Search results for: climatic risk management

Authors: Muhammad Wasif, Asif Ahmed Shaikh, Sarosh Hashmat Lodi, Muhammad Aslam Bhutto, Riazuddin

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Risk Management System is quite popular in profit- based organizations, health and safety and project management fields since the last few decades. But due to rapidly changing environment and requirement of ISO 9001:2015 standards, public-sector institution, especially higher education institutes are also performing risk assessment to monitor the performance of the institution and aligning it with the latest benchmark. In this context, NED University of Engineering and Technology performed research and developed a Standard Operating Procedure (SOP) for the risk assessment, its monitoring and control. In this research, risks are broken into the four sources, namely; Internal Academics Risks, External Academics Risks, Internal Non-academic Risks, External Non-academic Risks. Risks are identified by the management at all levels. Severity and likelihood of the risks are assigned based on the previous audit results and the customer complains. Risk Ratings are calculated to orderly arrange the risk according to the Risk Rating, and controls for the risks are designed, which are assigned to the responsible person. At the end of the article, result and analysis on the different sources of risk are discussed in details and the conclusion is drawn. Discussion on few sample risks are presented in this article. Hence it is presented in the research that the Risk Management System can be applied in a Higher Education Institute to effectively control the risks which might affect the scope and Quality Management System of an organization.

Keywords: higher education, quality management system, risk assessment, risk management

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Authors: R. Berglund, T. Backström, M. Bellgran

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This study explores how management addresses psychosocial risks in seven teams of engineers and technicians in the midst of the fourth industrial revolution. The sample is from an ongoing quasi-experiment about psychosocial risk management in a manufacturing company in Sweden. Each of the seven teams belongs to one of two clusters: a positive cluster or a negative cluster. The positive cluster reports a significantly positive change in psychosocial risk levels between two time-points and the negative cluster reports a significantly negative change. The data are collected using semi-structured interviews. The results of the computer aided thematic analysis show that there are more differences than similarities when comparing the risk treatment actions taken between the two clusters. Findings show that the managers in the positive cluster use more enabling actions that foster and support formal and informal relationship building. In contrast, managers that use less enabling actions hinder the development of positive group processes and contribute negative changes in psychosocial risk levels. This exploratory study sheds some light on how management can influence significant positive and negative changes in psychosocial risk levels during a risk management process.

Keywords: group process model, risk treatment, risk management, psychosocial

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Authors: M. Sharif Imam Ibne Amir, Mohammad Masud Kamal Khan, Mohammad Golam Rasul, Raj H. Sharma, Fatema Akram

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Future flood can be predicted using the probable maximum flood (PMF). PMF is calculated using the historical discharge or rainfall data considering the other climatic parameter stationary. However, climate is changing globally and the key climatic variables are temperature, evaporation, rainfall and sea level rise (SLR). To develop scenarios to a basin or catchment scale these important climatic variables should be considered. Nowadays scenario based on climatic variables is more suitable than PMF. Six scenarios were developed for a large Fitzroy basin and presented in this paper.

Keywords: climate change, rainfall, potential evaporation, scenario, sea level rise (SLR), sub-catchment

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Authors: A. Swetha

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This study aims to prioritize and explore critical risks in construction project assessment, employing the Weighted Average Index method and Principal Component Analysis (PCA). Through extensive literature review and expert interviews, project assessment risk factors were identified across Budget and Cost Management Risk, Schedule and Time Management Risk, Scope and Planning Risk, Safety and Regulatory Compliance Risk, Resource Management Risk, Communication and Stakeholder Management Risk, and Environmental and Sustainability Risk domains. A questionnaire was distributed to stakeholders involved in construction activities in Hyderabad, India, with 180 completed responses analyzed using the Weighted Average Index method to prioritize risk factors. Subsequently, PCA was used to understand relationships between these factors and uncover underlying patterns. Results highlighted dependencies on critical resources, inadequate risk assessment, cash flow constraints, and safety concerns as top priorities, while factors like currency exchange rate fluctuations and delayed information dissemination ranked lower but remained significant. These insights offer valuable guidance for stakeholders to mitigate risks effectively and enhance project outcomes. By adopting systematic risk assessment and management approaches, construction projects in Hyderabad and beyond can navigate challenges more efficiently, ensuring long-term viability and resilience.

