Risk Management Paradigm Research Articles

Current Risk Assessment and Management Paradigms: Snapshots in the Life of the Pain Specialist

Opioid analgesics can be a safe and effective treatment option for patients with chronic pain, but issues surrounding their use-including side effects, tolerance, and the potential for misuse and diversion-prompt some clinicians to avoid using these agents, and can lead to the continued undertreatment of pain. This article offers practical advice to clinicians who choose to prescribe opioid analgesics. Through a series of case presentations, it illustrates the steps health care providers can take to prepare their practice for opioid prescribing, assess and select patients for opioid treatment, initiate and manage therapy, and address concerns about aberrant behaviors.

Hedging Pension Longevity Risk: Practical Capital Markets Solutions

Longevity risk transfer via the capital markets is now a reality. Pension plans and annuity providers can hedge longevity risk with capital markets instruments, reflecting the emergence of a new market that is poised to take off. The key players in this market are hedgers (pension plans and annuity providers), intermediaries (investment banks and broker-dealers) and end investors (ILS funds, hedge funds, endowments, etc.). We argue that the development of liquidity in this market depends on the acceptance of longevity indices and the development of standardized instruments to transfer this risk.Until now, hedgers of longevity risk have almost exclusively approached the subject from the perspective of indemnification (100 percent risk transfer). We propose an alternative approach based on a risk management paradigm that does not require 100 percent risk transfer and is consistent with the way in which other pension-related risks are managed. To this end we present a framework for longevity hedging cantered on standardized indexbased hedges. This framework uses a building-block approach in which standardized hedge building blocks are combined to provide a longevity hedge tailored to the specific demographics, benefit structure and mortality table of any pension plan. The effectiveness of this hedge is maximized by careful calibration of the mix of building blocks and then verified in hedge effectiveness tests.We also discuss customized longevity hedges that will be preferred by some hedgers, who are unconcerned by the lower liquidity and onerous requirements for data disclosure associated with these hedges, and are prepared to pay the additional premium above the cost of a standardized hedge.

Hedging Pension Longevity Risk: Practical Capital Markets Solutions

Longevity risk transfer via the capital markets is now a reality. Pension plans and annuity providers can hedge longevity risk with capital markets instruments, reflecting the emergence of a new market that is poised to take off. The key players in this market are hedgers (pension plans and annuity providers), intermediaries (investment banks and broker-dealers) and end investors (ILS funds, hedge funds, endowments, etc.). We argue that the development of liquidity in this market depends on the acceptance of longevity indices and the development of standardized instruments to transfer this risk.Until now, hedgers of longevity risk have almost exclusively approached the subject from the perspective of indemnification (100 percent risk transfer). We propose an alternative approach based on a risk management paradigm that does not require 100 percent risk transfer and is consistent with the way in which other pension-related risks are managed. To this end we present a framework for longevity hedging cantered on standardized indexbased hedges. This framework uses a building-block approach in which standardized hedge building blocks are combined to provide a longevity hedge tailored to the specific demographics, benefit structure and mortality table of any pension plan. The effectiveness of this hedge is maximized by careful calibration of the mix of building blocks and then verified in hedge effectiveness tests.We also discuss customized longevity hedges that will be preferred by some hedgers, who are unconcerned by the lower liquidity and onerous requirements for data disclosure associated with these hedges, and are prepared to pay the additional premium above the cost of a standardized hedge.

Estimating the residue transfer of pesticides in animal feedstuffs to livestock tissues, milk and eggs: a review

The through chain approach to livestock production places increased emphasis on on-farm management systems for addressing pesticide residues. The current risk management paradigm assumes the user of animal feeds has the ability to assess, or at least profile, risks to trade in animal commodities associated with feeding livestock material containing residues of pesticides. The paper details some approaches that may be used by livestock producers, focusing on simple calculations, and summarises available information needed as inputs. Calculated factors for the transfer of pesticides from feed to animal commodities (transfer factors) are summarised for about 150 pesticides.

