scholarly journals IMPROVING THE PERFORMANCE OF THE BALANCED SCORECARD THROUGH IMPLEMENTING ISO 31000 RISK ASSESSMENT AT SHOFA PHARMACY

2021 ◽  
pp. 23-36
Author(s):  
Riko Luke Nugroho ◽  
Perminas Pangeran
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Balanced Scorecard ◽  
Risk Group ◽  
Political Risk ◽  
Risk Level ◽  
Economic Risk ◽  
Project Risk ◽  
The Balanced Scorecard ◽  
Iso 31000

This study aims to integrate the Balanced Scorecard and Risk Management at Shofa Pharmacy and its one branch. The risk assessment is based on the ISO 31000 framework model and the Balanced Scorecard is based on a financial perspective, a customer perspective, an internal business perspective and a learning and growth perspective. The results of risk identification show that the risks, faced by Shofa Pharmacy, are financial risk, operational risk, technology risk, business ethics risk, health and safety risk, economic risk, legal risk, political risk, market risk, and project risk. Based on the results of the analysis, the highest risk is a technology risk with the risk group in information technology protection, economic risk with the fall in a demand risk group, political risk with an inflation risk group and project risk with an evaluation risk group, then risk management is carried out to reduce the risk level.

scholarly journals Application of ISO 31000-Based Risk Assessment to Improve Balanced Scorecard Performance at Shofa Pharmacy

2021 ◽  
Vol 8 (2) ◽  
pp. 251
Author(s):  
Riko Luke Nugroho ◽  
Perminas Pangeran
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Balanced Scorecard ◽  
Risk Group ◽  
Political Risk ◽  
Risk Level ◽  
Economic Risk ◽  
Project Risk ◽  
The Balanced Scorecard ◽  
Iso 31000

This study aims to integrate the Balanced Scorecard and Risk Management at Shofa Pharmacy and its one branch. The risk assessment is based on the ISO 31000 framework model and the Balanced Scorecard is based on a financial perspective, a customer perspective, an internal business perspective and a learning and growth perspective. The results of risk identification show that the risks faced by Shofa Pharmacy are financial risk, operational risk, technology risk, business ethics risk, health and safety risk, economic risk, legal risk, political risk, market risk, and project risk. Based on the results of the analysis, the highest risk is technology risk with the risk group in information technology protection, economic risk with the fall in demand risk group, political risk with the inflation risk group and project risk with an evaluation risk group, then risk management is carried out to reduce the risk level.

scholarly journals ISO 31000-Based Risk Management and Balanced Scorecard to Improve Company Performance: A Case Study at Indonsian YNK Tour and Travel Company

2021 ◽  
Vol 8 (3) ◽  
pp. 376
Author(s):  
Sandra Galuh Asmarawati ◽  
Perminas Pangeran
Keyword(s):  
Risk Management ◽  
Balanced Scorecard ◽  
Financial Risk ◽  
Management Plan ◽  
Company Performance ◽  
Improve Performance ◽  
Management Options ◽  
The Balanced Scorecard ◽  
Iso 31000

This research aims to conduct risk management assessments based on ISO 31000: 2018 and Balanced Scorecard (BSC) to improve performance at YNK Tour and Travel Company in Indonesia. Data obtained through filling out questionnaires and interviews with the company's director. The identified tourism risks consist of 5 types of risk, including: financial risk, operational risk, environmental risk, competitive risk and economic risk. The result of this research is to produce a risk management design based on ISO 31000. This standard is effective for identifying, analyzing, evaluating, and handling risks assisted by the Balanced Scorecard as a guideline to reach company’s goals. If the companies combine both of the standards, it can improve not only company’s performance but also company’s objective can be achieved. Based on the risk management plan, it is expected to assist the company in coping and dealing with it by determining the best risk management options according to the company's capabilities so that it can improve company performance.

The prospects of occupational risk management during reforms of regulatory legislation basis

2019 ◽  
pp. 39-44 ◽  
Author(s):  
Vadim B. Alekseev ◽  
Nina V. Zaitseva ◽  
Pavel Z. Shur
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Social Insurance ◽  
Well Being ◽  
Occupational Risk ◽  
Risk Level ◽  
Federal Law ◽  
Work Safety ◽  
Risk Levels ◽  
Legal Principles

Despite wide legislation basis of regulating relations in work safety and workers’ health, one third of workplaces demonstrate exceeded allowable normal levels of workers’ exposure to occupational hazards and present occupational risk for health disorders.In accordance to national legislation acts, evaluation should cover factors of occupational environment and working process, and occupational risk is understood in context of mandatory social insurance. This approach has been formed due to mostly compensatory trend in legal principles of work safety in Russia by now. Implementation of new preventive concept of work safety, based on idea of risk management for workers, necessitates development of legal acts that regulate requirements to evaluation of occupational risk and its reports with consideration of changes in Federal Law on 30 March 1999 №52 FZ “On sanitary epidemiologic well-being of population”.Those acts can include Sanitary Rules and Regulations “Evaluation of occupational risk for workers’ health”, that will contain main principles of risk assessment, requirements to risk assessment, including its characteristics which can serve as a basis of categorizing the risk levels with acceptability.To standardize requirements for informing a worker on the occupational risk, the expediency is specification of sanitary rules “Notifying a worker on occupational risk”. These rules should contain requirements: to a source of data on occupational risk level at workplace, to informational content and to ways of notifying the worker. Specification and implementation of the stated documents enable to fulfil legal requirements completely on work safety — that will provide preservation and increase of efficiency in using work resources.

