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1
Krewski, D. "Risk and risk management." Thesis, University of Ottawa (Canada), 1988. http://hdl.handle.net/10393/5272.
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Černák, Peter. "Risk Management." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-76579.
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The Master's Thesis deals with the topic of risk management in a non-financial company. The goal of this Thesis is to create a framework for review of risk management process and to practically apply it in a case study. Objectives of the theoretical parts are: stating the reasons for risk management in non-financial companies, addressing the main parts of risk management and providing guidance for review of risk management process. A special attention is paid to financial risks. The practical part applies the framework created in the theoretical part on a case study -- review/gap analysis of risk management process in a Czech non-financial companies operating in utilities. Risk management process in this company is described with a special attention to management of financial risk. Author's own remarks on the process and recommendations are stated in the practical part.
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Derrocks, Velda Charmaine. "Risk management." Thesis, Nelson Mandela Metropolitan University, 2010. http://hdl.handle.net/10948/1480.
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The objective of the study is to establish a perspective of risk management by doing an assessment of current risk management practices, especially in the aftermath of the 2008/2009 global financial crisis. Risk management, as a component of corporate governance, was analysed by addressing the following: - The nature of value-creating assets in business; - The primary challenges for risk management over the next three years; - The changing approaches towards risk management; - The role of legislation and external stakeholders; - The role of risk management in strategic planning; - The cost of risk management; and - The benefits of improved risk management capabilities. A survey was conducted in the form of a questionnaire in order to obtain primary information from business owners on the current role of risk management in their organisations as well as their view on the role of risk management going forward. Businesses operating in the Port Elizabeth and surrounding area with an existing relationship with Absa Business Banking Services participated in the study. Quantitative techniques were used to analyse the data that were obtained from the sample group. The study revealed that the role of risk management in enterprises is evolving into an integrated, enterprise wide risk management function that can be utilised as a source of competitive advantage, from both a funding perspective for Banks and a business perspective for business owners. Capitalising on risk management as a competitive advantage will ultimately lead to long term sustainability and profitability of South African business enterprises and the South African Banking system.
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Lin, Yijia. "Mortality Risk Management." Digital Archive @ GSU, 2006. http://digitalarchive.gsu.edu/rmi_diss/14.
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This is a multi–essay dissertation in the area of mortality risk management. The first essay investigates natural hedging between life insurance and annuities and then proposes a mortality swap between a life insurer and an annuity insurer. Compared with reinsurance, capital markets have a greater capacity to absorb insurance shocks, and they may offer more flexibility to meet insurers’ needs. Therefore, my second essay studies securitization of mortality risks in life annuities. Specifically I design a mortality bond to transfer longevity risks inherent in annuities or pension plans to financial markets. By explicitly taking into account the jumps in mortality stochastic processes, my third essay fills a gap in the mortality securitization modeling literature by pricing mortality securities in an incomplete market framework. Using the Survey of Consumer Finances, my fourth essay creates a new financial vulnerability index to examine a household’s life cycle demand for different types of life insurance.
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El-Ashry, A. E. M. E. "Aviation risk management." Thesis, City University London, 1986. http://openaccess.city.ac.uk/8250/.
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Risk management is considered to be an application of general concepts in scientific management of a particular problem of exposure to risk of loss. It is concerned with identifying objectives, analysing the data regarding the nature of the problem, evaluating the pure risks deriving from the nature of the business and choosing or finding the most suitable method or methods of handling these risks; aiming to control them and their effects as well as minimizing the cost. The field of aviation has grown very quickly and developed faster in the last few years to reach the present level of operation and technology by introducing more advanced and higher capacity airliners. Therefore, aviation risks and their financial impact exhibit a number of distinguishing characteristics that raise problems for traditional risk management and insurance technique in dealing with such risks. The study reviews, analyses and classifies aviation risks and their characteristics as well as the major hazards involved in aircraft and their operation. The research undertakes to review the international conventions and agreements affecting air transportation and the limits of liabilities affecting those who operate airlines internationally in respect of death, injury or damage caused to passengers, baggage, cargo and third parties as well as safety and security of aircraft in the air and on the ground. It also studies and analyses the international jet airliner fleet, their accidents and their causes to provide a basis of choosing suitable risk levels in managing these risks.
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COUTINHO, MARIANA RODRIGUES. "PROJECT RISK MANAGEMENT." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2010. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=17098@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO<br>A dissertação, com o título Gerenciamento Integrado de Riscos de
Projetos, propõe uma metodologia de análise quantitativa de riscos de projetos
integrando os riscos financeiros, como variações cambiais, inflação, preços de
commodities, à análise quantitativa dos riscos operacionais. No estudo, os riscos
operacionais são quantificados através da geração de cenários de fluxo de caixa do
projeto utilizando simulação Monte Carlo. Os preços e taxas são simulados
através de um modelo econométrico e incorporados aos cenários de fluxo de caixa
do projeto, de forma a apresentarmos uma curva de distribuição de probabilidade
acumulada da margem do projeto. A metodologia proposta foi aplicada ao projeto
de uma termelétrica à carvão. Ao incorporarmos esta metodologia a todos os
projetos da empresa, podemos também avaliar os riscos da carteira de projetos,
avaliando a liquidez e saúde financeira da empresa.<br>The dissertation, entitled Integrated Risk Management Project proposes
a methodology for quantitative analysis of project risks by integrating the
financial risks such as exchange rate fluctuations, inflation, commodity prices, the
quantitative analysis of operational risks. In the study, operational risks are
measured through the generation of cash flow scenarios for the project using
Monte Carlo simulation. Prices and fees are simulated using an econometric
model and incorporated into the scenarios of project cash flow in order to
introduce a distribution curve of cumulative probability of the margin of the
project. The proposed methodology was applied to the design of a thermal coal.
By incorporating this methodology to all projects within the company, we can
also assess the risks of the project portfolio, assessing liquidity and financial
health of the company.
Keywords
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Yan, Lu. "Risk Management Project." Digital WPI, 2012. https://digitalcommons.wpi.edu/etd-theses/648.
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In order to evaluate and manage portfolio risk, we separated this project into three sections. In the first section we constructed a portfolio with 15 different stocks and six options with different strategies. The portfolio was implemented in Interactive Brokers and rebalanced weekly through five holding periods. In the second section we modeled the loss distribution of the whole portfolio with normal and student-t distributions, we computed the Value-at-Risk and expected shortfall in detail for the portfolio loss in each holding week, and then we evaluated differences between the normal and student-t distributions. In the third section we applied the ARMA(1,1)-GARCH(1,1) model to simulate our assets and compared the polynomial tails with Gaussian and t-distribution innovations.
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Shen, Chen. "Risk Management Project." Digital WPI, 2012. https://digitalcommons.wpi.edu/etd-theses/650.
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In order to evaluate and manage portfolio risk, we separated this project into three sections. In the first section we constructed a portfolio with 15 different stocks and six options with different strategies. The portfolio was implemented in Interactive Brokers and rebalanced weekly through five holding periods. In the second section we modeled the loss distribution of the whole portfolio with normal and student-t distributions, we computed the Value-at-Risk and expected shortfall in detail for the portfolio loss in each holding week, and then we evaluated differences between the normal and student-t distributions. In the third section we applied the ARMA(1,1)-GARCH(1,1) model to simulate our assets and compared the polynomial tails with Gaussian and t-distribution innovations.
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Koskela, Niklas, and Carolina Aspfjäll. "Agile Risk Management." Thesis, Högskolan i Halmstad, Akademin för informationsteknologi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-44975.
