The continuous desire to improve health and safety in UK construction has in recent years been challenged to adopt offsite strategies in order to address the poor health and safety record of construction. Despite the benefits of using offsite there has been little research on the actual benefits and disadvantages of the effect of offsite on occupational health and safety. This is important given that the UK government has promoted the use of offsite to improve health and safety performance. This thesis provides a strategy for the management of offsite risk and a risk management tool has been developed. The study investigated offsite manufacturers views on offsite activities and risks in comparison with insitu activities and risks. This was achieved through three phases: phase I comprised two expert group interviews, phase II involved ergonomic audits and phase III consisted of three semi-structured interviews with three offsite manufacturers. The thesis identified that there are significant health and safety benefits of offsite. The benefits relate to specific activities within the offsite categories and context studied. Examples include the elimination of work at height, reduction in noise, reduction in work in confined space, reduction in congested work with trade overlap and greater control over work in the factory. The research revealed that there are still potential health and safety risks with offsite. Examples include; transportation and delivery of units of large size and weight with associated high consequence craneage and handling risks (unit fall and hand injury), whole body vibration, cuts, MSDs, RSIs, fumes and slips trips and falls. There appears to be little in the literature to support the identification of offsite risk issues. The study identified strategies to eliminate and reduce offsite residual risks. The case study investigated solutions to further reduce residual risks, which were further explored in phase III the semi-structured interviews. The solutions are grouped into four approaches: process change, workplace environment designing out risks, automation and the use of tools. An offsite risk management tool was developed which transfers knowledge from the study to provide awareness and management of offsite risk. The thesis provides a contribution to knowledge by providing a better understanding of offsite risks, offsite residual risks and strategies used to reduce residual risks.

In the context of internationally challenging economic, design has been regarded as a key factor in assisting design and manufacturing companies to survive. By using up-to-date computer-supported technology, the global design collaboration based on multidisciplinary and distributed environment is becoming a mainstream to new product development (NPD). However, during the process of collaborative design, risk is rarely mentioned. In particular, due to the complexity of design process and lack of efficient design decision-making, there have been some design collaboration failures across multiple companies. Some design projects cannot deliver the benefits as companies have expected through the collaboration. Moreover, a number of stakeholders, managers and designers expressed their disappointment at not seeing the projected savings in cost and time, which critically discredited the value of design collaboration. Many studies in academia and commercial cases have suggested that risk assessment can be applied as an effective means in the realm of design. Nevertheless, few of them conducted risk management research associated with design constraints under a collaborative environment from both theoretical and practical perspectives. In current risk practice, many risk practitioners simply report key risks to their management teams and no further analysis, which might subsequently result in confusion with excessive discussions. Consequently, to prevent the failure of design collaboration and perform a satisfactory risk assessment, it is important to perform risk management with an upstream perspective and at an operational level. An approach, called constraint-based design risk management (DRM) where a conceptual framework has been proposed on the basis of collaborative design features, risk management process and Theory of Constraints (TOC). Moreover, a DRM matrix has been developed to map, measure and mitigate collaborative design risk through evaluating the critical design constraints, and then specified design risk variables in the light of risk criteria. Design constraints are quantitative parameters that frequently affect main design processes and decisions. The combination of design constraints and risk criteria can be accessible and applicable by designers and design mangers. In addition, a Bayesian weighting method based on Bayesian theorem has been developed to measure collaborative design risk in a more efficient manner. Ultimately, a DRM tool has been created as a simulated scenario prototype, which incorporated with three case-study evaluations, to demonstrate the importance and effectiveness of using TOC and risk theory in the realm of design collaboration.