Keywords: construction project assessment risk factor, risk prioritization, weighted average index, principal component analysis, project risk factors

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Authors: Berrin Şentürk

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In this study, due to the recurrence of bovine tuberculosis, in the same areas, the risk factors for the disease were determined and evaluated at the local level. This study was carried out in 32 farms where the disease was detected in the district and center of Samsun province in 2014. Predetermined risk factors, such as farm, environmental and economic risks, were investigated with the survey method. It was predetermined that risks in the three groups are similar to the risk variables of the disease on the global scale. These risk factors that increase the susceptibility of the infection must be understood by the herd owners. The risk-based contagious disease management system approach should be applied for bovine tuberculosis by farmers, animal health professionals and public and private sector decision makers.

Keywords: bovine tuberculosis, disease management, control, outbreak, risk analysis

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Authors: Magid Maatallah

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The problem is, investment management in modern conditions boils down to risk management which is very underdeveloped in Islamic financial theory and practice. Add to this the fact that, in Islamic perception, this is one of the areas of conventional finance in need of drastic reforms. This need was recently underlined by the story of Long Term Capital Management (LTCM ), ( told by Roger Lowenstein in his book, When Genius Failed, Random House, 2000 ). So we face a double challenge, to develop Islamic techniques of risk management and to see that these new techniques are free from the ills with which conventional methods are suffering. This is different from the challenge faced in the middle of twentieth century, to develop a method of financial intermediation free of interest.Risk was always there, especially in business. But industrialization brought risks unknown in trade and agriculture. Industrial production often involves long periods of time .The longer the period of production the more the uncertainty. The scope of the market has expanded to cover the whole world, introducing new kinds of risk. More than a thousand years ago, when Islamic laws were being written, the nature and scope of risk and uncertainty was different. However, something can still be learnt which, in combination with the modern experience, should enable us to realize the Shariah objectives of justice, fairness and efficiency.

Keywords: financial markets, Islamic framework, risk management, investment

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Authors: Manzurul Alam, John Griffiths, David Holloway, Megan Paull, Anne Clear

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Background: This paper investigates the nature of risk management practices in non-profit organizations. It is argued here that the risk exposure of these organizations has increased as a result of their entrepreneurial activities. This study explores how a particular non-profit organization formulates its risk strategies in the face funding restrictions. Design/Method/Approach: The study adopts a case study approach to report the results on how a non-profit organization diversifies its activities, tackles risks arising from such activities and improves performance. Results: The findings show that the organization made structural adjustments and leadership changes which helped to adjust their risk strategies. It also reports the organizational processes to deal with risks arising from both related and unrelated diversification strategies. Implications: Any generalization from this case example needs to be taken with caution as there are significant differences between non-profit organizations operating in different sectors. Originality: The paper makes a significant contribution to the non-profit literature by highlighting the diversification strategies along with risk performance.

Keywords: risk management, performance management, non-profit organizations, financial management

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Authors: Chatelier Charlene, Oyegoke Adekunle, Ajayi Saheed, Jeffries Andrew

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This study seeks to understand Schedule Risk Assessments as a priori for better performance whilst exploring the strategies employed to deliver complex projects like the New Polar research ship. This high-profile vessel was offered to Natural Environment Research Council and British Antarctic Survey (BAS) by Cammell Laird Shipbuilders. The Research Ship was designed to support science in extreme environments, with the expectancy to provide a wide range of specialist scientific facilities, instruments, and laboratories to conduct research over multiple disciplines. Aim: The focus is to understand the allocation and management of schedule risk on such a Major Project. Hypothesising that "effective management of schedule risk management" could be the most critical factor in determining whether the intended benefits mentioned are delivered within time and cost constraints. Objective 1: Firstly, the study seeks to understand the allocation and management of schedule risk in Major Projects. Objective 2: Secondly, it explores "effective management of schedule risk management" as the most critical factor determining the delivery of intended benefits. Methodology: This study takes a retrospective review of schedule risk management and how it influences project performance using a case study approach for the RRS (Royal Research Ship) Sir David Attenborough. Research Contribution: The outcomes of this study will contribute to a better understanding of project performance whilst building on its under-researched relationship to schedule risk management for complex projects. The outcomes of this paper will guide further research on project performance and enable the understanding of how risk-based estimates over time impact the overall risk management of the project.

