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The challenge of unprecedented floods and droughts in risk management
Risk management has reduced vulnerability to floods and droughts globally
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,
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, yet their impacts are still increasing
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. An improved understanding of the causes of changing impacts is therefore needed, but has been hampered by a lack of empirical data
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,
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. 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
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Unprecedented floods and droughts bring new challenges for risk reduction, as is clear from this analysis of the drivers of changing impacts in many cases worldwide, with implications for efficient governance and investment in integrated management.
Journal Article
The failure of risk management
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.
eBook
How Flood Experience and Risk Perception Influences Protective Actions and Behaviours among Canadian Homeowners
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.
Journal Article
Supplier risk assessment based on trapezoidal intuitionistic fuzzy numbers and ELECTRE TRI-C: a case illustration involving service suppliers
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.
Journal Article
Collaborative risk management: a systematic literature review
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.
Journal Article