The research focuses on formal supply chain disruption management (SCDM) processes and the usefulness of such procedures. Based on the risk management (RΜ) process, a generic SCDM process consists of the following interconnected phases: define context, identification, assessment, implementation and management and monitoring. Each phase is described, and possible activities and strategies a company may adopt are proposed. Following a literature research in respect of SCDM strategies and RM processes, the application of SCDM processes in two case study company contexts, auto-manufacturing and water utilities, is examined. The auto-manufacturing company, which operates in a global supply chain and follows lean practices, does not adopt formal processes for managing supply chain disruptions. Disruptions are usually managed on a reactive basis by ‘fighting fires’ and proactive measures are based on the company’s experience in handling past disruption events. The water utilities company uses a formal RM process for managing disruptions along its water supply chain, apparently motivated by a requirement to follow regulations set by the regulators and because of its involvement in offering a product which meets basic needs of its customers. The application of RM to supply chains is not a widely practiced concept as is evident from both the literature and the case study findings. Companies usually avoid spending resources on preparing for disruptions that may never materialize, and companies that do apply RM do so either because of regulations or disruptions in the past that had an adverse impact on the companies’ operations. When applied, though, it helps guide decision makers through the SCDM process, with which more informed decisions can be taken and important risks handled, increasing the resilience and robustness of the company to supply chain disruptions.

The continued rise in accident and ill health statistics throughout the member states of the European Union indicate that the standards of occupational health, safety and environmental control require further improvement to minimise the current level of loss. Management systems are regarded as an effective means of reducing this loss by continuously improving standards. Whilst there is much discussion and debate about the possibilities of integrating management systems, at present, there are no national or international published integrated management standards, although some multi-national companies have introduced their own internal integrated standards. The research explored the development of an integrated health, safety and environmental (HSE) management system within a range of industrial organisations. This included the development of tools for successful implementation of integrated systems, specifically for significance review, risk assessment and auditing. Resources and accreditation constraints precluded exhaustive testing of all clauses within the proposed integrated management standard. However, analysis of key aspects of the standard revealed: 1. The introduction and use of separate health, safety and environmental (HSE) management systems improved the standards of risk control within organisations. 2. Organisations perceived that there were clear business advantages in some form of integration of existing standards. 3. The developed integrated HSE standard was technically possible in the area of policy development, process operations, working instructions and documentation. However, the integration of risk assessment and audit tools gave limited advantages compared to existing separate systems. 4. The proposed integrated HSE standard complied with both individual European member states national legislative requirements and European/World-wide management standard criteria. In summary this thesis represents an original contribution to the field of integrated management systems. The thesis also identifies areas of further work that will increase the knowledge base, scope of application of the work carried out.

Com o aperfeiçoamento na forma de gestão as empresas o nível dos processos vem se ampliando cada vez mais. Uma das maneiras mais eficientes de mitigar os riscos nos processos, que se apresentam as organizações, é por intermédio uma gestão de riscos hábil, desenvolvida através da Matriz de Risco, que é o instrumento responsável por aferir os riscos bem como seus controles. A partir do referencial teórico desenvolvido na pesquisa, buscou-se confirmar a importância da Matriz de Risco para os processos de auditoria, no escopo de extinguir fraudes, erros e outros problemas enfrentados pelas organizações. Após a pesquisa, efetuada por intermédio de uma revisão na literatura, comprovou-se que o mapeamento de processos e controles, através do emprego da Matriz de Risco, é de grande acuidade para assegurar a opinião dos auditores sobre as demonstrações financeiras. / With the improvement in the form of management companies the level of processes has been expanding increasingly. One of the most effective ways to mitigate risks in the processes, which are listed organizations , is through a skillful risk management , developed by Risk Matrix , which is the instrument responsible for assessing the risks and their controls. From the theoretical framework developed in the research, we sought to confirm the importance of Risk Matrix to audit processes, the scope of extinguishing fraud, errors and other problems faced by organizations. After the search, conducted through a literature review, it was found that the mapping of processes and controls, through the use of Risk Matrix, is of great accuracy to ensure the auditors' opinion on the financial statements.