Keywords: complexity, major projects, performance management, schedule risk management, uncertainty

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Authors: Mustafa Dogru, Ruveyda Komurlu

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Companies and professionals in the construction sector face various risks in every project depending on the characteristics, size, complexity, the location of the projects and the techniques used. Some risks’ effects may increase as the project progresses whereas new risks may emerge. Because of the ever-changing nature of the risks, risk management is a cyclical process that needs to be repeated throughout the project. Since the risks threaten the success of the project, risk management is an important part of the entire project management process. The aims of this study are to emphasize the importance of risk management in construction projects, summarize the risk identification process, and introduce a number of methods for preventing risks such as alternative design, checklists, prototyping and test-analysis-correction technique etc. Following the literature review conducted to list the techniques for preventing risks, case studies has been performed to compare and evaluate the success of the techniques in a number of completed projects with the same typology, performed domestic and international. Findings of the study suggest that controlling and minimizing the level of the risks in construction projects, taking optimal precautions for different risks, and mitigating or eliminating the effects of risks are important in order to prevent additional costs for the project. Additionally, focusing on the risks that have highest impact is the most rational way to minimize the effects of the risks on projects.

Keywords: construction projects, construction management, project management, risk management

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Authors: Sirus Sharifi, Arunima Haldar, S. V. D. Nageswara Rao

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This research analyzes the effect of credit risk management practices of commercial banks in India and the relationship with their non-performing assets (NPAs). Required data on credit risk performance was collected through a survey questionnaire from top risk officers of 38 Indian banks. NPA data (period from 2012 to 2016) was collected from Prowess database compiled by the Centre for Monitoring Indian Economy (CMIE). The model was assessed utilizing cross sectional regression method. As expected, the results indicate a negative significant relationship between credit risk management in India banks and their NPA growth. The research has implications for banks given the high level of losses in India and other economies as well, and the implementation of Basel III standards by the central banks. This research would be an evidence on credit risk performance and its relationship with the level of non-performing assets (NPAs) in Indian banks.

Keywords: risk management, risk identification, banks, Non-Performing Assets (NPAs)

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Authors: Timothy A. Oloyede

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The study assessed the influence of playing field, climatic conditions, rate of exposure to matches, skill level and competition level on the occurrence and severity of football injuries. The prospective outline of the study was as follows: after a baseline examination and measurements were performed ascertaining possible predictors of injury, all players were followed up weekly for one year to register subsequent injuries and complaints. Four hundred and thirty-five out of 455 subjects completed the weekly follow-ups over one year. Multiple regression analysis was employed to analyse the data collected. Results showed that playing field, climatic conditions, rate of exposure to matches skill level and competition level were predictors of injuries among the professional footballer. Playing on natural grass, acclimatization, reduction of physical overload, among others, were strategies postulated for preventing injuries.

Keywords: sports’ injuries, predictors of sports’ injuries, intrinsic risk factors, extrinsic risk factors, injury mechanism, professional footballer

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Authors: Mohamed Saad Ahmed Hussien

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This paper discusses the risk management in Islamic banks and aims to determine the difference in the practices and methods of risk management in those banks compared to the conventional banks, and to make a case study of the biggest Islamic bank in Egypt (Faisal Islamic Bank of Egypt) to identify the most important financial risks faced and how to manage those risks. It was found that Islamic banks face two types of risks. The first type is similar to the risks in conventional banks; the second type is the additional risks which facing the Islamic banks only as a result of some Islamic modes of financing. With regard to the risk management, Islamic banks such as conventional banks applied the regulatory rules issued by the Central Banks and the Basel Committee; Islamic banks also applied the instructions and procedures issued by the Islamic Financial Services Board (IFSB). Also, Islamic banks are similar to the conventional banks in the practices and methods which they use to manage the risks. And there are some factors that may affect the risk management in Islamic banks, such as the size of the bank and the efficiency of the administration and the staff of the bank.

