Risk Management Research Research Articles

Risk Management in Scrum Projects: A Bibliometric Study

This article presents a bibliometric study of Risk Management in Scrum Projects. It was carried out an analysis involving the ISI Web of Knowledge and Scopus databases, identifying the main authors, countries and periodicals. It also identified the most cited authors by the analyzed articles, in addition to the keywords most frequently cited. These analyzes were performed using the reference maps, which were generated by CiteSpace® software, which offers a set of features to support bibliometrics. The objective was to identify the current scenario research of Risk Management applied in Scrum Projects in order to offer a consistent basis of information to researchers. The research verified that, despite the importance of the research topic, few scientific studies have been identified, which brings the need for new researches on the subject.

STATE REGULATION OF FOREIGN ECONOMIC ACTIVITY

Urgency of the research. The article analyzes the mechanisms of state regulation of foreign economic activity, carried out under the influence of globalization trends, integration processes and modernized in the context of security. Target setting. Strengthening the state as a public institution is accompanied by the development of its many functions, in particular economic. The study of mechanisms of state regulation of foreign economic activity proves that it is a multilevel and multifaceted phenomenon. Actual scientific researches and issues analysis. The issues of research in risk management and customs administration are rather actively engaged in such Ukrainian scientists as Algin A. P, Berezhnyuk I. G, Pashko P. V, Teresh-chenko S. S. and others. Uninvestigated parts of general matters defining. At the same time, many theoretical and practical questions of the problems remain little studied in terms of complexity and systemic nature, which gives grounds to assert that it is necessary to study the experience of mechanisms of state regulation of foreign economic activity. The research objective. It consists in the substantiation of theoretical, methodological and applied provisions for the improvement of mechanisms of state regulation of foreign economic activity. The statement of basic materials. The uniqueness of customs is that by keeping balance on interstate borders, it provides protection from external threats to national customs interests and security by implementing a balanced state customs policy in accordance with strategic priorities in the field of state customs. Conclusions. One of the tasks solved within the framework of management in the customs system, as an element or subsystem of public administration in general, is the administration of customs risks. Therefore, the customs authorities should manage their risks, while the administration of risks should be viewed not as a specific separate or independent direction of work, but as an integral part of the customs administration as a whole.

Under the Background of Internet Finance College Students Entrepreneurship Financing Model and Risk Management Research

With the increasing development of Internet financing, P2P, crowd-funding and other internet financing models provide new financing space for low credit college students entrepreneurs who has little collateral with its advantage of convenience payment, market information symmetric. However, due to the imperfect regulation and financing platform, internet financing has much financing risk and crisis. This paper at first investigates college students entrepreneurs internet financing condition then analyze the internet financing platform limitation, after which this paper will point out the potential risk. In the end, this paper are going to indicate that it is necessary to increase entrepreneurship financing courses in college to cultivate students’ ability of avoiding financing risk. In addition to that, the internet platform also needs to raise technology safety and optimize individual and enterprise information system.

Proposal for the risk management implementation phase in oil field development project by adding value on the refurbishment of critical equipment

Refurbishment process is a conceptual stage in product life cycle. It is utilized in existing equipment in the field by adding value to recondition and repaired equipment. The main interest of this paper is to implement and design risk management implementation phase in oil field development project on the refurbishment of critical equipment in oil and gas industry. This paper is provided base on research and experiences in risk management and learned from practical team in industry which matched by an application in oil field development project in refurbishment of critical equipment. A framework of implementation phase for risk management in oil field development project in refurbishment critical equipment were reviewed and added value on communication skills of the project team to the stakeholder and organization, which support to external body and vice-versa. Risk management framework can be used for reference of refurbishment process with simply process and developed with same concept for the next wide development project in industry.

Strategic supply risk: exploring the risks deriving from a buying firm being of low importance for its suppliers

This paper merges two important concepts: preferred customer and supply risk. As not all customers are of the same strategic importance to a supplier, some customers are treated preferentially. Strategic supply risk describes the risk for buyers of not being a preferred customer. This qualitative study explores the concept of strategic supply risk, its sources, indicators and mitigation tactics as well as its connection to social exchange theory. The findings suggest that strategic supply risk is likely to be present when among others the buyer accounts for a minor portion of supplier turnover. One important strategic supply risk indicator seems to be changes in the supplier's attitude toward the buyer. Aligning strategies, for example, can be a useful tactic for reducing strategic supply risk, whereas finding alternative sources of supply supports the mitigation of a buyer's strategic supply risk. The research enhances supply risk management research and adds a risk component to the literature on customer attractiveness and preferred customers. Additionally, this research presents initial guidelines for managers on how to set up an effective strategic supply risk management system.

