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Risk Management Tools: High-impact Strategies - What You Need to Know: Definitions, Adoptions, Impact, Benefits, Maturity, Vendors

Risk Management Tools: High-impact Strategies - What You Need to Know: Definitions, Adoptions, Impact, Benefits, Maturity, Vendors

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Published by Emereo Publishing
Risk Management is a non-intuitive field of study, where the most simple of models consist of a probability multiplied by an impact. Even understanding individual risks is difficult as multiple probabilities can contribute to Risk total probability, and impacts can be ""units"" of cost, time, events (for example, a catastrophe), market states, etc. This is further complicated by there being no straightforward approach to consider how multiple risks will influence one another or increase the overall risk of the subject of analysis.Risk management tools allow planners to explicitly address uncertainty by identifying and generating metrics, parameterizing, prioritizing, and developing mitigations, and tracking risk. These capabilities are very difficult to track without some form of documentation or, with the advent of information technology, software application. Simple risk management tools allow documentation. More sophisticated tools provide a visual display of risks, while the most cutting edge, such as those developed by Air Force Research Laboratory Headquarters, are able to aggregate risks into a coherent picture. A few tools have predictive capability, which, through collaboration between partners allow fair partition of risks and improvement of business relations.This book is your ultimate resource for Risk Management Tools. Here you will find the most up-to-date information, analysis, background and everything you need to know.In easy to read chapters, with extensive references and links to get you to know all there is to know about Risk Management Tools right away, covering: Risk management tools, Risk management, Association of Management Consulting Firms, Peter L. Bernstein, Black swan management, Building Safer Communities. Risk Governance, Spatial Planning and Responses to Natural Hazards, Burn pit, Cascading Discontinuity Sets, Dangerous Goods Safety Advisor, Defensive driving, David Eager, Exposure Factor, Michael Featherstone, Financial risk management, Fish & Richardson, Flood Forecasting Centre, Hazard prevention, Institute of Risk Management, Investment Controlling, ISO 31000, List of books about risk, Master of Science in Risk Management Program for Executives, Megaprojects and Risk: An Anatomy of Ambition, Moody's Analytics, Occupational safety and health, Opasnet, Open assessment, Operational risk management, Profit risk, Project risk management, Ready Georgia, Risk assessment, Risk governance, Risk International, Risk management framework, Risk pool, RiskAoA, Security risk, Singapore Mercantile Exchange, Singapore Workplace Safety and Health Conference, Student Investment Advisory Service (SIAS Fund), Tactical Risk Management, Julian Talbot (risk management), Tsunami, Tsunamis in lakesThis book explains in-depth the real drivers and workings of Risk Management Tools. It reduces the risk of your technology, time and resources investment decisions by enabling you to compare your understanding of Risk Management Tools with the objectivity of experienced professionals.
Risk Management is a non-intuitive field of study, where the most simple of models consist of a probability multiplied by an impact. Even understanding individual risks is difficult as multiple probabilities can contribute to Risk total probability, and impacts can be ""units"" of cost, time, events (for example, a catastrophe), market states, etc. This is further complicated by there being no straightforward approach to consider how multiple risks will influence one another or increase the overall risk of the subject of analysis.Risk management tools allow planners to explicitly address uncertainty by identifying and generating metrics, parameterizing, prioritizing, and developing mitigations, and tracking risk. These capabilities are very difficult to track without some form of documentation or, with the advent of information technology, software application. Simple risk management tools allow documentation. More sophisticated tools provide a visual display of risks, while the most cutting edge, such as those developed by Air Force Research Laboratory Headquarters, are able to aggregate risks into a coherent picture. A few tools have predictive capability, which, through collaboration between partners allow fair partition of risks and improvement of business relations.This book is your ultimate resource for Risk Management Tools. Here you will find the most up-to-date information, analysis, background and everything you need to know.In easy to read chapters, with extensive references and links to get you to know all there is to know about Risk Management Tools right away, covering: Risk management tools, Risk management, Association of Management Consulting Firms, Peter L. Bernstein, Black swan management, Building Safer Communities. Risk Governance, Spatial Planning and Responses to Natural Hazards, Burn pit, Cascading Discontinuity Sets, Dangerous Goods Safety Advisor, Defensive driving, David Eager, Exposure Factor, Michael Featherstone, Financial risk management, Fish & Richardson, Flood Forecasting Centre, Hazard prevention, Institute of Risk Management, Investment Controlling, ISO 31000, List of books about risk, Master of Science in Risk Management Program for Executives, Megaprojects and Risk: An Anatomy of Ambition, Moody's Analytics, Occupational safety and health, Opasnet, Open assessment, Operational risk management, Profit risk, Project risk management, Ready Georgia, Risk assessment, Risk governance, Risk International, Risk management framework, Risk pool, RiskAoA, Security risk, Singapore Mercantile Exchange, Singapore Workplace Safety and Health Conference, Student Investment Advisory Service (SIAS Fund), Tactical Risk Management, Julian Talbot (risk management), Tsunami, Tsunamis in lakesThis book explains in-depth the real drivers and workings of Risk Management Tools. It reduces the risk of your technology, time and resources investment decisions by enabling you to compare your understanding of Risk Management Tools with the objectivity of experienced professionals.

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Published by: Emereo Publishing on Nov 05, 2012
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  • Risk management tools
  • Risk management
  • Association of Management Consulting Firms
  • Peter L. Bernstein
  • Black swan management
  • Burn pit
  • Cascading Discontinuity Sets
  • Dangerous Goods Safety Advisor
  • Defensive driving
  • David Eager
  • Exposure Factor
  • Michael Featherstone
  • Financial risk management
  • financial risk management
  • Fish & Richardson
  • Flood Forecasting Centre
  • Hazard prevention
  • Institute of Risk Management
  • Investment Controlling
  • ISO 31000
  • List of books about risk
  • Master of Science in Risk Management Program for Executives
  • Megaprojects and Risk: An Anatomy of Ambition
  • Moody's Analytics
  • Occupational safety and health
  • Opasnet
  • Open assessment
  • Operational risk management
  • Profit risk
  • Project risk management
  • Ready Georgia
  • Risk assessment
  • Risk governance
  • Risk International
  • Risk management framework
  • The Risk Management Framework
  • Risk pool
  • RiskAoA
  • Security risk
  • Singapore Mercantile Exchange
  • Singapore Workplace Safety and Health Conference
  • Student Investment Advisory Service (SIAS Fund)
  • Tactical Risk Management
  • Julian Talbot (risk management)
  • Tsunami
  • Tsunamis in lakes
  • Article Sources and Contributors
  • Image Sources, Licenses and Contributors
  • License

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Risk management tools Risk management Association of Management Consulting Firms Peter L. Bernstein Black swan management 1 3 15 17 20

Building Safer Communities. Risk Governance, Spatial Planning and Responses to Natural Hazards 21 Burn pit Cascading Discontinuity Sets Dangerous Goods Safety Advisor Defensive driving David Eager Exposure Factor Michael Featherstone Financial risk management Fish & Richardson Flood Forecasting Centre Hazard prevention Institute of Risk Management Investment Controlling ISO 31000 List of books about risk Master of Science in Risk Management Program for Executives Megaprojects and Risk: An Anatomy of Ambition Moody's Analytics Occupational safety and health Opasnet Open assessment Operational risk management Profit risk Project risk management Ready Georgia Risk assessment Risk governance 22 24 24 25 27 28 28 29 31 34 35 36 37 40 42 44 46 47 49 56 57 57 61 63 64 66 72

Risk International Risk management framework Risk pool RiskAoA Security risk Singapore Mercantile Exchange Singapore Workplace Safety and Health Conference Student Investment Advisory Service (SIAS Fund) Tactical Risk Management Julian Talbot (risk management) Tsunami Tsunamis in lakes

73 77 78 79 81 83 84 85 86 90 91 102

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Risk management tools


Risk management tools
Risk Management is a non-intuitive field of study, where the most simple of models consist of a probability multiplied by an impact. Even understanding individual risks is difficult as multiple probabilities can contribute to Risk total probability, and impacts can be "units" of cost, time, events (for example, a catastrophe), market states, etc. This is further complicated by there being no straightforward approach to consider how multiple risks will influence one another or increase the overall risk of the subject of analysis. Risk management tools allow planners to explicitly address uncertainty by identifying and generating metrics, parameterizing, prioritizing, and developing mitigations, and tracking risk. These capabilities are very difficult to track without some form of documentation or, with the advent of information technology, software application. Simple risk management tools allow documentation. More sophisticated tools provide a visual display of risks, while the most cutting edge, such as those developed by Air Force Research Laboratory Headquarters, are able to aggregate risks into a coherent picture. A few tools have predictive capability, which, through collaboration between partners allow fair partition of risks and improvement of business relations.[1] The following is a list of risk management tools. @Risk - performs risk analysis using Monte Carlo simulation to show many possible outcomes in Microsoft Excel spreadsheet—and predicts how likely they are to occur. Active Risk Manager - (ARM), addresses enterprise-wide risk management (ERM) and governance, risk and compliance (GRC) requirements, enabling the identification, communication, analysis and mitigation of risks and opportunities in both quantitative and qualitative formats. The Aggregate Risk Tool - (ART), generates predictive financial data from any probability-impact model.[2] Bow tie diagrams - a fault identifying visual tool. Capital asset pricing model - (CAPM) is used to determine the appropriate required rate of return of an asset, if that asset be added to an already well diversified portfolio, based on non-diversifiable risk.[3] Control Estratégico de Riesgo (CERO) - Software tool with specific tools for each activity of the risk management process. With clients mostly in Latin America. [4] Cost/Risk Identification & Management System (CRIMS) - Integrated Probabilistic risk assessment model with cost and other variables.[5] Crystal Ball - performs risk analysis using Monte Carlo simulation, analyzes time series and creates statistical forecasts, and determines the best values of decision variables based on stochastic optimization, all in a Microsoft Excel spreadsheet. Cura Enterprise - Cura's GRC platform is a highly configurable solution that meets organizational requirements, and provides a balance between qualified and quantified data, all of which can be normalized and reported on across the entire organization. Cura Quants - Is a quantitative modeling solution designed to integrate with the existing Enterprise GRC Platform. Cura Quants enables customers to quickly and easily quantify the impact of capital and project related risks as well as the effects of accompanying treatment strategies. Dymonda - Dymonda is a software tool that enables Dynamic Flowgraph Methodology (DFM) modelling and analysis. The model explicitly identifies the cause-and-effect and timing relationships between parameters and states that are best suited to describe a particular system behavior. Resolve by RPM'" - Cloud software toolbox to manage, track and audit processes associated with risk and safety areas within corporations. IBM OpenPages GRC Platform - Integrated enterprise governance, risk and compliance solution that includes modules for operational risk management, policy and compliance management, financial controls management, IT

Risk management tools governance, and internal audit management Methodware - Methodware's ERA is a GRC solution that is a scalable,and flexible tool to automate,identify and track risk across departments, regions, and business units effectively.transparency Operational risk management - The continual cyclic process which includes risk assessment, risk decision making, and implementation of risk controls, which results in acceptance, mitigation, or avoidance of risk.[6] PIMS Risk - Is a complete risk framework for identifying, analysing and evaluate threats and opportunities. Created for and used by major companies in oil and energy sector. Probabilistic risk assessment (PRA), Probability Consequence (P/C) or Probability Impact Model - Simple model where estimates of probability of occurrence are multiplied by the consequence (cost, schedule delay, etc.). This is the most common tool, examples are RiskNav and RiskMatrix. Reference class forecasting – Predicts the outcome of a planned, risky action based on actual outcomes in a reference class of similar actions to that being forecast.[7] RiskAid products - collaborative web/intranet-based risk management software environments for projects, operations and Enterprise Risk Management (ERM), developed by Risk Reasoning. RiskAoA – A predictive tool used to discriminate between proposals, choices or alternatives, by expressing risk for each as a single number, so a proposal's trade-space between cost, scheduled time and risk from its desired characteristics can be compared instantly.[8] RiskAoA and variations of PRA are the only approved tools for United States Department of Defense Military Acquisition. RiskComplete - Tracks project risk from planning approached to measuring tasks, from concept to manufacture. RiskIssue.com - An online risk management tool for business, projects, teams and processes. [9] RiskLike'Con - A free probabilistic risk assessment tool. Displays risks in the industry-standard matrix; Probability vs. Consequence. Risk register - A project planning and organizational risk assessment tool. It is often referred to as a Risk Log. RiskPath - An improvement of RiskAoA, available to the public, where forecasts are quantified for each alternative. Safety case - An assessment of the potential risks in a project and of the measures to be taken to minimize them. SAPHIRE - A probabilistic risk and reliability assessment software tool. SAPHIRE stands for Systems Analysis Programs for Hands-on Integrated Reliability Evaluations. SCHRAM - The Schedule Risk Assessment Manager; allows the generation of risk-adjusted schedules; the time of least risk, consequence of rushed/broken schedules. Allows realistic planning based on operational realities. TRIMS - Provides insight as a knowledge-based tool that measures technical risk management rather than cost and schedule.[10] Unified Risk Assessment and Regulatory Compliance - A standards based end-to-end comprehensive cloud service from Unisys that performs model based risk assessment and also provides a real time dashboard for Regulatory & Policy Compliance traceability and transparency. Xero Risk - Web based enterprise risk governance tool to identify, track and balance risks across an organization using user definable assessment and impact criteria.


org/ http:/ / www. plan. and ISO standards. aspx?id=126070 [9] https:/ / riskissue. Also. Several risk management standards have been developed including the Project Management Institute. or even accepting some or all of the consequences of a particular risk. events of uncertain root-cause. . legal liabilities. whether positive or negative) followed by coordinated and economical application of resources to minimize. or public health and safety. the National Institute of Science and Technology. financial portfolios. dau. definitions and goals vary widely according to whether the risk management method is in the context of project management. hotfrog. and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives. B. RiskAoA. accidents. 37. dau. RiskLike'Con. engineering. cfm?abstract_id=447580 http:/ / www. August 2006. industrial processes. and SCHRAM http:/ / papers. pdf Flyvbjerg. 2006. production. The strategies to manage risk include transferring the risk to another party. no. mil/ CommunityBrowser. aau. aspx?id=19151 [1] [2] [3] [4] [5] [6] [7] Risk management Risk management is the identification. actuarial societies. RiskPath. com [10] https:/ / acc. security. pp. actuarial assessments. pdf) [8] https:/ / acc. avoiding the risk. SCHRAM http:/ / www." Project Management Journal. RiskComplete. mil/ CommunityBrowser.[2] [3] Methods. whether the confidence in estimates and decisions seem to increase. mil/ directives/ ci/ 3000-3999/ Ci_3500_3. reducing the negative effect or probability of the risk. RiskPath. project failures (at any phase in development. com/ http:/ / www. crims. 3. ssrn. dk/ Publications2006/ Nobel-PMJ2006. natural causes and disasters as well as Example of risk management: A NASA model showing areas at high risk from impact deliberate attack from an adversary or for the International Space Station. ""From Nobel Prize to Project Management: Getting Risks Right. vol.. monitor. riesgoscero.Risk management tools 3 References ART. (http:/ / flyvbjerg. 5-15. or sustainment life-cycles). and control the probability and/or impact of unfortunate events[1] or to maximize the realization of opportunities. Certain aspects of many of the risk management standards have come under criticism for having no measurable [1] improvement on risk. uscg. com/ sol3/ papers. Risks can come from uncertainty in financial markets. com/ Companies/ Gesicc/ Risk-Management-269782. assessment. credit risk.

more or less. and balancing between risks with a high probability of occurrence but lower loss versus a risk with high loss but lower probability of occurrence can often be mishandled. 2. in the following order. Again. quality. 1. 4. Intangible risk management allows risk management to create immediate value from the identification and reduction of risks that reduce productivity. In practice the process can be very difficult. For example. and earnings quality. ideal risk management minimizes spending and minimizes the negative effects of risks. These risks directly reduce the productivity of knowledge workers. Resources spent on risk management could have been spent on more profitable activities. 5. service. "Risk management. when deficient knowledge is applied to a situation. the expected consequences of specific types of attacks on specific assets) identify ways to reduce those risks prioritize risk reduction measures based on a strategy Principles of risk management The International Organization for Standardization (ISO) identifies the following principles of risk management:[4] Risk management should: • • • • • • • • • • • create value be an integral part of organizational processes be part of decision making explicitly address uncertainty and assumptions be systematic and structured be based on the best available information be tailorable take into account human factors be transparent and inclusive be dynamic. a prioritization process is followed whereby the risks with the greatest loss and the greatest probability of occurring are handled first. performed. Intangible risk management identifies a new type of a risk that has a 100% probability of occurring but is ignored by the organization due to a lack of identification ability. decrease cost effectiveness. Vocabulary. identify. This is the idea of opportunity cost."[2] In ideal risk management. Method For the most part. reputation. iterative and responsive to change be capable of continual improvement and enhancement . Process-engagement risk may be an issue when ineffective operational procedures are applied. and risks with lower probability of occurrence and lower loss are handled in descending order.Risk management 4 Introduction This section provides an introduction to the principles of risk management. profitability. Risk management also faces difficulties in allocating resources.e. characterize. 3. Relationship risk appears when ineffective collaboration occurs. these methods consist of the following elements. and assess threats assess the vulnerability of critical assets to specific threats determine the risk (i. brand value. The vocabulary of risk management is defined in ISO Guide 73. a knowledge risk materializes.

3. • Source analysis Risk sources may be internal or external to the system that is the target of risk management. Hence. threats to those resources. The scenarios may be the alternative ways to achieve an objective. Risks are about events that.[6] • Risk charting[7] This method combines the above approaches by listing resources at risk. • Problem analysis Risks are related to identified threats. the threat of abuse of privacy information or the threat of accidents and casualties. industry practice and compliance. • Taxonomy-based risk identification The taxonomy in taxonomy-based risk identification is a breakdown of possible risk sources. the events that a source may trigger or the events that can lead to a problem can be investigated. lists with known risks are available."[3] the process of risk management consists of several steps as follows: Establishing the context Establishing the context involves: 1. or an analysis of the interaction of forces in. constraints. Identification After establishing the context. Common risk identification methods are: • Objectives-based risk identification Organizations and project teams have objectives. risk identification can start with the source of problems. • Common-risk checking In several industries. Based on the taxonomy and knowledge of best practices. 6. The chosen method of identifying risks may depend on culture. 4. Identification of risk in a selected domain of interest 2. • Scenario-based risk identification In scenario analysis different scenarios are created. cause problems. . human and organizational resources. Each risk in the list can be checked for application to a particular situation. or with the problem itself.Risk management 5 Process According to the standard ISO 31000 "Risk management -. customers and legislative bodies such as the government. Mapping out the following: • the social scope of risk management • the identity and objectives of stakeholders • the basis upon which risks will be evaluated. Planning the remainder of the process. privacy information may be stolen by employees even within a closed network. The threats may exist with various entities. lightning striking an aircraft during takeoff may make all people on board immediate casualties. Mitigation or Solution of risks using available technological. the next step in the process of managing risk is to identify potential risks. Developing an analysis of risks involved in the process. Any event that triggers an undesired scenario alternative is identified as risk . when triggered. a questionnaire is compiled. Any event that may endanger achieving an objective partly or completely is identified as risk. For example: the threat of losing money. When either source or problem is known. problem or event. employees of a company or the weather over an airport. Defining a framework for the activity and an agenda for identification. most important with shareholders. 5.Principles and guidelines on implementation. Examples of risk sources are: stakeholders of a project. For example: stakeholders withdrawing during a project may endanger funding of the project.see Futures Studies for methodology used by Futurists. a market or battle. modifying factors which may increase or decrease the risk and consequences it is wished to avoid. The [5] answers to the questions reveal risks. The identification methods are formed by templates or the development of templates for identifying source. for example.

there have been several theories and attempts to quantify risks. Medium or High. risk assessment should produce such information for the management of the organization that the primary risks are easy to understand and that the risk management decisions may be prioritized. the 1 to 5 scale can be arbitrary and need not be on a linear scale. Therefore. as follows: Composite Risk Index = Impact of Risk event x Probability of Occurrence The impact of the risk event is commonly assessed on a scale of 1 to 5. probability does not imply certainty. Again. but perhaps the most widely accepted formula for risk quantification is: Rate (or probability) of occurrence multiplied by the impact of the event equals risk magnitude Composite Risk Index The above formula can also be re-written in terms of a Composite Risk Index. . such as damage or loss) and to the probability of occurrence. depending on the sub-range containing the calculated value of the Composite Index. Note that the probability of risk occurrence is difficult to estimate. 6 Assessment Once risks have been identified. Furthermore. Over time. Take the "turnpike" example. where 1 and 5 represent the minimum and maximum possible impact of an occurrence of a risk (usually in terms of financial losses). the 1 to 5 scale can be arbitrary or non-linear depending on decisions by subject-matter experts. or impossible to know for sure in the case of the probability of an unlikely event occurring. the resulting growth could become unsustainable without forecasting and management. One can begin with resources and consider the threats they are exposed to and the consequences of each. they must then be assessed as to their potential severity of impact (generally a negative impact. once in ten years. Thus. Even a short-term positive improvement can have long-term negative impacts. where 1 represents a very low probability of the risk event actually occurring while 5 represents a very high probability of occurrence. Nevertheless. After all. once in 100 years etc. in the case of the value of a lost building. The Composite Index thus can take values ranging (typically) from 1 through 25. the three sub-ranges could be defined as 1 to 8. or one can begin with the consequences and determine which combination of threats and resources would be involved to bring them about.event has occurred here very often. as mentioned above. best educated opinions and available statistics are the primary sources of information. in the assessment process it is critical to make the best educated decisions in order to properly prioritize the implementation of the risk management plan. More traffic capacity leads to greater development in the areas surrounding the improved traffic capacity. Turnpikes thereby need to be expanded in a seemingly endless cycles. The overall risk assessment is then Low. However. There are many other engineering examples where expanded capacity (to do any function) is soon filled by increased demand. These quantities can be either simple to measure. 9 to 16 and 17 to 25. event has been known to occur in the industry etc. For instance. Numerous different risk formulae exist.). event has been known to occur here. This axis may be expressed in either mathematical terms (event occurs once a year.) or may be expressed in "plain english" . Alternatively one can start with the threats and examine which resources they would affect. Since expansion comes at a cost.Risk management Creating a matrix under these headings enables a variety of approaches. The probability of occurrence is likewise commonly assessed on a scale from 1 to 5. evaluating the severity of the consequences (impact) is often quite difficult for intangible assets. Asset valuation is another question that needs to be addressed. traffic thereby increases to fill available capacity. since the past data on frequencies are not readily available. A highway is widened to allow more traffic. Thus. and this range is usually arbitrarily divided into three sub-ranges. The fundamental difficulty in risk assessment is determining the rate of occurrence since statistical information is not available on all kinds of past incidents.

Defense Acquisition University. the impact of the risk is not easy to estimate since it is often difficult to estimate the potential loss in the event of risk occurrence. Hence it is absolutely necessary to periodically re-assess risks and intensify/relax mitigation measures. both the above factors can change in magnitude depending on the adequacy of risk avoidance and prevention measures taken and due to changes in the external business environment.g. but avoiding risks also means losing out on the potential gain that accepting (retaining) the risk may have allowed. budgets. 7 Risk Options Risk mitigation measures are usually formulated according to one or more of the following major risk options. or other factors typically require re-assessment of risks. Further. In business it is imperative to be able to present the findings of risk assessments in financial. Not entering a business to avoid the risk of loss also avoids the possibility of earning profits. or as necessary. An example would be not buying a property or business in order to not take on the legal liability that comes with it. political environment. (IBM. market conditions. schedules. in which Risk Management figures prominently in decision making and planning. 2. Control. Risk avoidance This includes not performing an activity that could carry risk. technology. market. Avoid risks altogether (e. Robert Courtney Jr. This use of the ACAT acronym is reminiscent of another ACAT (for Acquisition Category) used in US Defense industry procurements. which are: 1. Design a new business process with adequate built-in risk control and containment measures from the start. for Avoid. calls these categories ACAT. all techniques to manage the risk fall into one or more of these four major categories:[9] • • • • Avoidance (eliminate. by closing down a particular high-risk business area) Later research has shown that the financial benefits of risk management are less dependent on the formula used but are more dependent on the frequency and how risk assessment is performed. Periodically re-assess risks that are accepted in ongoing processes as a normal feature of business operations and modify mitigation measures. 3. or schedule terms. Avoidance may seem the answer to all risks.g. or Transfer. Another would be not flying in order not to take the risk that the airplane were to be hijacked. Potential risk treatments Once risks have been identified and assessed. withdraw from or not become involved) Reduction (optimize . from the US Department of Defense. Another source. The formula proposes calculation of ALE (annualised loss expectancy) and compares the expected loss value to the security control implementation costs (cost-benefit analysis).mitigate) Sharing (transfer .Risk management Likewise. Some of them may involve trade-offs that are not acceptable to the organization or person making the risk management decisions. .[8] The Courtney formula was accepted as the official risk analysis method for the US governmental agencies.outsource or insure) Retention (accept and budget) Ideal use of these strategies may not be possible. Changes in procedures. Transfer risks to an external agency (e. 1970) proposed a formula for presenting risks in financial terms. an insurance company) 4. Accept.

For example. the second stage is mitigation. the manufacturing of hard goods. it can optimise risk to achieve levels of residual risk that are tolerable. If this takes too long. a company may outsource only its software development. is too costly. or is otherwise impractical. In practice if the insurance company or contractor go bankrupt or end up in court. For example. Some ways of managing risk fall into multiple categories. the buyer of the contract generally retains legal responsibility for the losses "transferred". This is different from traditional insurance. By an offshore drilling contractor effectively applying HSE Management in its organisation. any problems encountered in earlier phases meant costly rework and often jeopardized the whole project. Risk sharing Briefly defined as "sharing with another party the burden of loss or the benefit of gain. This way.Risk management Hazard Prevention Hazard prevention refers to the prevention of risks in an emergency. Outsourcing could be an example of risk reduction if the outsourcer can demonstrate higher capability at managing or reducing risks. As such in the terminology of practitioners and scholars alike. software projects can limit effort wasted to a single iteration. optimising risks means finding a balance between negative risk and the benefit of the operation or activity. The first and most effective stage of hazard prevention is the elimination of hazards. but spreading it over the whole group involves transfer among individual members of the group. or customer support needs to another company. meaning that insurance may be described more accurately as a post-event compensatory mechanism. but instead losses are assessed to all members of the group. By developing in iterations. but the cost may be prohibitive as a strategy. Risk retention pools are technically retaining the risk for the group. the original risk is likely to still revert to the first party. the company can concentrate more on business development without having to worry as much about the manufacturing process." However. while handling the business management itself. a personal injuries insurance policy does not transfer the risk of a car accident to the insurance company." The term of 'risk transfer' is often used in place of risk sharing in the mistaken belief that you can transfer a risk to a third party through insurance or outsourcing. and between risk reduction and effort applied. The risk still lies with the policy holder namely the person who has been in the accident. managing the development team. from a risk. Acknowledging that risks can be positive or negative. This method may cause a greater loss by water damage and therefore may not be suitable. Early methodologies suffered from the fact that they only delivered software in the final phase of development.[11] For example. sprinklers are designed to put out a fire to reduce the risk of loss by fire. or finding a physical location for a call center.[10] Modern software development methodologies reduce risk by developing and delivering software incrementally. the purchase of an insurance contract is often described as a "transfer of risk. technically speaking. The insurance policy simply provides that if an accident (the event) occurs involving the policy holder then some compensation may be payable to the policy holder that is commensurate to the suffering/damage. in that no premium is exchanged between members of the group up front. 8 . Risk reduction Risk reduction or "optimization" involves reducing the severity of the loss or the likelihood of the loss from occurring. and the measures to reduce a risk. Halon fire suppression systems may mitigate that risk.

which should be documented in a Statement of Applicability. a risk concerning the image of the organization should have top management decision behind it whereas IT management would have the authority to decide on computer virus risks. and 2. For example. All risks that are not avoided or transferred are retained by default. Implementation Implementation follows all of the planned methods for mitigating the effect of the risks.Risk management Risk retention Involves accepting the loss. reduce others. to evaluate whether the previously selected security controls are still applicable and effective. Mitigation of risks often means selection of security controls. the stage immediately after completion of the risk assessment phase consists of preparing a Risk Treatment Plan. to evaluate the possible risk level changes in the business environment. Risk retention is a viable strategy for small risks where the cost of insuring against the risk would be greater over time than the total losses sustained. so the loss attributed by war is retained by the insured. an observed high risk of computer viruses could be mitigated by acquiring and implementing antivirus software. time can be wasted in dealing with risk of losses that are not likely to occur. The primary justification for a formal risk assessment process is legal and bureaucratic. Purchase insurance policies for the risks that have been decided to be transferred to an insurer. The risk management plan should propose applicable and effective security controls for managing the risks. avoid all risks that can be avoided without sacrificing the entity's goals. Practice. For example. This includes risks that are so large or catastrophic that they either cannot be insured against or the premiums would be infeasible. A good risk management plan should contain a schedule for control implementation and responsible persons for those actions. Also any amounts of potential loss (risk) over the amount insured is retained risk. or benefit of gain. and retain the rest. According to ISO/IEC 27001. which identifies which particular control objectives and controls from the standard have been selected. For instance. Review and evaluation of the plan Initial risk management plans will never be perfect. information risks are a good example of rapidly changing business environment. War is an example since most property and risks are not insured against war. . and actual loss results will necessitate changes in the plan and contribute information to allow possible different decisions to be made in dealing with the risks being faced. Spending too much time assessing and managing unlikely risks can divert resources that could be used more profitably. There are two primary reasons for this: 1. 9 Create a risk management plan Select appropriate controls or countermeasures to measure each risk. and why. Limitations If risks are improperly assessed and prioritized. Qualitative risk assessment is subjective and lacks consistency. experience. Unlikely events do occur but if the risk is unlikely enough to occur it may be better to simply retain the risk and deal with the result if the loss does in fact occur. which should document the decisions about how each of the identified risks should be handled. Risk mitigation needs to be approved by the appropriate level of management. This may also be acceptable if the chance of a very large loss is small or if the cost to insure for greater coverage amounts is so great it would hinder the goals of the organization too much. from a risk when it occurs. Risk analysis results and management plans should be updated periodically. True self insurance falls in this category.

C where C = cost accrual ratio * S). enterprise risk management is normally thought of as the combination of credit risk. Rs where Rs = P * S): • Sorting on this value puts the highest risks to the schedule first. Risk can be measured by impacts x probability. a project manager can estimate: • the cost associated with the risk if it arises. or the customers of the enterprise. . market risk. In a financial institution. This is intended to cause the greatest risks to the project to be attempted first so that risk is minimized as quickly as possible. the resources (human and capital). estimated by multiplying employee costs per unit time by the estimated time lost (cost impact. as illustrated in the equation above. (The risk of the RMS Titanic sinking vs. Enterprise risk management In enterprise risk management. • the probable increase in time associated with a risk (schedule variance due to risk. • This is slightly misleading as schedule variances with a large P and small S and vice versa are not equivalent. the passengers' meals being served at slightly the wrong time). as well as external impacts on society.Risk management Prioritizing the risk management processes too highly could keep an organization from ever completing a project or even getting started. See value at risk. • the probable increase in cost associated with a risk (cost variance due to risk. markets. In the more general case. monitoring and controlling the financial or operational risk on a firm's balance sheet. a risk is defined as a possible event or circumstance that can have negative influences on the enterprise in question. credit risk and operational risk and also specifies methods for calculating capital requirements for each of these components. or the environment. and operational risk. every probable risk can have a pre-formulated plan to deal with its possible consequences (to ensure contingency if the risk becomes a liability). the products and services. Risk in a project or process can be due either to Special Cause Variation or Common Cause Variation and requires appropriate treatment. That is to re-iterate the concern about extremal cases not being equivalent in the list immediately above. Rc where Rc = P*C = P*CAR*S = P*S*CAR) • sorting on this value puts the highest risks to the budget first. 10 Areas of risk management As applied to corporate finance. interest rate risk or asset liability management. Its impact can be on the very existence. This is especially true if other work is suspended until the risk management process is considered complete. or cost accrual ratio. • see concerns about schedule variance as this is a function of it. risk management is the technique for measuring. The Basel II framework breaks risks into market risk (price risk). From the information above and the average cost per employee over time. It is also important to keep in mind the distinction between risk and uncertainty.

