scholarly journals Creation of a Risk Management Culture on the Example of MNS Investment LLC

2021 ◽  
Vol 8 (3) ◽  
pp. 31-38
Author(s):  
Iryna V. Fedulova Fedulova ◽  
Anastasiia Y. Havryliuk ◽  
Karl Ricketts
Keyword(s):  
Risk Management ◽  
Success Factors ◽  
Methodological Approach ◽  
Risk Groups ◽  
Risk Identification ◽  
Management Culture ◽  
Complex Concept ◽  
Success Indicators ◽  
The Creation ◽  
System Of Parameters

Creating a risk management culture is an important task for any enterprise in a changing and unpredictable external environment. The purpose of this study is to consider the theoretical foundations of determining the essence of the risk management culture and practical aspects of its creation in the enterprise. The article discusses the methodological provisions of the creation of a risk management culture at the enterprise, according to which a system of parameters for risk management is built: a list of key success factors and risk management indicators in the context of the main risk groups, the activity scope of the company under study, and the areas of influence on risks. Risk management culture is considered a complex concept that determines how much all employees of an enterprise are aware of the values within the risk management system and how much the results of their activities are associated with achieving the lowest risk targets. For that purpose, the company must provide risk identification, risk analysis, risk response, and risk control. The creation of a risk management culture involves combining all these stages into an united company management chain. The methodology for creating a risk management culture was tested at MNS Investment LLC. As a result of the analysis, a risk rating was constructed in terms of the degree of their impact on the main key success indicators. The relationship of identified risks with the main activity fields of the company and the areas of influence on risks is analysed. It was discovered that the greatest risk to the company's activities in terms of impact on the purpose achievement is the risk of violating the reliability and financial status of suppliers. The use of this methodological approach is of practical value since it allows integrating the stages of risk management into the company's activities

scholarly journals RISK MANAGEMENT PRACTICE IN CHINA'S PUBLIC-PRIVATE PARTNERSHIP PROJECTS

2012 ◽  
Vol 18 (5) ◽  
pp. 675-684 ◽  
Author(s):  
Yongjian Ke ◽  
ShouQing Wang ◽  
Albert P. C. Chan
Keyword(s):  
Risk Management ◽  
Quantitative Methods ◽  
Management Practice ◽  
Risk Identification ◽  
Public Private Partnership ◽  
Assessment Tools ◽  
Dominant Factor ◽  
Private Partnership ◽  
Management Culture ◽  
Empirical Survey

Project risks were not properly managed in the many past Public-Private Partnership (PPP) projects in China. Although numerous research studies have been conducted on risk management in China's PPP projects, the realization of risk management in China's construction industry especially in PPP projects with high risk exposure and complicated contract structure has hitherto not been well studied. This paper therefore attempted to examine the current use of risk management in China's PPP projects by an empirical survey. The results indicated that the use of risk management was inadequate; qualitative risk analysis methods were preferred to quantitative and semi-quantitative methods; risk management usage in the execution was found to be much higher than in the planning, conceptual or termination stage; interviewees were unfamiliar with most of the risk identification and assessment tools. All above could be partly due to the project nature, but more fundamentally due to the local industrial culture. The absence of risk management culture was found to be the dominant factor which limited the implementation of risk management in practice. Recommendations to alleviate the difficulties of risk management were thereafter provided in this paper.

scholarly journals Risk Management as a Success Factor in the International Activity of Spanish Engineering

2019 ◽  
Vol 9 (1) ◽  
pp. 15
Author(s):  
Alicia Lozano-Torró ◽  
Tatiana García-Segura ◽  
Laura Montalbán-Domingo ◽  
Eugenio Pellicer
Keyword(s):  
Risk Management ◽  
Success Factors ◽  
Business Environment ◽  
Risk Identification ◽  
International Experience ◽  
Success Factor ◽  
International Construction ◽  
Engineering Consulting ◽  
Key Factor ◽  
Work Abroad