This study examines the whistle-blowing decisions of government internal auditors in response to individual and collective corruption occurring within government internal audit units. An auditor is simultaneously a role-prescribed and non-role-prescribed whistle-blower that may behave hypocritically. On the one hand, auditors may be intolerant of and report any corruption taking place within their audit clients. On the other hand, they may display an unwillingness to blow the whistle on corruption committed by their fellow auditors in which they and the recipients of whistle-blowing information may be a part of or beneficiaries of the wrongdoing. To examine how, why and what factors influence their whistle-blowing decisions, we utilised two approaches: the whistle-blowing intentions through the use of case scenarios and actual wwhistleblowing relying on the self-reported cases. Mixed methods of surveys, interviews and focus group discussions were conducted in seven government internal audit units. Seeing whistle-blowing as a constructive behaviour for the benefit of the organisation involving an ethical dilemma, we integrated the prosocial organisational behaviour and ethical decision-making perspectives of whistle-blowing to develop a three-phases of whistle-blowing decision. In phase 1, the potential whistle-blowers evaluated the wrongfulness and the seriousness of the wrongdoing in accordance with their ethical sensitivity and evaluated the existence of responsibility to act to stop the wrongdoing. In phase 2, they evaluated the organisation responsiveness and the existence of the demoralising situation. In phase 3, they assessed their personal responsibility, identified alternative decisions according to his/her ethical competence, calculated the cost and the benefit of each alternative and decide to blow or not to blow the whistle depended on their ethical perseverance. The study demonstrates that ethical judgement, moderated by the perceived seriousness and organisational commitment, significantly influenced the whistle-blowing intentions. while taking the ethical climate, wrongdoer’s power status and whistle-blower’s job level into consideration. The study found the domination of informal hidden values instead of formal written values and the occurrence of the process of normalisation of corruption that led to the destructive act of silence. They reduced the ethical sensitivity towards the wrongfulness and the seriousness of the corruption, diffused the responsibility to blow the whistle and created the demoralising situation. The organisations were not responsive. The whistle-blowing information was ignored and leaders often promoted an attitude of silent acquiescence by rewarding silent observers. The risk of whistle-blowing appeared greater than the expected benefit of being a submissive silent observer. When whistle-blowing information was eventually received, leaders rectified the problem informally outside of official procedures. The rules were upheld only when there was external pressure on the leaders. Through this, the wrongdoer will feel secure and the whistle-blower will perceive that the act of whistleblowing is not acceptable. The combination of the unwillingness to blow the whistle and the process of the normalisation of organisational corruption may create a vicious cycle of corruption in and by organisations. On the contrary, whistle-blowing occurred when the potential whistle-blowers perceived that the act of whistle-blowing is a constructive behaviour supported by the organisation’s culture and leadership. Whistle-blowing legislation alone may not be sufficient to motivate employees to blow the whistle particularly in Indonesia where in-group collectivism and power distance are relatively high.

A mensuração do risco de um investimento é uma das mais importantes etapas para a tomada de decisão de um investidor. Em virtude disto, este trabalho comparou três métodos de estimação (tradicional, através da analise univariada dos retornos do portfólio; cópulas estáticas e cópulas dinâmicas) de duas medidas de risco: Value at Risk (VaR) e Expected Shortfall (ES). Tais medidas foram estimadas para o portfólio composto pelos índices BOVESPA e S&P500 no período de janeiro de 1998 a maio de 2012. Para as modelagens univariadas, incluindo as marginais das cópulas, foram comparados os modelos GARCH e EGARCH. Para cada modelo univariado, utilizamos as cópulas Normal, t-Student, Gumbel rotacionada e Joe-Clayton simetrizada, com isso totalizando 36 modelos comparados. Nas comparações do VaR e ES foram utilizados, respectivamente, o teste de Chritoffersen e o teste de Mcneil e Frey. Os principais resultados encontrados foram a superioridade de modelos que supõem erros com distribuição t-Student, assim como a identificação de mudança no comportamento dos parâmetros dinâmicos nos períodos de crise. / Measuring the risk of an investment is one of the most important steps in an investor's decision-making. With this in light, this study compared three estimation methods (traditional; by univariate analysis of portfolio returns; dynamic copulas and static copulas), of two risk measurements: Value at Risk (VaR) and Expected Shortfall (ES). Such estimated measures are performed for a portfolio composed by the BOVESPA and S&P500 indexes, ranging from January 1998 to May 2012. For univariate modelling (including copulas marginals), the GARCH and EGARCH models were compared,. Regarding copulas, we use Normal, t-Student, rotated Gumbel and symmetric Joe-Clayton, leading to a total of 36 models being compared. For the comparison of VaR and ES were used, respectively, the Christoffersen test, and the Mcneil and Frey test. The main results found were the superiority of models assuming the t-Student distributed errors, as well as the identification of a change in the behaviour of dynamic parameters in periods of crisis.

