Risk management in coalition networks

Effective information asset management is the basis of information security as well as many other issues. IT risk assessments work well with the proper handling of asset values, and also it is for effectively securing information assets. There is also a wide variety of risk assessment methodologies. This chapter presents information about the overall IT risk management process and methodologies. Best practices are mentioned and occasionally compared based on the requirements of the information technology (IT) sector in practice. This chapter will provide deep knowledge about the IT risk management approach and construction to implementers, risk owners, IT auditors, executive managers, and other IT staff.

Construction projects in mineral processing plants in South Africa have high failure rates despite the availability of many risk management processes, tools and practices to project managers. This industry application paper investigates the effectiveness of risk management in mineral processing projects. The mining and mineral processing industry is one of the world's most uncertain and hazardous industries and in recent years South Africa has experienced its fair share of economic, political and industrial challenges. Despite these challenges, a recent survey revealed that many African mining executives remain focused on the importance of securing new projects to ensure future production and growth. These new projects include new and complex technologies aimed at increasing productivity and efficiencies in the extraction and processing of minerals. South African mining industry risks unique to the region include knowledge and skills shortage, quality of education, prevalence of HIV/AIDS, power outages, political involvement and increased talks on nationalization, insufficient expenditure on R&D projects and increased unionisation. The effective management of risks is essential for project performance especially in this particular industry, due to significant investments required as well as the combination of both construction and mining/mineral processing risks involved. The study uses qualitative research methods to collect and analyse data from project management practitioners involved in construction projects in mineral processing plants. Operational, financial, legal and compliance, political and SHE risks are identified as major risks that need to be effectively managed to reduce project failure. The actions and behaviours of leaders and followers in projects are found to precipitate project failure. These include limited risk knowledge and competence, complacency and poor collaboration with team members. Risk management processes are also noted as a problem as they tend to be complex and impractical. Finally, the lack of comprehensive application of formal risk management along all the stages of the project life cycle is found to have a negative effect on risk management. The study recommends the development of a risk management culture, project team training and the reassessment of the effectiveness of currently used risk management tools in order to improve project success rate.

Over the last years, in response to the increasing complexity and demand of clinical trials, there has been a growing concern with the application of efficient risk management methodologies. The main objective of this work is to assess the current level of implementation of risk management activities by clinical trials sites' teams and identify points of improvement. A cross-sectional study was conducted through an original, non-validated questionnaire created to assess the risk management practices at Portuguese clinical trial sites. The web-based survey was sent by e-mail to the clinical trial sites identified, and it was available for one month. Descriptive statistics were used to summarize the findings. In total, 46 clinical trial sites accepted to participate in this study. The surveys' answers showed that although 57.0% of sites reported the use of a systematic risk management tool, only nine sites (19.6%) described a standard tool or document that captured systematically the analysis of risks at the site level. Most of the sites (87.0%) showed willing to use a risk management tool specifically tailored for their operational needs, with the lack of knowledge about risk management being the main reason against its implementation. This work indicates that the surveyed clinical trial sites generally recognize the importance of risk management methodologies as an opportunity to anticipate difficulties in the trial conduct and optimize the use of sites' resources. However, mainly due to lack of experience with risk management methodologies, sites are not currently implementing these strategies in the management of their trial-related operations. The development of a risk management tool for sites can be useful in this context.

