Traditional Risk Management Methods Research Articles

Using a weight of evidence approach to identify sources of microbiological contamination in a shellfish-growing area with “Restricted” classification

Shellfish-growing areas in rural catchments are occasionally affected by elevated faecal contamination from diffuse sources and may be subject to frequent harvest closures/classification downgrades. We combined traditional risk management methods based on sanitary surveys and monitoring of Escherichia coli in seawater and shellfish with faecal source tracking, bacterial source apportionment, and hydrometeorological modelling to determine the causes of elevated E. coli concentrations contributing to harvest closures in Papanui Inlet (Aotearoa New Zealand). These multiple lines of evidence were used to inform a weight of evidence assessment of bacterial contamination in the inlet. Ruminant livestock was estimated to contribute 80% of the faecal coliform loading. Concentrations of E. coli in seawater were low (≤ 87 MPN 100ml-1) whilst concentrations in tuaki/cockles/little neck clams (Austrovenus stutchburyi) occasionally exceeded the "Approved" classification limit (230 MPN 100g-1). The most frequent positive genetic markers in seawater were the seagull (Catellicoccus marimammalium) (54% of seawater samples), and in shellfish, the bovine and seagull markers (both 12.5% of shellfish samples). Solar radiation was negatively correlated with E. coli in tuaki. We found that the growing area is affected by faecal inputs from animal and, to a lesser extent, human (septic tank discharges) sources which elevate contamination to levels detectable in tuaki but not in seawater, particularly in the summer months. The innovative approach can enhance the management of shellfish-growing areas affected by intermittent contamination and enables more targeted action to reduce pollution to improve shellfish water quality.

Systemic risk management in India: An analytics perspective

The rapid changes in socio-economic and environmental factors worldwide have resulted in natural and man-made disasters becoming increasingly difficult to manage. The emergence of systemic threats that are cross-border, complex, ambiguous, and uncertain in nature, such as the ongoing COVID-19 pandemic, has made traditional risk management methods inadequate. Many countries, including India, are struggling to address the challenges posed by these systemic vulnerabilities, leading to unresolved policy and governance problems.This research emphasises the need for comprehensive and proactive risk management methods that can address the challenges posed by systemic vulnerabilities, rather than reactive and fragmented approaches. The research identifies crucial turning points in India's disaster management history and explores the prospects for improved disaster risk governance in the country. The report underlines good advances in disaster administration in India, but it also emphasises the need for more systemic development in overall disaster risk management. The research identifies key design principles for India's systemic risk management that can help improve disaster risk management. This understanding can aid in developing effective frameworks, policies, and strategies to control systemic disaster risks and align with major international objectives such as the Sustainable Development Goals and the Sendai Framework for Disaster Risk Reduction.

INVESTIGATING THE INTERRELATION OF COST RISKS IN LARGE-SCALE PROJECTS WITH A SYSTEM DYNAMICS APPROACH

Large-scale projects are considered the riskiest projects due to their multidisciplinary nature and complexity. The main risk factors include a high project budget, technical challenges during project implementation that did not exist before, continuous project change orders, and environmental factors governing them. On the other hand, the project manager sometimes cannot correctly manage project risks and solve problems by applying traditional approaches despite spending enormous resources. Limitations of traditional risk management methods based on separate consideration of the impact of each risk and not considering the interrelations of risks, causal relationships between them, and the dynamic behavior of risk factors during the project lead project managers to resort to new methods such as dynamic risk management and the interaction of risks. Therefore, considering the number and position of large-scale projects within Iran and their role in economic and technical development, the present study is essential. In this study, by presenting a classified list of risks of large-scale projects, risks interaction will be identified, and then using the obtained relationships, we will present a dynamic model with the interaction of all risk factors on each other.

INVESTIGATING THE INTERRELATION OF COST RISKS IN LARGE-SCALE PROJECTS WITH A SYSTEM DYNAMICS APPROACH

Large-scale projects are considered the riskiest projects due to their multidisciplinary nature and complexity. The main risk factors include a high project budget, technical challenges during project implementation that did not exist before, continuous project change orders, and environmental factors governing them. On the other hand, the project manager sometimes cannot correctly manage project risks and solve problems by applying traditional approaches despite spending enormous resources. Limitations of traditional risk management methods based on separate consideration of the impact of each risk and not considering the interrelations of risks, causal relationships between them, and the dynamic behavior of risk factors during the project lead project managers to resort to new methods such as dynamic risk management and the interaction of risks. Therefore, considering the number and position of large-scale projects within Iran and their role in economic and technical development, the present study is essential. In this study, by presenting a classified list of risks of large-scale projects, risks interaction will be identified, and then using the obtained relationships, we will present a dynamic model with the interaction of all risk factors on each other.

