Full-Scale Validation of a Vessel’s Station-Keeping Capability With DynCap

2017 ◽  
Author(s):  
Luca Pivano ◽  
Dong Nguyen ◽  
Øyvind Smøgeli
Keyword(s):  
Time Domain ◽  
Scale Validation ◽  
Operational Risk ◽  
Full Scale ◽  
Management Tools ◽  
Worst Case ◽  
Operational Risks ◽  
Steady Growth ◽  
Transient Period ◽  
Key Aspects

With the steady growth of the number of Dynamic Positioning (DP) vessels, increasingly complex designs and operations, and a decreasing number of experienced DP operators, effective operational risk management tools are key for safer and more efficient operations. One of the key aspects when looking at the operational risks is the estimation of the vessel position and heading after the worst case single failure and in the transient period after the failure has occurred. The aim of this paper is to provide insight about the use of comprehensive dynamic operability analyses performed by time-domain simulations for understanding the vessel performance and limitations, in turn providing valuable and reliable input to operational risk assessment and planning. This paper presents also a comparison with results from full-scale trials.

La gestión del riesgo operacional en la banca chilena

Oikos ◽  
2016 ◽  
Vol 19 (40) ◽  
pp. 47
Author(s):  
Cristian Muñoz Anziani ◽  
Alex Medina Giacomozzi
Keyword(s):  
Risk Management ◽  
Standard Model ◽  
Operational Risk ◽  
Bank Regulation ◽  
Optimal Management ◽  
Management Tools ◽  
Operational Risks ◽  
The Standard Model ◽  
Potential Losses

RESUMENEste artículo tiene como objetivo presentar las herramientas de gestión fundamentales que permitan una administración óptima de los riesgos operacionales, con el fin de mitigar las eventuales pérdidas, en los bancos, derivadas de este riesgo. La utilización de distintas herramientas de administración permite identificar, medir, controlar y monitorear los riesgos operacionales. El modelo estándar presentado, deja espacio para adaptaciones de acuerdo a la necesidad específica de la entidad financiera.Palabras clave: riesgo, Basilea, riesgo operacional, regulación bancaria, sistema financiero.Operational risk management in the chilean banking ABSTRACTThis article aims to present fundamental management tools that enable optimal management of operational risks, in order to mitigate potential losses, banks, derivative risk. The utilization of these tools incorporated as a whole, allows to identifying, measure, monitoring and controlling operational risks. The standard model presented, leaves room for adjustments according to the specific needs of the financial institution.Keywords: risk, Basilea, operational risk, bank regulation, banking system.A gestão do risco operacional no sistema bancário chilenoRESUMOEste artigo tem como objetivo apresentar as ferramentas fundamentais de gestão que permitam uma óptima administração dos riscos operacionais, a fim de mitigar as eventuais perdas nos bancos, resultado destes riscos. O uso de diferentes ferramentas de administração permite identificar, medir, controlar e monitorar os riscos operacionais. O modelo standard apresentado deixa o espaço para ajustes de acordo com a necessidade específica da entidade financeira.Palavras-chave: risco, Basilea, risco operacional, regulamentação bancária, sistema financeiro.

scholarly journals Design framework for DEM-supported prototyping of grabs including full-scale validation

2021 ◽  
Vol 96 ◽  
pp. 29-43
Author(s):  
Dingena Schott ◽  
Javad Mohajeri ◽  
Jovana Jovanova ◽  
Stef Lommen ◽  
Wilbert de Kluijver
Keyword(s):  
Scale Validation ◽  
Full Scale ◽  
Design Framework

scholarly journals Cyber operational risk scenarios for insurance companies

2019 ◽  
Vol 24 ◽  
Author(s):  
R. Egan ◽  
S. Cartagena ◽  
R. Mohamed ◽  
V. Gosrani ◽  
J. Grewal ◽  
...  
Keyword(s):  
Cyber Security ◽  
Operational Risk ◽  
Social Engineering ◽  
Insurance Companies ◽  
List Type ◽  
Operational Risks ◽  
Life Insurer ◽  
Cyber Risk ◽  
The Impact ◽  
Over Time