Introduction. The article considers the issue of risk identification for retailers in order to take them into account in the process of forming a brand strategy. The purpose of the article is to analyze the possible risks for retailers in order to develop measures to prevent them, which must be taken into account in the formation of brand strategy. Results. The concept of risk for a retailer and its components are defined. Risks by classification by the nature of emergency are considered. External and internal risks are characterized, the latter is by types of sphere of influence. It is shown how certain types of risks affect the brand in general and its reputation in particular. Risks that are difficult to predict even with effective risk management planning are identified. The factors that determine the need for risk management are outlined. It is proved that taking into account these factors in the process of forming the brand strategy of a retailer will positively affect the efficiency of its activities. Risk management in a trading company should be cyclical and continuous. It will be effective only if all types of risks are identified, controlled and reduced with constant monitoring. A set of actions aimed at planning risk management at a trading company is defined. It is noted that in order to promote risk management activities, a retailer needs to develop its own methodology for continuous risk management, taking into account the specifics of a particular company. This approach to risk management will be critical to a comprehensive management process and will ensure that risk indicators for the enterprise are handled efficiently and properly. Conclusions. Given the fact that risk management is important for the effective operation of a retailer in a competitive environment, the factors that determine it are identified. Timely identification of risks for a retailer will ensure its efficiency, provided that risk management is cyclical and continuous. It is proved that the mechanism of continuous management will allow to identify risks in time and with the help of preventive measures to reduce the costs for a retailer, which in turn will reduce the reputational losses of the brand. This mechanism should be a mandatory part of the brand strategy for any retailer.

In the marine industry although there has been significant growth towards safety, security and risk assessments or risk-based strategies such as marine insurance and regulations to avoid the risks of damage to properties and the environment or the prospect of premature death caused by accidents etc, the moves toward managing the risks which are linked directly to the business functions and decision making processes have been very slow. Furthermore in the marine industry most perceptions, methodologies and frameworks of dealing with hazards, risks, safety and security issues are for their assessment rather than their management. This trend reveals the fact that in different marine industry sectors such as logistics and shipping there is a lack of coherent risk management framework or methodology from which to understand the risk-based decisions especially for the purpose of design, construction, operation, management and even decommissioning of the marine related applications. On the other hand risk management is not yet viewed holistically in the marine industry in order to, for example, assign a right person, i.e. risk manager, who can act as a coordinator and advisor with responsibilities that are only specific to risk management. As a result this paper, by examining the present physical borders and risk-based activities in the marine industry, aims to propose an appropriate risk management methodology in addition to the emergent role of risk managers which will enable the industry users initially to become familiar with the concept of risk management at its holistic level. In the later stages this eventually can lead to development of risk management capabilities at an exclusive level and its integration into the marine industry functions in future.

Learning from Artificial Intelligence and Big Data in Health Care

Despite the positive influence of risk management in Information Technology (IT) project results, many project managers are not managing risks or are managing them partially. To enhance risk management, collaborative project management has gained attention in recent years with the introduction of Web 2.0 tools. Project managers have used such tools to facilitate open communication and distribution of activities. This research introduces a prescriptive framework (W4RM – Wiki for Risk Management) based on a wiki to support collaborative risk management in IT projects. An exploratory focus group was set up and a series of interviews with practitioners was conducted to explore how a wiki can support risk management in IT projects. Findings show that project managers are facing difficulties managing risks and are the only ones responsible for identifying, registering and monitoring risks. By implementing a collaborative tool, managers can disseminate a collaboration culture and participate in risk management processes. This sense of collaboration may be used to keep the community identifying new risks, relating these risks to one or more projects, and facilitating continuous risk management. Practitioners can also adopt W4RM as a tool to support communication regarding risks status to be established for internal team stakeholders.

The science and practice offer risk management methodologies that are relevant to modern production, economic and socio-humanitarian realities. Risk management methodologies are successfully developed and implemented in Russia through the creation of scientific and professional communities. Their goal is to solve specific management tasks of identifying, analyzing, controlling, and predicting risks. Russian organizations operating internationally are the first to update foreign risk management methodologies for their managers, and now they are implementing a systematic corporate risk management approach. The world practice also offers standardization in risk management. Such a system successfully operates in the territory of the EU, which is represented by the International Organization for Standardization (ISO). The standards of this organization regulate not only the sphere of risk management, but also the quality management, auditing, production regulation, environmental management, and others. Most of the standards are adapted in the Russian context and are presented in the form of national standards GOST R. The paper considers risk analysis, one of the leading risk management methodologies both in Russia and abroad. We will draw analogies and differences with other modern approaches and risk management methodologies.