Trustworthy systems through quantitative software engineering

Trustworthy systems through quantitative software engineering

Sustainable flood management: oxymoron or new paradigm?

The existing paradigm of UK flood risk management that privileges structural solutions over non‐structural ones is evolving in response to threats posed by climate change and higher environmental standards required by the EC Water Framework Directive. This paper examines the contrasting reactions of DEFRA and the Scottish Executive. The Scottish ‘experiment’, which embraces a strong definition of sustainability, is contrasted with a weaker version emerging in England and Wales. Divergent levels of risk and histories of managing that risk explain many of these contrasts. Scotland's more radical approach has the potential to become a new paradigm.

Risk Management Paradigms in Health and Social Services for Professional Decision Making on the Long-Term Care of Older People

Risk management systems and structures are developing rapidly within UK health and personal social services. However, the risk management strategies of organizations need to take into account the conceptual frameworks used by professionals. This grounded theory study used data from nineteen focus groups and nine semi-structured interviews (ninety-nine staff in total) to explore perspectives on risk and decision-making regarding the long-term care of older people. Focus group participants and inter viewees comprised social workers, care managers, consultant geriatricians, general medical practitioners, community nurses, occupational therapists, home care managers and hospital discharge support staff. Social work and health care professionals concep tualized risk and its management according to six paradigms that appeared to be in a state of reciprocal tension: (i) Identifying and Meeting Needs; (ii) Minimizing Situa tional Hazards; (iii) Protecting this Individual and Others; (iv) Balancing Benefits and Harms; (v) Accounting for Resources and Priorities; and (vi) Wariness of Lurking Con flicts. The effective translation into practice of risk management strategies needs to address the complex and often contradictory issues facing health and social services professionals.

Taylor Rules under the Risk-Management Paradigm of Discretionary Monetary Policy

We discuss the Taylor rule near low inflation and interest rates. Using an additional option like term in the loss function, our approach extends the simple Taylor rule to one with an asymmetric response near very low inflation rates. Once calibrated, this payoff profile gives an exact, and easily communicable prescription for Fed policy under regimes of low inflation.

Voltage scheduling under unpredictabilities: a risk management paradigm

This article addresses the problem of voltage scheduling in unpredictable situations. The voltage scheduling problem assigns voltages to operations such that the power is minimized under a clock delay constraint. In the presence of unpredictabilities, meeting the clock latency constraint cannot be guaranteed. This article proposes a novel risk management based technique to solve this problem. Here, the risk management paradigm assigns a quantified value to the amount of risk the designer is willing to take on the clock cycle constraint. The algorithm then assigns voltages in order to meet the expected value of clock cycle constraint while keeping the maximum delay within the specified “risk” and minimizing the power. The proposed algorithm is based on dynamic programming and is optimal for trees. Experimental results show that the traditional voltage scheduling approach is incapable of handling unpredictabilities. Our approach is capable of generating an effective tradeoff between power and “risk”: the more the risk, the less the power. The results show that a small increase in design risk positively affects the power dissipation.

The new risk paradigm for chemical process security and safety

The world of safety and security in the chemical process industries has certainly changed since 11 September, but the biggest challenges may be yet to come. This paper will explain that there is a new risk management paradigm for chemical security, discuss the differences in interpreting this risk versus accidental risk, and identify the challenges we can anticipate will occur in the future on this issue. Companies need to be ready to manage the new chemical security responsibilities and to exceed the expectations of the public and regulators. This paper will outline the challenge and a suggested course of action.

A Refined Risk Management Paradigm

This paper looks at past risk management models and incorporates parts of those models into a new paradigm. This new refined paradigm can be viewed as a cyclical system containing five steps, with each step having three stages. The model is new in that each of the steps—program development, risk analysis, solution analysis, decision process, and system administration—are geared toward helping the organization achieve its goals. In addition, the new model is designed to involve all stakeholders. The risk management paradigm is a comprehensive and logical management method. It also has a flexible structure that allows it to adapt to future innovations in the risk management discipline.

