Something old and something new: comparing views about nanotechnology and nuclear energy

This paper provides a review and evaluation of different food‐risk prioritization and management frameworks that have been developed by governmental food‐safety authorities, regulatory agencies and non‐governmental institutions worldwide. It emphasizes the need for a new science‐ and risk‐based system approach to microbial risk prioritization. We find that most studies and projects argue for a systematic and multi‐disciplinary approach to risk prioritization but nevertheless lack it. Human and public health issues have constituted the core focus of food‐risk analysis in food‐borne risk prioritization studies, where the majority of studies use the concept of disease burden. Even though it is widely recognized that economic and market‐level impacts of microbial hazards and preventive interventions to reduce food‐borne risks are crucial to the performance of industries and markets, they are almost never accounted for in risk prioritization frameworks.     

Interbank funding,bank risk exposure and performance in the UK: A three-stage network DEA approach

Operating on unsecured interbank markets exposes banks to various risks which trigger changes in bank strategic outcomes such as risk management and performance. This paper proposes a novel three-stage network data envelopment approach with feedback and alliance to examine the importance of bank risk exposures through interbank funding on bank efficiency levels. Our results show that overall bank performance management is achieved via a complement of good alliance between risk and funding, and financial performance. In addition, high financial or overall performance may not imply better risk management or allied process performance. Rather, banks are inherently performance-driven institutions whose performance objectives are independently optimal but aggregately suboptimal. Further analyses show that, for international banks, high financial or overall performance may not necessarily limit high allied process and risk management. Moreover, risk governance in large banks has not improved despite the increased regulatory pressure induced after the 2007–2008 credit crisis. Our results remain robust regardless of whether the alliance or financial performance stage is given priority in the overall efficiency decomposition, and when the novel resource imbalance index is used to assess and enhance the discriminatory power of performance.     

Total efficient risk priority number (TERPN): a new method for risk assessment

Safety is one of the most important issues in modern industrial plants and industrial activities. The Safety Engineering role is to ensure acceptable safety levels of production systems, not only to respect local laws and regulations, but also to improve production efficiency and to reduce manufacturing costs. For these reasons, the choice of a proper model for risk assessment is crucial. In this context, the present research aims to propose a new method, called Total Efficient Risk Priority Number (TERPN), able to classify risks and identify corrective actions in order to obtain the highest risk reduction with the lowest cost. The main scope is to suggest a simple, but suitable model for ranking risks in a company, to reach the maximum effectiveness of prevention and protection strategies. The TERPN method is an integration of the popular Failure Mode Effect and Criticality Analysis (FMECA) with other important factors in risk assessment.     

Online monitoring and assessment of emerging risk in conventional industrial plants: possible way to implement integrated risk management approach and KPI’s

Existing methodologies and practices do not provide enough possibility for online monitoring and assessment of emerging risks occurring as a result of a change in technology, product, operating conditions, as well as in organization of activities in conventional industrial plants. Typical today’s off and online methods and corresponding software packages are used as risk assessment methods, while various risk aspects (such as: process risks, process equipment integrity risks, organizational risks, and health and environmental risks) are being assessed and treated independently. However, it is clear that risk assessment and making decisions in line with that has to be based on information collected from different (independent) sources in online mode. Also, the fact that additional risks in operations may occur due to unexpected changes in technology, accidents or unexpected process equipment degradation should be taken into account. When monitoring and process management systems are being designed and developed, only the process aspect and process risk are usually analyzed, while other risk aspects are not taken into account (like health and environmental risks). A new approach, to be presented in this paper, provides a possibility of online monitoring and assessment of risks (e.g. in petrochemical industry, power industry, etc.).     

新巴塞尔资本协议与商业银行操作风险量化管理

由于<新巴塞尔资本协议>把风险区分为市场风险、信用风险和操作风险,同时把操作风险纳入到资本充足率的计算之中;使得金融界对它的关注显著提高,并对量化操作风险提出了迫切要求.值得注意的是,国际上一些大银行在量化和度量操作风险管理上已经积累了较为丰富的经验,并取得一定的成就.目前我国的金融机构缺乏风险意识,尤其是在操作风险方面基本没有什么量化操作风险的科学方法,不能正确反映所承受的风险,操作风险的管理水平亟待提高.面对加入WTO之后国际金融机构在国内市场上的激烈竞争,我国金融机构应广泛借鉴国外商业银行的成功经验,加强操作风险的量化管理和研究.     