ERMOCTAVE: A Risk Management Framework for IT Systems Which Adopt Cloud Computing

Many companies are adapting cloud computing technology because moving to the cloud has an array of benefits. During decision-making, having processed for adopting cloud computing, the importance of risk management is progressively recognized. However, traditional risk management methods cannot be applied directly to cloud computing when data are transmitted and processed by external providers. When they are directly applied, risk management processes can fail by ignoring the distributed nature of cloud computing and leaving numerous risks unidentified. In order to fix this backdrop, this paper introduces a new risk management method, Enterprise Risk Management for Operationally Critical Threat, Asset, and Vulnerability Evaluation (ERMOCTAVE), which combines Enterprise Risk Management and Operationally Critical Threat, Asset, and Vulnerability Evaluation for mitigating risks that can arise with cloud computing. ERMOCTAVE is composed of two risk management methods by combining each component with another processes for comprehensive perception of risks. In order to explain ERMOCTAVE in detail, a case study scenario is presented where an Internet seller migrates some modules to Microsoft Azure cloud. The functionality comparison with ENISA and Microsoft cloud risk assessment shows that ERMOCTAVE has additional features, such as key objectives and strategies, critical assets, and risk measurement criteria.

RISK MODEL FOR ENERGY PERFORMANCE CONTRACTING IN CORRECTIONAL FACILITIES

ABSTRACT Energy performance contracting provides guaranteed minimum energy savings to building owners, enabling them to finance project costs using utility savings over the duration of the project. This has been an attractive project delivery method for organizations with reduced budgets for capital projects, particularly among correctional facilities which frequently have lengthy periods of deferred maintenance and ongoing building operations and maintenance concerns. This research builds on a previously developed project factors risk framework for energy service companies undertaking building retrofits. This paper proposes a risk analysis and evaluation model that includes quantitative, expert-based, and probabilistically derived information. Expected cost was used to evaluate risks over lengthy project life cycles and a new metric was developed for use in the model—expected life cycle value. Model results reveal that the most critical risk factors relate to the reduced availability of “low-hanging fruit” energy conservation measures, work scopes based on traditional design-bid-build procurement, unavailable or inaccurate facility information, facility age and current code requirements, and conducting the investment grade audit too quickly. The life cycle cost-based risk model employed in this paper is proposed as an advancement over traditional risk management methods, and it is expected to be applicable, with modification, across other municipal and state government subdomains, especially high security projects.

A Privacy-Preserved Analytical Method for eHealth Database with Minimized Information Loss

Digitizing medical information is an emerging trend that employs information and communication technology (ICT) to manage health records, diagnostic reports, and other medical data more effectively, in order to improve the overall quality of medical services. However, medical information is highly confidential and involves private information, even legitimate access to data raises privacy concerns. Medical records provide health information on an as-needed basis for diagnosis and treatment, and the information is also important for medical research and other health management applications. Traditional privacy risk management systems have focused on reducing reidentification risk, and they do not consider information loss. In addition, such systems cannot identify and isolate data that carries high risk of privacy violations. This paper proposes the Hiatus Tailor (HT) system, which ensures low re-identification risk for medical records, while providing more authenticated information to database users and identifying high-risk data in the database for better system management. The experimental results demonstrate that the HT system achieves much lower information loss than traditional risk management methods, with the same risk of re-identification.

The Value of Integrative Risk Management for Insurance Products with Guarantees

Insurance liabilities are converging with capital markets products (e.g. derivatives and securitizations), thereby increasing the demand for integrated asset and liability management strategies. This article compares the value‐added by an integrative approach‐based on scenario optimization modelling‐relative to traditional risk management methods. The authors present some examples of products offered by the insurance industry in Italy, and apply the results of the analysis to the design of competitive insurance policies.

Information Assurance

There are many approaches to assuring the confidentiality, integrity and availability of information assets. Most large organisations are now dependent upon integrated information systems, including linkages to systems and processes outside their direct control and often across international boundaries. The integration and interconnection of systems and networks provides new opportunities for launching IT-based attacks. An effective approach to information assurance therefore requires the assessment of evolving threats and a review of traditional risk management methods. New approaches for reacting to cyber threats and incidents must also be implemented. BT has a well-established Information Assurance Programme to address these concerns.