Purpose: Unlike the commercial industries, the risks arising from the healthcare industry’s internal system and the surrounding environment may cause serious consequences, even the patients’ health. Concerning the increasing emphasis on risk management in the healthcare supply chain environment, there is an urgent demand for a novel decision support method that supports supply chain risk management in the hospital setting. As the topic is still in the early stage and only a few systematic academic studies on this topic can be found over the last decades. This research aims to propose a novel comprehensive framework and integrated risk management model that takes explicit account of multiple types of risk factors in aiding decision-making as well as compares and ranks the current implemented alternative risk mitigation strategies using fuzzy set theory and multiple criteria decision analysis (MCDA) methods. Methodology: In pursuit of meeting the requirements of the research objectives, this research conducts empirical studies from both China and UK healthcare industries and follows three steps of risk management procedure based on the proposed framework to conduct risk factors identification, assessment and risk mitigation strategies identification. In order to ensure that the analysis is systematic and inclusive, various types of risk factors are identified through a related systematic literature review and are validated through a set of empirical studies. Risk assessment is conducted through two stages of questionnaire surveys and evaluated through Fuzzy Analytic Hierarchy Process (AHP) and Interpretive Structural Modelling (ISM). Thereafter, risk mitigation strategies are identified through conducted empirical studies and evaluated through Fuzzy Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). Research Implications: This is the first study which has developed a comprehensive risk management framework in the healthcare supply chain that effectively integrates supply chain risk factors identification, risk assessment as well as mitigation strategy identification and evaluation. The novelty of the developed framework lies in the fact that a systematic and practical decision making tools are proposed supporting hospital managers making strategic decisions on healthcare supply chain risk management. Furthermore, compared with several studies using secondary data, this thesis uses empirical data to conduct the identification and evaluation of risk mitigation strategies, enabling the results closes to the reality of the situation in the healthcare setting. Practical Implications: The profile of risk sources, the priority weighting and inter-relationship among these risks and, the ranking of mitigation strategies provide a guideline for hospital managers to anticipate and proactively deal with potential risks. The proposed framework applies to both the UK and China healthcare industries, the finding can also be applied in other countries and regions.

