End-users’ perspectives on safety risks in different high-hazard industries

2018 ◽  
Vol 62 (1) ◽  
pp. 207-211
Author(s):  
Christopher M. Lilburne ◽  
Dale S. Temby ◽  
Audrey Leong ◽  
Maureen E. Hassall
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
Oil And Gas ◽  
Human Perception ◽  
Risk Identification ◽  
End Users ◽  
Global Challenge ◽  
Work Related ◽  
High Hazard ◽  
Serious Injuries

Despite many improvements over the last century, serious injuries and work-related fatalities remain a significant global challenge in different high-hazard industries. Further reductions in incidents should happen with improved risk identification and control which relies on human perception and decision making. It is important to understand end-user perspectives in order to identify and design effective risk management artefacts. This paper discusses four studies of different high-hazard industry worker populations (agriculture, oil and gas, boardroom and industrial contracting) that were conducted to understand risk management practices and opportunities in different environments. The work demonstrates that it is possible to identify novel insights directly from end-users that can assist in prioritizing and clarifying further risk improvement opportunities and research needs.

scholarly journals RISK MANAGEMENT IN PRODUCT DEVELOPMENT: RISK IDENTIFICATION, ASSESSMENT, AND MITIGATION – A LITERATURE REVIEW

2020 ◽  
Vol 1 ◽  
pp. 657-666 ◽  
Author(s):  
J. Oehmen ◽  
A. Guenther ◽  
J. W. Herrmann ◽  
J. Schulte ◽  
P. Willumsen
Keyword(s):  
Risk Management ◽  
Literature Review ◽  
Product Development ◽  
Management Practices ◽  
Risk Identification ◽  
New Methods ◽  
Development Organizations ◽  
Management Processes ◽  
Development Risk ◽  
Expert Workshop

AbstractThis paper reviews the literature on risk management practices and methods in product design and development. Based on an expert workshop by the Risk Management Processes and Methods in Design Special Interest Group within the Design Society and literature review, three key areas are discussed: risk identification, assessment, and mitigation. In each area, researchers have described practices that are used in product development organizations, proposed new methods to support risk management processes and decision-making, and generated evidence to evaluate the effectiveness of these activities.

Quantitative modeling and analysis of supply chain risks using Bayesian theory

2014 ◽  
Vol 25 (5) ◽  
pp. 631-654 ◽  
Author(s):  
Fazleena Badurdeen ◽  
Mohannad Shuaib ◽  
Ken Wijekoon ◽  
Adam Brown ◽  
William Faulkner ◽  
...  
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
Back Propagation ◽  
Bayesian Belief Networks ◽  
Risk Identification ◽  
Bayesian Theory ◽  
Risk Modeling ◽  
Content Type ◽  
Modeling And Analysis ◽  
Qualitative Approaches

Purpose – Globally expanding supply chains (SCs) have grown in complexity increasing the nature and magnitude of risks companies are exposed to. Effective methods to identify, model and analyze these risks are needed. Risk events often influence each other and rarely act independently. The SC risk management practices currently used are mostly qualitative in nature and are unable to fully capture this interdependent influence of risks. The purpose of this paper is to present a methodology and tool developed for multi-tier SC risk modeling and analysis. Design/methodology/approach – SC risk taxonomy is developed to identify and document all potential risks in SCs and a risk network map that captures the interdependencies between risks is presented. A Bayesian Theory-based approach, that is capable of analyzing the conditional relationships between events, is used to develop the methodology to assess the influence of risks on SC performance Findings – Application of the methodology to an industry case study for validation reveals the usefulness of the Bayesian Theory-based approach and the tool developed. Back propagation to identify root causes and sensitivity of risk events in multi-tier SCs is discussed. Practical implications – SC risk management has grown in significance over the past decade. However, the methods used to model and analyze these risks by practitioners is still limited to basic qualitative approaches that cannot account for the interdependent effect of risk events. The method presented in this paper and the tool developed demonstrates the potential of using Bayesian Belief Networks to comprehensively model and study the effects or SC risks. The taxonomy presented will also be very useful for managers as a reference guide to begin risk identification. Originality/value – The taxonomy developed presents a comprehensive compilation of SC risks at organizational, industry, and external levels. A generic, customizable software tool developed to apply the Bayesian approach permits capturing risks and the influence of their interdependence to quantitatively model and analyze SC risks, which is lacking.

scholarly journals ОЦІНКА РІВНЯ ЗРІЛОСТІ УПРАВЛІННЯ РИЗИКАМИ В ПРОЦЕСІ ЗАБЕЗПЕЧЕННЯ ЕКОНОМІЧНОЇ БЕЗПЕКИ ПІДПРИЄМСТВА: АНАЛІТИЧНЕ ДОСЛІДЖЕННЯ

