Risk Management, Exception Handling, and Change Management

Risk management is an integral part of the organizational process effected by an entity's management and personnel. It is designed to identify and address risks and to provide reasonable assurance in pursuit of the entity's mission. Risk management is to an organization’s strategic management as it raises the probability of success, and reduces both the probability of failure and the uncertainty of achieving the organization’s overall objectives. This study is set to ascertain the role of Internal Audit in risk identification, analysis and management in a Public University in Ghana. This single case study is situated at University of Mines and Technology (UMaT), Tarkwa. The research goes beyond the evidence in the public domain and includes questionnaire and interview of key personnel for data collection. The research revealed that, Internal Audit function plays an important role in making risk management at UMaT effective by carrying out activities such as pre-audit, revenue checking, updating procedures, provision of recommendations, and ensuring policies and procedures are complied. These go a long way to contribute to the achievement of the University objectives. Financial risk is found to be the major risk that threatens the operations of the University. The questionnaire administration indicated more than 77% of respondents agreed that the Internal Audit helps to reduce risk, conducts regular evaluation and review of risk, has qualified staff and management considers recommendations made by the unit as valuable. Respondents were, however, critical regarding professional training of staff, low percentages of respondents (30% and below) agreed to assertions in areas such as professional training of staff, adequate logistics and staff strength. It is recommended that there should be a documented risk management policy and when possible size of the Internal Audit staff should be increased to enable wider coverage of audit activity within the University be carried within the shortest possible time to ensure timeliness and relevance. In addition, staff should be encouraged to attend professional training periodically. Keywords: Risk Management; Organization; Internal Audit DOI: 10.7176/RJFA/11-12-11 Publication date: June 30th 2020

Risk control and management are becoming increasingly important in many organisational operations. It goes beyond the business sector to include security organisations like police departments. The fact that police officers engage in a widerange of daily activities that expose them to a variety of potentially hazardous situations Police risk management includes both physical and financial aspects. Risk identification is the first step in the risk management process, followed by risk analysis, risk evaluation, and risk treatment. According to the literature, the Dubai Police Department has no framework in place to fully manage risks and evaluate the effectiveness of police operations. Early warning systems are critical for detecting potential severe RM because police departments must rely on them to manage risks and keep track of any potential new risks. As a result, the UAE police department's risk management strategy was investigated in this paper. It classified the data collection process using exploratory factor analysis, which wasa quantitative approach. A self-administered survey yielded 381 valid questionnaires from Dubai Police Department officers. The study's findings revealed that risk identification, risk analysis, risk evaluation, and risk response are the four fundamental steps of effective risk management. The Crobach Alpha test was used to assess the consistency and reliability of the data, and the result was 0.814, indicating that the data is suitable for use. Only one of the twenty indicators, which were divided into four groups for risk management, was weak according to outliers and communalities tests. The risk management process was accurately described by another 20 factors. Total variance extraction yielded a rate of 57.130 percent, which was higher than the required 50%. As a result, the risk management procedure investigated in this study may be useful for effectively managing risks in the UAE police force.

In recent years, severe and deadly wildland-urban interface (WUI) fires have resulted in an increased focus on this particular risk to humans and property, especially in Canada, USA, Australia, and countries in the Mediterranean area. Also, in areas not previously accustomed to wildfires, such as boreal areas in Sweden, Norway, and in the Arctic, WUI fires have recently resulted in increasing concern. January 2014, the most severe wooden town fire in Norway since 1923 raged through Lærdalsøyri. Ten days later, a wildfire raged through the scattered populated community of Flatanger and destroyed even more structures. These fires came as a surprise to the fire brigades and the public. We describe and analyze a proposed way forward for exploring if and how this increasing fire incidence can be linked to concomitant changes in climate, land-use, and habitat management; and then aim at developing new dynamic adaptive fire risk assessment and management tools. We use coastal Norway as an example and focus on temporal changes in fire risk in wooden structure settlements and in the Norwegian Calluna vulgaris L. dominated WUI. In this interface, the fire risk is now increasing due to a combination of land-use changes, resulting in large areas of early successional vegetation with an accumulation of biomass, and the interactive effects of climatic changes resulting in increased drought risk. We propose a novel bow-tie framework to explore fire risk and preventive measures at various timescales (years, months, weeks, hours) as a conceptual model for exploring risk contributing factors and possibilities for risk management. Ignition is the top event of the bow-tie which has the potential development towards a fire disaster as a worst case outcome. The bow-tie framework includes factors such as changes in the built environment and natural habitat fuel moisture content due to the weather conditions, WUI fuel accumulation, possibly improved ecosystem management, contribution by civic prescribed burner groups, relevant fire risk modeling, and risk communication to the fire brigades and the public. We propose an interdisciplinary research agenda for developing this framework and improving the current risk understanding, risk communication, and risk management. This research agenda will represent important contributions in paving the road for fire disaster prevention in Norway, and may provide a model for other systems and regions.

