Risk Management Approach Research Articles

Experiences from integrating water and sanitation safety planning in small systems in rural Serbia.

The WHO recommends a risk management approach to ensure safe drinking-water and sanitation, so-called Water Safety Planning and Sanitation Safety Planning. However, applying these risk management approaches separately in small-scale drinking-water supply and sanitation systems might be challenging for rural communities with limited human, financial, and administrative resources. An integrated approach seems a better option. In this study, an integrated water and sanitation safety planning (iWSSP) approach was developed together with guidance and training material for the practical application of this novel approach. The integrated approach was piloted in three small systems in rural Serbia to identify benefits and suggestions for improvement which can be used for potential future scaling-up. Implementing iWSSP at the pilot sites contributed to a better understanding of both drinking-water supply and sanitation systems. It also resulted in increased awareness, knowledge, and understanding among staff of drinking-water supply and sanitation services. Key experts, including external facilitators, played a crucial role in the implementation of iWSSP. Future scaling-up of the integrated approach could be enabled if more guidance, easy-to-use training materials and templates become available which can be adapted and updated as needed.

Fruit Microtakaful Scheme Working Framework in Malaysia

Microtakaful is an emerging concept in the insurance industry that aims to provide low-cost, accessible, and Sharia-compliant insurance products to the underserved populations. In Malaysia, the Fruit Microtakaful Scheme has been introduced to address to the needs of low-income households, particularly those in rural areas. There is no gainsaying that microtakaful plays a pivotal role in protecting the lives of low-income farmers as it helps reduce potential risks, they are exposed to curb unforeseen calamities, but there is still low coverage for low-income farmers. Consequently, providing microtakaful for low-income farmers is highly necessary. This article presents a working framework of the Fruit Microtakaful Scheme in Malaysia, including its operational model, distribution channels, marketing strategy, and risk management approach. This study explored the Fruit Microtakaful Scheme framework for Malaysia’s smallholder farmers. A focus group discussion that involved ten participants from various agencies related to the Takaful industry was conducted to determine the underlying basis of the FMTS framework, with the Central Bank of Malaysia as the regulator. The discussion revealed the need for protection against floods, droughts, pests, diseases, season contributions, and the implementation of FMTS. The fruit microtakaful framework for smallholder farmers in Malaysia was presented in this study.

Risk of organism acquisition from prior room occupants: An updated systematic review.

Evidence from a previous systematic review indicates that patients admitted to a room where the previous occupant had a multidrug-resistant bacterial infection resulted in an increased risk of subsequent colonisation and infection with the same organism for the next room occupant. In this paper, we have sought to expand and update this review. A systematic review and meta-analysis was undertaken. A search using Medline/PubMed, Cochrane and CINHAL databases was conducted. Risk of bias was assessed by the ROB-2 tool for randomised control studies and ROBIN-I for non-randomised studies. From 5175 identified, 12 papers from 11 studies were included in the review for analysis. From 28,299 patients who were admitted into a room where the prior room occupant had any of the organisms of interest, 651 (2.3%) were shown to acquire the same species of organism. In contrast, 981,865 patients were admitted to a room where the prior occupant did not have an organism of interest, 3818 (0.39%) acquired an organism(s). The pooled acquisition odds ratio (OR) for all the organisms across all studies was 2.45 (95% CI: 1.53-3.93]. There was heterogeneity between the studies (I2 89%, P<0.001). The pooled OR for all the pathogens in this latest review has increased since the original review. Findings from our review provide some evidence to help inform a risk management approach when determining patient room allocation. The risk of pathogen acquisition appears to remain high, supporting the need for continued investment in this area.

