Development Of Risk Management Research Articles

Quality Risk Assessment of Prefabricated Steel Structural Components during Production Using Fuzzy Bayesian Networks

This study aims to address quality issues in the production of prefabricated steel structural components for buildings by investigating challenges in quality risk assessment. It identifies key factors contributing to quality problems and establishes an evaluation index system. Traditional methods encounter limitations in handling uncertainty and conducting quantitative analysis. Therefore, the fuzzy Bayesian network (FBN) theory is utilized to perform a probabilistic analysis of quality risks during the production phase. This research achieves a more accurate and dynamic risk assessment by integrating the strengths of fuzzy logic and Bayesian networks (BNs) and by utilizing expert knowledge, the similarity aggregation method (SAM), and the noisy-OR gate model. The study reveals that factors such as the “low professional level of designers”, “poor production refinement”, and “poor storage conditions for finished products” have a significant impact on quality risks. This study offers a scientific risk assessment tool designed to address the quality control challenges commonly experienced in the manufacturing of steel structural components. Identifying the critical risk factors that influence quality empowers actual production enterprises to develop risk management strategies and improvement measures in a more focused manner, thereby facilitating more effective resource allocation and risk prevention and control. Consequently, this approach has a significant impact on enhancing the overall production level and quality within the industry.

Development of New Products for Climate Change Resilience in South Africa—The Catastrophe Resilience Bond Introduction

Climate change has brought several natural disasters to South Africa in the form of floods, heat waves, and droughts. Neighbouring countries are also experiencing tropical cyclones, almost on a yearly basis. The insurance sector is faced with an increased level of climate change risk with individuals, corporates, and even the government approaching it for financial cover. However, with an increased level of competition in the insurance sector, (re)insurers must engage in massive product research and development. Therefore, this paper looks at the possibility of the insurance industry developing new products in the form of catastrophe resilience bonds (CAT R Bonds). A qualitative approach is used following content analysis of (re)insurers’ product development policies, marketing documents, company reports, and risk management reports as well as the Conference of Parties 27 and 28 resolution papers. The findings reveal that (re)insurers’ underwriting capacity, reinsurance protection, and innovative and creative product development increase because of CAT R Bonds. CAT R Bonds enhance the interaction between the capital market and money market, thereby giving speculative investors another investment option. Increased investment into new product development such as CAT R Bonds must continue in South Africa in pursuit of climate change resilience goals.

Photochemically induced aging of polystyrene nanoplastics and its impact on norfloxacin adsorption behavior

The co-occurrence of nanoplastics (NPs) and antibiotics in the environment is a growing concern for ecological safety. As NPs age in natural environments, their surface properties and morphology may change, potentially affecting their interactions with co-contaminants such as antibiotics. It is crucial to understand the effect of aging on NPs adsorption of antibiotics, but detailed studies on this topic are still scarce. The study utilized the photo-Fenton-like reaction to hasten the aging of polystyrene nanoplastics (PS-NPs). The impact of aging on the adsorption behavior of norfloxacin (NOR) was then systematically examined. The results showed a time-dependent rise in surface oxygen content and functional groups in aged PS-NPs. These modifications led to noticeable physical changes, including increased surface roughness, decreased particle size, and improved specific surface area. The physicochemical changes significantly increased the adsorption capacity of aged PS-NPs for norfloxacin. Aged PS-NPs showed 5.03 times higher adsorption compared to virgin PS-NPs. The adsorption mechanism analysis revealed that in addition to the electrostatic interactions, van der Waals force, hydrogen bonding, π-π* interactions and hydrophobic interactions observed with virgin PS-NPs, aged PS-NPs played a significant role in polar interactions and pore-filling mechanisms. The study highlights the potential for aging to worsen antibiotic risk in contaminated environments. This study not only enhances the comprehension of the environmental behavior of aged NPs but also provides a valuable basis for developing risk management strategies for contaminated areas.

Insights of effectivity analysis of learning-based approaches towards software defect prediction

Software defect prediction is one of the essential sets of operation towards mitigating issues of risk management in software development known to contribute towards enhancing the quality of software. There is evolution of various methodologies towards resolving this issue while learning-based methodology is witnessed to be the most dominant contributor. The problem identified is that there are yet many unsolved queries associated with practical viability of such learning-based approach adoption in software quality management. Proposed approaches discussed in this paper contributes towards mitigating this challenge by introducing a simplified, compact, and crisp analysis of effectiveness associated with learning-based schemes. The paper presents its major findings of effectivity analysis of machine learning, deep learning, hybrid, and other miscellaneous approaches deployed for fault prediction followed by highlighting research trend. The major findings infer that feature selection, data imbalance, interpretability, and in adequate involvement of context are prime gaps in existing methods. The paper also contributes towards research gap as well as essential learning outcomes of present review work.