[12] [13] Risk management of Information Technology Information technology is increasing pervasive in modern life in every sector. • Preparing mitigation plans for risks that are chosen to be mitigated. Further. effectiveness of mitigation activities. aviation. and social and environmental impacts. wastewater projects. information technology systems. Risk management for megaprojects Megaprojects (sometimes also called "major programs") are extremely large-scale investment projects. • Maintaining live project risk database. tunnels. • Summarizing planned and faced risks. • Creating anonymous risk reporting channel. Risk management techniques in petroleum and natural gas For the offshore oil and gas industry. railways. title. power plants. operational risk management is regulated by the safety case regime in many countries. and effort spent for the risk management. Megaprojects have been shown to be particularly risky in terms of finance. activities and budget. This relatively new term due to an increasing awareness that information security is simply one facet of a multitude of risks that are relevant to IT and the real world processes it supports. short description. probability and importance. oil and natural gas extraction projects. Risk management is therefore particularly pertinent for megaprojects and special methods and special education have been developed for such risk management. The purpose of the mitigation plan is to describe how this particular risk will be handled – what. • Assigning a risk officer . typically costing more than US$1 billion per project. diagrammatic representations of hazardous events are often expected by governmental regulators as part of risk management in safety case submissions. and organisations such as the IADC (International Association of Drilling Contractors) publish guidelines for HSE Case development which are based on the ISO standard. Hazard identification and risk assessment tools and techniques are described in the international standard ISO 17776:2000. Each team member should have possibility to report risk that he/she foresees in the project. these are known as bow-tie diagrams. by who and how will it be done to avoid it or minimize consequences if it becomes a liability. The technique is also used by organisations and regulators in mining. Megaprojects include bridges. Optionally a risk may have an assigned person responsible for its resolution and a date by which the risk must be resolved.a team member other than a project manager who is responsible for foreseeing potential project problems. public buildings. Typical characteristic of risk officer is a healthy skepticism.Risk management 11 Risk management activities as applied to project management In project management. Plans should include risk management tasks. ISACA's Risk IT framework ties IT risk to Enterprise risk management. airports.[14] [15] [16] IT risk is a risk related to information technology. when. dams. industrial and finance. highways. aerospace projects. responsibilities. A number of methodologies have been developed to deal with this kind of risk. seaports.[17] . safety. Each risk should have the following attributes: opening date. coastal flood protection schemes. risk management includes the following activities: • Planning how risk will be managed in the particular project. health. and defence systems. defence.

for example. The necessity to have BCP in place arises because even very unlikely events will occur if given enough time. Coordinate and collaborate with other credible sources. . during the planning stage of offshore oil and gas facilities in Scotland. to make the risk comprehensible and relatable to other risks. • "A picture paints a thousand words. However. consequences. the BCP process goes beyond risk management's preemptive approach and assumes that the disaster will happen at some point. and results in a high level of engagement. cost estimates etc. and threats. frank. In fact these processes are so tightly tied together that such separation seems artificial. the risk management process creates important inputs for the BCP (assets." Seven cardinal rules for the practice of risk communication (as first expressed by the U. These have been effective. Be honest. controls. All risks can never be fully avoided or mitigated simply because of financial and practical limitations. Risk communication Risk communication is a complex cross-disciplinary academic field. For this reason (amongst others) an increasing number of government regulators for major hazard facilities (MHFs). aviation. opportunities. Bow tie diagrams A popular solution to the quest to communicate risks and their treatments effectively is to use bow tie diagrams. Speak clearly and with compassion. For example. Whereas risk management tends to be preemptive.S. how to pay appropriate respect to the audience's values related to the risk. how to predict the audience's response to the communication. Listen to the public's specific concerns. and open. the technique is used for HAZID (Hazard Identification) workshops of all types. weaknesses. Plan carefully and evaluate your efforts with a focus on your strengths. impact assessments. Meet the needs of the media. offshore oil & gas. Therefore all organizations have to accept some level of residual risks. its causes. business continuity planning (BCP) was invented to deal with the consequences of realised residual risks. and how controls fail. Problems for risk communicators involve how to reach the intended audience. Therefore. Risk communication is somewhat related to crisis communication. risk management covers several areas that are vital for the BCP process.Risk management 12 Risk management and business continuity Risk management is simply a practice of systematically selecting cost effective approaches for minimising the effect of threat realization to the organization.). • The bow tie diagram can be readily understood at all personnel levels. welcome safety case submissions which use diagrammatic representation of risks at their core. Environmental Protection Agency and several of the field's founders[18] ) • • • • • • • Accept and involve the public/other consumers as legitimate partners. etc. Risk management and BCP are often mistakenly seen as rivals or overlapping practices. A main goal of risk communication is to improve collective and individual decision making. in a public forum to model perceived risks and communicate precautions. Communication advantages of bow tie diagrams: [17] • Visual illustration of the hazard. Risk management also proposes applicable controls for the observed risks. etc. Equally.

. org/ iso/ iso_catalogue/ catalogue_ics/ catalogue_detail_ics.2. Vulnerabilities and Consequences (http://opencrs. iso. Risk management — Vocabulary (http:/ / www.html). London: Institute of Risk Management.. com/ ?mc=bet-governance& page=ss-viewresearch). N. 46. 18. Washington DC: Congressional Research Service. Douglas (2009). Retrieved 2008-05-26.cfm). pdf) (PDF).edu/arp/14/). International Organization for Standardization. Mark S. Crisis and Security Management.S. Risk Management Systems : Technology Trends (Finance and Capital Markets). [10] IADC HSE Case Guidelines for MODUs 3. • Moteff. James W. drj. Project Management Journal (Project Management Institute) 37 (3): 5–15. iso. ie/ uploads/ file/ N047_Committee_Draft_of_ISO_31000.edu/library/abstracts/ reports/08tr005. Frederick H.theirm. Business Trends Quarterly. btquarterly.com/document/RL32561/2005-02-04). [12] [Bent Flyvbjerg. php?option=com_content& task=view& id=605& Itemid=450) [9] Dorfman. [3] ISO/DIS 31000 (2009). (2007). . (2005-11-03) The Digital Hand: Volume II: How Computers Changed the Work of American Financial. bowtiexp. The Failure of Risk Management: Why It's Broken and How to Fix It.txstate. 2003. and Managing Threats.sei. 496 ISBN 978-0195165869 [17] http:/ / www. Introduction to Risk Management and Insurance (9 ed. UK: Woodhead-Faulkner.7 [11] Roehrig. John Wiley & Sons. An Introduction to Risk Management (2 ed.aau.J: Prentice Hall. Version 1. p. [5] CMU/SEI-93-TR-6 Taxonomy-based risk identification in software industry (http:/ / www. Risk management — Principles and guidelines on implementation (http:/ / www. Texas State University. • Altemeyer. cmu. com/ index.] [13] *Oxford BT Centre for Major Programme Management [14] Cortada. Further reading • Alberts. Vincent T. Washington. Cambridge. • Gorrod. Texas State University. Seven Cardinal Rules of Risk Communication. Englewood Cliffs. . • Borodzicz. ISBN 0-13-224227-3. org/publications/PUstandard. com. Allen. sei. Software Engineering Institute. Neil (1986). Christopher. edu/ library/ abstracts/ reports/ 93tr006. "Bet On Governance To Manage Outsourcing Risk" (http:/ / www. Nils Bruzelius.). John (2009). . and Entertainment Industries USA: Oxford University Press ISBN 978-0195165876 [16] Cortada. asp#aboutBowTies [18] Covello. Bent (August 2006). James W. htm?csnumber=44651). [4] "Committee Draft of ISO 31000 Risk management" (http:/ / www. (April 1988). James W. (Report).Risk management 13 References [1] Hubbard. John (2005) Risk Management and Critical Infrastructure Protection: Assessing. • Alexander. ISBN 0859413322. [8] Disaster Recovery Journal (http:/ / www. Lisa Marino (March 2008). Audrey Dorofee. Mission Diagnostic Protocol. Basingstoke: Palgrave Macmillan. PRMIA Publications. Elizabeth (2005).pdf) (PDF). and Retail Industries USA: Oxford University Press pp. edu/arp/301/). Retrieved 2008-05-26. Telecommunicati ons. [2] ISO/IEC Guide 73:2009 (2009).. Integrating. P (2006). Martin (2004). p. International Organization for Standardization. Environmental Protection Agency. OPA-87-020. htm?csnumber=43170). ISBN 0-9766097-0-3. International Organization for Standardization. ISBN 0-470-86704-3.). Vol 3: How Computers Changed the Work of American Public Sector Industries USA: Oxford University Press pp. au/ bowtiexp. section 4. • Institute of Risk Management/AIRMIC/ALARM (2002). An Assessment of Texas State Government: Implementation of Enterprise Risk Management. 512 ISBN 0195165888 [15] Cortada. "From Nobel Prize to Project Management: Getting Risks Right" (http:// flyvbjerg. Risk. • Flyvbjerg. • Hutto. Carol and Sheedy. The Professional Risk Managers' Handbook: A Comprehensive Guide to Current Theory and Best Practices. org/ iso/ iso_catalogue/ catalogue_tc/ catalogue_detail. Lynn (2004).dk/Publications2006/Nobel-PMJ2006. ISBN 1-4039-1617-9. and Werner Rothengatter. mitre. (2003-12-04) The Digital Hand: How Computers Changed the Work of American Manufacturing. Transportation. . org) [7] Crockford.plan.0: A Risk-Based Approach for Assessing the Potential for Success (http://www.txstate. Applied Research Project (http://ecommons. Megaprojects and Risk: An Anatomy of Ambition (Cambridge University Press).cmu. (2007-11-06) The Digital Hand. cfm) [6] Common Vulnerability and Exposures list (http:/ / cve. Risk Management in Law Enforcement. Applied Research Project (http://ecommons. New York: Wiley. nsai. Media. Edward (2005). A Risk Management Standard (http://www. DC: U.

pdf • Hopkin.theirm. Gary. ISBN 0-7337-2647-X. Alexis (July 2002) (PDF). Quaid.dmoz. archive. Risk management.htm#General). • Airmic / Alarm / IRM (2010) "A structured approach to Enterprise Risk Management (ERM) and the requirements of ISO 31000" http://www. Defense AT&L (Defense Acquisition University): 28–30. Risk Management Guide for Information Technology Systems (http://csrc.nist. Judgment and Luck" (http://web.epa.pdf) (PDF). • Ward. North Sydney. N.W: Standards Association of Australia.org/documents/SARM_FINAL. Archived from the original (http://www. United State Environmental Protection Agency. • United States Environmental Protection Agency (April 2004). General Risk Management Program Guidance (http://www. Paul "Fundamentals of Risk Management" Kogan-Page (2010) ISBN 978 0 7494 5942 0 14 External links • Risk management (http://www.dau.dau. Goguen.gov/OEM/content/rmp/rmp_guidance. Dan.Risk management • Standards Association of Australia (1999). Retrieved 2008-05-26. "The Pursuit of Courage. • Stoneburner. MD: National Institute of Standards and Technology.pdf).mil/pubs/dam/03_04_2007/war_ma07. Gaithersburg. Chris (March/April 2007).org/Business/Financial_Services/Insurance/Risk_Management/) at the Open Directory Project .org/web/20080408205443/http://www.pdf) on 2008-04-08.S. Alice and Feringa.mil/ pubs/dam/03_04_2007/war_ma07.gov/publications/nistpubs/800-30/sp800-30.

The founders of the association included the following: • Edwin G. working to improve standards and practices and enabling firms to work smarter. AMCF helps its members cope with the rapid changes affecting their practices today. Founded in 1929 as ACME (Association of Management Consulting Engineers)[4] . founder of both Booz Allen & Hamilton and Booz & Company[7] • Marvin Bower. the Association of Management Consulting Firms serves the industry as a resource for information on the management of a consulting practice.B. History The Association of Management Consulting Firms (AMCF) was founded in 1929 as ACME. founder of H. research. single-office firms along with large multinational organizations. Cresap McCormick & Paget. Maynard & Company[9] . The association also promotes a better understanding of the profession among the business community. and the public. It also serves as the voice of the industry on major issues. Paget. AMCF promotes knowledge exchange and professional standards for the community of management consulting firms around the world. Booz. Maynard. Its membership is diverse: large and small firms. a firm owned by Management Consulting Group[11] . government. generalists and specialists. named the "father of modern management consulting" by Harvard Business School.org [2] Services Website The Association of Management Consulting Firms (AMCF) is an international not-for-profit[3] membership association of firms which are engaged in the practice of consulting to management. Kurt Salmon Associates.[5] Headquartered in New York. helping consultants to better understand developments within the profession and to capitalize on new opportunities. President & CEO Peggy Vaughan. NY.[6] AMCF represents leading management consulting firms worldwide. representing the profession before government and regulatory bodies. Towers Perrin • Kurt Salmon. founder of KSA. the Association of Management Consulting Engineers. and communications. It provides a forum for the exchange of ideas. traditional management consultants as well as providers of professional services. NY Area served Key people Worldwide John Furth. It does this by helping members strengthen their senior management teams through value-driven programs. academia. now owned by Accenture[10] • Richard M.Association of Management Consulting Firms 15 Association of Management Consulting Firms Association of Management Consulting Firms Type Founded Not-for-profit 1929 [1] Headquarters New York. Just as consultants help clients manage change within their industries. a leader with McKinsey & Company[8] • H. Chairman of the Board Management consulting amcf.B. AMCF is now an integral part of the management consulting industry.

org/ [3] "AMCF Bylaws" (http:/ / www. php?option=com_content& view=article& id=14& Itemid=25). boozallen. org/ amcf/ index. [13] http:/ / amcf. AMCF's Code of Ethics conforms with recent regulatory and legislative initiatives and assures the users of consulting services that AMCF members are publicly committed to providing the highest quality work. . html). net/ stories/ consult.[14] [13] References [1] "AMCF Bylaws" (http:/ / www. [8] "BusinessWeek: January. [10] "AllBusiness: January. com/ doc/ 1G1-96956293. org/ amcf/ index. org/ memBylaws. php?option=com_content& view=article& id=4& Itemid=6). php?option=com_content& view=article& id=4& Itemid=6). [2] http:/ / www. External links • Association of Management Consulting Firms (AMCF) (http://www. Inc. org/ amcf/ index. com/ bwdaily/ dnflash/ jan2003/ nf20030124_5912. html).org/) . php?option=com_content& view=article& id=14& Itemid=25 [14] "Bylaws and Code of Ethics" (http:/ / amcf. Member firms and their staffs subscribe to this Code of Ethics [13]. asp). According to their website. org/ amcf/ index. . 2003" (http:/ / www. [4] "New York Times: February. amcf. . amcf. . . The Saint Consulting Group Tata Consultancy Services Towers Watson[12] Code of Ethics The association is well-known for its strong Code of Ethics [13]. . . encyclopedia. [6] "The Business of AMCF" (http:/ / amcf. php?option=com_content& view=article& id=4& Itemid=6). [9] "AMCF Historical Information" (http:/ / amcf. businessweek. [11] "AMCF Historical Information" (http:/ / amcf. . org/ memBylaws. org/ amcf/ index. any firm which engages in the practice of management consulting may be considered for membership. [12] "Member Firms of AMCF. html). . 2009" (http:/ / amcf. htm). sree.amcf. 2003" (http:/ / www. org/ amcf/ index. . Some of the most recognized members of AMCF include: • • • • • • • • • • Capgemini Deloitte Consulting Ernst & Young FTI Consulting IBM Business Consulting Services Management Consulting Group PLC Navigant Consulting. allbusiness. and in turn enjoy the rights and privileges of an AMCF member.Association of Management Consulting Firms 16 Members According to the AMCF bylaws. [5] "PR Newswire: January. php?option=com_content& view=article& id=8& Itemid=19). 1997" (http:/ / www. asp). . amcf. . 2008" (http:/ / www. com/ company-activities-management/ company-structures-ownership/ 6621079-1. com/ about/ article/ 981170). [7] "Booz Allen Article" (http:/ / www.

1941 Pearl Harbor attack. and had been lecturing widely throughout the United States and abroad on risk management. Peter Bernstein was the son of financial consultant Allen Bernstein and his wife. in a civilian capacity.. at the Office of Strategic Services in Washington. and as a Trustee of the Investment Management Workshop sponsored by the Association for Investment Management & Research (AIMR). whom he married in 1972. where he personally managed billions of dollars of individual and institutional portfolios. As investment manager In 1951. 2009) was an American financial historian. Peter Bernstein was 90 years old when he died of pneumonia at NewYork-Presbyterian/Weill Cornell Hospital. after teaching economics at Williams College and a five-year stint in commercial banking. in 1940. in first grade. economist and educator whose development and refinement of the efficient-market hypothesis made him one of the country's best known authorities in popularizing and presenting investment economics to the general public. assigned to the Office of Strategic Services in the European theater. Robert Heilbroner. A longtime resident of Manhattan. Arnott's investment management firm. he joined the Air Force and rose to the rank of captain. bachelors degrees in economics. His first wife. after having broken a hip. came service as a member of the research staff at the Federal Reserve Bank of New York and. His primary education was at the Ethical Culture School where. Shirley. The assets under his management had grown more than tenfold by the time the firm was sold in 1967 and he resigned in 1973 to launch Peter L. a year later. Research Affiliates. portfolio strategy. at family insistence. he became a lifelong friend of another renowned economics historian. as a Trustee and member of the Finance Committee of the College Retirement Equities Fund (CREF). Bernstein 17 Peter L. In the aftermath of the December 7. Barbara. Irma Lewyn. died in 1971 and he is survived by his second wife. Bernstein took over. asset allocation. to become the first editor of the Journal of Portfolio Management. from which both received. . Bernstein Peter Lewyn Bernstein (January 22. with whom he later attended Horace Mann School and Harvard College. the management of his late father's wealth management firm. 1919 – June 5. Education and military service during World War II A native of New York City. Bernstein-Macaulay Inc. a widely-read scholarly financial publication for investment managers and academics. and market history. and. He continued as consulting editor of the Journal and served on the advisory panel of Robert D. Inc. where he was elected to Phi Beta Kappa and graduated magna cum laude. Bernstein. Career as educator and lecturer Bernstein served for many years on the Visiting Committee to the Economics Department at Harvard University. Following Harvard.Peter L.

NJ: John Wiley & Sons. Streetwise: The Best of The Journal of Portfolio Management.W.000 copies worldwide. (1996). Robert L. (1983). New York: John Wiley & Sons. • Heilbroner. ISBN 0-471-73173-0. Bernstein’s other books are The Power of Gold: The History of an Obsession. New York: Institutional Investor Books. Bernstein (1989). Against The Gods: The Remarkable Story of Risk.Peter L. In 1992 Capital Ideas: The Improbable Origins of Modern Wall Street was published by The Free Press in Canada and Maxwell Macmillan Internationaland in USA since become a worldwide guide to modern investment theories and practices. Against The Gods: The Remarkable Story of Risk.. (2007). • Bernstein.. Peter L. as well as Economist on Wall Street (Macmillan 1970). . Wedding of the Waters: The Erie Canal and the Making of a Great Nation. • Bernstein. Norton & Co. Hoboken. Peter L. Princeton. Bernstein 18 Works Bernstein was the author of ten books in economics and finance as well as countless articles in professional journals such as Harvard Business Review. New York: W. In 1998. Peter L. Financial Analysts Journal and. Bibliography • Bernstein. ISBN 0-029-03011-0. 1962). ISBN 0-471-19716-5. ISBN 0-393-02752-X. New York: John Wiley & Sons. Peter L. was published in 1997 by Princeton University Press: Earlier books include A Primer on Money.. • Bernstein. ISBN 0-471-10661-5. was published in May 2007 by John Wiley and Sons. New York: W. • Bernstein. among others. published in the fall of 2000 by John Wiley and Sons. and The Price of Prosperity (Doubleday. edited by Peter L. Fabozzi (1997). Peter L. Fabozzi. Capital Ideas Evolving. • Bernstein. in addition to two books on government finance co-authored with Robert Heilbroner. The book has sold over 500. Peter L. Security Selection and Active Portfolio Management. ISBN 0-393-05233-8. Special Real Estate Issue. Aswath Damodaran (1998). in the popular press. • Bernstein. The Wall Street Journal. Norton & Co. Bernstein and Frank J. International Investing. (1978). among others. (2005). New York: John Wiley & Sons. Capital Ideas: The Improbable Origins of Modern Wall Street. Wedding of the Waters: The Erie Canal and the Making of a Great Nation. New York: Institutional Investor Books. Peter L. (2000). it was awarded the Clarence Arthur Kelp/Elizur Wright Memorial Award from The American Risk and Insurance Association (ARIA) as an outstanding original contribution to the literature of risk and insurance. (1995).. ISBN 0-691-01129-X. ISBN 0-471-12104-5. NJ: Princeton University Press. Worth magazine and Bloomberg. Capital Ideas Evolving. Streetwise: The Best of The Journal of Portfolio Management. New York: Maxwell Macmillan International. Peter L. Peter L. The Portable MBA in Investment. Investment Management. • Bernstein. The Power of Gold: The History of an Obsession. • Bernstein. New York: Institutional Investor Systems. innovative management book published in 1996. was published by John Wiley & Sons in September 1996 and won the Edwin G. • Bernstein. The New York Times. The Debt and the Deficit: False Alarms/Real Possibilities. Peter L. New York: John Wiley & Sons. Peter L. • Bernstein. Peter L.. Frank J.W. (2005).W. published in 2005 by W. the follow-up to this seminal work. Banking and Gold (Random House 1965). (1992). Booz Prize for the most insightful. Norton & Co. ISBN 0-471-25210-7. and has contributed to collections of articles published by Perseus and FT Mastering.

marketthoughts. Peter L. Robert L. A Primer on Government Spending. html?_r=1& scp=2& sq=Peter%20L. Banking. %20Bernstein& st=cse [3] http:/ / www. Dies at 90" (The New York Times obituary {with photograph}. and • The James R. (1962). html . • Bernstein. Louis.. com/ [2] http:/ / www. 2009) [2] External links • Book Reviews: Peter Bernstein [3] References [1] http:/ / www. References • Peter L Bernstein's Homepage. the Value of Money. Bernstein • Bernstein.Peter L. Bernstein. A Primer on Money. June 8. (1977). nytimes. Retrieved January 25. New York: Random House. • Bernstein. (1977). Peter L. (1970). Peter L. Explainer of Risks of Stocks. (1965). The Theory and Practice of Bond Portfolio Management. New York: Institutional Investor Books. • The Graham & Dodd Award. Peter L. Peter L. Portfolio Management and Efficient Markets: Theoretical Relevance and Practical Applications. New York: Institutional Investor Books. the Security of Investments. • Bernstein. NY: Doubleday. AIMR's highest award. • Bernstein. • Heilbroner. Vertin Award. Peter L. 19 Awards Peter Bernstein received three major awards from the Association for Investment Management & Research (AIMR). The Price of Prosperity: A Realistic Appraisal of the Future of our National Economy. 2005 [1] • Uchitelle. New York: Random House. and Gold. recognizing individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. given annually for the outstanding article in the Financial Analysts Journal for the previous year. Bernstein (1963). peterlbernsteininc. and Other Delusions. "Peter L. com/ peter_bernstein_capital_ideas. the key organization for investment managers and analysts: • The Award for Professional Excellence. com/ 2009/ 06/ 08/ business/ 08bernstein. Garden City. Economist on Wall Street: Notes on the Sanctity of Gold. New York: Macmillan.

six sigma). low turn-over. "Are You Sitting on a Ticking Time Bomb. can push firms over the edge. Axtell". size.[3] The Limits of Statistics Black swan management addresses the challenges of quantitative management approaches (e. variance. and avoiding complex debt financing of projects. kurtosis. September 2011. March 2011. ac. "Here be dragons… exploring the unknown unknowns". no. Pages 196-201 Mandelbrot and Taleb. e.. Science.[4] Black swan management are approaches to manage performance when performances are driven by exceptions and statistical outliers. 7 September 2001.S. uk/ execed/ strategy/ mpm/ Pages/ default. Volume 43. Black swan management consists of managing the affairs of organizations and individuals with the specific purpose of avoiding negative black swans and seeking out positive black swans. Because failure cases showed that difficult competitive environments. agile planning approaches.1062081 [6] Bent Flyvbjerg and Alexander Budzier.1126/science. Vol. and skewness do not converge and can not be computed from the theoretical distribution. "Are You Sitting on a Ticking Time Bomb. DOI: 10. Issue 2.[6] The objective of black swan management is to simplify the pay-back functions of endeavours and thinning out the tails of the risk simultaneously.g. e. aspx Bent Flyvbjerg and Alexander Budzier.Black swan management 20 Black swan management "Black swan management" is a term coined by Oxford University professor Bent Flyvbjerg in 2010 in his course on major program risk at Oxford." Harvard Business Review. sbs. September 2011.g. high leverage. 5536 pp. Mandelbrot and Taleb argued in a FT piece that thick tail distribution are the expression of high uncertainty. "Futures". September 2011. 1818-1820.[7] Reference List [1] [2] [3] [4] [5] http:/ / www. defined as an event that has low probability but causes massive consequences. so called black swans. Black swans are a type of unknown unknows in risk management next to post normal science and wicked problems. The limits of statistics are reached because of the existence of power laws in the thick tails.[5] Black swan management approaches Main means for avoiding negative black swans are to reduce the complexity. ox. eroding margins. "Zipf Distribution of U. Firm Sizes".g. thus higher order moments.[1] The concept was later used in an article in Harvard Business Review.. scientific management. . 2005 "Robert L." Harvard Business Review.[2] Black swan management is based on Nassim Taleb's idea of the black swan. Shirin Elahi. "Are You Sitting on a Ticking Time Bomb. "A focus on the exceptions that prove the rule". "Financial Times". [7] Bent Flyvbjerg and Alexander Budzier." Harvard Business Review. Commonly used methods of reducing complexity are modularity. and duration of planned projects. 293. Black swan management tools reduce complexity and decrease the variability of performance.

Spatial Planning and Responses to Natural Hazards Building Safer Communities. community development and spatial planning.Building Safer Communities. Social impact assessment is a tool that helps to better identify the social and community dimensions of risk. Risk management Essay IOS Press 2009 278 pages ISBN 978-1-60750-046-9 441170952 [1] 2009932645 Building Safer Communities. The avoidance of disruption of environmental functions. environmental management. Participatory decision-making processes need to be improved by differentiating among their types and applications. The engagement of all stakeholders in mitigation planning. Spatial Planning and Responses to Natural Hazards is a 2009 book edited by Urbano Fra Paleo. It promotes the adoption of proactive. in order to effectively respond in risk management. The need of integrating mandates of higher level government with cooperative planning in order to both secure local government participation and make planning sustainable. Risk Governance. . particularly through land use planning. The integration of mitigation with other social. and as an advancement in the integration of current practices. Risk Governance. whose implementation might help to mitigate the increasing losses caused by natural hazards. Spatial Planning and Responses to Natural Hazards 21 Building Safer Communities. Risk Governance. Processes of human exposure to natural hazards should be fully understood in order to prevent further exposure. including emergency management. This textbook examines the central principles of enhanced risk governance. The precautionary principle needs to be integrated in risk management. Urban risk governance can only be understood within the framework of regional and biophysical systems. although under comprehensible regulation in order to promote action. It serves both as a comprehensive introduction to the formulation and implementation at the strategic level of policies that address risk. The authors study and construe solutions that review integrated strategies of the various levels of government considering: • • • • • • • • • • • The central role of local government in planning for mitigation. People perception of and response to risk must be part of the planning process. by influencing on the occupation of hazard-prone areas. Risk Governance. Spatial Planning and Responses to Natural Hazards Author(s) Country Language Series Subject(s) Genre(s) Publisher Publication date Pages ISBN OCLC Number LC Classification Urbano Fra Paleo (editor) Netherlands English Human and Societal Dynamics Natural hazards. published by IOS Press. preventive approaches in public policies. economic and environmental goals.

Highly toxic dioxins. Risk Governance. Risk Governance. even human body parts with jet fuel being used as an accelerant. batteries. nl/ loadtop/ load. can be produced in elevated levels with increased combustion of plastic waste (such as discarded drinking water bottles) and if the combustion is not at high incinerator temperatures. nl/ Content/ View. military. the largest U. php?isbn=9781607500469) [3] Building Safer Communities. produced in small amounts in almost all burning processes. [1] .S. 22 References [1] http:/ / worldcat. and • Post-disaster recovery also provides opportunities for mitigation and community improvement. or its contractors such as KBR operated large burn pits for long periods of time burning many tons of assorted waste.S. After some years the American military did adopt other methods. medicine. "Burning solid wastes in an open pit generates numerous pollutants. iospress."[2] Locations Joint Base Balad. appliances. hexachlorobenzene. volatile organic compounds. polycyclic aromatic hydrocarbons.Building Safer Communities. and ash. Spatial Planning and Responses to Natural Hazards (http:/ / www. In Iraq and Afghanistan the U. booksonline. particulate matter. iospress. Duration Burn pits were adopted as a temporary measure but remained open long after alternative methods of disposal such as incineration were available.[1] According to an Air Force fact sheet. Active duty personnel reported respiratory difficulties and headaches in some cases and some veterans have made disability claims based on respiratory system symptoms. Clouds of black smoke resulted. Spatial Planning and Responses to Natural Hazards • Planning should be considered more as a process than as a result. aspx?piid=14130) Burn pit A burn pit is an area devoted to open-air combustion of trash. base in Iraq had a burn pit operation as late as the summer of 2008 burning 147 tons of waste per day when the Army Times published a major story about it and about health concerns. Modern waste contains significant amounts of plastic and other material which may emit toxic aerial compounds and particulates when burned. org/ oclc/ 441170952 [2] Building Safer Communities. and an Associate Professor of Human Geography at the University of Santiago de Compostela. These pollutants include dioxins. Inefficient combustion of medical or latrine wastes can emit disease-laden aerosols.[1] Materials burned and combustion products It has been reported that every type of waste was burned including: plastics. Spatial Planning and Responses to Natural Hazards (http:/ / www. carbon monoxide. Spain.[2] [3] Urbano Fra Paleo is a geographer. An Air Force spokesman speaking for the 609th Combined Air and Space Operations Center Southwest Asia vigorously contested [3] allegations of heath affects and emphasized mitigation efforts. Risk Governance. dead animals.

252 pages. extensive environmental monitoring indicates that smoke exposures not interfering with breathing or requiring medical treatment at the time of exposure usually do not cause any lasting health effects or medical follow-up.Burn pit 23 Defense Department position A statement was made August 6. 2008 by the Defense Department Office of Force Health Protection and Readiness: While exposure to burn pit smoke may cause temporary coughing and redness or stinging of the eyes.pdf): U. asp) External links and further reading • "Open Pit Burning (http://deploymenthealthlibrary.osd. Willis. DoD seek better data on burn-pit exposure" (http:/ / www. aspx?MeetingID=4206& MeetingNo=1). nationalacademies. ISBN-13: 9780833043184 • About Green Warriors on Rand website (http://www. Lachman. nytimes. fhp. accessed August 8. accessed August 7. va. D.militarytimes. Copied text is in the public domain as the work of an employee of the United States government while in the performance of their duties. 2010 [2] "Open Pit Burning (http:/ / deploymenthealthlibrary. accessed August 7. 2010 . publichealth. Greenberg. Rand Corporation (2008). Mosher. Tiffany Nichols. 2008. osd. The report for the study should be completed and available by summer 2011.S.[6] Notes [1] "Veterans Sound Alarm Over Burn-Pit Exposure" (http:/ / www. com/ 2010/ 08/ 07/ us/ 07burn. 2010 in Washington. Brian Rosen. accessed August 19 2010 (http:/ / www. but officials deny risk" article by Kelly Kennedy in Army Times Oct 29. pdf): U.com/news/2008/10/ military_toxiciraq_100208w/) article by Kelly Kennedy in Military Times Oct 3. 2008 • David E.org/pubs/monographs/MG632/) .[3] Health effects At the request of the Veteran's Administration (VA)and the Department of Defense The Board on the Health of Select Populations of the Institute of Medicine formed the Committee on Long-term Health Consequences of Exposure to Burn Pits in Iraq and Afghanistan which held its first meeting February 23.S. 2010. mil/ products/ Open Pit Burning (55). accessed August 8. accessed August 7.C. Air Force fact sheet.rand. the National Academy of Sciences Institute of Medicine (IOM) had begun an 18-month study to determine the long-term health effects of exposure to burn pits in Iraq and Afghanistan. 2010. 2010 [4] First Meeting of the Committee on the Long-Term Health Consequences of Exposure to Burn Pits in Iraq and Afghanistan Keck Center of the National Academies (http:/ / www8. Beth E. at the request of VA. org/ cp/ meetingview. 2010 [6] Department of Veterans Affairs. Green Warriors: Army Environmental Considerations for Contingency Operations from Planning through Post-Conflict. Air Force fact sheet • "Report: Army making toxic mess in war zones" (http://www. Michael D.[4] If there is sufficient evidence of a connection between exposure to burn pits and subsequent illness and disability it might serve as the basis for congressional enactment of a “presumption of service connection” similar to that in place for exposure to Agent Orange. com/ news/ 2008/ 10/ military_burnpit_102708w/ ): Troops say chemicals and medical waste burned at base are making them sick. 2010 [3] "Burn pit at Balad raises health concerns (http:/ / www. com/ news/ 2010/ 02/ military_burn_pits_022310w/ ) article by Kelly Kennedy in the Army Times Feb 24.[5] In November 2009. gov/ exposures/ burnpits/ index. 2010 [5] "VA. Henry H. trade paperback. armytimes. armytimes.mil/products/Open Pit Burning (55).February 24.fhp. html) article by James Risen in The New York Times August 6.

has its own set of regulations. The examining body in the UK is the Scottish Qualifications Authority. gov. loads. rail or inland waterway.groups. Rules The rules involving the transport of dangerous goods are complex and each mode of transport. 2006) 'Wildcards .Signals from a Future near You'. monitoring the activities of the organisation which involve dangerous goods and preparing an annual report." issued by the United Nations Committee of Experts on the Transportation of Dangerous Goods and the Globally Harmonized System of Classification and Labeling. it is usual for a candidate to be trained by a specialist training organization.Cascading Discontinuity Sets 24 Cascading Discontinuity Sets A Cascading Discontinuity Set is a term related to Wild Cards and applied in foresight and risk management areas.yahoo.com/group/DangerousGoods).e. dft. . The qualification lasts five years. seemingly disconnected events that merge over time leading to a Wild Card like result. known as "The Orange Book. There are also separate sets of regulations for sea and air transportation. i. preparing accident reports. uk/ pgr/ freight/ dgt1/ training/ dangerousgoodssafetyadvisors) External links • “Dangerous Goods-HazMat Group” (http://tech. Tamkang University Dangerous Goods Safety Advisor A Dangerous Goods Safety Advisor (DGSA) is a consultant or an owner or employee of an organization appointed by an organization that transports. a Yahoo-hosted global network for discussion of dangerous goods and hazardous materials storage and handling issues. All the various sets of regulations are based upon "Recommendations on the transport of Dangerous Goods . Duties The duties of the DGSA include providing advice to the appointing organization. For many elements of transportation the regulations from each mode are similar or identical.Model Regulations". Journal of future Studies Vol 11 No1.[1] Notes [1] UK Department for Transport page on Dangerous Goods Safety Advisors (http:/ / www. It attempts to define a series of smaller. road. References • Barber MP (2004. then to sit various examinations. or unloads dangerous goods in the European Union. To become a DGSA.

