Integrated Risk Management Method Development for Multiple Aerospace Projects Using a Single Index Expression

Hyojung Ahn,Hongbae Kim,Han-Lim Choi 한국항공우주학회 2018 International Journal of Aeronautical and Space Sc Vol.19 No.4

Aerospace industry is integrated with state-of-the-art technology but uncertainty is increasing due to the lack of accumulated data. In addition, projects at aerospace research and development institutions have become large and complex. Accordingly, the organization’s top level has recognized the importance of risk-informed decision-making and performed risk management to operate the organization successfully. However, it is difficult to set the priorities of risk treatment as a whole in the aspect of managing risks of the organization because each project may have a difference in methods for the risk identification, assessment and determining risk levels. Thus, it is required to develop a standardized and quantitative method that can integrate risks in the level of each project to identify the status of risk management intuitively at the top level for all projects performed by the organization. This paper presents an index-based scheme for an organization-level risk management. To obtain the organization-level risk index, the risk index of each project is summed up by applying the weighting factors representing the priority of the project in the organization, such as budget. The risk index of each project is calculated by summing the levels of the risks and applying the weight factor according to the target schedule. The risk level is determined by probability and severity of the risks, which are calculated according to the quantitative evaluation standard. Based on this method, a risk model(R-Model) is established and applied to a research institute by using real data for 3 years. By analyzing the trends of the index, it can be confirmed that R-Model helps intuitively identify risks and make decisions at the top level. This paper is significant in developing an index-based scheme for an organization-level risk management and validating the proposed scheme through a case study on real projects of a major aerospace research institute.

국제증권결제에서의 위험과 그 관리방안

이형규(Hyeong-Kyu Lee) 한국비교사법학회 2006 比較私法 Vol.13 No.2

  In recent years, volumes of cross-border securities trades and settlements have been growing very rapidly, reflecting the increasing integration of global financial markets. Participants in cross-border securities settlement systems are confronted with a variety of risks. In many respects the types of risks associated with cross-border settlements are the same as those that arise in domestic settlements. Nonetheless, the channels through which cross-border settlements are effected may alter the character of some of these risks.<BR>  Settlements of cross-border trades tend to increase the importance and complexity of certain issues, including legal risks, custody risks in tiered securities holding systems and the timing of finality in cross-system settlements. In addition, if money settlements in foreign currencies are funded through foreign exchange transactions, non-resident counterparties face foreign exchange settlement risks.<BR>  Thus it is important that the risks in securities settlement systems be appropriately managed in order that securities settlement systems are not a source of systemic disturbances to securities markets and other payment and settlement systems.<BR>  To promote improvements in the safety and efficiency, cross-border securities<BR>settlement systems should have a well founded, clear and transparent legal basis in the relevant jurisdictions. Entities holding securities in custody should employ accounting practices and safekeeping procedures that fully protect customers’ securities. It is essential that customers’ securities be protected against the claims of a custodian’s creditors. Final settlement should occur no later than the end of the settlement day. Intraday or real-time finality should be provided where necessary to reduce risks. Securities settlement systems should use or accommodate the relevant international communication procedures and standards in order to facilitate efficient settlement of cross-border transactions. In addition, the Continuous Linked Settlement(CLS) system is effective in reducing settlement risk in the foreign exchange arena.

The Impact of Financial Risks on the Performance of Russian Banks

Jalal Hafeth Ahmad Abu-Alrop 대한산업공학회 2020 Industrial Engineeering & Management Systems Vol.19 No.4

This study uses multiple regression analysis with financial ratios to determine the impact of financial risks and financial leverage on the financial performance of Russian commercial banks in the period 2008-17. This study involves 85 Russian banks, whose total assets comprise 87% of the total assets of the Russian banking sector. The study used six indicators to measure five types of financial risks and an indicator to measure the financial leverage: interest rate risk, foreign exchange risk, liquidity risk, credit risk, operational risk, and financial leverage risk. The study also used three indicators to measure bank performance: Net Interest Margin, Return on Assets, and Return on Equity. The study found that Over the 10 years of the study, the risk contributed to the formation of net interest margin by 87%, return on equity by 50%, and return on assets by 53%. The impact of credit risk, operational risk, and liquidity risks on performance indicators in Russian banks were very positive and significant. The effect of leverage and interest rate risk on performance indicators was negative and very limited. The foreign exchange risks had no effect on performance indicators. The study also found that the other variables (without risk and leverage) had a positive effect on the net interest margin, but their effect on the return on assets, and the return on equity was negative and significant. The study concluded It is important for Russian banks to search for these factors, which led to the negative impact, Russian banks should study these factors and correct their positions.