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.

Analyzing socio-technical risks in implementation of Industry 4.0-use cases

The research paper highlights critical issues in managing risks in large projects, tightening modern project managers' and stakeholders' knots in their work. The paper also discusses risk assessment, management, and monitoring tools for technical, financial, operational, and environmental threats. Based on evaluating current risk management frameworks and pinpointing the tendencies associated with using technology solutions and artificial intelligence in the risk management processes, this paper will serve as a practical guide for designing comprehensive risk management strategies and promoting a risk-aware culture in organisations. The implications of the results are related to stakeholder management, sustainability, and flexibility during the execution of large-scale project risks.

Critical infrastructures together with their utility networks play a crucial role in the societal and individual day-to-day life. Thus, the estimation of potential threats and security issues as well as a proper assessment of the respective risks is a core duty of utility providers. Despite the fact that utility providers operate several networks (e.g., communication, control, and utility networks), most of today’s risk management tools only focus on one of these networks. In this chpater, we will give an overview of a novel risk management process specifically designed for estimating threats and assessing risks in highly interconnected networks. Based on the internationally accepted standard for risk management, ISO 31000, our risk management process integrates various methodologies and tools supporting the different steps of the process from risk identification up to risk treatment. At the heart of this process, a novel game-theoretic approach for risk minimization and risk treatment is applied. This approach is specifically designed to take the information coming from the various tools into account and model the complex interplay between the heterogeneous networks, systems, and operators within a utility provider. It operates on qualitative and semiquantitative information as well as empirical data and uses distribution-valued payoffs to account for the unpredictable effects occurring in this highly uncertain environment.

Recovering from a biological attack is a complex process requiring the successful resolution of numerous challenges. The Interagency Biological Restoration Demonstration program is one of the first multiagency efforts to develop strategies and tools that could be effective following a wide-area release of B. anthracis spores. Nevertheless, several key policy issues and associated science and technology issues still need to be addressed. For example, more refined risk assessment and management approaches are needed to help evaluate "true" public health risk. Once the risk is understood, that information can be considered along with the types of characterization activities deemed necessary to determine whether the cost and time of decontamination are actually warranted. This commentary offers 5 recommendations associated with decision making regarding decontamination and clearance options that should accompany a comprehensive risk analysis leading to more effective risk management decisions. It summarizes some of the most important technological gaps that still need to be addressed to help decision makers in their objective of reducing health risks to an acceptable level. The risk management approach described should enable decision makers to improve credibility and gain public acceptance, especially when an adequate science and technology base is available to support the required decisions.

Although risk management approaches appeared more than one decade ago, there is the evidence of low penetration rate of their techniques in current software projects. One of the most widely known methods is the SEI Software Continuous Risk Management (SEI-CRM) method. This paper addresses the usage of the SEI-CRM method in a big university software development project. Moreover, the study we carried out suggests that SEI-CRM is limited in terms of the organizational risk perspective. This research is expected to contribute with the knowledge on risk management for software development projects by for which we propose to extend the SEI-CRM method with some organizational risk factors that we have found relevant from our study.

This paper presents a technique to teach the continuous risk management (CRM) paradigm using a requirement management tool. The paper explains the CRM process and shows how to implement the risk information using a requirement management tool. Teaching students the continuous risk management implementation is important to show them how the tool will: assist the project management and team members to establish and use consistent documentation; instantiate and store each identified risk; associate for each risk a mitigation or task plan; and visually presents each risk with the capability to be tracked, watched or mitigated throughout the project's iterative life cycle. The IBM Rational Suite Enterprise RequisitePro tool used to show the students how to capture and store the organizational and management system risk knowledge into a database. The students gain hands on risk management knowledge that can be used for product, process and project improvement. They learn how to write risk statements, collect risk metrics, and capture the risk lessons learned for future projects.