Using pharmacy quality measures in Medicaid drug utilization review programs

Drug–drug interactions (DDIs) are a significant cause for adverse drug events (ADEs). DDIs are often predictable and preventable, but their prevention and management require systematic service development. Most DDI studies focus on interaction rates in hospitalized patients. Less is known of DDIs in outpatients, particularly how community pharmacists could contribute to DDI management by applying their surveillance systems for identifying high-risk medications.The study was related to the implementation of the first online DDI surveillance system in Finnish community pharmacies. The goal was to demonstrate how community pharmacies can utilize their prospective surveillance system 1) for identifying high risk medications causing potential DDIs in outpatients, 2) for collaborative service development with local physicians, and 3) for academic risk management research purposes.All DDI alerts given by the online surveillance system were collected during a one-month period in 16 out of 17 University Pharmacy outlets in Finland, covering approximately 10% of the national outpatient prescription volume. The surveillance system was based on the FASS database, which categorizes DDIs into four classes (A–D) according to their clinical significance.Potential drug–drug DDIs were analyzed for 276,891 dispensed community pharmacy prescriptions. Potential DDIs were associated with 10.8%, or 31,110 of these prescriptions. Clinically significant interaction alerts categorized as FASS classes D (most severe, should be avoided) and C (clinically significant but controllable) were associated with 0.5% and 7.0% of the prescriptions, respectively.Methotrexate and warfarin had the highest risk of causing potentially serious (class D) interactions. These interaction alerts were most frequently between methotrexate and NSAIDs and warfarin and NSAIDs. In general, NSAIDs were the most commonly interacting drugs in this study.This study demonstrates that community pharmacies can actively contribute to DDI risk management and systematically use their surveillance systems for identifying patients having clinically significant DDIs. The findings also indicate that the majority of potentially serious interactions in outpatients involve a limited number of drugs, particularly NSAIDs, warfarin and methotrexate. Further research should focus on community pharmacists' involvement in DDI risk management in collaboration with local health care providers.

The Sustainable Procedure Framework for Disaster Risk Management: Illustrated by the Case of the EU Floods Directive in Sweden

How can the concrete meaning of the ambiguous and theoretical concept of sustainable development (SD) be defined and implemented, without losing sight of its fundamental principles? This study introduces a theoretical framework that supports studies of SD implementation in the context of strategic disaster risk management, by defining what SD implies with regard to planning procedures. The framework is based on the procedural SD principles of participation and integration. It was originally developed for, and has shown great value in, the field of water resource management. In-depth interviews with senior risk management researchers indicate that the framework is also applicable to and valuable for disaster risk management studies. To illustrate the application of the framework, a study of the EU Floods Directive in Sweden is summarized with the framework as the basis for the analysis.

What Are the Possible Future Research Directions for Bank's Credit Risk Assessment Research?: A Review of Systematic Literature

Banking prudence and efficiency to manage their risks in different business cycle and environment would help to alleviate crises and losses. Hence, the effective assessment of credit risk is an essential component of a comprehensive technique to credit risk assessment and critical to the long-run of not only banking institutions but also the economy as a whole. Therefore, it has received a great interest from scholars across finance and economics to investigate such assessments by banks in different countries using diverse theoretical underpinnings and methodologies. Hence, this paper is developed to review analytical conceptualisations of credit risks assessments that have been developed in the academic literature. By means of a systematic review, it provides a comprehensive analysis that encompasses approaches used in research papers. There has been no prior review on analytical conceptualisations in this area. Moreover, this review is done in a systematic manner, i.e. Categorising journal articles into different categories such as purposes, perspectives and methodologies through a transparent and thorough process. Thus, it will be able to provide an objective review. Finally, the paper will outline the evolution of methodologies and theoretical underpinnings in credit risk management research and a landscape for possible future research directions.