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This thesis was done in collaboration with Volvo Cars to inspect their risk management process in light of their recent change to an agile way of working. The question was if their actual risk management differentiates from their directive and if the company could in any way improve their agile risk management. By having qualitative semi-structured interviews with employees in the IT section of the company, we got the picture that not many knew about the IT Risk Management Directive that explains the process, but they are still working within its guidelines. Other sections of the company that is still working traditionally might also benefit from changing to an agile way. However, that would depend on the size of their projects and what kind of work they do since the agile methodology is more turned towards smaller projects that can change direction quickly.
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Vahdat, Kamran. "Seismic risk management." Thesis, University of Leeds, 2015. http://etheses.whiterose.ac.uk/9180/.
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Seismic risk management is a problem of many dimensions, involving multiple inputs, interactions within risk factors, criteria, alternatives and stakeholders. The deployment of this process is inherently fraught with the issues of complexity, ambiguity and uncertainty, posing extra challenges in the assessment, modelling and management stages. The complexity of earthquake impacts and the uncertain nature of information necessitate the establishment of a systematic approach to address the risk of many effects of seismic events in a reliable and realistic way. To fulfill this need, the study applies a systematic approach to the assessment and management of seismic risk and uses an integrated risk structure. The fuzzy set theory was used as a formal mathematical basis to handle uncertainties involved within risk parameters. Throughout the process, the potential impacts of an earthquake as the basic criteria for risk assessment were identified and relations between them were accommodated through a hierarchical structure. The various impacts of an earthquake are then aggregated through a composite fuzzy seismic risk index (FSRi) to screen and prioritize the retrofitting of a group of school buildings in Iran. Given the imprecise data which is the prime challenge for development of any risk model, the proposed model demonstrates a more reliable and robust methodology to handle vague and imprecise information. The significant feature of the model is its transparency and flexibility in aggregating, tracing and monitoring the risk impacts. The novelty of this study is that it serves as the first attempt of the process of a knowledge base risk-informed system for ranking and screening the retrofitting group of school buildings. The model is capable of integrating various forms of knowledge (quantitative and qualitative information) extracted from different sources (facts, algorithms, standards and experience). The outcomes of the research collectively demonstrate that the proposed system supports seismic risk management processes effectively and efficiently.
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Cabrera, Brenda López. "Weather risk management." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2010. http://dx.doi.org/10.18452/16181.
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CAT-Bonds und Wetterderivate sind die Endprodukte eines Verbriefungprozesses, der nicht handelbare Risikofaktoren (Wetterschäden oder Naturkatastrophenschäden) in handelbare Finanzanlagen verwandelt. Als Ergebnis sind die Märkte für diese Produkte in der Regel unvollständig. Da geeignete Risikomaße in Bezug auf einen bestimmten Preis Voraussetzung sind zur Preisbestimmung, ist es notwendig den Marktpreis des Risikos (MPR), welcher ein wichtiger Parameter des zugehörigen äquivalenten Martingalmaß ist, zu berücksichtigen. Die Mehrheit der bisherigen Veröffentlichungen haben die Preise der nicht handelbaren Vermögenswerte mittels der Annahme geschätzt, dass der MPR gleich null ist. Diese Annahme verzerrt allerdings die Preise und wurde bisher noch nicht quantifiziert. Diese Doktorarbeit beschäftigt sich mit den Unterschieden zwischen dem historischen und dem risikoneutralen Verhalten der nicht handelbaren Basiswerte und gibt Einblicke in den Marktpreis für Wetterrisiko und die Wetterrisikoprämie. Diese Arbeit beginnt mit einer Darstellung der Instrumente zur Übertragung der Risiken, gefolgt von den finanziellen - statistischen Verfahren und endet mit einer Untersuchung reeller Daten, wobei der Schwerpunkt auf die implizierten Trigger-Intensitätsraten eines parametrischen CAT-Bond für Erdbeben und auf den MPR der Temperatur Derivate gelegt wird.<br>CAT bonds and weather derivatives are end-products of a process known as securitization that transform non-tradable (natural catastrophes or weather related) risk factors into tradable financial assets. As a result the markets for such products are typically incomplete. Since appropiate measures of the risk associated to a particular price become necessary for pricing, one essentially needs to incorporate the market price of risk (MPR), which is an important parameter of the associated equivalent martingale measure. The majority of papers so far has priced non-tradable assets assuming zero MPR, but this assumption yields biased prices and has never been quantified earlier. This thesis deals with the differences between historical and risk neutral behaviors of the non-tradable underlyings and gives insights into the behaviour of the market price of weather risk and weather risk premium. The thesis starts by introducing the risk transfering instruments, the financial - statistical techniques and ends up by examining the real data applications with particular focus on the implied trigger intensity rates of a parametric CAT bond for earthquakes and the MPR of temperature derivatives.
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Chen, Ying. "Adaptive risk management." Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2007. http://dx.doi.org/10.18452/15581.
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In den vergangenen Jahren ist die Untersuchung des Risikomanagements vom Baselkomitee angeregt, um die Kredit- und Bankwesen regelmäßig zu aufsichten. Für viele multivariate Risikomanagementmethoden gibt es jedoch Beschränkungen von: 1) verlässt sich die Kovarianzschätzung auf eine zeitunabhängige Form, 2) die Modelle beruhen auf eine unrealistischen Verteilungsannahme und 3) numerische Problem, die bei hochdimensionalen Daten auftreten. Es ist das primäre Ziel dieser Doktorarbeit, präzise und schnelle Methoden vorzuschlagen, die diesen Beschränkungen überwinden. Die Grundidee besteht darin, zuerst aus einer hochdimensionalen Zeitreihe die stochastisch unabhängigen Komponenten (IC) zu extrahieren und dann die Verteilungsparameter der resultierenden IC beruhend auf eindimensionale Heavy-Tailed Verteilungsannahme zu identifizieren. Genauer gesagt werden zwei lokale parametrische Methoden verwendet, um den Varianzprozess jeder IC zu schätzen, das lokale Moving Window Average (MVA) Methode und das lokale Exponential Smoothing (ES) Methode. Diese Schätzungen beruhen auf der realistischen Annahme, dass die IC Generalized Hyperbolic (GH) verteilt sind. Die Berechnung ist schneller und erreicht eine höhere Genauigkeit als viele bekannte Risikomanagementmethoden.<br>Over recent years, study on risk management has been prompted by the Basel committee for the requirement of regular banking supervisory. There are however limitations of many risk management methods: 1) covariance estimation relies on a time-invariant form, 2) models are based on unrealistic distributional assumption and 3) numerical problems appear when applied to high-dimensional portfolios. The primary aim of this dissertation is to propose adaptive methods that overcome these limitations and can accurately and fast measure risk exposures of multivariate portfolios. The basic idea is to first retrieve out of high-dimensional time series stochastically independent components (ICs) and then identify the distributional behavior of every resulting IC in univariate space. To be more specific, two local parametric approaches, local moving window average (MWA) method and local exponential smoothing (ES) method, are used to estimate the volatility process of every IC under the heavy-tailed distributional assumption, namely ICs are generalized hyperbolic (GH) distributed. By doing so, it speeds up the computation of risk measures and achieves much better accuracy than many popular risk management methods.
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Bo, Hong. "Risk management and people management : a critical reflection on how risk management can be incorporated into current HR practices." Thesis, University of Portsmouth, 2014. https://researchportal.port.ac.uk/portal/en/theses/risk-management-and-people-management(b0dc2bec-189c-45e5-9d2f-b938542ab853).html.
