Use Of Risk Management Research Articles

Rendimiento de la cartera como componente satisfactor de la improductividad: evidencia estadística en Mutualistas

This study examines portfolio performance management as a strategy to mitigate unproductivity in mutual institutions. Using Spearman correlation models and decision trees, significant relationships between different types of loans and their impact on non-performing assets are identified. Findings reveal a strong correlation between refinanced and restructured loans, indicating their joint use in risk management. Additionally, microcredit and real estate loan portfolios emerge as key determinants of institutional financial health. Simplified decision tree models, while sacrificing some precision, aid in identifying critical factors. These results highlight the importance of integrated strategies and diversification in portfolio management to enhance financial stability and reduce risks.

Use of Risk Management to Support Business Sustainability in the Automotive Industry

Today’s companies operate in a dynamic, constantly evolving, and highly competitive environment. The globalization of markets has significantly changed the economy, where companies operate within increasingly complex supply chains. The ever-increasing expectations of customers and company stakeholders, as well as the need to incorporate a comprehensive approach to the life cycle of manufactured products in corporate strategies, expose companies to a whole range of risks. The research was based on the need of organizations operating in the (automotive) industry to manage the dynamics of the business environment. This was accomplished using an appropriate model that, through its universality, would help to ensure the effective risk management in a holistic approach, protecting their performance and meeting the needs of the relevant stakeholders. The main idea of the research was to create and implement a dynamic model of risk management in the environment of a production organization based on the use of available methods such as SWOT, PESTLE, brainstorming, affinity diagrams, risk matrix, SIPOC diagram, risk, and the results of questionnaire surveys. The research was conducted in two directions: (1) designing the structure of the dynamic risk management model for the strategic management process; and (2) verifying the effectiveness of the proposed model in specific cases and evaluating the technical and economic benefits. To support the dynamics of the model, three basic management tools have been proposed: process review, internal audit, and management review, enriched with features that support the concept of risk-based thinking.

Evaluating the Knowledge for Integrating RM and VM Using BIM in the Iraqi Construction Sector

The construction industry plays a crucial role in the countries' economy, especially in the developed country. This point encourages the concerned institution to use new techniques and integrate many techniques and methods to maximize the benefits. The main objective of this research is to evaluate the use of risk management, value management, and building information modeling in the Iraqi construction industry. The evaluation process aims at two objectives. The direct objective was to evaluate the knowledge in risk management (RM), value management (VM), and building information modeling (BIM). The indirect objective was to support the participants with information related to the main items mentioned. The questionnaire survey was used as a data collection method. The participants in the survey were engineers from the Iraqi construction sector. The sample size was 121 engineers from 34 institutions with multidisciplinary backgrounds. The results showed that the engineers need to develop the training system and merge many methods and techniques in their institution to maximize the benefits using an integration model capable of dealing with the variable environment in construction, especially in developing countries like Iraq.

Trusted and open corporate data: Why adoption of the LEI/vLEI is key to enhancing risk management practices in the face of rapid digital transformation

As financial institutions increase their participation in the global digital economy, huge opportunities emerge: more efficient and accurate ways to fight fraud and crime through automated processes and real-time industry collaboration and action; the disinhibition of capital flows needed to fuel economic development; the growth of broader and trusted cross-border customer bases, partner networks and supply chains; and, as will be explored more fully through the presentation of a use case, the capability to advance environment stewardship. These are just some of many possibilities, yet new threats materialise as companies digitise and digitalise. Many are connected to the challenge of identity management and verifying the authenticity and integrity of associated entity reference data in digital environments. How do organisations verify the legitimacy of who they are interacting with online? Can they trust the origin and integrity of digital data associated with customers, partners and other stakeholders, and that the data they do have is current and accurate? Here, the Legal Entity Identifier (LEI) together with its digitally verifiable counterpart, the vLEI, can play a crucial enabling role. This paper examines the opportunities and risks that financial institutions face as they embark on digital transformation programmes. It explores the importance of high quality, verified and open legal entity data to enhanced risk management practices. An outline is given of how a universal ISO entity identification standard, the LEI and its digital counterpart, the vLEI, can be used to: verify the identity of companies, their corporate organisational structures and their authorised executives; and to connect an organisation to verified business data, other identifiers, company reports and multiple data sources. A risk management use case will be presented –— the use of the LEI as an environmental, social and governance data connector — to show how the LEI and vLEI can be harnessed by financial institutions to inform better business decision making and create enhanced, even automated, risk management practices within increasingly digital corporate ecosystems.

