Step In Risk Management Research Articles

Isolation of ovatoxin-a from Ostreopsis cf. ovata cultures. A key step for hazard characterization and risk management of ovatoxins

Ostreopsis cf. ovata, a benthic/epiphytic marine dinoflagellate, is currently spreading in tropical, sub-tropical and temperate areas, causing periodic Harmful Algal Blooms (HABs). It produces a wide array of palytoxin-like compounds named ovatoxins (OVTXs), with OVTX-a generally the most abundant congener. Despite numerous cases of human poisonings and environmental damage associated with the presence of OVTXs and O. cf. ovata proliferations, a complete characterization of the toxicity of this class of molecules cannot be performed until Reference Material (RM) for individual congeners is available. This, in turn, requires the availability of sufficient amounts of toxin at a high purity grade. To achieve this goal, herein an analytical re-evaluation of critical-steps of OVTX-a isolation from O. cf. ovata cell pellets is reported. The overall procedure consists of four steps, namely an extraction, a Medium Pressure Liquid Chromatography (MPLC) separation, and two preparative High Performance Liquid Chromatography (HPLC) steps. Particular attention was paid to the extraction step to evaluate the repeatability in OVTX-a yields. For subsequent steps, loading sample preparation and chromatographic conditions were refined. As a result, a significant increase in recovery yields (from 12.5 to 20 ± 3%) and in purity grade (from 51% to 94%) of the isolated OVTX-a was achieved in comparison to previous studies. The improved procedure can easily be applied to isolate sufficient quantities of a good candidate RM for OVTX-a.

Exploring Financial Risk Management: A Qualitative Study on Risk Identification, Evaluation, and Mitigation in Banking, Insurance, and Corporate Finance

The research aims to analyze existing scholarly works to gain insights into risk identification, evaluation, and mitigation strategies. The methodology involves a comprehensive literature search using academic databases such as PubMed, JSTOR, Scopus, and Google Scholar. Inclusion and exclusion criteria are applied to filter relevant sources, and data collection involves reading and critically appraising each selected source. Thematic analysis is employed to identify key findings, themes, and theoretical frameworks. The synthesized findings reveal the importance of risk identification as a fundamental step in effective risk management, encompassing various risks such as credit, market, liquidity, operational, and systemic risks across different sectors. Risk evaluation techniques, including quantitative methods such as value-at-risk modeling and scenario analysis, are crucial for assessing risk impact and likelihood. Risk mitigation strategies, such as financial derivatives, reinsurance, and corporate governance mechanisms, are essential for minimizing risk exposure and enhancing organizational resilience. Challenges such as cybersecurity threats, regulatory complexities, and climate change risks present significant obstacles to risk management. The study highlights the need for integrated risk management approaches that consider emerging threats and uncertainties, promote regulatory cooperation, and leverage technological innovations.

Islamic Management and Risk Management Applications in Pesantren Based on Waqf

Waqf-based educational institutions are currently still in the "low" category, according to Indonesia's National Waqf Index (IWN) report. In this case, pesantren is an educational institution that was mostly established with waqf assets and has recently experienced fairly good development; pesantren are also categorized as waqf-based schools and were established by nadzir to waqf managers, currently totaling 26.23% of the total number of schools in Indonesia. This waqf-based school still has shortcomings in its management, as seen from its small development. The relatively low number of the National Waqf Index (IWN) occurs because philanthropists currently do not see good results from waqf management. Of the various purposes for which waqf assets are allocated, pesantren is one of the choices for which nadzir can endow their assets. However, there are still many obstacles found in management, and in general, they must be overcome by waqf managers. The method of analysis in this research uses descriptive literature analysis and primary data from semi-structured interviews in the in-depth interview category. Moreover, the results of the analysis found various important principles and steps of risk management according to Islam. They included the benefits of risk management for waqf-based pesantren by applying Islamic management and risk management. The implementation uses the principles of Islamic management and applies the initial planning stages of risk management. Pesantren must also follow the development of government schools so that they can compete and walk together for the advancement of education.

