This research is focused on the acquisition of electronic safety equipment for mines and was conducted within the design science research (DSR) framework. Design science research ensured a directed research process was followed. The existing acquisition process and risk management methods used in the South African mining environment were analysed by means of observations, a case study, technical documentation and literature. It was evident from this analysis that a discontinuity existed between the acquisition and operations phases in terms of the management of safety risk in the acquisition of electronic safety equipment when viewed from a full life cycle perspective. This discontinuity could be addressed by defining a risk perspective on acquisition, as such a perspective would draw together engineering and mining operations in terms of safety and productivity. Research topics in this literature study include risk definition and terminologies, risk management frameworks, risk analysis methodologies and characterization, existing risk assessment tools and techniques, human error and operational modelling, and systems engineering. A literature study showed that similar challenges existed in other disciplines, with proposed solutions, but the discontinuity between the acquisition and operational phases had not been addressed. A specific approach of this research was to derive individualised research challenges aligned with the main research challenge, and then to translate each research challenge into one or more research solutions. The discontinuity between the acquisition and operational phases (engineering and mining) is addressed by an activity-based risk (ABR) acquisition process. The activity-based risk method forms part of preliminary design of a systems engineering life cycle, as this phase is of critical importance to the ABR acquisition process. The focus of the ABR acquisition process is to find the functional definition and configuration of safety equipment that addresses both safety and productivity when taking into account human performance variability. In doing so, a balance between productivity and safety is found in a relativistic sense. The effectiveness of the ABR process was verified in a real-world case study, where a safety system was analysed, fully developed, and evaluated in an operational environment to address safety risks associated with winch scraper operations. Characteristics of the ABR process were demonstrated in this case study, which also showed in detail how to develop risk- and cost-reduced equipment from a risk perspective. Feedback obtained from evaluation of the resulting safety equipment in operation was found to be consistent with the ABR model simulation results, and assisted with the validation of the winch signalling system operational model. Details of the ABR acquisition process are presented for functional analyses, simulation model construction, human performance variability modelling, risk-related performance measurement, simulation model evaluation, trade-off analyses, and physical realisation of winch signalling system artefacts. Finally, the advantages of using an ABR acquisition process are shown to underline the effectiveness of using a risk perspective for the acquisition of electronic safety equipment on South African mines. / PhD (Development and Management Engineering), North-West University, Potchefstroom Campus, 2015

The influx of youth abusing substances is a major problem. The effect of substance abuse may have far-reaching consequences for defining the vulnerability of the offending group as well as for contributing to the disaster risk faced by the community as a whole. The effects of substance abuse on young people have the potential to contribute to an increased vulnerability of this group. It becomes the responsibility of the family and community to bear the burden of its drug-afflicted members and the implications of their addiction. The study was conducted in Bekkersdal, which is a community that has a significant problem with youth abusing substances. The degree to which their abuse affects families and the broader community in terms of increasing risk has not been examined. The dissertation aims to evaluate the effect of substance abuse among the youth on the risk profile of the Bekkersdal community. According to Disaster Risk Reduction, one of the important activities of the state is to increase capacity of communities and households to minimize the risk that may occur and also most importantly, monitoring the likelihood of and the state of alertness to disasters that may occur. A qualitative, explorative research design was employed and data gathered using structured interviews involving 30 adults namely School Principals, Teachers, Community Social workers, Community Leaders, Religious Leaders, Disaster managers and a Nurse from the area. The interviews were analysed by means of themes. The research indicated that substance-abusing youth create conditions which undermine human, physical and social capital and hence contribute to instability in the livelihood-based system. It was also evident to this research that it encourages the importance of engaging community members in discussions about aspects that concern them which is an empowerment process in itself. As they become more involved, they also have hope that things will work better for them by actively rebuilding their own lives and communities. All the information gathered revealed the link between the negative impacts of substance abuse and its risk profile in the Bekkersdal community. / M Development and Management, North-West University, Potchefstroom Campus, 2015

