• Title/Summary/Keyword: risk functions

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Identifying Potential Opportunities of BIM for Construction Risk Management (BIM을 이용한 건설리스크 해결 가능성 도출)

  • Won, Jongsung
    • Proceedings of the Korean Institute of Building Construction Conference
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    • 2019.11a
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    • pp.201-202
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    • 2019
  • This paper aimed to identify potential opportunities of building information modeling (BIM) utilization for construction risk management. Construction risk factors and BIM functions were derived through conducting in-depth literature review. Nineteen construction risk factors could be resolved by various BIM functions. Phase planning, site analysis, design authoring, and 3D design coordination were identified as the most efficient BIM functions for construction risk management.

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Risk Management Functions and Audit Report Lag among Listed Saudi Manufacturing Companies

  • OMER, Waddah Kamal Hassan;ALJAAIDI, Khaled Salmen;AL-MOATAZ, Ehsan Saleh
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.8
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    • pp.61-67
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    • 2020
  • This paper examines whether the combination of risk management and audit committee functions are associated with audit report lag. Audit report lag is considered an important aspect of the financial reporting. The financial reports are the main source of information for shareholders through which they make their decisions and it assists in reducing the information asymmetry. As the internal control mechanisms substitute the external ones, the internal board committees formed by the board of directors can reduce the audit work and, consequently, reduces the audit report lag. A key committee is the risk management committee. This paper examines whether the combination of risk management and audit committee functions are associated with audit report lag. We posit that a combination of such functions in one committee refereed as audit committee affects the audit report delay. Data were obtained from 198 manufacturing companies listed on the Saudi Stock Exchange (Tadawul) for the years 2016-2018. A pooled OLS regression analysis shows that a combination of risk management and audit committee functions in a stand-alone committee named "audit committee" is associated with longer audit report lag. The outcomes suggest companies should prioritize the establishment of standalone risk management committee with activities separated from those of audit committees.

A Model of Risk Management Plan in the Development Phase of Urban Regeneration Project

  • Kim, Seon-Gyoo
    • Architectural research
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    • v.11 no.2
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    • pp.35-42
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    • 2009
  • Recently, intensive urban redevelopment concentrated on new towns has reduced the number of settled population, and weakened various functions such as commercial, culture, education and welfare in old towns, and made the stagnation and declination of the entire or some parts of old towns. Urban regeneration project means renewing cities' functions in terms of physical, environmental, social, cultural, industrial and economic aspects or revitalizing the existing functions through improvement project in the entire or part of a city, which is now drawing keen attention from the public. However, urban regeneration project is huge in scale, needs long construction period and various complex facilities, and also characterized by complicated relations with many stakeholders. Due to such characteristics, there are many risks in the project. Therefore, systematic risk management is absolutely necessary to efficiently manage various risk factors inherent in urban regeneration project. The purpose of this research proposes a basic model to establish risk management plan and work process in order to help project participants to perform risk management more systematically and rationally in the development phase of urban regeneration project.

An Objective Method of Risk Assessment Based on Stochastic Modelling (확률 기반의 위험등급평가 객관화 방안)

  • Shin, Sang-Sik;Lee, Kil-Soo;Cho, Heung-Gi
    • Journal of Korean Society for Quality Management
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    • v.41 no.3
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    • pp.465-474
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    • 2013
  • Purpose: To provide a variety of stable military supplies, risk should be avoided or removed. This paper aims to provide an objective method of risk assesment for risk matrix to evaluate risk level. Methods: According to previous results of risk assesment through risk matrix, some parameters and probability density functions, which include characteristics of military supplies, are selected and Risk matrix is modelled based on that. Results: Results show that a proposed method can evaluate objectively risk level through the stochastic modelling and provide well-balanced risk assessments by categorizing into 3 levels such as high, middle and low level risk. Conclusion: A current risk assessment method includes substantial subjectivity of risk assessment and as a problem about military supplies comes up, we can not show any appropriate evidences for decision of risk assessment. We propose an objective scheme employing stochastic modelling with parameters and probability density functions.

Multivariate CTE for copula distributions

  • Hong, Chong Sun;Kim, Jae Young
    • Journal of the Korean Data and Information Science Society
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    • v.28 no.2
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    • pp.421-433
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    • 2017
  • The CTE (conditional tail expectation) is a useful risk management measure for a diversified investment portfolio that can be generally estimated by using a transformed univariate distribution. Hong et al. (2016) proposed a multivariate CTE based on multivariate quantile vectors, and explored its characteristics for multivariate normal distributions. Since most real financial data is not distributed symmetrically, it is problematic to apply the CTE to normal distributions. In order to obtain a multivariate CTE for various kinds of joint distributions, distribution fitting methods using copula functions are proposed in this work. Among the many copula functions, the Clayton, Frank, and Gumbel functions are considered, and the multivariate CTEs are obtained by using their generator functions and parameters. These CTEs are compared with CTEs obtained using other distribution functions. The characteristics of the multivariate CTEs are discussed, as are the properties of the distribution functions and their corresponding accuracy. Finally, conclusions are derived and presented with illustrative examples.