Integrating risk management and earned value framework to detect early warning signs – Case study

The construction industry, renowned for its inherent risks, faces challenges stemming from diverse factors such as conflicting stakeholder objectives and environmental fluctuations. To address these uncertainties, Risk Management (RM) procedures serve as preemptive measures to alleviate the impact of potential risks. This research introduces an integration framework that amalgamates principles of risk management with the earned value technique, specifically tailored for managing mega infrastructure projects in Kuwait. Through an expert panel, key risk elements are identified, forming the basis for a comprehensive risk mitigation strategy. The application of the earned value technique throughout the project construction phase enables real-time monitoring and prediction of project performance indicators. The periodic integration of RM principles and earned value applications provides valuable insights into project management, emphasizing the necessity of completing all risk management steps, garnering top management support for innovative techniques, and integrating project staff into management processes. This study underscores the significance of employing risk management and earned value techniques as crucial indicators for monitoring and enhancing project performance.

Data-Driven Approach to Risk Identification for Major Transportation Projects: A Common Risk Breakdown Structure

Identifying and evaluating risks is one of the most essential steps in risk management in construction projects. When technical and managerial complexity increases in major transportation projects, this becomes even more important. Currently, project teams are assumed to identify risks mostly based on their experience and expertise. It is a major issue that some state departments of transportation (DOT) project teams lack the risk management experience. This study proposes using a data-driven approach to unify and summarize existing risk documents to create a comprehensive risk breakdown structure (RBS). As a preliminary risk identification framework, a consolidated RBS were developed, using content analysis of public risk reports by various DOTs. Then, comparison was made between the developed RBS with 70 US transportation projects' risk registers. Natural language processing techniques, bidirectional encoder representations from transformers, were employed to calculate semantic text similarity to determine what percentage of risks are covered by generic RBS. The results showed that 70 generic risk templates cover almost 81% of the identified risks in the database of 70 major projects which is about 6000 individual risks. Project parties can use these results to discuss and identify context-specific risks as a starting point. The study also determined the interactions between risk items based on their co-occurrence using historical data. Research findings revealed the importance of considering interdependencies between risks in future studies.

Sensitivity analysis for a participatory approach to enhance the climate resilience of Venice, Italy.

Increases in the magnitudes and frequencies of climate-related extreme events are redistributing risk across coastal systems, including their environmental, economic, and social components. Consequently, stakeholders (SHs) are faced with long-term challenges and complex information when managing assets, services, and uses of the coast. In this context, SH engagement is a key step for risk management and in the preparation of resilience plans to respond and adapt to climate change. This paper develops a participatory method to identify and prioritize a set of risk measures, combining multi-criteria analysis with sensitivity analysis. The process involved local and regional authorities of the Veneto region testing the method, including national, regional, and local government, catchment officers, research organizations, natural parks managers and Non-Governmental Organizations (NGOs). SHs identified and ranked a range of adaptation measures to increase climate resilience, with a focus on coastal risk in the Venice lagoon. Results demonstrate that the sensitivity analysis provides useful information on how different sectors of expertise can influence the ranking of the identified risk management measures, highlighting the value of investigating the preferences or priorities of different SH groups within the definition of adaptation plans.

Management of the Risk of Blue-Green Algae Blooms in the Iskar Dam for Drinking Water Quality of Sofia City