MANAGING RISKS AND CRISES IN THE LOGISTICS SECTOR: A COMPREHENSIVE ANALYSIS OF STRATEGIES AND PRIORITIZATION USING AHP METHOD

In the fast-paced and intricate landscape of the logistics sector, the emergence of risks and crises presents a critical need for effective management strategies. This research undertakes a comprehensive analysis of risk and crisis management practices within the logistics industry, aiming to identify viable strategies and prioritize them using the Analytic Hierarchy Process (AHP) method. Through an in-depth literature review and insights gathered from interviews with five industry experts, this study unveils the challenges faced by logistics companies and unveils existing risk and crisis management approaches. Employing the AHP method, the research provides a systematic framework for prioritizing these strategies based on their significance and potential impact. The findings contribute to the development of a strategic risk and crisis management toolkit, empowering logistics firms to proactively address challenges, ensure adaptability, and bolster resilience amidst a dynamic business environment. The insights provided by this study will prove invaluable to logistics professionals, scholars, and policymakers, enabling them to take actionable measures that enhance operational efficiency and ensure long-term sustainability within the logistics sector.

Multi-criteria decision-making model for risk management in modular construction projects

The modular sector needs a precise guide to determine the most efficient risk management approaches. The main research objective of this study is to develop a multi-criteria decision-making model to find the most efficient risk management approach according to the relevant risk criteria. The risk criteria and risk management approaches for modular construction projects were also identified and classified within this scope. A systematic literature review, semi-structured interviews, and open-ended questionnaires were performed for identification and classification purposes. For ranking and quantifying the identified risks and risk approaches, as well as developing the decision-making model, the Delphi method and the Analytical Hierarchy Process (AHP) were conducted. A two-round Delphi method, with eleven experts, was conducted to achieve efficient performance scores of the identified risk management approaches. The percentage standard deviation decreased, Relative Importance Index (RII), Cronbach’s alpha, and Kendall’s coefficient of concordance (Kendall’s W) were calculated to ensure the outputs’ reliability, validity, and agreement level. The AHP method opted to quantify the Delphi method outputs, solve the multi-criteria decision-making process, and develop the multi-criteria decision-making model for risk management of modular construction projects. Triangulation results show that the critical risk categories are supply chain, health and safety, stakeholders, and governmental support. Lean principles such as the Last Planner System, Value Stream Mapping, Just in Time, and Kaizen are top-rated risk management approaches. This research’s novelty is identifying and analyzing crucial risk categories, providing the relevant risk management approaches ranked according to efficiency performance, and presenting a decision-making model as a guideline for risk management of modular construction projects.

Machine Learning Approach for Catastrophe Risk Assessment and Management Using Remote Sensing Data

With emergency programs for disaster preparedness and warning phases for earthquakes, landslides, and floods in recent years, remote sensing and geographic information systems have played a crucial role in Catastrophe Risk assessment and management. It has also been a key focus in the field of technology. Without the right tool for organizing massive volumes of data and gathering information from many sources, such maps or measurement channels, it would not be feasible to employ sensory data. In order to identify and assess areas affected by floods, earthquakes, avalanches, landslides, and wildfires, this study employs machine learning approaches. Following the application of filters to enhance image quality, the images are segmented through thresholding technique and classified using supervised and unsupervised classification methods. Images from before and after disasters are gathered from MRSAC Nagpur and processed using Python-based tools, ArcGIS, ERDAS, and QGIS for the purpose of analyzing devastation.

Control Banding and the Global Rise of Qualitative Risk Assessment Strategies.

Control banding (CB) is a risk assessment strategy that has been applied globally to a variety of occupational hazards. This article describes how this method can be applied, recent developments in the CB literature, an example of how it is utilized for a large, diverse worksite, and where the future of CB is headed. Over the past several years, the applications of CB have widened significantly and have accordingly helped bolster the public and occupational safety, health, and hygiene (OSHH) professionals' understanding of occupational exposure to various hazards. The fields of workplace chemicals, nanomaterials, and airborne pathogens (i.e., COVID-19), specifically have seen remarkable increases in the development of CB tools. Extensive CB tool validation efforts have also lent increasing credibility to this alternative approach. CB is a simplified strategy of assessing occupational exposures and providing commensurate controls and solutions to reduce workplace risks. CB can be used as a primary or tiered risk assessment and risk management approach which can be utilized by both OSHH professionals and nonexperts alike to identify solutions for reducing work-related exposures. The need for health and safety expertise will continue to grow as technological advancements, environmental changes, and economic forces increase workplace hazard complexity, and CB will continue to be a useful tool for those performing risk assessments.