2019 ◽  
Vol 135 (3) ◽  
pp. 66-81
Author(s):  
Олена Михайлівна Герасименко ◽  
Наталія Володимирівна Зачосова
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
Analytical Data ◽  
Profit Maximization ◽  
Optimal Solution ◽  
Risk Identification ◽  
Economic Security ◽  
Corporate Management ◽  
Management Actions ◽  
Oriented Approach

The article seeks to explore and evaluate the level of risk management maturity in Ukrainian enterprises in the process of ensuring their economic security. The study presents the results of an analytical survey on risk management practices to ensure enterprise economic security. To achieve the research objectives, the following methods have been employed: to obtain data for the analytical research, the method of questionnaire-based expert evaluation on the Google Forms platform; the method of comparison, the graphical method – to evaluate previously received analytical data on the risk management maturity level. The findings revealed that the implementation of a risk-based approach is perceived as a tool to increase the company value and achieve strategic goals. The survey results showed the distribution of expert opinions, indicating the willingness of Ukrainian companies to implement risk-oriented management approaches to ensure their economic security. It is demonstrated that the major objective of the risk-oriented approach is to ensure the effective and lawful business operation in the long run which may come into a conflict with the operational management priority, i. e. short term profit maximization. The analytical survey argues that a risk-oriented approach challenges the use of impartial methods to risk identification, taking risk management actions, and the search for an optimal solution between profit raising here and now, and the long-term sustainable development and protection of shareholders’ interests. The study on the latest tools for assessing the level of economic security using a risk-oriented approach is a critical instrument in enhancing corporate management practices at different management levels, providing further nation-wide implications on stabilization of domestic business performance to improve the overall national security indicators in the international economic and political arenas.

Regression analysis of the influence of demographic characteristics using risk management practices within South African small and medium construction enterprises

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Berenger Yembi Renault ◽  
Justus Ngala Agumba ◽  
Nazeem Ansary
Keyword(s):  
Risk Management ◽  
Regression Analysis ◽  
Construction Industry ◽  
South African ◽  
Management Practices ◽  
Action Planning ◽  
Developed Countries ◽  
Risk Identification ◽  
Demographic Characteristics ◽  
Content Type

Purpose Demographics are perceived to influence risk management practices (RMPs) in construction. However, empirical evidence supporting this perception is lacking in the South African Construction Industry (SACI), especially within small and medium enterprises (SMEs). This study, therefore, aims to investigate the influence of demographic characteristics on RMPs. Design/methodology/approach This study followed a positivist research philosophy, using a questionnaire survey for data collection. In total, 225 questionnaires were distributed, of which 187 were returned from conveniently sampled respondents, which included owners and senior managers of construction SMEs organizations in Gauteng province in South Africa (SA). In total, 181 questionnaires were usable, yielding a response rate of 80.44%. Data from the survey were analyzed using descriptive and inferential statistics i.e. multiple regression analysis (MRA). The outputs were represented using percent and regression coefficients values, respectively. Findings In total, 42 practices were established from the literature review and grouped into 9 major RMPs. The data analysis suggested that understanding the organizational environment, defining objectives, resource requirements, risk measurement, risk identification, risk assessment, risk response and action planning, communication and monitoring and review are reliable and valid practices. Findings from MRA established that demographic characteristics i.e. experience in the construction industry (CI), education level and the number of employees in the organization are not good predictors to determine the use of RMPs. Research limitations/implications The study was limited to the data acquired from the SACI and to a lesser extent, construction SMEs in Gauteng. Therefore, the findings cannot be generalized to all SMEs in SA. Though neighboring and developing countries can use the RMPs identified in this study, the results cannot be directly used in developed countries without adequate substantiation. Practical implications The current study provides useful information to assist construction organizations to pay more attention to risk management implementation. The RMPs established in this paper are reliable and valid in projects undertaken by SMEs, and therefore, may be used by top management and/or the risk task team of these enterprises for effective project risk management. Originality/value The study presents findings of an investigation of the influence of demographics on RMPs from the perspectives of construction SMEs, an area less explored. This work advances knowledge of RMPs in the SME sector. It, therefore, adds value to researchers and industry practitioners on the theme where no agreement has been attained relating to key factors and practices that should constitute a risk management model.