. many online courses can be completed in fewer hours than a classroom course. The method and style of the course carries. from course to course. In addition to improving one's own driving skills... Classroom courses help you take it all at one time and allow you to discuss and ask questions. The red car's driver picks a tree to judge a two-second safety buffer. In some instances these courses are referred to as traffic school or a defensive driving school.. in spite of the conditions around you and the actions of others. you can take it on your own time and in the comfort of your own home. the government has launched active Air Bag and seat Belt safety campaigns that encourage High Visibility Enforcement.. Florida. a number of private providers offer variety of courses. There are advantages to each. many times because of pages loading."[1] This definition is taken from the National Safety Council's Defensive Driving Course. DDC or Defensive Driving Course.1. Attitudinal Dynamics of Driving. despite adverse conditions or the mistakes of others. non profit organizations. Its aim is to reduce the risk of ideal driving conditions. defines defensive driving as "driving to save lives.. time. Professional Truck Driving. many U. and private schools have launched specialty courses that improve the public's driving skills. States with the biggest incentives are Arizona. In relation to this. In the United States a few of the familiar courses in defensive driving include Alive at 25. California. and money. Courses can often be taken both online and in the classroom. it takes closer to eight hours to complete a course. Training and Courses Several government agencies. With faster Internet connections. Coaching the Mature Driver. When you take the course online. Nevada. New Jersey.Defensive driving 25 Defensive driving The standard Safe Practices for Motor Vehicle Operations. and DDC for Instructors. driving by anticipating dangerous situations. While online courses also are supposed to take six hours. It is a form of training for motor vehicle drivers that goes beyond mastery of the rules of the road and the basic mechanics of The two-second rule tells a defensive driver the minimum distance to avoid collision in driving. New York .S. Classroom courses last only 6 hours. ANSI/ASSE Z15. states provide an incentive to complete an approved defensive driving course by offering mandated insurance discounts or a way to mask a traffic ticket from one's driving record. as well as the practice of specific driving techniques. This can be achieved through adherence to a variety of general rules.

Des Plaines.int/ violence_injury_prevention/publications/road_traffic/world_report/en/index. 2006 External links • "WHO (World Health Organization)| World report on road traffic injury prevention" (http://www. IL.who.html) .Defensive driving 26 References [1] American National Standard Safe Practices for Motor Vehicle Operation. American Society of Safety Engineers.

au/ people/ david. uts. and ASTM F24 Amusement Rides and Devices. html http:/ / datasearch2. au/ feit/ staff/ listing/ details. au/ courses/ short/ playground/ index. springfreetrampoline. ASTM F15 Consumer Products.David Eager 27 David Eager David Eager Nationality Australian Occupation Associate Professor. He has been the Chairperson for several Standards Committees including: Children’s Playground Equipment and Surfacing CS-005. and Artificial Climbing Structures and Challenge Course Equipment SF-047. eng. au/ science/ articles/ 2009/ 12/ 15/ 2771117. edu. Contained Play Facilities ME-051-03. edu. University of Technology Sydney Dr David Eager. abc. html .[1] [2] [3] [4] [5] [6] [7] Eager is notable for his tireless volunteer work assisting Standards Australia writing safety Standards. Trampolines CS-100[8] . a Professional Engineer. au/ journal/ journal-downloads/ article/ 1-hpja/ 108-falls-from-playground-equipment-will-the-new-australian-playground-safety-standard-make-a-difference-and-how-will-we-tell [8] https:/ / www. Royal Society for the Prevention of Accidents (RoSPA). org/ docs/ newsletters/ PAU/ 2008/ newsletter%2028%20Spring%202008%20Final. uts.[10] References [1] [2] [3] [4] [5] [6] [7] http:/ / www. com. the peak Professional Engineering body in Australia on Technical Committees assisting Standards Australia with the drafting of numerous safety standards. cfm?StaffID=5785 http:/ / ims. an Australian. smh. au/ index_files/ Page909. For fifteen years he represented Engineers Australia. Faculty of Engineering and Information Technology. au/ articles/ 2004/ 06/ 05/ 1086377188056. edu. org. Eager regularly conducts accredited playground safety training courses[9] for Local Government Authorities and other organizations around Australia. uts. He is also an Honorary Playground Safety Adviser. uts. Eager represents Australia on a number of ASTM International Safety Standards Committees including: ASTM F08 Sports Equipment and Facilities. html http:/ / www. htm http:/ / www. playgroundinspections. Eager assisted the NSW Government Department of Fair Trading with the drafting of the Portable Soccer Goal Regulation and the Trampoline Product Safety inquiry. an expert in Risk Management and Childhood Injury Prevention and an Engineering Professor at the University of Technology. healthpromotion. au/ research/ strengths/ imes/ member-detail. kidsafensw. Sydney. au/ blog/ tag/ dr-david-eager/ [9] http:/ / www. com. htm [10] http:/ / www. He is also an invited observer on the European Standards Committee CEN/TG 136 SC 1 Children’s Playground Equipment. com. pdf http:/ / www. edu. cfm?StaffId=5785& CFID=1 http:/ / datasearch2. net. Australia.

html) Publisher of Bullet Proof Your Business (http:/ / www. his book "Bullet Proof Your Business" was released in 2006 by Wilkinson Publishing.Exposure Factor 28 Exposure Factor Exposure Factor is the subjective. brisbanetimes. brisbanetimes. html) Brisbane times Article (http:/ / www. Queensland. Officer in Charge of the Gold Coast Juvenile Aid Bureau. au) Phoenix Global Website . He founded what would eventually become Phoenix Global [4] [5] References [1] [2] [3] [4] [5] (http:/ / www. com. html) Brisbane Times Article (http:/ / www. au/ articles/ 2008/ 06/ 08/ 1212863418295. Featherstone was also a member of the Queensland Major Fraud Investigation Group. potential percentage of loss to a specific asset if a specific threat is realized. retailbooks. au/ articles/ 2008/ 06/ 08/ 1212863418295. During his career with the Queensland Police he held positions as Officer in Charge of the Whitsunday Criminal Investigation Branch. wilkinsonpublishing.[1] [2] Featherstone lives. phoenixglobal. com. Officer in Charge of the Surfers Paradise Criminal Investigation Branch. au/ index. com. au/ shopexd. com. Early career Featherstone served 16 years with The Queensland Police Service until resigning from the police in the mid-1990s. Featherstone is also an author. Michael Featherstone Michael "Mick" Featherstone is a risk management consultant and private investigator. and the Gold Coast District Crime Manager. Australia.[3] Investigation career Featherstone left The Queensland Police Service in the mid-1990s and began work as a private investigator. com. The exposure factor (EF) is a subjective value that the person assessing risk must define. on the Gold Coast. and his offices are located. Featherstone spent 13 of his 16 years with the Queensland Police as a detective. asp?id=208) Bullet Proof Your Business sales website (http:/ / www.

This suggests that firm managers likely have many opportunities to create value for shareholders using financial risk management. by taking on projects that shareholders could do for themselves at the same cost. ISBN 0-85941-332-2. the firm cannot create value by hedging a risk when the price of bearing that risk within the firm is the same as the price of bearing it outside of the firm. Neil (1986). Volatility. Tapiero (2004). credit and market risks. This notion was captured by the hedging irrelevance proposition: In a perfect market. Other types include Foreign exchange. There has been some research on the risks firms must consider when operating in many countries. Shape. The trick is to determine which risks are cheaper for the firm to manage than the shareholders. the Basel Accords are generally adopted by internationally active banks for tracking. As a specialization of risk management.. this implies that firm managers should not hedge risks that investors can hedge for themselves at the same cost. financial economics) prescribes that a firm should take on a project when it increases shareholder value.[1] accounting exposure. is that market risks that result in unique risks for the firm are the best candidates for financial risk management. A general rule of thumb. reporting and exposing operational. John Wiley & Son.[4] [5] References • Crockford. Sector. In the banking sector worldwide. The concepts of financial risk management change dramatically in the international realm. Financial risk management is therefore particularly pertinent for megaprojects and special methods have been developed for such risk management. Woodhead-Faulkner. Multinational Corporations are faced with many different obstacles in overcoming these challenges. Inflation risks. Risk and Financial Management: Mathematical and Computational Methods. • van Deventer.). however. When to use financial risk management Finance theory (i. financial markets are not likely to be perfect markets. Similar to general risk management. particularly credit risk and market risk. ISBN 978-0-470-82126-8. ISBN 978-0-471-43000-1. financial risk management requires identifying its sources.e. measuring it. In practice.Financial risk management 29 Financial risk management Financial risk management is the practice of creating economic value in a firm by using financial instruments to manage exposure to risk. and plans to address them. Enterprise Risk Management: From Incentives to Controls. When applied to financial risk management. Donald R. • Charles. Liquidity. Financial risk management can be qualitative and quantitative. John Wiley. • Lam.[2] and economic exposure.[3] Megaprojects (sometimes also called "major programs") have been shown to be particularly risky in terms of finance. financial risk management focuses on when and how to hedge using financial instruments to manage costly exposures to risk. Finance theory also shows that firm managers cannot create value for shareholders. Advanced Financial Risk Management: Tools and Techniques for Integrated Credit Risk and Interest Rate Risk Management. such as the three kinds of foreign exchange exposure for various future time horizons: transactions exposure. An Introduction to Risk Management (2nd ed.. also called its investors. Kenji Imai and Mark Mesler (2004). etc. . John Wiley. James (2003). ISBN 0-470-84908-8.

1975): 67-79. 1997.com) • Professional Risk Manager Certification Program .Society of Actuaries (SOA) (http://www. and Werner Rothengatter. ceranalyst.Global Association of Risk Professional (GARP) (http://www.com/portfoliomanagement. Megaprojects and Risk: An Anatomy of Ambition (Cambridge University Press). sigmadewe." Management International Review 15 (Nos. [5] *Oxford BT Centre for Major Programme Management External links • CERA .org/) • Managing a portfolio of stock and risk-free investments: a tutorial for risk-sensitive investors (http://www. "The Translation Problem in International Accounting: Insights for Financial Management.org/) • Financial Risk Manager Certification Program . 3905/ jpm. com/ doi/ abs/ 10.Professional Risk Managers' International Association (PRMIA) (http://www. emeraldinsight.html?&L=1) .jsessionid=EFA8D4FB63329F2C94F48279646551BF?contentType=Article& contentId=1649008 (contrary to conventional wisdom it may be rational to hedge translation exposure. (Proposed accounting framework for evaluating and developing translation procedures for multinational corporations). [2] Aggarwal.The Chartered Enterprise Risk Analyst Credential . Raj. garp. 409611 (Discusses the benefits for hedging in foreign currencies for MNCs). Empirical evidence of agency costs and the managerial tendency to report higher levels of translated income. 2-3. Nils Bruzelius. com/ Insight/ viewContentItem. 52). iijournals. [4] Bent Flyvbjerg.Financial risk management 30 References [1] http:/ / www. do.primia. 2003. based on the early adoption of Financial Accounting Standard No. [3] http:/ / www.

S.[5] In January 2010. Fish is the 109th largest firm in the United States.[2] Fish has over 350 attorneys. 2011 Managing Intellectual Property) [8] • Fish & Richardson named International Trade Group of the Year (January. is a national law firm practicing intellectual property law. IP Litigation.[4] From 2004 to 2009. Managing Intellectual Property Magazine)[11] • Fish & Richardson named IP Firm of the Year (January 2010. Litigation. Copyright.com [1] Fish & Richardson P. and International Trade Commission (January. Patent Litigation. Life Sciences.fr. IP Law & Business has ranked Fish as the nation’s top patent litigation firm. Trademark. of attorneys 350+ Major practice areas Patent.C.[3] Fish is one of the most sought-after firms for both patent prosecution and patent litigation services among Fortune 100 companies. Recognition • Fish & Richardson named Top "Tier 1" National Rankings in Patent Prosecution. Commercial Litigation. Regulatory Key people Peter Devlin (President) Date founded 1878 Company type Professional Corporation Website www. ranking by Managing Intellectual Property magazine.Fish & Richardson 31 Fish & Richardson Fish & Richardson No. of offices 12 No.[7] The firm’s growing regulatory group advises clients seeking to market products subject to United States Federal Communications Commission and the Food and Drug Administration regulation. Law 360)[12] • Fish & Richardson Named Finalist – Litigation Department of the Year(January 2010. 2011 Law360) [9] • Fish & Richardson named Top 30 Game Law Firm (January 2011 Interactive Age) [10] • Fish & Richardson named Top Patent Prosecution Firm (February 2010. of which 96 percent are dedicated to intellectual property law. The American Lawyer)[13] . Fish was a finalist for American Lawyer’s “Top IP Litigation Department of the Year”.[6] Fish’s patent prosecution practice received a top “Tier 1” U.

Founder of the firm and president of American Telephone & Telegraph Corporation from 1901 to 1907. . 2010. Consumer Products. jsp?id=1202433129756). Chemicals.By any measure.... Biotech/Pharma.Fish & Richardson 32 Notable alumni • Frederick Perry Fish. Telecommunications. com/ jsp/ cc/ PubArticleCC.. Retrieved 2010-08-19. D.Fish & Richardson dedicates 96 percent of its attorneys to IP work and stands far above runner-up Howrey LLP. law firms by number of lawyers [3] "IP Attorneys Dominate At Fish & Richardson" (http:/ / www. law..Finalists . it was down just 3 percent from the 79 cases it handled while claiming the number one spot in 2007. Trademark Industry Sectors: Academic Research and Medical Centers.C.[16] Fish saw a revenue increase of 4. Retrieved 2010-08-19. com/ registrations/ user_registration?article_id=135576& concurrency_check=false)..'" [4] "Who Protects Innovation in America 2009: The Guardians" (http:/ / www. Retrieved 2010-08-17.com reported different layoff numbers.. Medical Devices. ".. law360.. . While the firm’s 77-case workload in 2008 represented a 21 percent dip from the previous year. . fr.. Energy. Aerospace/Defense. Transportation Layoffs In 2009 Fish & Richardson closed its corporate practice and laid off 100 employees. 2010..[14] Offices • • • • • • • • • • • • Atlanta Austin Boston Dallas Delaware Houston Munich New York Silicon Valley Southern California Twin Cities Washington.'" [5] "Patent Litigation Survey 2009: A Little Less Buzz" (http:/ / www..[15] (Legal blog AbovetheLaw. Internet. ". ".. Regulatory. 2009. New Media and Entertainment. 2009.'" [6] "Winners & Finalists" (http:/ / www. ". Financial/Business Services. law. Litigation.. Retrieved 2010-08-17. 2009. .Fish & Richardson. com/ jsp/ cc/ PubArticleCC.S. Start-up/Emerging Growth.'" [7] "Managing Intellectual Property World IP Survey" (http:/ / www. com/ jsp/ tal/ PubArticleTAL. Focus Areas Practice Areas: Copyright.. References [1] http:/ / www. with the amount at 120. Patent. Nanotechnology. com/ files/ News/ 4ec64103-d9c4-410e-b385-38ccc267b01a/ Presentation/ NewsAttachment/ 56d1daaf-cf09-468b-85f3-0681af4eca0f/ MIPWorldIPSurvey. .. Electrical/Computer Technology. which devotes.7% in 2009.With eight and six mentions.. jsp?id=1202437199898). . Manufacturing. . and an increase in profits per partner of nearly 20%. respectively. fr. pdf). com/ [2] List of largest U. jsp?id=1202437074860& Winners__Finalists& slreturn=1& hbxlogin=1). Retrieved 2010-08-19. Fish & Richardson comes out on top. Cleantech. citing an internal communication which stated 35 attorneys and 85 staff were laid off).. law. two of the top litigation firms—Fish & Richardson and IP Litigation Department of the Year winner Quinn Emanuel Urquhart Oliver & Hedges (see "What Rhymes with Win?" page 26) had four clients between the tech and telecom sectors.

for Many Years. "Survey 2010: 2010 World IP Survey Rankings" (http:/ / www. [10] Morning Star.c. "Profits soar for law partners" (http:/ / www. 2010. . .linkedin.com (http:/ / abovethelaw.lawperiscope. com/ business/ articles/ 2010/ 02/ 05/ profits_soar_for_boston_law_partners/ ).) • Profile (http://www.. 1930). [11] Managing Intellectual Property. pdf). ?companyId=6600) . aspx).html) • Hoover's Profile (http://www. Retrieved 28 June 2010.. . com/ Article/ 2757164/ Search/ Patent-survey-Americas. .com/Fish-Richardson-PC/654088-law-firm-office.vault. Law 360. [16] Abovethelaw. Weil.com/fishrichardson) • Fish & Richardson LinkedIn Profile (http://www. An Overseer of Harvard. com/ 2009/ 05/ nationwide-layoff-watch-fish-richardson-throws-associatesstaff-back/ ) 33 External links • Fish & Richardson web site (http://www. law360. "Fish & Richardson Named "Top 30 Game Law Firm" by Interactive Age" (http:/ / news.hoovers.xhtml?ID=119899) • Vault Profile (http://www. 01 January 2010. Finalists Fish & Richardson. .com/wps/portal/usa/companies/company-profile/Fish-&-Richardson-P.com/FishRichardson) • Fish & Richardson on Facebook (http://www. managingip. Frederick P. law360. Also a Leading Member of Massachusetts "Tech's" Board and a Bank Director. Kit (2010-02-05).com/free//co/factsheet. . Fish.martindale. "International Trade Group of the Year: Fish & Richardson" (http:/ / www.Fish & Richardson [8] Managing Intellectual Property. Gotshal & Manges. . com/ jsp/ tal/ PubArticleTAL. Winston & Strawn. Retrieved 2010-06-28. Noted Lawyer. boston.'" [14] Staff report (November 7. com/ all/ market-wire/ 11713006/ fish-richardson-named-top-30-game-law-firm-by-interactive-age. The Boston Globe. jsp?id=1202437074860& Winners__Finalists). [12] "IP Firms of The Year" (http:/ / www. com/ registrations/ user_registration?article_id=140383& concurrency_check=false).C.. com/ web/ articles/ 222940).facebook. Was President of American Telephone and Telegraph Co.com/profiles/090. [9] Law360. [13] "Winners and Finalists" (http:/ / www. fr..fr. ". law. html?Home=true& Keywords=Fish+ & + Richardson+ 2011& Brand=Site).com/company/fish-&-richardson-p. morningstar. All the results in our fifth biennial Litigation Department of the Year competition. New York Times [15] Chellel. Dies. "Patent Survey: Americas" (http:/ / www.com) • Fish & Richardson on Twitter (http://twitter.htm) from LexisNexis Martindale-Hubbell • LawPeriscope Profile (http://www. com/ files/ News/ 4ec64103-d9c4-410e-b385-38ccc267b01a/ Presentation/ NewsAttachment/ 56d1daaf-cf09-468b-85f3-0681af4eca0f/ MIPWorldIPSurvey..

though it is a virtual centre with meteorologists based at the Operations Centre in Aberdeen and hydrologists based at SEPA in Perth.[1] In April 2011 the FFC moved from its location in central London and is now located within Ops Centre at the Met Office HQ in Exeter. . org. among them was the recommendation that the different agencies work more closely together to improve warnings services. the Pitt Review progress report highlighted the accuracy of the warnings issued ahead of this event. Its role is to provide better warnings advice to the government. .uk. It faced its first major test in November 2009 when severe flooding affected Northern England. aspx). metoffice.org. in particular Cumbria and the town of Cockermouth. gov. [2] "New Flood Forecasting Centre oficially opened" (http:/ / www. Premierlinedirect. Retrieved 4 June 2011. org/ news/ 33/ 129/ Flood-Forecasting-Centre-moves-to-Exeter. Background Following severe flooding across the UK in 2007 a review was commissioned by the government to see what lessons could be learned.uk. a partnership between the Scottish Environment Protection Agency (SEPA) and the Met Office with £750. Chaired by Sir Michael Pitt the review produced a number of recommendations which were published in June 2008. Exeter Science.000 of funding from the Scottish Government. Retrieved 4 June 2011. premierlinedirect. local authorities. Retrieved 4 June 2011. exeterscience. Retrieved 4 June 2011. [3] "Commercial insurance news: Flood forecasting service launched" (http:/ / www. Sepa. uk/ flooding/ flood_forecasting_service. uk/ news/ releases/ archive/ 2009/ flood-forecasting-centre).co.gov. html). . [4] "Scottish Flood Forecasting Service" (http:/ / www. co.[1] Scottish Flood Forecasting Service In March 2011 the Scottish Flood Forecasting Service (SFFS) was formed. .Flood Forecasting Centre 34 Flood Forecasting Centre The Flood Forecasting Centre (FFC) is a joint venture between the Environment Agency and the Met Office to provide warnings of flooding which may affect England and Wales.[4] References [1] "Flood Forecasting Centre moves to Exeter" (http:/ / www.uk. MetOffice. The FFC is based in the Operations Centre at the Met Office headquarters in Exeter. uk/ knowledge/ insurance-news/ Commercial_insurance_news_Flood_forecasting_service_launched). emergency responders and the general public.[2] The centre combines the work of meteorologists from the Met Office and hydrologists from the Environment Agency.[3] It will fulfil much of the same role as the FFC. . sepa.[1] Formation and role The FFC was officially opened on 21 April 2009 in London by Environment Minister Hilary Benn.

References [1] Firefighters Handbook (New York Edition). An example of a reactive step is the creation of a collapse zone at a structure fire.uk/20100807034701/http:/archive.Flood Forecasting Centre 35 External links • • • • • Official FFC website (http://www. . OSHA enforces safety-related regulations. which is proactive. This established the Occupational Safety and Health Administration (OSHA).environment-agency.sepa.uk/flooding/flood_forecasting_service. gov.gov. known as Codes of Federal Regulation (CFRs) in the workplace.metoffice. comes the more costly stage in emergency management: disaster mitigation. If this is too timely or impractical.uk/) Official Environment Agency website (http://www.cabinetoffice.aspx) The Pitt Review (http://webarchive.gov. The accident chain: • • • • • The environment such as weather or lighting Human factors such as training or attitude Equipment such as proper use and maintenance Event the unsafe junction of the previous three links Accident the actual injury or property damage Safety Standards and Regulations The United States Congress passed the William Stieger Act in 1970 with the signature of Richard Nixon. which is reactive.metoffice. 2004. An example of a proactive step is wearing personal protective equipment at a fire call.uk/) Official Met Ofice website (http://www. [1] Breaking the chain is known as intervention.uk/pittreview/thepittreview. whereas reducing the potential for an accident chain at all is mitigation.nationalarchives. The first and most effective stage of hazard prevention and emergency management is the elimination of hazards.ffc-environment-agency.org.uk/) Scottish Flood Forecasting Service (http://www.gov.html) Hazard prevention Hazard prevention refers to the prevention of risks.gov. Accident Chain Every accident as a result of a hazard is preventable by breaking the accident chain before the last link.

and is governed by a Board of Directors elected from members with specialist non-member support. Only IRM offers dedicated ERM qualifications. It has around 3000 members in more than 50 countries. risk financing.g. The Institute is the only organisation currently offering vocational post-graduate level qualifications designed from the ground-up to meet the challenge of Enterprise Risk Management (ERM). IRM Membership (MIRM) is recognised worldwide as the sign of a risk management professional and is achieved through examination and relevant experience.Requires formal qualification of the applicant in a risk specialism . business continuity etc • Certificant (CIRM) – Completion of the Institute’s Certificate programme • Student – Open to all candidates registered for the Institute’s examinations • Affiliate – Open to anyone with an interest in risk management. audit. and provides an introduction to ERM and ISO 31000. It can be taken as a stand-alone course or as an introduction to the IRM Diploma. health and safety. usually taken over a few years and completed via distance learning. • The International Certificate in Risk Management – This practitioner-level qualification provides a sound foundation in risk management theory and practice. as a not-for-profit company limited by guarantee. Discounted rates are available to groups of 10 or more. Fellowship (FIRM) follows through accredited practical experience. Many other bodies run courses focussed on individual areas of risk (e. The Institute provides both taught and distance learning education. assessment and control of business risk. a record of personal professional development and proven contribution and support to the Institution • Member (MIRM) – Requires completion of Institute’s Diploma programme or equivalent qualification and a minimum of three years work experience • Graduate (GradIRM) . . project risk. health and safety. It was established in 1986. environment. project management. It aims to improve knowledge and practical skills in the identification. disaster recovery etc) and in some cases there is the option to take an additional ERM paper.Requires completion of Institute’s Diploma programme or equivalent qualification recognised by the IRM • Specialist (SIRM) . risk in banks.e. It is recognised worldwide as the sign of a risk management professional. Affiliate membership is free to university students on IRM approved courses IRM Courses • The International Diploma in Risk Management – A challenging post graduate professional qualification. Membership Grades • Fellow (FIRM) – Open to members who can demonstrate accredited practical experience. training and professional development in risk management at a range of levels.g. insurable risk.Institute of Risk Management 36 Institute of Risk Management Institute of Risk Management (IRM) is a risk management professional education and training body. • Fundamentals of Risk Management – This one to three day training programme provides a broad introduction to the subject of risk management. These qualifications are moderated by a panel of leading educationalists drawn from universities and business schools across the world.

theirm. theirm. London. org Investment Controlling Definition Investment controlling[1] is a monitoring function within the asset management. The standard is available free of charge in 17 world languages. Besides. Considering the client perspective. the National Forum for Risk Management in the Public Sector. From an asset management company point of view. returns). the quality and the results (e. portfolio management or investment management. the risks (e.g. Investment controlling deals with such needs and helps to overcome the information gaps within asset management. decision making and implementation). in the following investment controlling is in general defined as independent monitoring of the performance of asset . processes. investment controlling aspects can also be taken into consideration by asset management clients or investment advisers/consultants and consequently it is likely that these stakeholders also run certain investment controlling activities. of using derivatives) and the costs become more transparent and comprehensible. in general investment controlling is defined as information management that gathers. Address Institute of Risk Management. etc. Investment controlling is an area of activity that is part of the overall controlling process within the asset management and is an important component of the recurring investment decision making process. In this respect the investment controlling objective consists in configuring the infrastructure – particularly within the framework of the investment decision making process – in such a way that the processes (e.g.Institute of Risk Management 37 Risk Management Standard The IRM is responsible for the Risk Management Standard [1] in conjunction with The Association of Insurance and Risk Managers (AIRMIC) and ALARM. need for sophisticated risk management. It is concerned with independently supervising and monitoring the quality of asset management accounts with the aim of ensuring performance and quality in order to provide the required benefit for the asset management client. Introduction and overview Efficient and appropriate management information on the quality of their discretionary managed portfolios is very important for an asset management company.). Without decision-oriented information on the quality or performance of its products and/or asset managers for an asset management company it is very difficult to stand the increasing challenges of the asset management industry (increasing regulations. IRM has also issued a free guidance note on the implementation of ISO 31000. Clients and consultants have similar needs where these often correspond to the asset manager ones some years ago. Dependent on setup. EC3N 3AX. 6 Lloyd’s Avenue. html [2] http:/ / www. forecasting. org/ publications/ PUstandard. checks and distributes information necessary to meet the overall objectives of the asset management company. UK IRM Website IRM [2] References [1] http:/ / www.g. investment controlling not only encompasses controlling activities but also can include areas from compliance to performance review.

As part of the overall investment decision making process investment controlling intents to visualise the contributions of the individual decisions of the investment process. The results and conclusions of the different investment controlling activities are important feedback and input into the investment process to enhance the quality or performance of the specific asset management product. capturing performance dispersion.. transaction costs and management fees. • and others. • calculation of performance figures and statistics representing manager skills or the investment style and running style analysis. investment guidelines. • risk decomposition and risk budgeting. • reducing of unintended business risks through early addressing of potential performance issues. • monitoring risk and return of accounts and/or products against their designated benchmark and objectives. and to allocate the contributions to the responsible decision makers. • review of the set up of the specific asset management account with respect to benchmark. especially with respect to return and risk. • producing an independent performance analysis of the asset management accounts and/or products. • creating a basis not only for ongoing analyses but also for structural changes in the investment process. • review of the investment guidelines and benchmarks. for example by implementing the GIPS Standards[2] . • reducing unnecessary discussions by using more objective and less subjective information during the performance review. • product review against client expectations and best practice. Investment controlling activities Investment controlling is very manifold and encompasses a lot of different activities like: • performance attribution or more precisely return attribution and/or risk attribution and this ex-post as well as ex-ante. exposure to specific risk factors and so on. etc. • creating of or increasing the transparency and comparability of the asset management products and/or accounts. • enabling deep level analysis which is necessary to identify the real drivers of the account return and account risk and this from an ex-post as well as from an ex-ante point of view. • identifying of actual and potential performance issues and highlighting the serious ones to senior management. • market index and benchmark comparisons. • analyzing and identifying all steps of the investment process.Investment Controlling management products and/or accounts with the aim of ensuring that the client gets what was promised in the first place with respect to quality and performance. • addressing performance issues on an regular basis and not leaving them running. . • checking whether risk levels and limits are appropriate and • aggregated performance reporting to senior management. composite dispersion analysis and peer group analysis with respect to the return and/or risk but also to characteristics like asset class or sector weights. • suggesting remedial action to solve performance issues. 38 Objectives Form a general point of view investment controlling adds to the visibility. transparency and credibility of any asset management company. In detail investment controlling helps • implementing best practice in performance measurement and performance presentation. duration.

org/ http:/ / www. org/ http:/ / www. David Spaulding: Investment Performance Attribution. Further reading on aspects of investment controlling On performance measurement and attribution: • • • • • • Carl Bacon: Practical Portfolio Performance Measurement and Attribution. Real Estate Information Standard [5]. paforum. reisus. ch/ ) for more information on GIPS Standards (http:/ / www. Feibel: Investment Performance Measurement. org/ cipm/ pages/ index. • Stefan Illmer (2000): Controlling – Eine grosse Herausforderung für das Real Estate Management (in German). GIPS Standards [4]. gipsstandards. gipsstandards. CIPM Program [6]. Articles on investment controlling: • Philippe Grégoire (2010): Performance Attribution as a Management Control System. Bruce J. cfainstitute. paforum. Andreas Bickel: Moderne Performance-Analyse und Performance Presentation Standards (in German).Investment Controlling 39 Articles on investment controlling There are no text books on investment controlling available. • Stefan Illmer (1997): Controlling im Portfolio Management (in German). References and footnotes [1] [2] [3] [4] [5] [6] for more information on investment controlling (http:/ / www. aspx/ . org/ ) http:/ / www. Todd Jankowski and Philip Lawton: Investment Performance Measurement: Evaluating and Presenting Results. Therefore general literature on controlling. Bernd Fischer: Performanceanalyse in der Praxis (in German). risk management and compliance may be a good starting-point for a deeper study of investment controlling. ch/ http:/ / www. External links • • • • Welcome to Investment Controlling [3].

ISO 31000:2009 is intended for a broad stakeholder group including: • • • • • • executive level stakeholders appointment holders in the enterprise risk management group risk analysts and management officers line managers and project managers compliance and internal auditors independent practitioners.as a family of risk management standards . the general scope of ISO 31000 . management and operational tasks of an organization throughout projects. group or individual. and provides a standard on the implementation of risk management. The purpose of ISO 31000:2009 is to provide principles and generic guidelines on risk management. functions. rather to provide best practice structure and guidance to all operations concerned with risk management. Currently.[3] The scope of this approach to risk management is to enable all strategic. and processes to be aligned to a common set of risk management objectives.is not developed for a particular industry group."[2] Accordingly. management system or subject matter field in mind. .Risk Assessment Techniques • ISO Guide 73:2009 . Accordingly. implementation and maintenance of risk management processes throughout an organization. This approach to formalizing risk management practices will facilitate broader adoption by companies who require an enterprise risk management standard that accommodates multiple ‘silo-centric’ management systems. association. Scope ISO 31000:2009 provides generic guidelines for the design. ISO 31000 seeks to provide a universally recognised paradigm for practitioners and companies employing risk management processes to replace the myriad of existing standards. the ISO 31000 family is expected to include: • ISO 31000:2009 _ Principles and Guidelines on Implementation[1] • ISO/IEC 31010:2009 . private or community enterprise.Risk Management . methodologies and paradigms that differed between industries.Risk Management .ISO 31000 40 ISO 31000 ISO 31000 is intended to be a family of standards relating to risk management codified by the International Organization for Standardization. A revised and harmonised ISO/IEC Guide 73 was published at the same time. The purpose of ISO 31000:2009 is to be applicable and adaptable for "any public. subject matters and regions.Vocabulary Introduction ISO 31000 was published as a standard on the 13th of November 2009.

