Risk Management Measures Research Articles

Water Safety Plan: A case study from Sofia, Bulgaria

According to Directive 2184/2020 on the quality of water intended for human consumption and World Health Organization (WHO) best practice, the Water Safety Plan (WSP) includes a review of the whole water supply chain – from protection of the water source, through water abstraction, transportation, treatment, storage and distribution to the end user. Risk management is based on the introduction of corrective, control and preventive measures, as well as subsequent validation of the measures taken and monitoring of their implementation according to the Deming cycle. The purpose of the current study is to review individual components of the WSP implementation and the effectiveness of WSP developed and implemented by Sofiyska voda JSC (SV) - the water supplier of Sofia, the capital of Bulgaria. The article presents the overall approach followed by the water supply operator, including the system review, risk identification and assessment, mitigation barriers, process control through critical control points (CCPs), review and verification of all risk management measures taken.

Generation of harmonised pluvial flood hazard maps through decentralised analytics

Abstract Increasing extreme weather events pose significant challenges in hydrology, requiring tools for preparedness and prediction of intense rainfall impacts, especially flash floods. Current risk reduction measures for pluvial flood risk management rely on flood hazard maps, but inconsistencies in transregional standards that are used for risk assessment hinder cross-regional comparisons. While there are existing guidelines for the development of pluvial flood hazard maps, there is still a lack of holistic modelling systems that enable harmonised predictions of the impacts of heavy rainfall events. Furthermore, sensitive city data (e.g., critical infrastructure, sewer network) exist in many municipalities, which cannot be readily disclosed for modelling purposes. In this work, we propose an approach using distributed analytics to distribute computation commands to existing hydrodynamic models at different locations. In combination with harmonising model adapters, we enable the generation of harmonised pluvial flood hazard maps of different regions to tackle the inconsistencies and privacy concerns. We apply our approach to four adjacent urban areas in the Rhein-Sieg Kreis of North Rhine-Westphalia. Our results demonstrate the ability of our approach to produce cross-regional pluvial flood hazard maps, supporting disaster preparedness and management in regions prone to extreme weather events and flash floods.

Risk Management Practices and Performance of Construction Projects: Evidence from Selected Estate Management Companies in FCT Abuja

Increasing population in the city of Abuja instigate the need for more housing construction. While such may be necessary, it is also important to manage the risk involved. But the extent of impact of risk management on project performance has been obscured in literature. thus, this research will assess the impact of risk management on project cost performance with reference to selected house developer in Abuja city. A sample of 256 respondents was utilised and risk management measure in four standpoints: risk identification, risk assessment, risk response planning and risk monitoring & control. Multiple regression was vital for estimation. Results indicate that all the four variables are positive toward improving cost performance. In other words, risk identification, risk assessment, risk response planning and risk monitoring & control reduces cost by 26% to 45%, all things being equal. It was also noted that risk monitoring & control has the most influence of approximately 45% while risk response planning had the lowest influence of 26%, all things being equal. Therefore, the organisations should continue to improve in the aspect of risk management while sustaining tempo on training and retraining in this aspect.

The effect of complex cognitive context on the dynamic stability during gait initiation in older women.

Changes in cognitive control are considered potential factors affecting voluntary motor movements during gait initiation (GI). Simulating environments with higher cognitive resource demands have an effect on the stability of GI task performance, which is of significant importance for assessing fall risk in the older adults and devising fall risk management measures in multiple environments. This study aims to reveal the influence of complex cognitive competitive environment with increased cognitive demands on the dynamic stability during GI in the older women. Twenty-three older females and twenty-three younger females performed walking tests under three conditions: voluntary initiation (SI), visual light reaction time task (LRT), and cognitive interference + visual light reaction time task (C + LRT). Eight cameras (Qualisys, Sweden, model: Oqus 600) and three force plates (Kistler, Switzerland, model: 9287C) are used to obtain kinematic and kinetic data. To recorde the trajectory of center of pressure (CoP) and the position of the foot placement, and compute the anterior-posterior (A-P) and medio-lateral (M-L) dynamic stability at the onset and end moments of the single-leg support by means of center of mass (CoM) and gait spatiotemporal parameters. Older women responded to the effect of complex environments involving cognitive competition on body stability by prolonging the lateral displacement time of the CoP during the anticipatory postural adjustments (APAs) phase, reducing step length and velocity, and increasing step width and foot inclination angle. Complex initiation environments lead to competition for cognitive resources in the brain, resulting in decreased stability of GI motor control in older adults. The higher the complexity of the cognitive resource demands environment, the lower the stability of GI in older adults, and the greater the effect on their M-L stability at the onset of stepping.

