Theories of Risk Management and Multiple Hazards: Thoughts for Engineers from Regulatory Policy

Author(s):  
Arden Rowell
2021 ◽  
Vol 13 (5) ◽  
pp. 2669
Author(s):  
Celene B. Milanes ◽  
Marina B. Martínez-González ◽  
Jorge Moreno-Gómez ◽  
Ana Saltarín J. ◽  
Andres Suarez ◽  
...  

The Barranquilla Metropolitan Area is exposed and often vulnerable to various natural and anthropogenic hazards. The paper’s main objective is to identify the level of understanding that local and regional institutions have of such a multi-hazard scenario, as well as the effectiveness of governance arrangements in minimizing impacts. Research employed a questionnaire applied to 115 stakeholders from government and a survey of 391 households from four communities in the study area. Four focus groups were held during the update of the Barranquilla Development Plan 2020–2023. The results allowed the identification of an updated set of hazards and the levels of government response capacity. The overall level of capacity and effectiveness of local government to respond to hazards was classified as regular. Seventy-seven percent of epistemic ‘experts considered that the institutions responsible for risk management did not undertake sufficient analysis for identifying and managing multiple hazards. Finally, the research team developed a new model of risk management.


2021 ◽  
Vol 14 (7) ◽  
pp. 310
Author(s):  
Niël Almero Krüger ◽  
Natanya Meyer

Risk is inevitable in business. For large companies, risk management is formalised and structured through compliance with industry standards. However, small and medium-sized businesses (SMEs) rarely have adequate resources to develop their own standards or conform to pre-established criteria. This results in an increased vulnerability to risk, which tends to undermine SMEs’ sustainability. The primary reasons for the low adoption rate of risk management are related to the tremendous initial difficulty in orientating the business concerning risk and the significant investment of the workforce in developing and implementing a structured managerial process. The objective of this paper is to produce a guided process tool for small and medium-sized businesses with which they can identify, evaluate, and appropriately address risks from an SME perspective. Moreover, this intervention would offer enhancements at no cost beyond the time of its implementation. In order to identify what constitutes holistic risk management, document analysis was applied, which utilised risk management standards, academic articles, books, and regulatory policy and strategy documentation. The identified elements were integrated with a tool that improves business owners’ capacity to position themselves in context with their daily risk management challenges.


Author(s):  
David Mortimer ◽  
Sharon T. Mortimer
Keyword(s):  

Sign in / Sign up

Export Citation Format

Share Document