Risk Management Plan Research Articles

Proposed Framework and Method for Integrating Risks into an Organizational Setting

Enterprise risk management (ERM) is a systematic approach that strategically assesses risk management from a holistic standpoint, including the whole company or enterprise. The aforementioned approach is a top-down strategic methodology designed to detect, evaluate, and proactively address possible risks, threats, hazards, and other sources of damage that have the potential to impede an organization's operations and goals, or result in negative outcomes. ERM is a prominent framework that assists businesses in the identification, evaluation, and management of hazards at the enterprise level. Scholars identified many elements that serve as motivators for enterprises to participate in the process of ERM. These reasons include the likelihood of encountering financial hardship and the subsequent expenses, subpar profits performance, potential development prospects, and the autonomy of the board. The implementation of an effective risk management plan might potentially serve as a competitive advantage for organizations, facilitating their growth. This elucidates the extensive corpus of research devoted to ERM. This paper examines the fundamental connections between Enterprise Architecture and Risk Management, and presents a proposed architectural framework for effectively incorporating risk considerations within the broader organizational context. This article presents a proposed strategy for attaining a comprehensive and shared perspective on hazards throughout an organization.

The Influence of Risk Management and the Strategic Planning on Sustainable Business Performance of SMEs: The Case of Palestine

Abstract Small and medium enterprises are considered as one of the most important sectors in the development of the Palestinian economy. The purpose of this paper is to explore whether risk management and strategic planning have a significant positive influence and to assess the influence of their applications on the sustainable business performance of SMEs in Palestine. A combination of qualitative and quantitative approaches was adopted; secondary data were obtained by a theoretical presentation of previous literature, and primary data was collected by a specific questionnaire. This was done through a random sample of (fifty) questionnaires distributed to owners or managers of SMEs in Palestine. In order to answer the study question, the researcher followed the analytical descriptive approach using SPSS and tested three subquestions which were clarified in the study. This paper’s results revealed that risk management and strategic planning have a significant positive influence on the sustainable business performance of SMEs in Palestine. Furthermore, not all Palestinian SMEs’ managers use strategic planning and risk management steps since most of them have family businesses that are suffering from a lack of management steps and improper management styles, where most of them tend to use an autocratic management style. Therefore, the researcher recommended SMEs’ managers should think and use strategy in their daily operations and use risk management practices to protect their financial resources so they can attain superior sustainable business performance.

Cultural Heritage Protection from Disaster Impacts: A Review of Global Disaster Risk Reduction Frameworks

Cultural heritage inheritance was a valuable asset passed down through many centuries. Nevertheless, the assets were in significant danger of suffering damage in the case of a disaster, which might have been caused by either naturally occurring or man-made risks. The fragility of the cultural heritage has not yet received sufficient protection from the massive disaster risk management that is being done all over the world, despite the frequency of natural disasters growing because of climate change. This paper aims to investigate whether or not the current methods of disaster risk reduction (DRR) are sufficient to protect cultural assets. The existing gap in the improvement of the inclusion of cultural heritage protection into the current disaster risk management was identified through a comparative study of already extant worldwide DRR frameworks. The protection of cultural assets receives less priority throughout the many components of the disaster risk management plan, according to an analysis of multiple DRR frameworks, including the most recent Sendai Framework 2015-2030.

Survey on Risk Management in Engineering Projects

Abstract: This study, which was survey-based, examined risk management procedures utilised in engineering projects. Understanding the existing level of risk management, identifying typical difficulties experienced by engineering project teams, and offering suggestions for enhancing risk management effectiveness are the goals. The study gathers information from experts working on engineering projects in many industries, enabling a thorough examination of risk management procedures, instruments, and methods. The results of this survey help increase project success rates and provide guidance for upcoming risk management plans in the engineering field

Factors disrupting supply chain management in manufacturing industries

This paper aims to explore the causes of supply chain management disruptions in the manufacturing sector. Supply chain disruptions have become a major concern for companies globally, posing significant risks to business operations, costs, earnings, and customer satisfaction. This review examines various factors contributing to these disruptions, including natural disasters, raw material unavailability, regulatory changes, technology breakdowns, labor shortages, transportation issues, and political instability. The review encompasses studies and research papers shedding light on the causes of disruptions in manufacturing supply chains. The findings highlight the importance of proactive measures in building resilient supply chains capable of effectively handling disruptions. These measures involve implementing robust risk management plans, strategic investments in technology, and developing collaborative relationships with customers and suppliers. Through these actions, manufacturing companies can enhance their supply chain's ability to withstand disruptions and ensure uninterrupted operations. In conclusion, this review emphasizes the critical importance of addressing supply chain disruptions in the manufacturing sector and advocates for a proactive and comprehensive approach to mitigating their impact. Effective risk management strategies, technology investments, and strong partnerships are key to enhancing the resilience of supply chains and minimizing the negative consequences of disruptions.