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The aim of this thesis is to use qualitative research to investigate and analyse how human resource risks are understood and managed in practice and how to efficiently manage HR risk in a cost effective way. The research – adding to a very limited corpus in the literature – was conducted in public sector organisations in the UK. The author argues that HR risk management should be conducted in a systematic way. The Managing HR risk framework proposed in this thesis could be used as a practical guide to enable HR practitioners to manage HR risk more effectively. The thesis finds that, in order to effectively manage HR risk, a culture change is required at both HR department and organisational level; the prevailing risk averse culture should change to a more flexible, strategically-focused and less formalised process. From the analysis of case studies, the author notes that HR practitioners should be aware of their position in a HR conflict; they need to be neutral, fair, and supportive during the process of managing HR risks. It is concluded that qualitative factors will influence the process of managing HR risk such as power, organisational culture, management style and skills/competencies… It further suggested that organisational isomorphism learning enables organisations to learn from past experiences, and to improve HR risk management. It also recommended that simulations offer an excellent vehicle for improving the process of managing HR risk by equipping HR practitioners with the right skills and experience. Through the analysis of the results of interviews, two valuable case studies, and simulation, this thesis offers new directions for the future research of human resource risk management: Simulation could be used to help HR practitioners to improve the ways of managing HR risk, simulation use real-life cases for training to improve players’ or decision makers’ understanding of holistic events, and apply new skills, attitudes in practice.
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Erlenmaier, Ulrich. "Risk management in banking credit risk management and bank closure policies /." [S.l. : s.n.], 2001. http://deposit.ddb.de/cgi-bin/dokserv?idn=963752502.
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Robertson, Paul S. "Strategic organisational risk management : an investigation of UK risk management practices." Thesis, Cranfield University, 2004. http://dspace.lib.cranfield.ac.uk/handle/1826/2593.
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Strategic risk management within the UK is a professional field fraught with terminological debate, a lack of academic research and a need for illustrative tools in order to improve management systems. Treating risk as a social construct, this research approached strategic organisational risk management with the aim of examining interactions currently underway within industrial practice in the UK. A thorough literature review has exposed the insufficiency of research within general risk management areas and, more specifically, the lack of research relating to strategic organisational risk management. To solve this, over 90 qualitative, in-depth interviews were conducted, amassing one of the most comprehensive collections of research material pertaining to UK risk management practice available to date. This research has enhanced the current understanding of UK risk management practice within a number of distinct areas. Firstly the terminological debate has been addressed and its vagaries to some extent dismissed. Risk managers should use this terminological resolution to bring together similar professions rather than distance them through misuse of terms. Through the interviews it has become clear that industrial events such as the Turnbull report and the events of September 11th 2001 have had very little effect upon actual risk management practices and priorities. Additionally the continuing importance of understanding context in the conduct of risk management has been emphasised. This stage of the process cannot be stressed enough. Context defines what we know, what we are capable of and the extent of the problem. Without it, all risk management processes are predestined to failure through a lack of understanding, and poor definition, of reality. A new unified model of Strategic Organisational Risk Management (STORM) has been generated which, for the first time, begins to show the levels of interactions and complexity which risk managers face at the organisational level. The STORM model further illustrates the key elements which support and divide organisational risk management practice. Identifying the deficiencies in current knowledge of strategic risk management practices, this research project has generated a tool supporting risk managers in understanding the complexities of their own organisations' risk management processes and practices. Moreover, it has created a significant starting point for future research.
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Rahman, M. (Mohammad). "Risk management and measurement of risk management performance in complex projects." Master's thesis, University of Oulu, 2018. http://urn.fi/URN:NBN:fi:oulu-201808312690.
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In today’s technologically advanced world, every project, especially large, complex projects are very prone to facing different kinds of risks throughout the project timeline. Project complexity plays a major role in the emergence of numerous risks in large projects. In addition, the complexity of projects is on the rise due to various unanticipated characteristics such as, sudden natural phenomena, workplace accidents, increased material costs, etc. Nowadays, project complexity and its corresponding risks are major contributors to project failure. To minimize the impacts of risk, a good and effective risk management (RM) system must be incorporated into every project. An effective RM system should also include the assessment and measurement of its performance, as this can provide real-time updates about its progress, which in turn can be used to make the RM system more effective and efficient.
The aim of this thesis is to gain an insight into risk management literature in the field of complex projects, along with understanding of project complexity and the importance of measuring RM performance. In first part of this research, an in-depth review of literature concerning project complexity, project RM and measurement of RM performance is presented. This is then analyzed and validated using two case projects as examples. The literature review covers how a project can develop complexity, its underlying managerial actions, the type of risks different complex projects may face, their management plan and finally, the effectiveness of measuring RM performance. Following this, a qualitative case study method is followed, whereby two case projects are analyzed in order to gain insights into their RM and risk performance management procedures.
The empirical analysis and findings of this thesis focus on the importance of RM for complex projects. Through the analysis and discussion, major risks faced by complex construction project, management strategies to mitigate them, RM performance evaluation strategies and the impact of alliance contracting in RM can be understood thoroughly. Overall, this research provides an in-depth overview of project complexity, RM and its performance measurement for large complex projects and it can be used as a basis for further research into RM perspectives in complex projects.
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Wolf, Elke. "IS risks and operational risk management in banks /." Lohmar : Eul, 2005. http://www.gbv.de/dms/zbw/480662231.pdf.
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Tang, Zhaofeng. "Quantitative risk management under systematic and systemic risks." Diss., University of Iowa, 2019. https://ir.uiowa.edu/etd/7035.
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The contemporary risk management practice emphasizes the interplay of multilevel risks, of which the systematic and systemic risks are considered the main culprits of catastrophic losses. With this in mind, this thesis investigates three important topics in quantitative risk management, in which the systematic and systemic risks play a devastating role.
First of all, we center on the design of reinsurance policies that accommodate the joint interests of the insurer and reinsurer by drawing upon the celebrated notion of Pareto optimality in the context of a distortion-risk-measure-based model. Such a topic is of considerable practical interest in the current post financial crisis era when people have witnessed the significant systemic risk posed by the insurance industry and the vulnerability of insurance companies to systemic events. Specifically, we characterize the set of Pareto-optimal reinsurance policies analytically and introduce the Pareto frontier to visualize the insurer-reinsurer trade-off structure geometrically. Another enormous merit of developing the Pareto frontier is the considerable ease with which Pareto-optimal reinsurance policies can be constructed even in the presence of the insurer's and reinsurer's individual risk constraints. A strikingly simple graphical search of these constrained policies is performed in the special cases of value-at-risk and tail value-at-risk.
Secondly, we propose probabilistic and structural characterizations for insurance indemnities that are universally marketable in the sense that they appeal to both policyholders and insurers irrespective of their risk preferences and risk profiles. We begin with the univariate case where there is a single risk facing the policyholder, then extend our results to the case where multiple possibly dependent risks co-exist according to a mixture structure capturing policyholder's exposure to systematic and systemic risks.
Next, we study the asymptotic behavior of the loss from defaults of a large credit portfolio. We consider a static structural model in which latent variables governing individual defaults follow a mixture structure incorporating idiosyncratic, systematic, and systemic risks. The portfolio effect, namely the decrease in overall risk due to the portfolio size increase, is taken into account. We derive sharp asymptotics for the tail probability of the portfolio loss as the portfolio size becomes large and our main finding is that the occurrence of large losses can be attributed to either the common shock variable or systematic risk factor, whichever has a heavier tail.
Finally, we extend the asymptotic study of loss from defaults of a large credit portfolio under an amalgamated model. Aiming at investigating the dependence among the risk components of each obligor, we propose a static structural model in which each obligor's default indicator, loss given default, and exposure at default are respectively governed by three dependent latent variables with exposure to idiosyncratic, systematic, and systemic risks. The asymptotic distribution as well as the asymptotic value-at-risk and expected shortfall of the portfolio loss are obtained. The results are further refined when a specific mixture structure is employed for latent variables.
