Risk Management Principles Research Articles

And an Algorithm to Bind Them All? Social Credit, Data Driven Governance, and the Emergence of an Operating System for Global Normative Orders

The 21st century has seen a reluctant acceptance of the de-centering of the state, and consequentially of the rise of multiple centers of governance with multiple forms of law. That acceptance has also produced a certain knowledge of the likelihood of space between these emerging centers of law/norms/governance. This space without a space, this in-between space of law (and governance), has itself assumed a spatial dimension. Yet the conventional focus on the inter-spatial carries with it the risk of never ending boundaries—of the permanent and quite dynamic cacophony of borders. The problem of the never-ending spaces between spaces, where every law system itself defines its own inter-spaces, might itself be undergoing an extra-spatial transformation. That extra-spatial form of governance—in which space loses its centrality and law changes it forms and function, is the object of the exploration attempted in this essay. The essay considers the emergence of data driven analytics, and machine driven (artificial intelligence (AI) based) algorithmic techniques as defining not just new modalities of governance but reshaping the conception of spatiality within which governance happens. Its thesis is simple: that AI and big data management suggests the fundamental reshaping of law and law systems, one in which it may be possible to cobble together traditional spatial and inter-spatial of law toward a comprehensive management of behavior neither dependent on the forms and techniques of law nor on the bureaucratic apparatus of state. This reshaping will have particular effect on the way on which the emerging polycentric systems of governance that have been the singular feature of globalized law frameworks may be enmeshed; that is how the regulatory algorithm may come to rule them all. This essay, then, explores some of the potential ramifications of big data management and machine learning on the organization of the multiplicity of emerging law and governance systems and how these are or will change legal practice. To that end the paper will consider the emergence of data driven governance regimes. The first is the Chinese “social credit” initiative, which emerged in its current form in 2014. Social Credit is the name given to the initiative undertaken by the Chinese government during the present administration that is meant to produce an all-around approach to ensuring compliance with law and social responsibility under the guidance of the state. The second is U.S. and Western private initiatives around emerging markets for data. These are framed around principles of governance, risk management and compliance principles. It explores their potential systemic qualities and their relationship to contemporary and traditional law and governance systems. It considers the way that social credit in its public forms (China) and in its private forms (U.S. and the West) point to the emergence of a potential data driven unifying structure for legal multiplicity even as it changes the practices of law. Lastly, the paper explores the nature of that unifying structure within domestic legal orders and within global trade regimes.

Theoretical features and principles of risk management in the activities of an industrial enterprise

The purpose of the research. The main purpose of the article is to improve the conceptual apparatus of the risk management process in the activities of an industrial enterprise, the principles of risk management, stages and principles of this process in the activities of an industrial enterprise. Methodology. To improve the conceptual apparatus of the risk management process, the principles of risk management, stages and principles of this process in the activity of an industrial enterprise are used by the following methods: generalization, analysis and synthesis. Results. As a result of the study, an actual definition of the category of “risk management,” the stages of risk management and the principles of risk management process, taking into account the modern features of this process, as well as the features of industrial enterprises. Also, as a result of the study, circumstances that do not allow to effectively use worked out and well-established themselves in other areas of activity evaluation and risk management. Practical meaning. The practical significance of the study is the applied nature of the proposed conceptual apparatus, the principles of risk management, stages and principles of this process that can be used in the process of risk management in the activity of an industrial enterprise, which are particularly relevant in a changing and crisis environment in which industrial enterprises operate, and also allows the enterprise to create and develop competitive products, maintain the required level of stability and efficiency. Prospects for further research. The further researches of the author will be devoted to this. Another direction of subsequent developments will be the development of methodological provision of risk management process in the activities of an industrial enterprise.

Realization of National Goals and Strategic Planning: Risk Management Factor

In the context of the General principles of risk management, the article discusses the features of risk management that accompany the implementation of national goals, goals of state programs, national and Federal projects (as tools of strategic planning). Recommendations for improving the effectiveness of risk management in a specific subject area are given: the proposed methodological tools are tested on the example of the Federal project «Export of agricultural products» and measures of an applied nature are justified.

