Way Of Risk Management Research Articles

Identifying risk management challenges in laboratories

Over the years, risk management gains significant importance in laboratories of every kind. The safety of workers, the accuracy and reliability of laboratory results, issues of financial sustainability as well as the protection of the environment play an important role in decision-making in both industry and services. In order a laboratory to be considered as reliable, safe, and therefore competitive, it is recommended to comply with the requirements of international standards and other regulatory documents as well as to use tools and risk management procedures. In this paper, information is summarized concerning the terms “risk” and “risk management” which are then approached through the latest ISO 9001, ISO/IEC 17025, and ISO 14001 standards. The process of risk management based on the ISO 31000 standard is described, the options for treatment and the techniques that can be applied in the risk management process based on the latest ISO 31010 standard are grouped and indicated. Additionally, information from the literature is referred to the reasons that led the laboratories to integrate in their quality system risk management techniques, the most common mistakes that occur in the various phases of laboratory tests, their causes, their consequences as well as the proposed treatments. The aim of this work is to highlight significant challenges concerning the need to implement management procedures in the daily routine, to warn, raise awareness and inform about existing ways of risk management that can be implemented, methodologically and technically, to laboratories, under internationally recognized and updated standards.

Guarantees and risks in the technical regulation of transport construction

As a result of the analysis of the methods of quantitative and qualitative assessment of the degree of risk, the theoretical and probabilistic approach of Professor V.V. Stolyarov was chosen to assess technical and environmental risk, based on the probabilistic nature of the parameters studied, in relation to road facilities.The allocation of risks within functional subsystems makes it possible to more accurately determine the ways of risk management in practice. As a characteristic of the degree of danger of a road section, the total risk is used as a complex indicator that can occur on this section under the combined influence of all road parameters simultaneously. Along with the discussion of the concepts of risk, the concept of guarantee is introduced. The concepts of guarantees and risks are introduced on the basis of a random variable distribution graph using the example of a normal distribution. In addition to the technical component of the risk, its economic component is also considered.

SAFETY AND QUALITY MANAGEMENT IN THE ORGANIZATION USING RISK ASSESSMENT AT THE WORKPLACES OF PERSONS WITH DISABILITIES

Increasing the effectiveness of safety and quality management systems is one of the most important ways to ensure the sustainable development of any organization. Employment of people with disabilities is a significant challenge for safety and quality management systems, as it can potentially increase the risk of hazards related to employee injury or property damage due to growing manufacturing defects. Therefore, the implementation of an effective risk management system is an urgent problem. The article analyzes the ways of risk management at the workplace of people with disabilities using the clauses of probability theory. Calculation of the probability of influence the level of employee's work ability on the growth of risk in the context of safety and quality showed that the most effective way to minimize risk is to develop a flexible work schedule for employees with disabilities, as well as giving to the employee with a high degree of loss of professional ability such work production tasks, characterized by the circulation of low-value products. Calculations carried out using the Bayes` formula showed that the most effective way of managing safety and quality at the workplaces of employees with disabilities is to reduce the volume of production tasks. As a result of the calculation, it was determined that reducing the volume of production tasks by 10% decreases the probability of getting injuries of an employee with persistent functional changes in the health state by 11%. These measures will allow the organization to avoid severe restrictions on the level of working ability of persons with disabilities in their employment, as well as to minimize risks in the context of safety and quality of work.

Multi-stage stochastic optimization of carbon risk management

Emissions trading within the Emissions Trading Scheme of the European Union (EU ETS) strongly influences European industrial companies. The companies must choose their strategy of reduction the costs of emissions allowances as possible. The changing system’s conditions and volatile prices of allowances make this decision challenging. The main aim of this study is to compare different ways of risk management: banking (i.e., buying the allowances in forward) and using derivatives: futures and options. Despite several studies devoted to the relationship between the EU ETS and companies have already been published, there is still a gap in this field. Namely, the published studies have been substantially simplified so far by ignoring the risk of driving parameters. We construct a realistic large-scale stochastic optimization model, which avoids the mentioned simplifications. We use the Markov Stochastic Dual Dynamic Programming algorithm (MSDDP) to find the optimal solution. We apply the model to the data of a real-life industrial company. We find that banking is the most costly way of risk reduction, while using derivatives is efficient in risk reduction. Surprisingly, out of the derivatives, it is always optimal to use futures and not to use options. These results are confirmed by a thorough sensitivity analysis. The preference of the futures over options is mainly due to the less price of futures in comparison to options reducing risk equivalently.