The introduction of systems for ensuring quality and safe drinking water and risk management is the World Health Organization (WHO) good practice introduced as a legislative requirement for all water supply organizations (Directive EU 2020/2184) on the quality of water intended for human consumption. A specific object of this research is the implemented risk assessment and management system, part of the drinking water safety plan for Sofia city. The water supply system from the water source to the end user, operated by Sofiyska voda JSC and part of Veolia, was analyzed. The hazards and risk events were reviewed for each component of the system—the catchment, water source, supply water pipes, drinking water treatment plants (DWTPs) and distribution water network. The results of the risk evaluation show that the risk of an algal bloom falls from medium risk, with a value of 36 in 2018. This risk was new for the Iskar Dam—the main water source for Sofia city. The purpose of the current study is to analyze the risk of blue-green algae blooming and the potential release of toxins in the Iskar Dam. A data analysis of phytoplankton counts, temperature of the water in the dam, precipitation, algal diversity and quantity of microcystins for a period of three years shows that there is a low probability of algae blooming. The concentration of microcystin LR was below 0.6 µg/L and of microcystin YR was below 0.1 µg/L. The highest phytoplankton count was 70,000 cells/mL in 2018, and it decreased to 30,000 cells/mL in 2020. The impact of the risk of “blue-green algae blooms in the Iskar Dam” is assessed as moderate (3) and that has not changed between 2018 and 2022. The likelihood of occurrence of this risk decreased from possible (3) to unlikely (2) after risk reassessment, and the current control effectiveness changed from weakly controlled (4) in 2018 to well controlled (2) in 2022, because more risk management actions were included in Sofiyska voda JSC. The results of the risk evaluation show that the risk of an algal bloom falls into the low-risk category with a value of 12, after measures were considered and a reassessment. As a preventive measure for better management and risk minimization, it is necessary to continue monitoring the phytoplankton count, species composition, concentration of algae toxins (microcystin LR) and nutrients in raw water from the Iskar Dam. This research has added value to the global database for surface water sources intended for human consumption and is focuses on a potential problem, valid for agricultural as well as for urban territories rich in diffused sources of pollution. The specific risk evaluation and management steps could be used and adapted by other water supply companies.

Manajemen Risiko Teknologi Informasi Aplikasi E-Office ASN Menggunakan ISO 31000:2018

In carrying out the task of government affairs at Diskominfosanditik Sumedang Regency, an E-Government system is implemented, namely the ASN E-Office application which is a website-based and mobile-based application with a minimum specification of Android 4 which is used by all ASN (State Civil Apparatus) consisting of PNS (Civil Servants) and PPPK (Government Employees with Work Agreements) in Sumedang Regency. With this application, there may be threats and attacks including vulnerabilities that pose a risk, which disrupt the process of using the application. Therefore, the researcher decided to conduct information technology risk management research as a handling and protection of the application by applying the risk management process from ISO 31000:2018 where any information needed in this research was obtained from internal sources at Diskominfosanditik Sumedang Regency. This research was conducted in the informatics section and resulted in 14 possible risks consisting of 3 risks with high levels, 2 risks with medium levels, and 9 risks with low levels. From the GAP measurement, there is a difference that the need for risk measurement as the first step for risk management.

Risk Identification Model for Lean Manufacturing Improvement

Small- and medium-sized manufacturing enterprises (SMEs) were confronted with a variety of difficulties due to the increasingly complex market environment, and many of them could not make enough profits to proceed with their manufacturing tasks. The objective of this study was to develop a model of risk management by integrating several risk tools at manufacturing companies. This study was also intended to improve the decision making by providing quantitative analysis at each step of risk management and improve lean practices. Risk quantitative analysis methods such as failure modes and effects analysis (FMEA) and multi-objective optimization on the basis of ratio analysis (MOORA) were applied in this study to identify the potential risks. Moreover, the risk assessment was used to categorize risks into different severity levels. The manufacturing data obtained from a case study was utilised to calculate the risk priority number (RPN). The risk mitigation actions were formulated to reduce the original RPN and the final RPN value decreased to a normal standard in the end. Overall, this study optimised the risk management of one case study SME and improved lean manufacturing practices. By establishing the risk identification model and applying common lean manufacturing concepts in reducing wastes at actual manufacturing processes, the manufacturing enterprise could manage to optimize the operations and increase the actual manufacturing productivity. The machining and assembly processes of diesel engines were optimized and improved with the decrease of RPN and the selection of the CK6150 CNC lathe that owns the highest MOORA assessment value.