Mathematical interpretation of risk-management methodology for natural-economic systems

Actuality of research theme. Nowadays conditions of implementation of administrative-territorial reform on the basis of decentralization, the problem of forming a methodology of decision-making taking into account the specifics of the processes taking place in the country becomes especially relevant. After all, the future of Ukrainian society depends on the success of the decisions made in the process of implementing the reforms of the state socio-economic management and the restructuring of the territorial organization of the business entities on the basis of decentralization. Problem statement. For providing of efficiency of reformation of territorial organization of management and administrative-territorial device new models, instruments and mechanisms of management and making decision, which will provide steady development of territories, regions and state, on the whole, are needed in Ukraine. For this reason, there is a necessity of perfection of methodology of making decision on principles of risk management, which will allow maximally to take into account the specific of process of decentralization of power and provide harmonious and effective combination of interests of the interested parties. Analysis of the last researches and publications. Such scientists are engaged in the modern aspects of decision of problems of decentralization and reformation of administrative-territorial device in a country, as Pavliuk A. P., Oliinyk D. I., Batalov O. A., Datsko O. I., Murkovych L. L., Molodozhen Yu. B. and other [1-4]. The results of own researches of problem are in to [5-11]. Selection of unexplored parts of general issue. The question of process control of decentralization on the basis of acceptance of effective decisions needs the special attention and deep both theoretical and practical, researches. Consequently there is a requirement in development of methodology of concordance, making and estimation of decisions, in the conditions of vagueness and risk of origin of negative events and circumstances which are stipulated the national specific of decentralization. Task statement, research aim. By the above-mentioned circumstances the predefined expedience of forming of methodology of risk-management naturally-economic systems on the example of the incorporated territorial societies. Method or methodology of realization of research. In the process of realization researches drawn on scientific (analysis and synthesis, induction and deduction, analytical grouping) and special (abstracting, economical-mathematical design, etc.) methods of study of the economic phenomena and processes. Exposition of basic material (job performances). It is in-process well-proven that risk-management naturally-economic systems to the number of which the united territorial communities (OTСs) belong, must take into account their specific. It is predefined that in practice of evaluation of the economic phenomena and processes in naturally-economic systems of the use of traditional methods it is not always possible. The use of tool of fuzzy set theory is for this reason offered. It is shown that the search of optimum mechanisms of adjusting of investment processes at regional level remains an urgent necessity. Above all things it touches territorial societies, as traditional mechanisms of management investment resources, as practice shows, do not provide necessary efficiency. Well-proven expedience for the estimation of the real investment projects which are offered the incorporated territorial societies, to use the mathematical vehicle of fuzzy set theory, when experts can estimate certain part of parameters of project. It is set that in the modern terms of reformation of administrative-territorial device and decentralization of power in Ukraine need the special attention of problem of management a housing-municipal services, as his maintenance is provided by local public authorities and created in the process of reformation the united territorial communities (OTСs). It is suggested to use the theory of fuzzy set theory at the estimation of quality of housing-municipal services. Conclusions. In-process the well-proven expedience of development of new tool of acceptance and estimation of decisions is taking into account the features of process of decentralization of power in Ukraine. It is set that the use of mathematical vehicle of fuzzy set theory is in relation to the estimation of investment projects, will be instrumental in the increase of authenticity of prognosis calculations in relation to economic and social efficiency of the programs and projects of management territories. The well-proven expedience of the use of fuzzy set theory for the estimation of quality of housing-municipal services. It will allow to take into account simultaneously quantitative and high-quality indexes that will be instrumental in the increase of level of efficiency of functioning of housing-municipal services in the united territorial communities.

GOOD CORPORATE GOVERNANCE DAN MANAJEMEN RESIKO DI BANK SYARIAH

By applying the principles of good corporate governance and risk management, Islamic banks have won the trust of the public by significantly increasing the number of Islamic bank customers, although not as much as conventional bank customers. To build public trust in Islamic banks, in addition to GCG, there is also a need for good management and risk management of Islamic banks. It is hoped that Islamic banks will be able to play an active role in banking activities in Indonesia as an indicator of whether or not the economic conditions in Indonesia. The role of corporate governance has been far applied in the teachings of Islam. The principles of Good Corporate Governance which consist of transparency, accountability, responsibility, professional and fairness are contained in sharia values ​​which intensely consist of: (1) shiddiq (honesty), (2) trust (fulfillment of trust), (3) fathanah (intelligence), (4) tabligh (transparency, openness). The important thing that needs to be done by Islamic banks is to build an effective risk management culture, so that banks have competitiveness and survive in economic conditions that are full of uncertainty or even crisis. The types of risks faced by Islamic banks include the following: 1) Financing Risk, 2) Liquidity Risk, 3) Interest Rate Risk, and 4) Operational Risk.