Assessing the Accuracy of ChatGPT Use for Risk Management in Construction Projects

Artificial Intelligence (AI) is considered promising digital technology that has important opportunities for enhancing project oversight and delivering improved decision-making in the risk management domain. However, there is a limited amount of research that has evaluated AI tools’ performance in risk management. Therefore, with the intention of sustaining more accurate risk-based decision-making process in the construction industry, this paper investigates the accuracy of ChatGPT in risk management for different project types. In this context, Key Performance Indicators (KPIs) related to each risk management sub-process were determined, and then a questionnaire that consisted of prompt templates was prepared for collecting data from ChatGPT. Afterwards, ChatGPT’s responses were evaluated by experts with focus group sessions. The findings indicate that ChatGPT has a moderate level of performance in managing risks. It provides more accurate knowledge in risk response and risk monitoring rather than risk identification and risk analysis sub-processes. This research paves the way for future studies by demonstrating an implication of ChatGPT use for risk-based decision making. In addition, gaining insight into the precision of ChatGPT in the risk-based decision-making process will empower decision-makers to establish resilience in business operations through technology-driven risk management.

Bezpečnosť - Riziká a ich vplyv na plnenie úloh ozbrojených síl Slovenskej republiky

The ambition of this scientific study is to highlight some of the current security risk issues. The author relies on the results of his own research within the Armed Forces of the Slovak Republic. The choice of analytical levels of interconnection of security theory, risk management and other knowledge from the military environment led to mutual interaction and synergy. The aim of this analysis is to describe the possibilities of implementing risk management into the processes of the Armed Forces of the Slovak Republic. For practical purposes, basic steps for implementation of current knowledge in the field and classical approaches for elimination of security risks. In this way, an overview and comparison with the latest approaches that introduce the given knowledge and skills into the training of new professionals is provided. The research also includes an assessment of the current state of the use of risk management in practice and the subsequent publication of recommendations for management and military practice.

Efektivitas Penerapan Manajemen Risiko Pada PT. Indofood Sukses Makmur

The field of science called risk management discusses how an organization can apply various management approaches in a comprehensive and systematic way to describe various existing problems. An enterprise is protected against significant risks through the use of risk management. Risk management is very important because it can prepare a company to face situations that can cause losses. There are several risk categories that can be tolerated. Small hazards are usually ignored, while major hazards must be avoided with the right plan. This research uses qualitative methods. Qualitative research is an approach based on the philosophy of postpositivism, which studies the state of natural objects. This study uses a literature study method to analyze the data. The risks that occur at PT Indofood are the risk of the COVID-19 pandemic, food safety risk, risk of rising commodity and raw material prices, competition risk, global warming and climate change risk, sustainability risk, and cyber security risk. From the results and discussion above, it can be concluded that PT Indofood Tbk has been effective in implementing risk management in various existing divisions

Applying a Risk-Based Approach to Health Facility Management

The article discusses potential applications of a risk-based approach to health facility management. The study analyzed various management models, as well as process-oriented and project-oriented management systems, the use of risk management, quality management standards, lean technologies (lean manufacturing), and scorecard interfaces (score ratings). The article presents the results of applying risk analysis, which was developed using balanced scorecard approach that describes activities of a health facility. It was found that the balanced scorecard approach and scoring calculations enable risk level assessment in a health facility to classify risks by work areas and take suitable measures to mitigate or prevent them.

Measurement the Economic Efficiency and Risk Management Strategy for Projects of Table Eggs Production in Diyala Governorate

Purpose: The aim of the research is to estimate the cost efficiency and technical and Allocavtive components of egg production projects and to identify risk management strategies. Theoretical framework: These include Data Envelopment Analysis Program (DEAP), a method of linear programming in estimating the economic efficiency in addition to strategic use in risk management. Design/methodology/approach: The data was collected from 44 egg chicken projects, collected randomly from Diyala county districts for 2018, for achieving economic efficiency of agriculture and risk management strategic for projects of table egg production . Findings: by using of Data Envelopment Analysis with a input orientation. technical efficiency about averaged 0.995, which is highly efficient,. Allocavtive efficiency was 0.99. By linking the relationship between economic efficiency and some administrative variables, some of which are direct and inverse. Practical & Social implications: The study benefits table egg producers, including their knowledge of the optimal use of resources for the actual use of resources through the study of economic efficiency. The study showed how to deal with risks in their projects. Outside the farm, the coping strategy to face risks is in lending, and thus this study is used at present and in the future in these investment projects.. Originality/value: That the poultry sector is an investment and commercial sector, it is necessary to study the resources efficiency used and because it contains risks, so a strategy must be developed to protect the product from these risks.

