Search results for: risk allocation

Authors: Aparna Viswanath

Abstract:

Electricity spot prices are highly volatile under optimal generation capacity scenarios due to factors such as nonstorability of electricity, peak demand at certain periods, generator outages, fuel uncertainty for renewable energy generators, huge investments and time needed for generation capacity expansion etc. As a result market participants are exposed to price and volume risk, which has led to the development of risk management practices. This paper provides an overview of risk management practices by market participants in electricity markets using financial derivatives.

Keywords: Financial Derivatives, Forward, Futures, Options, Risk Management.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2841

Authors: Daniel F. García, Adrián Fernández

Abstract:

Today, computer systems are more and more complex and support growing security risks. The security managers need to find effective security risk assessment methodologies that allow modeling well the increasing complexity of current computer systems but also maintaining low the complexity of the assessment procedure. This paper provides a brief analysis of common security risk assessment methodologies leading to the selection of a proper methodology to fulfill these requirements. Then, a detailed analysis of the most effective methodology is accomplished, presenting numerical examples to demonstrate how easy it is to use.

Keywords: Computer security, qualitative and quantitative methods, risk assessment methodologies, security risk assessment.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3121

Authors: Chih-Hsiang Chang, Fang-Jyun Su

Abstract:

This paper explores whether stock characteristics influence the herding formation among investors in the US equity market. To extend the research scope of the existing literature, this paper further examines the role that stock risk characteristics play in the US equity market, and the way they influence investors’ decision-making. First, empirical results show that whether general stocks or high-risk stocks, there are no herding behaviors among the investors in the US equity market during the whole research period or during four great events. Moreover, stock characteristics have great influence on investors’ trading decisions. Finally, there is a bidirectional lead-lag relationship of the herding formation between high-risk stocks and low-risk stocks, but the influence of high-risk stocks on the low-risk stocks is stronger than that of low-risk stocks on the high-risk stocks.

Keywords: Stock characteristics, herding formation, investment decision, US equity market, lead-lag relationship.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 957

Authors: Nina V. Zaitseva, Pavel Z. Shur, Nina G. Atiskova

Abstract:

Nowadays harmonization of sanitary and hygienic standards of environmental quality with international standards is crucial part of integration of Russia into the international community. Harmonization of Russian and international ambient air quality standards may be realized by risk-based standards development. In this paper approaches to risk-based standards development and examples of these approaches implementation are presented.

Keywords: Harmonization, health risk assessment, evolutionary modelling, benchmark level, nickel, manganese.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1913

Authors: Eberechi Weli, Michael Todinov

Abstract:

The gap between the selection of risk-reduction options in the railway industry and the task of their effective implementation results in compromised safety and substantial losses. An effective risk management must necessarily integrate the evaluation phases with the implementation phase. This paper proposes an essential categorisation of risk reduction measures that best addresses a standard railway industry portfolio. By categorising the risk reduction options into design, operational, procedural and technical options, it is guaranteed that the efforts of the implementation facilitators (people, processes and supporting systems) are systematically harmonised. The classification is based on an integration of fundamental principles of risk reduction in the railway industry with the systems engineering approach.

This paper argues that the use of a similar classification approach is an attribute of organisations possessing a superior level of risk-reduction readiness. The integration of the proposed rational classification structure provides a solid ground for effective risk reduction.

Keywords: Cost effectiveness, organisational readiness, risk reduction, railway, system engineering.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1760

Authors: Fong-Woon Lai

Abstract:

The risk sphere in business is fast changing and expanding. Almost anything has become a risk factor that will have potent, direct, and far reaching impacts on business. This paper examines the intensity of enterprise risk management (ERM) practices among the Malaysian public listed companies. The paper espouses a ERM framework comprising fourteen important implementation elements and processes. Results of the analysis indicate that the intensity of ERM implementation among the respondents is in the ‘good’ category of the semantic scale, which is deemed encouraging vis-à-vis the country’s regulatory regime.