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Ma, Shichao, and 马世超. "Stakeholder risk attitudes in safety risk management : exploring the relationship between risk attitude and safety risk management performance." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2015. http://hdl.handle.net/10722/210183.
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A construction project requires a multitude of people with different skills and interests and the coordination of a wide range of disparate, yet interrelated, activities. Such complexity is further compounded by the unique characteristics of a project and many other external uncertainties. As a result, construction is subject to more risk than other business activities. In a risky situation, individuals or organizations perceive the situation in their own ways and behave differently to meet their own interests. Many researchers have asserted that divergent risk attitudes are sources of mismatched risk perceptions and inconsistent behaviors among project participants in different organizations, which can disturb proactive and consistent organizational activities. The research on risk attitude has, therefore, been advocated to exploring ways to consistently arouse people‘s cognition, affection, and behavior among stakeholders. However, previous research has been a widely misunderstood concept and remains a fragmented focus in the construction field. Evidence on the construction of risk attitude and how it manifests itself is unavailable. To date, prior researchers have suffered from an issue-oriented focus that has resulted in simplified models by studying single level of antecedents of risk attitude and consequences of management performance, rather than multi-level. Moreover, previous studies only focused on the direct relationship between risk attitude and management performance instead of providing a profound conceptualization of the indirect relationship between risk attitude and management performance or empirically exploring risk attitude‘s antecedents and consequences. The current study seeks to bridge this research gap.
Triangulation research is employed as an appropriate research methodology in which both qualitative and quantitative data collection are used to test the research propositions. The research plan draws upon ontology and methodological pluralism.
By adopting the Critical Incident Technique (CIT), coupled with an intensive literature review, one can explore the manifestation of risk attitude and its antecedents by analyzing critical incidents derived from preliminary interviews. Cognitive Motivation Theory (CMT) and Social Cognitive Theory (SCT) provide rationales to combine a processed view of risk attitude and the antecedents and management performance of individuals and organizations into a multi-level model of risk attitude. Responses to a questionnaire survey of 239 individuals nested in 61organizations were analyzed with a blend of Confirmatory Factor Analysis (CFA) and Hierarchical Linear Modeling (HLM) to establish and examine the hypothesized relationships in the theoretical model. To capture the practical manifestation of risk attitude and its influence on management performance, case studies of two ongoing construction projects were performed.
The findings summarized from both qualitative and quantitative studies indicated that risk attitude diverged due to the multi-level influences of its antecedents on project participants, resulting in inconsistent risk perception and risk inclinations. Risk attitude has two levels of manifestation – an individual and organization level. Individual risk attitude manifests itself as cognition, affection, and behavioral inclination, while organizational risk attitude mainly shows up as managerial trust, formalization, an ambiguity of goals and objectives, and a merit system. The findings confirmed that motivated individuals tend to present more consistent risk attitude and be more willing to and capable of exhibiting good management performance. The motivation behind this study is beyond the traditional motivational means. It extends from internal motivation with its locus of control and self-efficacy to external motivation with its interpersonal exchanges, external controls, and observational learning. The risk attitudes of motivated people to evoke better management performance, especially in the process of integrating risk management into a safety management system and the outcome performance of a stakeholder‘s satisfaction and potential to organizations.
The research attempts to advance risk attitude theory by re-conceptualizing the antecedents of risk attitude and the consequences of management performance make the underlying theorizing mechanism explicit and testable. This study also provides practical indications of concrete interventions by managers to make risk attitudes converge and then strengthen safety risk management. The thesis contributes to multi-level analysis in the management research field and differentiates the different levels of participants in construction projects. Methodological pluralism and blended qualitative and quantitative research methods will be addressed to demonstrate the different and complementary perspectives of research. Due to limited samples, the generalizability of the findings in the different project types or across other levels needs to be further verified.<br>published_or_final_version<br>Real Estate and Construction<br>Doctoral<br>Doctor of Philosophy
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Schrenk-Sigismund, Nina <1992>. "Risk Tolerance in Development NGOs. Developing a Risk Management Process as Part of Enterprise RIsk Management." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/17898.
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This thesis is an attempt to develop a methodology on how to approach the topic of Risk Tolerance, as one crucial element of Enterprise Risk Management in Development Organizations. The private sector has utilized the approach for several years and it could be beneficial for NGOs to draw from the experience of private sector firms, to adapt the concept to their needs and apply it to their operations at all levels.
Adapting the private sector concept of Risk Management in general and Risk Tolerance in particular, to the needs of Non-Governmental Organizations is subdivided as follows: Part 2 analyzes the evolving concept of ERM and assesses one of multiple ERM frameworks, namely the "COSO Enterprise Risk Management - Integrated Framework". The chapter concludes with an exploration of the Solvency II directive for (Re)Insurances as an example of a highly sophisticated risk management system from the private sector. This chapter is followed by part 3, which outlines the benefits and limitations of ERM and Risk Tolerance for development aid organizations in a changing environment. Drawing from chapters 2 and 3, a process is proposed, on how an NGO could systematically develop a risk tolerance within an Enterprise Risk Management framework.
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Misiura, Anna. "Enterprise risk management in the airline industry : risk management structures and practices." Thesis, Brunel University, 2015. http://bura.brunel.ac.uk/handle/2438/11087.
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This thesis expands on the literature in the under-researched field of airline risk management by exploring organisational structures and practices of airline risk management systems and their technical and institutional drivers. In particular, it focuses on the phenomenon of Enterprise Risk Management (ERM) and its alignment to the requirements of airline business contexts. The theoretical framework informing this study combines structural contingency theory with two strands of institutional theory, namely old institutional economics and new institutional sociology. In this thesis, the phenomenon of risk management is investigated in situ as an organisational practice through a two-stage empirical study. Firstly, an exploratory field study was undertaken in a panel of ten international airlines. Secondly, the field study was complemented with findings from two explanatory case studies. This study explains how in developing risk management systems airlines balance the sometimes conflicting technical and institutional demands of their respective task and institutional environments. The adoption and implementation of ERM in airlines are found to be driven primarily by coercive and normative pressures, and expectations of improved organisational effectiveness and efficiency. This study additionally improves general understanding of the nature of ERM and its coupling and fluidity in the organisational settings of airlines. It lends evidence for systematic variations in roles, uses, and organisational design choices of ERM systems. It shows the interdependent nature of airlines’ ERM systems and other management systems. The study also demonstrates that the adoption of ERM in airlines drives development of new institutions, rules, and routines for comprehensive management of risks. Consistent with the tenets of contingency theory, this study conveys lack of a universally appropriate design of an airline ERM system. The main contribution of this thesis is to assess airline risk management systems, identify core drivers of effective risk management practice, and provide a framework with the aim of guiding airlines in the development of enterprise-wide risk management approaches aligned with the requirements of their institutional and technical contexts. Furthermore, this research overcomes the limitations of previous, mostly quantitative studies of ERM coupling and dynamics in organisations, as it explores and explains the structures, practices, and rationales of airline risk management systems within wider organisational contexts through the use of qualitative methodologies.
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Yener, Tina. "Risk management beyond correlation." Diss., lmu, 2011. http://nbn-resolving.de/urn:nbn:de:bvb:19-142730.
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Thorp, Susan Jane Economics Australian School of Business UNSW. "Risk management in superannuation." Awarded by:University of New South Wales. Economics, 2005. http://handle.unsw.edu.au/1959.4/20858.
