and high volatility. During the high volatility regimes, mortality shocks occur that last from one to several years and temporarily impact the mortality rates before returning to the overall mortality trend. Furthermore, we account for the age‐specific impact of these mortality shocks on mortality rates. Actuaries and risk managers can tailor this scenario generator to their specific needs, risk management objectives, or supervisory requirements. The generated scenarios allow (re)insurers, policymakers, or actuaries to evaluate the effects of different catastrophe risk scenarios on, for example, the calculation of solvency capital requirements.

The concept of increasing the efficiency of financial risk management based on the application of new digital technologies

Aim. Development of the author’s concept of increasing the efficiency of financial risk management on the basis of application of the technology of creating and using the digital twin of the enterprise.Objectives. To formalize the problems of existing approaches to solving the problems of financial risk management of enterprises of the real sector of economy; to identify trends in the development of digital twins, to formulate the advantages of their practical application and to give the author’s interpretation of the concept of “digital twin of the enterprise”; to build and substantiate a multilayer system of indicators of the digital twin of the enterprise in the context of improving the efficiency of financial risk management; to develop the principles of building a digital twin of the enterprise, focused on solving the problems of financial risk management.Methods. The research was carried out on the basis of system approach, in the process of realization of which the methods of synthesis, logical comparative, factor and graphical analysis, basic provisions of financial risk management and the results obtained in domestic and foreign scientific literature on the problems of realization of approaches and methods of financial risk management were used.Results. The author’s concept of increasing the efficiency of financial risk management based on the application of new technologies for creating digital twins is proposed. In particular, by means of formalizing the problems of existing approaches to solving the problems of financial management, identifying trends in the development of methodology and technologies for creating digital twins, the idea of increasing the efficiency of financial risk management on the basis of creating a digital twin of the enterprise is outlined. The multilayer system of indicators defining the structure of this digital twin is proposed and substantiated, the tasks are defined and the principles of its construction oriented to solving the tasks of financial risk management are developed. The financial kernel of the digital twin of the enterprise is constructed, containing the contours of formation of financial indicators common for different enterprises, determining the achievement of the objectives of financial risk management and its efficiency. The qualitative substantiation of increasing the efficiency of financial risk management with the application of the methodological basis for the creation and use of digital twins proposed in the article is given.Conclusions. Conceptual provisions of creation and use of digital twins for the purposes of financial risk-management, given in the article, create a theoretical and methodological basis for increasing the efficiency of financial risk-management taking into account the use of new digital technologies and can serve as a basis for practical construction of effective systems of financial risk-management at enterprises of the real sector of economy.

Navigating default risk in supply chain finance: Guidelines based on trade credit and equity vendor financing

Controlling default risks and mitigating the negative impacts of risk aversion behaviors are crucial in supply chain financial activities. However, limited academic research exists on how firms should behave under default risk controls and how to improve channel efficiency using equity vendor financing. In this study, we focus on a supply chain consisting of a default risk-controlling supplier and a capital-constrained retailer controlling the risk of losing money. First, we explore the two firms’ decisions in trade credit financing when the default or losing money probabilities are controlled. Our findings show that the retailer reduces its risk by ordering fewer products; the supplier can reduce its risk by increasing the wholesale price or interest rate, where the former maximizes its expected profit while the latter helps distribute more products than the former. However, all these measures decrease supply chain efficiency. Second, to alleviate the negative impact of risk controls, we propose a portfolio by combining debt vendor financing (i.e., trade credit) with equity vendor financing, where a portion of trade credit financing is converted into equity financing. This portfolio can achieve win-win situations and channel coordination, while also meeting each firm’s risk management objectives. Additionally, by extending our model to a case where the wholesale price is determined exogenously, we find that the main conclusions still hold and obtain some complementary results. Finally, considering long-tail demand, we find that firms can also mitigate the impact of risk control by influencing the demand distribution through promotions.