Trade Policies and Livestock Exports

Purpose: The general objective of the study was to examine the trade policies and livestock exports.
 Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library.
 Findings: The findings reveal that there exists a contextual and methodological gap relating to trade policies and livestock exports. Key findings emphasize the significance of trade agreements and regional integration initiatives in boosting livestock exports, with participating countries benefiting from increased trade volumes and streamlined regulatory standards. Additionally, the study highlights the impact of non-tariff measures, particularly stringent sanitary and phytosanitary regulations, on market access, underscoring the need for capacity-building and regulatory harmonization efforts. Moreover, trade disputes and policy uncertainties are identified as disruptors, necessitating transparent policy frameworks and risk management strategies to mitigate market volatility. Overall, the study underscores the importance of coordinated efforts to address trade barriers and enhance market access, paving the way for sustainable development and economic growth in the livestock sector.
 Unique Contribution to Theory, Practice and Policy: Theory of Comparative Advantage, Political Economy theory and Institutional theory may be used to anchor future studies on trade policies and livestock exports. One key recommendation was to diversify export markets for livestock products, aiming to reduce dependence on specific markets and mitigate trade disruptions. This strategy involved proactive market research, targeted marketing campaigns, and strategic alliances with trading partners to access new markets. Another recommendation was to invest in quality assurance systems and standards compliance to meet sanitary and phytosanitary requirements, crucial for enhancing the credibility of livestock exports. Promoting sustainable production practices was also advised, aligning livestock production with sustainability goals to enhance market competitiveness. Improving trade facilitation measures, strengthening policy coordination and stakeholder engagement, and developing risk management strategies were highlighted to safeguard the stability and competitiveness of livestock export sectors in a volatile global economy.

The 2015 earthquake swarm in the Fentale volcanic complex (FVC): A geohazard risk for Ethiopia's commercial route to the Djibouti port.

We investigate rare seismicity in the neighborhood of the Fentale volcano, main Ethiopian rift that occurred in spring 2015 using data recorded by the Ethiopian Seismic Station Network. Over 1350 earthquakes are located and a seismic swarm is observed to the northeast of Fentale volcano, with the largest earthquake having a magnitude of 4.3 ML. Several VT (volcano-tectonic) and LP (long-period) events are observed in the swarm, indicating that it is induced by magmatic intrusion, consistent with dike-induced deformation in the same area inferred from satellite geodesy. The seismic activity commenced at about 40 km depth and migrated southwestward as it shallowed, towards Fentale volcano, suggesting that the dike feeding system might be influenced by the magma rich Afar Depression further to the northeast rather than the adjacent Fentale volcano. An earlier cluster of seismicity in the same area was recorded by a temporary deployment of seismic stations that ran from November 2001 to January 2003; extensive clusters of less well recorded seismic activity in the region occurred in June 1989, January–February 1981, October–November 2003, and 2004. Such frequent seismicity at the Fentale Volcanic Complex coupled with the adjacent fast-growing Lake Basaka poses an eminent and significant risk to Ethiopia's access to Djibouti port, its most important commercial route. This should be a wakeup call to concerned stakeholders to take precautionary measures by developing risk management and rapid response strategies.

The Effects of Natural Disasters on Art Through the Eyes of Art Students

Natural disasters are events with devastating effects that cause significant damage to people, the environment or economic systems as a result of natural events. These events are phenomena that are not usually under the control of humans, and take place in the natural balance of nature. These events not only affect human life, the environment and society, but also have both negative and positive effects on art, artists and works of art. However, these effects are not always limited to material damage or changes. Disasters can cause the destruction of works of art, which are our cultural heritage, as well as nourish art. Art has such a wide spectrum that it can reflect all kinds of experiences people have. This research is about how art students see the positive and negative effects of natural disasters on art. With the answers given to the semi-structured questions, the opinions of the university students receiving art education about the effects of natural disasters on art were determined and interpreted. As a result of these comments, it was aimed to determine the awareness level of the youth as natural disasters are expected to increase gradually due to factors such as climate change, depletion of natural resources, and increase in human population. Therefore, it is necessary to be prepared for natural disasters, develop risk management strategies, mitigate the negative effects of disasters, and most importantly raise awareness among young people.