On the Application of Fast Fractional Differencing in Modeling Long Memory of Conditional Variance

In econometrics, long memory models for variance modeling like FIGARCH or FIAPARCH are characterized by a Fractional Differencing term. In order to estimate and apply these models, the infinite MacLaurin expansion of the differencing term has to be truncated at a certain level. We transfer the recently introduced fast fractional differencing that utilizes fast Fourier transforms (FFT) to long memory conditional variance models and show that this FFT approach offers immense speed-ups. This allows to further increase the truncation lag while ensuring a feasible computation time. We demonstrate how calculation times of parameter estimations of these models benefit from this new approach, relative to sample length and truncation lag. In this simulation study, allowing for higher truncation lags implies better and more precise results in parameter estimations. In order to emphasize the importance for practitioners and research in risk management, we carry out different time consuming rolling-window analyses for WTI and Brent crude oil returns and show that total computation times can be reduced by a factor 20 to 30 for FIGARCH. The speed-ups for FIAPARCH are found to be significantly higher. The FFT approach offers a computational advantage to all ARCH(infinity)-representations of widely-used long memory models like FIGARCH, FIAPARCH, HYGARCH, and FIEGARCH, especially for large data sets which are common in high frequency analyses.

Risk management and firm value: recent theory and evidence

Purpose – This paper aims to provide an update to the risk management literature, as it compiles a survey of 65 recent theoretical and empirical studies on the topic. Design/methodology/approach – This is a survey paper that summarizes recent theoretical and empirical research regarding the relationship between risk management and firm value. Findings – Recent empirical evidence provides support for theoretical propositions in the literature that risk management increases firm value and returns, while reducing return and cash flow volatility. The results are largely consistent with early findings, and there have been significant empirical advances that address concerns regarding the endogeneity of risk management practices relative to corporate financial decisions. The literature has become broader and deeper, as there are now studies with larger sample sizes across more industries and geographic areas. Practical implications – Firms that use sound risk management practices obtain higher valuations, achieve better financial performance and experience diminished costs of financial distress. Recent research has emerged regarding enterprise risk management and its potential for value creation and risk reduction. Originality/value – The paper provides a new compilation and synthesis of recent theoretical and empirical research in risk management that addresses many of the limitations of prior research.

What is the nature and value of a risk management tool in a large-scale complex programme of collaborative applied health research?

In this article we examine a risk management tool that was used in a pilot programme of applied health research in the south-west of England funded by the National Institute for Health Research (NIHR). During a wider internal evaluation of the NIHR Collaboration for Leadership in Applied Health Research and Care for the South West Peninsula, we became interested in how risk was being defined and managed in the programme. Our search of the empirical literature showed that little attention had been given to risk governance within large-scale organisational change programmes in the health field. Through analysis of official documents and interviews with senior managers, we examined the nature and the value of the risk tool that was used by the programme managers. This highlighted that the programme was believed to be a ‘relatively risky’ initiative that required active management. The senior managers developed a risk tool for this purpose, which was regularly used throughout the pilot. It was perceived to have value in three main ways – providing assurance to members of the collaboration, responsiveness to the wider context and acceptability as part of routine programme implementation. Our analysis also highlighted intentional risk-taking within a complex partnership programme that sought to facilitate the translation of evidence into everyday practice. We discuss the implications of our insights for the further development of risk tools and the potential value of ‘edgework’ as a theoretical framework to inform further research of risk management in complex programmes.

Ebola and Global Airline Business: An Integrated Framework of Companies’ Responses to Adverse Environmental Shock

In spite of a growing body of literature on risk management, our understanding of how companies respond to unforeseen disruptions such as pandemics or outbreaks remains limited. This study advances tourism management, operations strategy, and risk management research by examining how airlines have responded to the Ebola outbreak in West Africa. Using archival records, the study uncovered three unique stages in airlines’ responses to the outbreak. The study provides insights and rationale behind strategic persistence and downscaling approaches adopted by different airlines. The implications for risk management and public policy are examined. © 2016 Wiley Periodicals, Inc.

Comprehensive Health Risk Management after the Fukushima Nuclear Power Plant Accident