Risk Management Analysis of Coffee Dregs Brisket Innovation; Alternative Fuels in Indonesia

Risk management is an activity that combines risk recognition, risk assessment, the development of strategies to manage it, and risk mitigation using managerial resources. Some traditional approaches to risk management focus on risks arising from physical or legal causes (such as natural disasters or fires, accidents, or mortality). On the other hand, financial risk management focuses on hazards that can be managed using traded financial instruments. The objective of risk management is to reduce to an acceptable level the various hazards associated with a predetermined domain. It can refer to a variety of hazards posed by the environment, technology, people, organizations, and politics.
 This paper describes the various steps of the risk management process, identifies the methodologies used at each step, and provides examples of risk and safety management that is used at PT. Energia Kopi Kreasindo.

Influence of Credit Risk Management on Financial Performance of Commercial Banks in Kenya

The management of credit risk in commercial banks determines the banks' financial performance, which predominantly influences the quality of the loan portfolio and the nature of credit administration programs as a whole. By ensuring that credit risk is effectively managed, the primary objective of credit risk management is to generate a high-quality, stable, large, and growing flow of net interest income for banks. This objective is achieved by ensuring that banks can meet the needs of their customers. This study determined the effect of credit risk management on the financial performance of Kenyan commercial banks. The investigation was founded on the portfolio theory. The paradigm of Positivism served as the philosophical foundation for the investigation. The study incorporated both explanatory and longitudinal research designs into its methodology. The study's target population consisted of 32 Commercial Banks in Kenya. The study utilized panel data consisting of time series and cross-sectional data spanning a decade from 2010 to 2019. Using Eviews, descriptive and inferential statistics were used to analyze the collected data, which was then presented in tables and figures. The study found out that Credit risk management had an insignificant negative relationship with Return on Equity (ROE) (F=87.02884, p<0.05) and Return on Assets (ROA) (F=118.1208, p<0.05). Arising from the study findings, it is observed that credit risk management has a negative effect on financial performance measure either in ROA or ROE, it is recommended that commercial banks should keep this parameter as minimum as possible so as not involve in loss making undertakings.

Influence of Liquidity Risk Management on Financial Performance of Commercial Banks in Kenya

The management of liquidity risk in commercial banks determines the banks' financial performance, which predominantly influences the quality of the loan portfolio and the nature of credit administration programs as a whole. By ensuring that liquidity risk is effectively managed, the primary objective of liquidity risk management is to generate a high-quality, stable, large, and growing flow of net interest income for banks. This objective is achieved by ensuring that banks can meet the needs of their customers. This study determined the effect of liquidity risk management on the financial performance of Kenyan commercial banks. The investigation was founded on the theory of liquidity management shiftability. The paradigm of Positivism served as the philosophical foundation for the investigation. The study incorporated both explanatory and longitudinal research designs into its methodology. The study's target population consisted of 32 Commercial Banks in Kenya. The study utilized panel data consisting of time series and cross-sectional data spanning a decade from 2010 to 2019. Using Eviews, descriptive and inferential statistics were used to analyze the collected data, which was then presented in tables and figures. The study found out that Liquidity risk management had an insignificant negative relationship with ROE (F=0.583912, p<0.05) and ROA (F=2.770410, p<0.05). Arising from the study findings, it is observed that liquidity risk management has a negative effect on financial performance measure either in ROA or ROE, it is recommended that commercial banks should keep this parameter as minimum as possible so as not involve in loss making undertakings.

