Risk management has become one of the major issues facing nurses. Its role in healthcare organisations has gained increased recognition as the consequences of risky decisions have become more visible. The project was primarily concerned with exploring issues that confront one particularly group of professionals - psychiatric nurses - as they experience a particular approach to risk management. The study used the advancement of the risk management agenda as an opportunity to examine the nature of risk management and consider what nurses understood to be the nature of a proficient risk management. Case studies analyses were provided of four psychiatric units. Data were collected over four years through observation, interviews and documents. It used an integrated approach to examine the development of risk management processes in its social, environmental and clinical contexts. Drawing on sociological theories of risk, it introduced the theoretical framework of arena concept and explained how this concept affect the decision making process. It was suggested that the decision making process is a social process in which regulative, normative and institutional effects influence the perceptions and management of risk. The processes were shown to involve a dynamic interweaving of certain structured interests mixing with both clinical and societal considerations inside and outside the healthcare settings. Risk was considered to be the outcome of a complex process of social construction comprising of cultural and political elements in which both the influence of institutions and individual evaluation can be discerned. The findings showed that psychiatric nurses presented a creative and critical understanding to the issues involved in risk management by adopting and absorbing new approaches to risk management in order to advance their professional work. This study formulates a new conceptual framework of understanding risk management in organisational context and contributes by drawing together previously unrelated research and shows how it provides the basis for a theoretical model risk management that is more complete.

This thesis is concerned with the assessment, perception and insurance of credit risk. The thesis aims to make contributions both within these areas, and at specific points of interface between them. No attempt is made to develop a single unifying thesis. Rather, a series of partial models are developed, both theoretical and empirical, that develop and connect particular facets of financial economics. The first model demonstrates how movements in market risk produce movements in lender risk-assessment effort. It is demonstrated that deleterious movements in market-wide risk can actually produce a fall in assessment effort. The capricious nature of risk assessment causes changes in the lender's perception of the weights placed on determinants. This has important implications for borrowers' attempts to minimize risk premiums. Time-variability of signal-weights is tested using structural break tests on ordinary least squares and fixed effects panel models. Results suggest a fluid relationship between risk and determinants. Central to empirical investigation is the measurement of perceived risk. A critique of potential measures rejects the use of interest rate spreads - the most commonly used measure - on the basis that they do not take into account the possibility of credit rationing. A model is then constructed to reproduce the standard explanation of credit rationing - Adverse Selection induced Credit Rationing Equilibrium (ASCRE). This model is then extended to include classificatory risk assessment. Assessment is found to reduce the scope for ASCRE, and to cause favourable selection. Credit insurance is then included, and it is found that insurance cover makes risk assessment less of an imperative to lenders, and reduces the utility losses from raising interest rates. The parallel implication is that credit insurance weakens ASCRE, to the extent that full insurance with flat-rate premiums removes the possibility of ASCRE altogether. If the terms of insurance are made contingent on the terms of the loan, a new form of credit rationing emerges: Contingent Insurance induced Credit Rationing Equilibrium (CICRE). CICRE is separate, but not mutually exclusive, to ASCRE. A theoretical model of the demand for loan insurance is developed, and empirically estimated, in the context of the UK mortgage market. Inter alia, the model examines the role of auto-perception of risk determining credit insurance demand. Results reveal the take-up of credit insurance to be relatively insensitive to the borrower's perception ofhis/her own risk.

This research explores the management of risk in operations. It explores the different structures influencing the treatment of risk and the influence on managerial risk taking behaviours. There is limited understanding within the extant literature of the different treatment strategies for risk in operations and what influences selection of treatment strategy. This research employs an abductive approach iterating between the theoretical and empirical. There are four levels of analysis: the firm, the function, the group and the individual. The research was conducted in two European Energy companies. The research found that there is a complex interaction between organizational structures and individual perceptions in managing risk. Corporate risk structures have limited influence on the selection of risk treatments. The specification of business function (service or asset focus) informs the process of risk management and use of systems. Use of systems and valuation techniques underpin the risk prioritization process and specifically the assessment of risk. There is an order of decision influences that reflects the Levers of Control (Simons, 1995; 1998): Risk treatments are prohibited by boundary systems. Secondly, individual’s beliefs influence positive selection of treatment, and third where a treatment has not been selected through beliefs, the performance system is consulted. The performance system is most likely to influence selection of risk acceptance or risk mitigation. It is found that classification of risk has more than a semantic influence on perception and risk treatment; it can prohibit uses of certain treatments and inform priority. Understanding of the decision process matures and increases in complexity in senior managers. It is found that the performance system has influences on manager’s beliefs and in the long term, reflecting vision and mission the implementation of boundary conditions.