The Relationship Between the Risk Disclosure and Risk Management Committee on Banks Value: Empirical Evidence From Jordan

Purpose: Government levels may better fulfill the expanding expectations for public service governance, performance management, and accountability with the use of risk management backed by an integrated management accounting and control system. To explain how the risk management committee and risk disclosure affect bank value, this paper draws on agency theory and signaling theory, by using the market to book ratio (MTBR) to measure bank value. Theoretical Framework: This article explains how the characteristics of risk management committees (RMCC) (size, independence, qualifications, meetings, executive membership, expertise, and dual membership) and voluntary risk disclosure influence each other on the value of Jordanian banks from 2014-2021. Design/methodology/approach: The descriptive statistics of risk disclosure practices were calculated by the study sample using data from 18 banks collected between 2014 and 2021. The study variables' observations have an unbalanced distribution as well. 120 observations across all study variables are included in this paper. To calculate the bank value in this study, we use the Market to Book Ratio (MTBR). The regression analysis employed the multiple regression model. Findings: The results indicate that risk management committee qualifications in accounting or finance significantly negatively affect bank value, while other variables have a significant impact on the value of Jordanian banks, such as risk management committee expertise, risk management committee dual membership with the compensation committee, risk management committee independence, and executive membership in the composition of the risk management committee. Originality/value: This paper provides new empirical evidence in financial and accounting literature regarding the effect of the RMCC characteristics on Jordanian banks' value. Also, The main contribution of the paper is the discovery that the influence of an RMCC tends to encourage more disclosure of risk management to minimize risks.

The role of risk management to ensure the quality of educational process in higher education institutions

The article contains an analysis of the research of domestic and foreign scientists in the field of strategic management and quality assurance in higher education institutions, with the use of risk management, analysis of the processes of higher education institutions. The conditions and main problems for successful strategic management are identified, which significantly affect the quality of the organization of the educational process at the university. Strategic management includes monitoring the activities of departments, evaluating the effectiveness and efficiency of the activities of departments and their interaction, improving internal regulatory documents, regular collection and analysis of data on the internal and external environment, risk assessment and management, development of indicators and a strategic plan and monitoring their implementation. The use of the above elements will allow us to develop a system for managing the quality of the organization of the educational process in higher educational institutions. The authors present a model of university processes in strategic planning, as well as identify the problems and processes of modern strategic planning in universities.

Digital transformation of occupational medicine

An overview of the architecture, regulatory documents and Internet sources on the digital transformation of occupational medicine, state IT platforms, the architecture of interdepartmental, interdisciplinary information interaction of IT systems, the formation of large user data, the use of risk management in functional personalized 4P medicine is presented. The principles of the formation of a unified information and analytical system “Occupational Medicine” are described.

Risk management in the system of state management

The article is aimed at a comprehensive study, generalization and detailed analysis of scientific and practical information, risk management experience in the public sector. The author examines the experience of implementing a risk management system in the UK, the United States of America, their features and the main directions of development in the public sector. The study identifies the main components, stages and requirements necessary for the use of risk management in public administration. The article examines the regulatory framework of the Republic of Kazakhstan regulating the instruments of the risk management system at the level of strategic planning of public administration, and in the implementation of control and supervisory functions of state bodies. As a result of the study, the points confirming the low level of implementation and use of risk management tools in the public administration system of the Republic of Kazakhstan are indicated. The paper pays considerable attention to the main causes of risks characteristic of organizations operating in the public sector. The scientific novelty of the article lies in the formation of conceptual foundations for the introduction of risk management into the public administration system of the Republic of Kazakhstan. The introduction of risk management methods will increase the efficiency and effectiveness of decisions made by public authorities, and become an important component of the strategic development of public administration. The author, using the methods of system analysis, such as generalization, scientific abstraction, comparison, analysis, identified the main problematic issues of implementing risk management in the public administration system of the Republic of Kazakhstan. In the future, the results of the study can be used as a scientific and methodological basis for training and advanced training of specialists in the field of public service.

