Explore the vast range of titles available.

PurposeThis study aims to develop a risk prioritization process using failure mode and effect analysis (FMEA) in association with composition of probabilistic preferences (CPP) and weighting the risk analysis criteria. It seeks to develop decision-making considering the fast response necessary to achieve project objectives in complex scenarios, such as the pandemic of COrona VIrus Disease 19 (COVID-19).Design/methodology/approachAfter identifying the risks, the prioritization process was applied to a project in the oil and gas area, in which a focus group assessed these risks. This evaluation took place employing traditional FMEA, FMEA with CPP by axes considering four points of view and FMEA with CPP by weighted sum with the use of a multicriteria method to weight the criteria. These approaches were compared to understand their differences and benefits, with a flow chart being developed, consolidating the procedure.FindingsThe methodologies that showed the greatest benefits were FMEA with CPP by axes PO (progressive-optimistic) and by weighted sum. Essentially, this was mainly related to the interrelationship between risks and to the importance of prioritization.Originality/valueThis procedure can consider company's views on what is critical and the interrelationship between risks. It provides a clear segmentation of what should and should not be prioritized. It was also developed in a practical case, showing a possible alternative to support fast responses in decision-making.

The preventive management of risks in enterprises has a pivotal role in preserving the value created in the business processes. Despite the notable importance of this area of study, it has received little attention from researchers. A deep investigation and analysis of the literature on risk management led to reveal that there is a need for a solid foundation of preventive management of risks theory. Although the contribution of the previous studies in the area of preventive management of risks, by identifying the pillars that constitute it, and highlighting the contribution of the integration of risk management and knowledge management in preventing risks. However, we may only consider these studies as preliminary steps in the development of this new field since they did not justify the integration of different disciplines to generate a new one. Moreover, they did not provide any operational process that structures this paradigm. Thus, we aim through the present study to take one further step in the foundation of preventive management of risks and to develop an operational process that regulates this field by coupling a knowledge management process with the process of the integrated management of risks and business processes. This integration has followed a rigorous and strict methodology to justify and accept the integration of two separated fields in one single field as a scientific and valid foundation. This research has succeeded to provide theoretical implications and a conceptual model for preventive management of risks, which triggers the need for empirical implications to improve the outcomes of this study.

Risk management has reduced vulnerability to floods and droughts globally yet their impacts are still increasing. An improved understanding of the causes of changing impacts is therefore needed, but has been hampered by a lack of empirical data. On the basis of a global dataset of 45 pairs of events that occurred within the same area, we show that risk management generally reduces the impacts of floods and droughts but faces difficulties in reducing the impacts of unprecedented events of a magnitude not previously experienced. If the second event was much more hazardous than the first, its impact was almost always higher. This is because management was not designed to deal with such extreme events: for example, they exceeded the design levels of levees and reservoirs. In two success stories, the impact of the second, more hazardous, event was lower, as a result of improved risk management governance and high investment in integrated management. The observed difficulty of managing unprecedented events is alarming, given that more extreme hydrological events are projected owing to climate change.

The main task of a railway undertaking is to transport passengers and/or freight safely and cost-effectively. This task is enabled by the use of energy carriers. Since most of the rolling stock operated by major railway undertakings is electric, an additional area of activity involves managing electricity consumption and supply processes. Every business activity entails risk, including energy-related operations. The aim of this paper is to develop a method for assessing the risks associated with a railway undertaking from an electrical perspective and, based on this method, to perform such an assessment. As part of the research, a universal risk assessment approach based on the M_o_R® (Management of Risk) methodology was developed. Risk identification was performed using the risk description principle, followed by risk estimation. The study proposes national-level variables and a procedure for determining them using publicly available data. Risk assessment and process evaluation were carried out using Monte Carlo simulation as a probabilistic tool for uncertainty propagation. As a result, the potential losses and gains that a railway undertaking may experience from an electrical perspective were estimated for scenarios in which the identified risks materialize.

Private and public partnerships are defended by both guidelines for action and legal frameworks for disaster risk management. The objective of this study is to identify a framework for action that allows joint collaborative partnership between these sectors. The theoretical discussion brings concepts that raise questions that permeate the possibility of partnership based on the new Sendai framework, as well as corporate social responsibility in the value, balance and accountability (VBA) integrative model. The presented framework is compared to the experience of the tornado which occurred in Brazil in the city of Xanxerê (Santa Catarina) in 2015. We came to the conclusion that partnership advance results from paradigm shifts in both sectors, on the one hand, with the development of management mechanisms that clearly define roles and responsibilities of those involved, and, on the other hand, motivation for responsible business conduct.