Empirical investigation of risk management practices

In risk management research, dealing with known risks and helping companies foresee new risks are areas for subject matter experts. In practice, risk management is often perceived as a set of formal tools and procedures that must be delegated to the professionals. Despite this overall perception of risk, general managers, department managers, and other senior or line managers in organizations deal with questions associated with risk on a daily basis. They are, therefore, sometimes—even without consciously realizing it—involved in risk management practices. This article aims to analyze 'managers' involvement in risk management by empirically exploring how managers identify, assess, and respond to risks. Based on thematic analysis of observational and interview data, management practices used to manage risks were identified, and risk management as a non-linear process that is anchored on the strategic and operational levels and supported by learning from failures was defined. Two different ways of risk management can co-exist in an organization as a result of formal Enterprise Risk Management implementation.

Digital Technologies Development for Geo-Information Support of Techno-Sphere Security in Arctic and Subarctic

Authors consider the results of digital technologies development in geo-information support for techno-sphere security area within natural-industrial systems in Arctic and Subarctic while climate change. In study, there are used Foresight technologies, theory of decision making under uncertainties, risk management approach, methods of databases constructing in case of digital risk management platforms. Now, the ways of risk management for natural-industrial systems while climate change within environmental economics have distinct features of digitalization with new concepts in data obtaining and presenting. Preference is given to the use of digital risk management platforms, which integrate heterogeneous hardware and software resources with the use of web-technologies in distributed networks and wide application of cloud services. It is proposed to use block diagram of geo-information support decision within in environmental economics while climate change. This basic model allows direct assessment of the environmental monitoring cost impact on the overall business profit. There is considered examples of different digital risk management platforms for natural-industrial systems. For preliminary data exchange and discussion, there is used platform https://www.researchgate.net/profile/Valery_Abramov2/.

Digital transformation of risk management for natural-industrial systems while climate change

We consider results of development digital transformation technologies for risk management in natural-industrial systems within environmental economy while climate change. In research, we used: Foresight technologies, theory of decision making under uncertainties, risk management approach, methods of data bases constructing in case of digital risk management platforms. Analysis shows that the ways of risk management for natural-industrial systems while climate change within environmental economy have distinct features of digital transformation, due to new concepts of obtaining and presenting data. Preference is given to the use of digital risk management platforms, which integrate heterogeneous hardware and software resources with the use of web-technologies in distributed networks and wide application of cloud services. As base model for risk management, we proposed to use block diagram of geo-information support decision within in environmental economy while climate change. The proposed basic model allows direct assessment of the environmental monitoring cost impact on the overall business profit. We consider examples of different digital risk management platforms for natural-industrial systems that authors constructed. While research, we used platform https://www.researchgate.net/profile/Valery_Abramov2/ for preliminary data exchange and discussion.

METHODOLOGICAL ASPECTS OF FINANCIAL RISK ANALYSIS AS AN INSTRUMENT OF MANAGEMENT

Introduction. The article deal with the risks and its influence on the enterprises activity within the uncertainty. The essence, classification and analysis of risks is generalized, on the basis of which their own understanding is proposed. The question of forecasting the probability of bankruptcy as a widely used method of risk management is focused, its advantages and disadvantages at the present stage of development of the domestic economy are shown. Purpose. The aim of the paper is justifying the methodological approach to the analysis of financial risks in order to increase the efficiency of their management. Results. The financial risks are investigating taking into account theoretical approach as for the interpretation of the economic content of “risks” and substantive approach to their analysis. According to this the author suggests to consider “risks” as the probability of deterioration of the financial state of enterprise as a result of negative influence of risk factors. The methodological approach to the analysis of financial risks is proposed. In the essence of this approach are the stages of: risks identification (with the purpose of identify the risk areas of operational and financial activity of legal entities); analyzing (with the aim to isolate the risk factors); minimizing of risks (justifying the ways of risk management). The methodical principles of bankruptcy of enterprises are investigated; the methodology of its analyzing within the specific of financial and economic activity of domestic entities and the size of its financial results is substantiated. Conclusions. The methodology of analysis of financial risks is actual today because there are lack of effective approaches to risk analyzing as a way of risk management. Proposed approach allows concentrating on risk factors and according to it to raise effectiveness to risk management.