Management of Change in Water Companies tells real stories of real water companies that went through processes of change and achieved their best results ever in just a few years. It reflects the personal experience of the author from leading processes of change in five different water supply/sewage companies, between 10 and 120 years old and serving from 200,000 to 4,000,000 people. This practical and effective book shows: The case studies provide for instance, how to halve water losses in less than a year mostly with management measurements and very little investment, how to bring water losses from over 50% to below 20% in six years, how to use the savings from water loss reduction to build a new wastewater system without increasing tariffs, how to connect 100,000 existing buildings to a new sewage system in 4 years and how to get millions of people walking along the banks of rehabilitated urban creeks, rivers and beaches. The book presents case studies, management theory, comparative analysis of situations reported in the literature and the personal experience of an author who has lead a number of successful processes of change in different water companies. Management of Change in Water Companies is essential reading for water utility managers, national and local governments responsible for water policy as well as those concerned with the management of change and risk management. It is also useful to readers interested in the areas of pollution control, energy savings and water losses, and stream / beach / river restoration. Joaquim Pocas Martins is Professor at the Faculty of Engineering of the University of Porto, Portugal, and provides excellent courses on the management of change in water companies world-wide. ISBN: 9781780406510 (eBook) ISBN: 9781843391951 (Print)

This paper focuses on providing a theoretical answer to the question, how can an air carrier effectively implement a Safety Management System (SMS) in its operations? The core assumptions of this study are that (i) the value of a well-structured SMS in enhancing air carrier operational safety is axiomatic; (ii) Risk management is an integral part of safety management systems in aviation to provide effective aviation operations. We present a road map for change management, risk management and their utility and application in transforming a non-SMS compliant system to an SMS one using change management principles. Keywords: Aviation Operations, Airline Management, Change Management, Risk, Risk Management, Safety Systems.

PurposeThe purpose of this paper is to identify the perceptions of farmers on the major sources of risk and to examine the effectiveness of the risk management responses of rural smallholder farm households in the semi-arid region of Northern Ghana from the socioeconomic perspective.Design/methodology/approachBoth descriptive statistics and exploratory factor analysis were used on a Likert scale question to rank and identify the important risk perceptions and management strategies of the farmers. The linear regression model was used to highlight the significant factors that affect the farmers’ risk perception and management responses.FindingsThe effects of the variations in crop yield, fertiliser prices and crop price on household income were perceived as the three most relevant sources of risk. Stabilising household income by growing different crops, storing feed/seed reserves and spreading sales were the most effective risk management strategies. Factor analysis identified market risk, production risk and human risk as major risk factors whereas diversification, financial strategy, and off-farm employment were perceived as the most effective risk management strategies. Farm and farmer characteristics were found to be significantly associated with risk perceptions and risk management strategies. Risk perceptions significantly increase the risk management strategy adopted by the smallholder rural farmers.Practical implicationsThe findings of the paper call for the integration of farmers’ risk perceptions and management strategies in the development of agricultural policies for the semi-arid regions of Ghana.Originality/valueThis paper deviates from the traditional technology adoption studies by modelling rural household perceptions and management strategies using, using descriptive, factor analyses, and linear regression.

Industry incidents happened more frequently when various processes safety and Risk Management activities associated with various sub-processes are not followed, tracked and address on a timely basis. Having a robust tracking system of mitigations plan help to follow up to closure identified corrective actions and consequently this data can be of the valuable support for any incident investigation. Cabinda Gulf Oil Company Limited (CABGOC) has developed over the years several Process Safety (PS) metrics involving Management of Change (MOC) Process, Risk Management (RM) studies recommendations, Loss of Containment (LOC), Safety System Function Test, Control System Data, and open Non-Conformance Report (NCR) related to discrepant material conditions. This manuscript will describe how these metrics are put together, the process and how the teams involved are functioning around that. It also describes the process of closure and the functional authority of each metrics governance. The sufficient information on the data analysis, inference and the utilization of the historical trend for the continual improvement of the targets on the risk mitigation and RM planning are discussed. The key challenges of building the Organizational Capability (OC) to sustain the processes and Process Safety Information (PSI) validation for an effective RM studies will be highlighted in the article. These PS metrics created a multi-disciplinary teams working on different tasks and tracking the actions leading to work culture improvement. CABGOC Leadership Teams does field verification and validation through General Manager of Operations (GMO), audits, Facility Engineering (FE)/ Heath Environment Safety (HES) field audits, operations top 10 critical safeguard verification list to authenticate the importance of verification and action tracking. Some of the key risk reduction benefits of the PS metrics tracking and monitoring will be deliberated in the article. The article will provide key lesson learned for future industry practices. PS Metrics help to track, trend, and have dialog about our high risk areas.

