Master of Agribusiness / Department of Agricultural Economics / Christine Wilson / Risk management is critical in crop production as the challenges farmers face on a year to year basis are quite variable due to Mother Nature. There are many tools a farmer can utilize to help manage risk such as crop insurance and forward contracting or hedging. In recent years with lower prices, these tools have been more heavily used than they were a few years ago when corn and soybean prices were $8 and $15 per bushel, respectively. Margins in crop production are tight when market prices are low and input prices are high relative to market prices, and due to land cost. In order for farmers to produce greater profit, they must find ways to lower expenses or produce more bushels to increase their revenue. As margins tighten, farmers typically try to lower expenses to be more profitable rather than trying to increase bushels that would ultimately increase their revenue. When farmers try to reduce expenses, agricultural retailers experience lower revenues holding all else equal; distributors have lower revenues because the retailer is not selling as much, and the manufacturers experience lower revenues because the retailer and distributor are not moving the inventory compared to when farmer margins are larger. This thesis examines how yield protection for grain corn can be utilized as a risk management tool for crop production farmers. This thesis explores how increasing bushels and ultimately increasing revenue by protecting the bushels the crop is physically able to produce, can help manage producer risk. This thesis uses yield protection as a tool alongside crop insurance and marketing, rather than as a tool to replace crop insurance or marketing. Data used for yield protection is replicated fungicide, fungicide with an adjuvant, and fungicide with insecticide, that were evaluated against the untreated check over multiple locations and years across the Midwestern United States. Fungicide data were chosen because it is truly the definition of yield protection, protecting the crop against disease. Fungicides are usually the first products cut from a farmer’s crop production program to help reduce expenses and maintain profitability as margins tighten. The results found in this study are consistent with work conducted at Iowa State University. Results exhibited an increase in corn yield, but were not consistently statistical significant across treatments and location. In conclusion, the average yield increase was not enough over multiple years to pay for itself, and it lacked sufficient evidence. Yield protection does not fit a risk management strategy annually. However, yield protection should be utilized when specific thresholds on disease or insects are present to warrant this strategy.

Economic markets continue to become more complex, creating challenges for organisations with the scope, complexity, and interdependencies of emerging risks necessitating a more robust and integrated approach to risk management and internal control. To this effect, enterprise risk management (ERM) has been the topic of increased attention with regulatory, business and academic arenas alluding to the need for ERM and improved internal control systems. The traditional practices of managing risks in silos has had implications on the internal control systems of organisations as the organisational focus has been on those directly related to financial operations and reporting. Therefore, the aim of this study was to determine the extent to which organisations have implemented ERM, particularly those in the mining industry, and then understand the impact this ERM has on the internal control system. To this end, qualitative research with an exploratory design was conducted. Twelve executives and senior managers across eight organisations, who are responsible for risk management and assurance of internal controls, were interviewed to uncover their distinctive insights regarding this phenomena. The rich data that was unearthed was analysed using thematic analysis techniques. The evidence from the study showed that while the ERM practices of organisations are between intermediate and mature levels, more work still needs to be done in order to institutionalise ERM. Furthermore, ERM improves the internal control system of the organisation, however the maturity of the ERM process and the leadership in the organisation are big determinants of the extent to which the improvements can be realised. Other factors were identified which necessitate enhancement and sustainability of the ERM capability and formed the basis of a model for enterprise risk and control integration that was developed. The results of this research provided additional insights that will bolster the advancement of internal control management through ERM. / Dissertation (MBA)--University of Pretoria, 2013. / lmgibs2014 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

Performance of the institutions in the public sector has always been among the main drivers that determine how the country is ultimately perceived by its citizens and the world, it is the policies and regulations established by these institutions that governs the private sector. The objectives of these public institutions can only be achieved through well formulated, well implemented and a continuous review of the strategies being pursued to achieve the stated objectives. At the core of setting strategies is Enterprise Risk Management (ERM), being an organisational procedure enabling the identification, assessment and action plans for the organisational risks linking to the achievement of objectives. The action plans formulated through the ERM should translate into strategic objectives mainly in the public sector where resources are chronically limited. Even with good intentions, government may spend badly because it has either chosen the wrong projects to fund or planned badly for good projects if the strategies are not continually and systematically reviewed. The objective of this research was to gain an understanding of how risk management is conducted at an enterprise-wide level within public sector institutions to ensure that the institution complies with all the relevant requirements within its ambit. It was a qualitative study that was conducted using a case study methodology wherein a public sector institution was identified and the executives involved in the risk management were interviewed individually. Semi-structured interviews were conducted and the results were analysed through the themes that were identified. The study identified that more understanding is required by public sector organisations to be able to realise the benefits of ERM. A clear distinction of what the objectives of the institution are, the related strategies, strategic objectives and risks to the strategic objectives, need to be made clear. The use of risk registers at different levels of the organisation is a tool to draw the relevant risks from deep in operations to a strategic level and this has to be understood at all levels. More importantly the correct action plans in reaction to identified risks can greatly turn risks into opportunities but this is not currently the case as risk registers are still not well implemented and utilized. Risk identification should not be a brainstorming session when the strategy is created but a continuous well operated system within operations throughout the period. The risk culture, roles and relevant systems are still lacking in public institutions. / Dissertation (MBA)--University of Pretoria, 2013. / lmgibs2014 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

