Home About us Contact
|
Home About us Contact | ||
|
|
||
Risk Managers (risk + managers)
Selected AbstractsEvaluating risk in human plasma transfusionJOURNAL OF HEALTHCARE RISK MANAGEMENT, Issue 2 2000Fred Darr MD Medical Officer Human plasma transfusion with fresh frozen plasma can be valuable in treating a variety of hemorrhagic disorders. Although safe in most cases, fresh frozen plasma poses some risk of viral infection via transfusion. New plasma preparations, using either quarantine or viral inactivation of pooled samples to improve safety, have been made available in the United States. Distinguishing characteristics include viral safety, availability, and cost. Risk managers should be aware of the range of plasma products, as well as the issues surrounding their use, in order to participate in organizational decision-making regarding the recommendation of specific products. [source] The Effect of VaR Based Risk Management on Asset Prices and the Volatility SmileEUROPEAN FINANCIAL MANAGEMENT, Issue 2 2002Arjan Berkelaar Value-at-risk (VaR) has become the standard criterion for assessing risk in the financial industry. Given the widespread usage of VaR, it becomes increasingly important to study the effects of VaR based risk management on the prices of stocks and options. We solve a continuous-time asset pricing model, based on Lucas (1978) and Basak and Shapiro (2001), to investigate these effects. We find that the presence of risk managers tends to reduce market volatility, as intended. However, in some cases VaR risk management undesirably raises the probability of extreme losses. Finally, we demonstrate that option prices in an economy with VaR risk managers display a volatility smile. [source] Sequential analysis of lines of evidence,an advanced weight-of-evidence approach for ecological risk assessmentINTEGRATED ENVIRONMENTAL ASSESSMENT AND MANAGEMENT, Issue 4 2006Ruth N Hull Abstract Weight-of-evidence (WOE) approaches have been used in ecological risk assessment (ERA) for many years. The approaches integrate various types of data (e.g., from chemistry, bioassay, and field studies) to make an overall conclusion of risk. However, the current practice of WOE has several important difficulties, including a lack of transparency related to how each line of evidence is weighted or integrated into the overall weight-of-evidence conclusion. Therefore, a sequential analysis of lines of evidence (SALE) approach has been developed that advances the practice of WOE. It was developed for an ERA of chemical stressors but also can be used for nonchemical stressors and is equally applicable to the aquatic and terrestrial environments. The sequential aspect of the SALE process is a significant advancement and is based on 2 primary ideas. First, risks can be ruled out with the use of certain lines of evidence, including modeled hazard quotients (HQs) and comparisons of soil, water, or sediment quality with conservative soil, water or sediment quality guidelines. Thus, the SALE process recognizes that HQs are most useful in ruling out risk rather than predicting risk to ecological populations or communities. Second, the SALE process provides several opportunities to exit the risk assessment process, not only when risks are ruled out, but also when magnitude of effect is acceptable or when little or no evidence exists that associations between stressors and effects may be causal. Thus, the SALE approach explicitly includes interaction between assessors and managers. It illustrates to risk managers how risk management can go beyond the simple derivation of risk-based concentrations of chemicals of concern to risk management goals based on ecological metrics (e.g., species diversity). It also can be used to stimulate discussion of the limitations of the ERA science, and how scientists deal with uncertainty. It should assist risk managers by allowing their decisions to be based on a sequential, flexible, and transparent process that includes direct toxicity risks, indirect risks (via changes in habitat suitability), and the spatial and temporal factors that can influence the risk assessment. [source] Aquatic risks of pesticides, ecological protection goals, and common aims in european union legislationINTEGRATED ENVIRONMENTAL ASSESSMENT AND MANAGEMENT, Issue 4 2006Theo CM Brock Abstract This discussion paper presents a framework for spatiotemporal differentiation in ecological protection goals to assess the risks of pesticides in surface waters. It also provides a proposal to harmonize the different scientific approaches for ecotoxicological effect assessment adopted in guidance documents that support different legislative directives in the European Union (Water Framework Directive and Uniform Principles). Decision schemes to derive maximum permissible concentrations in surface water are presented. These schemes are based on approaches recommended in regulatory guidance documents and are scientifically underpinned by critical review papers concerning the impact of pesticides on freshwater organisms and communities. Special attention is given to the approaches based on standard test species, species sensitivity distribution curves, and model ecosystem experiments. The decision schemes presented here may play a role in the "acceptability" debate and can be used as options in the process of communication between risk assessors and risk managers as well as between these risk experts and other stakeholders. [source] Improving expected tail loss estimates with neural networksINTELLIGENT SYSTEMS IN ACCOUNTING, FINANCE & MANAGEMENT, Issue 2 2005J. R. Aragonés Expected tail loss (ETL) and other ,coherent' risk measures are rapidly gaining acceptance amongst risk managers due to the limitations of value-at-risk (VaR) as a risk measure. In this article we explore the use of multilayer perceptron supervised neural networks to improve our estimates of ETL numbers using information from both tails of the distribution. We compare the results with the historical simulation approach to the estimation of VaR and ETL. The evaluation results indicate that the ETL estimates using neural networks are superior to historical simulation ETL estimates in all periods except for one, and in that case the historical ETL is slightly superior. Overall, therefore, when