Risk Sharing in a Partnership

2017 ◽  
pp. 115-152
Keyword(s):  
Risk Assessment ◽  
Risk Sharing ◽  
The Other ◽  
Risk Awareness ◽  
Acceptable Risk ◽  
Other Hand ◽  
Managerial Resources ◽  
Risk Acceptance ◽  
Risk Taker ◽  
Developing Strategies

Risk sharing is an activity which integrates recognition of risk, awareness of a party's capability, risk assessment, and developing strategies to accept and own the risk using managerial resources. Some traditional risk sharing philosophy is focused on taking risk of a lesser costs to the risk taker. Proper risk sharing, on the other hand, focuses on taking and acceptable risk within the capacity of the party to manage. Objective of proper risk sharing is to reduce the possibility the risk taker would not perform the part of the bargain. It may refer to numerous types of measures a partner would undertake to ensure the risk taken does not prevent the partner from performing part of the bargain. The chapter describes the different steps in risk sharing process which methods are used in the different steps, and provides some examples for risk acceptance and risk sharing that can be pursued by a partner.

A Comparison of Machine Risk Acceptance Results Among Trained Users of ANSI B11-TR3

2006 ◽  
Author(s):  
J. Etherton
Keyword(s):  
Risk Assessment ◽  
Iterative Process ◽  
Preventive Measures ◽  
Acceptable Risk ◽  
Protective Measures ◽  
The World ◽  
Company Culture ◽  
Local Risk ◽  
Risk Acceptance ◽  
A Company

The ANSI guideline on machine risk assessment, B11-TR3, describes risk assessment as an iterative process. This implies that protective measures of varied levels of technology can be successively evaluated until a risk that is acceptable is attained. The theories of risk acceptance are many. Reducing risk to a level that is agreed to be 'as low as reasonably practicable' (ALARP) is said to give focus to making a decision about when risk has been adequately reduced. Main (2004) says that "Although the concept of acceptable risk is becoming more commonly adopted throughout the world, a single level of acceptability cannot be universally applied. Acceptable risk is a function of many factors, and is specific to a company, culture, and time-era." Fischhoff et al. (1981) have argued that "the risk associated with the most acceptable option is not acceptable in any absolute sense. One accepts options, not risks, which are only one feature of options." This paper describes risk assessment groups in five manufacturing workplaces and discusses training that led to acceptable risk decisions for a hazardous machine system in each workplace. The composition of the five teams in this study ranged from a team with just a single engineer to teams involving several workplace personnel. The applied preventive measures ranged from measures that were tailored to meet corporate safety goals to measures that evolved from the local risk assessment team's ingenuity. The paper concludes with suggestions on how to make the risk acceptance concept meaningful in the training of future machine risk assessment teams.

scholarly journals RISK ASSESSMENT OF AGGREGATE LOSS BY STORM SURGE INUNDATION IN ISE AND MIKAWA BAY

2018 ◽  
pp. 35
Author(s):  
Shota Hirai ◽  
Tomohiro Yasuda
Keyword(s):  
Risk Assessment ◽  
Storm Surge ◽  
Storm Surges ◽  
Insurance Contract ◽  
The Other ◽  
Insurance Company ◽  
Aichi Prefecture ◽  
Other Hand ◽  
Aggregate Loss

In the event of disaster, the risk of disaster are intertwined, and there is an occurrence possibility of simultaneous damage in multiple areas. Nationwide companies have more risks of simultaneous damage in multiple areas by one disaster. For example, factories in Osaka and in Nagoya, can be damaged by one typhoon. In this case, company will need more money when damage happened and better to make special insurance contract, e.g. Catastrophe bond. On the other hand, insurance company has to assess amount of insurance payout because to pay it for contracted companies quickly. Insurance company may have difficulty to estimate total amount since there are few researches assessing aggregate loss caused by coastal disasters. This research proposes a procedure of assessment of aggregate loss by storm surges in Ise and Mikawa Bay located in Aichi prefecture, Japan.