Structuring an Enterprise Risk Assessment Protocol: Traditional Practice and New Methods

In a world that has become increasingly complex, enterprise risk management (ERM) has emerged as a practice for identifying reasonably foreseeable hazards that pose risks to an organization, both its physical and human assets. Due to the breadth and depth of factors that can impact an organization's risk portfolio, it is incumbent that the underlying risk assessment process that supports ERM embodies a holistic and systematic approach. This is easier said than done, however, as much of the effort in self‐acclaimed ERM programs remain entrenched in compartmentalized parts of the organization or ignore threats that are “outside of the box” of the operating environment to which management is accustomed. This environment therefore creates opportunities for key risks to go unnoticed. The authors propose a comprehensive, yet flexible framework for overcoming this challenge, an approach that can be utilized by both the public and private sector. A sample application is provided, using a free, web‐based tool developed as part of the initiative.     

Versicherungswissenschaft — Quo vadis?

Insurance science comprises interdisciplinary theories of the real phenomenon ‘insurance’. It reflects the real risk Systems, economic and juridical formation of insurance business, structures and processes in insurance-lin-ked institutions and the overall environment of insurance industry. New de-velopments of insurance science are related to changes of risks, new categories of risk transfer techniques and convergence of insurance and financial markets, including international regulatory Systems of all insurance, financial and capital markets.     

Choosing between precautions for nanoparticles in the workplace: complementing the precautionary principle with caring

Workers who develop and use nanoparticles are on the front line of exposure to the purported risks of nanoparticles. Employers have a legal duty to protect their employees against any work-related harm. However, it is difficult to perform the required risk assessment and management when dealing with uncertainty. Risk ethicists have therefore argued for using the precautionary principle to guide such decisions on uncertain risks. In this paper, I argue that if we want to make use of innovative products, such as nanomaterials, but lack the knowledge and shared standards for choosing between protective measures, the precautionary principle is underdetermined. For the use of nanoparticles in working environments, there are several guidelines that suggest different precautionary strategies for dealing with their purported risks, but choosing between these guidelines proves difficult in the absence of a clear, scientific, decision principle. I therefore explore the ethics of care to develop a complementary decision criterion for the precautionary principle. From this perspective, the caring qualities of working relationships are key in comparing precautions with each other. I propose three conditions for assessing risk management strategies based on (1) the existence of a mutual concern for employee health and safety, (2) the connectedness and continuity of the relationships between employer and employee, and (3) the responsiveness of employers to employee needs. Using these criteria will support choosing between precautions, by shifting attention from the acceptability of imposing a risk to creating a social context in which the imposition of the residual risks can be considered acceptable.     

Consumer versus Expert Hazard Identification: A Mental Models Study of Mutation‐bred Rice

Novel foods have been the object of intense public debate in recent years. Despite efforts to communicate the outcomes of risk assessments to consumers, public confidence in the management of potential risks has been low. Various reasons behind this have been identified, chiefly a disagreement between technical experts and consumers over the nature of the hazards on which risk assessments should focus, and perceptions of insufficient openness about uncertainties in risk assessment. Whilst previous research has almost exclusively focused on genetically modified foods, the present paper investigates plant varieties developed by means of mutation breeding, a less‐debated class of novel foods. Two studies were conducted that investigated the mental models of experts and laypeople. The results revealed that the mental models of both groups differed in terms of scope, depth and the role of uncertainty. Furthermore, a number of misconceptions became apparent in the study of laypeople's mental models, often related to the regulatory system governing risk assessments of novel foods. Critical issue are outlined and communication needs are discussed.     

Embodied uncertainty: living with complexity and natural hazards

In this paper, we examine the concept of embodied uncertainty by exploring multiple dimensions of uncertainty in the context of risks associated with extreme natural hazards. We highlight a need for greater recognition, particularly by disaster management and response agencies, of uncertainty as a subjective experience for those living at risk. Embodied uncertainty is distinguished from objective uncertainty by the nature of its internalisation at the individual level, where it is subjective, felt and directly experienced. This approach provides a conceptual pathway that sharpens knowledge of the processes that shape how individuals and communities interpret and contextualise risk. The ways in which individual characteristics, social identities and lived experiences shape interpretations of risk are explored by considering embodied uncertainty in four contexts: social identities and trauma, the co-production of knowledge, institutional structures and policy and long-term lived experiences. We conclude by outlining the opportunities that this approach presents, and provide recommendations for further research on how the concept of embodied uncertainty can aid decision-making and the management of risks in the context of extreme natural hazards.     