The Influence of Risk Management and the Strategic Planning on Sustainable Business Performance of SMEs: The Case of Palestine

Abstract Small and medium enterprises are considered as one of the most important sectors in the development of the Palestinian economy. The purpose of this paper is to explore whether risk management and strategic planning have a significant positive influence and to assess the influence of their applications on the sustainable business performance of SMEs in Palestine. A combination of qualitative and quantitative approaches was adopted; secondary data were obtained by a theoretical presentation of previous literature, and primary data was collected by a specific questionnaire. This was done through a random sample of (fifty) questionnaires distributed to owners or managers of SMEs in Palestine. In order to answer the study question, the researcher followed the analytical descriptive approach using SPSS and tested three subquestions which were clarified in the study. This paper’s results revealed that risk management and strategic planning have a significant positive influence on the sustainable business performance of SMEs in Palestine. Furthermore, not all Palestinian SMEs’ managers use strategic planning and risk management steps since most of them have family businesses that are suffering from a lack of management steps and improper management styles, where most of them tend to use an autocratic management style. Therefore, the researcher recommended SMEs’ managers should think and use strategy in their daily operations and use risk management practices to protect their financial resources so they can attain superior sustainable business performance.

Using cased based reasoning for automated safety risk management in construction industry

The purpose of this study is to develop a CBR-based platform that integrates all steps of safety risk management (SRM) for the realization of automation in construction safety risk management. To realize this purpose, accident data from 2015 to 2020 in China has been collected and analyzed. Based on the collected data, this study adopts system thinking and stakeholder theory to establish an accident attribute system for accurate and comprehensive case representation, which was usually ignored in the previous study. Following case representation, the development process of case-based reasoning (CBR) is introduced in detail. The core of CBR—case retrieval is designed with the k-Nearest Neighbor (k-NN) algorithm and rough set theory to improve retrieval accuracy. In terms of case reuse and revise, a hybrid risk response model based on historical experience and risk factor control is proposed. Finally, the practical application of this study is illustrated with a specific construction project. The findings of this study confirm the feasibility of machine learning in improving safety performance at construction sites. Construction accidents can be effectively prevented by identifying the potential safety risks, and employing on-site management.

Osh risk management of tank sinking procedure using bow tie analysis on the construction of a shell gasoline station in Surabaya

Introduction: The rate of work accidents in the construction sector is still high. Such a situation has led to the need for risk management in the area of Occupational Safety and Health (OSH). This study is aimed at finding the OSH risk management of the tank sinking procedure using Bow Tie Analysis method in the construction of a Shell Gasoline Station in Surabaya. Methods: This is a qualitative descriptive study with case study design. The subjects of the study were the employees of PT Usaha Jaya Engineering who worked on the Tank Sinking procedure in the construction of a Shell Gasoline Station in Surabaya with the minimum service period of 2 years and with a total number of 7 people. Data collection was executed using primary data derived from interviews and field observation as well as secondary data in the forms of supporting documents from the company. Results: As many as 9 hazards were found in the tank sinking procedure in the construction of a Shell Gasoline Station in Surabaya. These hazards were caused by 5 factors, i.e., human, machine/equipment, method, material, and environment. The possible consequence of such hazards is that the employees may experience light to serious injuries and even fatality. Prevention and mitigation measures might be implemented in 4 hierarchical steps of risk management, i.e., substitution, technical management, administrative management, and personal protective equipment (PPE). This study found 6 escalation factors and the barrier of escalation factor in the tank sinking process. Conclusion: The tank sinking procedure in the construction of a Shell Gas Station in Surabaya was a job with risks of work accident. Prevention and mitigation measures derived from the Bow Tie analysis might be implemented to prevent work accidents from occurring.

Cybersecurity Risk Assessment: A Systematic Mapping Review, Proposal, and Validation

Incorporating technologies across all sectors has meant that cybersecurity risk assessment is now a critical step in cybersecurity risk management. However, risk assessment can be a complicated process for organizations. Therefore, many authors have attempted to automate this step using qualitative and quantitative tools. The problems with the tools and the risk assessment stage in general are (1) not considering all the sub-steps of risk assessment and (2) not identifying the variables necessary for an accurate risk calculation. To address these issues, this article presents a systematic mapping review (SMR) of tools that automate the cybersecurity risk assessment stage based on studies published in the last decade. As a result, we identify and describe 35 tools from 40 primary studies. Most of the primary studies were published between 2012 and 2020, indicating an upward trend of cyber risk assessment tool publication in recent years. The main objectives of this paper are to: (I) identify the differences (reference models and applications) and coverage of the main qualitative and quantitative models, (II) identify relevant risk assessment variables, (III) propose a risk assessment model (qualitative and quantitative) that considers the main variables and sub-stages of risk assessment stage, and (IV) obtain an assessment of the proposed model by experts in the field of cybersecurity. The proposal was sent to a group of 28 cybersecurity experts who approved the proposed variables and their relevance in the cybersecurity risk assessment stage, identifying a majority use of qualitative tools but a preference of experts for quantitative tools.