Keywords: Enterprise risk management, implementation framework, ERM practices.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2959

Authors: Preeda Sansakorn, Min An

Abstract:

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 risks assessment, building construction safety, fuzzy reasoning, construction risk assessment model, building construction projects.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2284

Authors: A.Roshandel, N.Hedayat, H.kiamanesh

Abstract:

The one of most important objects in implementation of damage analysis observations is manner of dam break wave propagation. In this paper velocity and wave height due dam break in with and without tailwater states for appointment hazardous lands and flood radius are investigate. In order to modeling above phenomenon finite volume method of Roe type for solving shallow water equations is used. Results indicated that in the dry bed state risk radius due to dam break is too high. While in the wet bed risk radius has a less wide. Therefore in the first state constructions and storage facilities are encountered with destruction risk. Further velocity due to dam break in the second state is more comparing to the first state. Hence erosion and scour the river bed in the dry bed is too more compare to the wet bed.

Keywords: Dam break, finite volume method, tailwater, risk radius, scour

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1577

Authors: Huei-Wen Lin

Abstract:

This paper is to clarify the relationship of individual investor types, risk tolerance and herding bias. The questionnaire survey investigation is conducted to collect 389 valid and voluntary individual investors and to examine how the risk tolerance plays as a mediator between four types of personality and herding bias. Based on featuring BB&K model and reviewing the prior literature of psychology, a linear structural model are constructed and further used to evaluate the path of herding formation through the analysis of Structural Equation Modeling (SEM). The results showed that more impetuous investors would be prone to herding bias directly, but rather exhibit higher risk tolerance. However, risk tolerance would fully mediate between the level of confidence (i.e., confident or anxious) and herding bias, but not mediate between the method of action (careful or impetuous) for individual investors.

Keywords: Herding, investor types, risk tolerance.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 4281

Authors: W. Kiamouche, M. Benslama

Abstract:

This paper presents an alternative strategy of queuing handover called Pseudo Last Useful Instant PLUI scheme for Low Earth Orbit Mobile Satellite Systems LEO MSSs. The PLUI scheme uses the same approach as the Last Useful Instant LUI scheme previously proposed in literature, with less complex implementation. Simulation tests were carried out using Dynamic Channel Allocation DCA in order to evaluate the performance of this scheme and also an analytical approach has been presented to allow the performance evaluation of Fixed Channel Allocation FCA, with different handover queuing disciplines. The results show that performances achieved by the proposed strategy are close to those achieved using the LUI scheme.

Keywords: LEO mobile satellite networks, LUI and FIFOschemes, queuing handover.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1364

Authors: Zhou Luchen, Wu Yubing, Burra Venkata Durga Kumar

Abstract:

As the scale of the network becomes larger and more complex than before, the density of user devices is also increasing. The development of Unmanned Aerial Vehicle (UAV) networks is able to collect and transform data in an efficient way by using software-defined networks (SDN) technology. This paper proposed a three-layer distributed and dynamic cluster architecture to manage UAVs by using an AI-based resource allocation calculation algorithm to address the overloading network problem. Through separating services of each UAV, the UAV hierarchical cluster system performs the main function of reducing the network load and transferring user requests, with three sub-tasks including data collection, communication channel organization, and data relaying. In this cluster, a head node and a vice head node UAV are selected considering the CPU, RAM, and ROM memory of devices, battery charge, and capacity. The vice head node acts as a backup that stores all the data in the head node. The k-means clustering algorithm is used in order to detect high load regions and form the UAV layered clusters. The whole process of detecting high load areas, forming and selecting UAV clusters, and moving the selected UAV cluster to that area is proposed as offloading traffic algorithm.

Keywords: k-means, resource allocation, SDN, UAV network, unmanned aerial vehicles.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 282

Authors: Youngseok Lee, Dongjin Chung, Youngjin Kim

Abstract:

R&D risk management has been suggested as one of the management approaches for accomplishing the goals of public R&D investment. The investment in basic science and core technology development is the essential roles of government for securing the social base needed for continuous economic growth. And, it is also an important role of the science and technology policy sectors to generate a positive environment in which the outcomes of public R&D can be diffused in a stable fashion by controlling the uncertainties and risk factors in advance that may arise during the application of such achievements to society and industry. Various policies have already been implemented to manage uncertainties and variables that may have negative impact on accomplishing public R& investment goals. But we may derive new policy measures for complementing the existing policies and for exploring progress direction by analyzing them in a policy package from the viewpoint of R&D risk management.