Evaluating an analytic–deliberative risk‐ranking process in a Chinese context

In previous research, a deliberative process for integrating stakeholder perspectives in the ranking of risks was introduced and empirically tested with lay groups composed predominantly of Americans. In this paper, we explore the viability of this process with lay groups of Chinese, because previous research has shown that Americans and Chinese differ substantially along many dimensions of cognition and social organization relevant to decision‐making. Using 10 environmental hazards based on current Chinese environmental regulatory programs as the risk domain, five groups of 8–9 participants ranked hazards using both holistic and multi‐attribute approaches. Results show that (1) risk rankings from the holistic and multi‐attribute approaches are consistent, (2) participants indicate that they are satisfied with the procedures and resulting rankings, and (3) agreement between participants increases over the course of the ranking exercise. Results for Chinese participants were compared with previously reported results for Americans to look for cultural effects involving deference to technical expertise and quantitative analysis, and skepticism toward public participation in policy‐making. Although there were some hints of cultural differences, neither difference significantly affected measures of the method’s validity or replicability. Because this process offers a scientifically sound and measured approach to stakeholder involvement in risk management, it may be attractive to Chinese leaders as they respond to growing demand for public participation in the policy‐making process. Whether Chinese citizens would consider the process described here to be satisfactory in a real policy context remains to be tested.     

我国地方法人金融机构利率风险管理研究——基于陕西省农村合作金融机构样本

利率市场化能否全面顺利推进,地方法人金融机构是否具有相应的利率管理水平是个关键因素。本文利用陕西省农村合作金融机构样本,基于利率敏感性缺口和FLANNERY的部分调整模型进行研究发现：受当地利率承受水平、存贷款格局、历史负担和相关市场制度建设滞后等因素影响,地方法人金融机构对利率风险不敏感。但已呈现出向好趋势。     

UML modelling concepts of HAZOP to enhance the ability to identify emerging risks

Unified Modelling Language (UML) has a graphical notation for 13 different types of diagrams and can be used as a general modelling tool. Well-known examples of diagram types are class diagrams for modelling classes that can be instanced into objects, state machine diagrams for modelling states in systems and activity diagrams for modelling process flows. A literature survey shows that UML has been used to model concepts and methodologies of risk assessment and risk management. One example is the Coras Framework. The international standard CEI IEC 61882 Hazard and operability (HAZOP) studies describes concepts for investigating and detecting possible hazards in systems. In CEI IEC 6882, guide words like ‘More’ and ‘Less’ are applied to system parameters to invoke deviations in the system and assess possible hazards due to the deviation from the design intent. In this paper, we have used UML to model concepts of CEI IEC 61882 Hazards and operability studies. Diagrams of UML were used to show dependencies and relations between parts of the target system and concepts of CEI IEC 61882. Extensions of UML are suggested to better capture and display the concepts of CEI IEC 61882, the results of a HAZOP study and emerging risk. These extensions are referred to as UML for emerging risks (UML-ER).     

Trust,acceptance and knowledge of technological and environmental hazards in Chile

Studies over the past decade have found empirical links between trust in risk management institutions and the risk perceptions and acceptability of various individual hazards. Mostly addressing food technologies, no study to date has explored wider possible relationships among all four core variables (risk, benefit, trust and acceptability) covering a heterogeneous group of hazards. Our prime objective was to ascertain effects among social trust in regulatory entities, and the public's perceived risk, perceived benefit and the degree of acceptability towards both technological and environmental hazards. We also assess whether trust in regulatory authorities is the cause (causal model) or a consequence (associationist model) of a hazard's acceptability for a wide and heterogeneous range of hazards on all four core variables. Using a web‐based survey, 539 undergraduates in Chile rated the five variables across 30 hazards. Implications for technology and environmental risk management organizations are discussed. Independent of the magnitude of the perceived risk or benefit surrounding a given hazard, or how knowledgeable the public claim to be of it, the trust sustained in regulatory institutions will either generate or be the consequence of public attitudes towards the hazard.     

