Adapting Regulation to Globalization: A Typology of Approaches to the Internationalization of Regulation

2020 ◽  
Author(s):  
Céline Kauffmann
Keyword(s):  
Water Pollution ◽  
Financial Markets ◽  
Management Strategies ◽  
Critical Issue ◽  
Global Challenges ◽  
Systemic Risks ◽  
Regulatory Cooperation ◽  
Globalized Economy ◽  
Risk Management Strategies ◽  
Negative Impacts

With the progressive emergence of an open, dynamic, and globalized economy, the internationalization of rules has become a critical issue. Governments increasingly seek to exploit the benefits of globalization by eliminating unnecessary regulatory divergences and barriers and ensuring greater coordination of regulatory objectives. Intensification of global challenges, such as those pertaining to systemic risks (financial markets), the environment (air or water pollution), human health (COVID-19 pandemics) and safety, is also leading to growing regulatory cooperation efforts as a key component of risk management strategies across borders. Regulation increasingly transcends its domestic nature to become transnational and international through a wide variety of mechanisms. At the same time, concerns over the loss of sovereignty and perceived negative impacts of openness are constraining greater regulatory cooperation. This chapter explores the range of possible approaches to the internationalization of regulation and provides evidence on their use, merits, and challenges, building on OECD work on international regulatory cooperation.

scholarly journals A framework for defining a role for insurance in "uninsurable" risks: insights from COVID-19

2021 ◽  
Author(s):  
Howard Kunreuther ◽  
Jason Schupp
Keyword(s):  
Decision Making ◽  
Risk Management ◽  
Public Sector ◽  
Management Strategies ◽  
The Public ◽  
Systemic Risks ◽  
Risk Management Strategies ◽  
Decision Making Framework ◽  
Property Casualty

Recognizing the challenges facing insurers and the public sector in dealing with the COVID-19 pandemic, this paper proposes a decision-making framework for evaluating the performance of risk management strategies for dealing with the impacts of risks traditionally considered by insurers as uninsurable. We discuss three alternative options through which the property/casualty (P/C) industry may be able to play a role in supporting businesses, nonprofits, and the public sector in managing future pandemics and other catastrophic and systemic risks.

Growth in the debt burden of the global economy: the scale and directions of counteraction in the context of the crisis

2021 ◽  
pp. 335-347
Author(s):  
Evgenii Nikolayevich Smirnov
Keyword(s):  
Developing Countries ◽  
Financial Markets ◽  
Global Economy ◽  
Management Strategies ◽  
Government Support ◽  
Tax Reforms ◽  
Debt Burden ◽  
The World ◽  
Risk Management Strategies ◽  
Key Aspects

The article analyzes the key aspects of the debt burden, which has taken on an unprecedented scale in the economies of developed and developing countries. The coronavirus pandemic has led to a significant increase in government support for households and companies, while the volatility of global financial markets has increased. Given the continuing uncertainty about the further recovery of the global economy, the timing of countries’ return to pre-crisis levels of borrowing remains unclear. At the same time, we note a growing mismatch between risk assessments in financial markets and the expected outlook for economic recovery. Central banks of countries have taken unprecedented measures to counter the growth of debt burden, but in developing countries, the limited fiscal space does not allow effective measures to prevent the continued growth of debt. The article also notes that the cheapness of new loans is an aggravating factor in the growth of borrowings and the deterioration of the balance of payments. The author came to the conclusion that a sharp increase in public debt in many countries will preserve the vulnerability of the world economy, therefore, it is necessary to carefully adjust the fiscal policies of the countries of the world, modernize fiscal risk management strategies and modernize tax reforms. In addition, in conditions of high debt, approaches to assessing the risks of attracting foreign direct investment are changing, which in the future will have a significant impact on the redistribution of international capital flows. However, even in the face of excessive debt burden, governments need to continue lending support to households and companies in shortterm policies, in parallel with measures to manage capital outflows and achieve exchange rate flexibility.

scholarly journals ANALYSIS OF FINANCIAL CRISIS CONTAGION INDICATORS

2012 ◽  
Vol 8 (1) ◽  
pp. 197-206
Author(s):  
Evaldas Račickas ◽  
Asta Vasiliauskaitė
Keyword(s):  
Financial Crisis ◽  
Financial Markets ◽  
Financial Risk ◽  
High Reliability ◽  
Management Strategies ◽  
Warning System ◽  
Global Scale ◽  
Geographical Regions ◽  
Risk Management Strategies ◽  
The Impact