Analysis of the theory and practice of development of socio-economic relations in Russia demonstrates insufficient attention attributed both to the issues of formation and practicing of social-labor relations on the municipal level and to the management of potential risks in social-labor relations on the level of municipal entities. A performed analysis allows to include into labor relations not only the issues of labor market and legal aspects of labor process, but also its social component. This justifies the reasoning of the use of the term\"social-labor relations\". Analysis of the meaning of the term\"socio-economic space\"allows designating as such a municipal entity where these social-labor relations form and develop. The article offers author's vision of a system of social-labor relations along with the factors, which determine their formation and development on the municipal level. It is suggested to consider the risk in social-labor relations as a danger of development of negative situations caused by objectively existing interdependencies and interactions, which emerge between participants of labor process and which aim to regulate the quality of working life taking into account the availability of various alternative options, and choosing one of them can lead to the failure to achieve the goal specified by these participants. Such an approach to risks in the sphere under examination with consideration of suggested system of social-labor relations offers the author's vision of classification of risks on the municipal level. On top of that, the article offers analysis of major factors, which encourage formation of a risk field in the sphere of social-labor relations.

A practical guide to adopting an accurate risk analysis methodology The Failure of Risk Management provides effective solutionstosignificantfaults in current risk analysis methods. Conventional approaches to managing risk lack accurate quantitative analysis methods, yielding strategies that can actually make things worse. Many widely used methods have no systems to measure performance, resulting in inaccurate selection and ineffective application of risk management strategies. These fundamental flaws propagate unrealistic perceptions of risk in business, government, and the general public. This book provides expert examination of essential areas of risk management, including risk assessment and evaluation methods, risk mitigation strategies, common errors in quantitative models, and more. Guidance on topics such as probability modelling and empirical inputs emphasizes the efficacy of appropriate risk methodology in practical applications. Recognized as a leader in the field of risk management, author Douglas W. Hubbard combines science-based analysis with real-world examples to present a detailed investigation of risk management practices. This revised and updated second edition includes updated data sets and checklists, expanded coverage of innovative statistical methods, and new cases of current risk management issues such as data breaches and natural disasters. * Identify deficiencies in your current risk management strategy and take appropriate corrective measures * Adopt a calibrated approach to risk analysis using up-to-date statistical tools * Employ accurate quantitative risk analysis and modelling methods * Keep pace with new developments in the rapidly expanding risk analysis industry Risk analysis is a vital component of government policy, public safety, banking and finance, and many other public and private institutions. The Failure of Risk Management: Why It's Broken and How to Fix It is a valuable resource for business leaders, policy makers, managers, consultants, and practitioners across industries.

Canada is a country in the midst of a flood management policy transition that is shifting part of the flood damage burden from the state to homeowners. This transition—as well as the large financial losses resulting from flooding—have created a window of opportunity for Canada to implement strategies that increase property owners' capacity to avoid and absorb the financial and physical risks associated with flooding. This work presents foundational research into the extent to which Canadians' flood experience, perceptions of flood risks and socio-demographics shape their intentions and adoption of property level flood protection (PLFP). A bilingual, national survey was deployed in Spring 2016 and was completed by 2300 respondents across all 10 Canadian provinces. The survey was developed using assumptions in existing literature on flood risk behaviours and the determinants of flood risk management in similar jurisdictions. The paper argues that property owners are not willing to accept greater responsibility for flood risk as envisioned by recent policy changes. This finding is consistent with other OECD jurisdictions, where flood risk engagement strategies have been developed that could be replicated in Canada to encourage risk-sharing behaviour.

Many companies today have embraced the concept of risk management, usually in the form of enterprise risk management or supply chain risk management. Both are based on a holistic view of risks. Hence, risks related to specific functions within a company must be considered more broadly than previously. Risks, however, involve uncertainty, and the less specific the context in which risks are viewed, the more uncertainty will be involved. One particular way to express uncertainty is through trapezoidal intuitionistic fuzzy numbers (TrIFNs). In this paper, risks that are relevant for supplier risk assessments are first collected from the literature. Then it is illustrated how the multi-criteria decision analysis method ELECTRE TRI-C can be used for sorting suppliers into risk categories, when the risks as well as some of the method's parameters are expressed with TrIFNs. In order to do this, we make use of a small modification of an existing method for converting TrIFNs into crisp values. The approach is illustrated in a case problem based on a company that is looking for service providers (suppliers) of electrical maintenance. The problem involves 20 suppliers that are sorted into three risk categories based on evaluations from 27 criteria. Results from the case study point to two low risk suppliers. A further ad-hoc analysis suggests one of these to be less risky than the other.

Purpose The purpose of this paper is to identify and analyse collaborative risk management (CRM) literature to establish its current position in supply chain risk management (SCRM) and propose an agenda for future research. Design/methodology/approach A systematic literature review of 101 peer-reviewed articles over a 21-year period was employed to analyse literature and synthesise findings to clarify terminology, definitions, CRM capabilities, and underlying theory. Findings CRM as a field of research is in its infancy and suffers from imprecise definitions, fragmented application of capabilities, and diverse theoretical foundations. The term CRM is identified as a more representative description of relational risk management arrangements. Six capabilities relevant to CRM are identified: risk information sharing, standardisation of procedures, joint decision making, risk and benefit sharing, process integration, and collaborative performance systems. Originality/value The paper provides a new definition for CRM; proposes a holistic approach in extending collaboration to SCRM; identifies a new capability; and provides a range of theories to broaden the theoretical scope for future research on CRM.