Keywords: Risk management, Public R&D policy, Science andtechnology policy, Performance management.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1616

Authors: Mitsuhiro Taniyama, Yuu Hidaka, Masato Arai, Satoshi Kai, Hiromi Igawa, Hiroshi Yajima, Ryoichi Sasaki

Abstract:

Along with the progress of our information society, various risks are becoming increasingly common, causing multiple social problems. For this reason, risk communications for establishing consensus among stakeholders who have different priorities have become important. However, it is not always easy for the decision makers to agree on measures to reduce risks based on opposing concepts, such as security, privacy and cost. Therefore, we previously developed and proposed the “Multiple Risk Communicator" (MRC) with the following functions: (1) modeling the support role of the risk specialist, (2) an optimization engine, and (3) displaying the computed results. In this paper, MRC program version 1.0 is applied to the personal information leakage problem. The application process and validation of the results are discussed.

Keywords: Decision Making, Personal Information Leakage Problem, Risk Communication, Risk Management

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1572

Authors: Sadovska V.

Abstract:

The progress of concentrations of particular heavy metals was assessed in chosen localities in region Moravia, the Czech Republic, from 2007 to 2009. Particular metals were observed in localities with various types and characterization of zone. Pb, Ni, As and Cd were emphasized as a result of their toxicity and potential adverse health effect to the exposed population. The progress of metal concentrations and their health effects in the most polluted localities were examined. According to the results, the air pollution limit values were not exceeded. Based on the health risk assessment, the probability of developing tumorous diseases is acceptable, except for the increased probability of cancer risk from long-term exposure to As.

Keywords: Air pollution, heavy metals, health risk assessment, individual lifetime cancer risk

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2361

Authors: L. Lindsay, S. A. Coleman, D. Kerr, B. J. Taylor, A. Moorhead

Abstract:

Cognitive decline and frailty is apparent in older adults leading to an increased likelihood of the risk of falling. Currently health care professionals have to make professional decisions regarding such risks, and hence make difficult decisions regarding the future welfare of the ageing population. This study uses health data from The Irish Longitudinal Study on Ageing (TILDA), focusing on adults over the age of 50 years, in order to analyse health risk factors and predict the likelihood of falls. This prediction is based on the use of machine learning algorithms whereby health risk factors are used as inputs to predict the likelihood of falling. Initial results show that health risk factors such as long-term health issues contribute to the number of falls. The identification of such health risk factors has the potential to inform health and social care professionals, older people and their family members in order to mitigate daily living risks.

Keywords: Classification, falls, health risk factors, machine learning, older adults.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 985

Authors: Mária Hudáková, Mária Lusková

Abstract:

This report is focused on widening the theoretical knowledge as well as controlling practical application from the risk management point of view, regarding to dynamic business changes that have occurred in Slovakia which recently has been considered to be an environment full of risk and uncertainty. The idea of the report is the proposal of the controlling operation model in the course of risk management process in an enterprise operating in Slovakia, by which the controller is able to identify early risk factors in suggested major areas of the business management upon appropriate business information integration, consecutive control and prognoses and to prepare in time full-value documents in order to suggest measures for reduction thereof. Dealing with risk factors, that can quickly limit the growth potential of the enterprise, is an essential part of managerial activities on each level. This is the reason why mutual unofficial, ergo collegial cooperation of individual departments is necessary for controlling application from the business risk management point of view. An important part of the report is elaborated survey of the most important risk factors existing in major management areas of enterprises operating in Slovakia. The outcome of the performed survey is a catalogue of the most important enterprise risk factors. The catalogue serves for better understanding risk factors affecting the Slovak enterprises, their importance and evaluation.