scholarly journals Longevity Risk-Sharing Annuities: Partial Indexation in Mortality Experience

2017 ◽  
Vol 11 (1) ◽  
Author(s):  
Saisai Zhang ◽  
Johnny Siu-Hang Li
Keyword(s):  
Simulation Study ◽  
Risk Sharing ◽  
Idiosyncratic Risk ◽  
The Other ◽  
Longevity Risk ◽  
Partial Mortality ◽  
Mortality Experience ◽  
Other Hand

AbstractIn a conventional fixed annuity, idiosyncratic risk is diversified away while systematic longevity risk is borne entirely by the provider. The mortality-indexed annuity on the other hand, transfers systematic longevity risk completely back to the annuitants by fully adjusting benefits to mortality experience. In this paper, we propose the partial mortality-indexed annuity (PMIA), which aims to seek a balance between the two ends of the risk-sharing spectrum. Through a simulation study, we show that the PMIA achieves risk sharing and benefits both the provider and the annuitant.

scholarly journals The Ecological Risk Assessment of Ash Toxicity in the Freshwater Crustacean Simocephalus vetulus Schϕdler 1858

2019 ◽  
Vol 60 (5) ◽  
pp. 972-979
Author(s):  
Noor A. Sh. Al-Naymi ◽  
Ahmed J. Mohammed ◽  
Muhanned R. Nashaat
Keyword(s):  
Risk Assessment ◽  
Animal Behavior ◽  
Harmful Effect ◽  
The Other ◽  
Acute Toxicity Test ◽  
Simocephalus Vetulus ◽  
Other Hand ◽  
Freshwater Crustacean ◽  
Ph Level ◽  
Mortality Percentage

The estimating of ash toxicity collected from Durah power plant (DPP) which is located in Baghdad Governorate was done by exposed cladoceran Simocephalus vetulus to different ash concentrations. Thus, the first of its kind study by assessing the toxic effect of these effluents in the selected laboratory individual's food chain. The acute toxicity test of ash was assessed by LC50 and mortality percentage. LC50 of ash on S. vetulus were 0.14, 0.11 and 0.1 ppt during 24, 48 and 72 hr., respectively. On the other hand, it was shown that increasing the concentrations of ash leads to an increase mortality percentage. It was observed that the maximum mortality percentage  (LC100) when exposed to 0.2 and 0.19 ppt at 24 hr. of exposing. On the other hand, the minimum mortality percentages were 0% (LC0) when exposed to 0.1 ppt at 24 hr., this percentage increased to 43% and 56% after 48 and 72 hr., respectively. Also, some obvious changes were observed in the animal behavior, such as slowness at first, then settle on the bottom of the beakers with stopped the antenna and thoracic appendages followed by a weak in a heartbeat. It was shown that the ash concentrations result in inhibiting the survival and increased the mortality percentage, this may be related with the presence of the toxic constituents in ash and change in pH level which was caused a harmful effect.

scholarly journals IT RISK IDENTIFICATION AND ASSESSMENT METHODOLOGY

2017 ◽  
Vol 2 ◽  
pp. 124
Author(s):  
Oskars Podziņš ◽  
Andrejs Romānovs
Keyword(s):  
Risk Assessment ◽  
Impact Analysis ◽  
Risk Identification ◽  
The Other ◽  
Qualitative Assessment ◽  
Event Tree ◽  
Structured Interviews ◽  
Event Tree Analysis ◽  
Tree Analysis ◽  
Other Hand

