risk management Articles
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Foundations of integrated risk management
This paper concentrates on broadening the concept of risk management beyond the considerations of cost, schedule and performance. The author uses his experience with NASA to provide both a foundation for an integrated risk management plan and a tentative plan. The plan integrates risk across both the temporal and the hierarchical dimensions.Keywords: integrated risk management, project ...
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Supply chain risk management
The existing models utilise a mean value approach with deterministic failure cost to determine the optimal number of suppliers in the presence of supplier failure risks. The mean value approach assumes, the firm has a linear utility function with respect to the supply disruptions. For major disruptions that could threaten the survival of the firm, the linearity assumption is questionable. ...
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Managing risk of liquidity: a new dimension of risk management
Prudent liquidity risk management is a critical component of contemporary complex financial risk management. In the aftermath of the world financial crisis that started in 2007 the liquidity risk area received close attention from financial firms and regulators. The article begins with an introduction of the concept of liquidity risk management, a key component of the Basel III framework. The ...
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Risk management and organised crime
As travel becomes more and more accessible for individuals, the potential for risk at destination will develop. As a potential way forward the education of stakeholders in the form of travellers offers policy makers a potential window to limit risk and enhance safety whilst engaging in travel. As a potential force for good, the actions of the mobile tourist could be harnessed and used as a ...
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A desirable future for technology risk management
This paper outlines a scenario for the future of Technology Risk Management which the author suggests is internally consistent, linked to current practice, achievable, and desirable. It is a personal view which reflects the concerns and goals of the author. It is offered as a basis for discussion with others of the goals we might seek jointly to facilitate effective progress.Keywords: risk ...
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Risk management versus incentives
Portfolio theory indicates that risk management should take place at the group level. Hedging at the project level or in the individual business areas may lead to suboptimal results. However, the efficiency of a profit centre depends on its management's being able to influence factors that are crucial to the unit's financial results. Price hedging could be one such factor. In the wider ...
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The evolution and process of risk management at the European space agency ESA
The paper gives an overview of risk management at the European Space Agency, ESA. It illustrates the history of and the current approach to the management of space project risks. The evolution of risk management methods and tools is summarised and some of their features are highlighted. The spectrum of risks on a project and the process of risk management are explained. The basic steps of the ...
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Risk management in information technology projects
There are several studies on managing risks in information technology (IT) projects. Most of the studies identify and prioritise risks through empirical research in order to suggest mitigating measures. Although they are important to clients for future projects, these studies fail to provide any framework for risk management from IT developers' perspective. Although a few studies introduced a ...
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Riskonnect CEO: Don’t Just Throw Money at Risks
In a time fraught with world-changing risks, many businesses are naturally looking to upgrade their risk management capabilities. Increasing the budget allocated to risk management is just one step, but business leaders often think this is enough and stop there. Jim Wetekamp, CEO of Riskonnect, caught up with Corporate Risk and Insurance and shared three common mistakes organizations ...
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An Australian innovation in emergency risk management
A 1997/98 risk management study in flood-prone areas of central western Queensland was the first practical application of national emergency risk management guidelines based on the Australian/New Zealand risk management standard [1]. The paper reports on the study, its outcomes and its implications for future comprehensive and integrated emergency risk management programmes.Keywords: Australia, ...
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A risk management framework and model for pension investment funds
Risk management in finance is an increasingly important area, which has been highlighted in the midst of the global credit crisis. In this paper, we propose a new risk management model for pension investment funds: a risk management framework and risk measure based on modelling the pension fund value as an option. We review risk management, discussing risk management frameworks and risk ...
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The ROI of Vendor Risk Management
Michelle Middendorf, workers’ compensation manager at Stanley Steemer, shares how reining in their vendor management process led to dramatic improvements and ultimately allowed the company to expand their commercial revenue with more value-added services. When Stanley Steemer set out to automate the more basic process of managing certificates of insurance for our 200 franchisees and their ...
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Effective risk management: a goal based approach
The United States Department of Defense (DoD) and National Aeronautics and Space Administration (NASA) have implemented ambitious risk management programmes on top research and development projects. Typically, risk is expressed strictly in terms of cost, schedule or technical performance. This approach can result in the obscuration of other important project objectives. Further, methods for ...
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Assessing performance of supply chain risk management programmes: a tentative approach
This exploratory study provides initial directions about how risk management programmes could be assessed in a supply chain setting and discusses how such a measurement system could be designed. Measures are needed both for the management to evaluate the success of actions taken in supply chain risk management, as well as for the (supply chain) risk manager to communicate the value of his work. A ...
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International management and risk assessment
This article presents the US experience from periodical business failures and collapses of the financial markets. It could be a lesson for the Central and Eastern European countries on their economies during the post-transition era. International management is one of the strongest aspects of major US corporations, and risk management is their day-to-day concern. It emphasises the importance of ...
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Risk management of complex critical systems
It is crucial to examine the changing panorama of vulnerabilities and criticalities in our increasingly interconnected world. Understanding the meaning of complexity and its implications allows us to see the interconnectedness of the world for enhanced risk management in technical and social systems. In this respect, a framework to assess complex systems is necessary to understand vulnerabilities ...
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The intersection of risk management and human resources: an illustration using genetic mapping
This research examines the intersection of organisational risk management and human resource responsibilities using the case of genetic mapping. Traditionally, risk management and human resource functions have operated in organisational isolation. In other words, these functional areas were not aware of each other's activities and their relative impact on the organisation as well as each other. ...
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Linking risk management to strategic controls: a case study of Tesco plc
Definitions and perceptions of the role and styles of risk management, and performance management/strategic control systems have evolved over time, but it can be argued that risk management is primarily concerned with ensuring the achievement of strategic objectives. This paper shows the extent of overlap between a broad-based view of risk management, namely Enterprise Risk Management (ERM), and ...
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Environmental Strategist Certification
Environmental Strategist Certification: www.estrategist.com For business professionals (insurance agents, attorneys, bankers, accountants, realtors, environmental engineers, business owners, CEO’s, CFO’s and risk managers) interested in leveraging their business model in today’s sustainable business environment, www.estrategist.com is the first step you take on your sustainable ...
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Natural disaster and financial risk management
This paper explores and discusses the financial issues faced by firms in a natural disaster. It introduces the disaster risk environment and the factors that affect the operations of a firm. The implications of a natural disaster in terms of unsystematic and systematic risks, investment evaluation, strategic investment, and risk and compliance are addressed. It provides a framework to analyse the ...
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