Effective Components on the Trend Toward Agricultural and Animal Product Insurance in Rural Regions (Case Study: Khomein County)

Effective Components on the Trend Toward Agricultural and Animal Product Insurance in Rural Regions (Case Study: Khomein County)

The analysis of specialists’ opinion on the implementation of concept of risk management in clinical trials of drugs

At the modern stage of the pharmaceutical industry development quality risk management becomes an integral part of all the processes of drug development and clinical trials (CT).Aim of paper is to study the opinion of competent experts in the field of CT of drugs and formation of strategic ways of risk management at the clinical site as well as to identify possible complications in the practical implementation of these approaches.Materials and methods: the survey of the expert group (17 people) to select the indicators and the parameters measuring the risks of CT at clinical site, as well as their acceptable levels. The assessment of survey results was done using non-parametric statistics methods. Results of research. There were established the differences of various stakeholders’ notion of conceptual content and practical importance of quality management and the application of risk-oriented approaches at the clinical site in relation to CT quality that can become an obstacle to their implementation. The introduction of risk-based monitoring into the system for CT management at the clinical site corresponds to the interests of all stakeholders involved in the study. General concernment of the customer’s representatives, regulatory authority and researchers should be an important basis for the implementation of the risk-based management at the clinical site. So, it is necessary to create a common understanding of the terminology, objectives and expected outcomes of risk management at the clinical site, as well as a clear allocation of the duties and responsibilities of each side.Conclusions. The expediency of the concept of risk management application at the clinical site, practical orientation, as well as the need to develop scientific and methodological approaches for its implementation, contributing to the formation of a common basis for action and coordinated interaction of stakeholders involved in the management of CT were proved.

Shaping a uniform governance structure over Global Navigation Satellite System (GNSS): The way of risk management

Shaping a uniform governance structure over Global Navigation Satellite System (GNSS): The way of risk management

Aspects Regarding Risks in Financial Reporting

Abstract The internationalization and globalization trends of the economies, which are highly influenced by the increasing financial pressures generated by the current economic crisis, have facilitated the fact that new risks and factors of risks that have severe and multiple implications over all fields of activity, have appeared. Hence, the entities function in a highly competitive environment, and due to the given circumstances, major changes in regard to the values, practices and instruments that they focus on or operate with, were imposed. In addition, managing these changes, transformations and hierarchies imply that the entities assume responsibility, are open, rigorous and transparent. Actually, these concepts mean a good corporate governance which has an adequate impact over the accounting production, assured through an innovative and visionary risk management, which imposes an adequate internal control of the accounting reports. In regard with the mentioned aspects, the carried research has been focused on instrumenting the connections that exist between the ways of risk management and of corporate governance.

Alarm system for insurance companies: A strategy for capital allocation

One possible way of risk management for an insurance company is to develop an early and appropriate alarm system before the possible ruin. The ruin is defined through the status of the aggregate risk process, which in turn is determined by premium accumulation as well as claim settlement outgo for the insurance company. The main purpose of this work is to design an effective alarm system, i.e. to define alarm times and to recommend augmentation of capital of suitable magnitude at those points to reduce the chance of ruin. To draw a fair measure of effectiveness of alarm system, comparison is drawn between an alarm system, with capital being added at the sound of every alarm, and the corresponding system without any alarm, but an equivalently higher initial capital. Analytical results are obtained in general setup and this is backed up by simulated performances with various types of loss severity distributions. This provides a strategy for suitably spreading out the capital and yet addressing survivability concerns at factory level.

On Devising Various Alarm Systems for Insurance Companies

One possible way of risk management for an insurance company is to develop an early and appropriate alarm system before the possible ruin. The ruin is defined through the status of the aggregate risk process, which in turn is determined by premium accumulation as well as claim settlement out-go for the insurance company. The main purpose of this work is to design an effective alarm system, i.e. to define alarm times and to recommend augmentation of capital of suitable magnitude at those points to prevent or reduce the chance of ruin. In the three different methods outlined in this work, the alarms are signaled on the basis of the past history of the risk process and/or properties of claim distribution. Depending on the method adopted, the alarm time can be a random one or a fixed parameter of the claim distribution (and premium function). The focus of this work is on devising a sequence of alarms, which are indeed fixed parameters based on characteristics of the risk process. To draw a fair measure of effectiveness of alarm system(s), comparison is drawn between a process equipped with an alarm system, with capital being added at the sound of every alarm, and the corresponding process without any alarm system but an equivalently higher initial capital. Detailed analytical results are obtained for general processes and this is backed up simulated performances when the loss severity has exponential, or Pareto or discrete logarithmic distribution. The formulation is eventually intended to be applied and extended for devising alarm system for reinsurance contracts.