Optimizing Hajj Fund Management through Strategic Asset Allocation in Islamic Finance Instrument

The management of Hajj funds must be done effectively using a rigorous standardized risk management approach. This study aims to create a Hajj fund management model using Islamic financial instruments through the optimal portfolio method and strategic asset allocation. The model was built using historical data from 2010–2022, involving Islamic deposits, government sukuk (SBSN), corporate sukuk, and Islamic stocks, which were analyzed with the Markowitz portfolio equation in Excel Solver. The result showed that the optimal portfolio yields an 8.50% expected return with a 4.00% risk; strategic asset allocation produces an 8.25% return with a 2.99% risk. The policy implication of this research is the need to review the initial deposit of pilgrims and explore alternative investments to bridge the gap between the actual cost of Hajj and pilgrims' payments while improving returns.JEL Classification: M31, M37, L92 How to Cite:Masruroh, A., Rodoni, A., &amp; Pontjowinoto, I. P. (2023). Optimizing Hajj Fund Management through Islamic Finance Instrument. Signifikan: Jurnal Ilmu Ekonomi, 12(2), 287-306. https://doi.org/10.15408/sjie.v12i2.34403.

A structured approach with Swiss cheese model to reduce vascular adverse events of filler injections.

Filler injection is among the most popular nonsurgical aesthetic procedures worldwide. Though relatively noninvasive, filler injection can lead to severe vascular adverse events. Even though the incidence is rare, it may cause devastating and irreversible outcomes. A Swiss cheese model has been widely applied for risk analysis and management approach in medical field. In this review article, we adopt the Swiss cheese model and create a structured approach to prevent severe vascular complications caused by filler injections. We reviewed the current literature regarding the knowledge and techniques of preventing vascular adverse events in the filler injection. We propose four structured strategies in this model to reduce the risk of severe vascular adverse events of filler injections, including clinical facial anatomy, safe filler injection principles, real time imaging and auxiliary instruments, and implication of checklist. This review provides clinicians a structured approach before and during the filler injection procedure to reduce the risk of vascular adverse events and improve its safety and outcome.

Change in cyclone disaster vulnerability and response in coastal Bangladesh.

The number of deaths owing to tropical cyclones in Bangladesh has significantly reduced. Category 4 Cyclone Gorky in 1991 and Sidr in 2007 caused 147,000 and 4,500 deaths respectively, whereas Category 1 Cyclone Mora in 2017 resulted in six. Face-to-face interviews with 362 residents, participant observation, and focus-group discussions answer a research question about how change in coastal areas has contributed to this outcome. The study considered institutional approaches of disaster risk management through legal frameworks, administrative arrangements, cyclone preparedness activities, cyclone detection and early warning dissemination, construction of shelter centres, strengthening of various types of coastal embankments, paved roads, and pre-cyclone evacuation. The findings indicate significant improvement in house structures and design, income levels and diversification, education, awareness, individual capacity, poverty reduction, and lowering dependency on agriculture-based earning. Furthermore, the availability of mobile telephones, radio, television, and social media platforms enhanced social connectivity and greater gender equality and empowerment helped to facilitate disaster preparedness, evacuation, and response.

Plugging the holes: Identifying potential avenues and limitations for furthering Dutch civil society contributions towards flood resilience

AbstractClimatic changes can cause unpredictability in flood regimes that traditional flood risk management (FRM) approaches may struggle with. Therefore, flood resilience is seen as a supplementation to these approaches, putting a larger emphasis on flood acceptance and minimising consequences. An (emergent) group contributing towards flood resilience is civil society. This paper examines how civil society contributions can be furthered and guided in the Netherlands as well as exploring potential limitations in doing so. To achieve this, England is used as a good practice example due to a more developed and defined role for civil society being present here. Data were collected on both actual (England and the Netherlands) and potential (The Netherlands) civil society contributions. These were compared to identify potential avenues for Dutch civil society contributions to flood resilience that can be further investigated. The research shows that the most promising avenues are improving advocacy from citizens, improving local flood awareness and developing relationships between FRM authorities and existing citizen groups that can be harnessed and mobilised to support flood resilience. Additionally, the research also provides insights into potential limitations for transferring resilience approaches from one context to another beyond the cases discussed in this publication.