9.5.3 Teaching Continuous Risk Management Using A Requirements Management Tool

AbstractThis paper presents a technique to teach the continuous risk management (CRM) paradigm using a requirement management tool. The paper explains the CRM process and shows how to implement the risk information using a requirement management tool. Teaching students the continuous risk management implementation is important to show them how the tool will: assist the project management and team members to establish and use consistent documentation; instantiate and store each identified risk; associate for each risk a mitigation or task plan; and visually presents each risk with the capability to be tracked, watched or mitigated throughout the project's iterative life cycle. The IBM Rational Suite Enterprise RequisitePro tool used to show the students how to capture and store the organizational and management system risk knowledge into a database. The students gain hands on risk management knowledge that can be used for product, process and project improvement. They learn how to write risk statements, collect risk metrics, and capture the risk lessons learned for future projects.

Addressing Susceptibility in Microbial Pathogen Risk Assessment

ABSTRACT As concern for vulnerable subpopulations has grown, susceptibility has become a more important element in risk assessment and management processes. However, there is little consensus on how to incorporate or model the concept effectively in microbial pathogen risk assessment (MRA). Susceptibility is fundamentally a complex concept. There are many different definitions for it, reflecting the principles and viewpoints of the fields that contribute to risk assessment. Although susceptibility needs to be addressed in every step of the risk management paradigm, it has not yet been fully integrated into risk assessment, one step within the paradigm. Many factors are involved in characterizing and modeling susceptibility, but little is known about the relationships of many of the factors and many cannot be reliably measured. Recent MRA frameworks and case studies were reviewed for their approaches to susceptibility. Themes identified included limited or no explicit conceptualization of susceptibility in the problem formulation, limited data to assess susceptibility, heavy or exclusive emphasis on susceptibility in the health effects portion of the model, primary focus on host characteristics, and little consideration of susceptibility in risk characterization. Recommendations to improve approaches to susceptibility in MRA are presented.

Stress in disaster response: a risk management approach

Using a risk management framework, this paper discusses an approach to conceptualising disaster stress risk that can be used to develop readiness strategies that facilitate an adaptive response to disaster stress in emergency managers. It illustrates this process by describing how incident, operational and organisational demands interact with resilience and vulnerability factors to affect stress risk during the mobilisation, response and reintegration phases of disaster response. It argues for stress risk management to be integrated with the application of the risk management paradigm to other aspects of disaster management.

Pharmacoepidemiology 101: data monitoring committees in the post-marketing approval setting.

The development of the risk management paradigm for the enhancement of post-marketing approval drug safety carries with it the need for external monitoring of the different approaches used by the sponsor. The concept of a Data Monitoring Committee (DMC), widely used in the management of randomized clinical trials, is adapted to provide this monitoring function. The rationale for the post-marketing approval DMC is considered in the context of the risk management paradigm, as well as in the more traditional post-marketing approval surveillance setting. The composition and operation of the post-marketing approval DMC are considered, as well as the process of implementing the committee. Although the adaptation proposed in this article is focused on the paradigm proposed by the United States Food and Drug Administration, it is likely that it will require modification as risk management is adopted (and adapted) by other health regulators.

Risk Management Practices at Higher Educational Sport and Recreation Centers

Risk management is an issue that has been previously addressed in recreation and athletic professions. The litigious nature of today's society requires that risk management procedures and policies be in place in recreation and athletic facilities. An institution that has implemented risk management procedures will better protect itself from costly litigation. This article is a follow-up to a 1997 article by Mulrooney & Green that discussed the overall risk management process and presented a risk management paradigm for recreational sport facilities. The purpose of this study was to examine college recreation facilities to elucidate if risk management procedures were in place in light of Spiegler v. State of Arizona (1996). This case resulted in a $5,000,000 verdict for the plaintiff, a result that might have been avoided with a properly developed and implemented risk management program. The study also examined the importance administrative personnel placed on having a risk management policy, and to what degree risk procedures and risk management training were implemented. A questionnaire designed and validated for utilization in a previous study was sent to 178 Division 1 universities throughout the United States. One hundred and twenty-three respondents completed and returned the survey. Based upon the results of the study, it is evident that the importance of risk management and its impact on liability reduction has not reached the administration of campus recreation and sport programs.