Why do parents refuse to self-protect? Socio-cultural factors influencing the immediate response of the older generation to COVID-19 and their spatial heterogeneity in China

Immediately after the initial COVID-19 outbreak in January 2020 in China, an intriguing trend of distrust and anti-protection among the older generation appeared. Based on 1926 samples collected across the Chinese mainland within a short timeframe, this paper adopted a series of global and spatial statistical techniques to explore the socio-cultural reasons underlying the older generation's risk response and their spatial heterogeneity in China. First, the global Ordinary Least Square (OLS) model validated the significant effects of trust in government information, cultural traditions, and social conformity, but the spatial autocorrelation (Moran's I) test of the residuals suggested spatial nonstationarity of the model. Second, the results from the Local Indicators of Spatial Association (LISA) and Geographically Weighted Regression (GWR) confirmed the spatial heterogeneity of the older generation's protective patterns. An ‘inverted T-shaped’ high-protection belt centering on Wuhan City was identified, indicating that physical proximity to and social connectedness with the pandemic epicenter is crucial in motivating the older generation's protection. In areas distant from and less connected with the risk center, strong collectivistic values may play a vital role in stimulating trust in government information and fostering positive protective intentions of the older generation. However, in most areas, such strong government trust is absent, and the inhibitory cultural and social factors often prevail to result in an anti-protection norm of the older generation. Finally, suggestions were provided to develop locally effective risk management measures from the socio-cultural perspective, and more geographic investigations on public risk response were proposed.

Comparison between measured and modelled data on occupational exposure to organic solvents in degreasing, varnishing and painting activities performed in a Romanian company

This study aims to highlight the similarities and differences between occupational exposure measured (personal and static) and modelled data using the Tier 2 Advanced REACH Tool (ART 1.5) for some organic solvents used in degreasing, varnishing and painting activities. The measurements were performed between 2020 and 2022 in a Romanian company manufacturing metallic components for the energy industry. The conclusion of the study will allow identifying some of the uncertainties related to the use of modelled data versus measured data, and to decide on the adequate operational conditions (OCs) and risk management measures (RMMs) to implement in place, in accordance with the hierarchy of control principles.

Analysis and Prediction of Financial Stock Risk Value Based On Improved FAST-ICA Algorithm and GARCH Model

This study focuses on improving the FAST-ICA algorithm and GARCH model to more accurately analyze and predict the value at risk of financial stocks. Accurately measuring stock risk is crucial for investors and securities managers in today's financial markets, as it directly affects investment decisions and risk control. We have improved the FAST-ICA algorithm and proposed the TS-ICA algorithm, aiming to improve the separation performance and iteration efficiency of the algorithm. And we combine the TNA method for data preprocessing to eliminate noise and improve the robustness and prediction accuracy of the model. In terms of GARCH model, we constructed the TS-ICA-GARCH model using the independent decomposition results of the TS-ICA algorithm to more accurately predict the volatility and value at risk (VaR) of stocks. Through empirical analysis and backtesting, we have verified the superiority of the TS-ICA-GARCH model in measuring risk, especially in extreme market conditions with stronger coping ability. This study provides a more reliable risk assessment tool for financial market participants, which helps to develop more effective investment strategies and risk management measures.

Design of Subway Investment Management Platform Under the Background of Informatization

Abstract This article aims to design a subway investment management platform based on DL (Deep Learning) to improve subway projects' investment efficiency and risk management levels. The article adopted the DL algorithm to comprehensively analyze historical subway investment data and constructed prediction and risk assessment models to achieve this goal. The application effect of the DL algorithm in subway investment management and the practicality of the platform were verified through simulation experiments. This article first collected a large amount of historical subway investment data and processed and learned these data using the DL algorithm. By constructing an NN (Neural Network) model, accurate prediction of investment return rate and market demand for subway projects has been successfully achieved. Furthermore, a risk assessment model was also constructed to quantify and evaluate potential risks in subway projects. The experimental results indicate that the DL algorithm has significant prediction and risk assessment advantages. Compared with traditional statistical learning methods and machine learning algorithms, the DL algorithm can more accurately predict investment return and market demand, providing users with more reliable decision support. In addition, the risk assessment model effectively helps users understand the risk status of the project and formulate corresponding risk management measures.