This research is focused on the acquisition of electronic safety equipment for mines and was conducted within the design science research (DSR) framework. Design science research ensured a directed research process was followed. The existing acquisition process and risk management methods used in the South African mining environment were analysed by means of observations, a case study, technical documentation and literature. It was evident from this analysis that a discontinuity existed between the acquisition and operations phases in terms of the management of safety risk in the acquisition of electronic safety equipment when viewed from a full life cycle perspective. This discontinuity could be addressed by defining a risk perspective on acquisition, as such a perspective would draw together engineering and mining operations in terms of safety and productivity. Research topics in this literature study include risk definition and terminologies, risk management frameworks, risk analysis methodologies and characterization, existing risk assessment tools and techniques, human error and operational modelling, and systems engineering. A literature study showed that similar challenges existed in other disciplines, with proposed solutions, but the discontinuity between the acquisition and operational phases had not been addressed. A specific approach of this research was to derive individualised research challenges aligned with the main research challenge, and then to translate each research challenge into one or more research solutions. The discontinuity between the acquisition and operational phases (engineering and mining) is addressed by an activity-based risk (ABR) acquisition process. The activity-based risk method forms part of preliminary design of a systems engineering life cycle, as this phase is of critical importance to the ABR acquisition process. The focus of the ABR acquisition process is to find the functional definition and configuration of safety equipment that addresses both safety and productivity when taking into account human performance variability. In doing so, a balance between productivity and safety is found in a relativistic sense. The effectiveness of the ABR process was verified in a real-world case study, where a safety system was analysed, fully developed, and evaluated in an operational environment to address safety risks associated with winch scraper operations. Characteristics of the ABR process were demonstrated in this case study, which also showed in detail how to develop risk- and cost-reduced equipment from a risk perspective. Feedback obtained from evaluation of the resulting safety equipment in operation was found to be consistent with the ABR model simulation results, and assisted with the validation of the winch signalling system operational model. Details of the ABR acquisition process are presented for functional analyses, simulation model construction, human performance variability modelling, risk-related performance measurement, simulation model evaluation, trade-off analyses, and physical realisation of winch signalling system artefacts. Finally, the advantages of using an ABR acquisition process are shown to underline the effectiveness of using a risk perspective for the acquisition of electronic safety equipment on South African mines. / PhD (Development and Management Engineering), North-West University, Potchefstroom Campus, 2015

Published Article / This paper synthesises, as its primary aim, through an integrative literature review, a new perspective on two major implications of the proposed legalisation of internet casinos in South Africa, which is: the effect on the auditor's business risk as well as the effect on audit risk. As its secondary aim the paper argues that legalisation of internet casinos in South Africa is imminent and that relative to other business, heavy reliance will be placed on the external auditor to ensure the internet casinos' compliance with various laws. The relevance and application of an integrative literature review is motivated. International perspectives are applied to the South African context. The paper demonstrates the relationship between the concepts of the auditor's business risk and audit risk by establishing that the auditor's business risk flows from possible accountability that may stem from significant audit risk that is not addressed during the audit engagement. The paper argues that the operational context of an internet casino in South Africa will be relatively unique and that three interrelating factors will create significant audit risk. The three significant factors are shown to be going concern, regulatory and information technology impacts. Failure by the auditor to recognise and respond appropriately to this audit risk may lead to serious consequences for the practitioner which may include regulatory intervention, reputational based losses or litigation. The impact of the International Standards on Auditing in this context is explored throughout and it is concluded that adherence to these standards will sufficiently mitigate significant audit risk as well as the auditor's business risk.

Operational risk management has been identified as one of the primary risk types that short-term insurance companies will have to deal with on a rigorous basis in the future.

