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Risks
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Advances in Sustainable Risk Management
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Advances in Sustainable Risk Management

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: closed (30 August 2022) | Viewed by 18673

Special Issue Editor

Prof. Dr. Claudiu KIFOR

E-Mail Website
Guest Editor
Research Centre for Sustainable Products and Processes, Lucian Blaga University of Sibiu, 4th Emil Cioran Str., Sibiu, Romania
Interests: industrial management; quality engineering and management

Special Issue Information

Dear Colleagues,

Risk-based thinking helps make better decisions by thinking proactively about risks and opportunities and incorporating them in the processes and management system. 

Risk-based thinking could lead the organization to sustained success by assuring that the processes operate effectively and efficiently and that interested parties’ needs and expectations are satisfied and improved.

Starting from the most recommended risk-based approach[1], different tools for risk identification, analysis, and evaluation were developed, some of the most often used being Failure Mode and Effect Analysis, Root Cause Analysis, Fault Tree Analysis, Risk Assessment and Risk Matrix, etc.

The aim of the Special Issue is to show how risk-based thinking impacts organization management systems, with a focus on quality, environment, health and safety, food safety, etc., driving the organizations to sustained success. Furthermore, we are looking for case studies that demonstrate how different risk assessment tools work in real scenarios, making processes effective and efficient.

[1] Determining the risks and opportunities, planning actions to address them, implementing them in a management system, and evaluating their effectiveness

Prof. Dr. Claudiu KIFOR
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Risks is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Risk-based thinking
  • Sustained success
  • Risk management
  • Risk assessment
  • Tools for risk assessment
  • Failure mode and effect analysis (FMEA)

Published Papers (5 papers)