During the period between 2008–2013, the internal market in Spain was characterized by economic crisis, the contraction of the demand experienced in a turbulent business environment, and strong competition among companies. This situation forced many of these companies to work abroad. One of the success factors for Spanish engineering companies abroad has been effective risk management, which avoids compromising the company’s objectives, market share, or survival. This article examines the importance of risk management in the success of Spanish engineering consulting firms in the international construction market. Ten executives of Spanish engineering companies with international experience were interviewed, analyzing the importance of risk management for them in the success of internationalization compared with other success factors. The results show that the size of the companies interviewed has no influence on the importance that they gave to risk management, but international experience does relate to the assessment of risk identification and management as a success factor. In addition, companies considered risk management a key factor for optimizing their performance in foreign markets.

Methodological bases and practice of risk management of regional development (part 1)

2020 ◽  
Vol 18 (2) ◽  
pp. 114-126
Author(s):  
Valery V. Karpov ◽  
Anna G. Breusova ◽  
Anna A. Korableva
Keyword(s):  
Risk Management ◽  
Regional Development ◽  
Regional Economy ◽  
Full Range ◽  
Risk Identification ◽  
Territorial Development ◽  
Public Authorities ◽  
Strategic Risk ◽  
Risk Committee ◽  
State Programs

The article is devoted to the theoretical foundations and analysis of the experience of subjects of the Russian Federation in the field of regional development risk management. The article examines the concept of risk, its difference and relationship with the concepts of uncertainty, threat, danger, security and others. It is determined that dangers are constantly present in the regional economy. And risk, as a measurable uncertainty with multiple outcomes, for which the probability of occurrence of a risk event is calculated, is manifested as a result of the occurrence of a hazard. When comparing the concepts of risk and security, this means that the security of the regional economy is manifested in the ability to resist threats and manage risks, and not in the complete absence of dangers. It is revealed that ISO standards distinguish between the concepts of risk management and risk management. For further discussion, risk management is understood as a systematic approach to using the full range of mechanisms available to public authorities to reduce emerging risks and threats to the socio-economic development of the region. Further, the analysis of risk management in the practice of regional management on the example of the Omsk, Novosibirsk and Tyumen regions is carried out. The relevant tools in the activities of government bodies, such as territorial development strategies, state programs and projects, were identified, which allowed us to introduce a classification of risks with the allocation of strategic, tactical risks of territorial development and project management risks, among which there is a strategic level. The analysis of the implemented tools for compliance with the mandatory stages of risk management showed mainly the absence of risk identification, unified requirements for risk accounting and systematic risk management of regional development. Among the assessed regions, the Tyumen region has the best practices in terms of risk management. For a more detailed analysis authors highlighted the key institutional and instrumental elements of risk management such as risk committee, strategic risk map, risk register, action plan for risk management, and defined logical relationships between them.

CONCEPTUALISING RISK CULTURE ON ERM IMPLEMENTATION IN CONSTRUCTION COMPANIES

2020 ◽  
Vol 17 (1) ◽  
pp. 59
Author(s):  
Ching Ching Wong
Keyword(s):  
Risk Management ◽  
Risk Identification ◽  
The Body ◽  
Risk Indicators ◽  
Construction Companies ◽  
Risk Appetite ◽  
Risk Culture ◽  
Risk Treatment ◽  
Managing Risk ◽  
The Relationship

Enterprise Risk Management (ERM) is an effective technique in managing risk within an organization strategically and holistically. Risk culture relates to the general awareness, attitudes and behaviours towards risk management in an organisation. This paper presents a conceptual model that shows the relationship between risk culture and ERM implementation. The dependent variable is ERM implementation, which is measured by the four processes namely risk identification and risk assessment; risk treatment; monitor and consult; communicate and consult. The independent variables under risk culture are risk policy and risk appetite; key risk indicators; accountability; incentives; risk language and internal relationships. This study aims to empirically test the relationship between risk culture and ERM implementation among Malaysian construction public listed companies. Risk culture is expected to have direct effects and significantly influence ERM. This study contributes to enhance the body of knowledge in ERM especially in understanding significant of risk culture that influence its’ implementation from Malaysian perspective.