Risk Planning and Management in Portuguese Companies—A Statistical Approach

The purpose of this article is to study risk management planning and risk management in Portuguese companies. The methodology used is of a quantitative nature, based on a questionnaire survey that analyzes the risk management planning and risk management of 1647 Portuguese companies from different sectors of activity. The results allow us to conclude that the aspects that most manifest themselves in the perceptions of risk management planning are having a management plan that includes the relationship with customers, suppliers, and employees, as well as an updated security plan. This study intends to contribute to academic knowledge and for companies to know and master the concepts of risk management planning and risk management in its different aspects, helping the adoption of strategies to better plan risk management. The results make it possible to understand the differences in planning and risk management between larger and smaller companies, between older and younger companies, and between family and non-family companies. These results can contribute to increasing corporate sustainability and improving performance in planning and managing corporate risks.

Thaw-Season InSAR Surface Displacements and Frost Susceptibility Mapping to Support Community-Scale Planning in Ilulissat, West Greenland

In permafrost regions, ground surface deformations induced by freezing and thawing threaten the integrity of the built environment. Mapping the frost susceptibility of the ground at a high spatial resolution is of practical importance for the construction and planning sectors. We processed Sentinel-1 Interferometric Synthetic Aperture Radar (InSAR) data from thawing seasons 2015 to 2019, acquired over the area of Ilulissat, West Greenland. We used a least-squares inversion scheme to retrieve the average seasonal displacement (S) and long-term deformation rate (R). We secondly investigated two different methods to extrapolate active layer thickness (ALT) measurements, based on their statistical relationship with remotely sensed surface characteristics. A generalized linear model (GLM) was first implemented, but the model was not able to fit the data and represent the ALT spatial variability over the entire study domain. ALT were alternatively averaged per vegetation class, using a land cover map derived by supervised classification of Sentinel-2 images. We finally estimated the active layer ice content and used it as a proxy to map the frost susceptibility of the ground at the community scale. Fine-grained sedimentary basins in Ilulissat were typically frost susceptible and subject to average seasonal downward displacements of 3 to 8 cm. Areas following a subsiding trend of up to 2.6 cm/yr were likely affected by permafrost degradation and melting of ground ice below the permafrost table. Our approach enabled us to identify frost-susceptible areas subject to severe seasonal deformations, to long-term subsidence induced by degrading permafrost, or to both. Used in combination with traditional site investigations, InSAR maps provide valuable information for risk management and community planning in the Arctic.

Reviewing Challenges of Flood Risk Management in Malaysia

This study reviewed some of the challenges faced by local authorities in disaster management, especially flood disasters that occurred in Malaysia. Flood disasters are the most frequent disasters in Malaysia, especially during the monsoon seasons. The hard structure developed by Malaysia’s National Security Council (MKN) under ‘Directive 20’ is used to manage disasters in the country. Although Malaysia has become more skillful in managing flood disasters, the frequent climate changes along with weakness in implementing flood risk management plans resulted in much losses and damages throughout the country. Therefore, this study explored the gaps and weaknesses in flood risk management (FRM) in Malaysia by reviewing the available literature to recommend better flood management. This study revealed four main issues which are weaknesses in terms of (i) coordination and communication, (ii) manpower and assets, (iii) public awareness, and (iv) power and authority among local authorities to implement flood management plans. The capacity of local authorities and individuals in charge of disaster management is inadequate, especially for flood risk preparedness and management. Hence, responsible individuals are also in a vulnerable situation to implement management plans or rescue operations when flood disasters occur since they are also flood victims. Thus, the National Disaster Management Agency (NADMA) which acts as the main coordinator of disaster management in Malaysia should re-examine the flood management plan to ensure that it can be implemented efficiently and effectively, especially at the local level as they are the first respondents on the scene when the disaster occurs. The combination of both structural and non-structural measures might require in many cases the management of flood disasters; however, the disaster risk preparedness and management of individuals via customized training is a must to prevent flood disasters as well as minimize their impact. The flood management plan should also incorporate natural-based approaches at the whole-river-basin level for the long-term solution and sustainable development, not only focusing to manage the localized flood problem at the specific area.

Analysis of safety specifications in risk management plan at the time of drug approval and addition of clinically significant adverse reactions in the package insert post-approval in Japan.