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Research

15 pages, 1380 KiB  
Article
Regional Government Revenue Forecasting: Risk Factors of Investment Financing
by Barbara Batóg and Jacek Batóg
Risks 2021, 9(12), 210; https://0-doi-org.brum.beds.ac.uk/10.3390/risks9120210 - 23 Nov 2021
Cited by 6 | Viewed by 3027
Abstract
Accurate revenue prediction is a key factor for the reliable determination of the investment part of entire regional and local budgets, particularly during economic downturns and fiscal uncertainty. An unexpected decline in revenue requires the reduction in capital expenditures and forces the regional [...] Read more.
Accurate revenue prediction is a key factor for the reliable determination of the investment part of entire regional and local budgets, particularly during economic downturns and fiscal uncertainty. An unexpected decline in revenue requires the reduction in capital expenditures and forces the regional government to find additional sources to close the budget gaps. Current studies indicate that budget forecasts often underpredict revenue and use the available information inefficiently. In this article, the authors examine chosen methods of forecasting regional government revenue. In addition to classical forecasting models based on time series and causal models, an original structural forecasting procedure was proposed, which is effective especially in case of data delay. The reliability of applied methods was assessed using data from the Polish area of Zachodniopomorskie over the period 2000–2018. The found evidence supported results that were obtained by many other researchers, which indicated that less comprehensive methods of forecasting can provide reasonably accurate estimates. Full article
(This article belongs to the Special Issue Advances in Sustainable Risk Management)
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15 pages, 961 KiB  
Article
Risking Sustainability: Political Risk Culture as Inhibiting Ecology-Centered Sustainability
by Susan T. Jackson
Risks 2021, 9(11), 186; https://0-doi-org.brum.beds.ac.uk/10.3390/risks9110186 - 20 Oct 2021
Cited by 5 | Viewed by 2021
Abstract
This exploratory study aims to understand why, and propose remedies for, the treatment of political risk and sustainability as siloed risk areas in risk analyses. I employ an interdisciplinary theoretical approach that focuses on the roles of values and worldviews, stages of sustainability [...] Read more.
This exploratory study aims to understand why, and propose remedies for, the treatment of political risk and sustainability as siloed risk areas in risk analyses. I employ an interdisciplinary theoretical approach that focuses on the roles of values and worldviews, stages of sustainability and hybrid knowledge to understand this siloing. The large-N interpretive method used here combines content frequency counts with discourse analysis to examine over 400 corporate communication documents from 37 companies. The study also explores how, through corporate communication, companies that provide political risk analysis convey what is at risk and what counts as sustainability. I argue that the broad shared ‘cultural’ tones of what it means to be in the political risk field pose challenges for integrating political risk and sustainability. The study concludes with several recommendations on how to overcome the current barriers in order to integrate political risk and sustainability in risk analyses. Full article
(This article belongs to the Special Issue Advances in Sustainable Risk Management)
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19 pages, 902 KiB  
Article
Decentralized Enterprise Risk Management Issues under Rapidly Changing Environments
by Levente Bakos and Dănuț Dumitru Dumitrașcu
Risks 2021, 9(9), 165; https://0-doi-org.brum.beds.ac.uk/10.3390/risks9090165 - 10 Sep 2021
Cited by 6 | Viewed by 4389
Abstract
Under the growing complexity of manufacturing processes, supply chains, markets and stakeholder expectations, enterprise risk management (ERM) has become an extremely important, probably yet still underdeveloped, management function. Enterprise risk management theory and practice should keep pace with the changes of rapidly changing [...] Read more.
Under the growing complexity of manufacturing processes, supply chains, markets and stakeholder expectations, enterprise risk management (ERM) has become an extremely important, probably yet still underdeveloped, management function. Enterprise risk management theory and practice should keep pace with the changes of rapidly changing environments, through new, more adaptive approaches. The article presents some of the results of a longitudinal survey at Eastern-European manufacturing organizations made on risk management techniques. The goal of the research was the study of risk management techniques under rapidly changing environments in highly standardized industries (pharmaceutical and automotive). The research was focused on the role of human resources in handling technology-related/operational risks and to what extent a decentralized risk management is present. Multidisciplinary cooperation, the selection of the teams, communication and the decision making within the team was analysed. During our research few common risk analysis routines were identified at the studied organizations. Through an interview-based qualitative survey, possible weaknesses of common risk identification techniques were identified. The article presents three risk evaluation methods with the same features. The answers provided during the interviews indicate that risk assessment techniques are mostly centralized (coordinated by a single person/unit), linear (based on If-Then construct) and rigid, definitively not suitable when quick changes are in the organization environment. Full article
(This article belongs to the Special Issue Advances in Sustainable Risk Management)
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16 pages, 1169 KiB  
Article
Case Study on a Potential Application of Failure Mode and Effects Analysis in Assessing Compliance Risks
by Ferenc Bognár and Petra Benedek
Risks 2021, 9(9), 164; https://0-doi-org.brum.beds.ac.uk/10.3390/risks9090164 - 09 Sep 2021
Cited by 7 | Viewed by 3858
Abstract
Assessing and reducing compliance risks can now be considered one of the core criteria for business success. While failure mode and effect analysis (FMEA) is widely used in engineering, its application in the financial sector is quite novel, primarily related to compliance risk [...] Read more.
Assessing and reducing compliance risks can now be considered one of the core criteria for business success. While failure mode and effect analysis (FMEA) is widely used in engineering, its application in the financial sector is quite novel, primarily related to compliance risk assessment. This paper presents the results of exploratory research based on the potential application of FMEA in a focus group of compliance experts at one of the largest Central and Eastern European commercial banks. This study aims to establish a process for assessing compliance risks that builds on the strengths of both the qualitative and quantitative assessment methods. Applying FMEA based on a nominal group technique and further statistical analysis provides an opportunity to compare expert assessments and the consensus level of the participants. As a result, the similarity or difference of the assessment patterns can be quantified, providing objective feedback on the evaluation. Finally, this paper proposes lifting the detectability of failures as an evaluation dimension to the same level of importance as the probability and impact of non-compliance and using agreement testing statistical methods. Full article
(This article belongs to the Special Issue Advances in Sustainable Risk Management)
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20 pages, 3016 KiB  
Article
Sustainable Risk Management in IT Enterprises
by Mateusz Trzeciak
Risks 2021, 9(7), 135; https://0-doi-org.brum.beds.ac.uk/10.3390/risks9070135 - 15 Jul 2021
Cited by 9 | Viewed by 4385
Abstract
A synthesis of literature studies covering the determinants of agile project management methods, risk management processes as well as factors influencing the shaping of project success and failure clearly indicates that in most publications on risk in agile managed projects, the human factor [...] Read more.
A synthesis of literature studies covering the determinants of agile project management methods, risk management processes as well as factors influencing the shaping of project success and failure clearly indicates that in most publications on risk in agile managed projects, the human factor is heavily underestimated at the expense of often excessive favoring of procedures. Meanwhile, after analyzing the risk factors that arise in agile-managed IT projects, it became apparent that in addition to aspects such as technology, hardware, system, or even project schedule and cost, the project team is highlighted, which is also the second concept with the GPM P5 Standard for Sustainability in Project Management. Thus, the purpose of this article is to develop a model for risk management in IT projects. As a result of the empirical research carried out by means of an expert interview (108 experts) and a questionnaire survey (123 respondents), a risk management model was developed and six original risk management areas were identified, describing 73.92% of all risk factors that may occur during the implementation of an IT project. Furthermore, empirical studies confirm that basic processes such as risk factor identification, impact assessment, and key risk factor management are used by managers and/or team leaders during the implementation of IT projects. Full article
(This article belongs to the Special Issue Advances in Sustainable Risk Management)
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