Risk and Security: Are they Compatible Concepts?

The literature and the practice of security show a remarkable influence of the probabilistic risk management paradigm over security reasoning. This paper investigates whether, and to what extent, this influence is justified. It suggests that any reasoning on risk and security should be preceded by a clarification of its premises, and, with them, of the rules of the game. To corroborate the point, the author looks at the evolution of the concept of risk, and examines a number of contexts where the paradigm is applied. These are found based on different assumptions, starting from different premises and obeying different rules for different goals, some of which hardly fit with genuine security premises and reasoning. The conclusion is that, over and above linguistic and methodological problems, there are a number of ontological discrepancies between the concept of security and that of risk which deserve further study and investigation.

Odds and ends: risk, mortality, and the politics of contingency.

Medical anthropology's cogent rethinking of conventional biomedical categories has largely overlooked the core problems of one key concept of both biomedical and social scientific analysis: risk. In particular, the use of the term in medical anthropology (and the social sciences more generally) frequently rests on two assumptions: (1) that contingency necessarily constitutes a threat to individual experience or social order; and (2) that a risk management paradigm that relies on a model of statistical probability is the ontologically preeminent way of engaging chance. Other approaches which do not take risk as the starting point for understanding contingency also have problems; they too assume that contingency is necessarily cause for crisis. These problematic root assumptions lead social analysts to miss how individual actors and local communities variously engage, rather than minimize, contingency. I suggest a new approach that instead aims to treat contingency as normatively neutral and as arising in four domains of experience. Conventional approaches also miss how attempts to account for unexpected events themselves involve struggles between competing paradigms (or tropes) of chance. This contest over accountability I call here the politics of contingency, and I seek thereby to signal the need to renovate our language of uncertainty in order to address its political dimensions. I trace the literature to identify some sources of these terminological problems, and through an examination of the life and death of a close contact in Chania, Crete, I explore his own approach to chance and the different, competing interpretations of his death. I thereby demonstrate the importance of revamping the conventional approach to understanding the contingent nature of human life.

Examples of the role of analytical chemistry in environmental risk management research.

Analytical chemistry is an important tier of environmental protection and has been traditionally linked to compliance and/or exposure monitoring activities for environmental contaminants. The adoption of the risk management paradigm has led to special challenges for analytical chemistry applied to environmental risk analysis. Namely, methods developed for regulated contaminants may not be appropriate and/or applicable to risk management scenarios. This paper contains examples of analytical chemistry applied to risk management challenges broken down by the analytical approach and analyte for some selected work in our laboratory. Specific techniques discussed include stable association complex electrospray mass spectrometry (cESI-MS), gas chromatography-mass spectrometry (GC-MS), split-flow thin cell (SPLITT) fractionation and matrix-assisted laser desorption time of flight mass spectrometry (MALDI-ToF-MS). Specific analytes include haloacetic acids (HAA9), perchlorate, bromate, triazine degradation products, metal-contaminated colloids and Cryptosporidium parvum oocysts.

Security Risk Management Practices of E-business in India

The Internet and e-business offers endless opportunities to business. It also offers convenience to customers and merchants. However, e-commerce environment is under constant security threats giving rise to a variety of security risks because the intrinsic properties of the Internet are a major source of its vulnerability to failures and attacks. Appropriate security risk analysis and management can help reduce this risk to manageable and acceptable levels. For this purpose there is a need for developing suitable security infrastructure in order to control the risk. Controlling security risks for e-business not only requires a lot of investments in security infrastructure but also requires highly specialized technical skills that may be difficult to organize, thus one needs to focus not only on controlling the security risk through internal controls but also evaluating other alternatives for managing this risk. This paper presents a paradigm of security risk management for e-business. The paper also presents the result of a survey on security risk management policies and practices being followed in India.