Identification of root cause of fatal confined space incidents in Malaysia and strategies for prevention

BackgroundThe high number of confined space incidents in Malaysia suggests that working in a confined space exposes workers to a substantial risk of serious injury or fatality. The rapid development of industry and technology has increased the need to work in confined spaces and significantly impacted the risk management of confined spaces. Utilizing past incident data through investigation will help develop risk management and preventive measures related to confined spaces. As a result, this paper will conduct a fatal incident investigation associated with confined spaces from 2010 to 2020 in Malaysia.MethodologyThe incident investigation uses the improved systematic casual analysis technique (SCAT) to identify the immediate cause and the direct cause. From the identified fatal incidents immediate causes, the study will highlight the main hazard that causes fatal incidents in confined spaces. The preventive measure is developed based on the main hazard of confined spaces that cause fatalities.ResultThe result of the study has identified that physical and atmospheric hazards are the main factors that cause fatal incidents associated with confined spaces in Malaysia. Moreover, from the SCAT checklist, the study has revealed that failing to use PPE properly and hazardous environmental conditions are the main immediate cause of fatal incidents in confined spaces.ConclusionEffective risk management of confined spaces, with a particular focus on addressing atmospheric and physical hazards, is crucial for preventing accidents, especially those incidents resulting in fatalities. Future studies should expand their focus to include injuries and near-miss events in confined spaces, aiming to develop more effective and inclusive safety measures by analyzing a broader range of incidents.

Re-thinking new possibilities for urban climate resilience planning in Bangkok: Introducing adaptation pathways through a multidisciplinary design workshop

In many cities in developing countries, the design and implementation of flood adaptation measures face planning challenges, they are often underdeveloped in practice. This paper aims to investigate the potential for urban flood adaptation solutions and design in practice within the context of a climate-vulnerable Southeast Asian city. We specifically explore the “design workshop” -- an essential process providing valuable experience and conditions for effective climate adaptation in Bangkok. As part of our research, the workshop was organized to introduce and experiment the implication of adaptation pathway approach with designers, urban planners, and decision-makers. Findings reveal that the design workshop provided a collaborative environment, offers transformative space for formulating integrated and context-specific flood adaptation solutions - new possibilities for urban climate resilience in the making. The application of the adaptation pathways facilitates a concrete, quantifiable, and time-bound design process for identifying and sequencing potential flood adaptation measures in Bangkok. Consequently, this paper concludes that multidisciplinary and collaborative processes, along with the introduction of adaptation pathways, stimulating urban flood adaptation planning and implementation in a more collaborative and participative way. However, it is important to note that the feasibility assessment of the proposed solutions still requires essential conditions such as policy synchronization, technical skills, and local resources. To effectively realize these strategies in real-world urban planning practice, this research suggests that local governments should consider implementing a multidisciplinary design process in urban development and flood risk management.

Analysis of over 250 novel synthetic opioids and xylazine by LC-MS-MS in blood and urine.

Novel Synthetic Opioids (NSO) are frequently found in postmortem (PM) and human performance (HP) forensic toxicology casework, resulting in impairment and fatal overdoses. Developing a broad NSO method benefits public health, as it can be used to identify trends in potent opioid use to develop risk management programs. This project aimed to design a comprehensive, rapid and routine method for the selective analysis of over 250 novel synthetic opioids in blood and urine. This method rapidly extracted 150 µL of blood or urine via protein precipitation followed by size-exclusion filtration, evaporation and reconstitution. Separation and data acquisition were achieved on a 12 min LC-MS-MS method using an F5 column. Data processing was expedited with a custom built-in query created in-house that automated processing and enhanced quality assurance. Validation according to ASB/ANSI Standard 036 was performed and applicability of the method was assessed using proficiency test and authentic casework samples. Assessed in blood and urine qualitatively were 261 unique analytes including fentanyl analogs (fentalogs), nitazenes and other miscellaneous synthetic opioids. As 59 isomeric target analytes were placed into groups due to co-elution, there were 202 distinct acquired targets or target - groups. To demonstrate applicability, 27 proficiency test blood samples received over an approximate 4-year period were analyzed with 126 expected results assessed comprising 25 unique target analytes. Additionally, 617 fatal accidental overdoses within San Francisco in 2022 were retroactively analyzed by this method with almost 10% of cases containing a new NSO substance(s). Such trends and NSO substances were previously unknown in this community.

