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Special Issue "New Advance of Risk Management Models"

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A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: closed (30 December 2022) | Viewed by 19785

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Special Issue Editors

Prof. Dr. Andrea Bencsik

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Guest Editor

Faculty of Business and Economics, University of Pannonia, 8200 Veszprém, Hungary
Interests: management; knowledge management; HR; change management

Prof. Dr. Janos Fustos

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Department of Computer Information Systems and Business Analytics, Metropolitan State University of Denver, Denver, CO 80254, USA
Interests: computer information systems; business applications; information systems security

Prof. Dr. Maria Jakubik

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Guest Editor

Ronin Institute, Montclair, NJ, USA
Interests: higher education; adult education; organizational studies

Special Issue Information

Dear Colleagues,

The current business environment is characterised by shorter product life cycles, a higher consumer demand and sustainable and environmentally friendly products and services, which, embedded in unpredictable political, economic and social conditions, pose a major challenge for all organisations. Organisations wanting to succeed in an ever-changing market need to rethink their existing business operations and models, placing greater emphasis on innovation towards sustainability. This requires a business model that creates a safe and secure operation able to minimise risk in all elements of a business' operations. This also means being aware of potential risk factors and their potential impact on all aspects and levels of day-to-day operations, from the establishment of a business to the sustainability of successful operations. When we consider the risks of a business, we have to take into account problems in IT, quality, technology, people, finance, planning and implementation, maintenance, project implementation, etc. Managing all of these is a major challenge for managers, who must also take into account the risks associated with their decisions and knowledge. The aim of this Special Issue is to publish studies that, through their diversity, can provide a comprehensive picture of the risks that businesses face and the management models that can deal with the challenges posed by new risk factors. We plan to publish studies presenting management models suitable for dealing with new constantly emerging risks, or ones presenting novel solutions for dealing with existing, classic organisational risks. We welcome papers illustrating the theoretical and practical applications of quantitative and qualitative risk models, as well as presenting new quantitative risk models, with a preference for papers taking financial areas into consideration.

Prof. Dr. Andrea Bencsik
Prof. Dr. Janos Fustos
Prof. Dr. Maria Jakubik
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Risks is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

new quantitative risk management models
financial risk management model
qualitative risk management models
risk models of organisational functioning
organisational processes and management risk models
new quantitative management risk models

Published Papers (10 papers)

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Research

Open AccessArticle

Current and Expected Development of Corporate Strategies for Managing Environmental Risks in Hungary

Hajnalka Fekete-Berzsenyi

Katalin Molnárné Barna

and

Melinda Koczor-Keul

Risks 2023, 11(3), 47; https://doi.org/10.3390/risks11030047 - 21 Feb 2023

Viewed by 1150

Abstract

Environmental challenges often present businesses with unexpected situations, and in order to address them, innovation in the direction of sustainability must become an unavoidable activity. This entails the transformation and development of the existing business models, assuming a great business risk. The occurrence of the risk and its extent can only be estimated, which is why it is important to have management models that are able to handle the challenges posed by new, constantly arising risk factors. We analyzed the largest companies based on the number of employees with headquarters or sites in Hungary with regard to the management methods used by them to manage environmental risks. The methods used were the analysis of variance and cluster analysis. Based on the results of the research it is clear that the companies surveyed are already very concerned with environmental opportunities and risks, and they expect that the role of innovations applied to manage them to play a more prominent role in their future target system. However, the level of this is significantly different and does not depend on the financial performance, and at the same time companies can be divided into distinct groups according to the level of environmental risk management. Full article

(This article belongs to the Special Issue New Advance of Risk Management Models)

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Open AccessArticle

Towards a More Resilient Festival Industry: An Analysis of the Adoption of Risk Management Models for Sustainability

