scholarly journals Development and Reliability Review of an Assessment Tool to Measure Competency in the Seven Elements of the Risk Management Process: Part One—The RISKometric

Safety ◽  
2020 ◽  
Vol 7 (1) ◽  
pp. 1
Author(s):  
Garry Marling ◽  
Tim Horberry ◽  
Jill Harris
Keyword(s):  
Risk Management ◽  
Assessment Tool ◽  
Management Practice ◽  
Health And Safety ◽  
Future Research ◽  
Management Process ◽  
Risk Management Process ◽  
Work Health ◽  
Risk Scenario ◽  
The Individual

Ineffective and inefficient workforce involvement can negatively impact risk management practice for work health and safety (WHS) issues. Often the risk management process is undertaken by a single person, or by teams without a facilitator and without regard to the participants’ levels of competency in the risk management process. This study aimed to develop a tool to assess the competence of individuals in different elements of the risk management process and then review its reliability. This tool, termed the RISKometric, incorporated a 360° performance review method whereby peers upline and downline colleagues and the individual themselves gave competence ratings. The RISKometric was tested using 26 participants. Results showed that a significant positive relationship existed between the feedback given by peers and downline colleagues. Initial results gained from using the tool suggest it is able to discriminate the competence of participants, in each of the elements of risk management, through the opinions of self and others. In future research, we test assumptions through a further two studies. Firstly, that individuals’ RISKometric results are comparable with their performance in a risk scenario exercise; so, providing validity for the tool. Secondly, that a collectively-optimised team (formed using the Riskometric) can perform a risk assessment exercise better than marginally- or sub-optimised teams.

scholarly journals Development and Validation of Plain English Interpretations of the Seven Elements of the Risk Management Process

Safety ◽  
2019 ◽  
Vol 5 (4) ◽  
pp. 75
Author(s):  
Garry Marling ◽  
Tim Horberry ◽  
Jill Harris
Keyword(s):  
Risk Management ◽  
Fundamental Problem ◽  
Health And Safety ◽  
Management Systems ◽  
Management Process ◽  
Codes Of Practice ◽  
Management Standards ◽  
Risk Management Process ◽  
Work Health ◽  
Development And Validation

A fundamental problem with risk management standards and other associated guiding documents is that the definitions and descriptors of the seven elements of the risk management process within these documents are commonly at odds with each other and are difficult to understand. An implication is that personnel within and across organisations interpret the process in different ways. This has led to some companies developing their own interpretations of the elements in their risk/work health and safety (WHS) management systems and thereby exacerbating the problem. A standard set of definitions, terminology and language are vital for addressing WHS issues efficiently and effectively to result in better outcomes. This study aimed to develop a set of plain English interpretations (PEI) for each of the seven elements of the risk management process. These seven elements sit between the scant and technical definitions contained in standards (primary and secondary) and the voluminous guidance in the handbooks and codes of practice. The Delphi-technique was used with 20 risk-experts to evaluate, over two iterations a set of draft PEIs—developed by the researchers. These were finally reviewed for readability and understandability by 24 operators/workers. The implications for these new PEIs is that they could be considered for future standards and guidance documents by the ISO Working Group Risk Management Standard and similar committees and used by organisations for their risk/WHS management systems.

Customisable framework for project risk management

2017 ◽  
Vol 17 (1) ◽  
pp. 68-89 ◽  
Author(s):  
Jennifer Firmenich
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
New Institutional Economics ◽  
Future Research ◽  
Project Risk Management ◽  
Management Process ◽  
Project Risk ◽  
Content Type ◽  
Risk Management Process ◽  
Management Concepts

Purpose The purpose of this paper is to emphasise on the need for efficient and effective project risk management practices and to support project managers in increasing the cost certainty of projects by proposing a new framework for project risk management. Design/methodology/approach The author adopts a “constructivist” methodology, drawing on practices common in construction management sciences and new institutional economics. Findings The author presents a holistic and customisable project risk management framework that is grounded in both practice and academia. The framework is holistic because, amongst others, all steps of the typical risk management process are addressed. The framework is customisable, because it allows for alternative ways of implementing the project risk management steps depending on the project-specific circumstances. Research limitations/implications The framework does not address the potential unwillingness of the project players to set up a project risk management process, at all. The proposed framework has not yet been tested empirically. Future research will seek to validate the framework. Originality/value The framework is designed to account for the difficult circumstances of a complex construction project. It is intended to support decision makers in customising a practical yet comprehensive project risk management concept to the characteristics of the unique project. Although many other project risk management concepts are designed based on the assumption that actors are perfectly rational and informed, this framework’s design is based on the opposite assumption. The framework is dynamic and should adapt over time.