Research on Risk Assessment of Enterprise Public Opinion in Cross Social Media Context and Sustainable Development Strategies

The integrated development of social media makes enterprise public opinion spread across multiple social platforms. The safety of enterprise public opinion affects the sustainability of enterprise development and social stability. The risk assessment of enterprise public opinion in a cross social media context and sustainable strategies is researched to help enterprises and governments better regulate enterprise public opinion and improve their ability to respond to public opinion. We established an enterprise public opinion risk assessment index system in a cross social media context, and an enterprise public opinion risk assessment model was established by using a combination of the entropy method, TOPSIS, grey relational analysis and Fuzzy C-means method. The research results show that, compared with the context of single social media, the analysis of enterprise public opinion in a cross social media context is more comprehensive and accurate. The risk assessment model of enterprise public opinion proposed in our research is more suitable for the judgment of enterprise public opinion in a cross social media context and can comprehensively and accurately grasp the situation of enterprise public opinion. The management significance of public opinion risk management for the sustainable development of enterprises is also discussed.

Asymmetry risk and herding behavior: a quantile regression study of the Egyptian mutual funds

PurposeThis paper deeply investigates the herd behavior of the Egyptian mutual funds under changing and different conditions of the market pre- and post-events and compares the impact of asymmetric risk conditions on the herding behavior of the Egyptian mutual funds in both up and down markets.Design/methodology/approachWe test for the existence of herding for the whole period from 2003 to 2022, as well as for the pre-and post-different Egyptian uprising periods. We employ two well-known models, namely the cross-sectional standard deviation (CSSD) and cross-sectional absolute deviation (CSAD) models. Additionally, we use the quantile regression approach.FindingsWe find that the behavior of mutual funds does not change following the different political and social events. For the whole period, we find evidence of herding behavior using only the model of CSAD in down-market conditions. We generalize our finding to be evidence of the existence herding behavior in different quantiles, under only the down market in specific points’ pre, post or both given events throughout the whole series. Conversely, during the upper market, we show a full absence of herding behavior considering all different quantiles. When the market is down, managers are afraid of the condition of uncertainty, neglecting their own private information, avoid acting independently and consequently, following other mutual funds. When the market is up, managers become rational and act fully independent.Research limitations/implicationsFuture research should delve deeper into the drivers of herding behavior, assess its longer-term effects, develop risk management strategies and consider regulatory measures to mitigate the potential negative impact on mutual fund performance and investor outcomes.Practical implicationsThe study reveals that the behavior of mutual funds remains consistent despite various political and social events, suggesting a degree of resilience in their investment strategies. The research uncovers evidence of herding behavior in both high and low quantiles, but exclusively in down markets. In such conditions of market decline, fund managers appear to forsake their private information, exhibiting a tendency to follow the crowd rather than acting independently.Social implicationsThe study reveals that the behavior of mutual funds remains consistent despite various political and social events, suggesting a degree of resilience in their investment strategies. The research uncovers evidence of herding behavior in both high and low quantiles, but exclusively in down markets. In such conditions of market decline, fund managers appear to forsake their private information, exhibiting a tendency to follow the crowd rather than acting independently. Future research should delve deeper into the drivers of herding behavior, assess its longer-term effects, develop risk management strategies and consider regulatory measures to mitigate the potential negative impact on mutual fund performance and investor outcomes.Originality/valueThe paper investigates the herd behavior of the Egyptian mutual funds under asymmetric risk conditions, the study follows the spectrum of the herding behavior analysis and Egyptian mutual funds, extending the research with imperial analysis of market conditions pre- and post-events including currency floating, COVID-19 and political elections. The study gives substantial recommendations for policymakers and investors in emerging markets mutual funds.