There are numerous methods for risk identification and risk assessment phases. Which for risk identification includes historical and systematic approach and inductive or theoretical analysis. One of the main reasons why risk identification is very helpful is that it provides justification in many cases for any large IT investment and other large undertakings. Without it organization probably wouldn’t be able to come to conclusion. Also in this phase business recognize the threats, vulnerabilities, and assets associated with its IT systems. Together with risk assessment phase risk management specialist is responsible for determining asset value, what's the value of the asset business is protecting, and risk acceptance level. Risk assessment on the other hand examines impact or consequence, as well as examines and evaluates the likelihood or probability of that adverse event happening. Risk assessment includes methods like Bayesian analysis, Bow Tie Analysis, brainstorming or structured interviews, business impact analysis, cause and consequence, cause-and-effect analysis, Delphi method, event tree analysis, fault tree analysis, hazard analysis, hazard and operational studies, and finally structured what if technique or SWIFT process. Risk assessment has two distinctive assessment types- quantitative and qualitative assessment. Quantitative assessment tries to put a monetary value on all risks. Qualitative assessment on the other hand rather look at it from a range of values like low, medium, high. The results of these phases are going to be documented in the risk assessment report and reported to senior management.

Risk Assessment in Insurance Related to New Technologies in the Context of Insurance Contract Principles

2019 ◽  
Vol 2 (99) ◽  
pp. 110-126 ◽  
Author(s):  
Katarzyna Malinowska
Keyword(s):  
Risk Assessment ◽  
New Technologies ◽  
Insurance Contract ◽  
The Other ◽  
Other Hand ◽  
Changing World

The article aims to present trends in the risk assessment and entities involved in this process in the changing world. The underwriting process has been analyzed in terms of law, in the light of changing regulations, and what is more, in the context of new technologies increasingly used in insurance. The purpose of the article is to determine if technology causes the necessity to change the approach to the principles of insurance contract and how it affects the activities of insurers. To achieve this goal two aspects have been considered, namely, whether the use of new technologies by insurers in the process of risk assessment and, on the other hand, whether the emerging risks dependent on new technologies exert an influence on the rules governing the insurance contract.

Structural Analysis Approach for Risk Assessment Under BDBE

2016 ◽  
Author(s):  
Naoto Kasahara ◽  
Izumi Nakamura ◽  
Hideo Machida ◽  
Koji Okamoto ◽  
Takuya Sato
Keyword(s):  
Risk Assessment ◽  
Structural Analysis ◽  
Failure Modes ◽  
The Other ◽  
Analysis Approach ◽  
Inelastic Analysis ◽  
Design Basis ◽  
Other Hand ◽  
Safety Margins ◽  
Defense In Depth

Based on the lessons learned from the Fukushima nuclear power plant accident, it is recognized the importance of the risk assessment and mitigation for failure consequences to avoid catastrophic failure of pressure equipment during severe accidents (SA) and excessive earthquake. The objectives of structural design (from the first layer to the third layer of the defense-in-depth) is strength confirmation under assumed loading conditions. On the other hand, ones of risk assessment and mitigation (the forth layer of the defense-in-depth) is prediction of realistic failure scenarios. Through investigation of failure locations and modes of main components under both severe accident and excessive earthquake, different failure modes from DBE(Design Basis Events) were identified for BDBE(Beyond Design Basis Events). To clarify these modes, the failure mechanisms were studied with some strength experiments. For most of failure modes, their dominant parameters are inelastic strain rather than stress. So that large scale inelastic analysis methods were studied and extended to very high temperature and large strain. By using above results, this paper has proposed the new structural analysis approach for risk assessment under BDBE. This is the extension of “design by analysis” concept. However it is clearly different from design approach from next viewpoints. (1) Additional failure modes to design condition Such additional failure modes induced by excessive loadings are considered for as local failure, creep rupture, creep buckling, ratcheting collapse and so on. (2) Identification of dominant failure modes Design codes require conservative evaluation against all of assumed failure modes. On the other hand, risk assessment needs adequate failure scenarios, where failure locations, modes and their order are important. For that reason, dominant failure modes have to be identified. To identify dominant modes, failure mode map concept was proposed. (3) Best estimation To estimate realistic accident phenomena, the best estimation is required. Therefore, dominant strength parameters and criteria without safety margins should be adopted. Through strength mechanism investigations, plastic and creep strain are recognized as more dominant parameters than stress for many failure modes. So that realistic inelastic analyses are recommended for BDBE.