Bakgrund och Problemdiskussion: En viss oklarhet cirkulerar bland forskare gällande om det är ökade risker som ligger bakom ett större fokus på Risk Management eller om det grundar sig i en ökad försiktighet. Vissa resonemang förs även kring om ambitionen med Risk Management är att uppnå intern förbättring eller om det handlar om att arbeta med det för att det utgör en trend bland företag. Samtidigt menar flertalet forskare att kunskap kring risker är av stor vikt för alla företag. Börsnoterade bolag kan tänkas uppleva ett större externt tryck än andra bolag eftersom de vanligtvis har ett större antal intressenter att ta hänsyn till. På så sätt kan de tänkas uppleva större krav på att hantera sina risker på ett visst sätt. Utifrån ovanstående resonemang kunde en otydlighet identifieras och därmed skapades ett ifrågasättande kring hur och varför börsnoterade bolag arbetar med Risk Management. Syfte: Syftet med denna studie är att bidra med en analys kring hur Risk Management- processen ser ut i svenska börsnoterade bolag, vilka drivkrafter som ligger bakom arbetet med Risk Management och på så sätt förklara varför arbetssättet ser ut på ett visst sätt. Ambitionen är vidare att uppnå förståelse kring om, och isåfall på vilket sätt, relationen mellan bolagen och dess intressenter påverkar arbetet med Risk Management. Intentionen är då att generera en ökad medvetenhet men även ett ifrågasättande kring Risk Management och dess tillämpning. Tillvägagångssätt: Studiens metod utgörs av en kvalitativ intervjustudie där den empiriska informationen samlats in med hjälp av semistrukturerade intervjuer. Slutsats: Ett mönster har identifierats i att hur Risk Management-processen ser ut i bolagen i viss mån beror på vad det är för typ av risk, var i bolaget den uppstår samt vems ansvar den faller under. Även riskens väsentlighet och finansiella påverkan avgör hur arbetsprocessen ser ut. De drivkrafter som kunnat urskiljas bakom arbetet med Risk Management är främst externa tryck från intressenter som måste uppnås för att bibehålla konkurrenskraft. Ägarna utgör en drivkraft till hur bolagen förhåller sig till risk genom att mer eller mindre direkt vara delaktiga i strategiska beslut. De intressenter som mer direkt påverkar hur Risk Management-processen ser ut är företagets kunder, främst gällande operativa risker. Resterande intressenter driver även bolagen i dess riskarbete men ställer främst krav på att risker ska hanteras men däremot inte lika specificerade krav på hur detta ska göras. / Background and Problem discussion: Some uncertainty circulates among researchers regarding if increased risks are the underlying cause for a greater focus on Risk Management or if it is based in an increasing caution among companies. There are also discussions about if the ambition with Risk Management is to achieve internal improvements or if it is about following a trend. Simultaneously some researchers mean that knowledge about risk is of great importance for all companies. Listed companies can experience a greater external pressure than other companies. This, because they in most cases need to take into account a larger number of stakeholders. Therefore, it can be assumed that they are exposed to greater requirements when it comes to their risk approach. Based on the reasoning above, an ambiguity and therefore a questioning regarding how and why listed companies work with Risk Management could be identified. Purpose: The purpose of this study is to contribute with an analysis regarding how the Risk Management process looks in swedish listed companies, driving forces behind the practice of Risk Management and in that way explain why their working methods are in a certain way. The ambition is further to reach an understanding regarding if, and if so in what way, the relationship between the companies and their stakeholders affect their Risk Management. The intention is then to generate an increased understanding but also a questioning regarding the practice of Risk Management. Research method: The research method consists of a qualitative interview study where the empirical data was collected using semi-structured interviews. Conclusion: A pattern has been identified regarding that the Risk Management-process is shaped in a certain way depending on what type of risk that is handled, where in the company it emerge and whose responsibility it is to handle the risk. Also the financial impact the risk has determine how the process looks. The distinguished driving forces behind how the Risk Management-process looks is mainly external pressure from stakeholders that has to be achieved for the company to stay competitive. The shareholders affect thecompanies’ approach to risk since they, direct or indirect, has a possibility to be involved in strategic decisions. The company’s customers are the shareholders that actually has adirect influence in how the Risk Management-process looks, especially regarding operational risks. The remaining stakeholders also drives the companies in their work with risk, although they mainly demands that the risks should be handled and has not equally specific demands for how it should be done, as the customers.