Exploratory Analysis of Risk Management Process of UAE Police Department

Risk control and management are becoming increasingly important in many organisational operations. It goes beyond the business sector to include security organisations like police departments. The fact that police officers engage in a widerange of daily activities that expose them to a variety of potentially hazardous situations Police risk management includes both physical and financial aspects. Risk identification is the first step in the risk management process, followed by risk analysis, risk evaluation, and risk treatment. According to the literature, the Dubai Police Department has no framework in place to fully manage risks and evaluate the effectiveness of police operations. Early warning systems are critical for detecting potential severe RM because police departments must rely on them to manage risks and keep track of any potential new risks. As a result, the UAE police department's risk management strategy was investigated in this paper. It classified the data collection process using exploratory factor analysis, which wasa quantitative approach. A self-administered survey yielded 381 valid questionnaires from Dubai Police Department officers. The study's findings revealed that risk identification, risk analysis, risk evaluation, and risk response are the four fundamental steps of effective risk management. The Crobach Alpha test was used to assess the consistency and reliability of the data, and the result was 0.814, indicating that the data is suitable for use. Only one of the twenty indicators, which were divided into four groups for risk management, was weak according to outliers and communalities tests. The risk management process was accurately described by another 20 factors. Total variance extraction yielded a rate of 57.130 percent, which was higher than the required 50%. As a result, the risk management procedure investigated in this study may be useful for effectively managing risks in the UAE police force.

Determining the effect of urbanization on flood hazard zones in Kahramanmaras, Turkey, using flood hazard index and multi-criteria decision analysis.

Floods are the most destructive natural hazard throughout the world. Identifying flood hazard zones is the first step in flood risk management. Land use changes, especially urbanization, is the key factor in the destructiveness of flood events and change in flood risk. Therefore, determining the effect of urbanization on the changes in flood hazard zones presents a valuable data for effective flood risk management and urban development planning. In this context, the aim of this study is to reveal the effect of urbanization on flood hazard zones in Kahramanmaras city. In this study, an index-based approach was used to identify the flood hazard zones. To calculate a flood hazard index, the susceptibility map was multiplied by the land use map by using the raster calculator tool in the ArcGIS. The susceptibility map was generated by combining the maps of flow accumulation, distance to stream, slope, and elevation parameters based on parameter weights obtained from the analytical hierarchy process (AHP) method. Two land use maps for the years 1990 and 2018 were separately overlaid with the susceptibility map to reveal the effects of urbanization on flood hazard zones. According to the results, it was found that very low, low, and moderate hazard zones decreased by 0.01%, 0.09%, and 1.2%, respectively whereas the high and very high zones increased by 3.30% and 0.58%, respectively due to urbanization. It was also determined that the main reason for the increase in the high zone was the expansion of urban areas into agricultural areas in the study area.

A conceptual framework for risk management in aquaculture

Aquaculture is considered a high-risk industry in which the heterogeneity of the productions hinders the development and application of risk management. However, risk sources have still received little attention in aquaculture research. The present study aims to provide a framework of the main risk sources perceived by aquaculture producers. Firstly, we conceptualize the different dimensions and typologies of risks. Then, we integrate the main risk sources into a comprehensive framework based on a review of the literature providing empirical evidence on aquaculture producers’ risk perceptions in different countries and aquaculture productions. Finally, the opinion of a panel of independent experts provides the vision of other relevant stakeholders in the value chain. This process allowed us to present a picture of risks in the aquaculture industry, consisting of eight risk categories, 19 risk types and 40 risk sources. The most relevant sources of risks for producers in the internal dimension are those related to operations (fingerlings, feeding, seeding and harvesting). In the external dimension, market risks (price variability, inputs price, and changes in demand) and production risks (climatic shocks and diseases) stand out. The perceptions of the stakeholders consulted highlight that producers tend to underestimate important risks, such as regulatory or financial ones. This picture provides a useful risk framework for policy makers, producers, scientists and other stakeholders to address such an essential first step in risk management and governance, the identification of risk sources.