Analysis of Farm Management Stabilization Effects Using Weather Derivatives for Apple Farmers in Kyeongpuk District (날씨파생상품을 이용한 경북지역 사과농가 경영안정 효과 분석)

  • Yun, Sung-Wuk;Choi, Jang-Hoon;Chung, Won-Ho
    • Korean Journal of Organic Agriculture
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    • v.28 no.4
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    • pp.459-475
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    • 2020
  • This study analyzes weather derivatives as an alternative risk management tool to stabilize farm revenue to complement the existing crop insurance program which suffers from asymmetric information problems such as adverse selection, moral hazard, and verifiability. We estimated apple yield functions to observe the relationship between yields and weather indices such as temperature and precipitation. Based on the estimated yield functions we designed weather futures and options products underlying temperature and precipitation, and calculated the prices of futures and options by two different approaches, historical distribution and Monte Carlo simulation. We found that weather futures and options stabilize farm revenue based on the estimated four risk indicators: Coefficient of Variation, Value at Risk, Certainty Equivalence, and Risk Premium. As a result, weather derivatives could be considered as a potential farm risk management tool through studying more in legal and institutional strategies and developing various derivatives products.

Development and evaluation of a model-based HSE risk assessment module for HSE management in offshore wind power (해상풍력발전의 HSE 관리를 위한 모델기반 HSE 위험성 평가 모듈 개발 및 평가)

  • Seong Rae Kim;Keon Woo Nam;Tae Kyong Lee;Dae Young Kang;Joon Young Kim
    • Journal of the Korean Society of Systems Engineering
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    • v.19 no.2
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    • pp.74-91
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    • 2023
  • This study provides an in-depth comparison and analysis of various risk assessment models widely used in modern industries, and proposes the most suitable model for risk assessment of offshore wind power in Korea. The assessment models were selected by considering various factors such as the purpose of risk assessment, stakeholder requirements, and characteristics of offshore wind power. We also emphasized the importance of using different risk assessment models in combination in situations of high uncertainty. To systematize the combination of risk assessment models, we used systems engineering which is effective to develop a new system. Systems engineering was used to define the complete, traceable functions from site requirements, and model-based systems engineering was used to manage the design information from requirements to detailed functions in a single model. The developed risk assessment module provide automatic conversion between risk assessment models to enable risk assessment suitable for offshore wind power. The functionality and usability of the offshore wind risk assessment module were verified by the evaluation of three wind power experts.

A Study on the Work Management Method Considering Risks in Nuclear Power Plants (원자력발전소에서 리스크를 고려한 작업관리 방법)

  • Song, Tae-Young
    • Transactions of the Korean Society of Pressure Vessels and Piping
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    • v.10 no.1
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    • pp.37-43
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    • 2014
  • Nuclear power plants(NPPs) are consisted of power production functions and safety functions preventing leakage of radiation. Operators working in NPPs shall maintain these functions during an operation period through various activities such as improvement & modification, corrective maintenance, preventive maintenance and surveillance test. According to the performance of these work activities, there are configuration changes in NPPs systems. Its changes cause the increase of safety risks(CDF) and plant trip risks. Recently, the importance of risk management is increasing gradually in the operation process of NPPs. Therefore, this paper presents the work management methods using the various risk monitoring systems during power operation and overhaul period. Also this paper suggests the optimum application ways of risk systems for work management.

Risk Difference, Relative Risk, and Odds Ratio: A Graphic Approach (위험도차이, 상대위험률, 그리고 교차비:그래프 방법)

  • Cho Tae-Kyoung
    • The Korean Journal of Applied Statistics
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    • v.19 no.1
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    • pp.163-170
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    • 2006
  • The argument concerning the choice of effect measure for epidemiologic data or clinic data has been renewed. But the relationships among effect measures can be confusing if effect measures are expressed by conventional mathematical functions alone. In this article, risk difference(RD), relative risk(RR), and odds ratios(OR) for binary data are presented by radar diagram instead of mathematical functions and the relationships among them are showed using radar diagram. This radar diagram is offered flexible conceptual tool to understand effect measures, DR, RR, and OR for binary data.

Safety analysis to derive safety requirement in the railway system

  • Joung, Eui-Jin;Shin, Kyung-Ho;Kim, Yong-Gyu
    • Proceedings of the Korean Institute of Navigation and Port Research Conference
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    • v.1
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    • pp.383-386
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    • 2006
  • The safety of the railway system is important because the system is a mass transit system and the results of the accident are inconceivable. The railway system is operated by train operation system such as train control system. So the train control system requires safety critical characteristics. In the European railway, ETCS (European Train Control System) project has been finished to accomplish the interoperability of each national railway signaling system. According to the interoperability degree, ETCS levels are suggested. As the highest level, ETCS level 3 suggests a radio communication. Also recently urban railway system is operated by driverless and automatic train control system. In this circumstance, more safety is required than before in the railway system. In order to accomplish the safety of a system, the requirements considering safety have to be suggested. The requirement is a set of several functions such as general function, environment, safety etc. For the safety critical system, safety function is more important than any other functions. The safety functions are deduced by safety analysis. In order to perform the safety analysis, the system hazards have to be identified and then risk analysis for each hazard should be performed. The risk is related to the frequency and the severity of each hazard. And then countermeasures for each risk have to be prepared. The summary of the countermeasures is about a kind of safety functions in a system. In this paper, the safety functions for a train control system are presented according to the above procedure.

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