Flood frequency analysis of Asa River, Ilorin, Nigeria

Flooding poses a risk to human lives, livelihoods, infrastructure, and the environment. Therefore, understanding the flood frequency patterns of the Asa River is crucial in developing effective flood management strategies. This study explores the statistical technique to understand the nature and magnitude of high discharge of floods in the Asa River, aiming at relating the magnitude of floods and their frequency of occurrence through probability distribution. The Gumbel Extreme Value Distribution method was used to analyze the 30 years (1991-2020) flood discharge data of River Asa which was collected from Lower Niger River Basin and Development Authority, Ilorin, and flood discharge for the return periods of 5 years, 10 years, 20 years, 30 years, 50 years, 100 years, and 150 years, was predicted. From the observations of Gumbel’s distribution, the R2 value acquired from the trend line equation was 0.9227, indicating that Gumbel's extreme value distribution is suitable for estimating predicted river flood flow. The expected flood discharge for the return periods of the upcoming 5 years, 10 years, 15 years, 20 years, 25 years, 50 years, 100 years, and 150 years, was estimated to be 43.19 m3/s, 51.12 m3/s, 55.60 m3/s, 58.73 m3/s, 63.11 m3/s, 68.58 m3/s, 75.96 m3/s, and 80.27m3/s respectively. The results obtained in this research would adequately serve as a planning guide for the decision makers on the development and flood risk management along Asa River, to achieve sustainable development and management, with a view of protecting lives and properties downstream of the watershed.

Risk management in software development in the field of information protection

In the context of increasing digitalization of sea and river transport, the immersion of the entire transport infrastructure in the digital environment, the volume of information flows serving the transport process is increasing, and the requirements for information protection are increasing in conditions of an aggressive external information environment. In the digital environment, a software product must not only serve the document flow of transport chains, but also ensure its confidentiality. Automation of transport facilities (ships, platforms, berths, warehouses) management increases their potential vulnerability from unauthorized access to control systems; the latter must be taken into account in servicing programs, increasing their size (for example, there is a need to fragment coherent information blocks and their alternative routing). This, in turn, increases the risk of errors in the software products themselves and significantly complicates their structure. Risks of failures (including confidentiality violations) during the software operation that implements information exchange can entail significant material and reputational losses for the developer. If the developer is legally and functionally involved in the industry, such losses can and should be considered among the general range of risks in water transport. An important aspect of risk management, which until recently was practically not considered in a quantitative aspect within the framework of mathematical models, is the joint consideration of losses when a risk situation occurs and the developer’s costs associated with reducing the likelihood of such occurrences; the latter may entail a reduction in the total expected losses, formalized as the corresponding mathematical expectation. As a result, risk management can be formulated in terms of mathematical programming problems with different (discrete or continuous) sets of constraints and with different properties of objective functions.

Risk Management of Coastal Ring Roads to Rate Abrasion on The Lhokseumawe City

This paper presents an approach for developing risk management strategies for ring roads in coastal abrasion Lhokseumawe ring roads. Currently, management strategies in these regions are designed to rubble mount breakwaters on coastal performance under traffic loads. However, recent large-scale waves and their associated damage to coastal areas have demonstrated the need to consider the height when making coastal management decisions. This paper aims to develop a risk management strategy that includes handling/controlling accelerated beach abrasion which damages coastal infrastructure buildings and the application of the ALARP scheme as an acceptable risk control limit for decision makers in risk management so as to minimize the potential impact at any given time... The methods consider the rate of coastal abrasion associated with hazards and the economic, social, and environmental consequences of collapse under high tide. The data were collected from the satellite Landsat range of the 1995-2021 year. The analysis adopted Digital Shoreline Analysis System with Enhanced Thematic Mapper (ETM). The risk management strategies are achieved by formulating and solving a multi-objective optimization problem. This problem's findings include abrasion -2.11 m/year and accretion maximum at 111.34 m or 4.45%. The height of the wave was found approximately range 2.33-10.25 sec, and the period average 4.57 m/year. In addition, the periods of the wave were in the range of 2.33-10.25 sec, and the average period was 4.57 sec. The topography characteristics were found between 0 and 8.60 meters, with an average level, is 4.30 meters. The percentage of the slope of the shoreline was found to be 2.90 to 4.47%, and the average beach slope was 3.76%. The risk management achieved in ring roads was relevant to the application scheme ALARP zone to solve the problem from very high to hight risk. The rubble mound breakwaters along the coast were believed to minimize abrasion and mitigate disasters to protect infrastructure ring roads for a long time.

