Managing Cultural Risks

2021 ◽  
pp. 286-295
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Cost Effective ◽  
Analysis Method ◽  
Risk Criteria ◽  
Organizational Risk ◽  
Iso 31000 ◽  
Risk Management Methodology ◽  
Risk Assessment And Analysis ◽  
Level Of Risk

Risk assessment is a process that allows us to understand risks, define risk criteria, assess the probability and the consequences of that risk occurring, define a level of risk we can tolerate and afford, and define a cost-effective and efficient mitigation treatment. The authors provide a risk assessment and analysis method that the reader can use to (1) build cultural risk into your organizational risk management profile and (2) adapt the organization's risk management profile to include cultural risks. The method builds upon but extends the ISO 31000/31010 risk management methodology to determine the level of cultural risk your organization is carrying. The authors walk through and translate each of the seven steps to account for cultural risks.

scholarly journals Effect of Employees’ Understanding on Risk Management Process on Risk Management: A Case Study in a Non-profit Organisation

2019 ◽  
Vol 10 (3) ◽  
pp. 144
Author(s):  
Erlane K Ghani ◽  
Nor Hamimah Nor Hassin ◽  
Kamaruzzaman Muhammad
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Risk Control ◽  
Risk Identification ◽  
Management Process ◽  
Poor Knowledge ◽  
Non Profit ◽  
Monitoring Process ◽  
Risk Management Process ◽  
Risk Assessment And Analysis

Purpose: This study examines the effect of employees’ understanding of risk management process on knowledge on risk management in a non-profit organisation. Specifically, this study examines the effect of employees’ understanding of risk identification, risk assessment and analysis and, risk control and monitoring on their knowledge on risk management.Design/Methodology/Approach: This study used questionnaire survey on 80 employees of various levels in a non-profit organisation.Findings: This study shows that the most of the employees felt that they have a poor knowledge on risk management. The poor knowledge on risk management is attributed by the all three determinants in this study namely, understanding risk identification, risk assessment and analysis and, risk control and monitoring process on knowledge on risk management.Practical Implications: The findings provide indication that non-profit organisations need to provide awareness programs to their employees in increasing their knowledge on risk management. The findings of this study is essential to the managements to ensure that their employees are well informed and understand risk management and subsequently, take necessary control to reduce risks.Originality/Value: This study provides further understanding on the importance of understanding risk management process on performance.

scholarly journals MODEL RANCANGAN PENGELOLAAN MANAJEMEN RISIKO PADA PT. XYZ MENGGUNAKAN ISO 31000

2017 ◽  
Vol 14 (2) ◽  
pp. 206-218
Author(s):  
M. Rezky Iqbal P.
Keyword(s):  
Risk Management ◽  
High Risk ◽  
Mining Industry ◽  
Heavy Equipment ◽  
Iso 31000 ◽  
Forestry Industry ◽  
Equipment Unit ◽  
High Level ◽  
The Impact ◽  
Level Of Risk

Heavy equipment trading industry is an industry that has a high level of risk. The heavy equipment trading industry is influenced by several factors that determine the condition of the mining industry, the condition of the property industry, the forestry industry and the price of the world's coal commodities. Segmentation to heavy equipment unit is very focused on the company because the heavy equipment unit has a high risk. When viewed from the impact of the impact of the industry is highly a requirement of risk. In accepting and managing these risks, it is necessary to apply risk management with the objective to minimize the risk of loss to the company.

Risk and Performance Technologies: Identifying the Keys to Successful Implementation

2002 ◽  
Author(s):  
Lynn McClain ◽  
Art Smith ◽  
Patrick O’Regan
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Nuclear Power ◽  
Cost Effective ◽  
Successful Implementation ◽  
Individual Plant ◽  
Regulatory Review ◽  
Performance Technology ◽  
Proper Understanding ◽  
And Performance

The nuclear power industry has been utilizing risk and performance based technologies for over thirty years. Applications of these technologies have included risk assessment (e.g. Individual Plant Examinations), burden reduction (e.g. Risk-Informed Inservice Inspection, RI-ISI) and risk management (Maintenance Rule, 10CFR50.65). Over the last five to ten years the number of risk-informed (RI) burden reduction initiatives has increased. Unfortunately, the efficiencies of some of these applications have been questionable. This paper investigates those attributes necessary to support successful, cost-effective RI-applications. The premise to this paper is that by understanding the key attributes that support one successful application, insights can be gleaned that will streamline/coordinate future RI-applications. This paper is an extension to a paper presented at the Pressure Vessel and Piping (PVP-2001) Conference. In that paper, a number issues and opportunities were identified that needed to be assessed in order to support future (and efficient) RI-applications. It was noted in the paper that a proper understanding and resolution of these issues will facilitate implementation of risk and performance technology in the operation, maintenance and design disciplines. In addition, it will provide the foundation necessary to support regulatory review and approval.