Recently, post-marketing safety measures have been considered critical in Japan due to the globalization of drug development and the introduction of new drug approval systems. Pharmacists are expected to play an active role in ensuring the safety of drugs post-approval. Utilizing risk management plans (RMPs) to ensure safety throughout the development and post-marketing phases is becoming even more critical. In this study, we examine the relationship between the safety specifications (SSs) in RMPs at the time of drug approval and the adverse reactions (ARs) added to the clinically significant adverse reactions (CSARs) section of the package inserts (PIs) post-approval to determine whether SSs constitute useful drug information for pharmacists. The analysis included new active ingredient-containing drugs approved in Japan from FY2013 to 2019. A 2 × 2 contingency table was created and analyzed using odds ratios (ORs) and Fisher's exact test. The OR was 14.22 (95% CI: 7.85-24.77; p < .001), which indicates a strong relationship between the ARs being SSs at the time of approval and being added to the PIs as CSARs post-approval. The positive predictive value that SSs at the time of approval were added as CSARs to the PIs post-approval was 7.1%. In addition, a similar relationship was observed with the "approval in shorter-period drugs" reviewed for approval based on a limited number of clinical trials. Therefore, SSs in RMPs are important drug information for pharmacists in Japan.

Assessing the coastal hazard of Medicane Ianos through ensemble modelling

Abstract. On 18 September 2020, Medicane Ianos hit the western coast of Greece, resulting in flooding and severe damage at several coastal locations. In this work, we aim at evaluating its impact on sea conditions and the associated uncertainty through the use of an ensemble of numerical simulations. We applied a coupled wave–current model to an unstructured mesh, representing the whole Mediterranean Sea, with a grid resolution increasing in the Ionian Sea along the cyclone path and the landfall area. To investigate the uncertainty in modelling sea levels and waves for such an intense event, we performed an ensemble of ocean simulations using several coarse (10 km) and high-resolution (2 km) meteorological forcings from different mesoscale models. The performance of the ocean and wave models was evaluated against observations retrieved from fixed monitoring stations and satellites. All model runs emphasized the occurrence of severe sea conditions along the cyclone path and at the coast. Due to the rugged and complex coastline, extreme sea levels are localized at specific coastal sites. However, numerical results show a large spread of the simulated sea conditions for both the sea level and waves, highlighting the large uncertainty in simulating this kind of extreme event. The multi-model and multi-physics approach allows us to assess how the uncertainty propagates from meteorological to ocean variables and the subsequent coastal impact. The ensemble mean and standard deviation were combined to prove the hazard scenarios of the potential impact of such an extreme event to be used in a flood risk management plan.

Features of resource management in the HoReCa sphere during the war period

Introduction. During the war, the hotel and restaurant industry is faced with a lack of resources and the provision of quality services. Understanding the nature of resource management in conflict situations is critical to mitigating the negative impact on the HoReCa business. The purpose of the article is to study the features of resource management in the HoReCa sphere during the war. Results. Resource management was determined as a crucial aspect of effective management in the context of the HoReCa sphere during times of war. The meaning of the HoReCa industry covering hotels, restaurants and catering services was considered. Various factors have been identified that affect the HoReCa business during wartime, including threats to personnel safety, risks of destruction of equipment and infrastructure, lack of resources and others. The main features of resource management in HoReCa sphere in wartime were investigated: ensuring the safety of staff and customers, rational use of resources and change management. Ensuring the safety of staff and customers in wartime is in the first place. It is indicated that in order to create security, it is important for enterprises to develop risk management plans, use modern technologies and cooperate with security services and authorities. In conditions of limited resources, effective management of material, financial and human resources includes meticulous budget planning, cost control, and efficient utilization of available financial tools. It is emphasized that managing changes in wartime allows enterprises to adapt to new conditions, quickly respond to changes and use resources efficiently to ensure stability and success. Conclusions. The article discusses the specificities of resource management in the HoReCa sphere during wartime. It emphasizes the priority of ensuring safety for both staff and customers, necessitating the implementation of appropriate measures and training. Rational resource utilization and adaptability to changes are also highlighted as crucial factors in effectively managing resources under limited conditions.