[6] Certain aspects of top management accountability. . which may operate using relatively unsophisticated risk management processes. The focus of many ISO 31000 'Harmonisation' programmes[5] have centred on: • • • • Transferring accountability gaps in enterprise risk management Aligning objectives of the governance frameworks with ISO 31000 Embedding management system reporting mechanisms Creating uniform risk criteria and evaluation metrics Implications Most implications for adopting the new standard concern the re-engineering of existing management practices to conform with the documentation. Subsequently. more material change will be required. ISO 31000:2009 addresses the entire management system that supports the design. Accordingly. [4] ISO 31000 Framework approach ISO 31000:2009 has been received as a replacement to the existing standard on risk management. under the ISO 31000:2009 and a consequential major revision of the terminology in ISO Guide 73. formalising risk ownership processes. Implementation The intent of ISO 31000 is to be applied within existing management systems to formalise and improve risk management processes as opposed to wholesale substitution of legacy management practices. implementation. risk with respect to the "effect of uncertainty on objectives". communication and socialisation of the new risk management operating paradigm. maintenance and improvement of risk management processes. as opposed to wholesale re-orientation of management practice throughout an organisation. structuring framework processes and adopting continuous improvement programmes. will require more consideration by organisations that have previously used now redundant risk management methodologies. strategic policy implementation and effective governance frameworks. AS/NZS 4360:2004 (In the form of AS/NZS ISO 31000:2009). most senior position holders in an enterprise risk management organisation will need to be cognisant of the implication for adopting the standard and be able to develop effective strategies for implementing the standard across supply chains and commercial operations. when implementing ISO 31000. particular security and corporate social responsibility. attention is to be given to integrating existing risk management processes in the new paradigm addressed in the standard. Whereas the Standards Australia approach provided a process by which risk management could be undertaken. particularly regarding a clearly articulated risk management policy.ISO 31000 41 Risk Conceptualisation One of the key paradigm shifts in ISO 31000 is how risk is conceptualised. In some domains that concern risk management.

iso.saiglobal. htm?csnumber=43170 ISO 31000 Update (http:/ / www.com/ groups/ISO-31000-2009-Risk-Management-1834592?mostPopular=&gid=1834592) List of books about risk This is a list of books about risk issues. Pelczarski. Brian J. and Ben Wisner Elmer Theodore Peterson Urbano Fra Paleo David R.Principles and guidelines (http://www. cfm/ area/ news/ action/ article/ information/ ISO31000) ISO 31000 catalogue http:/ / www. ie/ index. Sarah Lichtenstein. Platt.Principles and guidelines (http://infostore. and Ralph Keeney Susan L. people's vulnerability and disasters Big dam foolishness. References [1] [2] [3] [4] [5] National Standards Authority of Ireland (http:/ / www. Platt Dennis Mileti John Whittow Kerry Emanuel 1984 2001 1994 1954 2009 1989 1987 1998 1998 1999 1999 1980 2005 . Paul Slovic. optaresystems.linkedin. Stephen C. htm?csnumber=43170) • AS/NZS ISO 31000:2009 Risk management .aspx?ProductID=1378670) • Discussion forum on ISO 31000:2009 Risk management .iso. David J. org/ iso/ catalogue_detail. nsai. com/ index. Cutter Piers Blaikie.ISO 31000 42 Accreditation ISO 31000 has not been developed with the intention for certification. the problem of modern flood control and water storage Building Safer Communities. optaresystems. Burby Barbara W. php/ optare/ news_articles/ iso_31000_update/ ) ISO Guide 73: Risk Management .com/store/ Details. Burbank Raymond J. Brower. Murck.org/iso/catalogue_detail. Porter Rutherford H. Risk Governance. Title Author(s) Year Acceptable risk American hazardscapes: The regionalization of hazards and disasters At risk: Natural hazards. Spatial Planning and Responses to Natural Hazards Catastropic coastal storms: Hazard mitigation and development management Cities on the beach: management issues of developed coastal barriers Cooperating with nature: Confronting natural hazards with land-use planning for sustainable communities Dangerous earth: An introduction to geologic hazards Disasters and democracy Disasters by design: A reassessment of natural hazards in the United States Disasters: The anatomy of environmental hazards Divine wind: The history and science of hurricanes Baruch Fischhoff. Sheila G. optaresystems. Ian Davis. Steven L. com/ index. and Timothy Beatley Rutherford H. com/ index. Godschalk. Terry Cannon.Vocabulary ISO 31000 update: What it means to C-Suite Risk Owners (http:/ / www. and Barbara K. php/ optare/ publication_detail/ iso_31000_update_what_it_will_mean_for_a_cso/ External links • International Organization for Standardization (http://www. Skinner. php/ optare/ publication_detail/ iso_31000_update_what_it_means_to_a_c-suite_risk_owner/ ) [6] Implications for ISO adoption http:/ / www. Derby.

and Timothy Beatley J. Judgment under uncertainty: heuristics and biases Mapping vulnerability: disasters. Sage James M. and catastrophes Natural hazards: Explanation and integration Natural hazards: Local. safety. Roth Philip R.W. Sr. and people Mitigation of hazardous comets and asteroids Mountains of fire: The nature of volcanoes Natural disasters Natural disasters Natural disasters: Protecting vulnerable communities Natural disaster hotspots: a global risk analysis Natural hazard mitigation: Recasting disaster policy and planning Natural hazards Natural hazards: Earth’s proceses as hazards. David Brower. Paul Slovic. Browitt Maxx Dilley David Godschalk. and Burrell E. William Klein. Decker. volcanoes. Georg Frerks. Belton. and Amos Tversky Greg Bankoff. Thomas H. and Edward J. and health risks Risk society: Towards a new modernity Risk. Kaiser Edward Bryant Edward A. Barbara B. tornadoes and other forces of nature Earthquakes: A primer Environmental hazards: Assessing risk and reducing disaster Facing the unexpected: Disaster preparedness and response in the United States Floods Human adjustment to floods Human System Response to Disaster: An Inventory of Sociological Findings Hurricanes : their nature and impacts on society. Bowden Howard Kunreuther John B. White Charles Perrow Faber Scott Howard Kunreuther. Don L. Yeomans Robert W. Bronislaw Szerszynski and Brian W. politics. Turcotte Kenneth Hewitt Mary Douglas. McMakin Ulrich Beck Scott Lash. development. Gere and Haresh M. and Roger Pielke. and Martyn J. Abbott Paul A. Drabek Roger A.S. Nalin H. global Normal accidents. and Robert H. Eugene Haas. Philip Berke. Berke. Keller. Michael K. Tierney. Robert Kates. Pielke. Rundle. Donald K. and Andrea H. environment and modernity: towards a new ecology Terra non firma: Understanding and preparing for earthquakes Andrew Robinson Bruce A.List of books about risk Earth shock: Hurricanes. Lindell. Lundgren. and Ronald W. and Richard J. Blodgett Graham A. disasters. Parker Gilbert F. earthquakes. Morgan. Decker David Alexander Patrick L. Perry 2001 Dennis J. Tobin. Merriman. Daniel Kahneman. Samarasinha. Montz Gilbert F. Shah 2000 1942 1986 1997 1982 2004 2005 1991 1993 1991 1993 2005 1999 1991 2006 1997 1974 1984 1993 1998 1992 1977 1973 1996 1997 1982 1994 1992 1996 1984 . A. and policy Recontruction Following Disaster Recovery from Natural Disasters: Insurance or Federal Aid? Reduction and predictability of natural disasters Regions of risk: A geographical introduction to disasters Risk and culture: An essay on the selection of technical and environmental dangers Risk communication: A handbook for communicating environmental. White Thomas E. Bolt Keith Smith 1993 1976 1992 43 Kathleen J. and C. Living with high-risk technologies On borrowed land: Public policies for floodplains Paying the price: The status and role of insurance against natural disasters in the United States Planning for earthquakes: Risks. Timothy Beatley. and Dorothea Hilhorst Michael J. Jr. and Aaron Wildavsky Regina E. national.

and Susanna Hoffman John McPhee Robert H. White Paul Slovic Nick Pidgeon. Simpson. executive friendly. The field of risk management has evolved rapidly and significantly. Hartman. Squires Janine Bourrian Ronald W. and will help prepare for those risk management discussions that arise.[2] This program. and Gregory D. spans 12 months and takes place in Amsterdam and New York City. Roger E. Perry.List of books about risk The angry earth: Disaster in anthropological perspective The Control of Nature The hurricane and its impact The environment as hazard The perception of risk The social amplification of risk There is no such thing as a natural disaster : race. but aims to situate this knowledge within the larger context of business strategy and risk management. issued by New York University Stern School of Business[6] . and Paul Slovic Chester W. and Gilbert F. . Further program details are provided through MasterStudies. whose average age is 38 and who have 15 years of work experience. Robert Kates. The students represent 13 nationalities and work in a broad range of industries. and Enrico Quarantelli Enrico Quarantelli 1999 1989 1981 1978 2000 2003 2006 1992 2005 1998 44 Master of Science in Risk Management Program for Executives The Master of Science in Risk Management Program for Executives[1] is a joint-venture with NYU's Stern School of Business and the Amsterdam Institute of Finance. Academic The Master of Science in Risk Management Program [5] is a one year.com [3] [4] Overview This pioneer program incorporates traditional and innovative modeling techniques. Students receive a Master of Science degree. which was given provisional accreditation by PRMIA. part time schedule with a June start date. aided by the use of distance learning techniques. rotating between New York City and Amsterdam. class. and Herbert Riehl Ian Burton. post the financial crisis of 2007-2010. It consists of five modules held over one year. Kasperson. Students The student profile of the most recent Class of 2010 consists of global executives. and Hurricane Katrina Understanding catastrophe: It's impact on life on earth What is a disaster? New answers to old questions What is a disaster? Perspectives on the question Anthony Oliver-Smith.

nl/) .Official Site (http://w4.edu/ academic/global/riskmanagement/) • Stern Global Programs • NYU Stern School of Business (http://www. -Stern-School-of-Business/ Master-of-Science-in-Risk-Management-for-Executives/ ) [5] http:/ / w4. nyu.com (http:/ / www. stern.aif. edu/ academic/ global/ riskmanagement/ [6] NYU Stern School of Business (http:/ / www. "Amsterdam Institute of Finance & NYU Stern School of Business Partner to Launch.nyu. stern.com Article.edu/) • Amsterdam Institute of Finance (http://www. edu/ ) External links • Reuters. com/ MBA-MSc-Masters-Degree/ Business-Economics-and-Administration/ Executive-Programs/ Executive-MS-in-Finance/ Netherlands/ New-York-University-Leonard-N.nyu. nyu.stern.com/article/idUS161971+03-Sep-2008+BW20080903) • MastersStudies.reuters. masterstudies.stern.. nyu.com. -Stern-School-of-Business/ Master-of-Science-in-Risk-Management-for-Executives/ [4] MasterStudies. Listed under "Best Masters Degree" (http://www.com/ MBA-MSc-Masters-Degree/Business-Economics-and-Administration/Executive-Programs/ Executive-MS-in-Finance/Netherlands/New-York-University-Leonard-N. masterstudies." (http://www.Official Site (http:/ / w4.. com/ MBA-MSc-Masters-Degree/ Business-Economics-and-Administration/ Executive-Programs/ Executive-MS-in-Finance/ Netherlands/ New-York-University-Leonard-N. reuters.Master of Science in Risk Management Program for Executives 45 Professors Professors who teach and have taught in the Master of Science in Risk Management Program: • • • • • • • • • • • • Theo Vermaelen Ingo Walter Viral Acharya Edward Altman Rohit Deo Robert Engle Richard Levich Holger Mueller Marti Murray Anthony Saunders Zur Shapira Stijn Van Nieuwerburgh References [1] Master of Science in Risk Management . stern. com/ article/ pressRelease/ idUS161971+ 03-Sep-2008+ BW20080903) [3] http:/ / www. edu/ academic/ global/ riskmanagement/ ) [2] Reuters.-Stern-School-of-Business/ Master-of-Science-in-Risk-Management-for-Executives/) • Master of Science in Risk Management Program for Executives .com (http:/ / www.masterstudies.

com/ content/ 19/ 4/ 387. com/ content/ 4/ 1/ 115. sagepub. 1). "Book Review: Megaprojects and Risk: An Anatomy of Ambition" (http:/ / edq. p.[1] [2] References [1] Gordon L. extract). 4 no. and Werner Rothengatter. but such projects typically perform very poorly. Planning Theory. 387-388. . Nils Bruzelius. . Clark (March 2005 vol. extract). Economic Development Quarterly. and to elaborate railways and highways. 4). 115-119. [2] Peter H. The "megaprojects paradox" is that more of these projects are being implemented. . p. Brown (November 2005 vol. published by Cambridge University Press.Megaprojects and Risk: An Anatomy of Ambition 46 Megaprojects and Risk: An Anatomy of Ambition Megaprojects and Risk: An Anatomy of Ambition is a 2003 book by Bent Flyvbjerg. "Book Review: Megaprojects and Risk" (http:/ / plt. "Megaprojects" is the term applied to multi-billion dollar infrastructure developments such as massive dams and bridges. often with substantial cost overruns and market shortfalls. 19 no. sagepub.

serving in excess of 700. Japan. CA. including technical and soft skills programs for banking and capital markets professionals. economic research. was headquartered in San Francisco. This expansion. the firm acquired Wall Street Analytics. a developer of structured finance analysis and monitoring software — an addition enhancing the firm's collateralized debt obligations (CDO) product suite and added mortgage-backed securities (MBS) and asset-backed securities (ABS) analytic software capabilities.[9] Executive officers • Mark Almeida . a provider of training services for the financial markets. has approximately USD 600 million in annual revenue.601 www.[3] In 2002. The firm. financial. it acquired Enb Consulting. credentials. That company had a 40 year history as Canada’s leading provider of financial learning.[4] In 2005. the rating agency. Regulatory Risk Capital [12] Risk Technology Rankings 2010 .#3 in Asset and Liability Management [12] Asia Risk Technology Survey 2010 . Canada. KMV. a global organization with offices in New York City. and advisory services.[2] History The firm was formed as a subsidiary of Moody’s Corporation in 2007. London. financial risk management software. Moody's Investors Service. San Francisco. and China. with all of its other products. Australia. formerly known as Kealhofer. Economy.Executive Director and Chief Operating Officer [10] Awards Publications and organizations have recognized the firm with the following awards: • • • • • • Waters Rankings 2011 – “Best Credit Risk Solutions Provider” [11] Risk Technology Rankings 2010 .#1 in Basel II Compliance. when the company split into two operating divisions. Pennsylvania was added to the portfolio. based in West Chester.com.moodysanalytics. That company had been founded in 2000 in the United Kingdom. country and industry research and data services. and certification. and Moody's Analytics. Hong Kong. Brazil. (CSI). the firm acquired Canadian Securities Institute Global Education Inc.Moody's Analytics 47 Moody's Analytics Moody's Analytics Headquarters New York City Employees Website 1.#1 in Credit Risk overall [14] . added economic. a Paris.[5] In 2006.President • Geoff Fite .#3 in Economic Risk Calculation [12] Risk Technology Rankings 2010 .[6] In 2008. the EDF™ (Expected Default Frequency). Paris. which provides quantitative credit risk management tools including KMV’s flagship solution.[7] Also in 2008. McQuown and Vasicek.[8] In 2010. France based provider of risk and performance management software to the global banking sector.com [1] Moody’s Analytics provides capital markets and risk management professionals with credit analysis.000 professionals.#1 in Liquidity Management [13] Chartis RiskTech100 2010 . the now separate Moody's Analytics acquired Fermat International. the parent Moody's Corporation acquired KMV.

cfm?ReleaseID=288619) [5] Moody’s Acquires Economy. com/ releasedetail. risk. com/ services/ business-services/ 4540649-1. businesswire. allbusiness. html) [4] Moody’s Corporation Completes Acquisition of KMV April 15. waterstechnology. com/ news/ home/ 20101122005446/ en/ Moody s-Corporation-Acquires-CSI-Global-Education) [10] Officers and Directors from Moody's Analytics Website (http:/ / moodysanalytics. 2005 (http:/ / www. 2002 (http:/ / ir. risk. moodysanalytics. com/ Mergers+ and+ Acquisitions/ Moody s+ (MCO)+ to+ Acquire+ Fermat+ International+ for+ $189+ Million+ Plus+ Considerations. com/ finance/ business-loans-business-credit/ 4020182-1. net/ risk-magazine/ research/ 1899406/ risk-technology-rankings-2010) [13] Asia Risk Technology Survey 2010 (http:/ / www. cfm) [3] Moody’s Corporation Announces New Business Unit Structure August 7. com [2] Moody’s Corporation Investor Relations (http:/ / ir. moodys. 2009 (http:/ / www. moodysanalytics. moodys. com/ research/ reports/ risktech100-2010) [15] Waters Rankings 2010 (http:/ / www. com/ About_Us/ Leadership_Team.com December 1. com/ legal/ 856708-1. net/ asia-risk/ research/ 1732252/ competition-intensifies-risk-technology-vendors-asia) [14] Chartis Research (http:/ / chartis-research.Moody's Analytics • Waters Rankings 2010 – “Best Credit Risk Solutions Provider” [15] 48 References [1] http:/ / www. allbusiness. html) [7] Moody’s Analytics to Acquire Fermat International September 15.+ Sees+ Deal+ Dilutive+ Through+ 2009/ 3987962. ashx) [12] Risk Technology Rankings 2010 (http:/ / www. 2008 (http:/ / www. html) [8] Moody’s Analytics Acquires Enb Consulting December 18. 2010 (http:/ / www.moodysanalytics. 2006 (http:/ / www. com/ news/ home/ 20081218005238/ en/ Moodys-Analytics-Acquires-Enb-Consulting) [9] Moody’s Corporation Acquires CSI Global Education November 22. html) [6] Moody’s Corporation Acquires Wall Street Analytics December 18.com) . streetinsider. businesswire. aspx) [11] Waters Rankings 2011 (http:/ / www. allbusiness. 2007 (http:/ / www. com/ ~/ media/ Homepage/ News/ News-Press-Release-Waters-Award. com/ waters/ news/ 1724170/ waters-rankings-2010-all-winners) External links • Moody's Analytics (http://www. com/ overview.

many organizations would not act upon their implied moral obligations. chemistry. Nadia. property damage. It may involve interactions among many subject areas.” (Damon. and health psychology. Training and Coaching Today. and give recommendations on avoiding accidents to management and employees in an organisation. A safety training program can also help a trainer keep the required OSHA-mandated safety training courses organized and up-to-date.. mental and social well-being of workers in all occupations. Safety training classes help establish a safety culture in which employees themselves help promote proper safety procedures while on the job. lost goodwill from the workforce. industrial/organizational psychology. nearby communities. family members. pg. “Like it or not. public health.. illnesses. lost production. and the main knowledge and skills that are required of them. They recognize hazards and measure health and safety risks. to summarize. it is accepted that without the extra "encouragement" of potential regulatory action or litigation. It was adopted by the Joint ILO/WHO Committee on Occupational Health at its first session in 1950 and revised at its twelfth session in 1995. fines. OHP is also concerned with developing ways to effect change in workplaces for the purpose of improving the health of people who work. The definition reads: "Occupational health should aim at: the promotion and maintenance of the highest degree of physical. For more detail on OHP. This standard is based on the methodology known as Plan-Do-Check-Act (PDCA) Relationship to occupational health psychology Occupational health psychology (OHP). Reasons for Occupational health and safety The event of an incident at work (such as legal fees. including occupational medicine. safety engineering. the adaptation of work to man and of each man to his job". it may also protect co-workers. customers. Australia and the USA. It is important that new employees be properly trained and embrace the importance of . suppliers. But it could involve much more than you think. set suitable safety controls in place. ‘Reducing The Risks’. United Kingdom.[2] The field is concerned with identifying work-related psychosocial factors that adversely affect the health of people who work. from customers and from the wider community). and missed time from work. the placing and maintenance of the worker in an occupational environment adapted to his physiological and psychological capabilities. occupational (or industrial) hygiene. legal liability. 2008. This paper looks at the main tasks undertaken by OHS practitioners in Europe. see the section on occupational health psychology. a related discipline.Occupational requirements may be reinforced in civil law and/or criminal law.Occupational safety and health 49 Occupational safety and health Occupational health and safety is a cross-disciplinary area concerned with protecting the safety. organisations have a duty to provide health and safety training. Definition Since 1950. employers. is a relatively new field that combines elements of occupational health and safety. and..[1] As a secondary effect. workers' compensation claims. • Legal .14) An effective training program can reduce the number of injuries and deaths. the protection of workers in their employment from risks resulting from factors adverse to health. health and welfare of people engaged in work or employment. health physics. the International Labour Organization (ILO) and the World Health Organization (WHO) have shared a common definition of occupational health. investigation time. the prevention amongst workers of departures from health caused by their working conditions. and other members of the public who are impacted by the workplace environment. The goal of all occupational health and safety programs is to foster a safe work environment. compensatory damages.

2004). and methods to attain the best possible management of the hazards and exposures that can cause injury to people. Journal of Occupational Health & Safety – Australia and New Zealand) In the Netherlands.[3] 50 Safety Professionals in Europe In Norway. • Apply good business practices and economic principles for efficient use of resources to add to the importance of the safety processes. the main required tasks of an Occupational Health and Safety Practitioner include: • Systematic evaluations of the working environment • Endorsing preventative measures which eliminate reasons for illnesses in the work place • Giving information in the subject of employees’ health • Giving information on occupational hygiene. • Promote other members of the company to contribute by exchanging ideas and other different approaches to make sure that every one in the corporation possess OHS knowledge and have functional roles in the development and execution of safety procedures. equipment. A et alia. (Hale. reliability. requirements. workstations. Safety Professionals in the USA The main tasks undertaken by the OHS practitioner in the USA include: • Develop processes. and damage property. and procedures by using qualitative and quantitative methods to recognise the hazards and measure the related risks. criteria. A ‘certified service’ must employ sufficient numbers of four types of certified experts to cover the risks in the organisations which use the service: • A safety professional • An occupational hygienist • An occupational physician • A work and organisation specialist. 2004) ‘The main influence on the Dutch law on the job of the safety professional is through the requirement on each employer to use the services of a certified working conditions service to advise them on health and safety’ (Hale. ergonomics and also environmental and safety risks in the work place (Hale A. A 1998 NIOSH study concluded that the role of training in developing and maintaining effective hazard control activities is a proven and successful method of intervention. A et alia. 44% were BSc graduates and 63% in the Netherlands. ‘Changing requirements for the safety profession: roles and tasks’. A et alia. and include: • Voluntary medical examinations • A consulting room on the work environment for the workers • Health check assessments (if needed for the job concerned) (Hale. outcomes. • Examine all possibilities. methods. • Assess services. A et alia. 2004.Occupational safety and health workplace safety as it is easy for seasoned workers to negatively influence the new hires. and 19% were of a Technician level and 23% in the Netherlands (Hale. required tasks for health and safety staff are only summarily defined. innovative effective safety training which will ultimately lead to an effective safety culture. and expenditure to attain the best results for the company concerned . hands-on. 2004). effectiveness. or the environment. and 14% in the Netherlands. procedures. can be purged with the establishment of new. 37 % of Health and Safety practitioners had a MSc education level. That negative influence however. 2004) It shows in Table 1 (based on the European Network of Safety and Health Practitioner Organisations [ENHSPO] survey to) that in Norway. Ytehus I.

there is strong cooperation between employer and worker organisations (e. 2006) 51 The differences in each location Similar to the findings of the ENHSPO survey conducted in Australia. “Nearly half of senior managers and company directors do not have an up-to-date understanding of their health and safety-related duties and responsibilities. ‘Occupational Health’. In 1996 the European Agency for Safety and Health at Work was founded. pg. policies and rules • Holding checks and having control methods for possible hazardous exposures • Mathematical and statistical analysis • Examining manufacturing hazards • Planning safe work practices for systems. org/ bcsp/media/exam_guide.Occupational safety and health (Board of Certified Safety Professionals. In the European Union. scaffoldings) • Design of recordkeeping systems that take collection into account. pg. health and environmental sciences • Design of hazard control systems (i. and enforcement. as well as storage. However. health.” (Paton. 6). Iss. Unions) to ensure good OSH performance as it is recognized this has benefits for both the worker (through maintenance of health) and the enterprise (through improved productivity and quality). and dissemination • Mathematics and statistics • Processes and systems for attaining safety through design (Board of Certified Safety Professionals. 2006.g. fall protection. In many EU countries. 3. there is a need to put a greater emphasis on work-related illness (Anonymous. “Examination Guide” accessed 20 April at http:/ / www. 60. member states have enforcing authorities to ensure that the basic legal requirements relating to occupational health and safety are met. UK.e. 3. 2008. bcsp. Vol 60. 6) National implementing legislation Different states take different approaches to legislation. Its been shown that in Australia and the USA that a major responsibility of the OHS professional is to keep company directors and managers aware of the issues that they face in regards to Occupational Health and Safety principles and legislation. Iss. Nic. These directives (of which there are about 20 on a variety of topics) follow a similar structure requiring the employer to assess the workplace risks and put in place . health. Vol. interpretation. and environmental science information for the improvement of procedures • Interpersonal communication skills (Board of Certified Safety Professionals. Health and Safety News: In Brief. and equipment • Understanding and using safety. facilities. 2006) Some skills required by the OHS professional in the USA include (but are not limited to): • Understanding and relating to systems. it has been shown that this is where they are lacking. Member states of the European Union have all transposed into their national legislation a series of directives that establish minimum standards on occupational health and safety. the Institute of Occupational Medicine found that in the UK. 2008.pdf) Knowledge required by the OHS professional in USA include: • Constitutional and case law controlling safety. and the environment • Operational procedures to plan/ develop safe work practices • Safety. ‘Senior Managers Fail to Show Competence in Health and Safety’ Occupational Health. regulation. in Europe.

The Canadian Centre for Occupational Health and Safety (CCOHS). risks. On the provincial and municipal level. 2002. and “outcome” are used in other fields to describe e. In Canada. “risk”. In the UK. and towards risk assessment.Occupational safety and health preventive measures based on a hierarchy of control. the Department of Occupational Safety and Health (DOSH) under the Ministry of Human Resource is responsible to ensure that the safety. The prevention of occupational disease is still in its initial stage compared with industried countries such as the US or UK. information. or damage to equipment. a 0. in the U.a fundamental right to a healthy and safe working environment. transportation. The "Occupational Disease Control Act of PRC" came into force on May 1.g. The risk can be expressed numerically (e. However. For example. but generally speaking: • A hazard is something that can cause harm if not controlled. is responsible for developing and enforcing workplace safety and health regulations.[4] OSHA. This hierarchy starts with elimination of the hazard and ends with personal protective equipment. Recent major changes to the laws governing asbestos and fire safety management embrace the concept of risk assessment. health and welfare of workers in both the public and private sector is upheld. is focused on research.S.g. • The outcome is the harm that results from an uncontrolled hazard. in the context of OSH. Department of Labor.[6] and Work safety Act of PRC on November 1.S. environmental damage." CCOHS is mandated to promote safe and healthy workplaces to help prevent work-related injuries and illnesses. Occupational safety and health regulation of a limited number of specifically defined industries was in place for several decades before that. repetitively carrying out manual handling of heavy objects is a hazard. all other workers are covered by the health and safety legislation of the province they work in. there are Health Supervisions for occupational health and local bureaus of Work Safety for safety. 52 Identifying Safety and Health Hazards Hazards. or social well-being of workers. of the physical. 2002.. an agency of the Government of Canada. NIOSH. health and safety legislation is drawn up and enforced by the Health and Safety Executive and local authorities (the local council) under the Health and Safety at Work etc. The act was based on the belief that all Canadians had ". was created in 1978 by an Act of Parliament. and federal employment) are covered by the Canada Labour Code.5 or 50/50 chance of the outcome occurring during a . mental. education. In the People's Republic of China. The outcome could be a musculoskeletal disorder (MSD) or an acute back or joint injury. Increasingly in the UK the regulatory trend is away from prescriptive rules. “Hazard”. the Ministry of Health is responsible for occupational disease prevention and the State Administration of Work Safety for safety issues at work.[7] The Occupational Disease Control Act is under revising. In Malaysia. and broad regulations by some individual states was in place for many years prior to the establishment of OSHA. DOSH is responsible to enforce the Factory and Machinery Act 1969 and the Occupational Safety and Health Act 1994. workers are covered by provincial or federal labour codes depending on the sector in which they work. In the United States. in the U. and training in occupational safety and health. Act 1974. outcomes The terminology used in OSH varies between states.[5] OSHA have been regulating occupational safety and health since 1971. “harm” generally describes the direct or indirect degradation. Workers covered by federal legislation (including those in mining. Department of Health and Human Services. temporary or permanent. the Occupational Safety and Health Act of 1970 created both the National Institute for Occupational Safety and Health (NIOSH) and the Occupational Safety and Health Administration (OSHA).. • A risk is a combination of the probability that a particular outcome will occur and the severity of the harm involved.

the risk should be re-calculated to determine of it has been lowered to an acceptable level.. It should be kept in mind that risk management requires risk to be managed to a level which is as low as is reasonably practical.but still risky—outcomes. Once recommended controls are implemented. situation-specific risks). but neither does it accept "satisfactory" -. Generally speaking. assessed and controlled/eliminated as close to source (location of the hazard) as reasonable and possible. "high/medium/low"). The assessment should include practical recommendations to control the risk. The assessment should be recorded and reviewed periodically and whenever there is a significant change to work practices. Thus hazard control is a dynamic program of prevention. Risk assessment Further information: Risk assessment#Risk assessment in public health Modern occupational safety and health legislation usually demands that a risk assessment be carried out prior to making an intervention. . in relative terms (e. i. This can be expressed mathematically as a quantitative assessment (by assigning low.Occupational safety and health year). or with a multi-dimensional classification scheme (e. newly introduced controls should lower risk by one level. A hazard-based program may not be able to eliminate all risks. social expectation or regulatory requirements change. a hazard-based approach can by-pass conflict inherent in a risk-based approach.e. 53 Hazard Assessment Hazard analysis or hazard assessment is a process in which individual hazards of the workplace are identified. This assessment should: • • • • Identify the hazards Identify all affected by the hazard and how Evaluate the risk Identify and prioritize appropriate control measures The calculation of risk is based on the likelihood or probability of the harm being realized and the severity of the consequences. medium and high likelihood and severity with integers and multiplying them to obtain a risk factor). hazard analysis focuses controls more closely toward the source of the hazard. As technology. And as those who calculate and manage the risk are usually managers while those exposed to the risks are a different group.g.g. or qualitatively as a description of the circumstances by which the harm could arise. workers. Hazard-based programs also have the advantage of not assigning or implying there are "acceptable risks" in the workplace. resources. from high to medium or from medium to low.

uncontrolled alcohol Musculoskeletal disorders. .Occupational safety and health 54 Common workplace hazard groups • Mechanical hazards include: By type of agent: • Impact force • Collisions • Falls from height Struck by objects Confined space Slips and trips Falling on a pointed object Compressed air/high pressure fluids (such as cutting fluid) Entanglement Equipment-related injury By type of damage: • • • • • Crushing Cutting Friction and abrasion Shearing Stabbing and puncture Harry McShane. which may include emotional and verbal abuse Sexual harassment Mobbing Burnout Exposure to unhealthy elements during meetings with business associates.g. 1908. whose causal factors include excessive working time and overwork Violence from outside the organisation Bullying. conflagration and explosion hazards: • • • • • • • • • • • • • Explosion Deflagration Detonation Conflagration • • • • • • • • Other physical hazards: • • • • • • • • • Noise Vibration Lighting Barotrauma (hypobaric/hyperbaric pressure) Ionizing radiation Electricity Asphyxiation Cold stress (hypothermia) Heat stress (hyperthermia) • Dehydration (due to sweating) • Biological hazards include: • • • • • Bacteria Virus Fungi • Mold Blood-borne pathogens Tuberculosis • • • Psychosocial issues include: Work-related stress. age 16. His arm was ripped off at the shoulder and his leg broken. avoided by the employment of good ergonomic design Fire prevention (fire protection/fire safety) often comes within the remit of health and safety professionals as well. • Chemical hazards include: • • • • • Acids Bases Heavy metals • Lead Solvents • Petroleum Particulates • Asbestos and other fine dust/fibrous materials • Silica Fumes (noxious gases/vapors) Highly-reactive chemicals Fire. tobacco. Pulled into machinery in a factory in Cincinnati. Photograph by Lewis Hine. No compensation paid. e.