Risk stratification and management of non-muscle-invasive bladder cancer: A physician survey in six Asia-Pacific territories.

Multiple clinical practice guidelines, conflicting evidence, and physician perceptions result in variations in risk stratification among patients with non-muscle-invasive bladder cancer (NMIBC). This study aims to describe the extent of this variation and its impact on management approaches in the Asia-Pacific region. We conducted a cross-sectional survey involving 32 urologists and seven medical oncologists with ≥8 years of experience managing early-stage bladder cancer patients across Australia, Hong Kong, Japan, South Korea, Singapore, and Taiwan. The physicians completed an anonymous questionnaire that assessed their risk stratification and respective management approaches, based on 19 NMIBC characteristics. For each NMIBC characteristic, they were required to select one risk group, and their most preferred management approach. Our results demonstrated a higher consensus on risk classification versus management approaches. More than 50% of the respondents agreed on the risk classification of all NMIBC characteristics, but 42% or fewer chose the same treatment option as their preferred choice for all but two characteristics-existence of variant histology (55%) and persistent high-grade T1 disease on repeat resection (52%). Across territories, there was the greatest variation in preferred treatment options (i.e., no treatment, intravesical chemotherapy, or Bacillus Calmette-Guérin [BCG] treatment) for intermediate-risk patients and the highest consensus on the treatment of very high-risk patients, namely radical cystectomy. Our study revealed considerable variation in risk stratification and management of NMIBC in the region. It is critical to develop practical algorithms to facilitate the recognition of NMIBC and standardize the treatment of NMIBC patients.

Diversification and bank stability: Role of political instability and climate risk

Amid the changing regulatory environment, economic volatility, and environmental complexities, the banking industry has experienced significant transformation. In this scenario, diversification has arisen as a critical risk management approach. This research investigates the intricate dynamics between bank diversification strategy and stability, particularly concentrating on the influences exerted by political uncertainty and climate-related risks. Our study examines the effect of bank diversification strategies on bank stability by using a sample of 271 banks operating in the MENA countries during the period 2009–2020. We also analyze how political instability and climate risk impact the nexus between diversification and bank stability. Our results show that the impact of enhancing banking diversification on stability is mixed. The bank's income and assets diversification improve the bank's stability. In contrast, diversification benefits appear to be deteriorating with the increase in non-interest activities-the so-called 'dark side of diversification.' While political instability and climate risk significantly affect the bank's stability and reduce the benefits of the bank's diversification strategy. Furthermore, the impact of diversification on bank stability varies across banks due to differing size and market power levels. Notably, the adverse impact of bank diversification on stability is more pronounced in conventional and GCC countries than in Islamic and non-GCC countries. The study offers significant policy implications for bank regulators to identify measures needed to address the risks of climate change in the banking sector and improve the stability of banks.

RISK MANAGEMENT IN AFRICA'S FINANCIAL LANDSCAPE: A REVIEW

This review paper examines the critical role of risk management in Africa's financial landscape. It sets out to achieve three primary objectives: to explore the historical development of the financial sector in Africa, review the literature on risk management in financial institutions, and evaluate the effectiveness of regulatory measures in ensuring financial stability. The study uncovers key findings that underscore the growing significance of effective risk management practices in African financial institutions. It highlights adopting advanced technologies and regulatory harmonization as pivotal factors shaping risk management approaches. Additionally, the research underscores the importance of sustainable finance and the integration of Environmental, Social, and Governance (ESG) factors into risk assessments. These findings emphasize that risk management not only ensures financial stability but also contributes to sustainable and responsible financial practices. The broader implications of this study extend to economic stability, investor confidence, and cross-border cooperation. Effective risk management practices mitigate financial risks and support the ongoing regional integration efforts in Africa, such as the African Continental Free Trade Area (AfCFTA). Ultimately, the study underscores that the future prosperity of African economies is closely tied to embracing evolving risk management practices, fostering a resilient financial landscape in the region.&#x0D; Keywords: Risk Management, Financial Institutions, Africa, Financial Stability, Regulatory Framework, Sustainable Finance, Regulatory Compliance, Cybersecurity, Crisis Management, Data Privacy.