scholarly journals Effects of Risk Management Practices on IT Project Success

2017 ◽  
Vol 8 (1) ◽  
pp. 30-37 ◽  
Author(s):  
Daranee Pimchangthong ◽  
Veera Boonjing
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
Project Success ◽  
Risk Identification ◽  
Project Managers ◽  
Product Performance ◽  
Risk Response ◽  
Response Planning ◽  
It Project ◽  
It Project Success

AbstractSuccessful management of an information technology (IT) project is the most desirable for all organisations and stakeholders. Many researchers elaborated that risk management is a key part of project management for any project size. Risk management is so critical because it provides project managers with a forward-looking view of both threats and opportunities to improve the project success. The objectives of this research are to explore organisational factors affecting IT project success and risk management practices influencing IT project success. Risk management practices include risk identification, risk analysis, risk response planning, and risk monitoring and control. The IT project success is measured by process performance and product performance. Data are collected from 200 project managers, IT managers, and IT analysts in IT firms through questionnaires and analysed using Independent Sample t-test, One-way ANOVA, and Multiple Linear Regression at the statistical significance level of 0.05. The results show that the differences in organisational types affect IT project success in all aspects, while the differences on organisational sizes affect IT project success in the aspect of product performance and total aspects. Risk identification and risk response planning influence the process performance and the total aspects of IT project success. Risk identification has the highest positive influence on product performance, followed closely by risk response, while risk analysis negatively influences product performance.

scholarly journals Idiosyncratic Viral Loss Theory: Systemic Operational Losses in Banks

2021 ◽  
Vol 14 (2) ◽  
pp. 82
Author(s):  
Sophia Beckett Velez
Keyword(s):  
Risk Management ◽  
Internal Control ◽  
Delphi Study ◽  
Management Practices ◽  
Negative Impact ◽  
Operational Risk ◽  
The United States ◽  
Risk Identification ◽  
Basel Iii ◽  
Viral Spread

Basel III regulation intent is to increase the resiliency of banks through effective risk management practices that can reduce significant idiosyncratic operational losses. A systemic risk event that leads to significant losses in a bank holding company (BHC) can expose them to become insolvent and cause significant volatility and unpredictable negative impact on the United States economy. The viral spread of operational losses through global markets by interconnected multinational banks can be compared to viruses spread through interconnected countries and the significant losses incurred; this can be referred to as idiosyncratic viral loss theory. This idiosyncratic viral loss theory discusses systemic operational losses that are evident in human error, fraud, and legal expenses that are aligned to systemic operational risk. The occurrences of significant losses that are idiosyncratic in nature and that are linked to failed internal processes, people, systems, and external events are defined by the Basel Committee on Banking Supervision as operational risk losses; these losses’ idiosyncratic nature makes them comparable to viruses. This study employs the Compliance and Ethics Group’s (OCEG’s) standard that integrates governance, risk management, internal control, assurance, and compliance (GRC capability model) into one functional goal to improve quality and principled performance through measurable tools that may enhance effectiveness and efficiency practices. This study concerns senior manager activities that can be effective towards meeting effective risk management practices posed by the Basel III regulation for BHCs, which may reduce the spread of significant losses in the banks. Through the use of a qualitative e-Delphi study, 10 banking finance experts were convened to build consensus on effective risk management practices. Data were collected from three electronic questionnaires submitted through Qualtrics. Data were analyzed using theoretical triangulation, coding, and thematic analysis. Four important considerations were identified that could bolster effective risk management practices: (a) a comprehensive enterprise-wide risk; (b) controlling fraud; (c) going beyond the minimum risk assessment requirements set forth by the banking regulators; (d) independent risk identification and management. These considerations towards effective risk management practices may help reduce systemic operational losses viral spread in banks.

scholarly journals Risk management practices in Egypt: A comparison study between Islamic and Conventional banks

2015 ◽  
Vol 5 (4) ◽  
pp. 257-270 ◽  
Author(s):  
Hassan M. Hafez
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Management Practices ◽  
Liquidity Risk ◽  
Risk Identification ◽  
Islamic Banks ◽  
Comparison Study ◽  
Risk Monitoring ◽  
Conventional Banks ◽  
Risk Assessment And Analysis

The purpose of this research is to examine the degree to which the Egyptian banks use risk management practices and techniques to eliminate associated risks to their business. Not only has that but also to compare between Islamic and conventional banked in terms of risk management practices. A standardized questionnaire was used to cover the main aspects of risk management: understanding risk, risk management, risk identification, risk assessment and analysis; risk monitoring and risk management practices and finally the types of risks faced by the two set of banks. The study found that the most challenging types of risks facing Islamic and conventional banks in Egypt are credit and liquidity risks. Conventional banks are more efficient in risk management and use more sophisticated techniques and practices. Liquidity risk is the most prominent and vital risk for Islamic Banks.

