This paper addresses the need for developing a body of prescriptive theory and methodology for modelling Systems of Systems (SoS). This will enable analysts to appropriately model and understand the SoS evolving behaviour due to the continued forced changes imposed on them. To place this need in historical perspective, the evolution of the field of systems engineering/analysis is briefly ...
Generally, a countermeasure is an action taken to reduce or avoid the effects of an undesirable condition or situation. In managing fatigue, appropriate countermeasures can help improve alertness, maintain performance, and reduce drowsiness. Taking appropriate countermeasures at appropriate times should be a cornerstone of a fatigue risk management system (FRMS), and understanding more about ...
The purpose of this study is to examine the main origins of the emergence of operational risk events that exist in the Tunisian insurance companies. Indeed, the determination of the key risk indicators associated with each event allows us to reduce the losses and to have a pro–active and comprehensive operational risk management system. The associations between each of these key indicators and ...
U.S. regulators have hit Citigroup with a $400 million fine because it failed to address long-standing deficiencies in its risk and control systems and has been told to upgrade its IT systems and processes. According to Riskonnect CEO Jim Wetekamp, this Citigroup situation highlights the real need for organizations to provide tangible evidence of strong risk and governance structures and ...
Earthquake events are inevitable but the consequences of earthquake disasters are partially controllable using an effective risk management system. A systematic risk–based method is proposed for assessing the resilience capacities of school buildings exposed to varying levels of seismic risk. This approach screens and monitors the equivalent seismic performance of buildings by the means of new ...
In a constantly evolving context, team working situations during the design of new products pose the awkward question of achieving a match between the activities (supposed to generate innovation while managing unpredictability) and individuals (with multi–faceted expertise and availed of an essential autonomy of action). What enables them to work together, within a project team for example, and ...
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 ...
As the global economy continues to grow, the importance of the transportation system increases. Many economic sectors depend upon it either for the transport of goods or for commuting purposes. Disruptions to the transportation system, such as those caused by a terrorist attack or a hurricane, can adversely affect the productivity of interdependent sectors. This article seeks to assess the impact ...
The relationships among organisations, suppliers as well as customers have resulted in complex logistics networks and have led to an increased set of risks that need to be managed in multi-site, multi-partner projects. In this article, a framework is built which incorporates both scientific and industrial feedback gathered. A system dynamics approach is utilised which simulates several risks ...
As everyone in the E&P business knows, E&P companies operate in a world with ever increasing performance demands and where people want to have their energy and their compliance too. The good news is that technology now exists in Environmental Risk Management Systems to enable E&P companies to improve their compliance in real-time while also improving operational efficiencies, as well ...
Risk nowadays is a social phenomenon that often makes the headlines. It has gradually emerged as one of the major themes of public debate following on from a number of disasters, but also risk appears at the heart of many scientific controversies addressed by both all the hard sciences and the human and social sciences. But risk is difficult to grasp as it is eminently subjective and depends on ...
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 ...
In Annex 1 Quality Risk Management (QRM) principles and risk-based approaches are prominent expectations. Risk-based approaches are mentioned 43 times in the draft reinforcing the importance of using Risk Based approaches in all aspects of sterile product manufacturing. Here we highlight requirements related to Quality Risk Management that are specifically mentioned in Annex 1, including: ...
Today’s RMIS – Risk Management Information System – offers an array of sophisticated applications to help you manage every aspect of risk. From claims administration to cost allocations, the options are practically endless. And while features and functionality are important, finding the right vendor that understands both your business and your needs is critical to success. ...
The high-technology industry has been developing in Taiwan for about 20 years and has become the biggest export industry in Taiwan with the third largest share of the world marked (after the USA and Japan). It not only produces high-tech talents and employment opportunities, but also demonstrates considerable overall growth and is advancing industrial and economic development. However, several ...
This study examines how the EU Floods Directive – an extensive and innovative legislative instrument for integrated and participatory flood risk planning in all EU member states – influences local flood risk management in one member state, Sweden. The study identifies that: many municipalities have received new knowledge; cross-sectoral organisational structures for water and flood risk ...
Although current definitions of sustainability do not specifically refer to the stability of systems, this has proven to be an elementary requirement for competent behaviour. This is based on the fact that future generations will be able to fulfil their needs if the ecological, economical, and social systems are adaptable and capable of surviving. In order to be viable in the long-term, products, ...
The benefits of using bow-tie diagrams for risk management have been realised by organisations world-wide across a variety of business sectors. They provide a readily understandable visualisation of thThe benefits of using bow-tie diagrams for risk management have been realised by organisations world-wide across a variety of business sectors.They provide a readily understandable visualisation of ...
Exploration & Production companies are constantly pushing the envelope in terms of performance, because increased performance has a direct translation into increased revenue. E&P companies are under tremendous pressure to produce, both to meet growing demand as well as to take advantage of market prices. At the same time companies are also under increasing pressure to meet the ...
Newspaper headlines remind businesses daily of the cost of not protecting valuable data. Stories of lap-tops left in trains, or stolen from parked cars, discs and memory sticks being used for home-working, or even print-outs found in rubbish tips, are enough to keep most IT managers awake at night. In the current economic climate, few organizations can afford to suffer losses through lack of ...