Improving risk management in the transport of petroleum product

2020 ◽  
pp. 120-127 ◽  
Author(s):  
V. E. Ovsyannikov ◽  
A. N. Shiryaeva ◽  
D. G. Dzhindzholava ◽  
I. M. Mustafin ◽  
O. Yu. Teplouhov
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Risk Analysis ◽  
Petroleum Product ◽  
Preventive Measures ◽  
Road Transport ◽  
Analysis Method ◽  
The Road ◽  
Key Points ◽  
Hierarchy Analysis

The article discusses the issues of risk management in the road transport of petroleum product. We analyze the main risk assessment methodologies; propose to use the hierarchy analysis method to improve quantitative risk assess ment. The identification and assessment of risks are one of the key points in the development of preventive measures to reduce accidents. The use of traditional methods for risk analysis and assessment has a drawback in that they don't imply the possibility of ranking risk assessment criteria by importance depending on the specifics of the task being solved. Because of the fact that calculations are in relative units, the issue of ranking risks to critical, significant and insignificant is solved automatically.

Assessment of Societal Risks Associated With Large Gas Transmission Pipeline Systems

2020 ◽  
Author(s):  
Dongliang Lu ◽  
Alex Tomic ◽  
Shahani Kariyawasam
Keyword(s):  
Risk Assessment ◽  
Natural Gas ◽  
Individual Risk ◽  
Risk Levels ◽  
Risk Criteria ◽  
Alternative Method ◽  
Societal Risk ◽  
Pipeline Systems ◽  
The Uk ◽  
Level Of Risk

Abstract Risk assessment is the process of risk analysis and evaluation. It is a required component of pipeline integrity management programs (IMP) and is generally the first step in most IMPs. For the risk assessment of natural gas pipelines, the primary concern is the safety of population near the pipeline right of way (ROW). TC Energy’s SWRA uses a quantitative risk assessment model that considers the effect of the thermal radiation due to ignited pipeline rupture and evaluate the consequence on the surrounding population. The overall risk is then evaluated using two specific risk criteria: societal risk and individual risk, with the societal risk measuring the overall level of risk to a community or a group of people and the individual risk measuring the level of risk to specific individuals who are present within the pipeline hazard zone. Natural gas pipeline systems often extend hundreds or even thousands of miles. As such, societal risk criteria for pipelines are typically defined based on a given length of pipeline segment, usually in 1 km or 1 mile (1.6 km). To assess the societal risk of actual pipelines, different approaches are taken on how the risk along the length of a pipeline should be aggregated and compared to the criteria. For example, the PD8010-3 standard in the UK recommends the societal risk of a pipeline through a community to be aggregated and then normalized to the unit length to be compared with criteria; whereas the Dutch regulation requires societal risk at the worst location to be used. In the current SWRA, the societal risk along the length of a pipeline going through development areas or communities is aggregated following the recommendation of the UK PD8010-3, where the risk is aggregated and normalized to the pipeline length. Due to the vast scale of the pipeline system, it is impractical to manually review all development along the pipelines for conducting societal risk assessment on a system wide basis. As such, extent of communities and development areas is determined by a computer program using a simple set of rules. It was found to have led to unsatisfying granularity in the societal risk assessment in certain situations, with some interaction lengths being too long and thus failing to identify the more critical section within the interaction length, and certain development lengths being too short and thus not very meaningful from a societal risk perspective. To overcome issues with the current societal risk assessment method in SWRA, an alternative method largely following the direction of the Dutch approach is introduced in this paper. In this alternative approach, the societal risk is evaluated continuously along a pipeline with a predefined a sliding length, and thus variations in the societal risk levels along the entire length of a pipeline, including the locations with the highest societal risk levels, can be identified. Implantation details and computational efficiency were discussed. The results from the alternative method were compared to that from the current method. The sensitivity of the sliding length method to the predefined sliding length was also investigated. The study showed that this alternative method improves the accuracy and granularity of the societal risk assessment in the SWRA, and, although it is relatively computational commanding, with an efficient implementation, is still practical even for very large gas transmission systems.