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The aim of this thesis is to investigate how members of Australian superannuation funds can manage risks arising from uncertain security returns and unpredictable mortality so as to ensure a steady income stream during retirement. In chapter 2 we note that the proportion of superannuation assets invested in foreign assets has increased over the past two decades, exposing investors to currency risk. Surveys of superannuation funds verify that most international bond holdings, but not equity holdings, have been hedged for currency risk. We test the mean-variance efficiency of this practice against two alternative hedging strategies: a conventional forward hedge and a selective hedge conditioned on the domestic-foreign interest differential. Implementing optimal hedging results in portfolios whose returns stochastically dominate portfolios constructed under restricted equity hedging, according to our new adaptation of Barrett-Donald (2003) tests. Selective hedging works best for equities and conventional hedging for bonds. Chapter 3 applies a discrete-time Merton (1971) model to questions of optimal decumulation and asset allocation for self-funded retirees drawing down lump-sum retirement benefits. Risk management is taken to revolve around protecting a pre-specified minimum consumption stream. Risk tolerances and lifetimes are allowed to span a range of possibilities. In the case of an agent living to age 90, ideal investment in equity-type assets increases gradually from 27-43 % over remaining life. This is much lower than the 55-60% observed among retirees. Conservative investment strategies are needed to meet consumption goals over long lifetimes. Milevsky and Young (2002, 2003) attribute the reluctance to voluntarily annuitise to a valuable real option to delay annuitisation (RODA). Chapter 4 extends the RODA analysis to the case of HARA preferences. A formula for the optimal timing of annuitisation is derived from the solution to a dynamic stochastic consumption and investment problem with uncertain lifetime. The effect of introducing a consumption floor is to reduce the delay before annuity purchase. As in the CRRA case, delayed annuitisation is associated with optimistic predictions of the Sharpe ratio and divergence between annuity purchaser and provider predictions of mortality.
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Lucy, Richard F. "Controlling refinery risk management." Thesis, This resource online, 1991. http://scholar.lib.vt.edu/theses/available/etd-03172010-020343/.
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Heng, Yee-Kuang. "War as risk management." Thesis, London School of Economics and Political Science (University of London), 2004. http://etheses.lse.ac.uk/1714/.
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This thesis examines the reconceptualisation of war as risk management. It is suggested that recent wars exhibit repetitive patterns revolving around the central concem of managing systemic risks to security in an age of globalisation. It implies continuity where one might expect discontinuity in US and British campaigns over Kosovo, Afghanistan and Iraq from 1998-2003, given the different US Administrations and strategic contexts involved. The challenges it poses relate to 'classical' notions associated, rightly or wrongly, with war such as 'noble' heroic purposes, to decisive outcomes in the form of surrender ceremonies. Such notions have hampered a proper appreciation of the various forms war can take. Furthermore, the predominant International Relations (IR) approach relating to war and security - Realism- appears to contribute incomplete explanations to these wars. The alternative perspective developed here is based on 'risk management'. Underpinning this study is what sociologists call the Risk Society where risk management has emerged as an axial organising principle. Social science disciplines, notably sociology and criminology, have incorporated these theories into their research agendas, yielding richer perspectives as a result. Yet, IR has largely not done so in a concerted way, despite its inherently cross-disciplinary nature and increased prominence of risk in the strategic context. The framework informing this study is thus adapted from recent theorising on risk management strategies in the wider social sciences. The purpose is to systematically analyse using the theoretical framework developed herein, how concepts of proactive risk management such as active anticipation, the precautionary principle, 'reshaping the environment' and appreciating 'non-events' can be usefully applied to understanding contemporary war and IR.
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McCormack, David. "Risk management database application." Thesis, Cardiff University, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.321367.
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Aas, Roar. "Risk management using derivatives." Thesis, Heriot-Watt University, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.262000.
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Boubala, Helene Gesika Oumbahouin. "Risk management of SMMEs." Thesis, Cape Peninsula University of Technology, 2010. http://hdl.handle.net/20.500.11838/1723.
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Thesis (MTech (Internal Auditing))--Cape Peninsula University of Technology, 2010<br>Developing countries face the great challenge of balancing growth with equity and
justice. Growth, in all its fairness, should translate into equitable opportunity for all,
but as is observed, the distributional effect of growth often does not filter down to the
majority of the socially and economically disadvantaged communities. It is imperative
in these situations to embark on a process of developmental change to improve the
quality of life of the majority of the disadvantaged community.
South Africa used this strategy to endeavour to encounter or reverse the political
history of the country, by encouraging entrepreneurs of previously disadvantaged
racial groups through the Department of Trade and Industry (DTI) to open small
businesses. The South African Government believes that the development, growth and
sustainability of the Small, Medium and Micro Enterprise (SMME) sector will help
the country to decrease the high unemployment rate, and lead the country as a whole
to a sustainable economical development. Research has shown that this aim can no
longer be achieved by only facilitating access to finance to entrepreneurs. They argue
that some management strategies such as risk management should be introduced,
understood and applied by small business owners, in order for their businesses to go
beyond their actual estimated survival period referred as 3 to 5 years maximum.
This research provides background to which risk management techniques are applied
within the ambit of small enterprises. The data were collected from eighty eight
companies drawn from a possible of 150 small enterprises found in the Cape
Metropole. The analysis of data of those who responded has shown that very few
SMME owners, managers, entrepreneurs or key designated employees make use of
risk management tools and techniques within their businesses, to achieve growth and
sustainability. However, the majority agreed to the high importance of risk
management in the success of a business enterprise.
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Kubíček, Jan. "Risk Management Support System." Master's thesis, Vysoké učení technické v Brně. Fakulta informačních technologií, 2010. http://www.nusl.cz/ntk/nusl-237268.
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The work provides theoretical base of project management. It describes the current approach to project management as a combination of multiple processes. The process of risk management is described with special care. It also discuss some of the different approaches to risk management. \\ The work suggests new way of handling risk management, that combines risk management and data mining. Data mining approach is also used to mine quantitative risk values. This approach was successfully implemented and tested. Tests showed that this approach is very useful for omitted risk identification. Unfortunately it is also not recommendable for mining quantitative risk values.
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Babková, Ivana. "Supply Chain Risk Management." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-3307.
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Práce se zabývá problematikou řízení rizika v logistických řetězcích se zaměřením na jeden konkrétní článek řetězce. Definuje základní oblasti risk managementu, jeho hlavní aspekty a systém spojitého plánování. Zabývá se bezpečností práce v pojetí EU, České republiky a Velké Británie. V aplikační části uvádí řízení rizika v jednom článku logistického řetězce, skladu poskytovatele logistických služeb ve Velké Británii.
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Monck, John-Paul Henry. "Governance and risk management." Thesis, The University of Sydney, 2017. http://hdl.handle.net/2123/18979.
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This thesis examines relationships between governance and risk management functions in Australian Banks, which are required to employ approaches consistent with global counterparts. Delineating four focuses of risk management: Resilience; Intuition; Structures; and Culture (RISC), the paper outlines areas where governance performance perceptively correlates with better risk management. Empirical evidence largely supports the relationships anticipated by the RISC elements. To no small extent, cultural aspects and shortcomings are highlighted by both directors and senior risk managers alike. There remains a disconnect as to what exactly should be done to achieve an appropriate target culture for the bank. In a similar vein, there is disparity between views of Directors and risk managers as to the perceived influence a Board can have on certain aspects of risk management. Such gaps are explored via practice theory analysis using a mixed-methods approach. These results contribute to the body of research in management, as well as accounting, by highlighting aspects of risk management that appear to be positively influenced by corporate governance practices, particularly given the ambiguity of regulatory expectations in this regard. This study also highlights those areas that are of higher impact for smaller Banks, relative to the likely costs incurred, that can enhance the risk management function as appropriate to their scale and complexity. This in part addresses issues of ‘scale and complexity’ between institutions. The results are valuable to prudential regulators, bankers, and relevant stakeholders concerned with sector stability and performance. To that end, the results of the study also contribute to how desires of corporate regulators, stock exchanges, and investors, can be better addressed in attaining some level of ‘better practice’. In part, this can be achieved by enhancing risk management and government practices that yield better mutual understanding and recognition of risks across these practice areas, which ought to enhance sustainable performance into the foreseeable future. To the extent better practices can be encouraged proactively, future symptoms of malpractice such as misconduct, corruption, and financial statement fraud can perhaps be avoided in the future.