Students’ Perceptions on Principle of Risk Management and Insurance as a Blended Learning Course

The diversity of education has encouraged the incorporation of technology in education. While classroom learning is still relevant, incorporating an electronic learning (e-learning) to a course will encourage interactive learning experience. This incorporation of face-to-face classroom learning and e-learning is known as blended learning. Thus, the objective of this study is to examine students’ perceptions in learning Principle of Risk Management and Insurance as a blended learning course. This study was conducted among Part 1 students of Diploma in Actuarial Science, Universiti Teknologi MARA, Perak Branch, Tapah Campus who took Principle of Risk Management and Insurance which is a blended learning course by using questionnaire. This study proven the findings from previous researches that suggested a combination of traditional classroom learning and online learning is preferred by most students. From students’ perspective, it also depicts that blended learning offers more benefits to them and will have a positive impact on their motivation and performance to better understand the course offered.

How do risk management principles fit in with the reality of clinical midwifery?

Background Risk assessment and management has become a key focus in midwifery practice, in light of failings in maternity care. Whilst studies have explored risk management within healthcare, it has not looked at its impact on normal midwifery practice. Aim To review the literature exploring how risk management principles fit with clinical midwifery. Methods A literature search was undertaken electronically as well as a search by hand. Nine papers were identified as suitable for the literature review. Data was extracted and used to inform the themes. Findings Three themes were identified: midwives being with women; midwives and normality, and increased sensitivity to risk; and organisational risk technologies and blame. Conclusion There is a mismatch between clinical midwifery culture and risk management. Risk categorisation and increasing risk surveillance clearly have an impact on midwifery practice. However, more research is needed to explore how midwives navigate around these systems.

U.S. National Debt- A Risk Management Approach

The U.S. national debt reached the astounding figure of 22 trillion dollars in 2018 (Gomes & Sinclair, 2019). It splashed onto the headlines of newspapers and became a topic of interest for Nobel laureate economists, dividing opinions on the potential impacts and the necessity of corrective measures. Krugman (2019) advocates that the national debt is trivial for a large economy like the U.S.; whereas, economists, such as Summers (2019), assume a more cautious position in recommending clear restrictions on the never-ending rise in the national debt. Some intriguing questions persist: should measures to restrain or reduce the debt be taken? If so, what is the ideal time to put them into effect? The purpose of this study is to analyze the reasons for the increasing U.S. national debt and to raise a discussion on the ideas of these reputed economists to address these questions. Additionally, the fundamental principles of risk management have been explained to evaluate the national debt from a different perspective (Homan, 2013). The findings of this research show that there are similarities between the theory of risk management and the risk concerns involved in the U.S. national debt. The social impact of this research includes the potential for the risk management tools identified to be used in analyzing the sovereign national debt.

The Existence of Regulatory Sandbox to Encourage the Growth of Financial Technology in Indonesia

Bank Indonesia created an appropriate regulatory regime to drive the pace of innovation carried out by Financial Technology Providers while still applying the principles of consumer protection, risk management and prudence. One of the efforts made by Bank Indonesia was by issuing provisions concerning a regulatory sandbox for Financial Technology Providers along with their products, services, technology and/or business models in a Board of Governors Member Regulation No 19/14/PADG/2017 on the Limited Technology Testing Room (Regulatory Sandbox) Financial Technology. Meanwhile, the Financial Services Authority also issued regulation regarding the Regulatory Sandbox for Financial Technology Organizers in Financial Services Authority Regulation No. 13 / POJK.02/2018 on the Digital Financial Innovations in the Financial Services Sector. The main point of view to be analysed is the existence of regulatory sandbox approach held by Bank Indonesia and the Financial Services Authority as an effort to encourage the growth of Financial Technology in Indonesia.

Major obstetric haemorrhage: portrait of "near miss" and risk management-based optimisation of obstetric techniques and telemedicine technologies

Aim. To identify measures for the improvement of obstetric techniques and telemedicine technologies in women with major obstetric haemorrhage.Materials and Methods. We analyzed medical documentation of 54 women in Altai Krai who experienced major obstetric haemorrhage within 28- 36 weeks of gestation before (2008-2012) and after (2013-2017) implementation of risk management using the telemedicine “Registry of pregnancies” technology.Results. Implementation of risk management principles led to the admission of women with major obstetric haemorrhage exclusively to specialised hospitals in contrast to the preceding period. Further, it was associated with a higher prevalence of caesarean sections (from 55.6% to 96.3%) in women with major obstetric haemorrhage due to an increase in cases of complete placenta previa or placenta increta. In 73.0% of cases, such patients delivered in specialised hospitals where autologous blood transfusion or intrauterine balloon tamponade could be applied. In spite of increase in frequency of major obstetric haemorrhages, risk management reduced their severity by decreasing blood loss and, hence, the risk of posthaemorrhagic complications and blood transfusion side effects.Conclusions. Risk management-based strategy for optimising obstetric care by telemedicine technologies leads to the admission of high-risk, even “near miss” patients in specialised hospitals that is particularly efficient in regions with low population density and a large network of primary healthcare facilities.