Функционирование системы управления рисками и внутреннего контроля на производственном предприятии

The implementation of digital technologies and the rapid transition to Industry 4.0 have influenced the speed of information exchange, thereby increasing uncertainty and the likelihood of making ineffective management decisions. At the same time, to avoid entropy in managing a manufacturing enterprise, a transformation of tools, methodologies, procedures, and standards is necessary to ensure the company’s sustainable development. One way to increase the reliability of a company’s operations in conditions of uncertainty and risk can be the organization of a risk management and internal control system (RMIC). RMIC is defined as a set of organizational measures, methodologies, procedures, norms of corporate culture and actions aimed at achieving an optimal balance between value growth, profitability, and risks to ensure financial stability, efficient business operations, asset preservation, compliance with laws, statutes, and internal documents, timely preparation of accurate reports. Furthermore, in uncertain conditions, it is advisable to consider RMIC in the context of an integrated business-process system because, to ensure reasonable confidence in achieving the company’s goals in operational activities, reporting, and fulfilling all obligations, it implies organizing risk management primarily at the process and operational (transactional) levels, and aims at increasing the efficiency of the company’s activities as a result of integrating risk management with strategic planning processes, business planning, and decision-making. The article presents the conceptual foundations of a production enterprise’s RMIC. Key performance indicators, internal control procedures, key risk indicators, the structure of elements and system operation algorithms are justified. Theoretical conclusions of the authors are based on the results obtained within the framework of testing the proposed RMIC model for the business process “Construction Supervision Organization for Gazprom Customers”. It is concluded that, to ensure confidence in achieving goals at a production enterprise, RMIC should be developed, implemented, and continuously developed. Risk management and internal control processes should be carried out using best practices, principles, and methods. In this case, the risk management measures taken by the company will allow risks to be kept within acceptable limits and provide shareholders with sufficient guarantees to achieve their goals and objectives.

Safe by process design (SbPD) strategies based on proper measures to mitigate nanoparticle exposure in industrial settings

Due to its potential to develop new added value products, a staggering number of nanoparticles (NPs) is already available on the market. Moreover, this increase is expected to continue in the future. However, there is a lack of knowledge on the level of exposure to nanoparticles, and the information related to possible adverse health effects is scarce. Furthermore, there is very little studies concerning the effect of risk management measures (RMMs) on the levels of exposure to nanoparticles at workplaces, compared to the number of exposure situations that can be distinguished.This study focuses on 5 case studies covering different types of materials, assessing the effectiveness of targeted mitigation strategies applied during the production process. Customized mitigation measures were applied in each industrial scenario to minimize exposure levels. The effects on the particle concentration levels using source enclosure, partial or full, combined with local exhaust ventilation systems (LEVs), was evaluated to generate new knowledge to support the definition of informed safe by process design approaches when dealing with NPs. This study demonstrates that technological advancements can significantly reduce work-related exposures. The findings underscore the importance of tailored mitigation measures due to the diverse range of potential sources and activities in industrial scenarios.

Liquidity Risk Management and Financial Performance of Listed Commercial Banks in Nigeria

The study investigates the relationship between liquidity risk management and financial performance of listed commercial banks in Nigeria. To achieve this, liquidity risk management proxies which have been widely used in the literature were employed namely deposit to total asset, total loan to deposit, liquidity asset to total asset and short-term liability to total asset ratios (independent variables) and a measure of financial performance return on asset (dependent variable). Ex-post facto research design was employed and panel data sourced from the yearly published annual reports and accounts of listed commercial banks in Nigeria. The fixed and random effects panel regression results reveal mixed evidence suggesting that the effect of liquidity risk management on financial performance of the listed commercial banks in Nigeria depends largely on measures of liquidity risk management used in this study. One key policy implication of this outcome is that maintaining a balanced lending and funding strategy is crucial for commercial banks. Hence, it recommends among others that managers of listed commercial banks in Nigeria should find an optimal balance that aligns with bank’s risk appetite and growth objectives and should also exercise caution in expanding lending.