Five years have passed since the Great East Japan Earthquake and the subsequent Fukushima Daiichi Nuclear Power Plant accident on 11 March 2011. Countermeasures aimed at human protection during the emergency period, including evacuation, sheltering and control of the food chain were implemented in a timely manner by the Japanese Government. However, there is an apparent need for improvement, especially in the areas of nuclear safety and protection, and also in the management of radiation health risk during and even after the accident. Continuous monitoring and characterisation of the levels of radioactivity in the environment and foods in Fukushima are now essential for obtaining informed consent to the decisions on living in the radio-contaminated areas and also on returning back to the evacuated areas once re-entry is allowed; it is also important to carry out a realistic assessment of the radiation doses on the basis of measurements. Until now, various types of radiation health risk management projects and research have been implemented in Fukushima, among which the Fukushima Health Management Survey is the largest health monitoring project. It includes the Basic Survey for the estimation of external radiation doses received during the first 4 months after the accident and four detailed surveys: thyroid ultrasound examination, comprehensive health check-up, mental health and lifestyle survey, and survey on pregnant women and nursing mothers, with the aim to prospectively take care of the health of all the residents of Fukushima Prefecture for a long time. In particular, among evacuees of the Fukushima Nuclear Power Plant accident, concern about radiation risk is associated with psychological stresses. Here, ongoing health risk management will be reviewed, focusing on the difficult challenge of post-disaster recovery and resilience in Fukushima.

Expectation for Pharmacoepidemiology Research in Risk Management for Pharmaceuticals

Expectation for Pharmacoepidemiology Research in Risk Management for Pharmaceuticals

Business education and creation of awareness for disaster risk management in Chile

This paper discusses the apparent disconnection between disaster risk management research and the lack of tools for business continuity after disastrous events in Chile. As disasters are a common occurrence in business development, local firms are becoming aware of the need for having tools for preparedness and mitigation of negative effects of disasters. Nevertheless, in Chile, this private awareness seems to be part of the business aptitude of large-sized firms rather SMEs. Some of the arguments presented here illustrate this gap between local firms and their need to integrate business continuity management into their business operations and their decision making to cope with disaster risks. In this vein, this document argues the need for innovative academic offerings in Chile and presents a proposal to advance in linking disaster risk management and business education at the University of Chile. This program is developed in the medium-term for each of its components, starting with undergraduate students and achieving major actions with public and private stakeholders in a progressive ladder of initiatives.

Supply chain risk management research: avenues for further studies

Organisations that are affected by supply chain risks will - if no risk-adjusting measures are available - experience more supply malfunctions or other adverse consequences. The paper at hand paper delivers a systematic review of the existing literature, featuring in-depth analysis and cognition on the ever-expanding supply chain risk management (SCRM) topic. The findings reveal that there is a lack of empirical evidence for the relational linkage between SCRM and performance. However, 'top' 24 antecedents for effective SCRM and various SCRM risk sources classified into supply-side, demand-side, external, and internal risks have been identified. The results of these useful insights allow for an identification of gaps to foster further investigations that will offer an advanced understanding of SCRM and its effect on performance. Hence, we contribute to the SCRM research stream by synthesising the highly fragmented and inconsistent literature that currently exists.

Asset Management Planning – providing the evidence to support robust and risk-based investment decisions

Over the last decade the UK’s joint Flood and Coastal Erosion Risk Management Research and Development programme has been developing methods to support a move to a risk-based approach to flood defence asset management. Looking to ensure investment is less ‘find and fix ’ and made to those assets where the biggest risk reduction can be made for the money available. In addition, providing the capability to articulate the benefits of investing in these assets quantitatively and transparently. This paper describes how the Asset Performance Tools (APT) project [1] is delivering practical methods, prototype tools and supporting guidance which, together with related initiatives such as the Environment Agency’s Creating Asset Management Capacity (CAMC) strategic programme [2] and the ‘State of the Nation ’ (SoN) [3] supportive datasets, will enable a risk-based, ‘predict and protect ’ approach to asset management. A key advance is the ability to bring in local knowledge to make national generic datasets locally relevant. The paper also highlights existing outputs that can already be used to support a more proactive approach to asset management. It will summarise the ongoing work which will further develop and fine tune performance assessment and investment decision processes within an integrated conceptual framework aligned with ISO55000, deliverable via CAMC and whose concepts can be used by all risk management authorities.

Risk management and operations research: a review and introduction to the special volume

