Risks of extreme and rare events in Asset Management

Komljenović, Dragan; Gaha, Mohamed; Abdul-Nour, Georges; Langheit, Christian; Bourgeois, Michel

doi:10.1016/j.ssci.2016.05.004

Cited by 65 publications

(50 citation statements)

References 29 publications

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“…Similarly, in the case of cybersecurity investment, it is difficult to estimate the impact of a hypothetical cyberincident. Further complications include a lack of historical data and effective metrics related to cyberattacks [47], a lack of knowledge about the type and range of uncertainties, a high level of complexity, the nature of connections between entities, and little opportunity to predict future events [48].…”

Section: Uncertainty Of Cyber-incidentsmentioning

confidence: 99%

Decision Making and Biases in Cybersecurity Capability Development: Evidence from a Simulation Game Experiment

2017

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Abstract:We developed a simulation game to study how well decision makers understand two fundamental aspects of complexity in cybersecurity: potential delays in building capabilities, and uncertainties in predicting cyber-incidents. Analyzing 1,479 simulation runs, we compared the performances of a group of experienced professionals to an inexperienced control group. Experienced subjects did not understand the mechanisms of delays any better than inexperienced subjects. Both groups also exhibited similar errors when dealing with the uncertainty of cyber-incidents. Our findings highlight the importance of training for decision-makers, and lay the groundwork for future research in uncovering mental biases about the complexities of cybersecurity.

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Section: Uncertainty Of Cyber-incidentsmentioning

confidence: 99%

Decision Making and Biases in Cybersecurity Capability Development: Evidence from a Simulation Game Experiment

2017

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“…Arguably, human factor is the main link between industrial emerging risks and occupational emerging risks in advanced manufacturing processes. This may as well be the case, given the complexity of operational and the shifting business environment that continues to overwhelm human cognitive capacities [8,[33][34][35][36][37].…”

Section: Emerging Risks Linked To Humanmentioning

confidence: 99%

“…Several research works highlight the importance of detecting and cautiously analyzing warning flags, precursors, near-misses, and "low-level" events in order to avoid system level break-downs, process interruptions, and/or major accidents. Therefore, organization should have enough organizational, economic, and technological resilience and flexibility applicable in a large number of different and (un)anticipated situations [12,36,37,39,55,81].…”

Section: Complex Systemsmentioning

confidence: 99%

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Emerging Risk Management in Industry 4.0: An Approach to Improve Organizational and Human Performance in the Complex Systems

et al. 2019

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Industry 4.0 in the contemporary operating context carries important sources of complexity. This context generates both traditional risks and emerging risks that must be managed. The management of these risks includes both industrial risks and occupational risks, since they are heavily interlinked. The human factor can be considered the main link between both types of risks. Thus, understanding risks originating from human errors and organizational weaknesses as causes of accidents and other disruptions in complex systems requires elaborating sophisticated modeling approaches. Therefore, the objective of this paper is to propose an organizational and human performance approach to improve the emerging risk management linked to the complex systems, like as Human-Machine Interactions (HMI) and Human-Robot Interaction (HRI). To fulfill this objective, we first introduce the concept of emerging risk linked to human factor. Then, we introduce the concept of emerging risk management in the Industry 4.0 context. Under this complex context, we expose the concept considering the current models of risk management. Finally, we discuss how enhancing human and organizational performance can be achieved through risk management in complex systems linked to Industry 4.0. Therefore, we conclude that while Industry 4.0 brings numerous advantages, it must contend with emerging risks and challenges associated with organizational and human factors. These emerging risks include industrial risks as well as occupational risks. Moreover, the human factor aspect of Industry 4.0 is directly linked to industrial emerging and occupational emerging via context of operations. To cope with these new challenges, it is necessary to develop new approaches. One of such approaches is Complex System Governance. This approach is discussed along with the need for adequate organizational and human performance models dealing with, for example, experience from other domains such as nuclear, space, aviation, and petrochemical.

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“…The rapid growth in the population and in the worthiness of many areas of the world has increased the potential for human and financial losses in the case of a disaster occurring (World Bank, 2012). Therefore, the risk of (human and financial) losses caused by natural or man-made catastrophes cannot be neglected and needs to be managed carefully (Komljenovic, Gaha, & Abdul-No, 2016). Failure in this task can lead to enormous damage and losses if the event occurs as well as dramatic difficulties in restoring the pre-catastrophe economic, infrastructural, and societal status in the aftermath of the event.…”

Section: Introductionmentioning

confidence: 99%

Are catastrophe bonds effective financial instruments in the transport and infrastructure industries? Evidence from international financial markets

Pizzutilo¹,

Venezia²

2018

BEH

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We analyse the effectiveness of catastrophe bonds for the financial management of catastrophic risk in the transport and infrastructure industries. We illustrate how these financial instruments are becoming a valuable tool for non-financial firms in the risk management of catastrophic events, supplementing the traditional insurance/reinsurance channel, especially during times of constraints in the insurance industry. We also review cat bond issues sponsored by infrastructure and transport companies, highlighting the usefulness of these structured financial instruments in the management of the catastrophe exposure in these industries. Policy indications are finally given.

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Risks of extreme and rare events in Asset Management

Cited by 65 publications

References 29 publications

Decision Making and Biases in Cybersecurity Capability Development: Evidence from a Simulation Game Experiment

Decision Making and Biases in Cybersecurity Capability Development: Evidence from a Simulation Game Experiment

Emerging Risk Management in Industry 4.0: An Approach to Improve Organizational and Human Performance in the Complex Systems

Are catastrophe bonds effective financial instruments in the transport and infrastructure industries? Evidence from international financial markets

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