Author: NUPUR HINWAR
RISK MANAGEMENT
1) Taking the risk out of risk management: Holistic approach to enterprise risk management. (2016).Reputation is that most slippery of corporate notions. While it can feed an organization over and over in terms of revenues and profitability, it can also take them away in an instant, often without warning or any fault attributed to the firm itself. Yet despite this, corporate Canutes continually seek to tame the raging beast that is reputation through all sorts of policies, governance and frameworks without ever stopping to think where to focus their defensive measures. Maybe there is an easier way? One thing is for certain – it is worth finding out. Many estimates put the value of the reputation of a large firm at up to a quarter its market capitalization. Indeed, the benefits of a strong reputation affect how much is invested in the firm, its ability to attract the best employees and perhaps most importantly, the amount customers are willing to pay for its goods. A good reputation is the elixir of corporate life. Management aspect is the focus of the article “Supporting strategic success through enterprise-wide reputation risk management” (2016) by the authors Gatzert and Schmit (2016). But what is reputation? Boiled down, it can seem to mean almost anything, with one definition talking of companies “being known for something” and “generalized favorability”, while others use the simple starting point of reputation being purely subjective for the customer.Taking the risk out of risk management: Holistic approach to enterprise risk management. (2016). Strategic Direction, 32(5), 28-30. doi:https://doi.org/10.1108/SD-02-2016-0030
2) Dimitriu, S. (2010).Risk Management during Crisis. Implications for Corporate Governance, Management and Financial Auditing As economy is underway of recovery, this article approaches several government and parliamentary decisions that, on the backdrop of already existing macroeconomic imbalances, may delay the upturn of the Romanian economy. Thus, the steps made and actions taken by the chamber system are presented and illustrated, with reference to the problems confronting the business community and the risks that the management of economic facilities must consider.The second part of the article highlights business people’s expectations from financial auditors, stressing that an accurate audit report, made according to international standards in the field, can be essential in the decision-making process for both business management, and other users of accounting information, such as banks, insurers, clients.The author states that audit services represent an investment in business health, and the proper communication between auditors on the one hand, and business management and the other users of the information in the audit reports on the other hand is likely to brace the efforts made to overcome the current economic situation.Managementul riscurilor în perioada de criza. implicatii pentru guvernanta corporativa, management si auditul financiar/Risk management during crisis. implications for corporate governance, management and financial auditing: Risk management during crisis. implications for corporate governance, management and financial auditing. Audit Financiar, 8(4), 3-7Retrieved from https://www.proquest.com/scholarly-journals/managementul-riscurilor-în-perioada-de-criza/docview/235956665/se-2
3) Asravor, R. (2018).Undeniably, the agriculture sector of most countries faces more risk than the industrial and service sectors (Maurer, 2014; Deressa et al., 2009). In developing countries, the performance of the agriculture sector is generally uncertain (Aditto et al., 2012; Di Falco and Veronesi, 2014), due to the exposure of the sector to a variety of risks and biotic and abiotic factors. Risk and uncertainty do not only impact households’ production decisions but also their consumption and welfare decisions. Though numerous normative analyses have been done on how farmers should behave under risk and uncertaintiess, less empirical studies have been conducted on how farmers perceive these risks and how these perceptions influence their management strategiesfarmers’ perceptions of and responses to risks are vital towards understanding their risk behaviour. The risk perceptions of farmers influence their risk-taking behaviour . Hence a comprehension of farmers’ risk perceptions is important in helping farmers make better and informed decisions relating to the risky agriculture businesses. Added to this, an understanding of farmers’ risk perceptions and risk management strategies is essential for the proper formulation of appropriate policy to help overcome the perennial risks associated with the farming business Smallholder farmers’ risk perceptions and risk management responses: Evidence from the semi-arid region of ghana. [Farmers’ risk perceptions and risk management] African Journal of Economic and Management Studies, 9(3), 367-387. doi:https://doi.org/10.1108/AJEMS-10-2017-0250
4) Vinnari, E., & Skærbæk, P. (2014).We apply our analytical framework to risk auditing and internal auditors’ efforts to develop comprehensive risk management solutions in a Finnish municipality (henceforth “Case Municipality”). Case Municipality, with its numerous dispersed departments that provide various services, forms a case in which risk management has been translated and developed with the aim to reduce or eliminate uncertainty. However, in several and recurrent episodes, the risk management frame has become controversial and contested by various actors. It is exactly such episodes that enable a broader exploration of the uncertainties of risk management in terms of overflowing:Controversies make possible the exploration of what we propose to call overflows engendered by the development of science and techniques. Overflows are inseparably technical and social, and they give rise to unexpected problems by giving prominence to unforeseen effects. All, specialists included, think they have clearly defined the parameters of the proposed solutions, reckon they have established sound knowledge and know-how, and are convinced they have clearly identified the groups concerned and their expectations. And then disconcerting events occur ([40] Callon et al. , 2009, p. 28). The uncertainties of risk management: A field study on risk management internal audit practices in a finnish municipality. Accounting, Auditing & Accountability Journal, 27(3), 489-526. doi:https://doi.org/10.1108/AAAJ-09-2012-1106