Safe sport is more than injury prevention

In recent years, the challenge of providing sport in a safe environment has become more prominent in the public eye. When something ‘goes wrong’ news spreads rapidly through both social and traditional media. The reputational, financial and/or medical costs associated with the incident can have short-term or longer lasting impacts on the individual athlete, team, coach and/or organisation. The application of ‘sensible’ risk management principles and risk assessment processes across all areas of the operations and business of sport is fundamental to best practice, where a balance between the risk and societal benefit of the delivery of sport, and all that goes with it, is obtained.

RISK MANAGEMENT IN THE PROVISION OF PEOPLE’S BUSINESS CREDIT AS IMPLEMENTATION OF PRUDENTIAL PRINCIPLES

The bank is a financial institution that has an intermediary function that bridges the interests of parties who are excess funds (creditors) and those who need funds (debtors). Banks in channeling funds, among others, through the provision of credit to the public. However, loans issued by banks contain a lot of risk, one of them is People's Business Credit (KUR). Issues regarding the risks of granting credit above will be discussed in this study, which this study uses a normative juridical method using the statutory approach. This study shows the arrangements regarding risk management are regulated in PBI Number 11/25/PBI/2009 concerning the Application of Risk Management in Commercial Banks and in Regulation of the Financial Services Authority Number 18 / POJK.03 / 2016 Regarding the Implementation of Risk Management for Commercial Banks. The implementation of the prudential principle internally for a bank's Human Resources (HR) is to apply the Banking Risk Management Principles. Banking practices usually assess five aspects of debtors (the five C’s analysis), namely: character, capital, capacity, economic conditions and collateral.

Principles of Risk-Based Rock Engineering Design

In comparison with other types of construction, the development of rock engineering design codes has been slow. Codes must, however, be developed with relevant discipline-specific characteristics in mind. This paper, therefore, presents a generic design framework for rock engineering. The framework is based on the presumption that rock engineering design must be viewed as decision-making under uncertainty, which makes the design process subject to general risk management principles, as risk is defined as “effect of uncertainties on objectives” (ISO 31000). Thus, rock engineering design codes ultimately need to facilitate design processes that target the risk, to enable design of structures that not only are sufficiently safe and durable and cost-effectively constructed, but also imply safe and healthy work conditions during construction and an acceptably low environmental impact. The presented framework satisfies this fundamental requirement and the authors find codification of its principles to be rather straightforward, as long as the level of detail in the code is governed by a strict application of ISO’s general risk management principles. Further details on methods and practical recommendations can instead be supplemented in separate handbooks and application guidelines.

ОПТИМІЗАЦІЯ ЕКОЛОГІЧНИХ РИЗИКІВ ПРИ БУДІВНИЦТВІ ТА ЕКСПЛУАТАЦІЇ АВТОМОБІЛЬНИХ ДОРІГ

UDC 658.272:625.27; JEL: R 42 Purpose. The purpose of the article is to substantiate and develop the theoretical principles of risk management of road economy enterprises during the construction and operation maintenance of highways on the basis of the formation of their ecological insurance base. Methodology of research. The following methods were used in the research. The dialectical method was used for identifying causal link of economic and environmental processes in road production. The analytical method was applied for systematization of information for the formation of the base of environmental insurance of highways. The observation and generalization were relevance for the development of recommendations for the directions of development of the road economy. Findings. The research considers actual theoretical questions of optimization of environmental risks during the construction and operation maintenance of highways. The connection between the system of ecological and economic risks and the process of production of road works, which is mediated through a system of control over the quality of road construction and maintenance work, was established. The block diagram of the formation of the base of the ecological insurance of highways has been developed, which contains detailed recommendations for the formation of a trust fund for ecological insurance of highways. The importance of creating such a fund as an effective mechanism to optimize ecological risks in the construction and operation maintenance of roads in Ukraine was underlined. Originality. The theoretical and methodological approach to risk management in road economy was further developed by formation of block diagram base of the ecological insurance of highways, aimed at detailing the structure of the fund of ecological insurance of domestic roads. Practical value. The results of the research can be used as guidelines for the public administration in the development of regional programs for the construction and operation maintenance of highways, development of transport network of the region.