Effect and acceptability of AKI education using peer review audit in primary care

2018 ◽  
Vol 68 (suppl 1) ◽  
pp. bjgp18X696977
Author(s):  
Mufaza Asrar ◽  
Joanna McKinnell ◽  
Nitin Kolhe ◽  
Lynn Woods ◽  
Sally Bassett ◽  
...  
Keyword(s):  
Primary Care ◽  
Peer Review ◽  
Secondary Care ◽  
Group Discussion ◽  
Risk Groups ◽  
Risk Identification ◽  
Care Staff ◽  
Small Group Teaching ◽  
Post Intervention ◽  
Early Management

BackgroundThis was part of the Southern Derby shire CCG AKI awareness and improved management in primary and secondary care. The programme involved educating the primary care staff (GPs nurses) about AKI, identifying and early management in at risk groups. The secondary care aspect involved protocol development for AKI risk/identification to reduce morbidity.AimAs two-thirds of AKI originates in the community we aimed to increase awareness and knowledge levels of AKI in primary care via a CCG wide education programme. This included nephrology a peer review audit of cases with an evaluation of the programme’s acceptability and impact.MethodOver a 12month period, peer review audit sessions were delivered to GPs and the primary care MDT. These sessions consisted of a short presentation by a consultant nephrologist followed by discussion of cases. Qualitative feedback was collected from all participants. Web-based, CCG-wide questionnaires incorporating factual and clinical questions were used to assess baseline and post-intervention knowledge level.Results93% of participants (94 responses) found the peer review audit sessions useful, particularly the presence of nephrologist. 45% of participants were anxious about group discussion of cases, although 36% thought they were the most useful component of the sessions. Formal presentations were ranked as the most popular format of receiving education. 996 individuals completed the questionnaires. At baseline 61% were GPs, 27% practice nurses and 8% Advanced Practitioners, with similar proportions at 1yr. Exposure to AKI teaching, self-reported awareness and confidence levels were higher in the second questionnaire and there was a significant improvement in test scores.ConclusionPrimary care education can improve knowledge and awareness of AKI. Small group teaching with involvement of a nephrologist was popular. These results suggest that there is a need to tailor education styles to individual preferences, and peer review audit may not be universally acceptable in primary care.

The Effects of Decision Aid Orientation on Risk Factor Identification and Audit Test Planning

2002 ◽  
Vol 21 (2) ◽  
pp. 39-56 ◽  
Author(s):  
Jean C. Bedard ◽  
Lynford E. Graham
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Decision Aid ◽  
Decision Aids ◽  
Management Strategies ◽  
Risk Identification ◽  
Matched Pair ◽  
Audit Planning ◽  
Audit Firms ◽  
Risk Management Strategies

In auditing, risk management involves identifying client facts or issues that may affect engagement risk, and planning evidence-gathering strategies accordingly. The purpose of this paper is to examine whether auditors' identification of risk factors and planning of audit tests is affected by decision aid orientation, i.e., a “negative” focus wherein client risk and its consequences are emphasized, or a “positive” focus where such factors are not emphasized. Specifically, we expect that auditors will identify more risk factors using a negatively oriented risk identification decision aid, but only when engagement risk is relatively high. We address this issue in the context of auditors' knowledge of actual clients, manipulating decision aid orientation as negative or positive in a matched-pair design. Results show that auditors using the negative decision aid orientation identify more risk factors than do those using a positive orientation, for their higher-risk clients. We also find that decisions to apply substantive tests are more directly linked to specific risk factors identified than to direct risk assessments. Further, our results show that auditors with repeat engagement experience with the client identify more risk factors. The findings of this study imply that audit firms may improve their risk management strategies through simple changes in the design of decision aids used to support audit planning.

scholarly journals Behavioral brittleness: the case for strategic behavioral public policy

2021 ◽  
pp. 1-26
Author(s):  
Ruth Schmidt ◽  
Katelyn Stenger
Keyword(s):  
Public Policy ◽  
Problem Solving ◽  
Methodological Approach ◽  
Contextual Cues ◽  
Short Term ◽  
Strategic Approach ◽  
The Face ◽  
The Creation ◽  
Impact Problem