Risk Management Analysis on Microsoft Corporation

The process of detecting, assessing, and managing hazards is known as risk management. It involves identifying risks, evaluating risks, and implementing controls to limit risks. Risk management is an integral part of the overall management plan of any firm. The objective of risk management is to reduce the negative impact of risks on an organization's capacity to accomplish its goals. Financial risks, operational risks, strategic risks, and reputational risks can all have an impact on a firm. Financial hazards consist of threats to an organization's financial health, such as credit risk, interest rate risk, and foreign currency risk. Operational hazards include supply chain risk, technology risk, and compliance risk, which are all associated with the operations of a business. Risks associated with an organization's strategy, such as market risk, competitive risk, and regulatory risk, are categorized as strategic risks. Reputational risks include fraud risk, data breach risk, and social media risk, which are all associated with the reputation of a firm. This paper provides a comprehensive analysis on risk management approaches at Microsoft.

Audit in terms of Independence, Organizational Characteristics and Internal Relationships

The internal audit function's efficiency is greatly influenced by relationships, organisational characteristics, and internal audit independence. Independence is the capacity of the internal audit function to operate impartially and unbiasedly. By ensuring that the internal audit function has a clear reporting line to the board of directors or audit committee, as well as the resources and independence necessary to carry out its responsibilities, this is achieved. To evaluate the organization's risk management, control, and governance methods fairly, internal audit must be impartial. Organizational aspects include the internal audit function's structure, reporting lines, and resources. These characteristics are essential to guaranteeing the internal audit function can carry out its responsibilities and provide a fair assessment of the organization's risk management, control, and governance systems. The organisational characteristics should support and be consistent with the main objectives and strategy of the company. Internal relationships are interactions and connections between the internal audit function and other organisational entities. The internal audit function's capacity to carry out its responsibilities effectively and provide an unbiased assessment of the company's risk management, control, and governance systems depends on these relationships. These partnerships' essential components include coordination, collaboration, compliance, and efficient communication. To make sure that the organization's overall goals are realised, the internal audit function should closely collaborate with other organisational departments like finance, operations, and risk management. In order for the internal audit function to be able to give an objective and useful review of the organization's risk management, control, and governance procedures, it is crucial that internal audit independence, organisational characteristics, and internal relationships all be present. They all play a vital part in ensuring that the internal audit function can recognise risks, take steps to reduce them, and reassure the management and other stakeholders of the company.

УПРАВЛІННЯ ФІНАНСОВИМИ РИЗИКАМИ В УМОВАХ ВІЙНИ

The article examines the concepts of "risk" and "financial risk". The opinion of scientists and researchers of national and foreign financial literature is given. Uncertainty is an unavoidable circumstance of the functioning of any economic unit, that is why risk is a component of the results of management decisions. Risk is the result of uncertainty. The appearance of uncertainty is caused, first of all, by the fact that the main processes related to entrepreneurship are not initially deterministic. Financial risk is the possibility or probability of the occurrence of unplanned financial expenses in a situation of uncertainty of the circumstances of the activity. The financial risk management system consists of a set of measures aimed at identifying and preventing possible threats and problems. The main task of financial risk management is to reduce the impact of possible negative impacts and threats, as well as to use the identified opportunities with maximum benefit. A significant part of the work is focused on identifying and identifying the financial risks to the economy of Ukraine caused by military actions, in particular, the loss of human capital, the destruction of social and communal infrastructure by the aggressor, the reduction of production, the shortage of energy resources, the increase in the budget deficit and public debt, inflation, the reduction of banking lending and commodity export and others. The essence, goals and objectives of financial risk management are considered. The main principles and directions of financial risk management are analyzed. The relevance of effective management of financial risks is especially acute in the period of economic crisis and martial law in the country. This is due to the fact that the crisis caused by the coronavirus transformed into an economic crisis as a result of military operations on the territory of Ukraine, which has significant negative and long-term consequences for the country's financial sector. Not every financial system of the highly developed states of the world could withstand a number of challenges caused by the war. Thanks to the Armed Forces of Ukraine, the Ukrainian people are able to live, work and rebuild the country.