Keywords: conventional banks, Faisal Islamic Bank of Egypt, Islamic banks, risk management

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Authors: Ahmet Parlak, Celalettin Bilgen

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In order to create an effective early warning system, Identification of the risks, preparation and carrying out risk modeling of risk scenarios, taking into account the shortcomings of the old disaster scenarios should be used to improve the system. In the light of this, the importance of risk modeling in creating an effective early warning system is understood. In the scope of TAFRISK project risk modeling trend analysis report on risk modeling developed and a demonstration was conducted for Risk Modeling for flood and mass movements. For risk modeling R&D, studies have been conducted to determine the information, and source of the information, to be gathered, to develop algorithms and to adapt the current algorithms to Turkey’s conditions for determining the risk score in the high disaster risk areas. For each type of the disaster; Disaster Deficit Index (DDI), Local Disaster Index (LDI), Prevalent Vulnerability Index (PVI), Risk Management Index (RMI) have been developed as disaster indices taking danger, sensitivity, fragility, and vulnerability, the physical and economic damage into account in the appropriate scale of the respective type.

Keywords: disaster, hazard, risk modeling, sensor

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Authors: Ezeabasili Chibuike Patrick

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The complex situation of construction industries in Nigeria and the risk of failures involved includes cost overrun, time overrun, Corruption, Government influence, Subcontractor challenges, Political influence and Instability, Cultural differences, Human resources deficiencies, cash flow Challenges, foreign exchange issues, inadequate design, Safety, low productivity, late payment, Quality control issues, project management issues, Environmental issues, Force majeure Competition amongst others has made the industry prone to risk and failures. Good project management remains effective in improving decision-making, which minimizes these risk events. This study was done to address these project risks and good decision-making to avert them. A mixed-method approach to research was used to do this study. Data collected by questionnaires and interviews on thirty-two (32) construction professionals was used in analyses to aid the knowledge and management of risks that were identified. The study revealed that there is no good risk management expertise in Nigeria. Also, that the economic/political situation and the recent COVID-19 pandemic has added to the risk and poor management strategies. The contingency theory and cost has therefore surfaced to be the most strategic management method used to reduce these risk issues and they seem to be very effective.

Keywords: strategies, risk management, contingency theory, Nigeria

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Authors: Willie Eselebor

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Environmental governance is not new, but may consist of a series of actions taken to establish sanity and ensure sustainable environment. While there is a growing accord linking disaster risk reduction with the management of environment and natural resources, little is known about failure to act which constitute vulnerability and how improved governance reduces risk globally. The paper reviews emerging trends in the field of application of governance tools and approaches for reducing disaster risk. The Hyogo Framework for Action (HFA) enjoin all stakeholders to stimulate the sustainable use and management of ecosystems, which promote the implementation of integrated environmental and natural resource planning that incorporate disaster risk reduction, including structural and non-structural measures, such as integrated management of fragile ecosystems. The methodology adopted is a case study of disaster-prone sites, prompting guided analysis on which hazards are traceable to environmental degradation, why a degraded environment reduces community resilience; how healthy ecosystems provide natural defense, and which opportunities exist to address gaps in reduction of disasters in Nigeria. The paper further analyses the interaction between disaster risk and environmental change. It is established that environmental governance remains a challenge; which implies that there is the need for a shift in traditional approaches to disaster risk management; exploring new initiatives and allowing environmental managers to be docketed as disaster risk managers in context, potentially opening up a window of dialogue on disaster risk management.