Risks exist in all aspects of our business world. Many risks exhibit properties of interconnection and complexity besides uncertainty and dynamics, and therefore may be difficult to quantify (Arena et al. 2010, 2011; Wu and Olson 2010; Wu et al. 2014). Operations research provides many tools, such as game theory and optimization, for dealing with risks in today’s uncertain world (Wu et al. 2010, 2014). Over the past several decades, risk management and operations research have attracted a great deal of attention from both researchers and practitioners, especially in the emerging area of enterprise risk management (Wu and Olson 2009, 2010, 2013). Figure 1 presents the numbers of journal publications on “risk management and operations research” since 1994. The trend figure was created by using the key words “risk management and operations research” in ISIWeb of Science (SCI-EXPANDED). Data we used from ISI Web of Science include the data source Science Citation Index Expanded (SCI-EXPANDED). Figure 1 suggests that risk management and operations research have been popularized by the financial crisis during the last two decades and continue to be hot research areas. We are very pleased to offer this special volume on state-of-the-art research and development of quantitative analysis in the areas of risk management and operations research. Deutsch and Golany analyze an inspection game between a single inspector and several independent (potential) violators over a finite-timehorizon. In each period, the inspector gets a renewable inspection resource, which cannot be saved and used in future periods. The authors introduce an efficient way to determine a Nash equilibrium for this game, parametrically in the inspector’s global budget. The results indicate that there are situations where the players choose the same strategy even when the values of beta are changed. The authors also conduct an interesting review of business intelligence and risk management, and present relations between them and game theory. Hausken and Zhuang analyze the tradeoff between safety and production. The government chooses safety effort and tax rate in the first stage, and then the company strikes a balance between safety effort and production in the second stage. Both players’ safety efforts mitigate

Risky Suppliers or Risky Supply Chains? An Empirical Analysis of Sub-Tier Supply Network Structure on Firm Performance in the High-Tech Sector

Past research in supply chain risk management has focused on the interactions between buyers and their immediate suppliers and/or assumed independence of risks imposed by these suppliers. However, supply network structure may induce inter-dependency of risks due, for example, to overlapping sub-tier suppliers. This paper empirically studies the prevalence of overlapping sub-tier suppliers and their impact on financial performance for firms in the high-tech sector. Using firm-level supplier-customer relationship data, we find that on average 20 (2.3) percent of tier-2 suppliers are shared by at least two (five) tier-1 suppliers. We also find that the risk, measured as stock return volatility, of the focal tier-0 firm is positively associated with common tier-2 supplier risk, and the association is stronger for suppliers with a higher degree of tier-2 commonality. To disentangle the impact of risky supply network structure from risky tier-2 suppliers, we define two network metrics, viz., diamond ratio and cosine commonality score. We find that a one standard deviation increase in each of these metric leads to an increase in standard deviation of 0.58 and 0.41 respectively in tier-0 firm's risk. Our results reveal substantial unmanaged supply chain risks due to overlapping sub-tier suppliers, and highlight the need for firms to increase visibility into their extended supply network.

Cybersecurity & Cyber-Finance Risk Management: Strategies, Tactics, Operations, &, Intelligence: Enterprise Risk Management to Model Risk Management: Understanding Vulnerabilities, Threats, & Risk Mitigation (Presentation Slides)

The invited plenary keynote presentation addressed to a national group of senior Fortune 100 practice leaders including Chief Security Officers focuses on emerging trends in Enterprise Risk Management (ERM). The keynote builds upon author’s recent Financial Risk Management practice leadership for Wall Street investment banks and recent Cyber Risk Management research conducted with oversight of a committee of distinguished scientists affiliated with Air Force Research Lab, NYS Cyber Research Institute, and State University of New York. The keynote elucidates the Cyber-Finance-Trust TM Framework developed to facilitate applied intuition about how ongoing digitization, virtualization, and transformation of inter- and intra-enterprise networks are contributing to the convergence of Financial Risk Management and Cyber Risk Management. It helps senior executives better understand the emergence of Cyber-Finance Risk Management that is anticipated to subsume most traditional risks generally treated in isolation such as various Financial Risks and Operational Risks. Based on a comprehensive review of most recent Cyber Security and Risk Management trends in two key sectors – Banking & Finance, and, Healthcare – it facilitates understanding about latest vulnerabilities, threats, and risk assessment and risk mitigation strategies. Advancing beyond computational quantitative analytical risk assessment models found deficient during the global financial crisis, it helps better understand the key role of the ‘human factor’ while relating it to coherent People, Process, and Technology frameworks underlying ERM. To facilitate more precise and accurate Risk Assessment and Risk Modeling for Cyber-Finance Risk Management, the concluding section provides an overview of author’s related research that developed robust foundations for Cyber Risk Insurance (CRI) Modeling. Advancing upon research and practice in CRI Modeling, to help prepare the senior executives responsible for Risk Management and Cybersecurity, the presentation delineates the computational quantitative analytical risk assessment models suitable for catastrophic risks assessment which are increasingly material to ongoing viability and sustenance of any enterprise.