Comprehensive Risk Analysis and Decision-Making Model for Hydroelectricity Energy Investments

The risks of hydroelectricity energy investments should be managed effectively to increase the performance of these projects. Thus, more significant risks should be identified to take effective measures for risk management without experiencing high costs. Accordingly, the purpose of this study is to define critical risks in hydroelectricity energy investment projects by making a priority analysis. Within this scope, a new decision-making model is created. In the first stage, five different risks are examined by considering Spherical fuzzy Entropy. Moreover, the second stage consists of ranking emerging seven countries with the help of Spherical fuzzy multi-attribute ideal-real comparative assessment (MAIRCA). The main contribution of this study is that more important risks of hydroelectricity energy investments can be identified by the help of the priority analysis. This situation provides an opportunity to implement effective strategies to increase these investments without having high costs. Additionally, considering Spherical fuzzy sets has a positive impact on the appropriateness of the results. Since these numbers use a wider data range, the effectiveness of the analysis results can increase. It is determined that the most important risk is environmental risk with the highest weight value of 0.2478. Financial risks and personnel risks are other significant factors that affect the performance of the hydroelectricity energy investments. Furthermore, as a result of ranking the alternatives, it is seen that China is the most suitable country for hydroelectric energy investments. India and Mexico are other successful countries in this respect. However, Turkey and Indonesia have lower performance for this situation.

REGULATORY AND LEGAL SUPPORT FOR POST-CUSTOMS CONTROL AND APPLICATION OF THE RISK MANAGEMENT SYSTEM AFTER THE RELEASE OF GOODS IN UKRAINE

The relevance of the research topic is due to the need to take measures to improve the efficiency of post-clearance control through the use of a risk management system. Further development of the risk management system and creation of prerequisites for a risk-oriented approach to determining the need for post-customs control will contribute to increasing its effectiveness. The purpose of the article is to analyze the regulatory framework of Ukraine regarding post-clearance control and application of the post-release risk management system. To achieve this goal, general scientific methods were used, as well as methods of legal analysis and legal comparativism, critical analysis of systematization and logical generalization. The regulatory framework of this work is based on the customs legislation of Ukraine. The subject of the study is the legal support for the application of the risk management system in the field of post-customs control. The articles of the Customs Code of Ukraine on post-customs control and risk management are analyzed. Amendments to this Code regarding the implementation of some provisions of the Customs Code of the European Union in the context of the article are studied. The National Revenue Strategy of Ukraine until 2030 was considered in terms of outlining tasks to improve the efficiency of post-customs control, conducting documentary audits and other measures in order to comply with the requirements of the legislation of Ukraine on customs through the improvement of approaches and procedures for post-customs control, planning documentary audits through the development of risk management. The provisions of the Procedure for risk analysis and assessment, development and implementation of risk management measures to determine the forms and scope of customs control have been studied. The content of the recommendation and technical pilot project for post-clearance control and the State Customs Service reform plan for 2024-2030 has been developed. The conducted scientific research allowed us to highlight the features of regulatory legal acts. The analysis also revealed some gaps in the implementation of post-clearance control and the application of the risk management system after the production of goods, and thus identified potential areas for improving the mechanism for applying the risk management system in the field of post-clearance control.

Microbiological and parasitological risk analysis of novel food sources obtained with the use of insects

The problem of food safety being an important component of the country's food security, provides not only for continuous improvement of the methodology of hygienic standardization, but also for the formation of requirements for novel food, in particular, those obtained from non-traditional sources. The accumulated practical and theoretical competence in the food hygiene area, as well as knowledge of current trends of the food base broadening, allow us to analyze the risks associated with novel food obtained of insects. The purpose of the research was to analyze the microbiological and parasitological risk of novel food sources obtained with the use of insects, suggest the effective risk management measures. Material and methods. The analytical part of the work included literature search, collection of information and statistical materials published in domestic and foreign scientific editions. The search was carried out using the Google Academy retrieval system and electronic databases (PubMed, MEDLINE, EMBASE, Scopus, Web of Science, eLIBRARY), mainly in the last 25 years, using the keywords: Hermetia illucens, Tenebrio molitor, Acheta domesticus, insects, parasite, nematode, pathogen, cysts. Results. Based on the published materials' analysis, a systematization of microbiological and parasitological factors potentially capable of colonizing edible insects has been carried out. There were identified representatives of 24 groups of pathogenic and 18 opportunistic microorganisms and helminths related to microbial and parasitic pathogens, the spread of which is significantly influenced by inappropriate conditions of feeding and keeping insects. As there are currently no veterinary requirements for insect breeding and farming conditions, contamination of end products with infectious and parasitic pathogens can vary over a very wide range. Conclusion. The use of native insect biomass carries certain risks associated with its microbial and parasitic contamination, and the development of measures to prevent them requires significant resources. The possibility of deep processing of such raw materials can be considered as one of the solutions to mitigate these risks. For use in the food industry, insects should be subjected to processing similar to that currently used for soybean seeds, which includes separation of protein (entomoprotein), fat and chitin fractions, each of which would have an independent use. Thus, at present, insects should be considered as a source of novel food ingredients, first of all, complete protein of animal origin.