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Wei, Pengyu. "Essays on risk management." Thesis, University of Oxford, 2017. https://ora.ox.ac.uk/objects/uuid:e48bc231-4099-4cd2-b531-70c37af76228.
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This thesis consists of three parts. The first part studies the optimal portfolio selection of expected utility maximizing investors who must also manage their market-risk exposures. The risk is measured by a so-called weighted Value-at-Risk (WVaR) risk measure, which is a generalization of both Value-at-Risk (VaR) and Expected Shortfall (ES). The feasibility, well-posedness, and existence of the optimal solution are examined. We obtain the optimal solution (when it exists) and show how risk measures change asset allocation patterns. The second part analyses the impact of ES-based market-risk regulation on portfolio choice and asset prices. We study the optimal, dynamic portfolio and wealth/consumption policies of expected utility maximizing investors who must also manage market-risk exposure which is measured by Expected Shortfall (ES). We find that ES managers can incur larger losses when losses occur, compared to both VaR and benchmark managers. A general-equilibrium analysis reveals that the presence of ES managers increases the market volatility during periods of significant financial market stress, in both pure-exchange and production economies. The third part studies the optimal dynamic reinsurance policy for an insurance company whose surplus is modeled by the diffusion approximation of the classical Cram\'r-Lundberg model. We assume the reinsurance premium is calculated according to the Mean-CVaR premium principle which generalizes Denneberg's absolute deviation principle and expected value principle. Moreover, we require that both the ceded loss and retention functions are non-decreasing to rule out the moral hazard. Under the objective of minimizing the ruin probability, we obtain the optimal reinsurance policy explicitly, which is more complicated than the contracts widely studied in the dynamic reinsurance literature.
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Giesbert, Lena-Anna. "Microinsurance and risk management." Doctoral thesis, Humboldt-Universität zu Berlin, Landwirtschaftlich-Gärtnerische Fakultät, 2014. http://dx.doi.org/10.18452/16900.
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Im Zuge der rasanten Verbreitung von Mikrokrediten und Mikrosparprodukten werden seit etwa einem Jahrzehnt auch Mikroversicherungen an einkommensschwache Haushalte in Entwicklungsländern verkauft. Sie stellen für diese Haushalte eine Möglichkeit dar, mit den Folgen von Risiken besser umzugehen und somit ihren Wohlstand zu steigern. Diese Arbeit verwendet quantitative und qualitative Analysemethoden – basierend auf eigenen Haushaltsumfragen und Fokusgruppendiskussionen –, um die Aufnahmebedingungen von Mikroversicherung in Ghana zu untersuchen. Die Ergebnisse zeigen erstens, dass über Standarddeterminanten der Versicherungsnachfrage hinaus Faktoren informeller Vertrauensbildung und die subjektive Risikoeinschätzung eine entscheidende Rolle spielen. Dies begründet sich in bestehenden Informationsasymmetrien und einer geringen Erfahrung mit dem Versicherungsprodukt und dem Versicherer. Ferner steht die Nutzung von Mikrolebensversicherung in einer sich verstärkenden Beziehung zu der Nutzung anderer formaler Finanzdienstleistungen. Zweitens wird deutlich, dass der Wert (Client Value), den die Zielgruppe in Mikroversicherung sieht, nicht allein auf Kosten- und Nutzenerwägungen basiert. Vielmehr spielen auch emotionale- und soziale Aspekte eine Rolle. Der Kundenwert wird dabei von Faktoren wie (geringen) Finanz- und Versicherungskenntnissen, der Beeinflussung durch die soziale Gruppe und dem Vergleich mit alternativen Risikomanagementstrategien beeinflusst. Drittens bestehen genderspezifische Muster in der Aufnahme von Mikrolebensversicherung, die mit dem Haushaltstyp und regional unterschiedlichen soziokulturellen Bedingungen zusammenhängen. Die Ergebnisse weisen darauf hin, dass Präferenzen bezüglich Lebensversicherung innerhalb von Haushalten variieren und die Wahrscheinlichkeit eines Versicherungskaufs mit wachsender Verhandlungsstärke der Frau zunimmt. Die Ergebnisse legen nahe, dass Frauen eine besonders wichtige Zielgruppe für Mikrolebensversicherungen sind.<br>Microinsurance has been the third financial service – following microcredit and microsavings - to enter emerging financial markets in the developing world. It is widely regarded as a promising innovation that could provide high welfare gains, given that low-income people often lack efficient strategies to manage and cope with risks. This thesis applies quantitative econometric and qualitative methods – based on own household and individual survey data and focus group discussions – to investigate participation patterns and perceived value in micro life insurance in Ghana. The results of this thesis show that household, first, uptake of micro life insurance does not entirely follow the predictions made by standard insurance theories. Informal trust-building mechanisms and subjective risk perceptions turn out to play an important role in the context of information asymmetries and limited experience with formal insurance. Furthermore, there is a mutually reinforcing relationship between micro life insurance and other formal financial services available in the rural and semi-urban study areas in Ghana. Second, the perceived value of microinsurance consists not only of the expected or experienced benefits and costs, but also of quality, emotional and social dimensions. Perceptions of high or low value are driven by large discrepancies between expectations and experiences, clients’ knowledge about insurance, their interaction with peers, and the availability and effectiveness of alternative risk management options. Third, there are gender-specific patterns of market participation between and within households that are intertwined with the household type and regionally varying sociocultural conditions. Spousal preferences on insurance differ and women with a higher bargaining power are more likely to purchase insurance on their own. The results suggest that women are an important target group for the provision of micro life insurance.
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Hay-Gibson, Naomi V. "Risk and records management : investigating risk and risk management in the context of records and information management in the electronic environment." Thesis, Northumbria University, 2011. http://nrl.northumbria.ac.uk/3308/.
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This thesis presents a study of risk management within records management that focuses on small to medium enterprises(SMEs)in the UK. Cases tudies of three SMEs based in the north of England, ranging from micro-businesses to large scale, were undertaken in a two year period. The aims of the study were to investigate risk in the context of electronic information and records management within SMEs, and to develop a working conceptual model or theory for risk management of electronic information and records. This thesis aims to characterise the approaches to risk and electronic information and records management taken by SMEs throughc case studies, narrative analysis and corpus linguistics. Attitudes and drivers for risk management of electronic information and records management in SMEs were investigated and analysed. The history and historiography of risk management and records management were investigated as part of the preliminary research for the project. The objectives included critically evaluating the vocabulary of risk and risk management, and identifying the use of a common vocabulary of risk in records management within the SME context. This was carried out by a transdisciplinary use of the techniques of computer corpus linguistics (CCL). The creation of a corpus from material collected from interview and questionnaire format contributes to a greater linguistic and semiotic comprehension of the ideas and thoughts behind risk management of records management by different levels of employees in an SME. he corpus was used to identify a vocabulary of terms used by the SMEEs in describing their own risk management in terms of records management, and their experience of risk events in their records management. The outcome of the research will inform the practice of managing risks associated with electronic information and records management in SMEs by distribution of results to relevant small businesses working groups.
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Sato, Braxton. "Management Accountants, Risk Management, and Effective Communication." Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/324.