Keywords: Controlling, information system, risks management, risk factor, crisis of enterprise.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 857

Authors: P. Moeinzadeh, A. Hajfathaliha

Abstract:

Many firms implemented various initiatives such as outsourced manufacturing which could make a supply chain (SC) more vulnerable to various types of disruptions. So managing risk has become a critical component of SC management. Different types of SC vulnerability management methodologies have been proposed for managing SC risk, most offer only point-based solutions that deal with a limited set of risks. This research aims to reinforce SC risk management by proposing an integrated approach. SC risks are identified and a risk index classification structure is created. Then we develop a SC risk assessment approach based on the analytic network process (ANP) and the VIKOR methods under the fuzzy environment where the vagueness and subjectivity are handled with linguistic terms parameterized by triangular fuzzy numbers. By using FANP, risks weights are calculated and then inserted to the FVIKOR to rank the SC members and find the most risky partner.

Keywords: Analytic network process (ANP), Fuzzy sets, Supply chain risk management (SCRM), VIšekriterijumsko KOmpromisno Rangiranje (VIKOR)

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2889

Authors: Fatima Z. Cherhabil, Mammar Sedrati, Sonia-Sabrina Bendib‎

Abstract:

In order to support the continued growth, critical latency of ‎IoT ‎applications and ‎various obstacles of traditional data centers, ‎Mobile Edge ‎Computing (MEC) has ‎emerged as a promising solution that extends the cloud data-processing and decision-making to edge devices. ‎By adopting a MEC structure, IoT applications could be executed ‎locally, on ‎an edge server, different fog nodes or distant cloud ‎data centers. However, we are ‎often ‎faced with wanting to optimize conflicting criteria such as ‎minimizing energy ‎consumption of limited local capabilities (in terms of CPU, RAM, storage, bandwidth) of mobile edge ‎devices and trying to ‎keep ‎high performance (reducing ‎response time, increasing throughput and service availability) ‎at the same ‎time‎. Achieving one goal may affect the other making Task Offloading (TO), ‎Resource Allocation (RA) and Service Placement (SP) complex ‎processes. ‎It is a nontrivial multi-objective optimization ‎problem ‎to study the trade-off between conflicting criteria. ‎The paper provides a survey on different TO, SP and RA recent Multi-‎Objective Optimization (MOO) approaches used in edge computing environments, particularly Artificial Intelligent (AI) ones, to satisfy various objectives, constraints and dynamic conditions related to IoT applications‎.

Keywords: Mobile Edge Computing, Multi-Objective Optimization, Artificial Intelligence ‎Approaches, Task Offloading, Resource Allocation, Service Placement‎.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 412

Authors: Sandija Zeverte-Rivza, Irina Pilvere, Baiba Rivza

Abstract:

The use of renewable energy sources incl. biogas has become topical in accordance with the increasing demand for energy, decrease of fossil energy resources and the efforts to reduce greenhouse gas emissions as well as to increase energy independence from the territories where fossil energy resources are available.

As the technologies of biogas production from agricultural biomass develop, risk assessment and risk management become necessary for farms producing such a renewable energy. The need for risk assessments has become particularly topical when discussions on changing the biogas policy in the EU take place, which may influence the development of the sector in the future, as well as the operation of existing biogas facilities and their income level.

The current article describes results of the risk assessment for farms producing biomass from agriculture biomass in Latvia, the risk assessment system included 24 risks, that affect the whole biogas production process and the obtained results showed the high significance of political and production risks.

Keywords: Biogas production, risks, risk assessment.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3172

Authors: Md. Sohidul Islam, Ahmad Fartheen Khan

Abstract:

In recent times, Non-Orthogonal Multiple Access (NOMA) has received significant attention as an upcoming candidate in the world of 5G systems. The main reason for getting NOMA in 5G is because of its capacity to provide services to many users who have the same time and frequency resources. It is best used as "multiple-input, multiple-output" (MIMO) technology. In this paper, we are going to investigate outage probability as a function of signal-to-noise ratio (SNR) and target rate user. These methods will be implemented using cooperative communication and fair power allocation, respectively.

