Often, construction projects fail to achieve their time, budget, and quality goals. This is frequently due to the failure of the contractor to analyze and assess unanticipated risks. The analytic hierarchy process (AHP) is a new approach that can be used to analyze and assess project risks during the bidding stage of a construction project and to overcome the limitations of the traditional appr...

The economic relevance of IT risks is increasing due to various operational, technical as well as regulatory reasons. Increasing flexibility of business processes and increasing dependability on IT require continuous risk assessment, challenging current methods for risk management. Extending IT risk management by a business process-oriented view is a promising approach for taking the occurring ...

Purpose – The purpose of this paper is to use a risk management perspective to identify the risks of employment discrimination law liability for multinational employers. Design/methodology/approach – Data from 101 US Federal Court cases that involved multinational employers operating both inside and outside of the USA were content coded and then used to identify factors that predict the frequen...

As outsourcing is becoming mandate for today’s business, there has been a variety of researches taking place. This paper discusses on managing operational risks in an organization where one or more business processes are being outsourced. We first review on changing nature of operational risks not only in outsourced process itself, but also among any other interrelated processes. Then a concept...

The implementation team problem is one of the critical elements lead to ERP project failure. The purpose of this research is to explore the relationship between team risk factors and IT governance. The IT governance includes five important domains, that is, IT strategic alignment, IT value delivery, IT resource management, IT risk management, and IT performance management. Our research results ...

We describe a model that takes into account the tail dependence present in a large set of historical risk factor data using the modern concept of copulas. We extend the popular t-copula to obtain a new grouped t-copula which describes more accurately the dependence among risk factors of different classes. We explain how to estimate the parameters of the grouped t-copula and apply the method to ...

Cyber risks are an important point on the business agenda in every company, but they are difficult to assess due to the absence of reliable data and profound analyses. To improve this situation, we identify cyber losses from an operational risk database and analyze these with methods from the field of actuarial science. Specifically, we apply operational risk models in order to yield consistent...

The theory of copulae is known to provide a useful tool for modelling dependence in integrated risk management. In the present paper we review and extend some of the more recent results for finding distributional bounds for functions of dependent risks. As an example, the main emphasis is put on Value-at-Risk as a risk measure.