The limits of scalability: Uncovering friction between levels of flood risk governance in the French Alps

Flood risk governance can be a source of tension between different government actors and citizens across spatial scales. In this context, we consider the hydro-social contract (HSC) as a framework to understand the formal and informal societal constructs that aid or impede effectiveness in managing flood risk. Specifically, we used Q-methodology to understand different perspectives of flood risk governance and identify points of friction in executing the HSC. We interviewed 62 flood risk management actors from small municipalities (intra-watershed) to regional State agencies (inter-basin) in the Isère River basin of France, from which three perspectives emerged. Most participants correlated to a perspective reaffirming a commitment to integrated and holistic approaches in flood risk management. However, the second and third perspectives illustrate a governance gap due to an upward transfer of risk management responsibilities to a broader watershed approach. At the same time, municipalities remain responsible for crisis management in the advent of flooding. Our findings bring into question the right balance of scale in flood risk governance, particularly regarding hydrological boundaries that are incongruous with political jurisdictions at multiple scales.

Risk Management Culture, Structure, and Process – Theoretical Insights and Empirical Evidence

In the contemporary business environment, companies face a wide range of risks that necessitate effective risk management strategies. Risk management can be approached through either a traditional or integrated concept, which hinges on a company&amp;#39;s ability to avoid, reduce, and transform risks into opportunities.&#x0D; &#x0D; This research aims to investigate the risk management practices employed by joint-stock companies in Bosnia and Herzegovina. The study will focus on evaluating the risk management culture, structure, and processes implemented by these companies.&#x0D; &#x0D; The research was conducted using a questionnaire distributed to a sample of 141 companies listed on two stock exchanges in B&amp;amp;H. The survey included 31 identified risk management components related to culture, processes, and organizational structure. To enhance accuracy, the survey responses were improved using a Likert scale, replacing the previous &amp;quot;Yes &amp;ndash; No&amp;quot; dummy approach. Before administering the survey, all components were validated by a group of experts. The findings revealed that companies in Bosnia and Herzegovina (B&amp;amp;H) have inadequately developed components of an integrated risk management concept.&#x0D; &#x0D; The research results suggest that B&amp;amp;H companies primarily rely on traditional risk management approaches, failing to keep up with the global trend of implementing risk management standards. This situation may lead to adverse implications for BH companies and its economy.

State-of-the-Art Review: Fiber-Reinforced Soil as a Proactive Approach for Liquefaction Mitigation and Risk Management

Soil liquefaction is a phenomenon that occurs in which the behavior of soils changes from solid to viscous liquid due to the effect of earthquake intensity or other sudden loadings. The earthquake results in excess pore water pressure, which leads to saturated loose soil with weaker characteristics and potentially causes large ground deformation and lateral spreading. Soil liquefaction is a dangerous event that can lead to catastrophic outcomes for humans and infrastructures, especially in countries prone to earthquake shaking, where soil liquefaction is considered one of the most prevalent types of ground failure. Hence, precautions to reduce and/or prevent soil liquefaction are essential and required. One of the countermeasures to avoid soil liquefaction is the introduction of fibers in the soil since fibers can act as reinforcement by enhancing the soil’s strength and resistance to liquefaction. The process of including fibers into the soil is known as soil stabilization and is considered one of the ground improvement techniques. Therefore, this paper aims to summarize and review the consequences of adding fiber as a reinforcement technique to overcome the issue of soil liquefaction.