scholarly journals Defining Indicators for Risk Assessment in Software Development Projects

2013 ◽  
Vol 16 (1) ◽  
Author(s):  
Júlio Menezes Jr. ◽  
Cristine Gusmão ◽  
Hermano Moura
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Software Development ◽  
Financial Market ◽  
Management Practices ◽  
Relevant Information ◽  
Risk Identification ◽  
Systematic Mapping Study ◽  
Software Projects ◽  
Practical Result

The usage of indicators acts in both strategic and tactical levels, it is effective for optimization of processes and also supports managerial decisions. Despite the relevance of risk management in software projects, it is in fact still usually overlooked by the organizations that develop software. One reason for this fact is that the concept of risk is abstract and subjective, and its management does not bring apparent immediate practical result. Differently, for example, in the financial market, where the risk management is consolidated and widely applied, and it is currently a need for the companies that work in this field. Briefly, risk management practices just became effectively consolidated in the financial market field when the uncertainties became measurable. In this context, this paper aims to define and propose indicators that are specific for environments of software projects in order to support risk assessment activities – risk identification and risk analysis. To achieve this objective, we first developed a systematic mapping study in order to collect evidences about metrics, indicators and relevant information for risk assessment. These findings were combined with the identification of measurable risk factors, providing, thus, a set of categorized indicators for software development environments.

scholarly journals Risk Management Practices In Islamic Banking Institutions: A Comparative Study Between Malaysia And Jordan

2014 ◽  
Vol 30 (5) ◽  
pp. 1295 ◽  
Author(s):  
Rashidah Abdul Rahman ◽  
Ahnaf Alsmady ◽  
Zuraeda Ibrahim ◽  
Aliyu Dahiru Muhammad
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Management Practices ◽  
Risk Control ◽  
Risk Identification ◽  
Islamic Banks ◽  
Banking Institutions ◽  
Managing Risk ◽  
Level Of Understanding ◽  
Risk Assessment And Analysis

The results of the analysis revealed that factors, such as the level of understanding risk management, risk assessment and analysis, risk control, and monitoring, feature more prominently in Malaysian Islamic Banks than in their Jordanian counterparts. However, Jordans IBs are ahead in terms of the level of risk management practices. Both countries are similar in their risk identification. It is also found that Islamic Banks in Malaysia and Jordan are somewhat reasonably efficient in managing risk where risk assessment and analysis (RAA), and risk control and monitoring (RCM) are the most influencing variables in RMPs in Malaysia; whilst understanding risk management (URM) and risk control and monitoring (RCM) are good predictors of RMPs in Jordan.

scholarly journals Investigating the relationships between uncertainty types and risk management strategies in cross-border e-commerce logistics

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Maria Giuffrida ◽  
Hai Jiang ◽  
Riccardo Mangiaracina
Keyword(s):  
Risk Management ◽  
Structural Equation ◽  
Management Practices ◽  
Service Providers ◽  
Home Country ◽  
Management Strategies ◽  
Risk Identification ◽  
Content Type ◽  
Cross Border ◽  
Risk Management Strategies

PurposeDue to its fast growth, cross-border e-commerce (CBEC) is becoming a popular internationalization model, especially in those destination markets with impressive e-commerce development like China. However, CBEC also brings new logistics challenges and uncertainty. This paper aims to understand how companies cope with logistics uncertainty in this field and whether the different types of uncertainty influence the risk management strategies adopted to face them.Design/methodology/approachA survey targeting online exporters to China and third-party forwarding logistics service providers (3PFLs) is conducted. A structural equation model (SEM) analysis is performed to test the possible relationship between the adopted risk management strategies and the types of uncertainty. The type, industry and size of the company, as well as the distance between the company's home country and China, are used as control variables in the study. Survey results are enriched via interviews with some of the respondents.FindingsThe risk management strategies adopted are dependent on the type of logistics uncertainty that the companies face and, to a minor extent, on the industry the company operates in. Conversely, no significant influence is exerted by other types of control factors, i.e. home country, company size or company type.Originality/valueThe paper investigates logistics uncertainty and risk management approaches in the novel context of CBEC. A systematic review of relevant sources of uncertainty is offered to help both scholars and practitioners understand the current complexities of CBEC. From a theoretical perspective, the paper models the investigated concepts in light of the contingency approach. From a practical perspective, results can be of interest since the list of proposed items can support risk identification and evaluation while the interviews with managers can provide insights on risk management practices.

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