Keywords: disaster, ecosystem, environment, risk

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Authors: Preeda Sansakorn, Min An

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In order to be capable of dealing with uncertainties, subjectivities, including vagueness arising in building construction projects, the application of fuzzy reasoning technique based on fuzzy set theory is proposed. This study contributes significantly to the development of a fuzzy reasoning safety risk assessment model for building construction projects that could be employed to assess the risk magnitude of each hazardous event identified during construction, and a third parameter of probability of consequence is incorporated in the model. By using the proposed safety risk analysis methodology, more reliable and less ambiguities, which provide the safety risk management project team for decision-making purposes.

Keywords: safety risk assessment, building construction safety, fuzzy reasoning, construction risk assessment model, building construction projects

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Authors: Marcelo Dias Carvalho, Leticia Ishikawa

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Supply Chain Risk Management refers to a set of strategies used by companies to avoid supply chain disruption caused by damage at production facilities, natural disasters, capacity issues, inventory problems, incorrect forecasts, and delays. Many companies use the techniques of the Toyota Production System, which in a way goes against a better management of supply chain risks. This paper studies key events in some multinationals to analyze the trade-off between the best supply chain risk management techniques and management policies designed to create lean enterprises. The result of a good balance of these actions is the reduction of losses, increased customer trust in the company and better preparedness to face the general risks of a supply chain.

Keywords: just in time, lean manufacturing, supply chain disruptions, supply chain management

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Authors: Alexander Marx

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Measuring and mitigating market risk is essential for the stability of enterprises, especially for major banking corporations and investment bank firms. To employ these risk measurement and mitigation processes, the Value at Risk (VaR) is the most commonly used risk metric by practitioners. In the past years, we have seen significant weaknesses in the predictive performance of the VaR in times of financial market crisis. To address this issue, the purpose of this study is to investigate the value-at-risk (VaR) estimation models and their predictive performance by applying a series of backtesting methods on the stock market indices of the G7 countries (Canada, France, Germany, Italy, Japan, UK, US, Europe). The study employs parametric, non-parametric, and semi-parametric VaR estimation models and is conducted during three different periods which cover the most recent financial market crisis: the overall period (2006–2022), the global financial crisis period (2008–2009), and COVID-19 period (2020–2022). Since the regulatory authorities have introduced and mandated the Conditional Value at Risk (Expected Shortfall) as an additional regulatory risk management metric, the study will analyze and compare both risk metrics on their predictive performance.

Keywords: value at risk, financial market risk, banking, quantitative risk management

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Authors: E. Channol, O. Collet, N. Kostyuchyk, T. Mesbah, Quoc Hoang Long Nguyen

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In this paper, a pricing model is proposed for co-integrated commodities extending Larsson model. The futures formulae have been derived and tests have been performed with non-constant volatility. The model has been applied to energy commodities (gas, CO2, energy) and soft commodities (corn, wheat). Results show that non-constant volatility leads to more accurate short term prices, which provides better evaluation of value-at-risk and more generally improve the risk management.

Keywords: co-integration, soft commodities, risk management, value-at-risk

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Authors: Hilalah Alturkistani, Alaa AlFaadhel, Nora AlJahani, Fatiha Djebbar

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Cloud computing is one of the most widely used technology which provides opportunities and services to government entities, large companies, and standard users. However, cybersecurity risk management studies of cloud computing and resiliency approaches are lacking. This paper proposes resilient cloud cybersecurity risk assessment and management tailored specifically, to Dropbox with two approaches:1) technical-based solution motivated by a cybersecurity risk assessment of cloud services, and 2)a target personnel-based solution guided by cybersecurity-related survey among employees to identify their knowledge that qualifies them withstand to any cyberattack. The proposed work attempts to identify cloud vulnerabilities, assess threats and detect high risk components, to finally propose appropriate safeguards such as failure predicting and removing, redundancy or load balancing techniques for quick recovery and return to pre-attack state if failure happens.

Keywords: cybersecurity risk management plan, resilient cloud computing, cyberattacks, cybersecurity risk assessment

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Authors: Mehdi Dasineh, Yadollah Tariverdi, Marzieh H. Takhti

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This paper investigated the relationship between top management turnover with risk volatility, sale volatility and fluctuations in the company's cash depending on the unqualified audit report in Tehran Stock Exchange (TSE). In this study, we examined 104 firms over the period 2009-2014 which were selected from (TSE). There was 624 observed year-company data in this research. Hypotheses of this research have been evaluated by using regression tests for example F-statistical and Durbin-Watson. Based on our sample we found significant relationship between top management replacement and risk volatility, sale Volatility and cash volatility with tendency unqualified audit opinion.