• Roughton.) Future developments Occupational health and safety has come a long way from its beginnings in the heavy industry sector. "Our Stupendous Yearly Waste: The Death Toll of Industry" (http://books. etc. gov. etc. search_form?p_doc_type=OSHACT). com/books?id=Vv--PfedzLAC&pg=PA713). Ergonomic (material handling. [6] "Occupational Disease Control Act of the People's Republic of China" http:/ / www. osha. work organization. Hazards are typically categorized into one of six groups: 1. References [1] Oak Ridge National Lab Safety Document http:/ / www. An introduction to occupational health psychology. and those charged with managing health and safety are having more and more tasks added to their portfolio. but is not itself an ISO standard) .Occupational safety and health 55 Canadian Classification In Canada. McGraw-Hill Professional. Keller & L. ornl. FL: Professional Resource Exchange. etc.) 6. National Institute of Occupational Safety and Health.) 2. slippery surfaces. It now has an impact on every worker. lighting. cn/ banshi/ 2005-08/ 01/ content_19003. Chemical Agents 4.). ISBN 0-7506-7411-3. (1986). Joseph (2006). easysafetyschool. • OHSAS 18000 series: (derived from a British Standard. G. James (2002). htm [7] "The Work Safety Act of the People's Republic of China" http:/ / www. OHSAS is intended to be compatible with ISO 9000 and 14000 series standards. The most significant responsibility is environmental protection. etc. Current Occupational & Environmental Medicine (4th ed. working at heights. [5] About NIOSH (http:/ / www. Butterworth-Heinemann. S. Innovations in clinical practice: A source book. cn/ ztzl/ 2006-05/ 27/ content_292725. environment. Physical Agents(noise. A. Psychosocial(stress. P. in every work place. • Ladou. Ritt (Eds. G. Retrieved 2009-07-10. gov [2] Everly. Vol. cdc. radiation. Frank (April 1912).). Safety (moving machinery. The World's Work: A History of Our Time XXIII: 713–715. html). The skills required to manage occupational health and safety are compatible with environmental protection. Occupational Safety and Health Administration. violence. htm Further reading • Koester. Developing an Effective Safety Culture: A Leadership Approach (1st ed. com/ courses/ osha-outreach/ ) [4] Occupational Safety and Health Act of 1970 (http:/ / www.) 3.).. mobile equipment. gov. gov/ pls/ oshaweb/ owasrch. 331-338). 5 (pp. ISBN 0-07-144313-4. Jr. Biological Agents 5. Sarasota. [3] OSHA Outreach Resources (http:/ / www.google. gov/ niosh/ about. which is why these responsibilities are so often bolted onto the workplace health and safety professional.

ilo.htm) • IOSH Occupational Health Toolkit (http://www.uk/information_and_resources/our_oh_toolkit.opasnet.[1] which are impact assessments where anyone can freely participate and contribute. opasnet.org) .iosh.gov. ktl.aspx/) • ILO International Occupational Safety and Health Information Centre (http://www.Getting started for Small Business (http://www. mindtrek.org/public/english/ protection/safework/cis/) • Society for Occupational Health Psychology (http://www. [3] World Summit Award Finland (http:/ / www. Opasnet is a wiki website and it is built on Mediawiki platform.org/default. accessed Jan 12. accessed Jan 12. org/ w/ Opasnet:About). org/ 2010/ wsa).sohp-online. 2011.A new way of providing scientific information for decision-making. Mikko Pohjola: Open Risk Assessment .uk/smallbusinesses/ gettingstarted.hse.co. 2011.[2] Opasnet has won the World Summit Award Finland competition. pdf) [2] About Opasnet (http:/ / en.org/) • UK Health & Safety Executive .cdc. the eGovernment and Institutions category.aspx) Opasnet Opasnet is a web-workspace for making open assessments. External links • Official website (http://en.Occupational safety and health 56 External links • CDC page on Workplace Safety & Health (http://www.[3] References [1] Jouni T. fi/ attachments/ suomi/ julkaisut/ julkaisusarja_b/ 2007/ 2007b18. Publications of the National Public Health Institute 2007:B18 ISBN 978-951-740-736-6 (http:/ / www. Tuomisto. It is currently maintained and developed by the National Institute for Health and Welfare in Finland.gov/Workplace/) • European Academy of Occupational Health Psychology (http://eaohp.

it has been applied on e. or external events.S. opasnet. human factors. [4] World Summit Award Finland (http:/ / www. air pollution[2] and pollutants in fish. accessed Jan 12. Four Principles of ORM The U. including the risk of loss resulting from inadequate or failed internal processes and systems. Anticipate and manage risk by planning. ISBN 978-952-245-102-6 (http:/ / www. org/ 2010/ wsa).A new way of providing scientific information for decision-making. The open assessment method has been developed in the National Institute for Health and Welfare in Finland originally for providing guidance in complex environmental health problems. Department of Defense summarizes the principles of ORM as follows:[1] • • • • Accept risk when benefits outweigh the cost. fi/ thl-client/ pdfs/ 2af475e8-6b79-47a6-8553-2d96cb5a2d96) [3] (http:/ / en. Mikko Pohjola: Open Risk Assessment .[1] Most open assessments have been made in Opasnet. Accept no unnecessary risk. fi/ attachments/ suomi/ julkaisut/ julkaisusarja_b/ 2007/ 2007b18. which is a wiki-based web-workspace specifically designed for this purpose. Publications of the National Public Health Institute 2007:B18 ISBN 978-951-740-736-6 (http:/ / www. mitigation. pdf) [2] Marko Tainio: Methods and Uncertainties in the Assessment of the Health Effects of Fine Particulate Matter (PM2. the eGovernment and Institutions category. Tuomisto. thl.[4] References [1] Jouni T. So far.opasnet. and implementation of risk controls. which results in acceptance.Open assessment 57 Open assessment Open assessment is a method for making impact assessments where anyone can participate and contribute. 2009:18. accessed Jan 12. ktl. org/ w/ Benefit-risk_assessment_on_farmed_salmon).[3] Opasnet has won the World Summit Award Finland competition. Make risk decisions at the right level.org/w/Open_assessment) in Opasnet Operational risk management The term Operational Risk Management (ORM) is defined as a continual cyclic process which includes risk assessment. . National Institute for Health and Welfare. risk decision making. ORM is the oversight of operational risk. External links • Description of open assessment (http://en.5) Air Pollution. 2011. 2011. or avoidance of risk. mindtrek.g.

Deliberate Deliberate risk management is used at routine periods through the implementation of a project or process. Risk assessment • Risk identification • Risk analysis • Risk evaluation 3. and acquiring personal protective equipment. drafting instructions and requirements. Examples include quality assurance. and safety checks. Establish context 2. Monitor and review This process is cyclic as any changes to the situation (such as operating environment or needs of the unit) requires re-evaluation per step one. safety briefs. when there is plenty of time to plan and prepare. and teams to safely and effectively accomplish the mission or task using risk management concepts when time and resources are limited. crews.Operational risk management 58 Three Levels of ORM In Depth In depth risk management is used before a project is implemented. It is defined as the effective use of all available resources by individuals. Time Critical Time critical risk management is used during operational exercises or execution of tasks. Examples of tools used includes execution check-lists and change management. on-the-job training. Risk treatment 4.[1] ORM Process In Depth The International Organization for Standardization defines the risk management process in a four-step model:[2] 1. Examples of in depth methods include training. performance reviews. This requires a high degree of situational awareness. Deliberate .

Communicate risks and intentions.S. Navy summarizes the time critical risk management process in a four-step model:[3] 1. and human factors. • Balancing individual verses team effort. • Execute and Gauge Risk involves managing change and risk while an exercise is in progess. additive conditions.) This is accomplished in three different phases: • Mission Completion is a point where the exercise can be evaluated and reviewed in full. • Future Performance Improvements refers to preparing a "lessons learned" for the next team that plans or executes a task. and material resources available. equipment. This means observing individual risk warning signs. Balance your resources. fatigue. (Take action and monitor for change. • Additive factors refers to having a situational awareness of the cumulative effect of variables (conditions. knows the roles that each member is supposed to play. 3.). 4. stress. • Human factors refers to the limitations of the ability of the human body and mind to adapt to the work environment (e. Assess the situation. 3. and willful violations of regulations). A direct and forceful style of communication gets a specific result from a specific situation. Department of Defense summarizes the deliberate level of ORM process in a five-step model:[1] 1. . 4. etc. • Communicate hazards and intentions. This refers to balancing resources in three different ways: • Balancing resources and options available. Identify hazards Assess hazards Make risk decisions Implement controls Supervise (and watch for changes) 59 Time Critical The U.g. Asking questions is a technique to opening the lines of communication. • Balancing Resources verses hazards.Operational risk management The U. This means evaluating and leveraging all the informational. lapses of attention. confusion. labor. • Use the right communication style. The three conditions of the Assess step are task loading. 5. • Communicate to the right people.S. impairment. It also means observing how well the team is communicating. This means estimating how well prepared you are to safely accomplish a task and making a judgement call. 2. and the stress level and participation level of each team member. • Task loading refers to the negative effect of increased tasking on performance of the tasks. 2. Do and debrief.

39B OPERATIONAL RISK MANAGEMENT (ORM) [4] • MARINE CORPS ORDER 3500.Operational risk management 60 Benefits of ORM 1. asp). . Retrieved 12 July 2009. Retrieved November 4. 2007-06-15. safetycenter. mil/ Directives/ 03000%20Naval%20Operations%20and%20Readiness/ 03-500%20Training%20and%20Readiness%20Services/ 3500. jsf). 2. mil/ orm/ index. These software systems allow the financial audit to be executed at lower cost. Reduction of operational loss. ie/ uploads/ file/ N047_Committee_Draft_of_ISO_31000. Forrester Research has identified 115 Governance. References General • OPNAVINST 3500. . navy. [3] "Operational Risk Management .org/) The institute provides professional recognition and enables members to maintain competency in the discipline of operational risk.S. mil/ ELIAAS/ logon/ Welcome. Risk and Compliance vendors that cover operational risk management projects. [2] "Committee Draft of ISO 31000 Risk management" (http:/ / www. [4] http:/ / doni. 3. nko. The position is also required for Banks that fall into the Basel II Advanced Measurement Approach "mandatory" category. 4. 2008. 27B. Navy.27B OPERATIONAL RISK MANAGEMENT (ORM) [5] Cited [1] "Naval Safety Center ORM" (http:/ / www. 39B. Lower compliance/auditing costs.ior-institute. Chief Operational Risk Officer The role of the Chief Operational Risk Officer (CORO) continues to evolve and gain importance. navy. U. Active Agenda is an open source project dedicated to operational risk management. the role also plays an important part in increasing awareness of the benefits of sound operational risk management. pdf [5] http:/ / safetycenter.Time-Critical Risk Management" (https:/ / ile-deers. daps. pdf External links • The Institute of Operational Risk (http://www. . . Early detection of unlawful activities. dla. International Organization for Standardization. pdf). Reduced exposure to future risks. ORM Software The impact of the Enron failure and the implementation of the Sarbanes-Oxley Act has caused several software development companies to create enterprise-wide software packages to manage risk. nsai. navy. Most complex financial institutions have a Chief Operational Risk Officer. mil/ instructions/ orm/ MCO203500. In addition to being responsible for setting up a robust Operational Risk Management function at companies.

a loss of a select market.[3] Profit risk can exist even when a company is growing in earnings.Profit risk 61 Profit risk Categories of financial risk Credit risk Concentration risk Market risk Interest rate risk Currency risk Equity risk Commodity risk Liquidity risk Refinancing risk Operational risk Legal risk Political risk Reputational risk Volatility risk Settlement risk Profit risk Systemic risk Profit risk is a risk management tool that focuses on understanding concentrations within the income statement and assessing the risk associated with those concentrations from a net income perspective. markets. in that it complements other risk management methodologies commonly used in the financial services industry: credit risk management and asset liability management (ALM). so that the income statement’s high concentration in a limited number of customer accounts. Description of profit risk When a company’s earnings are derived from a limited number of customer accounts.[4] At this stage. delivery channels. and salespeople puts the company at risk levels that project the company’s inability to grow earnings with high potential for future earnings losses. and/or salespeople. profit risk management is similar to the diversification . a loss of a limited number of products. income loss risk is present and the company has reached a level of profit risk that is unhealthy for sustaining net income. delivery channels (e.. which can cause earnings growth to decline when levels of concentration become excessive.[5] For financial institutions. products. markets. these concentrations result in significant net income risk that can be quantified.[2] Profit risk is the concentration of the structure of a company’s income statement where the income statement lacks income diversification and income variability. The method for quantifying and assessing this potential income loss risk and the volatility that it creates to the company’s income statement is profit risk measurement and management.[1] Alternate definitions Profit risk is a risk measurement methodology most appropriate for the financial services industry. a loss of a small number of delivery channels. products.g. and/or a loss of a few salespeople can result in significant net income volatility. A loss of just a handful of customer accounts. branches/stores/other delivery points).

asp)”. org/ news/ 477. (2) the levels of the concentrations. CUNA Operations and Sales/Services Council. “ Diversification Strategies (http:/ / www. or profitability systems that they use to keep track of their customer/member relationship activities. 2005 [11] Duclaux. and salespeople. pdf)”. investopedia. and (3) the predictions for future earning losses to be drawn from the concentrations. pdf)”. net/ ~rpminfonet/ decile. John and Palm. dmacorporation. December 2004 Retrieved 05/06/2010 [3] Weissman. Gene “ Profit Decile Report: An Eye-Opener (http:/ / findarticles.[7] This rule and principle may be appropriate for some industries. . banktech. these reports examine earnings contributions by deciles (groupings of customers or other units of analysis by 10% increments). . com/ terms/ d/ diversification. p 12-14. html)” . -a0221749129)”. ABA Banking Journal. CRM. Hongjie “ For Bank Marketing. August 2008 Retrieved 05/06/2010 [2] Weissman. html)”. and other portfolio risk management techniques. ABA Bank Marketing. com/ p/ articles/ mi_hb4838/ is_1_38/ ai_n29289502/ )”. November 2009 Retrieved 05/06/2010 [9] Reprinted with permission from The Mortgage Press.[11] Often. earthlink. html)”. cunaopsscouncil. product. but the old "80/20" rule ~ it does not longer applied. Patrick “ Pinpointing Preferences with MCIF (http:/ / www. com/ marketing/ direct-marketing/ 512324-1.[8] According to Rich Weissman. Rich “ Profit Risk – The Third Leg of Risk Management (http:/ / www. com/ publications/ mbabanking. “ Decile Report (http:/ / home.a "300/10" rule!" Measuring profit risk To measure these concentrations and manage profit risk. March/April 2009. March 2010 Retrieved 05/06/2010 [6] Investopedia. Bank Systems and Technology. Michigan Bankers Magazine. “ Pareto Principle and the Infinite Value of CRM (http:/ / www. but not for the financial services industry. Rich “ Managing Profit Risk to Avoid a Meltdown (http:/ / www. June 1995 [12] Retail Profit Management. com/ dmarecognized/ AvoidAMeltdown. real estate diversification. com/ Profit+ in+ the+ Drink:+ in+ today's+ recessionary+ environment. Rich “ Profit in the Drink (http:/ / www. illustrating concentrations for each 10% group. mibankers. websitemagazine. aspx)” Retrieved 05/06/2010 [8] Wang. com/ blog/ archives/ 2009/ 11/ for_bank_market. the most important tools for financial institutions may be their MCIF. Re-Focus the Pareto Principle on Customer Profitability (http:/ / www. ABA Bank Marketing. The data in these systems can be analyzed and grouped to gain insights into profitability contribution of each customer/member. Their top 10 percent of customer/member relationships accounted for three times net earnings . market. Profit Risk: The third leg of risk management [10] Totty. com/ content/ blogs/ posts/ articles/ Pareto_CRM. California Banker Magazine. "There are real-life examples where financial institutions have seen profit risk ratios as high as 300 percent. The Mortgage Press. Rich “ Bank Marketers Measure Profit Risk in Changing Times (http:/ / www. Retrieved 05/06/2010 [4] Coffey.[12] References [1] Weissman.Profit risk strategies[6] commonly used for investment asset allocations. Jan-Feb.[10] Reports illustrating the concentrations of net income are used by senior management to show (1) the location of the concentrations in the income statement. com/ dmarecognized/ MortgagePress. dmacorporation. delivery channels. allbusiness.+ more+ than. Denise “ Are You Getting the Most from Your MCIF? (http:/ / www. August. 62 Basis of profit risk The concept of profit risk is loosely akin to the well known "80-20" rule or the Pareto principle. 2006 Retrieved 05/06/2010 [5] Weissman. which states that approximately 20% of a company’s customers drive 80% of the business. html)”. asp)” Retrieved 05/06/2010 [7] Website Magazine. [9] it is true that this small group of customer/member dominates the income statement. thefreelibrary.

googleusercontent. it is an issue.htm+profit+risk+site:http://www. This means that risk is already materialized. com/&hl=en&gl=us&strip=1)” Project risk management Project risk management is an important aspect of project management.dmacorporation. Risk Management is one of the nine knowledge areas defined in PMBOK.dmacorporation.com/dmarecognized/ PROFIT%20RISK%20WHITE%20PAPER%208-2009. this means that risk will not happen and should be removed from the risk register.com/ search?q=cache:IHpL-muUhnUJ:www.Profit risk 63 External links • “ Profit Risk: The Third Critical Piece of Risk Management (http://webcache. Project Risk can be defined as unforeseen event or activity that can impact the project progress. If the probability is 1. A risk can be assesed using two factors: impact and probability. result or outcome in a positive or negative way. . if the probability is zero.

Through a partnership with the Home Depot corporation. Mission GEMA created the Ready Georgia campaign in response to survey data revealing that nearly 80 percent of Georgia residents had not taken even the most basic steps towards being prepared for the wide range of natural and man-made disasters that threaten the state. Plan.[6] Notable Georgians such as Atlanta Falcons fullback Ovie Mughelli. Director of Homeland Security for GEMA Area served The State of Georgia Focus Motto Website Disaster Preparedness Prepare.[3] The campaign specifically encourages residents to be prepared so they can safely oversee their own evacuation and maintain self-sufficiency for a full three days after an emergency. and Georgia elementary school students pose during Ready Georgia's official launch at the state capital building.Ready Georgia 64 Ready Georgia Ready Georgia Type Founded Location Key people Public Awareness January 2008 Atlanta.[4] Governor Sonny Perdue. Ready Georgia [1] Ready Georgia is a statewide emergency preparedness campaign in the U. and former . and corporate partnerships. local volunteer organizations. Georgia Charley English. GEMA/OHS director Charley English. Education and outreach One of Ready Georgia's primary concerns is ensuring that individuals and households have an adequately stocked ready kit.S. NASCAR Sprint Cup driver David Ragan. which is essential in maintaining awareness and self-sufficiency in the wake of a disaster.[5] Utilizing its Web site. state of Georgia instituted by the Georgia Emergency Management Agency (GEMA) and Governor Sonny Perdue in conjunction with the national Ready America campaign sponsored by the Federal Emergency Management Agency (FEMA). Ready Georgia is supported by The Ad Council. Stay Informed. Ready Georgia has been able to put on state-wide workshops that teach children about disaster preparedness. Ready Georgia has also been able to provide a tool that can assist users in calculating exactly how much food and water they will need for their own kits.[2] Ready Georgia intends to "promote a preparedness and prevention culture" in Georgia through public education and outreach. Ready Kids mascot Rex the mountain lion.

html). and was declared a pandemic by the World Health Organization. com/ latest-news/ 2009-09-21/ gov-sonny-perdue-issues-state-emergency-17-georgia-counties). 2008. int/ mediacentre/ news/ statements/ 2009/ h1n1_pandemic_phase6_20090611/ en/ index. September 11. WSB-TV Online. gainesvilletimes. for which they were asked to submit work demonstrating how they are their families would prepare for a variety of disasters. Fox 5 TV Atlanta. . The Effingham Herald. ready. [6] Georgia wants you to spend week getting ready for disaster (http:/ / www.[10] Awareness and preparation are critical elements of an effective response to flooding. ga. Ready Georgia. com/ weather/ 15139439/ detail. 2009.[13] References [1] http:/ / ready. The Georgia Emergency Management Agency.Ready Georgia Atlanta Braves outfielder Jeff Francoeur participated by creating profiles on Ready Georgia's Web site letting Georgians know what is in their ready kits. piersystem. Ready Georgia [8] WSB-TV Teams With Ready Georgia To Save Lives (http:/ / www. 2009.[11] H1N1 influenza. August 10. which often necessitates evacuation and cuts off access to supplies of food and clean water. has been a health issue of public concern since early 2009. The Gainesville Times. [13] Good Day Atlanta (http:/ / www. Ready Georgia has sought to address all of these issues. resulting in a state of emergency being declared for 17 counties. wsbtv. Sonny Perdue issues state of emergency for 17 Georgia counties (http:/ / savannahnow. This is especially critical in the Atlanta metro area. as well as personal and school recognition on Ready Georgia's Web site. June 11. [9] The Fortune 500. gov/ america/ about/ testimonials/ story7. Ready Georgia. CNN Money. com/ news/ archive/ 14323/ ). ga. com/ public-safety/ 09/ 8-10-09_home-depot-gema. html). [5] The Home Depot Partners with GEMA’s Ready Georgia to Teach Thousands of Kids about Emergency Preparedness (http:/ / www.[9] 65 Emergencies addressed since inception In September 2009. gov/ [2] Ready Georgia finds Georgians aren't ready (http:/ / www. 2009. November 2.[12] The Georgia Department of Community Health Division of Public Health and the Georgia Emergency Management Agency have used the Ready Georgia campaign to disseminate preparedness information to Georgians. gov/ Stay-Informed/ Floods-and-Flash-Floods). February 2. March 20. 2009. [12] World Health Organization (http:/ / www. 2009 (http:/ / money. September 21. net/ news/ archive/ 7466/ ). Savannah Now. Ready Georgia was able to provide Georgia residents with 200 NOAA weather radio receivers at no cost and many more at a reduced price. cnn. 2009.[7] In 2009. com/ magazines/ fortune/ fortune500/ 2009/ cities/ ). who.[8] Ready Georgia has additionally sought to address the economic impact of disasters through the development of materials stressing the importance of proper business continuity planning to Georgia based businesses. November 10. 2009. The importance of flood insurance in mitigating the social and economic damage caused by flooding is another awareness and preparedness issue for anyone facing the prospect of flooding. myfoxatlanta. [7] Congratulations to our “Get Ready Georgia” Art and Essay Contest Winners!. which is home to the fourth most Fortune 500 company headquarters among all cities in America. com/ dpp/ good_day_atl/ Ready_Kit_to_Fight_H1N1_091109). Georgia experienced significant flooding. effinghamherald. [4] "Severe Weather Awareness Week" Proclaimed By Governor Purdue (http:/ / www. Georgia's 5th graders were able to enter a Ready Georgia art and essay contest. 2009. [11] "Get Ready for Floods and Flash Floods" (http:/ / www. [3] Lisa Janak Newman (November 10. . fayettefrontpage. html). The Fayette Front Page. known commonly as "swine flu". ready. Ready Georgia Campaign Provides Tools for Residents to Be Prepared (http:/ / www. 2009. com/ go/ doc/ 759/ 239955/ ). 2008). June 15. html). Retrieved 3 November 2009. The winners received their own ready kits from Home Depot. in an effort to acknowledge and address the fact that economically disadvantaged citizens face greater challenges in the face of a disaster and are often unprepared. [10] Gov.

oil. or public health risk assessment. rail and military industries have a long history of dealing with risk assessment. In all types of engineering of complex systems sophisticated risk assessments are often made within Safety engineering and Reliability engineering when it concerns threats to life. The nuclear. and the probability p. ecological. Methods for assessment of risk may differ between industries and whether it pertains to general financial decisions or environmental. especially time.ga. In theory.gema. aerospace.Ready Georgia 66 External links • The Georgia Emergency Management Agency (http://www.potential loss and probability of occurrence . medical. Risk with a large potential loss and a low probability of occurring is often treated differently from one with a low potential loss and a high likelihood of occurring. Part of the difficulty in risk management is that measurement of both of the quantities in which risk assessment is concerned . that the loss will occur.can be very difficult to measure. environment or machine functioning. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). The chance of error in measuring these two concepts is large. both are of nearly equal priority. . in which to conduct the risk management process.state. but in practice it can be very difficult to manage when faced with the scarcity of resources. the magnitude of the potential loss L. and food industries control risks and perform risk assessments on a continual basis. Explanation Risk assessment consists of an objective evaluation of risk in which assumptions and uncertainties are clearly considered and presented. Expressed mathematically. hospital. Also. Quantitative risk assessment requires calculations of two components of risk: R.us/) Risk assessment Risk assessment is a step in a risk management procedure.

and/or from high to lower doses. In most countries the use of specific chemicals or the operations of specific facilities (e. it is termed an "individual risk" and is in units of incidence rate per a time period. In addition. to account for the largely unknown effects of animal to human extrapolations. manufacturing plants) is not allowed unless it can be shown that they do not increase the risk of death or illness above a specific threshold. express loss in terms of dollar amounts. Dose-Response Analysis.. increased variability in humans. rat) to humans. or missing . When risk assessment is used for public health or environmental decisions. that is. loss can be quantified in a common metric such as a country's currency or some numerical measure of a location's quality of life. a no effect concentration. called susceptible populations. aims to determine the qualitative nature of the potential adverse consequences of the contaminant (chemical.. three or more steps are involved that require the inputs of different disciplines: 1. radiation. by drawing from the results of the sciences of toxicology and epidemiology. In developing such a dose. risk assessment is the process of quantifying the probability of a harmful effect to individuals or populations from certain human activities. An alternative to dose-response estimation is to determine an effect unlikely to yield observable effects. For public health and environmental decisions. it is termed a "population risk" and is in units of expected increased cases per a Risk assessment from a financial point of view.Risk assessment Financial decisions.g. Population risks are of more use for cost/benefit analysis. the American Food and Drug Administration (FDA) regulates food safety through risk assessment.[1] The FDA required in 1973 that cancer-causing compounds must not be present in meat at concentrations that would cause a cancer risk greater than 1 in a million lifetimes. such as insurance. 2. For other kinds of hazard. engineering or other disciplines are involved. for chemical hazards.[2] How the risk is determined In the estimation of risks. noise. The US Environmental Protection Agency provides basic information about environmental risk assessments for the public via its risk assessment portal. This is done. loss is simply a verbal description of the outcome. 67 Risk assessment in public health In the context of public health. is determining the relationship between dose and the probability or the incidence of effect (dose-response assessment). time period. If the risk estimate does not take into account the number of individuals exposed. such as increased cancer incidence or incidence of birth defects. For example. Hazard Identification.g. individual risks are of more use for evaluating whether risks to individuals are "acceptable". the "risk" is expressed as: If the risk estimate takes into account information on the number of individuals exposed. the differences between individuals due to genetics or other factors mean that the hazard may be higher for particular groups. etc. In that case..) and the strength of the evidence it can have that effect. mouse. power plants. The complexity of this step in many contexts derives mainly from the need to extrapolate results from experimental animals (e.

68 Small subpopulations When risks apply mainly to small subpopulations. In some respects this figure has the characteristics of a mythical number.1% is represented by *all infants younger than X days or *recreational users of a particular product. resulting in the optimal degree of intervention being a balance between risks vs. Sometimes. a range or distribution of possible values is generated in this step. Because of the different susceptibilities and exposures. If an identifiable sub-population is more susceptible due to inherent genetic or other factors. However. there is a potential to consider strategies to further reduce the exposure of that subgroup. as well as economic costs. Exposure Quantification. benefit. and follow up analysis. Finally. consideration of options. aims to determine the amount of a contaminant (dose) that individuals and populations will receive. a more specific calculation can be applied whether it is more important to analyze each method specifically the changes of the risk assessment method in containing all problems that each of us people could replace. On the other hand. there are significant public health risks. . or the costs to high. lifestyles and other factors likely influence the amount of contaminant that is received. adoption of a zero-risk policy could be motivated by the fact that the 1 in a million policy still would cause the death of hundreds or thousands of people in a large enough population. both of these benchmarks are clearly small relative to the typical one in four lifetime risk of death by cancer (due to all causes combined) in developed countries. This is done by examining the results of the discipline of exposure assessment. What if a risk is very low for everyone but 0. Further investigation often identifies more options such as separating noninfectious from infectious wastes. it might well be that the emissions from hospital incinerators result in a certain number of deaths per year. this risk will vary within a population.though with varying practical implications and varying economic costs. In another sense the figure provides a numerical basis for what to consider a negligible increase in risk. there is uncertainty at which point intervention is necessary. there are risks associated with no incineration (with the potential risk for spread of infectious diseases) or even no hospitals. In practice however. Particular care is taken to determine the exposure of the susceptible population(s). For example. typically a factor of 10 for each unknown step. How consensus settled on this particular figure is unclear. a prudent approach is often adopted by including safety factors in the estimate of the "safe" dose. this risk must be balanced against the available alternatives. As different location. Thus. Intelligent thought about a reasonably full set of options is essential. or air pollution controls on a medical incinerator that provide a broad range of options of acceptable risk . or other chemicals).1% of the population? A difference exists whether this 0. a true zero-risk is possible only with the suppression of the risk-causing activity. In some unusual cases.Risk assessment data. Some current environmental decision making allows some discretion to deem individual risks potentially "acceptable" if below one in ten thousand increased lifetime risk. it is not unusual for there to be an iterative process between analysis. the results of the three steps above are then combined to produce an estimate of risk. associated with all options. For example. However. If the risk is higher for a particular sub-population because of abnormal exposure rather than susceptibility. 3. there is a policy choice whether to set policies for protecting the general population that are protective of such groups (as is currently done for children when data exists. or is done under the Clean Air Act for populations such as asthmatics) or whether if the group is too small. More stringent requirements (even 1 in a million) may not be technologically feasible at a given time or may be prohibitively expensive as to render the risk-causing activity unsustainable. Low risk criteria such as these provide some protection for a case where individuals may be exposed to multiple chemicals (whether pollutants or food additives. Acceptable risk increase The idea of not increasing lifetime risk by more than one in a million has become common place in public health discourse and policy.

Risk assessment and human health There are many resources that provide health risk information. typically costing more than US$1 billion per project. and toxic releases).000 common household products). following different methodologies. as well as the corrective action to take should that risk occur. coastal flood protection. and vulnerabilities. seaports. . information technology systems.[4] the Household Products Database (potential health effects of chemicals in over 10. The ARO is an estimate based on the data of how often a threat would be successful in exploiting a vulnerability. Risk assessment in project management In project management.Risk assessment 69 Risk assessment in auditing In auditing. power plants. From this information. risk assessment is a very crucial stage before accepting an audit engagement. dams. According to ISA315 Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement. The United States Environmental Protection Agency provides basic information about environmental risk assessments for the public. public buildings. including its internal control. threats. and social and environmental impacts. The team then calculates the Annualized Rate of Occurrence (ARO) of the threat to the asset. risk assessment is an integral part of the risk management plan. the Annualized Loss Expectancy (ALE) can be calculated. control risk and detection risk. railways. highways. The annualized loss expectancy is a calculation of the single loss expectancy multiplied by the annual rate of occurrence.In auditing.[8] [9] Quantitative risk assessment Further information: Quantitative Risk Assessment software Quantitative risk assessments include a calculation of the single loss expectancy (SLE) of an asset. Megaprojects have been shown to be particularly risky in terms of finance.[6] Risk assessment in information security IT risk assessment can be performed by a qualitative or quantitative approach. The single loss expectancy can be defined as the loss of value to asset based on a single security incident. and defence systems. audit risk includes inherent risk. environmental health. the impact. Risk assessment is therefore particularly pertinent for megaprojects and special methods and special education have been developed for such risk assessment. auditor obtains initial evidence regarding the classes of transactions at the client and the operating effectiveness of the client’s internal controls. It then becomes possible from a financial perspective to justify expenditures to implement countermeasures to protect the asset. oil and natural gas extraction projects."<evidence relating to the auditor’s risk assessment of a material misstatement in the client’s financial statements. The National Library of Medicine provides risk assessment and regulation information tools for a varied audience. safety.[7] Risk assessment for megaprojects Megaprojects (sometimes also called "major programs") are extremely large-scale investment projects. wastewater projects.[5] and TOXMAP (maps of US Environmental Agency Superfund and Toxics Release Inventory data). and the effect of every known risk on the project. Megaprojects include bridges. tunnels. or how much an organization could estimate to lose from an asset based on the risks. aerospace projects. "the auditor should perform risk assessment procedures to obtain an understanding of the entity and its environment. studying the probability.[3] These include TOXNET (databases on hazardous chemicals. airports. Then.

nlm. • Committee on Risk Assessment of Hazardous Air Pollutants. [9] Oxford BT Centre for Major Programme Management [10] Commoner. nih. Peter Fuerst. Kass. doi:10. National Research Council (1994). [11] The fourth quadrant: a map of the limits of statistics [9. [2] EPA. com/ managing-project-risks) . gov/ enviro/ riskinformation. Mixtures and Their Risk Assessment in Toxicology". Evolutionary software processes offer an iterative approach to requirement engineering to alleviate the problems of uncertainty. For example.1039/9781849732116-00061.[10] Others. O'Brien. M. Human Risk Assessment of Heavy Metals: Principles and Applications".Risk assessment 70 Risk assessment in software evolution Further information: ACM A Formal Risk Assessment Model for Software Evolution Studies have shown that early parts of the system development cycle such as requirements and design specifications are especially prone to error. doi:10. D. nlm. retrieved 27 September 2010 . Brian Wynne and other critics have expressed concerns that risk assessment tends to be overly quantitative and reductive. gov/ ) [6] EPA. Billy Amzal. Hugh. RSC Publishing.nlm. Science and judgment in risk assessment (http:/ /books.15. Barry. Dorne. Castoldi. • Mumtaz. html) [4] Toxnet. "Chaper 2. Claudia Heppner. pp. Metal Ions in Toxicology.google. Mari Eskola. This effect is particularly notorious in projects involving multiple stakeholders with different points of view. Board on Environmental Studies and Toxicology. ISBN 0-309-04894-X.nih. epa.gov (http:/ / toxnet. Luisa R. Washington. 1997. Furthermore. C. This source includes a useful historical survey of prior food safety regulation.C: National Academy Press. Eugenia Dogliotti.[11] References Footnotes [1] Merrill. Boobis and Philippe Verger (2011). Bordajandi. Helmut Sigel. 18:313-40.gov (http:/ / hpd.nlm. "Chapter 3. gov) [5] HPD.. Alan R. Anna F. Mary.nih. they argue that risk assessments ignore qualitative differences among risks. 2003. N. like Nassim Nicholas Taleb consider risk managers little more than "blind users" of statistical tools and methods.Retrieved May 20th. Criticisms of quantitative risk assessment Barry Commoner. Metal Ions in Toxicology. "Food Safety Regulation: Reforming the Delaney Clause" in Annual Review of Public Health. nlm.. Pohl. 2010 [8] Bent Flyvbjerg. George E. such as variations among the classes of people exposed to hazards. nih. epa. nlm. Helmut Sigel. nih.08] Nassim Nicholas Taleb An Edge Original Essay General references • Jean-Lou. gov/ risk/ ) [3] SIS. Shrader-Frechette and Westra 1997. ambiguity and inconsistency inherent in software developments. Hansen.gov (http:/ / www. In Astrid Sigel. Commission on Life Sciences. Roland K O Sigel. Commoner and O'Brien claim that quantitative approaches divert attention from precautionary or preventative measures.nih. Megaprojects and Risk: An Anatomy of Ambition (Cambridge University Press).gov (http:/ / www. Ulla Bertelsen. 61-80. Some charge that assessments may drop out important non-quantifiable or inaccessible information. In Astrid Sigel.com/books?id=k9mKUyfHakcC&printsec=frontcover&dq=Science+and+judgment+in+ risk+assessment&hl=en&ei=VzagTJK4HIyuvgPZw4SADQ&sa=X&oi=book_result&ct=result&resnum=1& ved=0CC8Q6AEwAA#v=onepage&q&f=false).gov (http:/ / sis.1039/9781849732116-00027. Hana R. and Werner Rothengatter. Richard A. Stefan Fabiansson. gov/ risk/ ) [7] Managing Project Risks (http:/ / www. (2011). Moiz M. Pietro Ferrari. Elena Scaravelli. RSC Publishing. Nils Bruzelius. 27-60. pp. Roland K O Sigel. pmhut.

