This article focuses on the importance of risk management decisions and further states that the modern risk management is not just about assessing probabilities and making the appropriate cost/benefit decisions. The stakes for risk management decisions are higher than ever and thus these decisions need to be supported by a...
Dexia Bank receives up to 700 requests for consumer loans a day, which is why the bank relies on an automated risk assessment tool. Like many other financial institutions, Dexia Bank uses a credit scoring procedure to assess the risk of granting a loan to a customer. The bank wanted...
Growth in the use of wireless communications technology has been explosive, so fast that most audit teams have fallen behind in making it a part of the scope of risk assessment programs. There is good reason for this growth. Wireless technology has many advantages: mobility, flexibility, low costs, scalability, and...
Thanks to job growth and newfound political stability, these smaller markets present a big opportunity for U.S. and other western companies to expand. .expansionPic { width:324px; float:right; margin:0px 0 10px 10px; padding:5px 5px 0; background:#edece7; border:1px solid #d4d4d4; } * html .expansionPic { display:inline; margin-top:20px;} ...
A project can be an awkward beast to manage. Because the purpose of a project is to bring about change, the context is often unsettled and uncertain. As a result, unexpected issues tend to crop up—changes occur and mistakes are made. An effective project manager must accept that the unexpected...
Traveling on business soon? Be sure to keep an iron grip on those bags of yours! The burning question: Which airport has the fattest chance your luggage will be pilfered? The answer: Los Angeles International LAX. A 2004 report by the Transportation Security Administration reported 1,458 luggage theft claims...
A randomised trial of a multifaceted intervention for improving adherence to clinical practice guidelines for the pharmacological management of hypertension and hypercholesterolemia increased prescribing of thiazides, but detected no impact on the use of cardiovascular risk assessment tools or achievement of treatment targets. A predominantly quantitative process evaluation was carried...
In spite of the increasing importance of compliance and ethics, many companies, even in heavily regulated industries, address compliance and ethics on an ad hoc basis. Many attempt to manage their risks without the benefit of hard facts or a clear understanding of the implications. Those organizations that tend to...
The need to assure the timely and ongoing effectiveness of risk management and control systems is critical. Organizations are continually exposed to significant errors, frauds, and inefficiencies that can lead to financial loss and increased risk. These new realities are pressuring organizations to improve their methods of performing ongoing evaluation...
Older people living in nursing homes are at high risk of falling because of their general frailty and multiple pathologies. Prediction of falls might lead to an efficient allocation of preventive measures. Although several tools to assess the risk of falling have been developed, their impact on clinically relevant endpoints...
Risk analysis and management of petroleum exploration ventures is growing worldwide and many international petroleum companies have improved their exploration performance by using principles of risk analysis in combination with new technologies This paper intends to show how two different methodologies, a Monte Carlo simulation method and a connectionist approach...
In this paper one analyzes the strategic objectives formulated in the Regulation for the establishment of the European Network and Information Security Agency, ENISA and one focuses on; The actions required for the development of best practices; The actions for the promotion of interoperable Risk Assessment and Risk Management solutions...
Risk assessment involves both identifying significant risk factors that are correlated with insurance losses and claims, and determining how those risk factors are interrelated. This article indicates that complete and accurate risk assessment offers an insurer a real competitive advantage in pricing, but only if the insurer also has the...
Air transportation is essential to continued economic development of the world. It is the most rapidly growing mode of transportation and it is one of the safest modes of travel. Nevertheless, the public demands that safety levels continuously improve and that the absolute number of aviation accidents continue to decline,...
Simulation models are used in many financial institution applications. But the risk associated with such models is an area of compliance that has received very limited discussion despite its centrality to Sarbanes-Oxley 404 needs in financial institutions. In this context, model risk is defined as the exposure arising from management...
This report was commissioned by the City of Ottawa's Drinking Water Services branch as a preliminary step to help determine the potential threats and risks to the existing water distribution system and its customers, and then to develop a contingency plan to deal with such an event. An assessment of...
With the rush on for public companies to complete their Sarbanes-Oxley Section 404 documentation and testing of internal controls, there seems to be much confusion about what is required in the area of fraud risk. Public companies are now required to conduct "fraud risk assessments", but regulators as well as...
The assessment of abuse is a highly emotionally charged activity. The requirement to provide an accountable and transparent assessment process requires the development of actuarial devices and clearly enunciated decision rules. Risk assessment requires the application of ecologically valid, evidence-based approaches. Such approaches, commonly transcribed into actuarial systems, are usually...
This paper revisits the market valuation of Canadian banks and proposes a measure of distance-to default, the Z-score, which can be used to assess the risk of bank failures on a timely basis. The model is based on the Rabinovitch (1989) option-pricing model, which is an extension of the Merton...
Since the beginning of civilization, engineers have been the gatekeepers for innovation and public safety. As the needs of the public have evolved, so have the designs that engineers have created. As the public needs for safety have evolved, so has the field of safety engineering. This paper describes about...