Abstract Despite widespread recognition that behavioral public policy (BPP) needs to move beyond nudging if the field is to achieve more significant impact, problem-solving approaches remain optimized to achieve tactical success and are evaluated by short-term metrics with the assumption of stable systems. As a result, current methodologies may contribute to the development of solutions that appear well formed but become ‘brittle’ in the face of more complex contexts if they fail to consider important contextual cues, broader system forces, and emergent conditions, which can take three distinct forms: contextual, systemic, and anticipatory brittleness. The Covid-19 pandemic and vaccination rollout present an opportunity to identify and correct interventional brittleness with a new methodological approach – strategic BPP (SBPP) – that can inform the creation of more resilient solutions by embracing more diverse forms of evidence and applied foresight, designing interventions within ecosystems, and iteratively developing solutions. To advance the case for adopting a SBPP and ‘roughly right’ modes of inquiry, we use the Covid-19 vaccination rollout to define a new methodological roadmap, while also acknowledging that taking a more strategic approach may challenge current BPP norms.

scholarly journals Applying the Heuristic to the Risk Assessment within the Automotive Industry Supply Chain

2017 ◽  
Vol 7 (1) ◽  
pp. 43-49 ◽  
Author(s):  
Daniela Marasova ◽  
Miriam Andrejiova ◽  
Anna Grincova
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Automobile Industry ◽  
Risk Identification ◽  
Strategic Decision ◽  
Strategic Factor ◽  
Identification Evaluation ◽  
Key Factor ◽  
The Subject ◽  
Prospective Risk

AbstractRisk management facilitates risk identification, evaluation, control, and by means of appropriate set of measures, risk reduction or complete elimination. Therefore, the risk management becomes a strategic factor for a company’s success. Properly implemented risk management system does not represent a tool to avoid the risk; it is used to understand the risk and provide the bases for strategic decision-making.Risk management represents a key factor for the supply chain operations. Managing the risks is crucial for achieving the customer satisfaction and thus also a company’s success. The subject-matter of the article is the assessment of the supply chain in the automobile industry, in terms of risks. The topicality of this problem is even higher, as after the economic crisis it is necessary to revaluate the readiness of the supply chain for prospective risk conditions. One advantage of this article is the use of the Saaty method as a tool for the risk management within the supply chain.

scholarly journals How Can Enterprise Risk Management Help in Evaluating the Operational Risks for a Telecommunications Company?

2021 ◽  
Vol 14 (3) ◽  
pp. 139
Author(s):  
José Ruiz-Canela López
Keyword(s):  
Risk Management ◽  
Banking Sector ◽  
Operational Risk ◽  
Field Work ◽  
Risk Identification ◽  
Enterprise Risk Management ◽  
Management Tool ◽  
Self Assessment ◽  
Operational Risks ◽  
Enterprise Risk

Operational risk is defined as the potential losses resulting from events caused by inadequate or failed processes, people, equipment, and systems or from external events. One of the most important challenges for the management of the company is to improve its results through its operational risk identification and evaluation. Most of Enterprise Risk Management (ERM) scholarship has roots in the finance/risk management and insurance (RMI) discipline, mainly in the banking sector. This study proposes an innovative operational risk assessment methodology (OpRAM), to evaluate operational risks focused on telecommunications companies (TELCOs), on the basis of an operational risk self-assessment (OpRSA) process and method. The OpRSA process evaluates operational risks through a quantitative analysis of estimates which inputs are the economic impact and the probability of occurrence of events. The OpRSA method is the “engine” for calculating the economic risk impact, applying actuarial techniques, which allow estimation of unexpected losses and expected losses distributions in a TELCO. The results of the analyzed business unit in the field work were compared with standardized ratings (acceptable, manageable, critical, or catastrophic), and contrasted against the company’s managers, proving that the OpRSA framework is a reliable and useful management tool for the business, and leading to more research in other sectors where operational risk management is key for the company success.

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