Local facility hazard risk controversy and non-local hazard risk perception

Facility siting disputes are as much about the socio-politics in a place as they are about the risks posed by the facility; yet not much is known about how localized controversy about one hazard effects the perception of other, non-local, hazard risks. Our exploratory study tests the idea that a local facility risk controversy (landfill expansion) is tied to an overall sensitivity to risks from a wider range of potentially hazardous facilities. We use logistic regression models of questionnaire survey responses from 205 residents living near two landfills that were recently expanded or proposed to be expanded. Psychometric risk variables, cultural theory of risk variables, and sociodemographic variables are used as controls to see if risk-in-place/context variables related to threat and governance (e.g. fairness and fiduciary equity) predict not only risk from the landfill but also risk from three other potentially hazardous facilities (incinerator, chemical, and nuclear). The risk-in-place/context variables are predictive across all hazards but there is little consistency in the mix of predictors across models. The results suggest that facility controversy is linked to how residents view risks from non-local facility hazards and that this effect varies by place. This points to the need for more research in this area, and is suggestive that risk-hazard controversy may foster localized risk-averse places or wider risk-averse communities.     

A multi-attribute approach to assess homeland security risk

The United States Department of Homeland Security manages a wide spectrum of risks involving crime, terrorism, accidents, and natural disasters. This paper supports disaster management by identifying which attributes should be used to describe risks comprehensively and assessing the need to incorporate such multiattribute information into risk management processes. Attributes for describing homeland security risks were selected through a literature review. These attributes were then used in a risk assessment of homeland security hazards that informed risk ranking sessions conducted with members of the general public. The results taken together support the use of a range of attributes and perspectives. While aspects of life/health and economic damage were considered most important by both experts and the lay public, other attributes were of widespread importance, including attributes related to dread and uncertainty. These results demonstrate how to present risks in a deliberative risk management process and the importance of doing so using a complete set of attributes to describe the risks.     

Risk assessment for public–private partnership projects: using a fuzzy analytic hierarchical process method and expert opinion in China

Public–private partnerships (PPP) have been widely used in China to procure public facilities and services. Complicated problems in PPP projects in China arise because of a variety of risk factors. A proper risk assessment model is needed to identify risks and provide risk response strategies for future Chinese PPP projects. The fuzzy analytic hierarchy process (F-AHP) method provides the ability to solve complex risk assessment of PPP projects. Current risk assessment models are limited to PPP projects in specific countries and do not consider unique risks in China, especially political, economic, social, and legal risks. This paper designed a risk evaluation index system for PPP projects based on the Delphi expert investigation method, and then established an optimized risk evaluation model for PPP projects in China using the F-AHP method. The risks identified are confirmed by interviewing experts from Chinese local government departments, private enterprise, third-party intermediary consulting and regulatory agencies, and academic organizations. The results show that the risks that ranked among the top ten are closely related to China’s political and economic policies and relationships among stakeholders. It can be concluded that government authorities play a critical role in providing a favorable political, social, and economic environment and an effective institutional framework for PPP projects. Furthermore, it is also important to deal with relationships among stakeholders based on the public–private ‘win–win’ principle. This study provides risk response strategies, addressing key issues from eight aspects: an impeccable legal and regulatory framework; a central coordinating and regulating PPP authority; supportive governmental authorities; institutional capacity-building; favorable economic conditions and viability; community, partner, and moral accountability; clear division of responsibilities through contracts; and effective advisory management. These effective measures may be useful in reducing the adverse effects of risk for PPP projects in China.     

Risk governance and emerging technologies: learning from case study integration

Emerging technologies are underway in a wide array of industrial applications and need fields. When innovating on technologies, one main objective is to improve the management of safety related to their emerging risks. The iNTeg-Risk project undertook 17 case studies covering current key innovations and focusing on their corresponding risks. Thus, a major challenge is to integrate the case study research into a common framework on adequate future risk and safety concepts which might serve policy and stakeholder decision-makers as a background for risk-related decisions in the future. Within this paper, we looked on similarities and disparities on how these case studies assess, manage, and communicate risk issues. A telephone survey with case study task leaders has been carried out in order to identifying the state-of-the-art of how the case studies deal with risk governance issues.     

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This paper presents a case study of a landslide that devastated a small rural community in the redwoods of northern California. This seemingly mundane event is used to explore several insights offered by recent literature on environmental risk, and illustrate the extent to which our reliance on modern, technologically complex industrial systems as the basis for risk scholarship may limit our understanding of the role of environmental risk in society. This landslide, and the political upheaval that followed it, point to the need for more rigorous sociological analysis of how hazards , rather than risks, are legitimated in political discourse through a process called 'normalization'; and of the complex of organizational structures of causation that encourage the development of risky situations, not only in modern technological systems, but in systems of society-environment interaction with a much longer history, such as the extraction and management of timber.