Impact of social vulnerability assessment on flood risk management processes in the urban environment in Annaba province

&#x0D; &#x0D; &#x0D; Considering that flood risk is one of the greatest natural hazards threatening human beings, the standard approach of flood risk management is mostly based on structural mea- sures giving less importance to uncertainty as a main factor. The robustness leads frequently to failures in the structural measures as a factor of uncertainty, in addition to other factors like changes in hazard comportment. The current study represents an evaluation of flood policy in Annaba city, how decision-makers deal with this issue, and how to reduce exposure and susceptibility factors. The evaluation is based on the study of flood risk components, hazard amount, vulnerability degree and people’s perception of flood risk. The study also assesses how people handle flood risk and their capability to cope with extreme events. A survey method was used to assess the potential risks as it involves analyzing different flood risk aspects by conducting a survey through questioning local residents. We can state that exposure is highly affected by the number and density of the population characterized by the high probability of human and material losses in the study area. On the other hand, the vulnerability operates on a smaller scale that increases the capacity of flood risk to affect humans and other components of the environment. This study affirms that the uncertainty in hazard determination forecasting and misevaluation of social vulnerability leads inevitably to devastating consequences in the case of an exceptional event. Moreover, the behaviour of citizens during and after disaster phases can have a key role in flood risk management. Taking into consideration complexities related to social behaviour enhances the outcome of scenarios that lead consequently to more realistic forecasting. These findings concluded that the risk has always existed, i.e., the notion of «zero risk» never exists by natural laws. Knowing that risk management is the only way to deal with such issues, we highlight the importance of urban governance that integrates all actors without exclusion, based on a partnership aimed at obtaining optimal results. The essential principle of this mode of management is the reduction of economic and human losses.&#x0D; &#x0D; &#x0D;

Risk Factors and Management Approaches for Staple Line Leaks Following Sleeve Gastrectomy: A Single-Center Retrospective Study of 402 Patients.

Sleeve gastrectomy (SG) has gained ever-increasing popularity among laparoscopic surgeons involved in bariatric surgery. This single-institution, retrospective cohort study aims to evaluate the prevalence of postoperative staple line leakage (PSLL) after LSG and identify risk factors for its development. We included patient data that underwent LSG at our institution for a span of 17 years-starting in January 2005 and ending in December 2022. We set the investigation of correlations of patient-related factors (age, weight, BMI, smoking status, presence of diabetes mellitus) with the occurrence of postoperative leaks. A total of 402 patients were included in our study. Of them, 26 (6.46%) developed PSLL. In total, 19 (73%) patients underwent percutaneous drainage and 14 patients (53.8%) were treated with intraluminal endoscopic stenting. Finally, five patients (19.2%) were treated with endoscopic clipping of the defect. Operative management was required in only one patient. There were no statistically significant differences in patient age, mean weight at the time of operation, and mean BMI. Abnormal drain amylase levels were associated with earlier detection of PSLL. More consideration needs to be given to producing a consensus regarding the management of PSLL, prioritizing nonoperative management with the combination of percutaneous drainage and endoscopic stenting as the safest and most efficient approach.

Extending and improving current frameworks for risk management and decision-making: A new approach for incorporating dynamic aspects of risk and uncertainty

In recent decades, there has been a growing recognition of the importance of risk-informed decision-making, and the use of risk assessments to support decisions is a core principle in current frameworks and standards for risk management and decision-making. While considerable efforts have been directed towards clarifying the role of risk assessment as input to decision-making, less attention has been paid to the follow-up of the risk assessment once a decision has been made. However, new knowledge, as well as changes in systems, phenomena or values, could alter the underlying premises of the initial risk assessment. Many of the current frameworks for risk management and decision-making lack suitable approaches for reflecting these issues, leaving important aspects of risk unaddressed. In this paper, we present an adjusted approach to risk management and decision-making in which the need for new risk assessments is evaluated, focusing on three main criteria: i) the introduction of new decision alternatives, ii) changes in risk, and iii) changes in context/values. Acknowledging the challenge of determining the appropriate timing for the evaluation, we emphasize that striking a balance between remaining responsive to challenging circumstances and avoiding the use of unnecessary resources on excessive evaluations, is a key task. By providing the basis for a more dynamic approach to risk assessment and risk management, the paper aims to strengthen the foundation for risk-informed decision-making.