Estimating Risk Interdependency Ratio for Construction Projects: Using Risk Checklist in Pre-construction Phase

김준영,이현수,박문서,권나현 대한건축학회 2019 Architectural research Vol.21 No.2

Risk assessment during pre-construction phase is important due to the uncertainty of the risks that may exist in projects. Risk checklist is a method to systematically classify and organize the risks that have been experienced in the past, and to identify the risk factors that may be present in the future projects. In addition, risk value assessment based on checklists plays a key role in risk management, and various risk assessment researches have been conducted to carry out this systematically. However, previous approaches have limitations in common, this is because risk values are evaluated individually in risk checklists, which ignore interdependencies among risk factors and neglect the emergence of co-occurrence of risks. Hence, when multiple risk factors co-occur, they cannot be far off from the conventional method of summing the total risk value to establish the risk response strategy. Most of risk factors are interdependent and may have multiple effects if occurred than expected. In particular, specific cause can be overlapped if multiple risks co-occur, and this may result in overestimation of the risk response for the future project. Thus, the objective of this research is to propose a model to help decision makers to quantify the risk value reflecting the interdependency during the identification phase using existing risk checklist that is currently being practiced in actual construction projects. The proposed model will provide the guideline to support the prediction and identification of the interdependency of risks in practice. In addition, the better understanding and prediction of the exceeding risk response by co-occurring risks during the risk identification phase for decision makers.

무역위험의 위험관리론적 고찰

정홍주(Jung Hong joo),노희찬(Noh Heui chan),최경진(Choi Kyung jin),김기혁(Kim Ki hyuk) 한국해양비즈니스학회 2005 해양비즈니스 Vol.- No.6

  International trade that is a transaction between countries has features of internationalism, cultural difference, long distance and long term for the transaction, compared to domestic trade. It is riskier than domestic transaction and causes additional costs. As well, International trade has its specific risks, such as foreign exchange risk and country risk, and requires various active risk management skills. But it is difficult to get accumulated statistics, which are related to international trade risk and is not sufficient to identify and measure the contract risk, payment risk and transportation risk of international trade. Under the present circumstances, it is not easy for us to pursue a reasonable risk management, in terms of risk control and risk financing. Taking into account of these factors, this thesis tries to categorize the trade risks by each specificity and to suggest its systemicity and various counter-measures to control the trade risks.

대중매체의 영향과 위험인식 특성: 현대사회 기술위험에 대한 집단인지모델기법 적용

정익재,Chung, Ik Jae 한국안전학회 2018 한국안전학회지 Vol.33 No.2

In consideration of limitations of the classic economic approach to risk evaluation and the psychometric analysis of risk perception, this study applies a facilitated modeling technique to a group of college students in Korea. In this group activities, researchers did not provide a pre-selected list of risk items. Instead, 35 participants had group discussions to generate 63 risk items, to rate their risk level and to evaluate their characteristics in terms of the level of knowledge and dreadfulness. This study also analyzes the influence of mass media, online news papers in particular, on risk perception by counting the number of news articles covering key word corresponding risk items generated. The results show that there are significant differences between the rank order of risk items generated by students and that of statistical or objective risk. Psychometric analyses find that the levels of knowledge and dreadfulness have meaningful correlations with risk level. A well known or a dreadful risk demonstrates a high level of risk. Correlation analyses of media coverage and the risk level also re-confirms strong positive relations. The larger number of news articles a risk issue was covered by, the higher level of risk it showed. It means that college students generated risk items on the basis of what they were exposed by media. The role of mass media in risk perception and the importance of risk communication in risk evaluation are underlined. Implications of research findings and future research are discussed as well.

An Evaluation of the Quantitative Risk of Plastic Process Manufacturing Industries by Means of the 4M Method

Lee, Dong-Ho,Kim, Jong-In The Korean Society of Safety 2007 International Journal of Safety Vol.6 No.2

This study includes a case study among plastic process manufacturing companies, based on which, the currently used 4M method is applied in terms of machine, media, man, and management, to conduct quantitative risk evaluation, and thus to contribute to reducing human and material loss as well as preventing accidents in industrial fields. The result of this study is analyzed based on the 4M-risk assessment to find out the hazardous risk elements, and the quantitative evaluation made it predictable the value of risk(frequency $\times$ intensity) in such classified levels as serious risk, critical risk, and intolerable risk. Further, Among the businesses with hazardous risk elements and high frequency of industrial disaster, risk analysis was conducted for each process, and as a result, 38 cases among 76, including those of serious risk, critical risk, and intolerable risk, were improved, and the risk was reduced. Besides, it is thought that with the engineering approach with 4M-Risk Assessment, the attempt to improve safety level contributes to prevention of accidents.