scholarly journals The place of artificial intelligence in the risk management process

2021 ◽  
Vol 120 ◽  
pp. 02013
Author(s):  
Petya Biolcheva
Keyword(s):  
Artificial Intelligence ◽  
Risk Assessment ◽  
Risk Management ◽  
Real Time ◽  
Risk Identification ◽  
Management Process ◽  
Whole Process ◽  
Risk Management Process ◽  
Problematic Issue ◽  
The Individual

In recent years, there has been increasing talk of the rapid entry of artificial intelligence into risk management. All the benefits it would bring over the whole process are often commented on: real-time results, processing large amounts of data, more complete risk identification, more accurate risk assessment, etc. There are also negative moods that make various experts feel threatened by their need to be replaced by artificial intelligence. Another problematic issue that arises is related to the transparency of algorithms and the increase in cyber risks [6]. This material aims to identify the individual elements at the stages of risk management in which artificial intelligence (AI) can and should be applied alone, in combination with expert opinion or not. Here it is shown that because of the use of AI the efficiency of the whole process is significantly increased, first of all by conducting in-depth analyses, and the decisions are made by the risk management experts. This proves its usefulness and increases the confidence of experts in it.

Cyber risk management in SMEs: insights from industry surveys

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Felicitas Hoppe ◽  
Nadine Gatzert ◽  
Petra Gruner
Keyword(s):  
Risk Management ◽  
Cyber Security ◽  
Future Research ◽  
Management Process ◽  
Content Type ◽  
Security Culture ◽  
Current State ◽  
Enterprise Risk ◽  
Risk Management Process ◽  
Cyber Risk

PurposeThis article aims to gain insights on the current state of small- and medium-sized enterprises’ (SMEs’) cyber risk management process and to derive future research directions.Design/methodology/approachThis is done by collecting market insights from 37 recent industry surveys and structuring them based on the steps of the risk management process. From this analysis, major challenges are derived and future fields of research identified.FindingsThe results indicate that deficiencies in risk culture as well as the strained market for IT experts are the major obstacles with respect to the implementation of cyber risk management in SMEs, and that these challenges are similar across countries. The findings suggest that especially the relationship between cyber security culture and cyber risk management should be investigated further, and that a stronger link between the research streams on enterprise risk management and cyber risk management would be desirable.Originality/valueThis paper contributes to the literature by providing a systematic overview on the current state of SMEs' cyber risk management from a market perspective. The findings provide support for the existing academic literature by emphasizing the central role of cyber security culture (perception, knowledge, attitude) for a successful cyber risk management, which however should be addressed in more depth in future (empirical) research.

RISK MANAGEMENT IN PUBLIC PROCUREMENT BY THE LGUS (AS EXEMPLIFIED BY DĄBROWA GÓRNICZA COMMUNE)

2020 ◽  
Vol 21 (3) ◽  
pp. 115-132
Author(s):  
Jarosław Rokicki
Keyword(s):  
Risk Management ◽  
Local Government ◽  
Negative Impact ◽  
Public Procurement ◽  
Management Control ◽  
Management Process ◽  
Control Processes ◽  
Risk Management Process ◽  
The Individual ◽  
Made In

Risk management is an integral part of the management control processes, which is primarily the responsibility of the Manager of local government units. Conscious and structured risk management allows the manager to limit events that may have a negative impact on the implementation of tasks. This is why it is so important to organize a risk management process that ensures the achievement of objectives and tasks. The theoretical settlement made in part one of the article allowed the author, on the basis of internal regulations in the selected Dąbrowa Górnicza commune, to synthetically describe the risk management process and to present the measures and indicators that illustrate the process. Against this background, a formalized risk management process in a commune where a lot of space has been devoted to the risk management process adopted is shown. The responsibilities of the individual employees of the organizations involved in the risk management process have been clearly identified.