Katalin Lorincz

Katalin Formadi

and

Ildiko Ernszt

Risks 2023, 11(2), 45; https://doi.org/10.3390/risks11020045 - 15 Feb 2023

Viewed by 1479

Abstract

The COVID-19 pandemic has had a significant impact on numerous industries, including the event industry, resulting in widespread disruptions. The widespread cancellations of festivals have been a direct consequence of the pandemic, and, following the reopening, those that have taken place have had to implement changes in response to the new guidelines and regulations created as a result of the pandemic. In this study, we examine the experiences of festivals held in 2021 in the Veszprém–Balaton 2023 European Capital of Culture region (VEB 2023 region). The study aims to adapt the PwC Risk Management Model and identify its four pillars (1: detect; 2: protect; 3: react; 4: restore) in the case of festivals. Our study outlines how festival organizers have faced unprecedented challenges and risks (detect), how they survived in complete uncertainty (protect), what lessons they learned, and what risk management decisions they made as a challenge of the pandemic period from a consumer perspective (react). The present study utilized a qualitative research methodology and involved conducting structured interviews with a total of 19 event organizers from five different events. In addition, to gain a comprehensive understanding of the sustainable consumption habits of festival visitors, a questionnaire survey was administered yielding 1133 responses. The biggest challenges for the organizers during the times of the pandemic were uncertainty and unpredictability, with increased financial, human, and mental risks and burdens. However, the positive benefits of the pandemic period and the future developmental directions of sustainable festivals were also highlighted (e.g., small-scale, family-friendly events). Regarding the future, the aspects of greening aspirations, a need to reflect on the social-environmental criteria of sustainability, and more flexible management decisions to deal with uncertainty have emerged among the festival organizers (restore). The research has revealed that festival visitors themselves will be important allies in the introduction of sustainable measures. The research result helps festival organizers to adapt more effectively to the new socio-economic circumstances caused by the pandemic. Full article

(This article belongs to the Special Issue New Advance of Risk Management Models)

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Open AccessArticle

Evaluating the Effectiveness of Modern Forecasting Models in Predicting Commodity Futures Prices in Volatile Economic Times

László Vancsura

Tibor Tatay

and

Tibor Bareith

Risks 2023, 11(2), 27; https://doi.org/10.3390/risks11020027 - 22 Jan 2023

Viewed by 1413

Abstract

The paper seeks to answer the question of how price forecasting can contribute to which techniques gives the most accurate results in the futures commodity market. A total of two families of models (decision trees, artificial intelligence) were used to produce estimates for 2018 and 2022 for 21- and 125-day periods. The main findings of the study are that in a calm economic environment, the estimation accuracy is higher (1.5% vs. 4%), and that the AI-based estimation methods provide the most accurate estimates for both time horizons. These models provide the most accurate forecasts over short and medium time periods. Incorporating these forecasts into the ERM can significantly help to hedge purchase prices. Artificial intelligence-based models are becoming increasingly widely available, and can achieve significantly better accuracy than other approximations. Full article

(This article belongs to the Special Issue New Advance of Risk Management Models)

Open AccessArticle

Perceived Risks of Autonomous Vehicles

Kornélia Lazányi

Risks 2023, 11(2), 26; https://doi.org/10.3390/risks11020026 - 21 Jan 2023

Cited by 1 | Viewed by 1416

Abstract

Whilst self-driving cars are not vehicles of the future, but technology that is already available, their acceptance and implementation is heavily limited. People consider them as technology that has a lot of risk—be it technological, IT related, or even ethical. The aim of the present paper is to enrich the existing body of literature of risk perception—and in line with this technology adaption—regarding autonomous vehicles and how they are influenced by demographic and exogenous cultural variables. Whilst the effect of cultural variables on risk perception has already been explored by several researchers, the present paper shall be considered an expansion of those works, striving to address a particular segment of risk perception—the specifics of cultural influence on risk perception regarding autonomous vehicles. Whilst risk perception is of a multifaceted nature, the current paper does not aim to provide a comprehensive understanding of the complex phenomenon under scrutiny, but intends to highlight the potentiality of cultural influences besides the often-explored individual variables when it comes to risk perception and the consequent decisions and indicates that the cultural dimensions of Geert Hofstede use to create a better understanding of perceived risks related to self-driving cars. Full article

(This article belongs to the Special Issue New Advance of Risk Management Models)