Risk Register를 활용한 R&D프로젝트 위험 관리에 관한 연구

류창한,임서영,우세원,백준호,라장원 한국프로젝트경영학회 2012 한국프로젝트경영학회 학술대회 Vol.2012 No.1

본 연구에서는 R&D조직(기업, 기관, 학교)에서 Risk 관리 인식조사, 국내 조직의 Risk 관리정책조 사, Risk Register(리스크 등록부)활용도 조사, Risk Register활용도 저하요인, Risk Register의 활용도 개선방안에 대한 설문조사를 실시하고 Risk Register를 이용하여 Risk를 관리하고 있는 조직의 Risk Register 사용현황을 파악한다. 대전제로서 위험관리(Risk Management)는 가능성(Probability)과 영 향도(Impact)의 균형에 기초한다는 전제하에 한국기업, 해외기업에서 사용하고 있는 Risk Register의 구성요소를 분석하고 이를 통하여 R&D조직에서 사용할 수 있는 Risk Register기능들에 관한 표준화 모델(Risk Register Template)를 제안한다. 또한 Risk Register의 활용적인 측면의 분석 및 문제점 도출을 통하여 효율적인 프로젝트 Risk관리 기법으로 연동할 수 있는 방법에 관해 연구한다.

An Evaluation of the Quantitative Risk of Plastic Process Manufacturing Industries by Means of the 4M Method

( Dong Ho Lee ),( Jong In Kim ) 한국안전학회(구-한국산업안전학회) 2007 International Journal of Safety Vol.6 No.2

This study includes a case study among plastic process manufacturing companies, based on which, the currently used 4M method is applied in terms of machine, media, man, and management, to conduct quantitative risk evaluation, and thus to contribute to reducing human and material loss as well as preventing accidents in industrial fields. The result of this study is analyzed based on the 4M-risk assessment to find out the hazardous risk elements, and the quantitative evaluation made it predictable the value of risk(frequency x intensity) in such classified levels as serious risk, critical risk, and intolerable risk. Further, Among the businesses with hazardous risk elements and high frequency of industrial disaster, risk analysis was conducted for each process, and as a result, 38 cases among 76, including those of serious risk, critical risk, and intolerable risk, were improved, and the risk was reduced. Besides, it is thought that with the engineering approach with 4M-Risk Assessment, the attempt to improve safety level contributes to prevention of accidents.

국제무역거래에서 선하증권의 위험관리에 관한연구

한낙현(Han Nak Hyun) 한국무역상무학회 2008 貿易商務硏究 Vol.37 No.-

Risk regarding the possibility of loss can be especially problematic. If a loss is certain to occur, it may be planned for in advance and treated as a definite, known expense. It is when there is uncertainty about the occurrence of a loss that risk becomes an important problem. The word risk is often used in connection with insurance. No one generally accepted definition of risk exists, however. Of the many definitions, two distinctive ones are commonly used. One defines risk as the variation in possible outcomes of an event based on chance. That is, the greater the number of different outcomes that may occur, the greater the risk. Another way of expressing this concept is to state: The greater the variation around an average expected loss, the greater the risk. The second definition of risk is the uncertainty concerning a possible loss. The definition of risk as a useful one because it focuses attention on the degree of risk in given situations. The degree of risk is a measure of the accuracy with which the outcome of an event based on chance can be predicted. For now, it will serve our purpose to note the more accurate the prediction of the outcome of an event based on chance, the lower the degree of risk. After sources of risks are identified and measured, a decision can be made as to how the risk should be handled. A pure risk that is not identified does not disappear, the business merely loses the opportunity to consciously decide on the best technique for dealing with that risk. The process used to systematically manage risk exposures is known as risk management. Some persons use the term risk management only in connection with businesses, and often the term refers only to the management of pure risks. In this sense, the traditional risk management goal has been to minimize the cost of pure risk to the company. But as firms broaden the ways that they view and manage many different types of risk, the need for new terminology has become apparent. The terms integrated risk management and enterprise risk management reflect the intent to manage all forms of risk, regardless of type. International trade transaction is called between countries has features of globalism, cultural gap, long distance and long terms for the transaction. It is riskier than domestic transaction has its specific risks, such as foreign exchange risk and political risk, and requires various active risk management skills. Risks in relation to the international trade transaction are the contract risk, transit risk and payment risk, etc. The risk management in relation to the international trade transaction is to identify and measure these risks. The purpose of this study is to analyse the practical problems and its solution plan by analyzing various cases related to the risk management of bill of lading in the international trade transaction.