scholarly journals Features of Investment Risk Analysis and Assessment

2021 ◽  
Author(s):  
Nargiza Shaislamova ◽  
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Risk Analysis ◽  
Evaluation Method ◽  
Negative Impact ◽  
Investment Risk ◽  
Investment Projects ◽  
Risk Management Process ◽  
Risk Management Methodology ◽  
Break Even Point

The article examines the essence of the analysis and assessment of the risks of investment projects in the innovative development of the country's economy. One of the most important tasks for investors in the context of the coronavirus crisis is the analysis, assessment and effective management of risks that can affect investment projects before investing. And also, the investor must identify the factors that negatively affect the project and develop measures to reduce their negative impact. Based on the above, it can be said that improving the risk management methodology and evaluating investment projects based on modern and best practices has become one of the urgent tasks. In this article, the author explains the essence of risk management and presents the main stages of risk management developed by foreign and domestic economists, and also expresses her own opinion about the stages of risk management of investment projects in the form of a scheme. The article also presents the content of the methods of risk analysis that are frequently used in practice. In particular, the author shows the essence of methods for assessing investment risks, such as Break-even point, the sensitivity analysis of the project, the method of Scenarios, the method for assessing the sustainability of the project, Expert evaluation method, Analogy method, and others. We can identify two aims of research: 1) to study the stages of investment risk management, developed by foreign and domestic scientists, and, on their basis, to propose the stages of risk management, developed by the author; 2) to study various methods of risk assessment, which are a key part of investment risk management, and develop proposals for their application in Uzbekistan. To achieve the objectives of the study, the following tasks were identified:  explain the content of the economic categories “risk” and “investment risk”;  explain the content of investment risk management;  study of the process (stages) of investment risk management, developed by foreign and domestic economists;  development by the author of the stages of the investment risk management process;  study and outline methods for assessing the risks of investment projects;  development of recommendations on the application of risk assessment methods in Uzbekistan. Subject of research: methods for assessing the risks of investment projects. Information sources for writing the research was books and articles by foreign and domestic economists.

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 A Novel Risk Assessment and Analysis Method for Correlation in a Complex System Based on Multi-Dimensional Theory

2020 ◽  
Vol 10 (9) ◽  
pp. 3007 ◽  
Author(s):  
Zeyong Jiang ◽  
Tingdi Zhao ◽  
Shihai Wang ◽  
Fuchun Ren
Keyword(s):  
Complex System ◽  
Risk Assessment ◽  
Complex Systems ◽  
Rapid Development ◽  
Propagation Time ◽  
Analysis Method ◽  
Fault Propagation ◽  
Dimensional Theory ◽  
Safety Risk ◽  
Risk Assessment And Analysis

With the rapid development of high integrations in large complex systems, such as aircraft, satellite, and railway systems, due to the increasingly complex coupling relationship between components within the system, local disturbances or faults may cause global effects on the system by fault propagation. Therefore, there are new challenges in safety analysis and risk assessment for complex systems. Aiming at analyzing and evaluating the inherent risks of the complex system with coupling correlation characteristics objectively, this paper proposes a novel risk assessment and analysis method for correlation in complex system based on multi-dimensional theory. Firstly, the formal description and coupling degree analysis method of the hierarchical structure of complex systems is established. Moreover, considering the three safety risk factors of fault propagation probability, potential severity, and fault propagation time, a multi-dimensional safety risk theory is proposed, in order to evaluate the risk of each element within the system effecting on the overall system. Furthermore, critical safety elements are identified based on Pareto rules, As Low As Reasonably Practicable (ALARP) principles, and safety risk entropy to support the preventive measures. Finally, an application of an avionics system is provided to demonstrate the effectiveness of the proposed method.

scholarly journals A Total Risk Assessment in an Enterprise

2012 ◽  
Vol 4 (2) ◽  
pp. 119-130
Author(s):  
Wiesław Wasilewski
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Return On Investment ◽  
Important Task ◽  
Individual Risk ◽  
Critical Importance ◽  
Total Risk ◽  
Scientific Disciplines ◽  
Organizational Risk ◽  
Overall Risk

Abstract Risk assessment is an important task of risk management. It must take various aspects into consideration. For this reason the risk management involves various scientific disciplines: mathematics, psychology, law etc. Every institution must deal with many different kinds of risk. The question is: in order to ensure the continuation of the company, is it important to assess individual risk or to identify and evaluate the entire overall risk to the enterprise. This article aims to present a method of calculating the total organizational risk in relation to the ROI-return on investment (justifying the critical importance of profit [loss] in ensuring the continued operation of the entity).

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