Risk Mitigation Via Integrating House of Risk and Probability Impact Matrix in Halal Food Supply Chain

One of the food industry challenges is how to identify sources of risk by considering the halal concept. This study aimed to identify risks and determine risk handling priorities in the supply chain strategy of halal food. This research offered integration of the house of risk and the probability impact matrix to manage risk mitigation in the halal food industry. A case study in the halal food industry was applied in Indonesia based on Supply Chain Operations Reference (SCOR). This study identified 27 risk events and 31 risk agents through 2 phases. Result research showed that employees who did not have special skills (A20) had the highest risk. Moreover, reward and punishment to employees (PA16) was the best proactive action for making effective improvements. The implication of this research is to provide recommendations to management in mitigating risks in the halal food industry.

Towards the Human–Machine Interaction: Strategies, Design, and Human Reliability Assessment of Crews’ Response to Daily Cargo Ship Navigation Tasks

Human error is a crucial factor leading to maritime traffic accidents. The effect of human–computer interaction (HCI) also plays a leading role in human error. The objective of this study is to propose a method of interaction strategies based on a cognitive-processing model in crews’ daily navigation tasks. A knowledge-based ship HCI framework architecture is established. It provides an extensible framework for the HCI process in the maritime domain. By focusing on the cognitive process of a crew in the context of accident and risk handling during ship navigation, based on the information, decision, and action in crew context (IDAC) model, in combination with the maritime accident dynamics simulation (MADS) system, the MADS-IDAC system was developed and enhanced by the HCI structure and function design of the dynamic risk analysis platform for maritime management. The results indicate that MADS enhanced by HCI can effectively generate a strategy set of various outcomes in preset scenarios. Moreover, it provides a new method and thought for avoiding human error in crew interaction and to lower the risk of ship collision as well as effectively improving the reliability of HCI.

Risk Handling Responsibilities in Tanzanian Project-Based Organisations

Risk handling is one of the elements and essential parts of risk management when properly incorporated into a project. However, there is inadequate knowledge amongst the contractual parties on risk handling responsibilities in road projects, particularly in Sub-Saharan African developing countries. This study is aimed at bridging that knowledge gap by investigating the perceptions of contractors and consultants on the risk handling responsibilities in road projects in Tanzania. The primary data were collected from 80 registered foreign and local civil contractors and engineering consultants based in Dar es Salaam. Descriptive statistics and inferential statistics were used for the data analysis. The results show that both contractors and consultants ranked safety project provision and ensuring quality provision in terms of construction as shared risk responsibilities among contractual parties. The findings further show that consultant-related risk responsibilities are: safety provision, the use of historical cost deviation, ensuring quality provision, and review of knowledge on budgeting. On the other hand, contractor-related risk responsibilities include: safety provision and ensuring quality provision. The findings of this study can be used by the practitioners and stakeholders as important lessons useful for controlling risks and making decisions when they intend to participate in such projects during the construction stage.

A Conceptual Overview of Risk Management in Education Sector Projects

Risk management is one of the important areas for implementation of any project and more precisely in the education sector. The conceptual research on risk management in projects within education sector is one of the key focus areas, which helps in identifying the circumstances leading to actualization. The outcomes that can arise while establishing a risk management framework in education projects can reduce the chances of effective reduction of risks. This requires a leading approach like categorization of risks to implement the same. Furthermore, in the perspective of modern educational risk management, rationality leading to risks formulates the effective risk handling process in a methodical and organizational condition. The outcome of risk management can favour the creation of effective and efficient risk management models along with strategies in the sphere of education. The present research study focuses on helping the educational employees into designing, planning, implementing, monitoring and evaluating the educational projects at various levels of the organization in order to manage the risks associated with it.

Risk Management in the Production of Sugar in Mojo Sugar Factory, Sragen Regency

This research aims to determine the risk, kind of risks and formulate the risk handling strategies in the sugar production in Mojo Sugar Factory, Sragen Regency. The analysis method used the variation coefficients (CV) score and Enterprise Risk Management (ERM) approach. The results showed the score of CV is 0.77> 0.5 which means that there is a high risk of sugar production in Mojo Sugar Factory. There are 12 risks identified in this research. The risks with low status are the risk of broken sugar cane and risk of the damaged truck; The risks with medium status miscalculations risk in the yield distribution and the late receipt of funds from PTPN IX. The risk of high status is new tools operation difficulties. The risk of very high status is low sugar cane quality, sugar cane sent to other factories, steam drop, the tools and machines performance stopping while grinding, sugar cane production that is below RKAP, losses, and the total production of sugar that is below the RKAP. The risk management strategies for low-status risks are giving strict punishment to farmers’ partners and more regular and scheduled maintenance. The management strategies for medium status is involving technology in calculating results and implementing wiser based financial management. The management strategy for high-status risk is assisting the operation of new tools by experts. The management strategies for very high status are holding an intensive meeting, conducting education, training programs for employees, benchmarking with other sugar factories which have better performance, make a good relation with the partner. Keywords— Risk; Risk Management; ERM; Risk Analysis; Sugar

The Impact of Black Swan Events on Stock Prices: Evidence from the Melamine Incident in China

The influence of melamine incident on dairy industry in 2008 was investigated, and the control effect of different enterprises on the black swan incident was analyzed. First of all, this paper analyzes the impact of the stock of listed companies in the dairy industry after the black swan incident, and compares the impact of the different risk treatment of several leading enterprises on the stock price recovery. The results show that: first, the melamine incident has a negative effect on the enterprises involved, and the enterprises involved do not have a competitive advantage. Second, in the same period, enterprises pay more attention to the influence of black swan event and take more powerful measures. The greater the risk treatment intensity is, the less the influence of black swan event will be. Third, the two enterprises have similar risk handling strength. The faster the response to risk events, the earlier the processing time, and the less affected by the black swan event.

Information Security Risk Management in the European Union

Currently the organization's risk management covers a wider range of risks, especially operational risks, reputation risks to the organization, and more recently, strategic risks. Moreover, within a growing number of organizations, responsibilities associated with risk management are assumed by the top management, which generally coordinates the teams of specialists directly responsible for monitoring the risks and the risk handling measures. This chapter focuses on how to implement an approach to reduce the identified risks to the information conveyed through computer systems and communications. In additional, it presents EU regulations relevant to the analysis and risk management information security.