Ph.D. (Computer Science) / Please refer to full text to view abstract

Purpose – The main aim of this study is to investigate the relationship between risk management practices and service quality in outpatient departments of Gauteng public hospitals. The study also evaluates the quality of the service provided at these outpatient departments. Methodology – The research design firstly included the review of literature on risk management and service quality. The study applied a quantitative research methodology where structured self-administered questionnaires were used as the data collection tools which were distributed to hospital staff to assess the relationship between risk management practices, and different set of questionnaires distributed to patients visiting the outpatient department. Judgement and convenience sampling was used to select the hospital staff and the patients, whereas stratified sampling was used to select the hospitals that were visited. Findings - The study reveals that outpatient departments of Gauteng public hospitals seem to be performing well with high patient perception scores. The positive aspects of service quality include neat and knowledgeable staff and informative patient files. The results show that only some of the risk management practises had a significant effect on service quality, such as management support and commitment, training and education and continuous improvement. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

M.Comm. / Many companies, especially in the steel industry, are today required to dedicate much of their time to managing the risks they are faced with. Risk can be defined as the uncertainty or probability of the potential deviation from the expected or the norm. Risk management therefore encompasses all activities undertaken by management, which seek to reduce either the probability of a potential deviation and/or the quantum of the potential deviation. The risk management process is therefore aimed at ensuring that the steel company will deliver to its shareholders the earnings that are expected of them. In order to avoid these potential risks, the steel company has to make sure that the clients that the company are doing business with have the ability and willingness to pay their accounts. There is a very thin line between choosing potential clients and the sales that will be gained from dealing with these debtors, and the risk that these debtors has for the steel company. It is therefore important to categorize the debtors into different risk profiles. After the category of risk is identified, the steel company has to choose between different credit insurance methods to cover risks. The methods that are currently available in the steel industry are rigid, and are costing the company money, that could have been invested elsewhere in the company. It is therefore important to look at alternative methods to either avoid the risks or cover the risks. It depends on the type of client the company is doing business with. The clients can be classified as A, B, C or D risk profile. The composition of the debtors book in terms of risk profiles will be the criteria for choosing a method for credit insurance.

This dissertation is a journey into the world of risk and safety in the steel industry. The problem statement that is explored in this study relates to the nature of the relationship between safety performance and stakeholders in the steel industry, the nature of the relationships between different stakeholders and the way in which these relationships impact on risk management strategies. The author contends that safety is not a normative or procedural system within the workplace, but rather a performative system. Performance in this system, which determines life and death, is based on consensual cooperative-conflict relationships between different role-players. The nature of these relationships are analysed and explored with the concept of cooperative conflict as a reference, while keeping temporal and spatial considerations in mind. The physical space of the steel mill is a contested space. Within this space, relationships play out themes relating to agency, masculinity, risk, resistance, compliance and survival in a constant subliminal negotiation for power and perceived control over an environment that is inherently threatening in nature. The research is presented as ethnography in the form of a case study of an international organisation that provides materials handling and slag reduction services to the ferro-industry in South Africa. The researcher interacted with role-players in this organisation as a participant observer, with the primary method of data gathering and analysis being qualitative in nature. Data gathering and analysis revealed that safety performance relates to specific aspects within the work environment, namely macro political, economic, institutional, psychological and concrete factors. The researcher concludes that overt, normative safety management procedures in the steel industry only provide a backdrop for daily risk management strategies. Negotiating risk, together with the often covert ways in which actors assert their agency within the steel industry, makes safety performance complex and relationship based. To improve safety performance in the steel industry, relationships and power need to be renegotiated. This requires internal organisational changes as well as larger systemic changes. / Prof. T. de Wet

Yes / The effective management of pharmaceuticals in the National Health Service (NHS) is critical to patient welfare thus any risks attached to this must be identified and controlled. At a very basic level, risks in the pharmaceutical supply chain are associated with product discontinuity, product shortages, poor performance, patient safety/dispensing errors, and technological errors (causing stock shortages in pharmacies) to name but a few, all of which incur risk through disruption to the system. Current indications suggest that the pharmaceutical industry and NHS practitioners alike have their concerns as to the use of generic supply chain strategies in association with what is perceived to be a specialist product (pharmaceuticals). The aim of the study undertaken was to gain a more realistic understanding of the nature and prevalence of risk in the Pharmaceutical Supply Chain (PSC) to be used as a basis for a more rigorous research project incorporating in-vestigation in the UK, Europe and USA. Data was collected via a workshop forum held in November 2005. The outputs of the workshop indicated that there were thirty-five prevalent risks. The risks were rated using risk assessment catego-ries such as impact, occurrence and controllability. The findings indicated that the risks identified are similar to those prevalent in industrial supply chains, regardless of the idiosyncrasies of pharmaceuticals. However, the group consen-sus was that caution must be applied in how such risks are addressed, as there are aspects of the product that highlight its uniqueness e.g. criticality.