5) Ooba, N., Sato, T., Watanabe, H., & Kubota, K. (2010). Individual Japanese doctors started importing thalidomide into Japan around the year 2000 in order to treat their patients. Facing a rapid increase in imports of thalidomide in the following 2-3 years,[30] the Japanese Society of Clinical Hematology (JSCH; currently reorganized as the Japanese of Hematology [JSH]) published ‘guidelines for the appropriate use of thalidomide for MM'[31] in December 2004 to provide standards for the treatment of MM with this drug. FSocietyrom 2005 to 2008, the Ministry of Health, Labour and Welfare (MHLW) requested that a research group (including some of the present authors) develop a web-based system for patient registration and exchange of safety information between health professionals regarding imported thalidomide. Because the system may be expanded to cover drugs other than thalidomide imported by individual doctors, it was named the Safety Management System for Unapproved Drugs (SMUD).In October 2008, the MHLW approved thalidomide for treating MM on the condition that the manufacturer (Fujimoto Pharmaceutical Corporation, Osaka, Japan) implemented a risk management programme designated the Thalidomide Education and Risk Management System (TERMS). In Japanese health insurance plans, the drug fee is not reimbursed for off-label use. Even after approval, imports of thalidomide are likely to remain for patients with disorders other than MM. To cover these latter patients with disorders other than MM, SMUD is to be operated by the non-profit organization, Drug Safety Research Unit Japan under a service contract with the MHLW sometime in late 2009. Resolving a double standard for risk management of thalidomide: An evaluation of two different risk management programmes in japan. Drug Safety, 33(1), 35-45. doi:https://doi.org/10.2165/1131 8920-000000000-00000
6) Hoang, V. H., Shaw, R., & Kobayashi, M. (2010).There has been an unusual over-development of floodplains outside the dyke in Hanoi, the capital of Vietnam. The city is highly vulnerable to floods and has thousand years history of building dykes to protect its inhabitants. However, the city’s rapid urbanization during the last two decades has led to a fast occupation in the floodplain areas on the riverside of the dyke, hence called the Riverside Urban Areas (RUA). The current RUA is situated in areas that were inundated in the rainy season and were under cultivation during the 1920s. These areas were later converted into residential areas in the 1970s and spontaneously developed in 1980s and 1990s. The speedy development of the RUA, displacing the areas of flood inundation and obstructing the river flow, is considered to be one of the main reasons for increasing flood vulnerability. This applies not only to the RUA but also to the whole city and downstream areas .One of the main reasons of the continued growth of population and houses was the low perception about catastrophic flood risk among the communities in the RUA. However, the continued development in the RUA, even after the approval and implementation of Construction Regulations, which deals with illegal construction, and Ordinances on Dyke, which protects the dyke and regulates the growth of the RUA, could not enhance the policy level preparedness.This paper analyzes the policy goals of Hanoi’s urban development, construction regulations and flood management. Such an analysis has been a difficult task since information on urban development and disaster management in Vietnam in general and Hanoi in particular are scarce. However, the difference of over-development of the RUA in contrast to development in floodplains elsewhere in the world motivates a consideration of the RUA as a case in point. Based on the findings, attempts were made to provide policy directions and implementation mechanism for the RUA to reduce the flood risks. Flood risk management for the riverside urban areas of hanoi: The need for synergy in urban development and risk management policies. Disaster Prevention and Management, 19(1), 103-118. doi:https://doi.org/10.1108/09653561011022171
7) Hughen, J. C., & Lung, P. P. (2020). Universities are under increasing pressure to provide students with the skills and learning experiences to transition into the work force and earn a return on their educational investment. Some institutions are increasingly moving away from the traditional lecture model and delivering knowledge in innovative ways to provide better learning outcomes. One approach is the use of experiential projects, which challenge students with real-world problems. Such projects increase student understanding of current events, promote critical thinking and increase the retention of skills.Many business schools offer student-managed investment funds as a popular experiential learning opportunity in finance. These funds give college students the opportunity to manage a portfolio that is typically part of the endowment fund of the university. While the practice of finance is constantly evolving, many of these student-managed investment funds have maintained the same basic approach: a long-only strategy targeting large-cap US stocks. This asset class is widely followed by the media, receives significant research coverage from Wall St analysts and is the least likely to contain inefficiently priced securities. We argue that strategies employed by student-managed investment funds should stay innovative with the current practice of finance while still maintaining appropriate risk exposure.Risk management in student-managed funds: Earnings announcements and the collar strategy. [Risk management] Managerial Finance, 46(5), 692-702. doi:https://doi.org/10.1108/MF-05-2018-0198