Keywords: Non-orthogonal Multiple Access, Fair Power Allocation, Outage Probability, Target Rate User, Cooperative Communication, massive multiple input multiple output, MIMO, Successive Interference Cancellation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 276

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

Abstract:

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 954

Authors: M. Balestrieri, C. Pusceddu

Abstract:

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. Finally, the study reflects on how regional and urban planners deal with environmental risk and which aspects should be monitored in order to adopt responsible and useful interventions.

Keywords: Assessment, landscape, risk, planning.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1782

Authors: Violina R. Angelova, Venelina T. Popova, Radka V. Ivanova, Givko T. Ivanov, Krasimir I. Ivanov

Abstract:

A comparative research on the impact of compost on uptake and allocation of nutrients and heavy metals and quality of Oriental tobacco Krumovgrad 90 has been carried out. The experiment was performed on an agricultural field contaminated by the lead zinc smelter near the town of Kardzali, Bulgaria, after closing the lead production. The compost treatments had significant effects on the uptake and allocation of plant nutrients and heavy metals. The incorporation of compost leads to decrease in the amount of heavy metals present in the tobacco leaves, with Cd, Pb and Zn having values of 36%, 12% and 6%, respectively. Application of the compost leads to increased content of potassium, calcium and magnesium in the leaves of tobacco, and therefore, may favorably affect the burning properties of tobacco. The incorporation of compost in the soil has a negative impact on the quality and typicality of the oriental tobacco variety of Krumovgrad 90. The incorporation of compost leads to an increase in the size of the tobacco plant leaves, the leaves become darker in colour, less fleshy and undergo a change in form, becoming (much) broader in the second, third and fourth stalk position. This is accompanied by a decrease in the quality of the tobacco. The incorporation of compost also results in an increase in the mineral substances (pure ash), total nicotine and nitrogen, and a reduction in the amount of reducing sugars, which causes the quality of the tobacco leaves to deteriorate (particularly in the third and fourth harvests).

Keywords: Chemical composition, compost, oriental tobacco, quality.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1227

Authors: Khaja Kamaluddin, Muhammed Yousoof

Abstract:

Available Bit Rate Service (ABR) is the lower priority service and the better service for the transmission of data. On wireline ATM networks ABR source is always getting the feedback from switches about increase or decrease of bandwidth according to the changing network conditions and minimum bandwidth is guaranteed. In wireless networks guaranteeing the minimum bandwidth is really a challenging task as the source is always in mobile and traveling from one cell to another cell. Re establishment of virtual circuits from start to end every time causes the delay in transmission. In our proposed solution we proposed the mechanism to provide more available bandwidth to the ABR source by re-usage of part of old Virtual Channels and establishing the new ones. We want the ABR source to transmit the data continuously (non-stop) inorderto avoid the delay. In worst case scenario at least minimum bandwidth is to be allocated. In order to keep the data flow continuously, priority is given to the handoff ABR call against new ABR call.

Keywords: Bandwidth allocation, Virtual Channel (VC), CBR, ABR, MCR and QOS.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1561

Authors: Chvalkovska, J., Jansky, P., Mejstrik, M.

Abstract:

The objective of this article is to discuss the potential of economic analysis as a tool for identification and evaluation of corruption in legislative acts. We propose that corruption be perceived as a risk variable within the legislative process. Therefore we find it appropriate to employ risk analysis methods, used in various fields of economics, for the evaluation of corruption in legislation. Furthermore we propose the incorporation of these methods into the so called corruption impact assessment (CIA), the general framework for detection of corruption in legislative acts. The applications of the risk analysis methods are demonstrated on examples of implementation of proposed CIA in the Czech Republic.

Keywords: corruption; corruption impact assessment (CIA); legislative; legislative process; risk analysis; Czech Republic

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2415

Authors: Siti Raihana Hamzah

Abstract:

This paper elaborates risk shifting in debt financing system as the ultimate cause of the global financial crisis. In contrast, risk sharing in equity financing like sukuk helps the economic system to be better sustained. Nevertheless, some types of sukuk are haunted by the issue of imitation with bonds. The critics on the imitation issue not only have raised doubt on the ability of sukuk to diminish risk shifting behavior but also the ability of this Islamic financial instrument to ensure better future financial stability. Through that, this paper provides discussion on the possibility of sukuk to induce risk shifting and how equity financing may help sukuk to be free from risk shifting. This paper is important in the sense that sukuk receives a significant demand from investors throughout the world. For this instrument to be supportive in the future economic stability, the issue of imitation needs to be identified and addressed. Furthermore, critics cannot be focused on debts and its ability to gauge the financial flux but also to sukuk due to their structures similarity.