the whole period is considered, our results indicate that the network estimates of ETL are superior to the historical ones. Finally, one of the most interesting results of the study is the fact that the neural networks seem to indicate that VaR and ETL (as a function of VaR itself) are dependent not only on the negative returns observed, but also on large positive returns, which indicates that too much emphasis on losses could lead us to overlook important risk information arising from large positive returns. Copyright © 2005 John Wiley & Sons, Ltd. [source] MIT Roundtable on Corporate Risk ManagementJOURNAL OF APPLIED CORPORATE FINANCE, Issue 4 2008Article first published online: 16 DEC 200 Against the backdrop of financial crisis, a distinguished group of academics and practitioners discusses the contribution of financial management and innovation to corporate growth and value, along with the pitfalls and unintended consequences of such innovation. The main focus of most panelists is the importance of a capital structure and risk management approach that complement the strategy and operations of the business. Instructive examples are provided by Judy Lewent, former CFO and head of strategic planning at Merck, and Lakshmi Shyam-Sunder, director of finance and risk management at the International Finance Corporation. But if these represent successful applications of finance theory, what about the large number of cases where the use of derivatives and other innovations has led to high leverage and apparent risk management failures? Part of the current trouble, as pointed out by Andrew Lo, can be attributed to the failure of risk managers and their models to account for highly improbable events,the so-called fat tails of the distribution. But, as Robert Merton suggests in closing, there is a more comprehensive explanation for today's problems: the tendency of market participants to respond to potentially risk-reducing financial innovation by increasing their risk-taking in other areas. "What we have here," says Merton, ,are two partly offsetting effects of innovation,one that is reducing the risk of companies and their investors, and another that is encouraging greater risk-taking. From a social or regulatory standpoint, the goal is to find the right balance between these two effects or forces. [source] Collaborating with patients and their familiesJOURNAL OF HEALTHCARE RISK MANAGEMENT, Issue 4 2010Bev Johnson Patient- and family-centered care is a healthcare approach that emphasizes collaboration among patients, families, and healthcare providers. The key concepts of patient- and family-centered care can be applied in any healthcare setting to enhance patient safety, reduce the risk of medical errors, improve risk management processes, and create an organizational culture supportive of risk managers and open, honest communication. [source] Strategies to prepare for electronic discovery in healthcareJOURNAL OF HEALTHCARE RISK MANAGEMENT, Issue 1 2009CPHRM, Joseph L. Smetana Jr. MSHL While many healthcare risk managers have not yet received interrogatories requesting electronic information during discovery, all should nevertheless be prepared to face such requests. It is increasingly important to become knowledgeable of the legal exposure, due in part to recent amendments to the rules of civil procedure and case law that support the rules. This article provides healthcare risk managers with the basic knowledge necessary to prepare for electronic discovery. [source] Tackling patient safety taxonomy: A must for risk managersJOURNAL OF HEALTHCARE RISK MANAGEMENT, Issue 1 2008Article first published online: 23 JUL 200 First page of article [source] Performing contaminant mass balances for remedy assessmentsREMEDIATION, Issue 2 2009James T. Gibbs Contaminant mass-balance assessments are useful tools to help quantify various mass transport and removal mechanisms that may be active in a remedial system setting. This article presents the basics of performing a mass balance and illustrates the utility of using the information derived to support project management decisions. It is important to understand the partitioning of contaminant mass into various environmental media and physical forms, as well as the relationships among the partitions. Contaminant partitioning tends toward an equilibrium state, so natural or engineered mass transfer into or out of one partition will affect the others. Mass balances are exercises that quantify, to the extent possible, the contaminant mass in the various environmental partitions and the transfer and transformation processes that affect contaminant distribution. Understanding mass partitioning and transfer mechanisms helps remediation practitioners to engineer and optimize those mechanisms that contribute to risk reduction at a contaminated site. Such knowledge can inform risk managers when natural mechanisms may dominate engineered approaches and help identify uncertainties in contaminant fate and transport. © 2009 Wiley Periodicals, Inc. [source] Using Empirical Likelihood to Combine Data: Application to Food Risk AssessmentBIOMETRICS, Issue 1 2009Amélie Crépet Summary This article introduces an original methodology based on empirical likelihood, which aims at combining different food contamination and consumption surveys to provide risk managers with a risk measure, taking into account all the available information. This risk index is defined as the probability that exposure to a contaminant exceeds a safe dose. It is naturally expressed as a nonlinear functional of the different consumption and contamination distributions, more precisely as a generalized U-statistic. This nonlinearity and the huge size of the data sets make direct computation of the problem unfeasible. Using linearization techniques and incomplete versions of the U-statistic, a tractable "approximated" empirical likelihood program is solved yielding asymptotic confidence intervals for the risk index. An alternative "Euclidean likelihood program" is also considered, replacing the Kullback,Leibler distance involved in the empirical likelihood by the Euclidean distance. Both methodologies are tested on simulated data and applied to assess the risk due to the presence of methyl mercury in fish and other seafood. [source] | ||||||||||