AbstractCyber Operational Risk: Cyber risk is routinely cited as one of the most important sources of operational risks facing organisations today, in various publications and surveys. Further, in recent years, cyber risk has entered the public conscience through highly publicised events involving affected UK organisations such as TalkTalk, Morrisons and the NHS. Regulators and legislators are increasing their focus on this topic, with General Data Protection Regulation (“GDPR”) a notable example of this. Risk actuaries and other risk management professionals at insurance companies therefore need to have a robust assessment of the potential losses stemming from cyber risk that their organisations may face. They should be able to do this as part of an overall risk management framework and be able to demonstrate this to stakeholders such as regulators and shareholders. Given that cyber risks are still very much new territory for insurers and there is no commonly accepted practice, this paper describes a proposed framework in which to perform such an assessment. As part of this, we leverage two existing frameworks – the Chief Risk Officer (“CRO”) Forum cyber incident taxonomy, and the National Institute of Standards and Technology (“NIST”) framework – to describe the taxonomy of a cyber incident, and the relevant cyber security and risk mitigation items for the incident in question, respectively.Summary of Results: Three detailed scenarios have been investigated by the working party:∙Employee leaks data at a general (non-life) insurer: Internal attack through social engineering, causing large compensation costs and regulatory fines, driving a 1 in 200 loss of £210.5m (c. 2% of annual revenue).∙Cyber extortion at a life insurer: External attack through social engineering, causing large business interruption and reputational damage, driving a 1 in 200 loss of £179.5m (c. 6% of annual revenue).∙Motor insurer telematics device hack: External attack through software vulnerabilities, causing large remediation / device replacement costs, driving a 1 in 200 loss of £70.0m (c. 18% of annual revenue).Limitations: The following sets out key limitations of the work set out in this paper:∙While the presented scenarios are deemed material at this point in time, the threat landscape moves fast and could render specific narratives and calibrations obsolete within a short-time frame.∙There is a lack of historical data to base certain scenarios on and therefore a high level of subjectivity is used to calibrate them.∙No attempt has been made to make an allowance for seasonality of renewals (a cyber event coinciding with peak renewal season could exacerbate cost impacts)∙No consideration has been given to the impact of the event on the share price of the company.∙Correlation with other risk types has not been explicitly considered.Conclusions: Cyber risk is a very real threat and should not be ignored or treated lightly in operational risk frameworks, as it has the potential to threaten the ongoing viability of an organisation. Risk managers and capital actuaries should be aware of the various sources of cyber risk and the potential impacts to ensure that the business is sufficiently prepared for such an event. When it comes to quantifying the impact of cyber risk on the operations of an insurer there are significant challenges. Not least that the threat landscape is ever changing and there is a lack of historical experience to base assumptions off. Given this uncertainty, this paper sets out a framework upon which readers can bring consistency to the way scenarios are developed over time. It provides a common taxonomy to ensure that key aspects of cyber risk are considered and sets out examples of how to implement the framework. It is critical that insurers endeavour to understand cyber risk better and look to refine assumptions over time as new information is received. In addition to ensuring that sufficient capital is being held for key operational risks, the investment in understanding cyber risk now will help to educate senior management and could have benefits through influencing internal cyber security capabilities.

scholarly journals How Can Enterprise Risk Management Help in Evaluating the Operational Risks for a Telecommunications Company?

2021 ◽  
Vol 14 (3) ◽  
pp. 139
Author(s):  
José Ruiz-Canela López
Keyword(s):  
Risk Management ◽  
Banking Sector ◽  
Operational Risk ◽  
Field Work ◽  
Risk Identification ◽  
Enterprise Risk Management ◽  
Management Tool ◽  
Self Assessment ◽  
Operational Risks ◽  
Enterprise Risk

Operational risk is defined as the potential losses resulting from events caused by inadequate or failed processes, people, equipment, and systems or from external events. One of the most important challenges for the management of the company is to improve its results through its operational risk identification and evaluation. Most of Enterprise Risk Management (ERM) scholarship has roots in the finance/risk management and insurance (RMI) discipline, mainly in the banking sector. This study proposes an innovative operational risk assessment methodology (OpRAM), to evaluate operational risks focused on telecommunications companies (TELCOs), on the basis of an operational risk self-assessment (OpRSA) process and method. The OpRSA process evaluates operational risks through a quantitative analysis of estimates which inputs are the economic impact and the probability of occurrence of events. The OpRSA method is the “engine” for calculating the economic risk impact, applying actuarial techniques, which allow estimation of unexpected losses and expected losses distributions in a TELCO. The results of the analyzed business unit in the field work were compared with standardized ratings (acceptable, manageable, critical, or catastrophic), and contrasted against the company’s managers, proving that the OpRSA framework is a reliable and useful management tool for the business, and leading to more research in other sectors where operational risk management is key for the company success.