Risk Management in Obstetrics and Gynecology

This article will review the basic principles of risk management, the role of the risk manager, and the importance of risk management in the patient safety movement as it pertains to obstetrics and gynecology. Several tools that are used by risk managers including risk assessments and root cause analyses will be used to illustrate positive patient safety measures that can be initiated to decrease adverse outcomes and reduced risk to an organization. The dramatic reduction in adverse outcomes and claims after the introduction of patient safety initiatives in a major obstetrical service will be reviewed.

Fundamental Principles of Risk Management and Governance: Review of Recent Advances

Fundamental Principles of Risk Management and Governance: Review of Recent Advances

Comprehensive Risk Identification Model for SCADA Systems

The world is experiencing exponential growth in the use of SCADA systems in many industrial fields. The increased and considerable growth in information and communication technology has been forcing SCADA organizations to shift their SCADA systems from proprietary technology and protocol-based systems into internet-based ones. This paradigm shift has also increased the risks that target SCADA systems. To protect such systems, a risk management process is needed to identify all the risks. This study presents a detailed investigation on twenty-one scientific articles, guidelines, and databases related to SCADA risk identification parameters and provides a comparative study among them. The study next proposes a comprehensive risk identification model for SCADA systems. This model was built based on the risk identification parameters of ISO 31000 risk management principles and guidelines. The model states all risk identification parameters, identifies the relationships between those parameters, and uses a hierarchical-based method to draw complete risk scenarios. In addition, the proposed model defines the interdependency risk map among all risks stated in the model. This risk map can be used in understanding the evolution of the risks through time in SCADA systems. The proposed model is then transformed into a benchmark database containing 19,163 complete risk scenarios that can affect SCADA systems. Finally, a case study is presented to demonstrate one of the usages of the proposed model and its benchmark database. This case study provides 306 possible attack scenarios that Hacktivist can use to affect SCADA systems.

Regulatory regime on coal Mine Safety in China and Australia: Comparative analysis and overall findings

China and Australia are the world's largest coal producers and exporters respectively. Both countries have developed the separate regulatory regime to regulate their coal mine safety. But Australia is far ahead of China in terms of coal mine safety. It appears that there remains significant scope for improvement on China's separate regulatory regime. This article explores the similarities and differences between the regulatory regimes of China and Australia, and introduces a slice of the arguments used to explain the distinct gap in mine safety. The first and foremost, the mining Occupational Health & Safety (OHS) legislation in Australia is based upon duty of care, risk management principles and workforce representation, while in China the mining OHS legislation could be characterized as being uniformly prescriptive. Secondly, the regulatory agencies in China, namely the State Administration of Coal Mine Safety (SACMS) and local regulation department of coal mine safety possess a multiple of distinctive problems. Thirdly, coal mines in China are divided into the state-owned coal mines (SOCMs) and township and village coal mines (TVCMs) which differ quite widely, including the mine ownership, mine objectives, and coal pricing. In addition the mine workers are powerless in the matter of coal mine safety regulation.

The cautionary principle in risk management: Foundation and practical use

The precautionary principle is well known among scientists, politicians and the public in general. However, the closely related and broader cautionary principle is not so often referred to. Whereas the precautionary principle is typically invoked in cases of scientific uncertainties, the cautionary principle applies to the more general situation of risk and uncertainties. The present paper summarises and extends the argumentation adopted to justify the cautionary principle and presents and discusses some real-life examples of its use, covering both safety and security issues. The aim of the paper is to clarify the rationale of the principle in risk management, by reasoning and using these examples to illustrate the ideas and argumentation. The paper also refers to a new concept, the ‘anti-cautionary principle’, which stimulates actions and measures that can produce highly positive values.

МЕТОДИКА УПРАВЛІННЯ РИЗИКАМИ ДЛЯ СИСТЕМИ УПРАВЛІННЯ ЯКІСТЮ ПРИ ВИГОТОВЛЕННІ ВИРОБІВ МЕДИЧНОГО ПРИЗНАЧЕННЯ

Метою статті є розробка методичних рекомендацій, щодо створення методики управління ризиками при розробленні, підтриманні та управлінні системою управління якістю, відповідно до вимог міжнародного стандарту ISO 13485:2016 «Вироби медичні. Системи управління якістю. Вимоги щодо регулювання». У статті розглянуті етапи та алгоритм створення методики оцінювання та управління ризиками, яка необхідна для створення системи управління якістю при виробництві виробів медичного призначення. Для оцінювання ймовірності настання збитку застосовують постійну 5-ти бальну шкалу описових рівнів ймовірності, яка визначається і характеризується експертами перед проведенням оцінки ймовірностей збитків встановлених небезпек, що виникають при використання певного медичного виробу.