Um dos objetivos deste estudo é testar modelos de precificação de ativos financeiros, especialmente o de risco downside de Ang et al. (2006), em todas as ações da Bovespa, para o período que se estende de janeiro de 1999 a julho de 2012. Para atingi-lo, aplica-se o método de regressões Fama e MacBeth (1973) com retornos um período à frente. A quase totalidade dos modelos testados é rejeitada, inclusive a existência de um eventual prêmio para o risco downside. A exceção é o modelo que inclui com o beta tradicional e o seu quadrado, o que permite rejeitar o CAPM devido a não linearidade no risco de mercado. A relação existente entre o beta e o retorno das ações seria positiva até beta igual a 0,642 e depois negativa. Outra meta desta dissertação é comparar as estimações condicionais às não condicionais do modelo CoVaR de Adrian e Brunnermeier (2011) para as 16 ações da Bovespa utilizadas por Almeida et al. (2012), que obtiveram apenas estimações não condicionais para o Brasil em um período semelhante. Os resultados daqui mostram uma baixa e não estatisticamente significante correlação com os de Almeida et al. (2012). Para este estudo, tem-se que as duas formas de calcular o CoVaR são similares para o teste de estresse, mas não para o risco sistêmico. / This research pursues as an objective to test cross-sectional returns of some asset pricing models, specially the downside risk suggested by Ang et al. (2006). To accomplish this goal, all the Brazilian Bovespa\'s stocks are used, from January 1999 to July 2012, in one month forward returns Fama-MacBeth regressions. Not only the downside risk model is rejected: almost all models, including the traditional CAPM and versions of the 3 factors Fama-French. A nonlinear CAPM (beta and beta squared) is the exception in the universe of tested models, which produces the best predictions and a positive relationship between betas and forward returns until beta equals 0,642, after this value, the relationship becomes negative. Another issue followed by this study is to compare conditional estimates of the CoVaR model of Adrian and Brunnermeier (2011) with the unconditional ones for the sixteen stock used by Almeida et al. (2012) unconditionally estimates. The results show low and not statistically significant correlation with Almeida\'s estimates. For the sample used here, comparing the conditional and the unconditional methodologies suggests a great similarity for the stress test, but not so close results for the systemic risk.

Thesis (MTech (Business Administration))--Cape Peninsula University of Technology, 2005 / Project risk management is concemed with identifying, assessing and responding to uncertainties which could impact project outcomes. These impacts might be positive or negative, although the tendency in business has been to focus on the negative - or downside - risks, Le., those risks which could be potentially detrimental to project outcomes. Risk management requires an investment in time, effort and cost. For this reason, it has to be efficient if it is going to make business-sense. If it can be shown that risk management plays a positive role in supporting successful project delivery, then the case for investing in risk management will be validated. This study focuses on two projects within Old Mutual, to investigate the link between risk management and project success. Both projects had been approved by the company's Strategic Investment Committee (SICOM), which required that they conform to various governance criteria, including that their risks be managed according to a specified process. One of the projects - CRAFT - was deemed by its stakehoiders to have delivered successfully, while the other - SSA - was perceived to have had mixed results. As a precursor to the study, an extensive review of the current literature on project risk management was undertaken. The literature was found to be largely consistent in its definition of project risk management, and to be concerned mainly with developing the processes and techniques for improving risk management in the live project environment. Based on the literature, it was possible to develop an analytical framework for use as a generic tool in evaluating the role which effective risk management practice could have on project success.

Thesis (DTech(Internal Auditing))-- Cape Peninsula University of Technology, 2012 / Risk, prevalent in all organisational activities influences the achievement or non-achievement of organisational goals. This necessitates the need for a structured process for effective risk management. Traditionally, risk management strategies were centred on insurance solutions, however due to changes in the business landscape, organisations moved towards an integrated, holistic strategy-focused risk discipline. Small and Micro Enterprise (SME) owner-managers are however largely ignorant about the risks faced by their enterprises. They still respond reactively to risk by utilising risk avoidance and risk transfer techniques. These non-structured approaches to risk impede on SME growth and success, limiting their role to providing employment, contributing to investment, and contributing to the economy as a whole. In this research study a SME risk architecture framework that can be used concurrently with corporate governance frameworks as well as the organisation’s performance measurement system is proposed resulting in a structured approach to managing SME risks. The proposed SME architecture framework consists of three interrelated components, namely:  SME risk consciousness, focusing on risk sources most commonly identified as obstacles to SME success and survival.  The SME risk management process that constitutes the steps SME owner-managers should follow in addressing risk sources.  The SME risk management framework providing owner-managers with a mechanism to deal with risks at all organisational levels through effective risk planning, risk implementation and risk evaluation processes.