The purpose of this essay is to provide a deeper understanding of how the notion of risk and its intangible features affects the spatial planning of Karlstad Municipality with focus on how central actors (Karlstad Municipality and Länsstyrelsen Värmland) are handling the notion of flood-risks. This is interesting to study especially when considering building new living areas on ground that is troubled with floods. What becomes interesting to study is how the view on risk-management differs among actors. The methods used for conducting this research are document analysis and interviews which hopefully will bring a deeper understanding of how the notion of risk is being treated differently depending of which actor is being studied. In this study, a case-study was made on a planning-process of a new residential area located on flood-prone area. The result shows that both actors studied are not willing to take any risks when it comes to prognoses of climate change. On the other hand, for Länsstyrelsen there was a small doubt towards building on these kinds of areas. The difference in the view of risk seems to lie in which understanding we have of what we know. Länsstyrelsen seems to be skeptical to the trust in knowledge and technology that Karlstad Municipality seems to have. That view could be involuntary though, especially because of the lack of residential apartments along with the market ideals of building close to water. The problem is that they are building on attractive but yet risky areas, and to reduce these risks a flood guard has been built. The situation becomes a paradox where they want to have the cake and still eat it. This dilemma is very expensive and at the same the solutions made are not 100 % safe regarding the uncertainty of climate change. This paradox implies that risks are being created which later have to be dealt with. The central actors deal with the situation in the best way through trusting the technology and the prognoses that are provided today. / Syftet med uppsatsen är att ge en djupare förståelse för hur riskbegreppets ogreppbarhet påverkar Karlstads samhällsplanering med fokus på hur centrala aktörer (Karlstad kommun och Länsstyrelsen Värmland) förhåller sig till översvämningsrisker. Detta är intressant att undersöka med tanke på att det byggs nya bostadsområden på mark som är översvämningsdrabbat. Det som då blir intressant att undersöka i en sådan här fråga är hur synen på risk skiljer sig olika centrala aktörer emellan. Metoderna som använts som försök för att besvara dessa frågor är dokumentanalyser som tillsammans med intervjuer förväntas ge en djupare förståelse för hur synen på risk kan se olika ut beroende på vilken aktör som studeras. I detta fall gjordes en fallstudie på en enskild planprocess tillhörande ett område som i skrivande stund planeras byggas i ett riskfyllt område. Resultatet visade att båda parterna inte är villiga att ta några som helst risker när det kommer till de prognoser vi har idag. För Länsstyrelsens del fanns dock en grundläggande skepsis mot dessa typer av byggnationer. Skillnaden i synen på risk verkar ligga i förhållandet till det vi vet. Länsstyrelsen visade sig vara skeptisk till den tillit på teknik och kunskap som Karlstad kommun verkar ha. Problemet är att det byggs på ett eftertraktat område som innebär tydliga risker och för att minska dessa risker byggs ett översvämningsskydd. På så sätt blir det ett dilemma som är väldigt kostsamt och som till 100 % kanske inte ens går att lösa med tanke på osäkerheten i klimatförändringarna. Denna paradox innebär alltså att man bygger sig till risker som sedan måste hanteras. Situationen är dock som den är idag vilket gör att de centrala aktörer som spelar en roll i denna nyexploatering helt enkelt måste göra det bästa av situationen och förlita sig på den teknik och de prognoser som finns idag.

Launch vehicle development programs have experienced significant difficulties in achieving first flight. Optimism during the initiation of these complex programs, coupled with the innovative nature of the technologies they employ, has resulted in a long list of programs unable to remain within the national means. A recent example of this challenge is the Constellation program which was canceled in 2011 due to excessive cost overruns and schedule slippage. The budgetary constraints currently placed on NASA's Space Launch System (SLS) highlights the need for a greater emphasis on affordability. Where affordability is defined in this research as the ability to remain under the mandated funding curve for all points in a system's life cycle while simultaneously meeting schedule goals given that performance requirements are met. The proposed research aims to address the gap between current practices and an affordability-centric design approach by capturing manufacturing technology effects on the affordability of the baseline vehicle concept. Historically, cost overruns and schedule slippages escalate once production begins and are only truly realized at the first launch of a system. These trends, based upon systems which leveraged traditional materials and processes, suggest a shortcoming in the ability of current practices to assess manufacturing implications during the early design phases. The advent of advanced materials and the new process required to fabricate parts from them, further challenges these practices, and threaten to exacerbate the already excessive overruns experience once production begins. Manufacturing technologies, such as composite materials, automated fabrication processes, and the use of stiffener concepts, can no longer be considered independently. This observation leads to the conclusion that improvements in vehicle affordability can only be realized by bringing manufacturing information forward into the Conceptual Design phase. The goal of this research is to support the development of affordable launch vehicles by quantitatively capturing the effects of manufacturing technology selection during Conceptual Design. A manufacturing influenced design methodology is combined with established techniques of time-phasing and risk propagation to evaluate the expected affordability of a launch vehicle baseline concept. The method is benchmarked against expected performance and affordability trends established in literature. The experiments used to build this methodology provide interesting insight into the excess risk typically carried into Preliminary Design due to a lack of the temporal nature of cost. Fundamental implications include the notion that the most expensive candidate (i.e. the highest total cost) does not correspond to the candidate with the highest annual cost insurance. Furthermore, the assessment of risk — within the traditional total cost domain — by overlaying vertical constraints onto uncertainty distributions results in the inclusion of many unaffordable candidates. The final chapter of this thesis applies the method to a relevant launch vehicle, the Exploration Upper Stage (EUS) of the SLS Block IB, which is currently in its Conceptual Design phase. This chapter compares two viable candidate manufacturing technologies based on affordability criteria established herein. The application of this methodology provides the decision maker with a significant amount of information previously unavailable and affords her additional degrees of freedom regarding appropriate Design, Development, Testing, Evaluation, and Production (DDTE&P) planning. This will ultimately enable the selection of an affordable vehicle baseline which will be robust to uncertainty in congress-appropriated funding and thus circumvent risks associated with government program cancellation.