Global systematic review and meta-analysis on foodborne thermotole­rant Campylobacter prevalence in different species of poultry birds and associated sources of contamination

Campylobacteriosis is one of the most prevalent foodborne bacterial diseases. Infected chickens and poultry products are a possible source of this illness in people all over the world. Therefore, the objective of this current meta-analysis was to summarise the available data on the prevalence of thermotolerant Campylobacter species in poultry and their products. A systematic literature search was conducted to gather pertinent articles from 2000 to 2021, using globally recognised four electronic databases, including Google Scholar, PubMed, Science Direct, and Scopus. The mean prevalence of campylobacteriosis in poultry species and their products (meat, eggs, and offal) was 44% (95% CI: 39–50%) with the highest prevalence in Australia (67%). Among the European countries, France had the maximum prevalence rate of 76%, while Japan had recorded 61% as the peak among Asian countries. Prevalence rates of 43% and 56% were calculated in United States and Brazil representing the American region. In the species-wise results, the mean prevalence rates of Campylobacter jejuni and Campylobacter coli were 29% and 16%, correspondingly. In case of live birds, chickens and turkeys possessed maximum prevalence rates of 47% and 40%, whereas 46% and 63% were recorded from poultry meat and liver. Besides, categorising the difference sources of contamination, the maximum prevalence rate of 62% was found in the poultry processing plants followed by 54% from supermarkets and 38% from farms. According to the current meta-analysis, Campylobacter jejuni was the most common bacterium worldwide, and poultry meat – the most frequent source of human infection. The predominance of Campylobacter species is a threat for public health, and national authorities must undertake strategies to control this disease in each country with the goal of establishing adequate risk management measures.

Decision-making criteria under uncertainty and risk in the agricultural sector

Purpose. The objective of this research is to find out and analyze the standards that farmers, policymakers, and other significant stakeholders in the agriculture sector use to make decisions under conditions of risk and uncertainty. Our objective is to contribute to the body of knowledge in agricultural economics by critically examining these standards and offering comprehensive analysis that can contribute to more adaptable and resilient decision-making. Results. The importance of decision-making in light of risk and uncertainty was clearly emphasized to predict and illustrate the understanding of the variables that affect decision-making in the agricultural industry. Important patterns, trends and variables that have a significant impact on decision outcomes were detected by combining quantitative analysis with qualitative assessments. With several alternatives, internal and external conditions and many possibilities, criteria that help make the right decision, maximize return or minimize the cost of risk and uncertainty were highlighted for stakeholders seeking to improve decision-making processes and adaptability to changing obstacles, while trying to abandon the scientific basis in modeling the reality of the agricultural sector. Scientific novelty. This study advances the subject by providing a wide and relatively new perspective on the criteria that used in agricultural decision-making in the face of uncertainty and risk. Although decision-making in agricultural situations has been studied in the literature before, our study is distinguished by its focus on the criteria that are used when there is uncertainty and risk. We hope to shed light on new ideas that can improve agricultural economics theory and methods by exploring this area. Practical value. The study has a wide range of practical applications. A more detailed understanding of the decision-making factors found in this study will be useful for farmers, legislators, and agribusiness experts. Given an ever-changing environment, simulate realistic obstacles and identify available alternatives under various conditions, the ultimate practical value of more resilient and sustainable agricultural practices is enhanced through risk management measures, resource allocation and policy formulation.

PROJECT PORTFOLIO MANAGEMENT: BEST PRACTICES FOR STRATEGIC ALIGNMENT

Objectives: This research paper focuses on exploring the most current best practices in strategic alignment within Project Portfolio Management (PPM). It aims to examine the interaction between PPM and strategic alignment, providing a deep analysis of theoretical approaches, methodologies, and practical applications. Methods: The paper is based on a comprehensive literature review and empirical analysis conducted on a large scale. It outlines key strategies for ensuring effective portfolio selection, resource allocation, risk management, and performance measurement within organizations. Results: The research identifies various challenges that organizations face in achieving strategic alignment through PPM. Additionally, it proposes remedies to overcome these challenges, offering insights that bridge the gap between theory and practice. Conclusion: This research contributes to both the theoretical understanding and practical implementation of PPM, aiming to enhance organizational performance and facilitate the achievement of strategic goals.