Aerospace and Defense the Financial Impact of Covid-19 on the Rolls-Royce Supply Chain

After the pandemic hit in 2020, the aerospace and defense industry was specifically impacted very harshly. Rolls-Royce was one of the main companies that had to go through major structural and logistical changes to cope with the changing economy. As one of the leaders of the aerospace and defense (A&D) industry, the main problem that Rolls-Royce was facing was the drastic reduction in demand for civil and commercial aircraft, which was one of Rolls-Royce’s core businesses. This led to supply chain problems, reduced profits, and eventually heavy losses. The effects of these problems caused great distress in the company. My specific role was twofold: to analyze their financial statements for the present and to provide risk management strategies for the future. For the former, I offer solutions on how they can minimize their losses and maximize their profits. Most of my research on this part was conducted by studying how companies performed under great financial distress in the past during black swan events, such as the housing crisis of 2008, the Great Recession, the dot-com bubble, and so forth. For the latter risk management objective, I created a personalized risk matrix for Rolls-Royce by identifying and ranking all their current and potential risks. Then I prioritized the risks that required more attention based on both qualitative and quantitative analyses of cost and performance impacts, and presented recommended solutions for these risks. Overall, I address six main issues and risks that Rolls-Royce should focus on and provide solutions to mitigate them.

Hydrography90m: a new high-resolution global hydrographic dataset

Abstract. The geographic distribution of streams and rivers drives a multitude of patterns and processes in hydrology, geomorphology, geography, and ecology. Therefore, a hydrographic network that accurately delineates both small streams and large rivers, along with their topographic and topological properties, with equal precision would be indispensable in the earth sciences. Currently, available global hydrographies do not feature small headwater streams in great detail. However, these headwaters are vital because they are estimated to contribute to more than 70 % of overall stream length. We aimed to fill this gap by using the MERIT Hydro digital elevation model at 3 arcsec (∼90 m at the Equator) to derive a globally seamless, standardised hydrographic network, the “Hydrography90m”, with corresponding stream topographic and topological information. A central feature of the network is the minimal upstream contributing area, i.e. flow accumulation, of 0.05 km2 (or 5 ha) to initiate a stream channel, which allowed us to extract headwater stream channels in great detail. By employing a suite of GRASS GIS hydrological modules, we calculated the range-wide upstream flow accumulation and flow direction to delineate a total of 1.6 million drainage basins and extracted globally a total of 726 million unique stream segments with their corresponding sub-catchments. In addition, we computed stream topographic variables comprising stream slope, gradient, length, and curvature attributes as well as stream topological variables to allow for network routing and various stream order classifications. We validated the spatial accuracy and flow accumulation of Hydrography90m against NHDPlus HR, an independent, national high-resolution hydrographic network dataset of the United States. Our validation shows that the newly developed Hydrography90m has the highest spatial precision and contains more headwater stream channels compared to three other global hydrographic datasets. This comprehensive approach provides a vital and long-overdue baseline for assessing actual streamflow in headwaters and opens new research avenues for high-resolution studies of surface water worldwide. Hydrography90m thus offers significant potential to facilitate the assessment of freshwater quantity and quality, inundation risk, biodiversity, conservation, and resource management objectives in a globally comprehensive and standardised manner. The Hydrography90m layers are available at https://doi.org/10.18728/igb-fred-762.1 (Amatulli et al., 2022a), and while they can be used directly in standard GIS applications, we recommend the seamless integration with hydrological modules in open-source QGIS and GRASS GIS software to further customise the data and derive optimal utility from it.