The property value impacts of industrial chemical accidents

Using hedonic methods, we examine how chemical accidents at industrial facilities impact home values. The study focuses on facilities regulated by the U.S. Environmental Protection Agency’s Risk Management Plan (RMP) program, which is in place to reduce the risk of harm to offsite populations from accidental chemical fires, explosions, and releases of toxic vapors. RMP facility and accident data were linked to residential transactions in Michigan, Ohio, and Pennsylvania. To facilitate causal inference, alternative difference-in-differences and triple differences models are estimated, where we compare homes near and far, and before and after, an accident; as well as homes near facilities where an accident did and did not occur. We find that the typical accident does not generally affect home values, but accidents resulting in offsite injuries, property damage, evacuations, or shelter-in-place orders lead to a 5% to 8% decrease in the value of homes within five kilometers; suggesting an average loss of $12,000 to $20,000. The benefits of policies that help avoid these impacts are particularly relevant from an environmental justice standpoint. Proximity to an RMP facility, irrespective of any incidents, is associated with significantly lower home values. Existing inequities are exacerbated by chemical accidents that impact offsite populations.

Disaster Risk Management and Spatial Planning: Evidence from the Fire-Stricken Area of Mati, Greece

The debate over spatial planning highlights the need for more interdisciplinary, strategic, and collaborative methods to achieve broad policy goals such as resilience and sustainability. Risk-based planning is gaining importance due to the rising vulnerability of urban infrastructure. Incorporating disaster risk management into spatial planning requires a geographically based strategy for reducing catastrophe risk. This article outlines the role of spatial planning in the reconstruction of the Mati settlement in Attica, Greece, that was devastated by a forest fire in 2018. It presents a set of proposals that relate to the urban reorganization of the area and considers disaster risk reduction and disaster management, as well as sustainability issues relating to mobility, the management of the natural environment, and the recovery of the coastline as a public resource. The basis for this article is the contribution of the Urban Planning Research Laboratory of the National Technical University of Athens/School of Architecture to the preparation of the Special Urban Plan for the fire-stricken area of Mati, Attica, on behalf of the Technical Chamber of Greece.

Independent Audit Committee, Risk Management and Wealth Management in Banks

The different facets of risk management, personal finance, wealth management products, supervisory standards for bank governance, and risk governance are covered in this abstract. It emphasises the importance of these subjects in relation to the banking sector and the larger financial landscape. A key task performed by banks is risk management, which identifies, evaluates, and mitigates risks that could jeopardise the performance and stability of their finances. It requires the implementation of robust structures and procedures in order to preventively manage credit risk, market risk, operational risk, and liquidity risk. By successfully managing these risks, banks can increase their resiliency and ensure the preservation of stakeholders' interests. Budgeting, saving, investing, and retirement planning are all included in the management of a person's financial resources, which is referred to as personal finance. It places emphasis on the value of financial literacy and the necessity of making knowledgeable choices regarding one's own finances. The goal of personal finance is to give people the tools they need to fulfil their financial objectives, amass money, and safeguard their financial future. Specialised financial tools and services known as "wealth management products" are offered to institutional and high-net-worth clients. To maximise wealth creation and preservation, these solutions provide individualised investing methods, portfolio diversification, and risk management measures. To satisfy the specific needs and goals of their customers, wealth managers use a variety of investment vehicles, including stocks, bonds, alternative investments, and estate planning tools. In terms of bank governance, supervisory requirements relate to the rules and directives that are enforced by regulatory bodies to guarantee effective governance practises within banks. By strengthening banks' transparency, accountability, and risk management skills, these measures work to strengthen the financial system's stability and soundness. They cover topics like board makeup, risk management plans, internal checks, and compliance protocols. Establishing a solid framework and procedures for managing risks inside an organisation is what risk governance implies. It entails identifying one's risk tolerance, establishing risk management goals, and putting good risk management procedures into practise. Risk management makes sure that risks are properly recognised, evaluated, and tracked, and that the right mitigation techniques are in place. Additionally, it encourages accountability across the board and builds a culture that is risk-aware. whole, these sectors are crucial to the banking sector and have a significant impact on people, financial institutions, and the whole economy. Banks can successfully navigate the complexities of the financial landscape, mitigate risks, and generate long-term value for all stakeholders by implementing strong risk management practises, providing comprehensive personal finance solutions, creating tailored wealth management products, adhering to supervisory requirements, and establishing effective risk governance frameworks

Fostering Social Entrepreneurial Resilience: A Pathway towards Integrated Disaster Risk Management

Social entrepreneurship (SE) has gained recognition as a key driver of the economy significantly contributing to innovation and inclusive growth. It is increasingly seen as a practical and effective solution to address a range of physical, social, economic and environmental challenges. Its role has also been critical in groundbreaking innovations toward sustainable development. Disaster risk management (DRM) planning is crucial for building resilience in the entrepreneurial ecosystem as SEs are highly vulnerable to the impacts of disasters, particularly in absence of DRM planning. This study explores the impact of disasters on SE and argues for the need for integrating DRM approaches to enhance the resilience of SE in line with the priorities of the Sendai Framework for Disaster Risk Reduction 2015-2030. Despite India's strong performance in terms of supportive business start-up ecosystems, vulnerability to natural disasters and poor preparedness pose significant challenges to its development efforts. There is a need for greater attention to be paid to DRM planning in the SE sector in order to build resilience and ensure the long-term sustainability of SE initiatives.

