This paper proposes a new risk management framework tailored for IT-centric micro and small companies based on the analysis of the best practices in risk management concepts, specifically the risk management frameworks. The proposed framework for risk management is a synergy of various elements from the existing frameworks, tailored to the specifics of the IT-centric micro and small companies a...

Background: In light of the latest global financial crisis and the ongoing sovereign debt crisis, accurate measuring of market losses has become a very current issue. One of the most popular risk measures is Value-at-Risk (VaR). Objectives: Our paper has two main purposes. The first is to test the relative performance of selected GARCH-type models in terms of their ability of delivering volatil...

This work empirically assesses the degree to which inventory decisions made by entrepreneurs and small businesses are informed by the logic underlying the newsvendor or base stock model and are influenced by the decision-maker’s risk profile. We used a weband email-based survey, combined with a telephone follow-up to elicit risk profiles, obtaining 51 usable responses. Our findings suggest that...

Abstract. The recent increasing interplay between actuarial and financial mathematics has led to a surge of risk theoretic modeling. Especially actuarial ruin models under fairly general conditions on the underlying risk process have become a focus of attention. Motivated by applications to the modeling of operational risk losses in financial risk management, we investigate the stability of cla...

Security risk management on information systems provides security guarantees while controlling costs. But security risk assessments can be very complex, especially in a cloud context where data is distributed over multiple environments. To prevent costs from becoming the only cloud selection factor, while disregarding security, we propose a method for performing multiple cloud security risk ass...

In electronic business environment, it is critical for an enterprise to assess information systems security (ISS) risks. In this paper we propose an evidence theory and rough sets based approach to objectively represent uncertainty inherent in the ISS risk assessment. Uncertainty in security risk management stems from the incompleteness and vagueness of the conditioning attributes that characte...

In order to support effective and efficient business process management, it is imperative that the process management lifecycle be integrated with risk management knowledge. In this regard, this article presents a knowledge-based approach to integrating risk management with business process management. The adopted approach is based on conversational case-based reasoning (CCBR) with the objectiv...

The protection of people and physical assets is the objective of health and safety professionals and is accomplished through the paradigm of anticipation, recognition, evaluation, and control of risks in the occupational environment. Risk assessment concepts are not only used by health and safety professionals, but also by business and financial planners. Since meeting health and safety objecti...

International banks need to estimate their operational risks due to external regulations. Based on their estimations they need to provide private capital to cover potential losses caused by these risks. Therefore, operational risks need to be properly measured and managed in order to reduce the required private capital. In this paper we discuss operational risks related to a typical banking bus...

The typical insurance firm is subject to a wide variety of risks. Understanding and quantifying the interrelationships between individual risk elements is a significantly important but complex challenge. If we view all the risks in a firm as an integrated system, we can apply a computer-assisted learning process called Interpretive Structural Modeling (ISM) to construct a structural graph and i...