Human Settlement Resilience Zoning and Optimizing Strategies for River-Network Cities under Flood Risk Management Objectives: Taking Yueyang City as an Example

The dense river network and large population in the southern region of China are vulnerable to flooding stress, which challenges the construction of human settlements. This paper analyzes the causes of flood risk and the dilemma of human settlement improvement in river-network cities, introduces the principle of resilience to human settlements, and conducts a quantitative study on the resilience of human settlements in river-network cities with the goal of flood risk management. Taking Yueyang city, a river-network city in the Yangtze River Basin, as the empirical research object, we conduct a flood resilience zoning of the human settlements based on the flood risk assessment model and use the GIS spatial overlay method to correct the resilience of the current human living space against the territorial spatial planning of Yueyang city. Ultimately, we propose a strategy for optimizing human settlements under flood risk management. The results show that (1) the highest-risk and high-risk areas of Yueyang city were mainly located in Dongting Lake and its interconnected water system, the southwest local area and the southeastern fringe, while the low-risk and lowest-risk areas were mainly located in the northeast local area and the northwestern fringe, with low flood stress risk. (2) The spatial system of human settlement resilience was constructed based on the flood risk assessment level. Among them, the human settlement flood resilience zoning of Yueyang city was divided into five categories from low to high: human settlement control zone, restriction zone, buffer zone, construction zone and expansion zone; the flood resilience zoning of Yueyang city’s current living space was divided into three categories from low to high: structure adjustment zone, flood restriction zone and development stability zone. (3) The specific control implementation and execution of the human settlements in Yueyang city mainly focus on the interrelationship between the risk of flooding in the watershed and the development of human activities through zoning regulation and collaborative management to optimize the human settlements. The study results can provide positive intervention and guidance for constructing urban and rural territorial spatial prevention planning and improving human living quality in river-network cities in China.

ASSESSMENT OF ENVIRONMENTAL RISKS FROM TECHNOLOGICAL PROCESSES OF COKE PRODUCTION

The article is devoted to the problem of assessment and management of environmental risks in the context of the formation of ecological and economic system of coke production. The technological process at the coke plant is due to significant environmental pollution due to man-made load, which poses a serious danger to the environment. Therefore, the study of the impact of coke production on the natural environment in Ukraine is important and relevant. In order to ensure constant control, increase the efficiency of enterprises, meet the requirements of stakeholders, respond quickly to violations, reduce the negative impact on the environment, the proposed procedure for identifying environmental aspects and assessing their impact. Criteria of significance and principles of assessment of ecological aspects are established. These principles are the basis of risk management. They establish the characteristics of effective and efficient risk management, reflect its values and explain its purpose. Therefore, these principles must be taken into account when creating the structure and process of risk management of production. Adherence to these principles will allow production to manage the impact of uncertainty about achieving its goals. The objectives of risk management and opportunities of environmental management system processes are also defined, the objectives of risk management are identified and the criteria of identification and assessment of risks and opportunities are proposed. The procedure for assessing environmental risks, which is based on quantitative calculations, is considered. Based on the developed procedure, a register of environmental aspects of the coke plant has been developed. Assessment of the impact of the metallurgical industry on the environmental situation in Ukraine is a promising area of further research to optimize the level of environmental safety of metallurgical enterprises.

Analysis and Ranking of IT Risk Factors Using Fuzzy TOPSIS-Based Approach

In today’s age of information and communication technology (ICT), many companies are using advanced digital technologies as well as the application of information technology to grow the company and effectively manage their processes. The risk management of information technology plays a crucial role in protecting the important information and data assets of an enterprise. The key objective of risk management in information technology is to safeguard the digital infrastructure from ICT-related harm. An efficient as well as cost effective risk managing mechanism is an integral aspect of an extensive safety system for information technology. A successful approach to IT risk management would strive to protect the company and its infrastructure, not just its digital assets, to conduct their process. Subsequently, the risk managing mechanism must not be viewed solely for instance as a procedural task performed by the IT specialists who run and administer the IT program but as the organization’s critical management task. The risks of information technology assets are of a dynamic nature; different strategies tackle the management of information security risk. This research paper is intended to review and discuss information technology risk managing procedures. We also carried out a multi-criteria decision-making (MCDM)-based empirical investigation to analyses and prioritized different IT risk factors. This has recognized that there are many reports on the techniques, and that various approaches to risk management exist.