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Open AccessArticle

Valuation of Equity-Linked Death Benefits on Two Lives with Dependence

Kokou Essiomle

and

Franck Adékambi

Risks 2023, 11(1), 21; https://doi.org/10.3390/risks11010021 - 12 Jan 2023

Cited by 1 | Viewed by 1102

Abstract

The purpose of this paper is to investigate equity-linked death benefits for joint alive and last survivor individuals. Utilizing Farlie–Gumbel–Morgenstern (FGM) type dependency modeling framework, we first analyze the joint distribution of the couple (joint alive and last survival density) when marginal distributions follow mixed exponentials and weighted exponentials distributions. Then, we derive the price of the guaranteed minimum death benefit (GMDB) product. In addition, we provide closed analytical expressions of the price of some financial contingent claim contracts (classical and exotic options). Furthermore, we present some numerical results to support our theoretical results. We show in our numerical example that it is important to model the dependency between two lives (couple) since the price changes as the copula parameter changes. Full article

(This article belongs to the Special Issue New Advance of Risk Management Models)

Open AccessArticle

Solutions to Manage Smart Cities’ Risks in Times of Pandemic Crisis

Mariana Petrova

and

Iskren Tairov

Risks 2022, 10(12), 240; https://doi.org/10.3390/risks10120240 - 16 Dec 2022

Cited by 6 | Viewed by 1517

Abstract

The purpose of this paper was to investigate technologies, methods, and approaches that can be used to effectively manage smart city risks in the context of the COVID-19 pandemic. The paper was based on a review of specialized literature sources and expert statements on smart cities in times of crisis, specifically during COVID-19. A systematic literature review served as the research’s methodological foundation; this was supplemented by conceptual data analysis techniques and a modeling method. Our initial search yielded 234 research articles, 38 of which met our inclusion criteria and were included in the review. A further 32 studies fell outside of the criteria for supporting smart cities’ crisis management. The main findings showed that technologies can respond quickly to pandemic crisis risks while also ensuring the availability of urban functionality and that there are numerous risks in implementing technologies to achieve effective management. The main risks were privacy concerns, social inclusion, political bias, misinformation and fake news, and technical difficulties with education and distance employment. The practical significance of the paper lay in proposing a model based on specific technologies and policies aimed at effective risk management in the days of COVID-19. Full article

(This article belongs to the Special Issue New Advance of Risk Management Models)

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Open AccessArticle

Development of the PRISM Risk Assessment Method Based on a Multiple AHP-TOPSIS Approach

Ferenc Bognár

Balázs Szentes

and

Petra Benedek

Risks 2022, 10(11), 213; https://doi.org/10.3390/risks10110213 - 09 Nov 2022

Cited by 7 | Viewed by 1600

Abstract

The PRISM method is a risk assessment approach that focuses on hidden-risk identification and ranking. The combined AHP-PRISM method was created for strategic assessments based on pairwise comparisons. The PRISM and AHP-PRISM methods have remarkable visual decision support and control functions that make them useful in practical problem solving. However, the methods can be successfully applied with the same factor weights. To eliminate this significant disadvantage and enable an in-depth analysis of the alternatives based on the ideal best and ideal worst solutions, AHP-PRISM was integrated with TOPSIS in this study. As a result, the novel AHP-TOPSIS-based PRISM method can be configured more extensively for practical decision-making problems than the previous PRISM approaches. In addition, the novel method supports the ideal best and worst analysis of the alternatives without losing its ability to focus on identifying hidden risk. The method was tested on data related to strategic incident groups of incoming logistics business processes at a nuclear power plant. Full article

(This article belongs to the Special Issue New Advance of Risk Management Models)

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Open AccessArticle

Trading Binary Options Using Expected Profit and Loss Metrics

Johannes Hendrik Venter

and

Pieter Juriaan De Jongh

Risks 2022, 10(11), 212; https://doi.org/10.3390/risks10110212 - 08 Nov 2022

Viewed by 2372

Abstract

Trading in binary options is discussed using an approach based on expected profit (EP) and expected loss (EL) as metrics of reward and risk of trades. These metrics are reviewed and the role of the EL/EP ratio as an indicator of quality of trades, taking risk tolerance into account, is discussed. Formulas are derived for the EP and EL of call and put binaries assuming that the price of the underlying asset follows a geometric Brownian motion. The results are illustrated with practical data from the Nadex trading platform. The Black–Scholes notion of implied volatility is extended to wider notions of implied drift and volatility of the price process of the underlying asset. Illustrations show how these notions can be used to identify attractive binary trades, taking anticipated price movement into account. The problem of selecting portfolios of call and put binary options which maximize portfolio EP while constraining the portfolio EL to satisfy risk tolerance and diversification requirements, is formulated and solved by linear programming. This is also illustrated with the Nadex data under various scenarios. Full article