A reality check on the GARCH-MIDAS volatility models

We employ a battery of model evaluation tests for a broad set of GARCH-MIDAS models and account for data snooping bias. We document that inferences based on standard tests for GM variance components can be misleading. Our data mining free results show that the gain of macro-variables in forecasting total (long-run) variance by GM models is overstated (understated). Estimation of different components of volatility is crucial for designing differentiated investing strategies, risk management plans and pricing derivative securities. Therefore, researchers and practitioners should be wary of data-mining bias, which may contaminate a forecast that may appear statistically validated using robust evaluation tests.

Cracking the code: The keys to a successful business impact analysis

The business impact analysis (BIA) is a major component of risk management and business continuity planning. It is the process of assessing the impact over time of a disruption on the organisation’s people, products, services, and to its customers. This paper offers guidance on establishing and completing a comprehensive BIA that represents the organisation, department or process to achieve compliance and, ultimately, resilience. To remain competitive, organisations must examine and adapt their BIAs when circumstances change, whether internally or externally. This paper provides a formula to ensure the BIA is developed methodically. By considering organisational culture and standards, internal and external assessment requirements, and standardised analysis calculations, the organisation will create a BIA that closely reflects its environment and yet still provides scope for improvement. The paper also considers metrics and planning activities to support BIA design. By following this guidance in this paper, organisations will be better able to crack the BIA code and take a value-added approach to business continuity planning.

Research on Risk Evaluation Index System and Model of Power Grid Construction Project

Power grid engineering projects mainly refer to the power grid infrastructure and technical transformation projects, such projects have the characteristics of huge investment amount, complex construction process, long cycle and many risk factors. The planning, construction and operation process are affected and restricted by many factors, and the consequences of risks are relatively serious. Firstly, this paper analyzes the risk theory of power grid construction project from the aspects of related concepts, project implementation process, risk assessment, risk prevention, etc. Secondly, the risk evaluation index system of power grid construction projects is constructed from the aspects of risk identification theory, index selection principle and design process. Thirdly, based on the analysis of evaluation methods, the relative evaluation models are compared, selected and improved, and the risk evaluation model of power grid construction projects is constructed. Finally, it put forward the grid construction project risk management measures, including the development of risk management plan, risk avoidance, risk control, risk transfer, unique risk prevention, risk monitoring and other risk prevention strategies.

지식산업센터 개발사업의 리스크 요인 및 관리방안 연구

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to preemptively explore the risk factors derived from the development process of the Knowledge Industry Center, which has recently been in the limelight as a new development project product, and to derive risk management measures for them. (2) RESEARCH METHOD As a research method, multi-level decision-making techniques (AHP and Fuzzy-AHP analysis methods) were used to analyze the importance of risk factors in each development stage and to derive risk management plans. (3) RESEARCH FINDINGS Risk management measures in order of importance include securing a construction company with recognition and brand, monitoring policy trends and adjusting business timing by development stage, establishing and verifying plans in preparation for product demand, blocking disputes through guarantee insurance, etc., and reducing risks through interest sharing. 2. RESULTS As a result of the analysis, it was confirmed that the overall importance of AHP and Fuzzy-AHP adjusted overall importance were similar in rank by risk factor. The top 5 risk factors as a result of importance are failure to secure a construction company with high recognition and brand, marketing planning, failure to select a project start time due to failure to predict the real estate economic downturn, failure to set an appropriate development scale that does not consider the future demand of the Knowledge Industry Center, failure to secure business partners (equity investors, financial companies, construction companies), and insufficient funding plan to secure project costs (bridge loans, main PF) appeared in order.

Treading Water: Planning for Sea Level Rise in the Southeastern United States

We provide original research on planning for sea level rise (SLR) in the southeastern United States. Our analysis of 85 coastal counties finds that most are in the early stages, having recognized SLR as a general threat to their coastal communities. However, relatively few evidence comprehensive analysis of risk across their portfolio of infrastructure assets and service areas. Using a staged planning model, we find that strong information gathering contributes to greater breadth when considering adaptive measures. Ultimately, integration of risk management and comprehensive planning can help create adaptive pathways by identifying short-term, low-regret actions while preserving options for an uncertain future.