Toe Initiation Sleeve With Time-Delay Functionality Improves Operational Efficiency of Offshore NCS Wells

2021 ◽  
Author(s):  
Cathrine Mehus ◽  
Vijay Kumar Keerthivasan ◽  
Tom Rune Koløy ◽  
Dustin Young ◽  
Tore Sørheim
Keyword(s):  
Time Delay ◽  
Technology Development ◽  
Scale Validation ◽  
Cost Savings ◽  
Field Trials ◽  
Operational Efficiency ◽  
Delay Function ◽  
Operational Risks ◽  
The North ◽  
Test Pressure

Abstract A toe initiation sleeve is a tool installed in the toe of a completion liner and is used to establish a flowpath to the reservoir without the use of intervention. Conventional toe initiation sleeves require either intervention or increasing pressure to higher than the liner test pressure to activate. These methods have inherent cost and operational risks. This paper will present the development, qualification, and deployment of a multicycle, time-delay cementable toe initiation sleeve that allows for interventionless activation without exceeding the liner test pressure. This development greatly improves operational efficiency and eliminates risk associated with conventional toe initiation sleeves. A major operator in the North Sea required an ISO V0 rated toe initiation sleeve to be developed and qualified. Design criteria for the tool was identified, and the design was developed based on field-qualified seal technology. Individual component and full-scale validation testing was performed to complete the product qualification, followed by field trials in 2019. With its unique time-delay feature, the newly developed ATS (Advanced Toe Sleeve) allows for an unlimited number of pressure cycles to be performed while also keeping the well V0 barrier in place, and activates at below liner test pressure. This paper will discuss the technology development and implementation project, resulting in ISO 14998 V0-qualified cemented ATS being installed in nearly 40 wells in the same field. This paper will also provide insight into how the ATS provides unique benefits to the operator during various phases of the well's life. Cementing: One moving part and opening sleeve isolated from the inside diameter (ID) allow for pumping darts through the ATS without the risk of opening Setting liner/testing liner: Time-delay features allow for setting liner and testing the liner at higher pressures than ATS opening pressure. Well cleanup/displacing to lower density fluid: Time-delay function allows for opening the ATS at lower pressure than the well has seen during previous operations. Completion: ATS design and qualification grade reduce completion steps and costs for the operator. Stimulation: ATS eliminates the need for intervention, reducing the operational steps and costs for the operator. The advanced toe sleeve with built-in time-delay features maintains the liner integrity throughout the various well operations. The number of available pressure cycles can be predetermined, and the activation of the various cycles can be precisely controlled thereby also controlling when the tool is activated to achieve injectivity. This paper will present the development and field-wide implementation of the ATS technology, which has rapidly gained operator acceptance and resulted in significant time and cost savings.

High-Tech Spin-Offs’ Operational Risk Assessment System

2010 ◽  
Vol 40-41 ◽  
pp. 968-973
Author(s):  
Li Ma ◽  
Li Hua Li
Keyword(s):  
Evaluation Model ◽  
Operational Risk ◽  
Sustainable Growth ◽  
Assessment System ◽  
High Tech ◽  
Mathematical Methods ◽  
Operational Risks ◽  
Overall Evaluation ◽  
Hierarchical Index ◽  
Hierarchy Process

This paper analyzes the sources of high-tech spin-offs’ operational risks, establishes a multifactor hierarchical index system and applies Analytical Hierarchy Process and fuzzy mathematical methods to build a fuzzy overall evaluation model. This research can provide a useful tool to help high-tech spin-offs scientifically assess their operational risk degree in order to formulate corresponding countermeasures to evade the risks, and realize sustainable growth.

scholarly journals Spatial time domain reflectometry and its application for the measurement of water content distributions along flat ribbon cables in a full-scale levee model

2009 ◽  
Vol 45 (4) ◽  
Author(s):  
Alexander Scheuermann ◽  
Christof Huebner ◽  
Stefan Schlaeger ◽  
Norman Wagner ◽  
Rolf Becker ◽  
...  
Keyword(s):  
Water Content ◽  
Time Domain ◽  
Time Domain Reflectometry ◽  
Full Scale
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