(This article belongs to the Special Issue New Advance of Risk Management Models)

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Open AccessArticle

The COVID-19 Impact on Supply Chains, Focusing on the Automotive Segment during the Second and Third Wave of the Pandemic

Beáta Sz. G. Pató

Márk Herczeg

and

Ágnes Csiszárik-Kocsir

Risks 2022, 10(10), 189; https://doi.org/10.3390/risks10100189 - 28 Sep 2022

Cited by 9 | Viewed by 4970

Abstract

In the last few years, there have been several big changes in the automotive industry, and global automotive supply chains have faced many challenges, mainly due to the COVID-19 epidemic. The virus had several huge impacts on the global market, with different risk management approaches companies and global supply chains needed to adapt to the altered situation. During the second and third wave of the epidemic, several regions and countries were under lockdown for different intervals in order to stop the spread of the virus. Some countries entered lockdown for the first time, and many of them entered lockdown again, as when the first wave occurred. The economy of the Philippines is dependent on electronics-related industries, which faced extraordinary risks from different sources, and these industries suffered severe consequences because of COVID-19. Crucial automotive suppliers outsource their production facilities to the Philippines region, and the dominant semiconductor segments were heavily impaired due to the lockdowns. Electrification in the automotive industry and the spread of electric vehicles is becoming increasingly important due to rapid technological development. The economic shock caused by COVID-19 forced companies in this sector to diversify their supply chain activities in order to stay competitive, minimize the supply chain-related risks and to start recovery processes. The authors analysed the risks, position, opportunities, challenges, difficulties, reactions and solutions of a certain automotive supplier, which was heavily reliant on the Philippines, and Chinese suppliers. Full article

(This article belongs to the Special Issue New Advance of Risk Management Models)

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Open AccessArticle

Model of the Factors Affecting the Eco-Innovation Activity of Bulgarian Industrial Enterprises

Valentina Nikolova-Alexieva

Iordanka Alexieva

Katina Valeva

and

Mariana Petrova

Risks 2022, 10(9), 178; https://doi.org/10.3390/risks10090178 - 07 Sep 2022

Cited by 5 | Viewed by 1657

Abstract

In recent years, modern society has faced a number of challenges related to the achievement of global goals for sustainable development. Industrial enterprises are challenged to generate, stimulate, and demand changes in networks and supply chains, but these challenges require flexibility and innovation activity in different directions. The data for Bulgaria show that the country is last among the countries of the European Union in terms of the creation and implementation of eco-innovations. Despite this result, the pace at which the country is developing shows that in the next few years, Bulgaria has the potential to move from a modest to a moderate eco-innovator, provided that it succeeds in filling the structural gaps in the system of ecological innovation. These gaps are related not only to the need for changes in the investment of resources but also to the need for changes in individual and related systems such as science and innovation, support for SMEs, the energy system, etc. Most of the research on sustainable innovation and eco-innovation has, however, focused on firm innovation models dominated by short-term profit-maximizing approaches. Therefore, there is a need to conduct research and propose adequate strategies for modern business environments and design models that facilitate the implementation of eco-innovations in industrial enterprises. The purpose of this report is to investigate the factors influencing the development of eco-innovation activities of Bulgarian industrial enterprises, examining how they can help to achieve success through eco-innovation and improve business results. A factorial model is proposed, through which the relationships between technological, financial, organizational, informational resources, research and development activities (R&D), and company cooperation are analyzed. The PLS structural equation modeling technique was used to validate the proposed theoretical model. The survey was conducted among 380 industrial enterprises from all over the sectors of the economy in Bulgaria with the help of a specially developed questionnaire within the period of April 2019 to December 2021. The obtained results show that human resources, financial resources, and cooperation positively influence research and development activities. In addition, the achievement of a positive effect on the management of eco-innovations affects the innovation activities of industrial enterprises, their ability to carry out research and development activities, as well as their ability to manage the technical and technological resources at their disposal effectively. Finally, the innovation activity aimed at carrying out scientific research and development activity, products and processes obtained as a result of the eco-innovation activity, and adequate information management directly affect the efficiency of business processes and financial results. Full article

(This article belongs to the Special Issue New Advance of Risk Management Models)

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