ІЛЕ АЛАТАУЫНЫҢ ОРТАЛЫҚ БӨЛІГІНДЕГІ ӨЗЕН АЛАПТАРЫНЫҢ СЕЛ ҚАУІПТІЛІГІН БАҒАЛАУ ЖӘНЕ ЗОНАЛАУ

Mudflow risk management measures in the study area consist of assessment and mapping of mudflow hazard and risk, preventive measures, monitoring, early warning, construction of mudflow protection structures. Due to global warming and intensive development of the Ulken and Kishi Almaty river basins, it became necessary to determine the criteria affecting the occurrence and development of mudflow hazards in the territory and assess the degree of their impact. This article defines the criteria of mudflow hazard, taking into account the mudflow-forming factors and mechanisms of the mudflow occurrence, as well as criteria aimed at determining the vulnerability of the territory to a mudflow due to the features that create conditions for the formation of a mudflow in the zones of origin, transit, deposition of a mudflow, as well as recipients in the zone of impact of a mudflow. As a result, a large-scale (1:25000) map of the mudflow hazard and vulnerability of the territory was created on the basis of a multi-criteria decision-making method. The developed maps play an important role in planning actions to reduce, early warning and prevent the negative consequences of mudflow.

ASSESSMENT AND WAYS TO MINIMIZE THE FINANCIAL RISKS OF THE BANKING SECTOR UNDER FINANCIAL INSTABILITY

The article is devoted to the assessment of financial risks of the banking sector, their impact on the activity of banks and their minimization in conditions of economic instability. The banking sector is a key link that ensures the development of the financial system, but banking activity is risky. Therefore, it is important to study banking risks and ways to minimize them in order to increase the efficiency and stability of the banking system. The article provides a classification of banking risks in accordance with domestic literature. Factors due to which banking institutions are exposed to risks are reflected. Financial risks of the banking sector affect the net profit, capital of the bank. Therefore, the impact of risks on the financial stability and efficiency of Ukrainian banks was analyzed. The bank's regulatory capital is one of the most important indicators of its activity, the main purpose of which is to cover the negative consequences of various risks. During the entire studied period, there is a tendency to increase this indicator, which is positive. Due to external risks, namely the difficult military and economic situation, the profit of Ukrainian banks decreased. The credit risk, which is one of the most significant in banking activity, is characterized. The causes of credit risk in banking are given. The dynamics of the assets of Ukrainian banks, the volumes of loans granted, were studied. It was concluded that in modern conditions of banking activity, there is a slight slowdown in lending to the population and an increase in the volume of loans granted to business entities. To reduce credit risks, commercial banks use various methods to protect against credit risk: diversification, limiting, insurance, risk distribution. The banking sector cannot exist without risk, so it is necessary to look for ways to minimize them. Minimizing the level of financial risks in the banking sector involves the implementation of risk management measures and methods. Measures to minimize banking risks include preventive and protective measures. Banking risk management methods include: methods of avoiding and accepting banking risks. The article reflects the peculiarities of these measures and methods. Keywords: financial risks, banking sector, bank profit, credit risk, bank assets, bank risk minimization.

Catastrophic risk perceptions and attitudes in aquaculture: Evidence from flood prone areas of Bangladesh

Aquaculture is still an emerging industry that is highly dependent on the environment and more unstable than other conventional agricultural operations. Diverse environmental and production hazards must be managed by aquaculture farmers for sustainability. Farmers' decisions on farm operations and risk management are significantly influenced by their risk attitudes and perceptions of risk. However, few empirical studies on risk management have been done, but literature on aquaculture is scarce. In light of this knowledge vacuum, the current study investigated how farmers perceive catastrophic risk and their attitudes toward various sources. The information was gathered using a stratified random sample method, with 300 aquaculture farmers interviewed from two major flood-prone regions in Bangladesh. A cubic utility function and the Equally Likely Certainty Equivalent (ELCE) approach were used to quantify farmers' risk aversion. The risk matrix technique was used to assess farmers' perceptions of risk. The effects of socioeconomic factors on farmers' risk attitudes were examined using a Logit model. Floods, strong rains, and pest and diseases all posed potential productivity hazards and most farmers were risk averse in nature. Age, educational position, income, and land proprietorship were the most important predictors of risk attitude, while social and agricultural characteristics had little influence on farmers' risk perceptions. The study's findings will eventually allow policymakers to forecast the suitable risk management measures for the aquaculture farmers in Bangladesh.