Keywords: top management replacement, risk volatility, sale volatility, cash volatility, unqualified audit opinion

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Authors: Mohammed El-Arbi Khalfallah, Mohamed Lakhdar Hadji

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Managing and controlling risk is a topic research in the world of finance. Before a risky situation, the stakeholders need to do comparison according to the positions and actions, and financial institutions must take measures of a particular market risk and credit. In this work, we study a model of risk measure in finance: Value at Risk (VaR), which is a new tool for measuring an entity's exposure risk. We explain the concept of value at risk, your average, tail, and describe the three methods for computing: Parametric method, Historical method, and numerical method of Monte Carlo. Finally, we briefly describe advantages and disadvantages of the three methods for computing value at risk.

Keywords: average value at risk, conditional value at risk, tail value at risk, value at risk

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Authors: Mara Balestrieri, Clara Pusceddu

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Issues relating to the destructive phenomena that can damage people and goods have returned to the centre of debate in Italy with the increase in catastrophic episodes in recent years in a country which is highly vulnerable to hydrological risk. Environmental factors and geological and geomorphological territorial characteristics play an important role in determining the level of vulnerability and the natural tendency to risk. However, a territory has also been subjected to the requirements of and transformations of society, and this brings other relevant factors. The reasons for the increase in destructive phenomena are often to be found in the territorial development models adopted. Stewardship of the landscape and management of risk are related issues. This study aims to summarize the most relevant elements about this connection and at the same time to clarify the role of environmental risk assessment as a tool to aid in the sustainable management of landscape. How planners relate to this problem and which aspects should be monitored in order to prepare responsible and useful interventions?

Keywords: assessment, landscape, risk, planning

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Authors: H. Nejadriahi

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This paper focuses on the performance of Iwan as one of the significant spaces in the traditional architecture of Iran. The aim of this study is to investigate on the role of Iwan in sustainability enhancement of traditional houses of different climatic regions of Iran. Iwan is considered as a semi-open space, which its form and location in the building highly depends to the climatic situation of that region. For that reason, Iwan is recognized as one of the sustainable elements in the traditional houses of Iran, which can provide more comfort with less use of energy. In this study, the history and emergence of Iwan in the traditional architecture of Iran as well as the concept of sustainability in architecture are explained briefly. Then, the change of performance or form of Iwan is analysed in different climatic regions of Iran in accordance to the sustainability concepts. The methods used in this study are descriptive and analytic. Results of this paper verify that studying the sustainability solutions in the traditional architecture of Iran, would be a valuable source of inspiration for the current designers to create an environmental and sustainable architecture for the future.

Keywords: climatic regions of Iran, Iwan, sustainability, traditional houses

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Authors: S. Alyami, S. Mohammad

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These Risk management practices have a significant impact on construction SMEs. The effective utilisation of these practices depends on culture change in order to optimise decision making for critical activities within construction projects. Thus, successful implementation of empowerment strategies would enhance operational employees to participate in effective decision making. However, there remain many barriers to individuals and organisations within empowerment strategies that require empirical investigation before the industry can benefit from their implementation. Gaps in understanding the relationship between employee empowerment and risk management practices still exist. This research paper aims to examine the impact of the structural empowerment on risk management practices in construction SMEs. The questionnaire has been distributed to participants (162 employees) that involve projects and civil engineers within a case study from Saudi construction SMEs. Partial least squares based structural equation modeling (PLS-SEM) was utilised to perform analysis. The results reveal a positive relationship between empowerment and risk management practices. The study shows how structural empowerment contributes to operational employees in risk management practices through involving activities such as decision making, self-efficiency, and autonomy. The findings of this study will contribute to close the current gaps in the construction SMEs context.