No description available.

Thesis (MEng)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: In the current economic climate where credit crises, fluctuating commodity prices, poor governance, rising unemployment and declining consumer spending exist, risk management is of utmost importance. Proclaiming the existence of a risk management strategy is not enough to ensure that an enterprise achieves its objectives. The implementation of a holistic enterprise-wide risk management framework is required in order to execute strategies and achieve objectives effectively and efficiently Two types of risk management have emerged in industry, namely quantitative and qualitative risk management. On the one hand, qualitative analysis of risk can be done quickly and with minimal effort. However, these methods rely on the opinion of an individual or group of individuals to analyse the risks. The process may be highly subjective and does not fully consider the characteristics of the enterprise. This renders qualitative risk analysis as an ineffective singular strategy although it has been shown to be effective when the risks are well understood. Quantitative analysis, on the other hand, is particularly effective when the risks are not well understood. These methods have been shown to provide substantially more information regarding risks compared to qualitative analysis. However, many quantitative risk management methods presented in literature are studied in isolation and not within the context of a holistic risk management process. Furthermore, quantitative methods tend to be complex in nature and require a reasonable understanding of mathematical and statistical concepts in order to be used effectively. In view of this, there is a need for an enterprise risk management framework that emphasises the use of qualitative methods when the risks are well understood and quantitative methods when in-depth analyses of the risks are required. In this study, a systematic enterprise-wide risk management framework that incorporates both quantitative and qualitative methods was developed. The framework integrates these methods in a logical and holistic manner. The quantitative methods were found be to be largely practical while the qualitative methods presented are simple and easy to understand. / AFRIKAANSE OPSOMMING: In die huidige ekonomiese klimaat waar krediet krisisse, wisselende kommoditeitspryse, swak bestuur, stygende werkloosheid en dalende verbruikersbesteding bestaan, is risikobestuur van die uiterste belang. Die verkondiging van die bestaan van 'n risiko bestuurstrategie is nie genoeg om te verseker dat 'n onderneming sy doelwitte bereik nie. Die implementering van 'n holistiese ondernemings- breë risikobestuursraamwerk is nodig om strategieë en doelwitte doeltreffend en effektief te bereik. Twee tipe risikobestuur het na vore gekom in die bedryf, naamlik kwantitatiewe en kwalitatiewe risikobestuur. Aan die een kant , kan kwalitatiewe ontleding van risiko vinnig en met minimale inspanning gedoen word. Hierdie metode is gewoontlik die mening van 'n individu of 'n groep individue wat die risiko ontleed. Die proses kan hoogs subjektief wees en nie ten volle die eienskappe van die onderneming in ag neem nie. Kwalitatiewe risiko-analise kan dan gesien word as 'n ondoeltreffende enkelvoud strategie maar dit is wel doeltreffend wanneer daar verstaan word wat die onderneming se risiko is. Kwantitatiewe analise, aan die ander kant, is veral effektief wanneer die risiko's nie goed verstaanbaar is nie. Hierdie metode het getoon dat daar aansienlik meer inligting oor die risiko's, in vergelyking met kwalitatiewe ontleding, verskaf word. Daar is egter baie kwantitatiewe risikobestuur metodes wat in literatuur verskaf word, wat in isolasie bestudeer word en nie binne die konteks van 'n holistiese risikobestuur proses nie. Verder is, kwantitatiewe metodes geneig om kompleks van aard te wees en vereis 'n redelike begrip van wiskundige en statistiese konsepte sodat kwantitatiewe analise effektief kan wees. In lig hiervan, is daar 'n sterk behoefte vir 'n onderneming om 'n risikobestuursraamwerk in plek te het. Die risikobestuursraamwerk sal beide die gebruik van kwalitatiewe metodes, wanneer die risiko goed verstaan word, en kwantitatiewe metodes, wanneer daar in diepte-ontledings van die risiko is, beklemtoon. In hierdie studie was 'n sistematiese onderneming-breë risikobestuursraamwerk ontwikkel wat beide kwantitatiewe en kwalitatiewe metodes insluit. Die raamwerk integreer hierdie metodes in 'n logiese en holistiese wyse. Die kwantitatiewe metodes is gevind om grootliks prakties te wees, terwyl die kwalitatiewe metodes wat aangebied word, eenvoudig en maklik is om te verstaan.