The financial crisis in the last decades has become a common phenomenon. However, due to the process of globalization, financial markets’ integration and their interdependency, financial crisis tend to evolve and gain not only regional but also global scale. In the context of financial market liberalization, globalization and internalization, the subsequences caused by financial risk and financial crises contagion become more visible and more severe. The financial crisis that originated in one region of the world through the rapid process of financial markets’ globalization may spread worldwide and adversely affect other geographical regions, thus causing serious problems and disruption throughout the whole global financial system in the way of destabilizing it. Although it is not easy to forecast crises with high reliability, recently a lot of scientific researches were done on the analysis of financial crisis indicators. Early warning system of forthcoming crisis that uses a lot of different economical and financial indicators can indeed be a useful tool for preparation for the coming financial crisis, for evaluating subsequences of crisis to a country’s economy and for assessing the impact of financial crisis future vulnerabilities. In the article all the financial crisis indicators which are presented in scientific literature are examined systemically and classified into four main groups. The main finding is that all the financial crisis indicators differ in their significance on financial crisis contagion. Moreover, all indicators and their observance simultaneously let both academics and politicians to evaluate the current economic situation and to determine if a country is struck by financial crisis or not. By using system of financial crisis indicators it could help to detect contagion at an earlier stage and help to prepare for the forthcoming crisis and to prevent from huge losses when the financial crisis hits. After all, the knowing of financial crisis contagion indicators system could be extremely valuable in developing appropriate financial risk management strategies.

The management of risk in a dryland environment

2011 ◽  
pp. 13-21
Author(s):  
D.I. Gray ◽  
J.I. Reid ◽  
D.J. Horne
Keyword(s):  
Risk Management ◽  
Service Providers ◽  
Management Strategies ◽  
Subterranean Clover ◽  
Farming Systems ◽  
Market Risk ◽  
Farm Size ◽  
Forage Crops ◽  
Risk Management Strategies ◽  
Upside Risk

A group of 24 Hawke's Bay hill country farmers are working with service providers to improve the resilience of their farming systems. An important step in the process was to undertake an inventory of their risk management strategies. Farmers were interviewed about their farming systems and risk management strategies and the data was analysed using descriptive statistics. There was considerable variation in the strategies adopted by the farmers to cope with a dryland environment. Importantly, these strategies had to cope with three types of drought and also upside risk (better than expected conditions), and so flexibility was critical. Infra-structure was important in managing a dryland environment. Farmers chose between increased scale (increasing farm size) and geographic dispersion (owning a second property in another location) through to intensification (investing in subdivision, drainage, capital fertiliser, new pasture species). The study identified that there may be scope for further investment in infra-structural elements such as drainage, deeper rooting alternative pasture species and water harvesting, along with improved management of subterranean clover to improve flexibility. Many of the farmers used forage crops and idling capacity (reduced stocking rate) to improve flexibility; others argued that maintaining pasture quality and managing upside risk was a better strategy in a dryland environment. Supplementary feed was an important strategy for some farmers, but its use was limited by contour and machinery constraints. A surprisingly large proportion of farmers run breeding cows, a policy that is much less flexible than trading stock. However, several farmers had improved their flexibility by running a high proportion of trading cattle and buffer mobs of ewe hoggets and trade lambs. To manage market risk, the majority of farmers are selling a large proportion of their lambs prime. Similarly, cattle are either sold prime or store onto the grass market when prices are at a premium. However, market risk associated with the purchase of supplements and grazing was poorly managed.

Concepts and Practices for Improving Nitrogen Management for Vegetables

1992 ◽  
Vol 2 (1) ◽  
pp. 121-125 ◽  
Author(s):  
George J. Hochmuth
Keyword(s):  
Water Management ◽  
Management Practices ◽  
Management Strategies ◽  
N Fertilization ◽  
Nitrogen Management ◽  
Land Grant ◽  
Land Grant Universities ◽  
Production Practices ◽  
Negative Impacts ◽  
N Management

Efficient N management practices usually involve many potential strategies, but always involve choosing the correct amount of N and the coupling of N management to efficient water management. Nitrogen management strategies are integral parts of improved production practices recommended by land-grant universities such as the Institute of Food and Agricultural Sciences, Univ. of Florida. This paper, which draws heavily on research and experience in Florida, outlines the concepts and technologies for managing vegetable N fertilization to minimize negative impacts on the environment.