8) Sun, Y., Quan, J., Cheng, Q., & Guo, K. (2020).Portfolio management has always been a research hotspot in the field of modern finance (Smith and Stulz, 1985; Nocco and Stulz, 2006; Galluccio and Roncoroni, 2006; Berry-Stölzle and Xu, 2018). A good portfolio can not only increase investors’ income and enhance their ability to resist inflation but also contribute to the sustainable development and efficiency of the financial market. As Christoffersen and Diebold (2000) and Roh (2007) stated, forecasting is an essential part of performing risk management, specifically in allocating assets to various portfolios in order to efficiently hedge those portfolios’ risk. Therefore, financial forecasting is of enormous importance for both individual investors and the whole market.The development of information technology has enabled scholars to observe the behaviors of financial market participants from a micro perspective as never before (Ngai et al., 2015). In recent years, investor attention (IA) has been widely used in financial market forecasting (Chemmanur and Yan, 2019). In previous studies, scholars used extreme stock price volatility (Kaniel et al., 2012), upper price limit events (Seasholes and Wu, 2007) and trading volume (Mao et al., 2011) as proxy variables of IA. Currently, people’s searches, comments and other behaviors can be observed, recorded and stored in the form of data. A great deal of research shows that these data can be used as a direct measure of investor sentiment and can be used to predict social and economic phenomena New tool for stock investment risk management: Trend forecasting based on individual investor behavior. [Stock investment risk management] Industrial Management & Data Systems, 120(2), 388-405. doi:https://doi.org/10.1108/IMDS-03-2019-0125
9) Noor Fareen, A. R., Essia, R. A., Sarkawi, M. N., Abdul, R. J., & Shamsuddin, J. (2019).Customer complaints are a daily critical issue faced by banks. It is also one of the performance indicators in commercial banks, besides customer satisfaction and the number of new customers and appreciation letters (Rahim et al., 2018; Tlig and Hamed, 2018; Eklof et al., 2017; Ali and Raza, 2017). Complaint(s) is defined as the manifestation of displeasure toward companies, with the express goal of making the service/product provider acquainted with internal attitudes and experiences having adverse effects, which is expected to subsequently prompt them to alter the criticized behaviors. It can be created verbally or via a written statement. Dissatisfied customers provide managers with an avenue to understand critical issues and take remedial action to affect improvements (Knox and Van Oest, 2014; Faed and Forbes, 2010). From the perspective of service providers, complaints are crucial to affect the sustainability of the service provider; potentially minimize the consequences of negative reactions; and help service providers sustain their respective businesses. Perceived service failures experienced by customers are a major concern for service providers due to their potential (negative) influence on service outcome(s) (Tronvoll, 2008). The management may not know that customers are dissatisfied until they defect from the banks, at which point it is too late to take action (Kim et al., 2019). Banks cannot afford to lose customers because the cost of getting new ones is higher, which means that banks are expected to deal with customer complaints by implementing special programs for service recovery (Angelova and Zekiri, 2011). It is important that banks minimize customer complaints and avoid future service failures. Operational risk management and customer complaints: The role of product complexity as a moderator. [Operational risk management] Benchmarking, 26(8), 2486-2513. doi:https://doi.org/10.1108/BIJ-04-2018-0089
10) Piyya Muhammad Rafi-Ul-Shan, Grant, D. B., Perry, P., & Ahmed, S. (2018).Risk management is of critical importance due to increased frequency of risks, longer recovery time and the focal firm’s responsibility for unethical issues and any actions (or lack of) at any tier in its supply chain (Christopher and Holweg, 2011). Yet, little is known about the relationship between sustainability and risk issues in supply chains in general (Lee and Vachon, 2016), nor in volatile and unpredictable demand situations such as FSCs. It is not clear what sustainability risk is, how companies in volatile and demand-driven markets such as fashion are or should be managing it, how sustainability risk affects operational performance in FSCs and, finally, what could be an appropriate framework or typology for managing supply chain sustainability risk (SCSR). Hence, this paper responds to the call for further work on “sustainability risk” (Giannakis and Papadopoulos, 2015) by critically reviewing the extant literature to understand and synthesise sustainability and risk management in FSCs in order to shape a future research agenda. The demand for this investigation is due to the interrelationships between the two constituent parts, an overlap of concepts and measures, given the fashion industry’s significant global reach in both production and demand markets (Nagurney and Yu, 2012), as well as its importance to our current way of life and economy (Giannakis and Papadopoulos, 2015). Relationship between sustainability and risk management in fashion supply chains: A systematic literature review. [Sustainability and risk management in FSCs] International Journal of Retail & Distribution Management, 46(5), 466-486. doi:https://doi.org/10.1108/IJRDM-04-2017-0092