Mayo. A. & United States. includes template . Walter (2006). Chelsea. eds. Mich.com/time/ magazine/article/0. retrieved 27 September 2010 71 External links • Risk Assessment Worksheet and Management Plan (http://www. • Lerche. first session • Deborah G. (1997). Environmental risk assessment : quantitative measures. and Technology (1983).By John Filicetti .9171. Research." Project Management Journal. Making better environmental decisions: an alternative to risk assessment (http://books. human impact. pp.pmhut.7601061204. ISBN 3-540-26249-0. Laura. • Nyholm. 5-15. ISBN 0-262-15051-4. (http://flyvbjerg. Westra. vol.pdf) A comprehensive guide to risk assessment in project management. Research. Poul.google. google.time.00. Subcommittee on Science.: Lewis Publishers. • John M. Late lessons from early warnings: the precautionary principle 1896– 2000. "How Americans Are Living Dangerously" (http://www. Quantitative risk assessment for environmental and occupational health. J. William H. Committee on Science and Technology. Cambridge. "From Nobel Prize to Project Management: Getting Risks Right. Iannone. retrieved 27 September 2010  Paperback ISBN 0-262-65053-3 • Shrader-Frechette. retrieved 27 September 2010 • Kluger.aau. Lanham.diva-portal.com/books?id=qB54qgpA_fEC&printsec=frontcover& dq=Environmental+risk+assessment&hl=en&ei=9jSgTO-OK5CKvgPb55SzDQ&sa=X&oi=book_result& ct=result&resnum=1&ved=0CDUQ6AEwAA#v=onepage&q&f=false).google. “Comparing apples to oranges: Risk of cost/benefit analysis” from Contemporary moral controversies in technology.time.Risk assessment • Barry Commoner. 64–65. Washington: U.html). Maryland: Rowman & Littlefield. Congress. P. Mary (2002).S. Technology and values (http://books.1562978.com/books?id=LtCOEN9HWIcC&printsec=frontcover&dq=Making+better+environmental&hl=en& ei=kzmgTL_UJY_0vQPxtLSADQ&sa=X&oi=book_result&ct=result&resnum=1& ved=0CCwQ6AEwAA#v=onepage&q&f=false). 2006). Glaesser. transmitted to the Committee on Science and Technology. 1986 • Harremoës. and Technology.com/wp-content/uploads/2008/01/ risk_management. A Review of risk assessment methodologies.00. 37.S: report / prepared by the Congressional Research Service.9263. “Sociological versus metascientific views of technological risk assessment” in Shrader-Frechette and Westra. Ninety-eighth Congress. ed. 3. anthropogenic influences. retrieved 27 September 2010  Also published as December 4 cover title: "Why We Worry About the Wrong Things: The Psychology of Risk" (http://www. Kristin. ed.com/ books?id=y5BfvU6uMQMC&printsec=frontcover&dq=Technology+and+values&hl=en& ei=qjKgTPmwL4yiuQPZrez_DA&sa=X&oi=book_result&ct=result&resnum=1& ved=0CC0Q6AEwAA#v=onepage&q&f=false).org/smash/get/diva2:216812/FULLTEXT01)" • O’Brien. 2009 " Persistency.dk/Publications2006/Nobel-PMJ2006. Berlin: Springer. Time. (http://books. House. August 2006. Biostatistical methods: the assessment of relative risks. pp. no. Ian. bioaccumulation and toxicity assessment of selected brominated flame retardants (http://umu. Massachusetts: MIT Press..com/time/ magazine/0. ISBN 0-8476-8631-0. U. • Flyvbjerg. Library of Congress for the Subcommittee on Science. Congressional Research Service. Bent. Lachin.plan. Jeffrey (November 26.pdf) • Hallenbeck. House of Representatives.html) • Library of Congress.

Risk Governance: Coping with Uncertainty in a Complex World. Towards an integrative approach. org/ IMG/ pdf/ IRGC_WP_No_1_Risk_Governance__reprinted_version_. (http:/ / www.). adopted to achieve more effective risk management. . Earthscan. Spatial Planning and Responses to Natural Hazards. irgc. participation. that is convergent with other public and private policies. mitigation and sustainability. Geneva. springerlink. Risk Governance. in order to avoid or reduce human and economic costs caused by disasters. com/ url?sa=t& source=web& cd=17& ved=0CC0QFjAGOAo& url=http:/ / www. com/ content/ e80726q73j67q0l7/ ) [2] Ortwin Renn. Amsterdam. It seeks to reduce risk exposure and vulnerability by filling gaps in risk policy. 2005. Building Safer Communities. (http:/ / www. pdf& rct=j& q=ortwin renn risk governance& ei=vhCqTLv6IdTNjAfGuuXkDA& usg=AFQjCNFeQx8da_-WsT5q_-qUbWNLgH0YHg& cad=rja) [3] Urbano Fra Paleo (ed. IOS Press. 2008. based on the principles of cooperation. International Risk Governance Council.Risk governance 72 Risk governance Risk governance is a systemic approach to decision making processes associated to natural and technological risks. 2009. google. Risk Governance. London.[1] [2] [3] References [1] Ortwin Renn.

Jones. claims recovery.[7] London[8] and Singapore.[15] [16] [17] Because of its roots in the petrochemical industry Risk International’s core competency was asset risk management and insurance claims resolution.[5] [6] It services clients in the areas of outsourced risk management.Risk International 73 Risk International Risk International Type Industry Founded Founder(s) Private Management Consulting Houston. House of Representatives and the New York State Senate. risk management consultant by Business Insurance magazine.riskinternational.S. Ohio. Ohio. USA Area served Key people Worldwide [1] Michael Davis (CEO) Doug Talley (Chairman of the [2] Board) [3] Kirk Walsh (CFO) 30+ www. an offshore drilling and marine services company.[10] In 2011 the firm was ranked as the third largest independent U.com [4] Employees Website Company Overview Founded in 1986. Risk International was recognized as one of the fastest growing companies in Northeast Ohio as a member of the Weatherhead 100 presented by Case Western Reserve University’s Weatherhead School of Management with Ohio’s Council of Smaller Enterprises (COSE). Risk International was organized and gained its first client in 1986 when BFGoodrich.[18] During that period Risk International also did extensive research related to Holocaust survivor insurance claims culminating in testimony before the U. loss prevention and enterprise risk management. it expanded its capabilities to include insurance archaeology. now Goodrich Corporation.[11] This marked the fifth consecutive time that Risk International was recognized in the top five largest risk management consultants.[15] As Risk International continued to hire experienced legal and insurance industry executives.S. Risk International is a risk management consulting firm. The firm was #66 on the 2010 Weatherhead 100 list.[19] [20] [21] . TX.S. insurance archaeology.[12] [13] History Risk International’s parent company was formed in 1985 when Zapata Corporation. North Carolina. Also in 2010. U. loss prevention and mitigation.[5] Headquartered in Fairlawn. the company also has offices in Charlotte. (1986) Del Jones Headquarters Fairlawn. spun off its risk management department.[9] In 2010 the firm received the Silver Circle Award for the Best Risk Management Consultant in Business Insurance’s 2010 Readers Choice Awards for the fourth consecutive year.[14] Under the direction of Del R. outsourced its entire risk management department to Risk International.[5] Throughout the 1990s Risk International developed expertise in long-tail claims resolution with Fortune 500 companies.

[23] 74 Services Risk International has five primary service offerings including:[5] [24] • • • • • • Risk Management Consulting[25] Outsourced Risk Management for major corporations[26] Insurance Archaeology. Ohio where BFGoodrich.[2] After seven years.S. Risk Management Firm[11] • Best's Recommended Expert Service Provider[31] 2010 • Business Insurance Readers Choice Silver Award[10] • 3rd Largest Independent U. North Carolina to support the growth in that region of the US marketplace.S.[6] [8] Risk International opened its second international office in Singapore in 2011.Risk International Risk International is headquartered in Fairlawn. now Goodrich Corporation.[18] Risk International opened another office in Charlotte. Risk Management Firm[36] 2008 • Business Insurance Readers Choice Silver Award[37] • 5th Largest Independent U. Davis was named CEO while Talley retained his title of chairman. Risk Management Firm[32] [33] • Weatherhead 100 Recipient[12] 2009 • Business Insurance Readers Choice Silver Award[34] [35] • 3rd Largest Independent U.S. finding historical insurance policies[27] Claim Recovery[28] Claims Mitigation[29] Site Security[30] Awards and Rankings 2011 • 3rd Largest Independent U. Jones retired from the business and Douglas L.S. Michael D. maintained its worldwide headquarters.[7] In 2002 Del R.[1] [22] In 2010 Risk International opened its first international office in London to expand its capabilities in the European marketplace. Talley was named chairman and CEO of Risk international. Risk Management Firm[38] 2007 • Business Insurance Readers Choice Second Runner-up[39] .

businessinsurance.[8] The UK-based team will serve its European clients and pave the way for growth within the E. htm). . weatherhead2010. http:/ / www. 17 Howard. . market. Risk International. Gene Linn. p. html). Smart Business. The Brownfields Report. PR Web. 27. Retrieved 2011-08-02. com/ bios/ kirk-walsh-bio. prweb. prweb. [13] "No. [10] "Risk International Awarded Silver Circle by Business Insurance" (http:/ / www. [11] "Largest Independent U. The Journal of Commerce[48] Archaeologists unearth coverage for past liabilities.S. PR Web. Retrieved 2011-05-11. 1987. [23] Further reading • • • • Proof Emerges of Insurer-Nazi Complicity. and beginning with Kristallnacht. 2010-03-16. 1997.S. 2010-12-08. 2010-12-07. . prweb. riskinternational. . 2011-05. Retrieved 2011-01-07. Risk Management Firm[40] In the News Holocaust and Kristallnacht Victims In 1998 Risk International’s then Vice-President Douglas L. 2011-07-19. com/ apps/ pbcs. Retrieved 2010-09-15. 1998. Vol.S. [9] "Risk International Opens Asia Office. April 16. Risk International announced the opening of its first international office in London. . p. Insurance archeologists find billions in old policy limits: Environmental cleanups financed with forgotten insurance policy coverage. he asserted that the victims of the Holocaust were the target of a Nazi scheme to confiscate insurance benefits. Retrieved 2011-01-07. June 9. "Kirk Walsh" (http:/ / www. htm). Lee (1999-08-13). Risk International. com/ releases/ risk-management/ insurance-archaeology/ prweb3732014. [14] February 6. p. Retrieved 2010-11-23. 9. Vol. 2 No. Charlotte Business Journal. June 1. 1998. Business Insurance[49] Environmental research helps clients see green. Risk International. The Journal of Commerce[50] References [1] [2] [3] [4] [5] [6] [7] "Michael Davis" (http:/ / www. "Doug Talley" (http:/ / www. . riskinternational. htm). Business Insurance. 2010. Retrieved 2010-09-01. com/ charlotte/ stories/ 1999/ 08/ 16/ newscolumn1. . 2010. Hofman. Offering Risk Management Services Closer to Home for Clients with European Holdings" (http:/ / www. . 66 – Risk International" (http:/ / www. House of Representatives related to the discovery and examination of historical documents related to Holocaust victims insurance policies. com/ releases/ risk-management/ insurance-archeology/ prweb4860884. com/ bios/ michael-davis-bio. National Underwriter[47] Insurance Archaeologists . J. [8] "Risk International Announces Expansion to Europe. Risk International Services enters European Market. Friedman. insurance companies conspired to deny claims to German Jews. Retrieved 2010-09-15. Mark A. com/ May 8. New York Senate and other states passed legislation that paved the way for victims to recover monetary damages from still-existing companies and organizations. Amy S. 1997. April 24. riskinternational.U.[42] [43] [44] [45] International Expansion In March. 1998. Claims Recovery. No. riskinternational. Retrieved 2010-09-15. Risk International. com/ releases/ insurance-archaeology/ risk-management/ prweb4864494. Risk International announced the opening of its second international office in Singapore. . com/ ?p=90). Talley provided expert testimony and evidence before the New York State Senate and evidence before the U. Adds New Facility Risk Management Services" (http:/ / www. risk management consultant" (http:/ / www. com/ releases/ 2011/ 7/ prweb8651361. 27A.[46] Less than 18 months later. . htm). [12] "Risk International Named ‘Fastest Growing Company’ by Weatherhead 100" (http:/ / www. 2010-12-02.[9] At the same time it announced a new site security service offering. htm). dll/ article?AID=/ 20110509/ NEWS/ 110509915). Retrieved 2011-01-07. "REIT picks up 10 area buildings for portfolio" (http:/ / bizjournals. Houston Business Journal. com/ bios/ doug-talley-bio. Buried Treasure: Insurance Archaeology.1 March 29. htm). Risk International.[2] [20] Based on this evidence.[21] [41] Upon conclusion of its investigations the United States Congress. . Business Insurance. 38. htm). prweb.Risk International 75 2006 • 3rd Largest Independent U.

Risk International. 1997. unt. riskinternational.S. Business Insurance. htm). ambest. & st=cse).S. . php?pid=55479). . p. Retrieved 2010-09-01. 76 . Retrieved 2010-09-14. leginfo. [23] "Market Movers" (http:/ / www. presidency. . 2009-11-16. com/ houston/ stories/ 1996/ 06/ 17/ story8. Business Insurance. htm). Business Insurance. bizjournals. Retrieved 2010-09-01. 2010. [28] "Claims recovery" (http:/ / www. Retrieved 2010-09-14. Retrieved 2010-09-03. 2009-11-0216. risk management consultants. htm). Retrieved 2010-09-01. Retrieved 2010-09-03. Chemical and Engineering News. Kenneth R. us/ LAWSSEAF. Retrieved 2010-09-01. 1998. html?scp=2& sq=Archives Yield Aid for Claims on Holocaust: Insurance is linked to Funds for Nazis. [29] "Claims mitigation" (http:/ / www. p. Statement on Signing of Holocaust Victims Redress Act" (http:/ / www. Retrieved 2010-09-04. [31] "Best's Directories of Insurance Professionals" (http:/ / www3. [43] "Article 27. . [39] "RMI wins top pick by acting as risk manager for clients" (http:/ / www. [18] Tom Vander Neut. aspx?dpid=38851& nid=6). com/ insurance/ insurance-policies-claims-insurance/ 9215629-1. html). Risk International. [27] "Insurance archaeology" (http:/ / www. 2009. Retrieved 2010-09-24. 1998-06-15. 2006-12-03. com/ risk-management. p. com/ news/ 2011-07-19-risk-international-opens-asia-office. state. risk management consultant" (http:/ / www. com/ news/ 2010-03-16-risk-international-european-expansion. jewishvirtuallibrary. "Compelling Claims" (http:/ / houston. [42] "William J. Digging for Environmental Insurance. riskinternational. Houston Business Journal. 1998-07-23. htm). August. com/ houston/ stories/ 2000/ 05/ 08/ focus1. Retrieved 2010-09-03. Retrieved 2010-09-01. . . . 2008-11. com/ insurance-archaeology. [32] December 20. The Journal of Commerce. Risk International. com/ services. businessinsurance. Retrieved 2010-09-04. businessinsurance. htm). Business Insurance. com/ article/ 20080817/ ISSUE03/ 100025658). Risk International. Jewish Virtual Library. 38. [24] "services" (http:/ / www. com/ apps/ pbcs. . bizjournals. Retrieved 2010-09-04. Missy (2000-05-05). com/ insurance-archaeologists). University of North Texas. Risk International. 27A. [41] "Holocaust-Era Insurance Claims: Background and Issues" (http:/ / www. New York Times. . Retrieved 2010-09-01. [22] "Risk International Announces New President and CEO" (http:/ / www. Retrieved 2011-08-02. org/ jsource/ Holocaust/ crs5. [35] November 16. New York Times. Readers Choice Awards 2009 [36] September 21. 18 [17] Lynn J. 1997. businessinsurance. Business Insurance. 75. 2010. Risk Management Consultants. htm). p. com/ article/ 99999999/ PAGES/ 1237). ny. Retrieved 2010-09-07. Retrieved 2010-09-24. 17 State of New York Insurance Department. Retrieved 2010-09-14. riskinternational. htm). state. Christopher S. Retrieved 2010-09-04. . edu/ pcha/ lawsinfo. riskinternational. 2008-08-17. [20] "Archives Yield Aid for Claims on Holocaust: Insurance is linked to Funds for Nazis" (http:/ / www. Risk International. . riskinternational. Retrieved 2011-08-02. Risk International. nytimes. businessinsurance. riskinternational. A. html?scp=1& sq= Documents Indicate German Insurers Stole From Jews& st=cs). htm). Regarding Holocaust Insurance Act of 1998" (http:/ / www. [26] "Outsourced risk management" (http:/ / www. dll/ article?AID=/ 20110731/ NEWS04/ 307319995). Best. edu/ ws/ index. 2009.M. [45] "Federal and State Laws Regarding Holocaust Restitution" (http:/ / govinfo. Largest Independent U. 1999-11-24. . . riskinternational. 1998-01-011. No. 2007. com/ claims-mitigation. Retrieved 2010-09-14. Out of the Past. com/ outsourced-risk-management. cgi?QUERYTYPE=LAWS+ & QUERYDATA=@PLISC0A27+ & LIST=SEA5+ & BROWSER=BROWSER+ & TOKEN=56219587+ & TARGET=VIEW). [47] "Proof Emerges of Insurer-Nazi Complicity" (http:/ / www. library. . htm). Risk Management Consultants. htm). [44] "Circular Letter No. Houston Business Journal. 2009-11-16. ins. 2011-07-31. Business Insurance. Retrieved 2011-05-12. com/ DPSDirectorySearch/ CompanyDisplay. riskinternational. . ucsb. . allbusiness.24 [33] October 18. [21] Wren. (1998-05-18). p. Cook. com/ article/ 20061203/ ISSUE03/ 100020505). . .S. "Marine Casualty Services moves back to Houston" (http:/ / houston. Business Insurance. . com/ 1998/ 05/ 18/ world/ insurers-swindled-jews-nazi-files-show. com/ news/ 2009-11-16-risk-international-2009-business-insurance-silver-award. Risk International. [16] Elizabeth Kirschner. [30] "New Service Offering" (http:/ / www. com/ article/ 99999999/ PAGES/ 676). us/ circltr/ 1998/ cl98_17. 2010-03-16. .12 [37] "RMI Ascends on Teamwork" (http:/ / www. Insurance archeologists find billions in old policy limits: Environmental cleanups financed with forgotten insurance policy coverage. Retrieved 2010-09-01. Clinton. White House. . Largest Independent U. February 6. [25] "Risk management" (http:/ / www. html). National Underwriter. [38] "Largest Independent U.S. Risk International. . . [40] "Largest Independent U.Risk International [15] Pybus. Retrieved 2010-09-14. com/ claims-recovery. Vol. Retrieved 2010-09-03. businessinsurance. com/ 1998/ 01/ 11/ world/ archives-yield-aid-for-claims-on-holocaust. [19] Turner. htm). ny. risk management consultants" (http:/ / www. Retrieved 2010-09-14. "Documents Indicate German Insurers Stole From Jews" (http:/ / www. htm). riskinternational. Risk & Insurance. joc. 2010-09-01. [48] "Insurance Archaeologists" (http:/ / www. . 27. Holocaust Victims Insurance Act of 1998" (http:/ / public. Vol. Largest Independent U. June 9. Houston Business Journal. 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" developed by the Joint Task Force Transformation Initiative Working Group. Retrieved 2010-09-24. other organizations. illustrated at right. Retrieved 2010-09-24. joc. • Assess the security controls using appropriate assessment procedures to determine the extent to which the controls are implemented correctly. . transforms the traditional Certification and Accreditation (C&A) process into the six-step Risk Management Framework (RMF). businessinsurance. stored.[1] The RMF steps include: • Categorize the information system and the information processed. • Implement the security controls and describe how the controls are employed within the information system and its environment of operation. and the Nation resulting from the operation of the information system and the decision that this risk is acceptable.weatherhead100. The Risk Management Framework (RMF). operating as intended. The Journal of Commerce. com/ apps/ pbcs. com/ environmental-research-helps-clients-see-green). dll/ article?AID=/ 19970608/ ISSUE01/ 10008639). • Authorize information system operation based on a determination of the risk to organizational operations and assets. [50] "Environmental research helps clients see green" (http:/ / www. tailoring and supplementing the security control baseline as needed based on an organizational assessment of risk and local conditions. individuals.com/) • Weatherhead 100 Site (http://www.riskinternational. and transmitted by that system based on an impact analysis. • Monitor the security controls in the information system on an ongoing basis including The Risk Management Framework (NIST Special Publication 800-37). Business Insurance. 77 External links • Official Corporate Site (http://www.org/default. . "Guide for Applying the Risk Management Framework to Federal Information Systems. provides a disciplined and structured process that integrates information security and risk management activities into the system development life cycle. .Risk International [49] "Archaeologists unearth coverage for past liabilities" (http:/ / www.asp/) Risk management framework NIST Special Publication 800-37. • Select an initial set of baseline security controls for the information system based on the security categorization. and producing the desired outcome with respect to meeting the security requirements for the system.

the greater the benefit obtained from centralized systems. the greater the benefit from risk pooling. not all risks can be effectively pooled. joint power authorities. For example: in the centralized distribution system. 78 References [1] Guide for Applying the Risk Management Framework to Federal Information Systems External links • NIST Special Publication 800-37 Guide for Applying the Risk Management Framework to Federal Information Systems (http://nistdocs. Centralized inventory saves safety stock and average inventory in the system. The three critical points to risk pooling are: 1. The benefits from risk pooling depend directly on the relative market behavior. associations. documenting changes to the system or its environment of operation. but are not limited to. IRPs provide alternative risk financing and transfer mechanisms to their members. unless there is a subsidy available to encourage participation. agencies. Under this system. authorities. insurance companies come together to form a pool. The term is also used to describe the pooling of similar risks that underlies the concept of insurance. that is. such as government agencies. In other words. In government Intergovernmental risk pools (IRPs) operate under the same general principle. the higher the coefficient of variation. which leads to a reduction in variability measured by either the standard deviation or the coefficient of variation. Intergovernmental risk pools may include. trusts. [1] Risk pooling is an important concept in supply chain management.Risk management framework assessing control effectiveness. When demands from markets are negatively correlated.com/ groups?mostPopular=&gid=3813799) Risk pool A risk pool is one of the forms of risk management mostly practiced by insurance companies. the warehouse serves all customers. we say that the demands from the market are positively correlated.com) • Content of the framework proposed in the ISO 31000 Risk Management Standard (http://www.linkedin. This is explained as follows: If we compare two markets and when demand from both markets are more or less than the average demand. and other risk pools. which can provide protection to insurance companies against catastrophic risks such as floods. 3. with losses and expenses shared in agreed ratios. it is difficult to pool dissimilar risks in a voluntary insurance market. Thus. In particular. except that they are made up of public entities. 2. through which particular types of risk are underwritten with contributions (premiums). Thus the benefits derived from risk pooling decreases as the correlation between demands from the two markets becomes more positive. Intergovernmental Risk Pools are a cooperative group of governmental entities joining together to finance an exposure. While risk pooling is necessary for insurance to work.[2] Risk pooling suggests that demand variability is reduced if one aggregates demand across locations because as demand is aggregated across different locations. . and reporting the security state of the system to designated organizational officials. conducting security impact analyses of the associated changes. liability or risk. This reduction in variability allows a decrease in safety stock and therefore reduces average inventory. it becomes more likely that high demand from one customer will be offset by low demand from another. earthquakes etc.

.P2) +…. Performance (CSP) and Risk (or CSPR) as metrics. This application provides a predictive ‘at-a-glance’ assessment of the number and magnitude of difficulties expected from different alternatives. etc. The prototype. It was designed by Air Force Research Laboratory (AFRL) Headquarters to perform predictive risk analysis for the Analysis of Alternatives (AoA) process. A difficulty with this metric is the constructive “adding” of risk. RiskAoA helps justify risk vs.Risk pool 79 References [1] "Wading Through Medical Insurance Pools: A Primer. but is available from Air Force Materiel Command (AFMC) Headquarters. Probabilities add as P1 + P2(1.P. 3. then this situation is different than if each computer must be attacked and infected individually.P1) + P1(1. Provide the Risk Adjusted Life Cycle Costs (LCC) estimates required by the General Services Administration (GSA) for the Analysis of Alternatives. "Designing & Managing the Supply Chain-Second Edition"(p-66) RiskAoA RiskAoA is the name of a United States Department of Defense (USDoD) project Risk Management tool.. Simchi-Levi."Chapter 3: Inventory Management and Risk Pooling". the military equivalent of Enterprise Resource Planning (ERP). making RiskAoA the most advanced alternatives management technology employed institutionally. "RiskHammer" was approved by the US Air Force Electronic Systems Center-Acquisition Center of Excellence (ESC/ACE) in 2002 (see Hanscom Air Force Base). or one schedule take longer. return propositions from alternatives and proposals. actuary. Support US Government program managers and decision makers in the assessment of risks and events for any selection of alternatives for Capability-Based Planning or Joint Capabilities Integration Development System (JCIDS).Kaminsky. the office of AFMC/A5. allowing the instantaneous review of portfolio (see Project Portfolio Management). proposal or alternative Risk. org/ pdf/ health/ pools_sep06. P2 event 2. An example from network security: If a network of 10 computers comes under network attack. Just as the cost of one proposal can be higher than another. The results are statistically-based values of the relative risk associated with the evaluated alternatives.Levi." American Academy of Actuaries September 2006 http:/ / www. An aim of the USDoD acquisition process is to maximize “value” or return on investment. The capability and algorithms for the program are unprecedented.P1) (1. Multiplying these by a consequence that can be cost.E. time or action. RiskAoA is also well suited for the Evaluation of Alternatives (EoA) process. the risk depends on the defense mechanism. pdf [2] D. makes the addition and summary of these risks challenging. Provide easily reviewable documentation for support or defense of acquisition decisions. RiskAoA fulfills a unique role among risk management tools-transforming qualitative statements of an alternative or option risk into a single quantitative value as useful as the cost and schedule. P1 is probability of event 1. The Program Objectives are: 1. supported by RiskAoA. 2.[1] The USDoD uses a "Probability-Consequence Model” (also known as "Probability-Impact" as one of its key risk metrics[2] . necessary for Enterprise Risk Management. in accordance with Distribution B. so risk can be prioritized with RiskAoA. RiskAoA is a simple to use Excel and Visual Basic -based program that allows the predictive and quantitative assessment of Risk. It is further unique in being the only technology ever produced by AFRL Headquarters. RiskAoA is proprietary to the United States Government.S. Schedule. If only one of the computers succumbs to the attack and infects the entire network. using the fundamental properties of Cost. Further complicating matters is the Probability Consequence Models inability to adjust for compound effects from the same risk.

this approach remains accurate. Technology and Logistics[4] in 2007 and by the Defense Acquisition University [5] . Describe the risk 3c. 80 References [1] U. Repeat step 3 for each risk for each alternative. The program is easy to use requiring only a few entries: 1.. If the confidence in the individual risks is greater than 50%. Verified and Accredited (VV&A) by AFRL[3] and reviewed by AFMC/EN. enter this number. Identify each risk. The forecasting tool is based on two elements. mil/ cgi-bin/ GetTRDoc?AD=ADA463123& Location=U2& doc=GetTRDoc. Because of the nature of the RiskAoA approach. Jan-Feb 2007 [5] https:/ / dap. it has been validated by other DoD organizations: Air Force Material Command (AFMC) Reporting Units. errors tend to cancel and be moderated. Mitigation plan (if any) 3d. dtic. RiskAoA is available to all members of the US DoD. 3a. key performance characteristic. Washington. 3e. If well understood data is input this function is unnecessary. and Federal Government employees. General Services Administration. Assess the risk. 2. 3. Medium (M). enter 10 for one attack being successful. allowing users to determine the level of confidence in the results. 4.) and rate H.RiskAoA RiskAoA solves these issues by developing a function which uniquely identifies each probability series as a value relative to one another. pdf AFRL Alternatives Planning Technology Aids Decision Makers [4] Defense ATL. aspx?ID=57> . and the number of these risks. Since it first release in 2002. dau. in accordance with Distribution B. Aug 2006 [3] http:/ / www. Determine if this risk impacts the entire program (critical path. It was endorsed DoD wide by the Office of the Under Secretary of Defense for Acquisition. DC: Office of the Chief Information Officer. Determine the number of compounding effects from each risk-for the network attack example above. etc. This is the equivalent of a shot-gun approach to risk management-the more germane data. Quantifying Risk across the Department of Defense.S. Name the risk 3b. High (H). the worst-case confidence in each of the alternative’s risks. utilizing the property from probability theory that the order of occurrences does not affect the result. IT Budget Submission Instructions: Guide for Major IT Initiatives (BY2009 Exhibit 300 & Exhibit 53). mil/ aphome/ das/ Lists/ Software%20Tools/ DispForm. RiskAoA includes a forecasting tool. the more likely the result is to be correct. Negligible (N) or use a quantitative numbered assessment (1-99%) 3f. Determine the number of interacting systems. Name and save the analysis. Validated. 2007 [2] Risk Management Guide for DoD Acquisition.L. 1/10 if all need to succumb. by contacting AFMC/A5. Low (L). This makes the forecasting tool itself a worst-case model.M.

or reputation). and typically a function of 1) the adverse impacts that would arise if the circumstance or event occurs. Introduction Security risk is the demarcation of risk. outcomes and consequences. comprises those undertaken by actors intentionally for purposes that adversely affect the organisation.[3] Security risk is often. provides the differentiation of security risk from other risk management silos. The role of the 'actors' and the intentionality of the 'events'. or availability of information or information systems and reflect the potential adverse impacts to organizational operations (including mission. and the Nation. image. . organizational assets. from the broader enterprise risk management framework for the purposes of isolating and analysing unique events. environment. and 2) the likelihood of occurrence. 'Event'. IETF RFC 2828 [2] define risk as: An expectation of loss expressed as the probability that a particular threat will exploit a particular vulnerability with a particular harmful result. quality. operations and objectives of an organisation. particularly those of safety. Security service is the name of countermeasure while transmitting the information. represented as any event that compromises the assets. into the security silo.Security risk 81 Security risk Security Risk describes employing the concept of risk to the security risk management paradigm to make a particular determination of security orientated events. individuals. Common Approaches to Analysing Security Risk Risk = Threat × Harm Risk = Consequence × Threat × Vulnerability Risk = Consequence × Likelihood Risk = Consequence × Likelihood × Vulnerability Factor Analysis of Information Risk deeply analyze different risk factors and measure security risk.Note: Information system-related security risks are those risks that arise from the loss of confidentiality. According to CNSS Instruction No. functions. operational and financial. 4009 dated 26 April 2010 by Committee on National Security Systems of United States of America[1] a risk is: A measure of the extent to which an entity is threatened by a potential circumstance or event. There are a number of methodologies to analyse and manage security risk: see Category:Risk analysis methodologies Usually after a cost benefit analysis a countermeasure is set to decrease the likelihood or the consequence of the threat. other organizations. quantitatively. integrity. in the security paradigm.