Keywords: Global financial crisis, debt, risk-shifting, risk sharing, equity, sukuk, bonds.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2481

Authors: Abdel-Aziz M. Mohamed

Abstract:

This paper presents a state-of-the-art survey of the operations research models developed for internal audit planning. Two alternative approaches have been followed in the literature for audit planning: (1) identifying the optimal audit frequency; and (2) determining the optimal audit resource allocation. The first approach identifies the elapsed time between two successive audits, which can be presented as the optimal number of audits in a given planning horizon, or the optimal number of transactions after which an audit should be performed. It also includes the optimal audit schedule. The second approach determines the optimal allocation of audit frequency among all auditable units in the firm. In our review, we discuss both the deterministic and probabilistic models developed for audit planning. In addition, game theory models are reviewed to find the optimal auditing strategy based on the interactions between the auditors and the clients.

Keywords: Operations research applications, audit frequency, audit planning, audit-staff scheduling.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2866

Authors: Dariusz Dymek, Leszek Kotulski

Abstract:

Modeling of the distributed systems allows us to represent the whole its functionality. The working system instance rarely fulfils the whole functionality represented by model; usually some parts of this functionality should be accessible periodically. The reporting system based on the Data Warehouse concept seams to be an intuitive example of the system that some of its functionality is required only from time to time. Analyzing an enterprise risk associated with the periodical change of the system functionality, we should consider not only the inaccessibility of the components (object) but also their functions (methods), and the impact of such a situation on the system functionality from the business point of view. In the paper we suggest that the risk attributes should be estimated from risk attributes specified at the requirements level (Use Case in the UML model) on the base of the information about the structure of the model (presented at other levels of the UML model). We argue that it is desirable to consider the influence of periodical changes in requirements on the enterprise risk estimation. Finally, the proposition of such a solution basing on the UML system model is presented.

Keywords: Risk assessing, software maintenance, UML, graph grammars.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1349

Authors: Ritsuko Kawasaki (Aiba), Takeshi Hiromatsu

Abstract:

Management is required to understand all information security risks within an organization, and to make decisions on which information security risks should be treated in what level by allocating how much amount of cost. However, such decision-making is not usually easy, because various measures for risk treatment must be selected with the suitable application levels. In addition, some measures may have objectives conflicting with each other. It also makes the selection difficult. Moreover, risks generally have trends and it also should be considered in risk treatment. Therefore, this paper provides the extension of the model proposed in the previous study. The original model supports the selection of measures by applying a combination of weighted average method and goal programming method for multi-objective analysis to find an optimal solution. The extended model includes the notion of weights to the risks, and the larger weight means the priority of the risk.

Keywords: Information security risk treatment, Selection of risk measures, Risk acceptanceand Multi-objective optimization.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1682

Authors: Nur Atiqah Rochin Demong, Jie Lu, Farookh Khadeer Hussain

Abstract:

Property investment in the real estate industry has a high risk due to the uncertainty factors that will affect the decisions made and high cost. Analytic hierarchy process has existed for some time in which referred to an expert-s opinion to measure the uncertainty of the risk factors for the risk analysis. Therefore, different level of experts- experiences will create different opinion and lead to the conflict among the experts in the field. The objective of this paper is to propose a new technique to measure the uncertainty of the risk factors based on multidimensional data model and data mining techniques as deterministic approach. The propose technique consist of a basic framework which includes four modules: user, technology, end-user access tools and applications. The property investment risk analysis defines as a micro level analysis as the features of the property will be considered in the analysis in this paper.

Keywords: Uncertainty factors, data mining, multidimensional data model, risk analysis.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2871