The Effects of Decision Aid Orientation on Risk Factor Identification and Audit Test Planning

2002 ◽  
Vol 21 (2) ◽  
pp. 39-56 ◽  
Author(s):  
Jean C. Bedard ◽  
Lynford E. Graham
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Decision Aid ◽  
Decision Aids ◽  
Management Strategies ◽  
Risk Identification ◽  
Matched Pair ◽  
Audit Planning ◽  
Audit Firms ◽  
Risk Management Strategies

In auditing, risk management involves identifying client facts or issues that may affect engagement risk, and planning evidence-gathering strategies accordingly. The purpose of this paper is to examine whether auditors' identification of risk factors and planning of audit tests is affected by decision aid orientation, i.e., a “negative” focus wherein client risk and its consequences are emphasized, or a “positive” focus where such factors are not emphasized. Specifically, we expect that auditors will identify more risk factors using a negatively oriented risk identification decision aid, but only when engagement risk is relatively high. We address this issue in the context of auditors' knowledge of actual clients, manipulating decision aid orientation as negative or positive in a matched-pair design. Results show that auditors using the negative decision aid orientation identify more risk factors than do those using a positive orientation, for their higher-risk clients. We also find that decisions to apply substantive tests are more directly linked to specific risk factors identified than to direct risk assessments. Further, our results show that auditors with repeat engagement experience with the client identify more risk factors. The findings of this study imply that audit firms may improve their risk management strategies through simple changes in the design of decision aids used to support audit planning.

scholarly journals Evaluation of Physical Risk during Necropsy and Morgue Activities as Risk Management Strategy

2021 ◽  
Vol 18 (16) ◽  
pp. 8266
Author(s):  
Zoe Del Fante ◽  
Nicola Di Fazio ◽  
Adriano Papale ◽  
Paola Tomao ◽  
Fabio Del Duca ◽  
...  
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Management Strategies ◽  
Risk Management Strategy ◽  
Work Related ◽  
Activity Measurements ◽  
Risk Management Strategies ◽  
Physical Risk ◽  
Critical Issues ◽  
Load Handling

Physical risk assessments allow us to understand work-related critical issues, thus representing a useful tool in risk management strategies. In particular, our study focuses on the identification of already known and emerging physical risks related to necropsy and morgue activities, as well as crime scene investigations. The aim of our study is, therefore, to identify objective elements in order to quantify exposure to such risk factors among healthcare professionals and working personnel. For the research of potentially at-risk activities, data from the Morgue of Policlinico Umberto I Hospital in Rome were used. The scientific literature has been reviewed in order to assess the risks associated with morgue activity. Measurements were performed on previously scheduled days, in collaboration with the activities of different research units. The identified areas of risk were: microclimate; exposure to noise and vibrations; postural and biomechanical aspects of necropsy activities. The obtained results make it possible to detect interindividual variability in exposure to many of the aforementioned risk factors. In particular, the assessment of microclimate did not show significant results. On the contrary, exposure to vibrations and biomechanical aspects of load handling have shown potential risk profiles. For this reason, both profiles have been identified as possible action targets for risk management strategies.

Persistence and Potential Lethality in Intimate Partner Violence: Evaluating the Concurrent and Predictive Validity of a Dual Risk Assessment Protocol

2021 ◽  
pp. 107780122098834
Author(s):  
Kirk R. Williams ◽  
Richard Stansfield ◽  
Jacquelyn Campbell
Keyword(s):  
Risk Assessment ◽  
Intimate Partner Violence ◽  
Predictive Validity ◽  
Race And Ethnicity ◽  
Partner Violence ◽  
Management Strategies ◽  
Intimate Partner ◽  
Assessment Protocol ◽  
Risk Management Strategies ◽  
Domestic Violence Screening

This study seeks to determine the concurrent and predictive validity of a dual risk assessment protocol. It combines the risk of persistence in intimate partner violence (IPV) measured via the Domestic Violence Screening Instrument–Revised (DVSI-R) with supplemental items from the Danger Risk Assessment (DRA) bearing on the risk of potential lethality. We further test whether this assessment protocol reproduces disparities by race and ethnicity found in the larger population. Using a sample of 4,665 IPV male defendants with a female victim, analyses support both types of criterion validity. The DRA risk score is associated with felony charges, incarceration at the initial arrest, and the frequency of subsequent dangerous behavior. Results also suggest minimal predictive bias or disparate impact by race and ethnicity. Incorporating supplemental items bearing on potential lethality risk adds important information concerning the risk management strategies of those involved in IPV.

Perceived Risk and Risk Management Strategies in Pond Aquaculture

2021 ◽  
Vol 36 (1) ◽  
pp. 43-69
Author(s):  
Md Takibur Rahman ◽  
Rasmus Nielsen ◽  
Md Akhtaruzzaman Khan ◽  
Dewan Ahsan
Keyword(s):  
Risk Management ◽  
Perceived Risk ◽  
Management Strategies ◽  
Pond Aquaculture ◽  
Risk Management Strategies
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