Critical insecurities? The European Union’s strategy for a stable supply of minerals

Abstract The green transition is creating exponential needs for critical minerals. As demand currently exceeds supply for many of these minerals, governments worldwide are devising strategies to secure stable procurements of the minerals they lack as well as to ensure that they reap the benefits of their own natural wealth. The European Union (EU) is in a difficult position in this regard due to limited domestic reserves and, thus, serves as an ideal case study to explore developments in international economic law on this issue. Internally, the EU has been reforming its financing mechanisms, developing risk management tools, and enhancing recycling. Externally, the EU has been using international trade tools to focus on access to supply rather than traditional market access issues while also developing new investment rules to open doors and protect its foreign investors in extractive industries. Both internal and external actions are being coordinated with allies through new cooperative mechanisms. However, challenges abound. These strategies will face resistance from resource-abundant economies in view of their growing demand for policy space to protect their own mineral sector. Such strategies are also inherently competitive and, hence, might lead to growing tensions among resource-seeking economies themselves.

Financial flows of restaurant business enterprises: essence, assessment of management efficiency

The purpose of the article is to study the essence of the concept of "financial flow" and improve the system of indicators for analyzing the effectiveness of the management of financial flows in the restaurant business enterprise. The study was conducted using a rigorous set of research methods, including theoretical generalization, scientific abstraction, systematization and decomposition, formalization, economic-mathematical, and graphic. These methods were chosen to ensure the robustness and reliability of the research findings. Research results. The article analyzes the main approaches to considering the essence of the concept of "financial flow" in modern scientific literature and defines its characteristic features. Features of managing the financial flows of restaurant business enterprises are determined. A model of the formation of the financial flow of a restaurant business enterprise has been developed. Mathematical models of the financial flows of a restaurant business enterprise are presented. For a justified managerial influence on the formation, distribution, and redistribution of financial resources, a model of the financial flow cycle of the restaurant business enterprise is proposed. To assess the sufficiency of financial flows for the implementation of current financial and economic activities and to optimize the time for making management decisions regarding current and operational financial management, a system of indicators for evaluating the effectiveness of financial flow management has been developed. This research has made a unique contribution to the field by further developing the system of indicators for evaluating the effectiveness of the management of financial flows of restaurant business enterprises. Unlike traditional approaches, this system allows for a comprehensive assessment of the sufficiency of the financial flow based on operational financial accounting data. This novel approach can help ensure the reproductive development of the restaurant business enterprise and optimize the time for making management decisions. The model of the formation of the financial flow of a restaurant business enterprise, which has been developed because of this research, has significant practical implications. It provides a means to control the rhythmicity of the operating cycle, contributes to the growth of activity volumes, forms economic relations between subjects, and aids in the formation of incoming and outgoing cash flows. These practical applications can potentially lead to improved financial management in the restaurant business sector. Practical significance. Implementing the developed risk management information system ensures a high level of validity of management decisions regarding strategic alternatives: risk rejection, risk diversification, or compensation. Further research is planned to analyze management and modern digital technologies (lean production, process mining, technological platforms, etc.) to increase the efficiency of the financial flow management process. Keywords: finance, financial flow, cash flow, financial management, enterprise, restaurant business, performance evaluation.

A Study of Systemic Risk in the Banking Industry

This paper introduces the function and operation mechanism of banks in the market, mainly studies the interest rate risk and liquidity risk in the market risk, and briefly analyzes the intermediate role of market risk in relation to several major events in 2023 and recent years in the financial industry, such as the collapse of Silicon Valley bank; In addition, policy and regulatory risks are also an important part of the external risks faced by banks. Several major bank failures indirectly caused by the Fed's interest rate hike have attracted the attention of global economists. The systemic risks caused by the mutual contagion and chain reaction of these risks cannot be underestimated, and will even lead to systemic financial crisis. At the end of this paper, systemic risk and systemic financial crisis are discussed, which are closely related to the whole market environment or the life of every civilian. Therefore, it is necessary to study systemic financial risk, so as to better develop risk management plans and countermeasures.

Integrating adaptation of climate change to strengthen Malaysia’s disaster risk governance

As a result of changes in climate factors, the number of natural hazards has become more frequent. To achieve optimal governance of disaster risk, it is essential to consider climate change and modify the strategy so that it aligns with the agenda for reducing disaster risk. This paper’s findings are the result of a qualitative methodology that included a review of the literature on the topic DRR and CCA relates to both international and domestic policy in Malaysia. It discovered gaps in the convergence of DRR and CCA in terms of policy formulation, governance systems, and linkage among actors. To close the gaps, a comprehensive approach that involves multi-level governance as well as multi-sectoral initiatives through multiple disciplinary methods would be required. This necessitates a governance system that encourages the participation of actors from both domains in order to achieve greater sustainable development and climate risk management.

Comparative study of risk management in new product development

Comparative study of risk management in new product development