The field of modern project management is not new, and what seems to have changed over the past decade is the evolution of techniques applying theory into practice. This had as a consequence for the need to standardise and structure different processes of project management, in a detailed, documented and formal manner. On the other hand, change management seen as an integrated process within project management is a rational process for exploring decision and behaviour alternatives in an attempt to realign the course of ‘derailed’ deliverables due to change and ensure project success. However, models contained in such frameworks often lack formal semantics and clarity; generally fail to address and assess organisational change management risk reasoning, in a rather detailed way as they do for the majority of the project management processes. Since, uncontrolled changes might have an effect on the projects’ success, it is vital to assess the probability of materialisation (risk) of success before the decision is made and whether to proceed with the change or not. For example, if the change dramatically increases the risk of failure then it is logical to assume that avoiding that implementation is the right decision. Ideally, a change or consequence based upon a decision should have a low impact and a fairly high level of predictability. This research, takes the challenge to propose a novel modelling approach, which will contribute significantly to the missing formality of business models especially in the change risks assessment area. The introduction of Change Risk Assessment Model (CRAM) allows the identification and definition of speculative relationships, between change risks in the form of hierarchical risk tree analysis. Overall, the method is dynamic and flexible enough that can be tailored to various project requirements, taking into account significant environmental risk factors which influence project deliverables. Project success is a key objective for today’s organisations; professionals can make use of a new methodology for risk assessment, compatible with project management frameworks which currently seems to be missing from literature. Project management methodologies are not a panacea against project failure; nevertheless, CRAM can be regarded as a comprehensive modelling approach which combines both quantitative and qualitative risk criteria analysis in decision making processes.

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by Yau Tak-Kin, Thomas. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves [52]). / ABSTRACT / TABLE OF CONTENT / Chapter I --- INTRODUCTION --- p.1 / Development of financial derivatives --- p.1 / Chracteristics of financial derivatives --- p.2 / Chapter II --- RISK ENCOUNTERED BY BUSINESS AND ITS MANAGEMENT --- p.3 / Chapter III --- SELECTED DERIVATIVE CASES --- p.7 / Proctor & Gamble --- p.7 / Orange County --- p.10 / Barings Bank plc --- p.12 / Chapter IV --- CLASSIFICATION OF RISK --- p.18 / Credit risk --- p.18 / Market risk --- p.19 / Liquidity risk --- p.19 / Operations risk --- p.20 / Legal risk --- p.20 / Chapter V --- THE RISK MANAGEMENT PROCESS --- p.21 / Risk measurement --- p.22 / Limiting risks --- p.24 / Reporting --- p.25 / Management evaluation and review --- p.26 / Chapter VI --- MANAGEMENT OF PARTICULAR RISK EXPOSURE --- p.28 / Credit risk --- p.28 / Market risk --- p.30 / Liquidity risk --- p.32 / Operations risk --- p.33 / Legal risk --- p.36 / Chapter VII --- MANAGEMENT'S ROLE IN RISK CONTROL --- p.38 / Role of the governing body or other authorizing body --- p.38 / Authorizing body --- p.38 / Written guidelines --- p.39 / Relevant considerations --- p.39 / Authorizing Guidelines --- p.39 / Scope of authorized activity --- p.40 / Guidelines on risk exposure --- p.40 / Role of management --- p.43 / Measurement of risk consistent with prescribed guidelines --- p.43 / Establishment of risk guideline for business units --- p.44 / Data collection and synthesis --- p.44 / Policies for valuation methodology --- p.44 / Frequency of mark to market --- p.45 / Valuation policy --- p.45 / Pricing verification procedures --- p.46 / Model verification procedures --- p.46 / Establish a process for identifying and managing deviations from risk guidelines --- p.46 / Other controls --- p.46 / Legal risk --- p.47 / Operational risk --- p.47 / Designate authority to commit on trades --- p.47 / Role of external audit functions --- p.48 / "Approve internal controls for documentation, adequacy of operational procedures and risk- reduction procedures" --- p.48 / Provide for an adequate level of professional expertise for risk monitoring and risk management --- p.48 / Chapter VIII --- CONCLUSION --- p.49 / REFERENCES