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This paper seeks to explain the frameworks that the risk accountant likely operates in. It begins with a discussion of risk in the business context. Then the paper examines existing frameworks in light of the work of management accountants. The paper looks more closely at the tools the management accountant has at his disposal to identify, assess, and communicate risk as well as issues surrounding the use of these tools such as the calculative culture of the firm and biases in risk perception. It is meant to be useful to academics pursuing future research in risk accounting and also to management accountants in risk management.
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Rodriguez, Eduardo. "Knowledge management applied to enterprise risk management." Thesis, Aston University, 2010. http://publications.aston.ac.uk/15785/.
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Risk and knowledge are two concepts and components of business management which have so far been studied almost independently. This is especially true where risk management (RM) is conceived mainly in financial terms, as for example, in the financial institutions sector. Financial institutions are affected by internal and external changes with the consequent accommodation to new business models, new regulations and new global competition that includes new big players. These changes induce financial institutions to develop different methodologies for managing risk, such as the enterprise risk management (ERM) approach, in order to adopt a holistic view of risk management and, consequently, to deal with different types of risk, levels of risk appetite, and policies in risk management. However, the methodologies for analysing risk do not explicitly include knowledge management (KM). This research examines the potential relationships between KM and two RM concepts: perceived quality of risk control and perceived value of ERM. To fulfill the objective of identifying how KM concepts can have a positive influence on some RM concepts, a literature review of KM and its processes and RM and its processes was performed. From this literature review eight hypotheses were analysed using a classification into people, process and technology variables. The data for this research was gathered from a survey applied to risk management employees in financial institutions and 121 answers were analysed. The analysis of the data was based on multivariate techniques, more specifically stepwise regression analysis. The results showed that the perceived quality of risk control is significantly associated with the variables: perceived quality of risk knowledge sharing, perceived quality of communication among people, web channel functionality, and risk management information system functionality. However, the relationships of the KM variables to the perceived value of ERM are not identified because of the low performance of the models describing these relationships. The analysis reveals important insights into the potential KM support to RM such as: the better adoption of KM people and technology actions, the better the perceived quality of risk control. Equally, the results suggest that the quality of risk control and the benefits of ERM follow different patterns given that there is no correlation between both concepts and the distinct influence of the KM variables in each concept. The ERM scenario is different from that of risk control because ERM, as an answer to RM failures and adaptation to new regulation in financial institutions, has led organizations to adopt new processes, technologies, and governance models. Thus, the search for factors influencing the perceived value of ERM implementation needs additional analysis because what is improved in RM processes individually is not having the same effect on the perceived value of ERM. Based on these model results and the literature review the basis of the ERKMAS (Enterprise Risk Knowledge Management System) is presented.
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Hermansson, Hélène. "Rights at Risk : Ethical Issues in Risk Management." Doctoral thesis, KTH, Filosofi och teknikhistoria, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-4570.
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he subject of this thesis is ethical aspects of decision-making concerning social risks. It is argued that a model for risk management must acknowledge several ethical aspects and, most crucial among these, the individual’s right not to be unfairly exposed to risks. Article I takes as its starting point the demand frequently expressed in the risk literature for consistent risk management. It is maintained that a model focusing on cost-benefit analysis does not respect the rights of the individual. Two alternative models are outlined. They evolve around the separateness of individuals, rights, and fair risk taking. It is claimed that a model that focuses on a fair procedure for risk decisions seems most fruitful to develop. Article II discusses the NIMBY (Not In My Backyard) conflict. The ethical premises behind the negative characterization of the NIMBY concept are investigated. It is argued that a collective weighing of risks and benefits ignores individuals’ rights not to be unfairly exposed to risks in siting scenarios. Article III presents a three-party model tool for ethical risk analysis. The focus in such analysis is a discussion of three parties that are involved in risk decisions: the risk-exposed, the beneficiary, and the decision-maker. Seven crucial ethical questions are discerned by combining these parties pairwise. Article IV discusses a model for procedural justice for risk decisions. Two theories of deliberative democracy are explored. The first focuses on a hypothetical contract, the second argues for the actual inclusion of affected parties. It is maintained that hypothetical reasoning should mainly serve as a guide concerning risk issues that affect people who cannot be included in the decision-making process. Otherwise an interactive dialogical reasoning is to be preferred. Article V explores the claim that there are no real, objective risks – only subjective descriptions of them. It is argued that even though every risk can be described in different ways, involve value judgements and emotions, the ideal of objectivity should not be abandoned.<br>QC 20100714
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Hermansson, Hélène. "Rights at risk : ethical issues in risk management /." Stockholm : Filosofi och teknikhistoria, Kungliga Tekniska högskolan, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-4570.
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Novák, Martin. "Value at Risk models for Energy Risk Management." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-71889.
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The main focus of this thesis lies on description of Risk Management in context of Energy Trading. The paper will predominantly discuss Value at Risk and its modifications as a main overall indicator of Energy Risk.
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Abou-Reslan, Linda, and Sandra Pehrson. "Risk and Risk Management in Swedish fintech startups." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-386467.
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Zhang, Lequn. "Extreme Risk Forecast for Quantitative Financial Risk Management." Thesis, Curtin University, 2022. http://hdl.handle.net/20.500.11937/89362.
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Value at Risk (VaR) is one of the key risk measures for quantitative financial risk management. VaR measures extreme risk, which has a small probability but a significant consequence to financial institutions. This thesis develops methods based on an extended extreme value approach to improve the forecast skill of VaR. The proposed methods improve the forecasting accuracy, robustness, efficiency and outperform the existing methods in the literature.
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Hager, Peter. "Corporate Risk Management : Cash Flow at Risk und Value at Risk /." Frankfurt am Main : Bankakademie-Verl, 2004. http://www.gbv.de/dms/zbw/378196367.pdf.
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Sithipolvanichgul, Juthamon. "Enterprise risk management and firm performance : developing risk management measurement in accounting practice." Thesis, University of Edinburgh, 2016. http://hdl.handle.net/1842/20949.
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The current extremely volatile business world requires firms to deal with a wide range of risks that pose threats to their organisations. The poor practices of risk management, based on Traditional Risk Management (TRM), was cited time and time again in the aftermath of the recent Global Crisis. Enterprise Risk Management (ERM) has been advocated as a solution to the problems of TRM. The aim is to centralise the management of risk within the organisation and ensure that the board deals with the risk. Hence strategic, external, internal, operational, compliance and reputational risk are dealt with jointly. In doing so, it is expected that ERM will bring value creation to firms. One of the main limitations facing researchers is the lack of a good standardised measurement of ERM implementation; therefore, it has not been possible to establish whether ERM does actually bring benefit to firms. In addition, many companies have set up ERM initiatives, but they lack a clear understanding of the factors that will lead to successful ERM implementation. The remaining unanswered problematic situation has led to two unanswered questions that will determine whether the solution to ERM implementation is avoiding potential pitfalls and improving business sustainability. Firstly, does ERM implementation have an impact on firm performance? And secondly, which is the firm-specific characteristic that leads to better ERM implementation level? This thesis answers the aforementioned questions by proposing a reliable ERM measurement method, and then testing whether firms that adopt ERM actually improve financial performance and determine the influential factor of ERM implementation. The proposed method for measuring ERM implementation is based on the components developed from the current ERM frameworks, where contribution scoring can be standardised to measure ERM implementation level. To demonstrate its viability, data was collected from publicly listed firms in Thailand and was then compared to three alternative methodologies: cluster analysis (CA), principal component analysis (PCA) and partial least squares (PLS). The results show that the proposed method did well compared to the alternatives, both statistically and in prediction performance. The relationship between the proposed ERM measurement and firm performance is then considered by taking appropriate control variables into account, such as the firm’s size and characteristics, industry effects, sales growth and the external environment: technology, market uncertainty, as well as economic factors. By using data from the Thailand Stock Exchange, it was found that implementing ERM could improve firm performance in term of Tobin's Q, ROE and ROA. The results show that ERM and firm performance are related. For the influential factor of ERM implementation, the empirical results show that a firm’s size and economic factors have a statistically positive relationship with a high level of ERM implementation, while lower ERM scores show more revenue volatility than those who have well-implemented ERMs. Furthermore, technology and growth are positively related to each ERM in the scoring system considered.
