Financial risk assessment methodology for natural hazards

Engineered facilities are deemed safe if they have little or no probability of incurring damage when subjected to regular actions or natural hazards. Any probability of the performance of any designed system (i.e. capacity) not being able to meet the performance required of it (i.e. demand) results in risk, which might be expressed either as a likelihood of damage or potential financial loss. Engineers are used to dealing with the former (i.e. damage), which gives a fair indication of repair/strengthening work needed to bring the system back to full functionality. Nevertheless, other non-technical stakeholders (such as owners, insurers, decision-makers) of the designed facilities cannot read too much from damage. Hence, risk, if interpreted in terms of damage only, will not be comprehended by all stakeholders. On the other hand, financial risk expressed in terms of probable dollar loss in easily understood by all. Therefore, there is an impetus on developing methodologies which correlate the system capacity and demand to financial risk. This paper builds on the existing probabilistic risk assessment methodology and extends it to estimate expected annual financial loss. The general methodology formulated in this paper is applicable to any engineered facilities and any natural hazard. To clarify the process, the proposed methodology is applied to assess overall financial risk of a highway bridge pier due to seismic hazard.

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PROBLEMATIC ASPECTS OF FINANCIAL RISK ASSESSMENT METHODOLOGY IN STEVEDORING COMPANIES

World Science ◽

10.31435/rsglobal_ws/30122019/6828 ◽

2019 ◽

Vol 1 (12(52)) ◽

pp. 32-38

Author(s):

Boiko M. O. ◽

Gevrek Yu. S.

Keyword(s):

Risk Assessment ◽

Financial Stability ◽

Financial Risk ◽

Financial Risks ◽

Assessment Methodology ◽

Net Income ◽

The Us ◽

Definition Of ◽

Risk Assessment Methodology ◽

Relevant Factors

The study is dedicated to identification of problematic aspects of financial risk assessment methodology on the example of stevedoring companies. In research established the list of issues for improvement the methodology of financial risk assessment both in theoretical and practical aspects. Formulated industry features of the stevedoring companies’ activity, relevant factors from the perspective of financial risk impact on results of activity, among which are distinguished: loss of net sales, exchange rate instability and decrease of financial stability. It was found that the loss of net income from the sale of state stevedoring companies of Ukraine occurred: due to the failure to fulfill the plan of cargo processing by reducing the number of the number of ship-measures and change of the nomenclature of cargo towards the less profitable and instability of the US dollar. Particular attention is paid to assessing the level of financial stability of state-owned stevedoring companies in Ukraine and identifies a downward trend in recent years. It is argued that the definition of factors that affect financial risks should be conducted using factor analysis, mathematical models that require comprehensive consideration of uncertainty factors and related to the peculiarities of stevedoring companies operation. The feasibility of drawing up a financial risk map and the options of management's response to their presence have been proved.

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Probabilistic Seismic Risk Assessment for Transportation Network

Advanced Materials Research ◽

10.4028/www.scientific.net/amr.446-449.2351 ◽

2012 ◽

Vol 446-449 ◽

pp. 2351-2356

Author(s):

Zeng Zhong Wang ◽

Yu Xin Zhang

Keyword(s):

Risk Assessment ◽

Decision Process ◽

Seismic Risk ◽

Hazard Analysis ◽

Transportation Network ◽

Highway Bridge ◽

Assessment Methodology ◽

Seismic Risk Assessment ◽

Hazard Estimation ◽

Risk Assessment Methodology

This paper presents a probabilistic seismic risk assessment methodology developed for Highway Bridge including models for transportation network analysis, hazard estimation, and seismic performance of highway components and evaluation of the economic impact to serve as a tool in the decision process for earthquake disaster management including pre-earthquake and post earthquake actions. This study is focused on the development of a procedure for seismic risk assessment, based on a probabilistic seismic hazard analysis.

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EXTREME RISK ASSESSMENT METHODOLOGY (ERAM) IN AVIATION SYSTEMS

Environmental Engineering and Management Journal ◽

10.30638/eemj.2015.152 ◽

2015 ◽

Vol 14 (6) ◽

pp. 1399-1408 ◽

Cited By ~ 1

Author(s):

Catalin Cioaca ◽

Cristian-George Constantinescu ◽

Mircea Boscoianu ◽

Ramona Lile

Keyword(s):

Risk Assessment ◽

Assessment Methodology ◽

Extreme Risk ◽

Risk Assessment Methodology

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An Overview of Risk-Based EEE Counterfeit Part Detection Based on SAE AS6171

10.31399/asm.cp.istfa2018p0051 ◽

2018 ◽

Author(s):

Michael H. Azarian

Keyword(s):

Risk Assessment ◽

Multiple Solutions ◽

Test Equipment ◽

Assessment Methodology ◽

Test Plan ◽

Specific Test ◽

Risk Assessment Methodology

Abstract As counterfeiting techniques and processes grow in sophistication, the methods needed to detect these parts must keep pace. This has the unfortunate effect of raising the costs associated with managing this risk. In order to ensure that the resources devoted to counterfeit detection are commensurate with the potential effects and likelihood of counterfeit part usage in a particular application, a risk based methodology has been adopted for testing of electrical, electronic, and electromechanical (EEE) parts by the SAE AS6171 set of standards. This paper provides an overview of the risk assessment methodology employed within AS6171 to determine the testing that should be utilized to manage the risk associated with the use of a part. A scenario is constructed as a case study to illustrate how multiple solutions exist to address the risk for a particular situation, and the choice of any specific test plan can be made on the basis of practical considerations, such as cost, time, or the availability of particular test equipment.

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Notice of Violation of IEEE Publication Principles - Relative risk assessment methodology in vessel traffic at sea

2010 IEEE International Conference on Industrial Engineering and Engineering Management ◽

10.1109/ieem.2010.5674150 ◽

2010 ◽

Author(s):

Shenping Hu ◽

Quangen Fang ◽

Jinpeng Zhang ◽

Yongtao Xi

Keyword(s):

Risk Assessment ◽

Relative Risk ◽

Assessment Methodology ◽

Relative Risk Assessment ◽

Risk Assessment Methodology

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Development of Risk Assessment Methodology for Occupational Safety in Using Work Observation Technique

10.5957/smc-2012-p04 ◽

2012 ◽

Author(s):

Takeshi Shinoda ◽

Takashi Tanaka

Keyword(s):

Risk Assessment ◽

Working Conditions ◽

Occupational Safety ◽

Occupational Accidents ◽

Assessment Procedure ◽

Assessment Methodology ◽

Quantitative Methodology ◽

The Past ◽

Walking Environment ◽

Risk Assessment Methodology

It is a challenge to prevent an occupational accident in any industrial activities. The aim of this study is to improve the safety and reduce the risk of occupational accidents at shipyard through developing a risk assessment. This paper describes the concept and methodology of risk assessment for occupational safety and its application. The methodology introduces an effective and useful assessment procedure to construct the database based on the past occupational accidents occurred at shipyards. Quantitative methodology is developed to understand the unsafe working conditions and environment at the shipyard by the convenient handheld to collect the data with Information Technology. Some examples of effective hazard countermeasures are suggested and a feasibility study is conducted to improve a walking environment at shipyards.

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