Managing the Current Risks of Companies

2022 ◽  
pp. 250-269
Author(s):  
Feride Bakar Türegün ◽  
Adnan Gerçek
Keyword(s):  
Risk Management ◽  
Corporate Governance ◽  
Management Practice ◽  
Management Process ◽  
Legal Regulations ◽  
Control Framework ◽  
Risk Management Process ◽  
Management Experience ◽  
Increasing Risk ◽  
Risk Categories

The taxation power of governments affects companies' business activities. For this reason, the legal limit of tax law must be known by taxpayers. Uncertainty, frequent changes, and interpretation differences in the tax field and reporting reveal tax risks. Today, companies, especially large ones, accept tax risk as a part of the risk management process. Focusing on tax risk management, this chapter presents the discussions on various definitions of tax risk and on the tax risk categories, factors that affect tax risk. The applicability of tax risk management is evaluated from the following perspectives in the chapter: empirical analyses conducted in different countries, tax control framework, and tax risk management practice in various countries. As a result, tax risks are manageable with the support of cooperative compliance models of revenue administrations in countries, the necessity of corporate governance principles, the situation of legal regulations, and the increasing risk management experience of especially large companies.

scholarly journals Actualization and ways of system approach to risk management in occupational health and safety

2020 ◽  
Vol 10 (3) ◽  
pp. 93-103
Author(s):  
Andrii Bochkovskyі
Keyword(s):  
Risk Management ◽  
Occupational Health ◽  
Risk Evaluation ◽  
System Approach ◽  
Health And Safety ◽  
Occupational Health And Safety ◽  
Management Systems ◽  
Management Process ◽  
Automated Systems ◽  
Risk Management Process

Substantiation of the need to introduce a system approach to risk management in occupational health and safety management systems and identification ways to implement it. 1. To identify the existing disadvantages of the practical implementation of the stages of the risk management process in occupational health and safety. 2. To substantiate and propose mathematical models for the objective implementation of the Plan procedure of the risk management process in occupational health and safety. 3. To analyze the functionality of existing automated systems of the dangers minimization to ensure the effective functioning of Do – Chek - Act procedures in occupational health and safety. 4. To propose the automated management system of occupational health and safety at the enterprises for objective implementation of Do – Check – Act procedures within the OHS management systems of the enterprises. Analysis of scientific and technical literature and regulations in occupational health and safety, probabilistic and statistical methods, Markov analysis. It is established that the existing methodological approaches to risk management in occupational health and safety ensure for the implementation of only four of the eight necessary stages (stages of risk evaluation) of the relevant process provided by the PDCA methodology. Mathematical models, which allow to set the relationship between occupational health and safety costs and the risk level, as well as to set the probability of not exceeding the accumulation in the employee of the consequence of certain harmful factors impact and occupational injuries at random during the workshift are substantiated and proposed for use.  The main disadvantages of the existing automated systems of risk minimization in occupational health and safety, which are the impossibility of minimizing the negative “human factor” signs and the impossibility of prompt normalization of the parameters of harmful production factors on the employee over time are identified. The automated management system of occupational health and safety, which allows to conduct constant monitoring and prompt correction of parameters of impact on the employee of negative factors within the values set by results of risk evaluation is substantiated and offered for application.

scholarly journals A Formalised Approach to the Management of Risk

2013 ◽  
pp. 263-285 ◽  
Author(s):  
Mike Brownsword ◽  
Rossitza Setchi
Keyword(s):  
Risk Management ◽  
Systems Engineering ◽  
Health And Safety ◽  
Management Process ◽  
Process Definition ◽  
Complex Approach ◽  
Risk Management Process ◽  
Rail Industry ◽  
Industry And Education ◽  
Current Risk

Taking pragmatic, systems engineering approach, this paper identifies a number of fundamental issues that presently arise in risk management, primarily as a result of the overly complex approach conventionally taken in process definition and a lack of coherence within the current risk management vocabulary. The aim of the paper is to enable a fundamental simplification of the risk management process and an improved understanding of the associated terminology. The outcome of this work is a formalised but pragmatic approach to risk management resulting in the development of a conceptual framework and an associated ontology, which emphasises the understanding of people and their environment as part of risk management. The approach has been validated in a number of case studies of varying depth and breadth from the IT domain, defence, rail industry, and education, covering health and safety, business, project and individual needs.

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