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Eriksson, Kristofer. "Risk Measures and Dependence Modeling in Financial Risk Management." Thesis, Umeå universitet, Institutionen för fysik, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-85185.
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In financial risk management it is essential to be able to model dependence in markets and portfolios in an accurate and efficient way. A high positive dependence between assets in a portfolio can be devastating, especially in times of crises, since losses will most likely occur at the same time in all assets for such a portfolio. The dependence is therefore directly linked to the risk of the portfolio. The risk can be estimated by several different risk measures, for example Value-at-Risk and Expected shortfall. This paper studies some different ways to measure risk and model dependence, both in a theoretical and empirical way. The main focus is on copulas, which is a way to model and construct complex dependencies. Copulas are a useful tool since it allows the user to separately specify the marginal distributions and then link them together with the copula. However, copulas can be quite complex to understand and it is not trivial to know which copula to use. An implemented copula model might give the user a "black-box" feeling and a severe model risk if the user trusts the model too much and is unaware of what is going. Another model would be to use the linear correlation which is also a way to measure dependence. This is an easier model and as such it is believed to be easier for all users to understand. However, linear correlation is only easy to understand in the case of elliptical distributions, and when we move away from this assumption (which is usually the case in financial data), some clear drawbacks and pitfalls become present. A third model, called historical simulation, uses the historical returns of the portfolio and estimate the risk on this data without making any parametric assumptions about the dependence. The dependence is assumed to be incorporated in the historical evolvement of the portfolio. This model is very easy and very popular, but it is more limited than the previous two models to the assumption that history will repeat itself and needs much more historical observations to yield good results. Here we face the risk that the market dynamics has changed when looking too far back in history. In this paper some different copula models are implemented and compared to the historical simulation approach by estimating risk with Value-at-Risk and Expected shortfall. The parameters of the copulas are also investigated under calm and stressed market periods. This information about the parameters is useful when performing stress tests. The empirical study indicates that it is difficult to distinguish the parameters between the stressed and calm market period. The overall conclusion is; which model to use depends on our beliefs about the future distribution. If we believe that the distribution is elliptical then a correlation model is good, if it is believed to have a complex dependence then the user should turn to a copula model, and if we can assume that history will repeat itself then historical simulation is advantageous.
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Bigdeli, Farah. "Risk Assessment and Risk Management of Nano-Material Toxicity." ScholarWorks@UNO, 2009. http://scholarworks.uno.edu/td/921.
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Increasing applications of nano materials in medicine, construction, textiles, computers, and other consumer goods have lead to increasing concerns of their effect on human health and ecology during synthesis, manufacturing, use, and disposal of nano-materials. Though much scientific progress has been made in nano material synthesis, manufacturing, and application in consumer goods and other sectors such as medicine, textiles and more, not much progress has been made in understanding the adverse effects of nano materials on human health and the environment. Physical, chemical, toxicological characteristics of these nano materials and their fate in the environment are important in understanding their adverse effects on the environmental and human health. This study is aimed at developing a preliminary framework for risk assessment (RA) and risk management (RM) of nano materials based on fundamental principles of chemistry, physics, toxicology, and other related disciplines.
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Kallenberg, Kristian. "Business at risk : four studies on operational risk management." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics (EFI), 2008. http://www2.hhs.se/efi/summary/776.htm.
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Melyekhov, Yevgen. "Risk management ve správě společností." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-264356.
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The objective of this master's thesis is to describe and analyze role of risk management in corporate governance. Specifically, a thesis focuses on comparison of existing practices in chosen states and examines whether quality of risk management in corporate governance is different in large and mid capitalaization companies. The thesis is divided into several parts: firstly, theory of corporate governance and risk management are introduced with explanation of their interconnection, which also contain defined list of methods and tools for evaluation of risk management and corporate governance quality. In the analytical part of the thesis, comparative analysis of risk management practices in different states is applied with evaluation of their quality, methods of statistical analysis are employed to test the hypothesis about difference of risk management quality in companies with large and mid capitalization and strength and weaknesses of corporate governance and risk management in particular states are summarized.
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Eid, Wael Kamal Amin. "Mapping the risks and risk management practices in Islamic banking." Thesis, Durham University, 2012. http://etheses.dur.ac.uk/3582/.
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Although risk management in Islamic banking is one of the major as well as controversial issues of the sector, it is still an under-researched area of study. A lot of uncertainties still exist in risk management in Islamic banking, for which the answers are not yet necessarily clear, but which will play a part in shaping the industry’s future. Effective risk management in Islamic banking, thus, deserves priority attention: unless the industry develops its own genuine risk management architecture, it cannot achieve the dynamism that provides the viability needed for a more resilient financial system than the failing Wall Street model. Therefore, the study of risk management issues of the Islamic banking industry is an important but complex area. This study, hence, explores and analyses risk management practices in the Islamic banking industry through the perceptions of participants who were drawn from the banking and finance industry. The research maps out the opinions and attitudes towards risk and locates the practices of the industry related to risk management. This study provides an up-to-date overview of current market practices, issues, and trends in risk management for Islamic banks. It focuses on practical applications and discusses a wide range of unique risks facing Islamic banks from the perspective of different range of practitioners. To fulfil the aims of the research study, first, the present thesis analyses a number of issues concerning the subject using secondary data. Second, the unique risks facing Islamic banks and the perceptions of banking professionals regarding these risks are surveyed through a questionnaire. The final survey sample comprised 72 surveys from 18 countries. The data were analysed using various statistical analysis techniques ranging from simple frequency distribution analysis to the more advanced analyses such as non-parametric statistical analysis, factor analysis, and MANOVA multivariate analysis of variance. Third, semi-structured interviews were subsequently conducted with 33 leading Islamic banking professionals from 9 countries in order to develop an in-depth understanding of the underlying issues. Focused coding technique is used to analyse and sort the findings. In general, the findings from this study identified weaknesses and vulnerabilities among Islamic banks in the area of risk management and governance. Risk management, monitoring, reporting, and mitigation need to be enhanced across the entire industry. The study has also shown that the majority of respondents consider liquidity, asset-liability management, and concentration risks as the top risks facing Islamic banks. In addition, regional risk perceptions were crystallized by conducting inferential statistical analysis. The findings also show that, although Islamic banks have shown resilience, they are not immune to financial shocks. The study asserts that the root drivers of the prevailing financial system have to be challenged and replaced by a more transparent and ethical alternative, for which Islamic finance is a serious yet underdeveloped option. The real issue in Islamic banking is the excessive reliance on form at the expense of substance. It should also be noted that the findings of the study have policy-making implications which could benefit regulators, policy makers, Shari’ah scholars, practitioners, academia, and institutional stakeholders. Furthermore, this study has filled a gap in the literature by empirically exploring risk management issues from an Islamic banking perspective.
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Bärlocher, Christian. "Operational Risk Management und Anreizsysteme." St. Gallen, 2009. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01648385002/$FILE/01648385002.pdf.
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Weber, Frederik. "Longevity risk impact, evaluation, management." Karlsruhe VVW, 2009. http://d-nb.info/1000446581/04.
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