A spatial model for coastal flood susceptibility assessment using the 2D-SPR method with complex network theory: A case study of a reclamation island in Zhoushan, China

Coastal floods are the type of marine disaster that causes the greatest economic losses in coastal areas of China, especially in the current context of global climate change. Mapping the spatial distribution of coastal flood susceptibility is a prerequisite for coastal flood risk analysis, and an important step in risk prevention and management. Based on the actual coastal flood propagation process, this study uses a 2D-source–pathway–receptor (2D-SPR) model to construct a complex network for coastal flood susceptibility analysis. In addition, it uses the decision-making trial and evaluation laboratory (DEMATEL) method and the technique for order preference by similarity to an ideal solution (TOPSIS) multi-attribute decision-making method to calculate the importance of each unit in the system, namely centrality Mi which ranges from 0.0716 to 4.3524, with a higher value indicating a higher importance. Finally, the spatial distribution of coastal flood susceptibility is drawn with ArcGIS software. For a clearer display, we divide the data into 12 levels according to the natural breakpoint method, and it can be seen that coastal flood susceptibility of different regions varies greatly. The classification results have obvious regularity, overall, open-land areas or parks, waters and southeast side have relatively higher values, which belong to the higher susceptibility area among the 12 levels. From the perspective of the integrity of the geographical unit, 15 locations including unbuilt areas and water areas are identified to have high flood susceptibilities relative to the mean values of all the areas. This study fully considers the hazard formation process of coastal floods, especially the complex interaction between hazard sources and receptors. These findings provide a new perspective for the rapid, objective assessment of coastal flood susceptibility.

Study of Failure Risk Factors for Residential Infrastructure Buildings

Purpose: The risks and uncertainties of construction projects have the potential to cause damage to construction projects. Risk analysis and management are the main features of construction project management to effectively deal with uncertainties and unexpected events to achieve project success.
 Design/methodology/approach: Some pertinent risk variables for each classification are six internal, four project risk factors, and four external. Researchers detected 14 external risk factor reasons, 36 internal risk factor causes, 16 project factor causes, and 36 external risk factor causes.
 Findings: Researchers suggest project risk management through this study by implementing overall risk management. A properly executed project plan and identified risks as early as possible at a later stage turn into success. Managing risks does not mean avoiding them but identifying them correctly to determine all associated opportunities and hazards for project success.
 Research limitations/implications: A good risk management approach anticipates the risk of building failure. It can happen in residential infrastructure projects. The first step in risk management is to study the risk factors for the loss of residential infrastructure buildings. Following an analysis, the project manager generates recommendations or plans for risk reduction in response to the primary risks in infrastructure projects.
 Originality/value: This paper is original
 Paper type: Research paper

Manajemen Risiko Untuk Meminimalisir Masalah Perusahaan

Manajemen Risiko Untuk Meminimalisir Masalah Perusahaan

The evergreen process hazard analysis: An essential next step

AbstractThe evergreen process hazard analysis (PHA) is an essential next step in hazard identification, risk analysis, and process safety risk management. The evergreen PHA addresses weaknesses in PHA practices that allow the facility PHA to degrade and become out‐of‐date during the periods between 5‐year revalidations. This degradation in the PHA has the potential to elevate safety risk in the facility. This paper outlines prerequisites and initial steps that support moving to evergreen PHA. Initial steps include developing the document flow process, establishing triggering events, and defining the PHA protocol for interim PHA studies. A phased approach for implementing evergreen PHA is outlined. Challenges and barriers, real and perceived, are discussed along with solutions. The implementation of a well‐designed and maintained evergreen PHA process not only supports better awareness of hazards within the facility but also allows for continual improvement of the PHA. Five‐year revalidation efforts may be reimagined and refocused to be more effective and to use resource time more efficiently. These benefits can ultimately contribute to safer and more reliable operations.