Technological advancement has exposed companies to various risks. With the adoption of technological infrastructures in many companies, various processes have been rendered vulnerable to different forms of threats. Evidence from the current empirical studies on organizational management indicates effective risk assessment is a crucial aspect in any organization. Global technological advancement has equally redefined risk assessment and management strategies. Global leading technology companies such as Apple Inc., Amazon Inc., and Google are leveraging modern technology to unlock hidden data to aid in risk assessment and management. As evidenced in this research report, the use of big data has revolutionized risk assessment in many companies across the world. Big data technology has enabled organizations to collect, store, and assess huge information to aid in risk assessment and management. The pro-cesses of risk identification, assessment, mitigation, monitoring, and reporting have been redefined due to the adoption of big data analytical technology. As a result, this research reviews the specific roles played by big data in organizational risks management. The research carries out a comparative case study analysis among three companies that utilize big data in risk management. Specifically, the roles of big data technology in risk management at Apple Inc., Amazon Inc., and at Google are identified. Results from this comparative analysis are used in formulating recommendations for various organizations that desire to adopt big data analytical technology in risk management.

Contents: Preface Introduction Part 1 Construction Risk Management: Risk management in construction projects Risk identification and planning Qualitative risk analysis and quantitative risk evaluation Risk response planning, monitoring and control Construction prime contracting and the importance of risk management in international projects. Part 2 Financial management: Financing of construction projects Financial assessment and performance of projects Advances in contract strategy Estimating, budgeting and cost control References Glossary of terms Index.

In finance, risk is the probability that an investment's actual return will be different than expected.This includes the possibility of losing some or all of the original investment.A fundamental idea in finance is the relationship between risk and return.The greater the potential return one might seek, the greater the risk that one generally assumes.Risk management is an activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources.Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g.natural disasters or fires, accidents, death).Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments.Objective of risk management is to reduce different risks related to a pre-selected domain to an acceptable.It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics.The paper describes the different steps in the risk management process which methods are used in the different steps, and provides some examples for risk and safety management.The financial risk should be minimized by analyzing the capital structure of the company.If the debt equity ratio is higher, the investor should have a sense of caution.Along with the capital structure analysis, he should also take into account of the interest payment.In a boom period, the investor can select a highly levered company but not in a recession.

Introduction: This study examines the readiness for developing and implementing innovative risk management models in international tourism. The research is part of the project "International tourism in the system of economic relations: research of security and sustainability. The purpose of the study is to examine the willingness of managers in the tourism system to make decisions regarding risk prevention and prompt elimination of the consequences of risk occurrence.Methods: A review of recent research and regulatory documents in risk management was conducted, followed by a sociological survey targeting managers from Ukraine, Estonia, and Kazakhstan. Data was collected from 255 managers in 68 companies, using anonymous questionnaires to assess their familiarity and engagement with risk management techniques in international tourism.Results: The study revealed varying levels of risk management expertise among managers: 14% had a low level, 43% had an average level, 19% had sufficient knowledge, and 10% were proficient in managing risks and generating innovative ideas for risk identification, analysis, and management within the tourism sector.Conclusions: Risk management remains an undervalued yet essential aspect in international tourism, where its neglect can jeopardize valuable business ventures. This study highlights the need for enhanced risk management strategies and serves as a potential framework for broader research applications beyond the tourism industry.Keywords: digital tools, tourism business, international tourism, risk management, sociological research

The institutionalization of technologies in the Malaysian judicial setting has taken place since 2009 when a number of e-Court applications were implemented, in line with the government inspiration of Vision 2020. The Case Management System, Electronic Filing System, Queue Management System and Court Recording and Transcribing System are well in place and manage to reduce the backlogs of court cases and expedite the current case management which give a facelift to Malaysian judiciary reputation. However, the sustainability of the system is not guaranteed due to the fact that the e-Court applications have not been properly implemented based on an established sustainability framework for long term preservation and disaster preparedness. This research aims to develop a sustainable risk management framework for electronic court records management which consist of three layers, first being the requirement to follow the appropriate electronic records management lifecycle coupled with the risk management procedures; and second, the legal compliance framework, which requires every electronic system to comply four level of legal requirement i.e. the ISO standards, the legislations, the national policies and the organizational policies which focus on the sustainability domain including secure backup procedures, audit trail and other risk management features; and third, the jurisdiction specific e-court risk management. Failing to conform to these requirements posts a risk of noncompliance which can result a damaging consequences. In addressing issues related to electronic court records risk management, a number of related conceptions are discussed such as change management and ICT infrastructure. The proposed sustainable risk management framework for electronic court records management is proposed to be tested in other jurisdictions and other settings because it relates with the universal issue of risk at organizational, national and international level.

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