M.pdf) • 800-39 NIST DRAFT Managing Risk from Information Systems: An Organizational Perspective (http://csrc.org/index. Standards for Security Categorization of Federal Information and Information (http://csrc. php/ optare/ publication_detail/ heuristics_risk_perception_risk_assessment_pitfalls/ ) External links • 800-30 NIST Risk Management Guide (http://csrc. Siegrist. php/ optare/ publication_detail/ security_risk_assessment_enterprise_risk_management/ ) [4] Keller. com/ index. optaresystems.nist.. The Role of the Affect and Availability Heuristics in Risk Communication.nist.nist. internet2. C. 26.Security risk 82 Psychological Factors relating to Security Risk Main article: Risk .html#SP-800-39) • FIPS Publication 199.theirm. 3. many papers have considered the roles of affect heuristic[4] and biases in skewing findings of the process. 4009 (http:/ / www. 2006 [5] Heuristics and risk perception – Risk assessments pitfalls (http:/ / www.gov/publications/fips/fips200/FIPS-200-final-march. com/ index. H. No.pdf) • FISMApedia is a collection of documents and discussions focused on USA Federal IT security (http:// fismapedia. cnss. Risk Analysis.gov/publications/PubsDrafts. pdf) dated 26 April 2010 [2] RFC 2828 Internet Security Glossary [3] Function of security risk assessments to ERM (http:/ / www.html) is risk management's leading international professional education and training body .gov/publications/fips/fips199/FIPS-PUB-199-final. Vol. nist.gov/publications/nistpubs/800-37-rev1/sp800-37-rev1-final.Risk in Psychology Given the strong influence affective states can play in the conducting of security risk assessment. gov/ Assets/ pdf/ cnssi_4009..pdf) • 800-37 NIST Guide for Applying the Risk Management Framework to Federal Information Systems: A Security Life Cycle Approach (http://csrc. nist.pdf) • FIPS Publication 200 Minimum Security Requirements for Federal Information and Information Systems (http:// csrc.gov/publications/nistpubs/800-30/sp800-30.[5] References [1] CNSS Instruction No.org/index. & Gutscher.edu/confluence/display/itsg2/Home) • The Institute of Risk Management (IRM) (http://www.php?title=Main_Page) • Internet2 Information Security Guide: Effective Practices and Solutions for Higher Education (https://wiki. optaresystems.

com.Singapore Mercantile Exchange 83 Singapore Mercantile Exchange Singapore Mercantile Exchange Pte. currencies and commodity indices. energy. Ltd. pdf . smx.com.sg [1] Products Website The Singapore Mercantile Exchange (SMX) is a pan-Asian multi-product commodity and currency derivatives exchange situated in Singapore for international trading in a diversified basket of commodities and derivatives including futures and options contracts on precious metals. Vice Chairman Jignesh Shah. #23-02. sg [2] http:/ / www. currencies and commodity indices. base metals. www. Executive Director Framroze Pochara. smx.[2] Notes [1] http:/ / www. agriculture commodities. Millenia Tower. Singapore 039192 Key people Chairman Ang Swee Tian. com. Hariharan Exchange-cleared futures and options contracts on precious metals. In August 2010 the Singapore Mercantile Exchange was granted 'Approved Exchange' (AE) status by the Monetary Authority of Singapore to operate as a regulated and licensed exchange.smx. (SMX) Type Industry Private Limited Financial Services Business Services Headquarters 1 Temasek Avenue. agriculture commodities. base metals. sg/ Uploads/ PressReleases/ 2010/ August/ English/ PR_12_AUG_10. energy. Interim Chief Executive Officer V.

Singapore Workplace Safety and Health Conference 84 Singapore Workplace Safety and Health Conference The Singapore Workplace Safety and Health Conference (SWSHC) is a platform for the promotion of workplace safety and health (WSH. Embracing Challenges. the conference aims to bring together regulators. Pushing WSH Frontiers". formulate recommendations and develop and implement best practices to ensure the improvement and advancement of safety standards in the workplace. Mr. External links • www. including Professor Harri Vainio from the Finnish Institute of Occupational Health. Organised by the Workplace Safety & Health Council (WSH Council) in partnership with Singapore’s Ministry of Manpower. moral and economic reasons behind WSH legislation. Speakers at the 2010 conference include local and international WSH thought leaders and Captains of Industry. CEO of Keppel Corporation.sg [1] References [1] http:/ / www. singaporewshconference. sg . and creating a framework for the sustained promotion of WSH thought. changing opinions of WSH practices. John Spanswick from the United Kingdom’s Health and Safety Executive Board and Mr. is aimed at creating awareness for the legal. Pushing WSH Frontiers The inaugural conference will be held on 15 to 16 September 2010 at Suntec Singapore International Convention and Exhibition Centre. OH&S) thought and practice in Singapore and the region. "Embracing Challenges. Choo Chiau Beng.singaporewshconference. industry leaders and safety professionals to identify problems. The theme for the two day conference.

ca/ usias. SIAS was awarded the best student-run value investment fund in North America in 2007 based on performance by RISE (recognized by Businessweek)[3] . compliance and performance. At the beginning of the program (academic year). namely Economics and Strategy. sfu. pdf [2] http:/ / beedie. before they are handed down the power. Canadian Equity. SFU’s endowment portfolio is among the top 25% largest endowments in North America. Michael Murdock) through a conservative Investment Policy Statement (IPS). and Risk Metrics. a few of B. FRM candidates also provide mentorship to a number of well qualified and trained SFU finance undergraduate students in their role as associate analyst for the fund. $10 million of SFU’s large endowment portfolio. sfu. (3) a group of elite industry professionals.sfu. ca/ files/ PDF/ SIAS/ About_SIAS.C’s preeminent portfolio managers. the new investment managers are immediately grouped into six managing teams. candidates (investment managers) go through extensive training via three sources: (1) the previous SIAS cohort. Mr. financeclub. References [1] http:/ / business. Global Equity and Fixed Income[1] . The fund follows a value investing mandate. php [3] http:/ / www. in accordance to the IPS. ca/ sias/ reports. which are open to the public[2] As one of the largest student managed funds in North America. This team generates monthly compliance and performance reports for the fund which is sent to the clients and the faculty advisors. Canadian Equity.Student Investment Advisory Service (SIAS Fund) 85 Student Investment Advisory Service (SIAS Fund) Student Investment Advisory Service (SIAS Fund) is type of Student managed investments fund and part of Simon Fraser University (SFU) Endowment Portfolio managed by Financial risk management (FRM) program candidates at SFU business school. As active contributors to managing SIAS. The SIAS portfolio is composed of four actively managed asset classes: Cash. The fund also holds quarterly performance review presentations before a panel of industry advisors. (2) faculty members and most importantly. Additionally. Global Equity. htm External links • SFU Business (http://business. set by the client (the SFU Treasurer. Fixed Income.ca/sias/sias/) • Financial Risk Management Financial risk management • Student Managed Investment Student managed investments . The activities of each team are closely monitored by the sixth team.

However. their associated performance. electricity and water utilities. The disadvantages of this situation are: 1. meaning striving for continuity of growth of trust and a good social climate. Claes recognized this and pointed out the situation that most companies have two main points. environmental.Tactical Risk Management 86 Tactical Risk Management Introduction PAS 55 describes the Optimal management of physical assets and is typically relevant to gas. manufacturing and natural resource industries. road. this means that the main target of risk management at profit organizations is to maximize (shareholder) value. air and rail transport systems. social-. the relation between risk management and the enterprise targets consist of general and operational targets. it forms the direct relation to this subject. public facilities. For shareholders value this financial (or cost driven) risk management process is predominant. All these targets are meant to prevent an organization to be hindered by risks and consequences of risks in achieving her targets. security-. the relation to the enterprise targets is not made. According to Claes. growth perspective and employee participation. 1. Top management sees risk financing and reduction as task that can easily be delegated at (often) lower organizational levels. risks and expenditures over their life cycles for the purpose of achieving its organizational strategic plan" Within PAS 55. risk management is one of the key elements for an organisation to get control over their assets. process. Risk Management The objective of risk management according to Hoffmann in “Risicomanagement” by Claes is that risk management is a policy instrument to secure the enterprise targets. The definition of Asset Management according to PAS 55: "Systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems. Many targets other than financial are relevant as well. [1] . at parts of respectively risks financing and damage prevention. Although this statement expresses a general understanding. The general targets are income acquiring and spending dimensions. targets of business activities and targets of functional business divisions. In practice. • Second there is the safety official is responsible for physical and organizational risk reducing and damage prevention counter measures.and work perception or system effectiveness are more difficult to express and translate into shareholders value. • First there is the department handling the (financial) insurances to identify and evaluate risks and propose counter measures to prevent risks against lowest possible costs. 2. Operational targets like safety-. The operational targets consist of corporate targets. Both care for the same problem areas and targets. These targets however do not offer much grip for an organization. For divisions within the company that are responsible for operational targets the financial target is less predominant. The challenge is to choose a risk management method that enables management to choose the most effective measurements to optimize their assets. The above indicates that there are different levels of risk management in an organization each contributing to specific goals of an organization.

According to Chicken.[2] in major projects there are basically three applications of risk ranking available: Factor Technical Nature of Risk Plant would not perform as required Possible Composition of Factors Plant performance Plant reliability Harm to the public Economic Less than optimum benefit from financial commitment Supply and demand Magnitude of possible financial loss Payoff Index of harm / benefit Cost-benefit analysis Through life cost Socio-Political Not politically acceptable Public acceptability Results of public inquiries Political climate Views on current quality of life 87 The process of risk-based decision-making is based on these ranking factors. According to Chicken. it can be concluded that Risk Management itself may become a risk to the organization. according to Juran[4] . This means a lack of coordination. . Problem definition How to gain insight in and prioritize risks or opportunities in order to achieve a higher cost-effectiveness during the exploitation phase of an asset? In order to research this. each should be ranked in a context that is relational to the other aspects.Tactical Risk Management 2. decision-making in a project optimally should take place by examination of the problems involved in assessing the acceptability of the technical. The problem arises how to value all this information in a way that objective decisions are made that include all these aspects and are not driven by emotional reasoning. It can be concluded that when the CE of a physical asset is 100%. There is insufficient integration of risk management measures in all parts of the organization. evaluate risks in order for the management to base their decisions. Furthermore. Stavenuiter [3] researched how capital assets can be controlled in a cost-effective way. 3. economical and socio-political aspects. Often risks are valued against only one of the aspects (e. first cost-effectiveness needs to be described. meaning that a not well-balanced relation between the aspects could lead to wrong decisions. implement and control risk measures. Knowledge about risks an organization is facing is disintegrated and interconnections of consequences of risks throughout an organization are not clear. Any deviation from this baseline point. economical) and by that technical or socio-political aspect tend to be overlooked. When the CE meets a value of 100%. When focusing on risk-based decision making. The ranking criteria of each aspect therefore are essential. An organization therefore needs to be clear in formulating a consistent risk management policy throughout the organization. cost – effectiveness (CE) is the value received for the resources expended and is the ratio of costs to (system) effectiveness (SE). In order to rank the technical.g. at the baseline point. Based on these observations. economical and socio-political aspects of a proposal. at first risks need to be ranked in order to make a decision. to communicate. the system requirements and operational costs of an asset are exactly as they are meant to be. the system meets its operational need within the baseline budget. The risk management policy demands a method or structured framework that enables a company to identify. indicates that either costs or system performances are not in balance with its designed or meant state.

Figures 1 and 2 are an example of these effects. common risk matrices and opportunity matrices are used to identify threats and opportunities related to categories such as finances. etc. the impact of Risk Management effectiveness is measured.Tactical Risk Management 88 Tactical Risk Management The problem challenged Franssen [5] to investigate and develop a Tactical Risk Management method in order to bridge the gap between strategic risk management and operational risk management. environment. Thus all risks and opportunities are comparable from the same (baseline) point. It therefore might be difficult for management to base their decisions on.[5] Approach Step 1: Risk Management Effectiveness In order to achieve this. more objective and transparent based decision making becomes within reach. because when (investment) costs are related to these risk and opportunities. but also include their measures and the effect of these measures. Risk and Opportunity Management management approach. these costs often will prevail. Risk Matrix expressing risk position before and after measuremen Figure 2. By not only identifying these risks and opportunities. availability. Opportunity matrix expressing opportunity position before and after measurement Risk Management Effectiveness is not yet specifically related to cost-effectiveness meaning several risks or opportunities may end up in the same chance of occurrence and/or the same effect category. See figure 3. Figure 1. Effectiveness Risk and Opportunities are valued before and after measures are taken. By relating the impact of identified threats and opportunities more specific towards cost-effectiveness. This way of risk management is based on a qualitative risk Figure 3. The improvement of measures. is used to identify and prioritize measures and are then expressed in relation to the baseline point of each measurement. safety. legislation. . The categories often are based on a companies deprival values. This has resulted in a thesis "Would implementation of Tactical Risk Management within Electrabel lead to higher cost-effectiveness?".

The Netherlands: Wolters-Noordhof. [3] Stavenuiter. NEw York: McGraw-Hill Books Co. (1988 (1999)). The items with the highest delta in relation to the baseline point are the most effective.M.C. [5] Franssen. Risicomanagement. M.effective' since these items will reduce system performance or increase costs. Items that end up below the base line (LCC / SE = constant) are not 'cost . Would implementation of Tactical Risk Management within Electrabel lead to higher cost-effectiveness? (https:/ / www. ISBN 0-07-03400-3. See figure 4. J. Step 3: Tactical Risk Management To be continued. 89 Figure 4. this enables management to compare these items among each other. The baseline point is formed when the system performance and the LCC costs both are exactly 100%.P.F. (2004). London: Chapman & Hall.. Managing Risks and Decisions in Major Projects.M. [2] Chicken. box. ISBN 0412587300.Effective Risk Management The starting point of Cost . J. (1994). P. Cost-Effectiveness contribution Typically when managing risks or opportunities just based on cost-effectiveness. ISBN 90-20732-897. Thus by allocating the delta reduction or delta improvement of each threat or opportunity.Effective Risk Management is formed by declaring each present situation of a risk or opportunity as the baseline point. J. . net/ shared/ eeoa5sf9t9). Groningen... (2008). Cost Effective Management Control of Capital Assets. Lelystad. References [1] Claes.Tactical Risk Management Step 2: Cost . . measures below the constant baseline are not eligible. Figure 5. ISBN 90-9015938-X. The Netherlands: Anker BV.J. Juran's Quality Control Handbook. Prioritizing Risks & Opportunities [4] Juran. (2002).

. Talbot served as head of security for Woodside Energy's North West Shelf Venture. . Retrieved 19 April 2011. DC.[6] Public Service Talbot served as director of the Risk Management Institution of Australasia (2006-09)[7] and as director of the Australian Institute of Professional Intelligence Officers (2008-09). Retrieved 20 April 2011. [6] Thistleton. Citadel Group Limited. Canberratimes.org. Security Risk Management Body of Knowledge In 2009 Talbot co-authored the Security Risk Management Body of Knowledge. John (14 February 2011). Committee. 2008. speaker and consultant on risk management. [8] "SARMA Organization and Leadership" (http:/ / sarma.au. org/ 20080723235437/ http:/ / www. pdf). recent innovations and evolving research. Asisonline. Security Analysis and Risk Management Association. [4] Citadel Group Limited.com.Body of Knowledge" (http:/ / www. aspx?fileticket=8xwPhDTE5fA=& tabid=72& mid=432). in 2006. He then worked as head of risk and security for the Malaysia Smelting Corporation's Indonesian operations. au/ CGL Board Members Overview . org/ certification/ cpp/ index. 2010. 2011. aspx). in the area of security risk management. [5] "CGL Board Members Overview" (http:/ / replay. 2010. . and as head of security for the Australian Trade Commission (Austrade).com. one of Australia's leading consulting firms.au. Retrieved 23 April 2011. Husdal. canberratimes.2008.Julian Talbot (risk management) 90 Julian Talbot (risk management) Julian Talbot (born 1961) is an Australian writer. html).[5] In 2007 he was chairman of the Citadel Group Limited [4] and in 2008 was a member of its Audit Review Currently. References [1] Mickelberg. [7] "Annual Report 2009" (http:/ / www. Melbourne. Graeme (24 September 2008). asisonline. [2] "Book Review: Security Risk Management . 13 October 2010. au/ news/ local/ news/ general/ canberra-firm-lands-45m-defence-deal/ 2075931. org. Retrieved 25 April 2011. He is a Certified Protection Professional. xml). web. com. Australia. org/ about/ organizationandgov/ ). rmia. the security industry's highest level of professional achievement. au/ LinkClick. Securitymanagement. . . citadelgroup. com.[8] based in Washington. Retrieved 19 April 2011. au/ articles/ body-of-knowledge-a-valuable-tool-for-industry-63.com.[3] Security Career In the period 1995-2001. [3] "Certified Protection Professional" (http:/ / www. . "Canberra firm lands $45m Defence deal" (http:/ / www. a large and comprehensive repository of knowledge. archive. Securitymanagement. . com. husdal. He is currently a director of the Security Analysis and Risk Management Association. including the best practices. Risk Management Institution of Australasia. Retrieved 18 April 2011. "Body of Knowledge a valuable tool for industry" (http:/ / www. Page 6. as senior risk adviser for the Australian Department of Health and Ageing. com/ 2010/ 10/ 13/ book-review-security-risk-management/ ).[1] [2] Education Talbot graduated with a Master in Risk Management degree from Monash University. Retrieved 28 April 2011. Australia's largest natural resources project. Annual report for the year ended 30 June 2008. . he is risk management practice leader for Jakeman Business Solutions (JBS).

composed of the two kanji 津 (tsu) meaning "harbor" and 波 (nami). geographical.Julian Talbot (risk management) 91 External links • Julian Talbot's official website (http://www. (For the plural. Tsunamis are a frequent occurrence in Japan. though it can occur in large lakes. As these storm surges reach shore. they may resemble (though are not) tsunamis. of a tsunami's nature remained slim until the 20th century and is the subject of ongoing research. caused by the 2004 Indian Ocean earthquake Earthquakes. [6] [7] but the understanding The Greek historian Thucydides was the first to relate tsunami to submarine earthquakes. Tsunami and tides both Lisbon earthquake and tsunami in 1755 . such as deep depressions that cause tropical cyclones. sciorrucks (underwater landslides). and at one time referred to as a tidal wave. is a series of water waves caused by the displacement of a large volume of a body of water.juliantalbot. meaning "wave". tsunamis can devastate coastal regions. "harbor wave".[8] ) Tsunami are sometimes referred to as tidal waves. Many early geological. A destroyed town in Sumatra after being hit by a tsunami. The once-popular term derives from their most common appearance. lit. because tsunami actually have nothing to do with tides. called a meteotsunami. this term has fallen out of favor. from Japanese: 津 波 . [3] also called a tsunami wave train. inundating vast areas of land. and other disturbances above or below water all have the potential to generate a tsunami. or use an invariable plural as in the Japanese. usually an ocean.[4] Owing to the immense volumes of water and the high energy involved. which can raise tides several metres above normal levels. and oceanographic texts refer to tsunamis as "seismic sea waves. glacier calvings[5] and other mass movements. especially in the scientific community. one can either follow ordinary English practice and add an s.[1] English pronunciation: English pronunciation: /suːˈnɑːmi/ soo-nah-mee or English [2] pronunciation: /tsuːˈnɑːmi/ tsoo-nah-mee ). meteorite ocean impacts or similar impact events. can generate a storm surge.com/) Tsunami A tsunami (plural: tsunamis or tsunami. approximately 195 events have been recorded. The displacement comes from low atmospheric pressure within the centre of the depression. Etymology The term tsunami comes from the Japanese 津 波 ." Some meteorological conditions. In recent years. volcanic eruptions and other underwater explosions (including detonations of underwater nuclear devices). which is that of an extraordinarily high tidal bore.

Without an earthquake I do not see how such an accident could happen.[16] Generation mechanisms The principal generation mechanism (or cause) of a tsunami is the displacement of a substantial volume of water or perturbation of the sea. of this phenomenon must be sought in the earthquake. with their ships tossed inland by a tsunami. the sheer destruction caused by the 2004 Indian Ocean earthquake and tsunami event mark it as the most devastating of its kind in modern times.[20] More specifically.[12] The Russians of Pavel Lebedev-Lastochkin in 92 History As early as 426 B. Tsunami generated by seismicity Tsunami can be generated when the sea floor abruptly deforms and vertically displaces the overlying water. Note that in the fellow Austronesian language of Tagalog. after the 365 A. a tsunami can be generated when thrust faults associated with convergent or destructive plate boundaries move abruptly. The Sumatran region is not unused to tsunamis either. giving the impression of an incredibly high tide. Although the meanings of "tidal" include "resembling"[9] or "having the form or character of"[10] the tides. it is ië beuna or alôn buluëk dialect. including an incipient earthquake. and the term tsunami is no more accurate because tsunami are not limited to harbours. a major language in the Philippines.[14] [15] While Japan may have the longest recorded history of tsunamis. resulting in water displacement. owing to the vertical component of movement involved.[17] This displacement of water is usually attributed to either earthquakes. In the meeting some Japanese in 1779 [11] (Depending on the Acehnese language. and was the first to argue that ocean earthquakes must be the cause. with earthquakes of varying magnitudes regularly occurring off the coast of the island.Tsunami produce waves of water that move inland. tsunami devastated Alexandria. landslides.15-19) described the typical sequence of a tsunami. Tides do not play any part in the generation of tsunamis.) On Simeulue island. At the point where its shock has been the most violent the sea is driven back. the sudden retreat of the sea and a following gigantic wave.[6] [7] The cause.[13] The Roman historian Ammianus Marcellinus (Res Gestae 26. Tectonic earthquakes are a particular kind of earthquake that are associated with the Earth's crustal deformation.D. In the Tamil language. when these earthquakes occur beneath the sea. word.glacier calvings or more rarely by meteorites and nuclear tests. killing around 230. There are only a few other languages that have an equivalent native Japan. use of the term tidal wave is discouraged by geologists and oceanographers. the water above the deformed area is displaced from its equilibrium position. off the western coast of Sumatra in Indonesia. the Greek historian Thucydides inquired in his book History of the Peloponnesian War about the causes of tsunami. in my opinion.000 people. causes the inundation. the word is aazhi peralai. while in the Sigulai language it is emong. and suddenly recoiling with redoubled force. alon means "wave". Movement on normal faults will also cause displacement of the seabed. but in the case of tsunami the inland movement of water is much greater and lasts for a longer period.C. volcanic eruptions.10.[18] [19] The waves formed in this way are then sustained by gravity. . in the Defayan language the word is smong. but the size of the largest of such events is normally too small to give rise to a significant tsunami.

They grow in height when they reach shallower water. Tsunamis have a small amplitude (wave height) offshore.2) earthquakes in Japan can trigger tsunamis (called local and regional tsunamis) that can only devastate nearby coasts. Tsunami generated by landslides In the 1950s. [22] These phenomena rapidly displace large water volumes. Grand Banks 1929. On April 1. 1964 Alaska earthquake (Mw 9.000 years ago. Alaska.2) (00:58:53 UTC) and 2011 Tōhoku earthquake (Mw9. Scientists discovered that extremely large landslides from volcanic island collapses can generate megatsunamis that can cross oceans. in a wave shoaling process described below. Alaska. 2004 Indian Ocean earthquake (Mw 9. and a very long wavelength (often hundreds of kilometers long.2). Their existence was confirmed in 1958. but another boat amazingly managed to ride the wave. The wave didn't travel far. causing them to flow into the ocean and generate a tsunami. which had a height of 524 metres (over 1700 feet).[21] which is why they generally pass unnoticed at sea. A tsunami can occur in any tidal state and even at low tide can still inundate coastal areas. as it struck land almost immediately. Examples of tsunami originating at locations away from convergent boundaries include Storegga about 8. as energy from falling debris or expansion transfers to the water at a rate faster than the water can absorb. a magnitude-7. 2001). when a giant landslide in Lituya Bay.0) are recent examples of powerful megathrust earthquakes that generated tsunamis (known as teletsunamis) that can cross entire oceans. causing tectonic uplift. Scientists named these waves megatsunami.5) (19:11 hrs UTC). Papua New Guinea 1998 (Tappin. The cause of the Storegga sediment failure is unknown. 1946.8 (Richter Scale) earthquake occurred near the Aleutian Islands. Plate slips. causing subsidence and releasing energy into water. The area where the earthquake occurred is where the Pacific Ocean floor is subducting (or being pushed downwards) under Alaska. The energy released produces tsunami waves. The Grand Banks and Papua New Guinea tsunamis came from earthquakes which destabilized sediments. whereas normal ocean waves have a wavelength of only 30 or 40 metres). It generated a tsunami which inundated Hilo on the island of Hawai'i with a 14 metres (46 ft) high surge. . caused the highest wave ever recorded. an earthquake or a release of gas hydrates (methane etc. forming only a slight swell usually about 300 millimetres (12 in) above the normal sea surface.Tsunami 93 Drawing of tectonic plate boundary before earthquake Overriding plate bulges under strain. Two people fishing in the bay were killed. it was discovered that larger tsunamis than had previously been believed possible could be caused by giant landslides. but can do so in only a few minutes. Smaller (Mw 4. Underwater landslides that generate tsunamis are called sciorrucks.) The 1960 Valdivia earthquake (Mw 9. They dissipated before traveling transoceanic distances. Possibilities include an overloading of the sediments.

Ships rarely notice their passage. Drawback begins before the wave arrives at an interval equal to half of the wave's period. exposing normally submerged areas. This is the reason for the Japanese name "harbor wave": sometimes a village's fishermen would sail out. When the wave enters shallow water. Such a wave travels at well over 800 kilometres per hour (500 mph). the tsunami may take minutes to reach full height. and come back to land to find their village devastated by a huge wave. The water along the shoreline recedes dramatically. Since the land.[25] About 80% of tsunamis occur in the Pacific Ocean. Wave animation showing the initial "drawback" of surface water A drawback occurs because the water propagates outwards with the trough of the wave at its front. They are caused by earthquakes.3 ft). The first wave to reach the shore may not have the highest run up. Except for the very largest tsunamis. and bolides.6 ft). a tsunami in the deep ocean has a wavelength of about 200 kilometres (120 mi). but they are possible wherever there are large bodies of water.[24] Open bays and coastlines adjacent to very deep water may shape the tsunami further into a step-like wave with a steep-breaking front. but owing to the enormous wavelength the wave oscillation at any given point takes 20 or 30 minutes to complete a cycle and has an amplitude of only about 1 metre (3. Only the largest waves crest. As the tsunami approaches the coast and the waters become shallow. Its wavelength diminishes to less than The wave further slows and amplifies as it hits 20 kilometres (12 mi) and its amplitude grows enormously. When the tsunami's wave peak reaches the shore. even if the wave did not look large. and the destructive power of a large volume of water draining off the land and carrying all with it.[23] This makes tsunamis difficult to detect over deep water. including lakes. with significant time between the wave crests. While everyday wind waves have a wavelength (from crest to crest) of about 100 metres (330 ft) and a height of roughly 2 metres (6.[24] A large tsunami may feature multiple waves arriving over a period of hours.Tsunami 94 Characteristics Tsunamis cause damage by two mechanisms: the smashing force of a wall of water travelling at high speed. Run up is measured in metres above a reference sea level. volcanic explosions glacier calvings. wave still has the same very long period. but rather appears like a fast-moving tidal bore. landslides. the approaching wave does not break. and encounter no unusual waves while out at sea fishing. wave shoaling compresses the wave and its velocity slows below 80 kilometres per hour (50 mph). Drawback If the first part of a tsunami to reach land is a trough—called a drawback—rather than a wave crest. Drawback can exceed hundreds of metres. it slows down and its amplitude (height) increases. and people unaware of the danger sometimes remain near the shore to satisfy their curiosity or to collect fish from the exposed seabed. the resulting temporary rise in sea level is termed run up. .

ten-year old Tilly Smith of Surrey.Tsunami 95 Scales of intensity and magnitude As with earthquakes. used in the Mediterranean Sea and the Imamura-Iida intensity scale. used in the Pacific Ocean. Her parents warned others minutes before the wave arrived. Thailand with her parents and sister. a. England. is used in the global tsunami catalogues compiled by the NGDC/NOAA and the Novosibirsk Tsunami Laboratory as the main parameter for the size of the tsunami. oceanographers. Geologists. who calculated the Tsunami intensity I according to the formula where is the average wave height along the nearest coast. even if the magnitude and location of an earthquake is known. In the 2004 Indian Ocean tsunami drawback was not reported on the Tsunami warning sign African coast or any other eastern coasts it reached. was on Maikhao beach in Phuket. calculated from. This was because the wave moved downwards on the eastern side of the fault line and upwards on the western side. The latter scale was modified by Soloviev.[27] Warnings and predictions Drawbacks can serve as a brief warning. several attempts have been made to set up scales of tsunami intensity or magnitude to allow comparison between different events. rather than an intensity at a particular location was the ML scale proposed by Murty & Loomis based on the potential energy. Magnitude scales The first scale that genuinely calculated a magnitude for a tsunami. and seismologists analyse each earthquake and based on many factors may . and having learned about tsunamis recently in school. b & D are constants used to make the Mt scale match as closely as possible with the moment magnitude scale. saving dozens of lives. Abe introduced the tsunami magnitude scale .[26] Difficulties in calculating the potential energy of the tsunami mean that this scale is rarely used. People who observe drawback (many survivors report an accompanying sucking sound). can survive only if they immediately run for high ground or seek the upper floors of nearby buildings. A tsunami cannot be precisely predicted. In 2004. Andrew Kearney. The western pulse hit coastal Africa and other western areas.[26] Intensity scales The first scales used routinely to measure the intensity of tsunami were the Sieberg-Ambraseys scale. This scale. where h is the maximum tsunami-wave amplitude (in m) measured by a tide gauge at a distance R from the epicenter. known as the Soloviev-Imamura tsunami intensity scale. She credited her geography teacher. told her family that a tsunami might be imminent.

and along the Japanese shorelines the tsunami warning signs are reminders of the natural hazards together with a network of warning sirens. A sufficiently large earthquake magnitude and other information triggers a tsunami warning. the community is well-educated about earthquakes and tsunamis. One of the most successful systems uses bottom pressure sensors. Regions with a high tsunami risk typically use tsunami warning systems to warn the population before the wave reaches land. While the subduction zones around the Pacific are seismically active. A tsunami warning system is being installed in the Indian Ocean. In Japan. local authorities. However. Computers assist in analysing the tsunami risk of every earthquake that occurs in the Pacific Ocean and the adjoining land masses. usually within minutes of the arrival time. not all earthquakes generate tsunami. A seawall at Tsu. Computer models can predict tsunami arrival. Hawaii Tsunami memorial in Kanyakumari beach As a direct result of the Indian Ocean tsunami. 2004 The monument to the victims of tsunami at Laupahoehoe. British Columbia A tsunami warning sign on a seawall in Kamakura. which is prone to Pacific Ocean tsunami. On the west coast of the United States. Bottom pressure sensors relay information in real time. In Japan. such preparation is mandatory for government. typically at the top of the cliff of surroundings hills. Hawaiʻi. the models estimate the amplitude and surge height of the approaching tsunami. Japan.[28] 96 One of the deep water buoys used in the DART tsunami warning system The Pacific Tsunami Warning System is based in Honolulu. Based on these pressure readings and other seismic information and the seafloor's shape (bathymetry) and coastal topography. All Pacific Rim countries collaborate in the Tsunami Warning System and most regularly practice evacuation and other procedures. Japan . which constantly monitor the pressure of the overlying water column. It monitors Pacific Ocean seismic activity. Tsunami hazard sign at Bamfield. and automated systems can provide warnings immediately after an earthquake in time to save lives. a re-appraisal of the tsunami threat for all coastal areas is being undertaken by national governments and the United Nations Disaster Mitigation Committee. attached to buoys.Tsunami or may not issue a tsunami warning. there are some warning signs of an impending tsunami. warning signs indicate evacuation routes. emergency services and the population.

their effectiveness has been questioned. The elephants' reaction was to move away from the approaching noise. However. 1993 created waves as much as 30 metres (100 ft) tall—as high as a 10-story building. Route 101. announcement will be available from 2014. in Washington Along the United States west coast. but the waves washed right over the wall and destroyed all the wood-framed structures in the area.. mentioned the plan to public announcement of tsunami attack probability forecast at Japan National Press Club on 12 May 2011. but it did not prevent major destruction and loss of life. Forecast of tsunami attack probability Kunihiko Shimazaki (University of Tokyo). The wall may have succeeded in slowing down and moderating the height of the tsunami.[31] [32] [33] Mitigation In some tsunami-prone countries earthquake engineering measures have been taken to reduce the damage caused onshore. Other localities have built floodgates and channels to redirect the water from incoming tsunami. warnings are sent on television & radio via the National Weather Service. while many other animals in the same areas drowned. tsunami etc. There are unsubstantiated claims about the Lisbon quake that some animals escaped to higher ground.[29] [30] It is possible that certain animals (e.5 metres (15 ft) to protect populated coastal areas. the Okushiri.g. As the plan. However.S. some humans went to the shore to investigate and many drowned as a result.[35] . using the Emergency Alert System. The phenomenon was also noted by media sources in Sri Lanka in the 2004 Indian Ocean earthquake. If correct. By contrast. elephants) may have heard the sounds of the tsunami as it approached the coast. For instance. Hokkaidō tsunami which struck Okushiri Island of Hokkaidō within two to five minutes of the earthquake on July 12. Japan. The forecast would integrate the scientific knowledge of recent interdisciplinarity and aftermath of the 2011 Tōhoku earthquake and tsunami. as tsunami often overtop the barriers.Tsunami Some zoologists hypothesise that some animal species have an ability to sense subsonic Rayleigh waves from an earthquake or a tsunami. monitoring their behavior could provide advance warning of earthquakes.[34] That country has built many tsunami walls of up to 4. where tsunami science and response measures first began following a disaster in 1896. The forecast includes tsunami height. the evidence is controversial and is not widely accepted. has produced ever-more elaborate countermeasures and response plans. The port town of Aonae was completely surrounded by a tsunami wall. a member of Earthquake Research committee of The Headquarters for Earthquake Research Promotion of Japanese government. in addition to sirens. attack area and occurrence probability within 100 years ahead. 97 Tsunami Evacuation Route signage along U.