Keywords: construction SMEs, culture, decision making, empowerment, risk management

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Authors: Sareh Rajabi, Salwa Bheiry

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In general, Covid-19 created many financial and non-financial damages to the economy and community. Level and severity of covid-19 as pandemic case varies over the region and due to different types of the projects. Covid-19 virus emerged as one of the most imperative risk management factors word-wide recently. Therefore, as part of portfolio management assessment, it is essential to evaluate severity of such risk on the project and program in portfolio management level to avoid any risky portfolio. Covid-19 appeared very effectively in South America, part of Europe and Middle East. Such pandemic infection affected the whole universe, due to lock down, interruption in supply chain management, health and safety requirements, transportations and commercial impacts. Therefore, this research proposes Analytical Hierarchy Process (AHP) to analyze and assess such pandemic case like Covid-19 and its impacts on the construction projects. The AHP technique uses four sub-criteria: Health and safety, commercial risk, completion risk and contractual risk to evaluate the project and program. The result will provide the decision makers with information which project has higher or lower risk in case of Covid-19 and pandemic scenario. Therefore, the decision makers can have most feasible solution based on effective weighted criteria for project selection within their portfolio to match with the organization’s strategies.

Keywords: portfolio management, risk management, COVID-19, analytical hierarchy process technique

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Authors: Ulas Cinar, Omer Faruk Ugurlu, Selcuk Cebi

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Occupational safety risk management is the most important element of a safe working environment. Effective risk management can only be possible with accurate analysis and evaluations. Scoring-based risk assessment methods offer considerable ease of application as they convert linguistic expressions into numerical results. It can also be easily adapted to any field. Contrary to all these advantages, important problems in scoring-based methods are frequently discussed. Effective measurability is one of the most critical problems. Existing methods allow experts to choose a score equivalent to each parameter. Therefore, experts prefer the score of the most likely outcome for risk. However, all other possible consequences are neglected. Assessments of the existing methods express the most probable level of risk, not the real risk of the enterprises. In this study, it is aimed to develop a method that will present a more comprehensive evaluation compared to the existing methods by evaluating the probability and severity scores, all sub-parameters, and potential results, and a new scoring-based method is proposed in the literature.

Keywords: occupational health and safety, risk assessment, scoring based risk assessment method, underground mining, weighted risk scores

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Authors: S. U. Kunya, S. A. Mohammad

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Construction projects in Nigeria are characterized with risks emanating from delays and accompanying cost-overruns. The aim of the study was to identify and assess factors constraining the utilization of risk management strategies in the execution of public construction project in North-East Nigeria. Data was collected with the aid of a well-structured questionnaire administered to three identified projects in the North-east. Data collected were analysed using the severity index. Findings revealed political involvement, selection of inexperienced contractors and lack of coordinated public sector strategy as the most severe factors constraining the utilization of risk management strategies. The study recommended that: formulation of laws to prevent negative political meddling in construction projects; selection of experienced, risk-informed contractors; and comprehensive risk assessment and planning on all public construction projects.

Keywords: factors, Nigeria, north-east, public projects, risk management, strategies, utilization

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management, value at risk

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Authors: Lagnajeet Mohanty, Mohnish Mishra, Pratham Tapdiya, Himanshu Sekhar Nayak, Swetapadma Singh

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In the era of global interconnectedness, effective risk assessment and management are critical for organizational resilience. This review explores the integration of machine learning (ML) into risk processes, examining its transformative potential and the challenges it presents. The literature reveals ML's success in sectors like consumer credit, demonstrating enhanced predictive accuracy, adaptability, and potential cost savings. However, ethical considerations, interpretability issues, and the demand for skilled practitioners pose limitations. Looking forward, the study identifies future research scopes, including refining ethical frameworks, advancing interpretability techniques, and fostering interdisciplinary collaborations. The synthesis of limitations and future directions highlights the dynamic landscape of ML in risk management, urging stakeholders to navigate challenges innovatively. This abstract encapsulates the evolving discourse on ML's role in shaping proactive and effective risk management strategies in our interconnected and unpredictable global landscape.

Keywords: machine learning, risk assessment, ethical considerations, financial inclusion

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