scholarly journals PRACTICAL ASPECTS OF RISK ACCEPTANCE CRITERIA DEVELOPMENT IN MARITIME SHIPPING / PRAKTYCZNE ASPEKTY OKREŚLANIA KRYTERIÓW AKCEPTOWALNOŚCI RYZYKA W ŻEGLUDZE MORSKIEJ

2013 ◽  
Vol 26 (1) ◽  
pp. 89-98
Author(s):  
Teresa Abramowicz-Gerigk ◽  
Zbigniew Burciu ◽  
Piotr Kaminski
Keyword(s):  
Risk Assessment ◽  
Safety Management ◽  
Assessment Methods ◽  
Management Systems ◽  
Safety Management Systems ◽  
Acceptable Risk ◽  
Acceptance Criteria ◽  
Risk Levels ◽  
Maritime Shipping ◽  
Risk Acceptance

Abstract The paper presents practical aspects of development of acceptable risk levels in maritime shipping with respect to the cooperation of parties involved in maritime safety, commonly used risk acceptance principles, criteria and uncertainties related to their development. The results of analysis of risk assessment methods used for potentially hazardous operations on board ships performed on the basis of extensive studies on the onboard safety management systems is presented. The merits and drawbacks of the approach used in the development of risk acceptance criteria in onboard safety management systems are discussed.

Trends of Outdoor Thermal Discomfort in Mymensingh: an Application of Thoms’ Discomfort index

2018 ◽  
Vol 10 (2) ◽  
pp. 151-156 ◽  
Author(s):  
MSJ Talukdar ◽  
MS Hossen ◽  
MA Baten
Keyword(s):  
Risk Assessment ◽  
Natural Resources ◽  
Thermal Comfort ◽  
Air Temperature ◽  
The Other ◽  
Thermal Discomfort ◽  
Other Hand ◽  
Discomfort Index

Thermal comfort is considered very important in aspects of risk assessment, summertime morbidity or in building designing. The present study applied Thom’s discomfort index (DI) to assess the trend of outdoor thermal discomfort in Mymensingh City during 2006-2015. It wasfound that December to February months was comparatively comfortable, DI values were typically <21 and therefore no people felt any discomfort in these months. On the other hand, under 50% population experienced discomfort during March and November months when discomfort valueswere ranged between 21- 24. From April to October months discomfort values varied from 25-27, which indicated thatover 50% population suffered from discomfort in this period. Though no extreme discomfort condition observed in Mymensingh city, the results revealed from June to September months most of the population suffered from severe discomfort in Mymensingh city due to the high air temperature, and high relative humidity.J. Environ. Sci. & Natural Resources, 10(2): 151-156 2017

THE COMPETENCE OF RISK ASSESSMENT IN THE STRUCTURE OF EDUCATIONAL CONTENT

2021 ◽  
pp. 132-142
Author(s):  
Halyna Baluta ◽  
◽  
Andrii Abdula ◽  
Olena Olifer ◽  
◽  
...  
Keyword(s):  
Risk Assessment ◽  
Natural Disasters ◽  
Technological Development ◽  
Scientific Research ◽  
The Other ◽  
Educational Content ◽  
Other Hand ◽  
The One ◽  
High Degree ◽  
Scientific And Technological Development

The current scientific and technological development demonstrates a prominent paradox: on the one hand, society seeks to accelerate the pace of development to achieve pragmatic results of scientific research; on the other hand, such rapid scientific and technological development causes dangerous transformations of biosocial reality characterized by a high degree of uncertainty of possible trends and scenarios. Global, fixed in time human-made and natural disasters lead to an understanding of the utopianism of the assurance that the consequences of probable changes can be considered in advance or predicted.

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