The integration of risk management in major projects within the construction and oil and gas industries has never been more significant especially as these projects are becoming larger and more complex. The increased requirement for risk to be efficiently managed is also supported by the inflated amount of legislation in this area, mainly due to incidents like the Piper Alpha installation in 1988. Hence risk management is developing into a multifarious process which needs continual update throughout the project’s life. Even though the legislation has expanded, there is still no standardisation to which the firms are to perform risk management. Therefore, improvements to the techniques that are used are possible and necessary. Current methods are too conservative resulting in substantial costs and less understanding about the risks themselves. Therefore, more detailed risk management techniques are imperative. This thesis determines the five steps of risk management which are essential to achieve a controlled risk environment. The research involves an in-depth questionnaire canvassing the largest companies within the construction and the oil and gas industries in the UK, who are constantly involved with major projects. The questionnaire ascertains important information which will assist companies in selecting the most pertinent and successful techniques for each of the five steps. A case study from the oil industry is introduced and proposals are made to improve the quantitative risk analysis methodology. This, in turn, will aid the decision making process when confronted with technical risks and will ultimately produce a more controlled risk environment. In addition, valuable information will be gained due to a better understanding of the risks as well as maximising profits. A new risk analysis method is subsequently derived which is based on the use of the @RISK package. It is intended that the results of this thesis will be incorporated in future risk analyses.

This research explores the evolution of risk management practices, from traditional to enterprise risk management (ERM), in Iran's automotive industry. It also investigates the alignment of ERM and performance management, and their mutual impact. Academic and industry studies reveal that throughout recent decades there has been an increasing interest into ERM development and its alignment with performance management. However, despite the increase in ERM adoption over recent years, ERM is still in the early stages of implementation and requires further research and development. Moreover, a literature review revealed that the literature in respect of the alignment of ERM with performance management is limited and those existing are mostly of a visionary nature and lack practical implementation. Therefore, the gap identified through the literature review led to the development of a theoretical framework within this research, exploring the main organisational elements significant to the effective alignment of ERM and performance management and its implementation, which will provide practitioners and academics with practical guideline regarding such alignment. This research was completed through two empirical stages within the context of automotive industry. The primary data were collected and analysed through a mixed methods approach: 30 semi-structured interviewees were conducted with senior managers within the automotive industry (Qualitative). In the second stage, automotive industry professionals' responses were gathered from 101 survey questionnaires (Quantitative). The theoretical and empirical findings of this research confirm that in the recent decades, risk management has been evolving and transforming from its traditional approach to a strategic foundation, leading organisations towards competitive advantage and value creation. This research also indicates that aligning ERM with organisational performance management is critical in establishing a sustainable ERM and enhancing business performance over time. Based on the empirical findings of this research supported by theoretical findings, a lack of support from senior managers for effective ERM implementation and its alignment with performance management is considered as one of the significant challenges of sustainable ERM. In addition, a lack of ERM infrastructure and shareholders' poor understanding of ERM remains as challenging factors in aligning ERM with performance management. To the Researcher's best of knowledge, there is very limited literature into alignment of ERM and performance management in automotive industry. Therefore, this research's main contribution to the body of knowledge is the development of an effective framework for automotive industry, aligning ERM with organisational performance management, along with guidance for its implementation in practice. The key limitation associated with this research is that, due to complexity of ERM and its incorporation with other management functions and various organisational elements in the developed framework (Chapter 7, Section 7-1), it might be difficult somewhat to manage at the beginning of the framework adoption. It should be emphasised that the framework has been developed for those organisations that have a good understanding of ERM principles. So, this limitation might apply to those with inadequate knowledge of ERM. In addition, the developed aligning framework addresses the challenges and concerns of automotive industry organisations in aligning ERM with performance management. Applying this research in other sectors and industries provides the opportunity to investigate the potential changes and/or collaboration of certain elements of the framework based on the business area that the organisation operates in. The Researcher recommends further investigation into intangible organisational factors, such as how critical ERM culture could be effective in alignment of ERM with performance management. Moreover, the Researcher recommends that as ERM is growing quickly, future studies should continue to reveal and correlate new factors into the current framework. It is further recommended that future researchers could attempt to measure the benefits as well as the shortcomings associated with implementation of the aligning framework. This enables management with in organisations to improve the framework's advantage and to attempt to overcome its limitations.