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John C. php?action=ARFNews& no=73). wr. geophys.org. Deformation of Strata and Introduction of Allochthonous Material (http:/ / gsa.1016/j. 11 November 2008.89. uk/ 1/ hi/ world/ south_asia/ 4269847. [20] "How do earthquakes generate tsunamis?" (http:/ / www. com/ gsa/ 2005AM/ finalprogram/ abstract_96386. bbc. H. [29] Lambourne. 1970). . Lovholt. . pdf). noaa. htm/ ). Answers.. [23] Earthsci.[36] Footnotes [1] "Tsunami Terminology" (http:/ / nthmp-history. [22] McMenamin. Shore & Beach. . Mark A. Nature. Tsunami Warning Signs on the Enshu Coast of Japan (http:/ / espace. New York: Collins. html). . Harlow. "Tsunamis". K. "Tsunami" (http:/ / www. (2005). + 3. 100–104. (1990). uq.fl. [27] Abe K.19. .reference. tsu harbour + nami waves. 2011. au/ journal/ the-10-biggest-tsunamis-in-history. Løvholt F. usgs. tufts. Witness to Disaster.com (http:/ / dictionary. ISBN 006089136X. html). 2007-11-06.com" (http:/ / www. washington.org (http:/ / earthsci. [19] Voit. T. 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"Tsunami: Anatomy of a disaster.Tsunami [30] Kenneally. Christine (2004-12-30). website (http://www. [36] "The Hauraki Gulf Marine Park.org/itic/contents. .html) Tappin. 4–7. The NOAA's page on the 2004 Indian Ocean earthquake and tsunami (http://www. Christine (December 30.org/ itic/) (ITIC) of UNESCO • Tsunami Terminology (http://nthmp-history.html) abelard. Geoscientist. website (http://news.unesco.html). Slate Magazine. jp/ science/ news/ 20110512-OYT1T00947. 3 March 2010. (http://www. plus CD-ROM with complete text and supplementary photographs. co.voanews.php/nation/ 3283-key-locations-in-philippines-warned-to-prepare-for-tsunami. Helen (March 27.telegraph.uk/1/hi/sci/tech/4381395.php) tsunamis: tsunamis travel fast but not at infinite speed. & Lee.org/) Kenneally. org/references. The program included an interview with a NOAA official who oversees the agency's tsunami warning system. (http://www." The Sydney Morning Herald. Part 2". 2005).noaa. 2004). slate.. 2005. yomiuri. "Surviving the Tsunami.uk Philippines warned to prepare for Japan's tsunami (http://www. html). W. jp/ 19930712_nanseioki.unesco. [34] http:/ / content. May 12. "津 波 の 襲 来 確 率 、 初 の 公 表 へ …地 震 調 査委 員 会 [Newly public announce of Tsunami attack probability. seismologist at Geoscience Australia.noypi.stm) Macey. Local tsunamis. co. The Miami Herald. 2001. edu/ journalistsresource/ pa/ society/ health/ tsunami-japan/ [35] "1993年 7月 12日 北 海 道 南 西 沖 地 震 " (http:/ / library. editor. "Surviving the Tsunami: What Sri Lanka's animals knew that humans didn't" (http:/ / www. . com/ photo/ 03XDbnv4J99vW?q=Tokyo) Kunihiko Shimazaki speaks during a press conference in Tokyo Thursday. intended for English learners.org/briefings/tsunami." BBC News. Dudley.co.ph/index. Retrieved 2011-05-13. 10.Earthquake Research committee of Japan]" (http:/ / www. 2004 and March 28. A transcript and MP3 of the program. Telegraph.php?id=19) by the Intergovernmental Oceanographic Commission (IOC) at the International Tsunami Information Centre (http://ioc3. used geography lesson to save lives (http://www. 2005). harvard. 99 References • IOC Tsunami Glossary (http://ioc3. p 11—quoting Dr Mark Leonard. htm) (in Japanese). Summary report of the Great Sumatra Earthquakes and Indian Ocean tsunamis of December 26. Richard (January 1. miamiherald. Walter C. Min (1988: 1st edition) Tsunami! ISBN 0-8248-1125-9 website (http://www. 2006.slate. 11–8.bbc. ISBN 1-932884-19-X website (http://www.html) at NOAA • In June 2011.htm#Books) Iwan.tsunami.gov/spotlight/ tsunami/tsunami. "The Big Bang that Triggered A Tragedy.13S page 2. 11 chapters. can be found at The Ever-Present Threat of Tsunamis. Retrieved 2011-05-14. Inset to The New Zealand Herald: p. the VOA Special English service of the Voice of America broadcast a 15-minute program on tsunamis as part of its weekly Science in the News series. D. com/ id/ 2111608). [31] Forecast of earthquake probability is within 30 years ahead..D.ph • • • • • • • • • • . 2011 [33] "Experts: Early warnings mitigated Japan disaster" (http:/ / www.gov/terms. [32] IndiaTimes (http:/ / oneclick. 9. hks. Yomiuri Shimbun 2011-05-13 ver. Noypi..eeri. indiatimes.org." Slate. 2011-05-12. . 100 page summary.com/ learningenglish/home/science-technology/ Large-Tsunamis-Do-Not-Happen-Often-But-the-Threat-is-Always-Present-123226568.ngdc.noaa. EERI Report 2006-06. EERI Publication #2006-06. . however Tsunami attack probability is much lower than earthquake so that the plan is set to be within 100 years ahead. Girl.com/id/ 2111608/) Lambourne.co.abelard.html). retrieved March 29.uk/news/1480192/ Girl-10-used-geography-lesson-to-save-lives. 2011-05-12. Yomiuri Shimbun. 2005: Earthquake Engineering Research Institute. com/ 2011/ 05/ 12/ 2213495/ experts-early-warnings-mitigated.pmel. skr. htm) (in Japanese).

gov/) – United States National Weather Service.html) Scientific American Magazine (January 2006 Issue) Tsunami: Wave of Change (http://sciam.gov/) – General description of tsunamis and the United States • • • • • agency NOAA's role NOVA: Wave That Shook The World (http://www.gov/circ/c1187/) (United States) Impact of Tsunami on groundwater resources (http://www.org/) Tsunami scientific publications list (http://nctr. • Jakarta Tsunami Information Centre (http://www.S.au/view.noaa.usgs.tsunami. edu.Tsunami 100 External links • Animation of DART tsunami detection system (http://nctr.gov/database_devel.shtml) – University of Hamburg HF-Radar.ncdc.unesco.pmel.envirtech. animations and data Tsunami Warning (http://tsunami-warning. Pacific Tsunami Museum (http://www.de/tsunami. Federal/State effort • NOAA Center for Tsunami Research (NCTR) (http://nctr. • Geology.gov/) Coordinated U.com/records/biggest-tsunami. 48 4: 355-370 • • • • • • • • • . • Envirtech Tsunami Warning System (http://www.jtic. Tsunamis and Earthquakes (http://walrus.com/article.gov/) • NOAA Tsunami (http://www.org/) – Tsunami warnings via mobile phone.com (http://geology.htm) – Based on seabed seismics and sea level gauges.library.wr.org/nova/tsunami/) – Site and special report shot within days of the 2004 Indian Ocean tsunami.gov/oa/esb/ ?goal=weather&file=events/tsunami/) from "NOAA Socioeconomics" website initiative Tsunami Centers (http://tsunami.org/ itic/) (ITIC) of UNESCO • How to survive a tsunami (http://www. Social & Economic Costs of Tsunamis in the United States (http://www.tsunami.html) – Guide for children and youth • International Centre for Geohazards (ICG) (http://www.swf) • Can HF Radar detect Tsunamis? (http://ifmaxp1.net/publications/134) IGRAC International Groundwater Resources Assessment Centre Tsunami Surges on Dry Coastal Plains: Application of Dam Break Wave Equations (http://espace.html) with links to graphics.org/tsunami.php?id=19) by the Intergovernmental Oceanographic Commission (IOC) at the International Tsunami Information Centre (http://ioc3.gov/Mov/DART_04.shtml) The highest tsunami was caused by rockfall • IOC Tsunami Glossary (http://ioc3.pbs.name/) Interactive map of recent and historical tsunami events (http://nctr.ifm.unesco.noaa.tsunami. Tsunami database with detailed statistics (http://tsunami.pmel.edu4hazards.igrac.pmel.php?pid=UQ:7781).noaa.usgs.org/itsu/) – Coordination Group for the Pacific Tsunami Warning System.org/envirtech_tsunameter.org/itic/contents.pmel.sthjournal.org/) • National Tsunami Hazard Mitigation Program (http://nthmp.uq. Coastal Engineering Journal.noaa.uni-hamburg.no/) • ITSU (http://ioc.gov/tsunami/) USGS: Surviving a tsunami (http://pubs.noaa.noaa.unesco.org/) Science of Tsunami Hazards journal (http://www. cfm?chanID=sa006&articleID=000CDB86-32E0-13A8-B2E083414B7F0000) What we can learn from the Indian Ocean tsunami of December 2004.geohazards.gov/pubs.

mindef.html) (Unavailable) Animations of tsunami propagation model results (http://nctr.html) • Animations of actual and simulated tsunami events (http://nctr.noaa.edu.youtube.html) • Origin of a Tsunami – animation showing how the shifting of continental plates in the Indian Ocean created the catastrophe of December 26.gov) • Amateur Camcorder Video Streams of the December 26. video. a video of the 2011 Tōhoku (Japan) earthquake tsunami by Associated Press at YouTube.com/watch?v=k4w27IczOTk).geophys.edu/tsunami/ general/physics/characteristics.gov/animate. showing the wave from a tsunami engulfing a town and farmlands.youtube.ca/IDD-1-75-1561/ science_technology/earthquakes_and_tsunamis/) • Computer-generated animation of a tsunami (http://www.pmel.com/noaapmel#p/c/3BDBAAAA7D4EB2DA/8/ 4rWDrZIucAQ) from the NOAA Center for Tsunami Research (http://nctr.html) for actual tsunami events 2004 Boxing Day Tsunami (http://www.asp) and Videos (http://www.noaa.html) High resolution satellite images showing the effects of the 2004 tsunami on the affected areas in Indonesia.youtube.org/details/opensource_movies) • Animation of 1960 tsunami originating outside coast of Chile (http://www.edu/tsunami/general/physics/ runup.pmel.forskning.Tsunami 101 Images.no/Artikler/2006/juni/1149444923.archive. 2004.nus.us/visit-to-kota-kuala-muda.html).html) from the NOAA Center for Tsunami Research • CBC Digital Archives – Canada's Earthquakes and Tsunamis (http://archives. The Survivors – A moving travelogue full of stunning images along the tsunami ravaged South-Western Coast of India (http://www.html) • and Kuala Muda. Thailand and Indonesia (search on tsunamis) (http://www. Thailand and Nicobar island of India.sg/tsunami/ videos.riveroflife.us/tsunami-aftermath-penang-island-malaysia.73) • Photos (http://www.gov.cbc.pmel.geophys.sg/tsunami/tsunami.com/watch?v=RDOuwMj7Xzo&feature=PlayList& p=F78585C6FE0C11CA&playnext=1&playnext_from=PL&index=81) at YouTube Raw Video: Tsunami Slams Northeast Japan (http://www.be/tsunami/index.mindef.asp) of Humanitarian Assistance to Tsunami-hit areas by the Singapore Armed Forces • Tsunami Aftermath in Penang (http://thanks4supporting.gov/animate. and animations • Tsunami videos on YouTube (http://www.sg/tsunami/photos1. • • • • . Satellite Images of Tsunami Affected Areas (http://www.gov.washington. Kedah (http://thanks4supporting. (http://www.crisp.washington. 2004 tsunami that hit Sri Lanka.noaa.

• Displaces a large enough volume of water to generate a tsunami. so that when an earthquake is felt they know to head to higher ground and what routes to take to get there. Tsunamis generated in lakes and reservoirs are of high concern because it is associated with a near field source region which means a decrease in warning times to minutes or hours. and due to low generate a tsunami. landslides. Tsunamis in lakes are becoming increasingly important to investigate as a hazard. rock avalanches glacier calving and volcanogenic processes such as gas or mass flow characteristics. in the case of this article the body of water being investigated will be a lake rather than an ocean. this displaces the water above causing a tsunami (Figure 1).[1] In order for a tsunami to be generated certain criteria is required: • Needs to occur just below the lake bottom. Causes Inland tsunami hazards can be generated by many different types of earth movement. and the seiche as the harmonic resonance within the lake. normal or oblique strike slip faulting processes. In an enclosed basin such as a lake. only lateral movement resulting in no displacement of the water. debris flow. The reason strike-slip faulting does not cause tsunamis is because there is no vertical displacement within the fault movement. Earthquakes Tsunamis in lakes can be generated by fault displacement beneath or around lake systems. Faulting shifts the ground in a vertical motion through reverse. making them of a near field source. [2] lying shores even small waves lead to substantial flooding. . resulting in organised emergency evacuations after the Figure 1: Diagram showing how earthquakes can generation of the tsunami being virtually impossible. This is misleading as destructive water waves are not restricted to the ocean. these are earthquakes in or around lake systems. such as an ocean. These tsunamis are of high damage potential due to being within a lake. Planning and education of residents needs to be done beforehand. these are discussed in more detail below. This means a vast decrease in warning times.Tsunamis in lakes 102 Tsunamis in lakes A tsunami is defined as a series of water waves caused by the displacement of a large volume of a body of water. due to the increasing popularity for recreational uses. and increasing populations that inhabit the shores of lakes. tsunamis are referred to as the initial wave produced by coseismic displacement from an earthquake. • Earthquake is of high or moderate magnitude typically over magnitude four.

and lakes being relatively shallow in comparison. this is the region were landslides and water motion are coupled and it extends as far as the landslide travels. With ocean tsunami waves amplitudes only increase when the tsunami gets close to shore. A splash zone or wave generation zone. as well as generating a tsunami. it is predicted that there would be shaking of approximately magnitude eight in the lake side towns of Queenstown (Lake Wakatipu) and Wanaka (Lake Wanaka). the process is influenced mainly by dispersion characteristics and is not often used when investigating tsunamis in lakes. Far field area. This would have a major impact on the 34. with the highest run-ups and amplitudes being attributed to the seiches rather than the actual tsunami.[4] New Zealand example In the event of the Alpine fault in New Zealand rupturing in the South Island. . not only in the potential losses of life and property. were the concern is based on the characteristics of the tsunami wave such as amplitude and wave length which are crucial for predictive purposes. This is interesting as if an event was to happen in peak seasons such as summer around Christmas.000 permanent residences along the lake. has recognised that in such an event. in lake tsunami waves are generated and stay in a shallow environment. The reason seiches cause so much damage is due to resonance within the bays reflecting the waves were they combine to make larger standing waves. as it is very different to ocean tsunami wave characteristics due to the ocean being deeper. In summer a lot of temporary structures such as tents are put up on the lake shore. The Otago Regional Council. this would have a devastating impact on the 15. or saturation of the sediment initiating a sliding layer. Tsunamis generated by sub aerial mass flows are defined in terms of the first initial wave being the tsunami wave and any tsunamis in terms of sub aerial mass flows are characterised into three zones. but the damage to the booming tourism industry would take years to rebuild. not to mention the impact on tourism in the area. tsunamis could occur in both lakes but have yet to learn any more about it. For more information see seiches. these tents provide no protection from a tsunami wave. a 10m high scarp has displaced the lake bottom sediments.[3] 103 Sub-aerial mass flows Sub aerial mass flows happen when a large amount of sediment becomes unstable. The reason for this huge management issue is the volume of people in these areas would be unknown and supplies and aid would be insufficient. A tsunami and seiche in Lake Tahoe can be treated as shallow-water long waves as the maximum water depth is much smaller than the wavelength. it would pose a huge management issue. This is why it is so important to investigate what would happen in such an event so that people can be educated in order to reduce vulnerability in these areas. with most of these faults at the lake bottom or hidden in glaicofluvial deposits. Lake Tahoe in California and Nevada USA lies within an intermountain basin bounded by faults. indicating that the water was displaced by the same magnitude. This demonstrates the interesting impact that lakes have on the tsunami wave characteristics. this can happen for example from the shaking from an earthquake. This volume of sediment then flows into the lake giving a sudden large displacement of water. Near field area.453 residents (2006 Census) who occupy these lake towns.Tsunamis in lakes Lake Tahoe Lake Tahoe is an example of a lake that is in danger of having a tsunami due to faulting processes. or in the snow season when the population of these areas nearly double. Lake Tahoe has had many prehistoric eruptions and in studies of the lake bottom sediments. These could possibly cause sub-aerial mass flows that could generate tsunamis within the lakes. Tsunami run-ups would leave areas near the lake inundated due to permanent ground subsidence attributed to the earthquake. responsible for the area. as most lake tsunamis are related only to near field processes.

resulting in a spontaneous outburst of gas originating at the depth at which gas saturation has exceeded 100%. The size of the waves created is unpredictable. as it requires more complex modelling . slowing as distances from the centre increase. Lake Kivu Lake Kivu as seen in Figure 2 of Africa’s great lakes. and is part of the Great Rift Valley. This is caused by the ever-shifting pathway that the vertical column takes to the surface. followed nearly simultaneously by a release of carbon dioxide. particularly if the water column behaves irregularly with a series of surges. an Example of this is Lake Kivu. this leads to Figure 2: Satellite image of Lake Kivu in Africa. As the bubbling water column draws in fresh gas-laden water. resulting in wave heights is great as 10-20m. This carbon dioxide would suffocate large numbers of people. The water column has the potential to widen to well in excess of a kilometre. this has led to a build up of methane and carbon dioxide at the bottom of the lake. In either case a strong vertical lift of a large body of water results in a plume of gas bubbles and water rising up to and through the water surface. For tsunami precautions it will be necessary for people to move to high ground. Lake over turns are due to volcanic interaction with the water at the bottom of the lake that has high gas concentrations. in order to try to reduce the effects when this phenomenon does happen. No reliable model exists to predict this overall turnover behaviour. Being part of the Great Rift Valley means it is affected by volcanic activity beneath the lake. As a secondary effect. Very large volumes of water are displaced. Lake overturns can be incredibly dangerous and occur when gas trapped at the bottom of the lake is heated by rising magma causing an explosion and lake overturn. or (2) a volcanic or even seismic event triggers a turn-over.Tsunamis in lakes 104 Volcanogenic processes In this article the focus is on tsunamis generated in lakes by volcanogenic processes in terms of gas build up causing violent lake over turns. at least 20m above lake level. with other processes such as pyroclastic flows not accounted for.[5] This is incredibly important as the warning times for an event such as a lake overturn is incredibly short in the order of minutes and the event itself may not even be noticed. this build up can lead to violent lake overturns. Wave heights will be highest if the water column surges periodically. heating of the lake and this rapid rise in temperature would spark a methane explosion displacing a large amount of water. the bubbling water column widens and becomes more energetic as a virtual "chain reaction" occurs which would look like a watery volcano. feeding in fresh gas-laden water. A worse situation may pertain in the Ruzizi River where a surge . then horizontally away from the centre at surface and horizontally inwards to the bottom of the bubbling water column. Education of locals and preparation is crucial in this case and a lot of research in this area has been done in order to try to understand what is happening within the lake. Either (1) up to another hundred years of gas accumulation leads to gas saturation in the lake. in a violent disturbance of the whole lake. with a possible tsunami generated from water displaced by the gas explosion effecting all of the 2 million people who occupy the shores of Lake Kivu. Surface waters may simultaneously race away from the epicentre at speeds as high as 20-40m/second. The speed of the rising column of water increases until it has the potential to rise 25m or more in the centre above lake level. the lake surface will both rise by up to several metres and create a series of tsunamis or waves radiating away from the epicentre of the eruption. The watery volcano may take as much as a day to fully develop while it releases upwards of 400 billion cubic metres of gas (~12tcf). particularly the time taken to release the gas and the height to which the water column can rise. vertically at first. A lake turn-over in Lake Kivu occurs from one of two scenarios. it lies on the border between the Democratic Republic of the Congo and Rwanda as shown in Figure 2. Some of these parameters are uncertain.

• Reduction (plans to reduce the effects of the next tsunami) • Putting in place land use zoning to provide a buffer for tsunami run ups.Tsunamis in lakes in lake level would cause flash-flooding of the steeply sloping river valley dropping 700m to Lake Tanganyika. which would suffocate any living creatures with its mixture of carbon dioxide and methane laced with hydrogen sulphide. The presence of this opaque gas cloud. decreasing the amount of disruption and in turn the effect the disaster has on the community. In order for hazard management of tsunamis in lakes to function at full capacity there are four aspects that need to be balanced and interacted with each other. would cause the majority of casualties. Residents would be advised to climb to at least 400m above the lake level to ensure their safety. these are: • Readiness (preparedness for a tsunami in the lake) • Evacuation plans • Making sure equipment and supplies are on standby in case of a tsunami • Education of locals on what hazard is posed to them and what they need to do in the event of a tsunami in the lake such as seen in Figure 3. This reduces recovery and response times for an area. • Response to the tsunami event in the lake • Rescue operations • Getting aid into the area such as food and medical equipment • Providing temporary housing for people who have been displaced. When all these aspects are taken into consideration and continually managed and maintained. the more than 400 billion cubic metres of gas released creates a denser-than-air cloud which may blanket the whole valley to a depth of 300m or more. where it is possible that a wall of water from 20-50m high may race down the gorge. Strangely the risk of a gas explosion is not great as the gas cloud is only about 20% methane in carbon dioxide. • Recovery from the tsunami • Re-establishing damaged road networks and infrastructure • Re-building and/or relocation for damaged buildings • Clean up of debris and flooded areas of land. 105 Hazard mitigation Hazard mitigation for tsunamis in lakes is immensely important in the preservation of life. Figure 3: photo of a Tsunami Hazard Zone warning sign in Bamfield. the vulnerability of an area to a tsunami within the lake decreases. This is not because the hazard its self has decreased but the awareness of the people who would be affected makes them more prepared to deal with the situation when it does occur. meaning that buildings cannot be built right on the lake shore. infrastructure and property. a mixture that is difficult to ignite. Water is not the only problem for residents of the Kivu basin. .

B5. it will save lives. ISSN 0033-4553. This is especially true for New Zealand with the possible occurrence of tsunamis in our major lakes recognised as a hazard. htm) References • Walder J.G. more and more people are making themselves vulnerable to this hazard. The hazard of tsunamis and associated seiches will not stop increasing. GEOPHYSICAL RESEARCH LETTERS. et al. NO. doi:10.A. 2000 Walder J. 2000 Freundt Armin et al.A. 2236. It is increasingly important that further knowledge is gained on tsunamis in lakes.CODEN PAGYAV. 108. 2003. VOL. Tsunamis generated by subaerial mass flows. JOURNAL OF GEOPHYSICAL RESEARCH. com/ news16. NO.S. Springer. Footnotes [1] [2] [3] [4] [5] Ichinose . et al. 2007. 2007 Ichinose .1029/2001JB000707 • Ichinose G. California-Nevada. PAGES XXXX-XXXX • Freundt Armin et al.S.A. volcanolive. Basel. and due to lack of knowledge and growing populations the devastation when one does occur will be incomprehendable. but due to different definitions for lake tsunamis depending on generation source and different equations for predictions. Internationally there has been a fair amount of research into certain lakes but not all lakes that can be affected by the phenomenon have been covered. SUISSE (1964) (Revue) . et al. X. The potential hazard from tsunami and seiche waves generated by large earthquakes within Lake Tahoe. Pure and Applied Geophysics. but with no further research completed. 2003 Volcano Facts (http:/ / www. 2000. et al.G. Volcanogenic tsunamis in lakes : Examples from Nicaragua and general implications.Tsunamis in lakes 106 Future research Investigation into the phenomena of tsunamis in lakes for this article was restricted by certain limitations. This made it hard to correlate the different events to see if some general rules can be obtained in terms of wave dynamics and propagation. VOL XX. et al. not only for scientific purposes but also to relay this information to the people who would be affected if a lake tsunami was to occur. The reports found from international examples were extremely useful as individual case studies. Increasing knowledge of tsunamis in lakes and what to do in an event of a tsunami will not only makes us more prepared.

Panoptical. Lyseong. Chunt@euromoney.wikipedia. 744 anonymous edits Association of Management Consulting Firms  Source: http://en. NatlSafetyCouncil. SafetyTempsLimited. Overix. Alexius08. DeadlyAssassin. Hisabness. Matt. Gwandoya. Icairns. Ytiugibma. Katharineamy. Travburch. Debresser. Neurolysis. Versageek. Interiot. Biscuittin. Piano non troppo. Niremetal.wikipedia.wikipedia. Peter bertok. Wmahan. Pgreenfinch. Wmahan. Brodger3. Olaf.dt25.org/w/index. Bryanhall. Ncecash. Audrius. This lousy T-shirt. Epolk. Fintor. Vaoverland. Jncraton. Hurkyl. Thomas Larsen. Hauskalainen. Dozen.org/w/index. The undertow. John of Reading. Fabrictramp.php?oldid=429907011  Contributors: Jonkerz. Siroxo. IRP. StuffOfInterest.roseberry. Utcursch.wikipedia. RHaworth. Ronz. LibLord. Robina Fox. Actuarial disco boy. Webmasteratfish. PigFlu Oink. Madonna56. Neutrality. Tcharvin. Phopkin. Marek69. Charleswj. Mdorohovich. MER-C. Trout Fisher 03.. Woohookitty. Arcadian. Frieda. Carry Lesco. Mattomoran. Corp Vision. Ktlonergan. Ialencar.php?oldid=441797108  Contributors: Capricorn24. Jlamay1213. Hactuary. Anikasavage. Bakilas. Droll. Bhadani. Astudent. Spatial Planning and Responses to Natural Hazards  Source: http://en.wikipedia. Kumioko. Yuriybrisk. Jokestress.org/w/index. Laurabbook. Riskrisk. R'n'B. Riskrisk. Nick Green. Mwtoews. CJLL Wright. Speed8ump. Lucien504. BoweryBleecker. Iratheclimber. Charles Matthews. Woland37. Proman1. Htournyol.org/w/index. Lacanj8. Melaen. Crazypete101. 8 anonymous edits Defensive driving  Source: http://en. Dale Arnett. Peterson1234. Pigman. Rjwilmsi. Wik.php?oldid=434059867  Contributors: Akerans. Charlesbaldo. Jwestland. Katieh5584.php?oldid=409685207  Contributors: Alarics. Roman Spinner. Actuary. Lord of Penguins. Adjusting. Will Beback Auto. Kudret abi. Beetstra. Open2universe. Kuru. EdBever. Nagle.santos. Muchness. Good Olfactory. Pnm.org/w/index. Dr. John Fader. Heartfocus. Gary King. Ck lostsword. Shaun. Anakata. JennJifsan. WriterListener. Bradingrish. Fullrabb. Ulric1313.wikipedia. Improvtrafficschool.illmer. Khazar. NigelJ. Mikael Häggström. Dashdash99. Jreferee. Charnwood. Cretog8. Jcdowney. Pygora123. Spalding. Seth Nimbosa. Ronhjones. Bill. Dancter. Flyer22. Gogo Dodo. Aschuster. WhisperToMe. Mkoval. Amanje.org/w/index. Pontificake. Pan Dan. SevenSigma. Lamro. Barkeep. Jvlock. Myasuda.org/w/index. Urbanette. Stefan. That Guy. Fastfission. Dkutcher.wikipedia. Acidtekno. D6. Juzeris. Tomisti. Gregalton.wikipedia. Woohookitty. JRaeside. Metosa. Rjwilmsi Cascading Discontinuity Sets  Source: http://en. Fabrictramp. M4gnum0n. Bearcat. J04n. White Trillium. Wmasterj. Dpr.Article Sources and Contributors 107 Article Sources and Contributors Risk management tools  Source: http://en.org/w/index. Mdd. Ekotkie. FrecklesCat. Makingprogress19. Woohookitty. Portgame. Antaeus Feldspar.org/w/index.. PracticalRiskManager. Riggwelter. Erie4987.org/w/index. Greenmars. 1 anonymous edits Exposure Factor  Source: http://en. Born2cycle. 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Nasa-verve. Skier Dude . DocendoDiscimus. Hogayoga. Lieiro. LocoBurger. Shadow1. GearedBull. Vina.09.org/w/index. KADART. Adam.php?oldid=400300652  Contributors: Altermike. Dashdash99. Mohehab. Srathi. Khalid. Zodon.wikipedia. Appraiser. J. Deed89.php?oldid=390622980  Contributors: Bearcat. Excirial. Mbeychok. Pearle. Anon lynx. Lincolnite. Fjarlq. Rafael.albing. Lidram. Edcolins. Pcb21. Schwarzenneger. Gadfium. Wavelength. Petenv. Greenshed.php?oldid=443049991  Contributors: AMCForg. Pastore Italy. Alexforcefive. Nolelover. Auntof6. Nycbl1y. Wolfram. Versageek. JDMBAHopeful. RMAhq. Favonian. Ghaag. Eximexchange. Risk Governance. Robef. Weavers46.php?oldid=441020887  Contributors: Yorkshiresky Hazard prevention  Source: http://en. MansonP. Suckaduck. Poppybaobao. Arthur Rubin.php?oldid=415686377  Contributors: 3family6. Cliff2311. Defensive Driving Solutions. Simpleblob. Frankwightman. Wombatfrog. Damistmu. Lockley. 62 anonymous edits Fish & Richardson  Source: http://en. 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Arunsingh16. E-pen. Aksi great. 129. Calton. MikeyAdamz. DeadEyeArrow. GESICC. Aowpr.org/w/index. Biglovinb. Bender235. Leolaursen. C.php?oldid=443101081  Contributors: Edward. Badgernet. Leeatcookerly. Pzavon. The Anome. Signalhead. Tassedethe. Bevo74. Chaser. Garpert. SMC. Alansohn. Cp111. Chemical Engineer. Nelson huang2003. SEI Publications. AzaToth. Diannaa. Kaiserb. Usb10. Supergreg no1. Corti.sprg. Katieh5584.org/w/index. BD2412. Flowanda. Amalthea. Diego Grez. CWii. Hu12. SatuSuro. C'est moi. M4gnum0n. Lotje. Culmensis. Asabbagh. Beland. ShelfSkewed. Barek. Blouseman. Lankiveil. Deltaker. Hle37. Canterbury Tail. Escape Orbit. Buuuu. R'n'B. Alaughingmind. Eeekster. Cosmic Latte. Micki. AJR. Aeusoes1. C4100. Mark. Yudomunartono. Casper2k3. Nick Levine.org/w/index. Rifleman 82. Anonymous editor. Ciarondunne. Yhkhoo. CodeGeneratR. Carax. Wang. Aecis.org/w/index. Tamarkot. CAPS LOCK. LilHelpa. Wilhelmina Will Tactical Risk Management  Source: http://en. Rani Lueder. Oephpest. Abby. 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Alex12345678910. Graibeard. Chris 73. Krawi.JJ. Tedickey. Isis150. Rixs. 23prootie. Pnm. Chris857. Hhhggg. 108 . Wavelength. Jabencarsey. Debresser. 4r1st0tl3. 4Leben2. Jon2777. Robert Weemeyer. 545 anonymous edits Opasnet  Source: http://en. Marekza. Azalea pomp. Amcfreely. Lieiro.org/w/index.php?oldid=438225450  Contributors: Bearcat. THSlone. R'n'B. Barneca. Krawi. Eiland. El C. Bicchi.php?oldid=440919945  Contributors: Johnfos Moody's Analytics  Source: http://en. Doug s. Belligero. Bobo192. CryptoStorm. DASonnenfeld. Bear475. Wilson172. Utcursch. Boris Allen. Zaggernaut. DGG. Timtregenza. Bhadani. Chemical Engineer. Adhi Nugroho. Vfp15. CJCurrie. Bobo192. Arcata1. Arnfinn Christensen. CharlotteWebb. Bovineone. Ricardovyhmeister. Animum. Funandtrvl. Sushiflinger. Kvdveer. Andthu. Arjun01. Lafumaking. Camelhumps. Kku. GRBerry. Ashmoo. Geschichte. InformationSpan. Fencingtim. Rich Farmbrough. 39 anonymous edits Singapore Workplace Safety and Health Conference  Source: http://en. 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