Modeling of processes of creation and organization of bank employees qualification improvement courses using ARIS Express

The article analyzes the role of bank staff qualifications in the financial component of the banking system. The influence of the human factor on the activity of a banking institution is also analyzed. Crisis phenomena greatly affect every element of the banking sector, which encourages the use of risk management to respond to new realities. Under these circumstances, it is not necessary to forget about the bank's staff, providing them with opportunities to acquire knowledge and improve the level of qualifications in order to adapt to new realities. This approach will help to improve the professional and moral condition of employees even in crisis conditions of operation. In connection with the fact that some of the bank's employees are now in less safe working conditions due to the significant duration of air alarms and the high risk of missile attacks, the question arose, how can it be possible in the current conditions to ensure the opportunity to acquire new knowledge by taking qualification improvement courses. To solve the existing problem, the creation of an online course platform is proposed as an option that will provide the opportunity to take courses in a distance format. The process of creating, organizing and checking the effectiveness of courses was modelled using the ARIS Express program using special software tools. The online platform is an effective alternative for the bank and employees, as it will provide an opportunity to improve qualifications remotely at a convenient time and allow the bank's staff to stay in a safe place. The developed platform will be an indicator for checking the results of courses, will provide an opportunity for top management to monitor employees' grows to develop in this area. The creation of an online platform for training courses for bank employees will contribute to increasing the efficiency of the bank's work, which will become the basis for the development of professional skills of employees. The use of the proposed approach to improving the qualifications of bank employees will, as a result, have a positive effect on the economic indicators of the banking institution.

State of the ART? Two New Tools for Risk Communication in Health Technology Assessments.

PurposeOutcomes of health technology assessments (HTA) are uncertain, and decision-making is associated with a risk. This risk, consisting of the probability of making a wrong decision and its impact, is rarely considered in HTA. This hampers transparent and consistent risk assessment and management. The aim of this study was to develop risk communication tools in the context of health technology decision-making under uncertainty.MethodsWe performed a scoping review of tools for uncertainty and risk communication within HTA using citation pearl-growing. We developed two tools, drawing on existing publications on risk and uncertainty communication for inspiration. Individual semi-structured interviews with HTA stakeholders were performed to identify potential improvements in usefulness, user-friendliness, and information adequacy. Tools were amended and further evaluated in a real-world HTA and workshop with HTA stakeholders.ResultsThe identified risk communication tools did not include non-quantified uncertainties, and did not link to risk management strategies. We developed two tools: the Assessment of Risk Table (ART), for a summary of quantified and non-quantified uncertainties and the resulting risk assessment, and the Appraisal of Risk Chart (ARCH), for linking net benefit and risk outcomes to appropriate risk management strategies. Stakeholders appreciated the usefulness of the tools. They also highlighted that more information on local policy options was required for optimal risk management use, and HTA processes may need adapting.ConclusionThe risk communication tools presented here can help assess risk, facilitate communication between analysts and decision-makers, and guide the appropriate use of available risk management strategies.Supplementary InformationThe online version contains supplementary material available at 10.1007/s40273-021-01060-3.

Nitrous oxide emissions: Lonza will implement innovative solution before end of 2021

This final chapter summarises the content of the book. It focuses on the three major themes on which the book is based: (1) the needs for changing practice in transportation infrastructure management, (2) the use of risk management and adaptation frameworks, with associated decision support tools, and (3) the central role of water in the degradation and limitation of the performance of transportation facilities, assets and systems. Road and rail transportation and coastal zones are particular areas for attention in climate change adaptation. The chapter also outlines the needs for future research, development and innovation in developing a suitable methodology for the incorporation of climate change adaptation in the general stream of transportation systems planning and management. The major area for research is in the ongoing development of models and tools that can explicitly include climate factors and are thus suitable for adaptation studies. The major area for development of practice is in the adoption and adaptation of the available frameworks for climate change adaptation planning.

Thermal patterns of heat treated Anisakis L3-infected fishery products allow separation into low, intermediate and high risk groups of potential use in risk management

Anisakis third-stage larvae (L3) is moderately tolerant to heat and, to mitigate the risk of live L3 intake in cooked seafood, it is important to define with precision at which point after heat treatment the parasite is no longer infective. We aimed to find thermal patterns that allowed to classify fish sandwiches spiked with Anisakis L3 into “low” (100% probability of mortality), “intermediate” and “high” risk groups. For that, experiments with varying set temperatures and heating times have been performed in conditions of different external heating temperatures. Decision points to classify the samples into terminal nodes associated to different risk groups have been obtained with decision tree analyses and then confirmed with linear discriminant analysis. Separation into two (i.e. low vs high + intermediate risk) or three (i.e. low, intermediate, and high risk) distinct thermal patterns (98% and 95.9% correct classifications by cross-validation respectively) was achieved. These results refine heating conditions reported in the EU Regulation, since reaching 60 °C for 1 min in the thermal centre is not sufficient to kill all L3. However, when factors such as relative temperature of heating or time to reach the set temperature are taken into account, other thermal conditions are found that are equally safe in terms of Anisakis L3 inactivation. This, together with the description of “intermediate” and “high” risk groups can help in the risk identification and management, as well as in providing clearer recommendations to consumers.