This thesis provides an empirical analysis of the relationship between the value premium and financial distress. Measures of leverage and default are used as proxies for financial distress. Using both an international data set, 1991 to 2006 and a long time series data set for the United States, 1927 – 2007, the thesis adds knowledge about the role of the value premium in asset pricing theory. Generalised autoregressive conditional heteroscedastic modelling (GARCH) is used and information gathered on the volatility of the value premium. A vector autoregressive (VAR) framework and Granger Causality tests are utilised in order to offer a deeper examination of the relationship between risk premium and economic activity. The results add further evidence to support the view that the value premium appears to be linked to variables associated with financial distress, although it is noted that this does not necessarily mean that participants in financial markets behave rationally.

This research is motivated by interest in recent changes in the audit approaches of audit firms. The business risk audit approach has been adopted based on assertions about its benefits by administrators of large audit firms and academics linked with these firms and, more recently, has been legitimised by the issuance of international auditing standards that give recognition to this approach. Studies investigating the business risk audit approach have relied on the content of audit manuals of large audit firms and pointed to claimed benefits, such as providing consistency of worldwide audit practice, broadening auditors’ awareness of risks, increasing audit effectiveness and efficiency, and creating more value for audit clients. In investigating this recent change in audit approaches, this thesis is concerned with the application of the business risk audit approach within the non-Big-4 audit firms, with a focus on three countries: the United States, the United Kingdom and Canada. The research focuses on the motivation for adopting this approach for non-Big-4 audit firms in the three countries, and the advantages, disadvantages and aftermath of applying this method. These issues are addressed through research methods comprising semi-structured interviews and a questionnaire survey. These methods are deemed appropriate to provide consideration of the contextual factors affecting the non-Big-4 audit firms and audit practice in the three countries examined. The findings show that non-Big-4 audit firms in the three countries adopted the business risk audit; their motivation was primarily to follow the standards in each country and to follow the general trend in the industry. The advantages were consistent with previous research; there was direct benefit to audit effectiveness and risk management. One major disadvantage of applying this method was the cost burden to both the audit firm and their clients. Some of the interviewees claimed that this method is better suited to large firms and large audits. Overall evidence from this research shows that this method helped auditors better understand their clients and assess the risk associated with the audit process. Auditors from non-Big-4 firms expressed their interest that the business risk audit should remain in use with some modification to fit small and medium audits. This study also contributes to the literature on the internationalisation of audit practice and the audit practice of small- and medium-sized audit firms, which is lacking in existing research related to this group.

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.

CHDS State/Local / Experts agree that the nation's chemical facilities are attractive targets for terrorists. This consensus is due to several conditions. First, there are thousands of facilities scattered across the country that use, manufacture or store large stockpiles of toxic and/or flammable substances. Many sites are clustered together in densely populated areas and are poorly protected. If terrorists cause catastrophic chemical releases or explosions at these key facilities, large numbers of Americans will be put at risk of injury or death. Second, such attacks may also have a devastating impact on the U.S. economy because so many other industries are dependent on a properly functioning chemical sector. Surprisingly in light of these risks, most chemical sites have not implemented sufficient measures to prevent, mitigate, deter, and/or respond to terrorist attacks. Although governmental entities (local, state and federal) and the chemical industry have initiated some safeguards, they only apply to a limited number of chemical facilities. The vast majority is still not adequately prepared for terrorism. This thesis proposes that private and public sectors should partner together to improve the preparedness of the chemical industry for terrorist acts. More specifically, key stakeholders from both sectors need to forge Regional Defense Units (RDUs). Their primary purpose is to effectively reduce the attractiveness of local chemical facilities as targets for terrorists without unduly hampering their operations. To achieve this goal, a mixture of mandates ("sticks") and incentives ("carrots") need to be regionally developed, implemented and sustained by RDUs. Collaborative regional efforts using an appropriately balanced and community-governed "carrot and stick" approach can be the most effective option for the Department of Homeland Security to improve chemical facility preparedness, and thus homeland security. / Lieutenant, Pasadena Police Department