Before the global financial crisis around 2008, the priority of the credit margin was comparatively low and was not taken into consideration as much as today. Many actors believed that credit risk could be neglected at various valuations. Due to that a lot of parties went bankrupt because of the low priorities. Today, this is a natural component in the financial market due to the capital regulation CRR and the Capital requirement directives (CRD IV), which are directly related to Basel III. In this thesis the authors have created a Credit valuation adjustment model, or a CVA-model, on behalf of the consulting firm AGL who want to use it in negotiations of interest rate swap with financial institutions. Factors as expected exposure, loss given default and probability of default are estimated in order to estimate a fair value for CVA. As a final product, the authors have created a model in VBA that can price CVA for individual contracts. This model is then evaluated and a sensitivity analysis is performed to see what impact credit rating and maturity have on the result.

Most firms are actively assessing the financial risks exposure and do determine a policy for the hedging activities. It is not solely the risk aversive attitude from the managers that need to be overlooked, but to provide sufficient information to the shareholder is desirable for minimizing the gap of information asymmetry, which is by itself considered a tool for value creation (Bergstrand et al. 2009:45-47). To narrow this gap, listed Swedish companies have since 2005 been required to disclose their financial risk in their Annual Reports.  By using a quantitative approach the researcher will review the financial risk note in Annual Reports of 2008 to identify characteristics and determinant variables on firms depending on whether they utilize currency derivatives or not. An independent two-sample t-test has showed statistical significance that there difference of the means regarding size, FX exposure and leverage between users and non-users of currency derivatives. The means of currency derivatives users were higher for Size and FX exposure, while lower for leverage. A positive correlation between a firm’s size and FX exposure was found, suggesting that the determinant for hedging FX exposure could be explained by the size of the firm and vice versa.

This dissertation investigates the nature and management of information infrastructure risks in organizations. Specifically, it examines how practitioners identify and manage threats towards their organizational aims, and suggests ways of achieving sustainable risk management, in settings characterized by the integration of information technology (IT) and organizational processes. The dissertation is motivated by the difficulties organizations encounter when attempting to leverage IT as an organizational resource and the observation that IT projects have high rates of failure despite three decades of research on and practice of risk management in Information Systems (IS). Three aspects of the underlying logic of existing research and practice on IS risk management are challenged: (1) the infrastructural character of IT is suggested to be consequential for organizational risk management, however not recognized by either IS research on risk or risk experts, (2) risk management is enacted within and across practices beyond the boundaries of formal risk management models, and subsequently, (3) risks are increasingly emergent rather than predictable. To investigate such risks and risk management processes the studies in the dissertation build on information infrastructure theory and practice theory and a qualitative approach. As the role of IT in organizations has changed significantly over the last decades, so has both practice and research concerned with IT related risks. Research on risk in the field of IS has thus come to encompass a large variety of levels of analysis, risk levels and dimensions, organizational processes and research approaches. An analysis of the extant literature shows that despite this richness, it still does not account, or offer support, for situations characterized by a high degree of uncertainty and equivocality. In these kinds of situations, risks are typically emergent and cannot be identified or managed by the prescriptions found within the IS discourse. However, emergence has long been recognized as a characteristic of the organizational consequences of information technology. Paradoxically, while most IS scholars would recognize the socio-technical, or even sociomaterial, nature of IT, it has had little impact on research on risk in our field. A key argument in this dissertation is that theories of technology and organizational change within IS are equally valid for practice and research on IT related risk and risk management. Information infrastructure theory has been influential in improving our understanding of the changing nature and role of contemporary IT in organizational processes. It highlights the infrastructural character of IT, technological agency, and the entanglement of IT and organizational practices. Grounded in information infrastructure theory, this dissertation examines how practitioners identify, assess, prioritize and resolve risk in their everyday organizational practices. While risk has been used as a concept to characterize the underlying logic of information infrastructure evolution, scant attention has been paid to the particularities of risk emergence and operational risk management practices. As such, existing IS research on risk management explains why risk emerges but not how. The notion of practice has recently gained momentum in the IS field for its usefulness as an analytical lens in approaching complex, dynamic and emergent phenomena, and it is reflective of information infrastructure theory in its fundamental ontological and epistemological assumptions. All of the papers included in this dissertation build, to varying degrees, on information infrastructure theory and a practice approach. The dissertation contributes new knowledge to research on information infrastructure risk and risk management in IS by theorizing information infrastructure risk as emergent, interstitial, and rooted in practice and sociomaterial contexts.