Hybrid approaches of accident modeling for risk management in socio-technical systems

Statement of a problem. The increasing complexity in high-tech systems leads to potentially disastrous failure models and new kinds of safety issues. This led to the development of new approaches, for modeling accidents and risk management. In recent years, extended and hybrid approaches have been gaining popularity due to their effectiveness in decision-making for the design and operation of socio-technical systems. The proliferation of these approaches makes it difficult to select the appropriate approach for a particular system. Purpose. Conduct a comparative analysis of various hybrid approaches of accidents in complex systems, identify the strengths and weaknesses of each one, and study the feasibility of their use in risk management in socio-technical systems. Results. The paper analyzes the main approaches of accident modeling (FRAM, STAMP, failure tree, AcciMap) and their limitations in determining cause-effect relationships and dynamics of modern complex systems. New approaches to safety and accident modeling in sociotechnical systems are discussed, these approaches depend on combining several models into one hybrid approach: FuzzyFTA, FRAM-ANP, ACAT-FRAM, STAMP-HFACS, AcciMap-ANP, and SD-ET-FT-ANN. A review of hybrid approaches of accident modeling in complex systems and identify weaknesses and strengths, as well as the application field of each one of these approaches. Practical importance. This study will be a guide for researchers in the field of accident modeling and risk management in sociotechnical systems. It also concludes that it is necessary to use different approaches to risk management depending on the type of risk and the complexity of the system.

Analyzing common approaches of accident models for risk management in socio-technical systems

Statement of a problem. One of the main tasks today is to prevent accidents in complex systems, which requires determining their cause. In this regard, several theories and models of the causality of accidents are being developed. Traditional approaches to accident modeling are not sufficient for the analysis of accidents occurring in complex environments such as socio-technical systems, since an accident is not the result of individual component failure or human error. Therefore, we need more systematic methods for the investigation and modeling of accidents. Purpose. Conduct a comparative analysis of accident models in complex systems, identify the strengths and weaknesses of each of these models, and study the feasibility of their use in risk management in socio-technical systems. The paper analyzes the main approaches of accident modeling and their limitations in determining the cause-and-effect relationships and dynamics of modern complex systems. the methodologies to safety and accident models in sociotechnical systems based on systems theory are discussed. The complexity of sociotechnical systems requires new methodologies for modeling the development of emergency management. At the same time, it is necessary to take into account the socio-technical system as a whole and to focus on the simultaneous consideration of the social and technical aspects of the systems. When modeling accidents, it is necessary to take into account the social structures and processes of social interaction, the cultural environment, individual characteristics of a person, such as their abilities and motivation, as well as the engineering design and technical aspects of systems. Practical importance. Based on analyzing various techniques for modeling accidents, as well as studying the examples used in modeling several previous accidents and review the results of this modeling, it is concluded that it is necessary to improve the modeling techniques. The result was the appearance of hybrid models of risk management in socio-technical systems, which we will consider in detail in our next work.

Research some key risk factors in construction

The construction investment project is a collection of activities related to abandonment, expansion or renovation to develop, maintain or improve the quality of work or product or service for a while. One of the main characteristics of a construction investment project is the uncertain environment (potentially high risks). According to the statistics of the Department of State Inspection of Vietnam about the quality of construction works every year, about 0.28% ÷ 0.56% of construction projects have problems. To account for the above issues, there are many reasons related to the investors, designers, contractors, even objective conditions. Therefore, the analysis and giving exact causes of risks are of very high practical significance, and this is also an important basis for devising measures to minimize harm or prevent risks happening. This paper, therefore, attempted to assess the current use of risk management in Vietnam construction projects by an empirical survey. However, within the scope of this paper, the authors conduct a survey to assess some main risk factors, thereby building a relationship between risk management and factors by questionnaires Combined with the statistical processing methods. At the same time, from a research perspective on risks, it is considered in terms of forecasts and is preventable.