scholarly journals THE CURRENT STATE OF PROJECT RISK ASSESSMENT AND EDUCATION NEEDS IN PROJECT RISK MANAGEMENT

2019 ◽  
Vol 7 ◽  
Author(s):  
Matej Masár ◽  
Mária Hudáková
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Project Managers ◽  
Project Risk Management ◽  
Project Risk ◽  
Qualitative And Quantitative ◽  
Current State ◽  
The World ◽  
Project Risks ◽  
Project Risk Assessment

Current trends show that education in the field of project risk management is a very actual topic. Long - term projects, which was realized in 2018, was mainly focused on R&D across the world. Short - term projects, was focused on innovation and improve manufacturing processes. Many projects failed because project managers did not manage project risks. Project managers have less knowledge and skills on how to effectively manage project risks, especially risks in the planning phase of projects. The main aim of this article is to analyze the current state of usage project risk assessment across the world, based on own empirical research, which was provided, by authors in 2018 and 2019 (mainly level of usage project risk management methods, experience and level of education). The research focused on analyzing the current state of project risk assessment among continents. The authors focused on the average level of use qualitative and quantitative project risk analysis by project managers, level of project risk management experience by project managers and complexity of learning in using of qualitative and quantitative project risk management methods and tools.  Some recommendation were established to educate project managers in the field of project risk management.

Project Risk Management Process for Professionals

2018 ◽  
pp. 277-299
Author(s):  
Tamas Toth ◽  
Zoltan Sebestyen
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Risk Category ◽  
Project Risk ◽  
Risk Management Process ◽  
Minimum Requirements ◽  
Integrated Project ◽  
Assessment Procedures ◽  
Project Risk Analysis ◽  
Project Risk Assessment

This chapter will provide an instantly applicable integrated project risk analysis method, which tracks the probabilities of the occurrences of harmful events perceived by the owners from the conceptual phase to the end of the project. The chapter follows a threefold structure. First, the paper provides a revised integrated project risk assessment framework that enhances conventional risk category-based methods. Second, the minimum requirements of the owners are clarified to attain the main goal of project risk assessment and to identify the harmful events jeopardizing this goal. Third, the widely known risk assessment procedures are revised, and a methodology for taking and selecting proper risks is provided. Finally, a new valuation approach to the monitoring phase is introduced, which is able to capture the current market value of the project based on the risk management and controlling system's data.

Project Risk Management Process for Professionals

2018 ◽  
pp. 725-747
Author(s):  
Tamas Toth ◽  
Zoltan Sebestyen
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Risk Category ◽  
Project Risk ◽  
Risk Management Process ◽  
Minimum Requirements ◽  
Integrated Project ◽  
Assessment Procedures ◽  
Project Risk Analysis ◽  
Project Risk Assessment

This chapter will provide an instantly applicable integrated project risk analysis method, which tracks the probabilities of the occurrences of harmful events perceived by the owners from the conceptual phase to the end of the project. The chapter follows a threefold structure. First, the paper provides a revised integrated project risk assessment framework that enhances conventional risk category-based methods. Second, the minimum requirements of the owners are clarified to attain the main goal of project risk assessment and to identify the harmful events jeopardizing this goal. Third, the widely known risk assessment procedures are revised, and a methodology for taking and selecting proper risks is provided. Finally, a new valuation approach to the monitoring phase is introduced, which is able to capture the current market value of the project based on the risk management and controlling system's data.

Improving Objectivity in Project Risk Management

2017 ◽  
pp. 248-265
Author(s):  
Kailan Shang
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Expert Knowledge ◽  
Process Mining ◽  
Critical Role ◽  
Project Risk Management ◽  
Project Risk ◽  
Resource Misallocation ◽  
Back Testing ◽  
Subject Matter Expertise

Project risk management requires subject matter expertise to identify and assess relevant and sometimes unique risks. Insufficient experience data and fast evolvement of emerging risks in the field of project risk management make qualitative analysis more prevalent in project risk assessment. Therefore, expert knowledge and experience play a critical role in project risk management. On the other hand, the resulting subjectivity often leads to inconsistent risk assessment. Undesired consequences include cost underestimation, risk underestimation and resource misallocation. This chapter discusses the causes and adverse impact of subjectivity in project risk management and methods to improve objectivity. It covers common human biases in project risk management and introduces measures to improve objectivity in project risk management using expert diversification, risk culture, process mining, fuzzy logic models, and back testing.

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