Approved for public release; distribution is unlimited / This thesis examined how the Navy's Program Executive Office Command, Control, Communications, Computers and Intelligence (PEO C4I) has performed enterprise risk management (ERM). Based on ERM literature, the study developed an analytical framework to assess PEO C4I's ERM practices against documented ERM best practices, including evaluating a new risk in terms of its impact on existing risks and ensuring risks are managed at the most detailed level possible. The thesis also utilized organizational alignment literature to include organizational alignment principles in the evaluation. Key principles include 1) every employee has the responsibility to manage risk and 2) multiple teams are able to manage a single risk. The resultant analytical framework was applied to PEO C4I and documented for application to other organizations. PEO C4I performed well in the areas of 1) evaluating risks in areas other than the originating program office and 2) providing the framework to elevate risks to leadership. PEO C4I could use improvement in cross-team risk coordination and development of enterprise models to provide context for enterprise risks. Recommended interventions focus on having more functional areas involved in risk mitigation and developing a common enterprise architecture to improve understanding of potential areas of risk. / Civilian, Department of the Navy

Firms operating in the United States face important litigation risk, yet little is known on how this risk affects financial decisions. I use a natural experiment to explore the effect of litigation risk on firms' hedging behavior. I find that firms are more likely to use financial derivatives following an exogenous increase in litigation risk. This finding is stronger in the subset of firms with higher distress costs, lower credit ratings, and higher legal concerns. My results imply that litigation risk can at least partially explain the use of financial derivatives.

This thesis investigates the evolutionary process of risk management practices associated with the implementation of enterprise risk management (ERM) across the finance sector. Despite the increasing number of ERM adoptions in the finance industry in recent years, ERM was still at an early stage of development and further research is recommended. The literature review identifies a gap in the ERM literature, prompting the development of a theoretical framework to investigate key organisational factors critical to effective implementation of the strategic framework. A strategic ERM Alignment Framework was developed to address key shortcomings of existing ERM practices in the industry and to provide practical guidance to academics and practitioners. The research was conducted as a two-stage empirical study in the finance sector, employing sequential mixed methods of data collection and analysis: a series of 35 semi-structured qualitative interviews with senior enterprise risk managers representing a variety of financial organisations, followed by a quantitative questionnaire survey of 115 finance industry professionals. The literature supports the industry view of continuous internal and external pressures towards ERM implementation across financial organisations. The research findings confirm that ERM is perceived to have slowly transformed from a process of compliance to a strategic tool and become a source of value creation and competitive advantage. The study also shows that aligning ERM with core organisational strategies and enterprise risk culture have been the underlying factors driving a strategic ERM framework sustainable over time. Inadequate senior management support for ERM and an insufficiently dynamic enterprise risk culture are identified as the greatest challenges to ERM sustainability. Major benefits of ERM are revealed as well informed risk-adjusted decision making and a strategic enterprise-wide view of key risks. The main contribution to knowledge of this research is the development of a strategic ERM Alignment Framework for the finance sector and practical guidelines for its effective implementation. Specifically, this research offers academics and finance industry practitioners a better understanding of organisational factors critical to the implementation of a strategic ERM Alignment Framework, supported by empirical evidence. Key limitation of the research was identified as the complexity of the ERM Alignment Framework that can be mitigated by undertaking future research to simplify the framework following its practical application. The researcher recommends that future research should focus on intangible elements and qualities of ERM that are important to the Alignment Framework, such as developing a strong and consistent enterprise risk culture, or investigating how the framework can add value to the organisation.

The goal of this thesis is to measure the concentration risk of a portfolio as a part of a investment risk considered from the view of insurance companies by various methods and also to compare achieved results. Concentration risk in credit portfolios originates in uneven distribution of invested funds to individual obligors and it is important to manage it. In the theoretical part there are two methods presented - one is being used in practice CreditMetrics), the other one, the EU Directive, will be put into effect in the near future (Solvency II). In the practical part the methods are applied on model portfolios and the results are compared in order to decide how the methods reflect the concentration risk.