Providing good and safe drinking-water is world-wide considered to be a fundamental political issue for public health protection, and must be the primary objective of water supply systems. Drinking-water quality control has currently been based on detection of pathogens and toxic concentrations of chemicals by means of monitoring programs and compliance with national or international guidel…
The meaning of the term “risk” must be understood clearly for effective project risk management. In the context of a project, we are concerned about potential impacts on project objectives such as cost and time. A general definition of “risk” in this context is: Risk is an uncertainty that matters; it can affect project objectives negatively or positively. The uncertainty may be about…
A better understanding of risk management processes and practices within a government agency is crucial for enhancing the project delivery process and for implementing formally risk management. This chapter outlines the whole implementation process carried out with the risk management team formed from different functional units and backgrounds. In addition, a discussion is held over the cri…
Enterprise risk management (ERM) has been the topic of increased media attention in recent years. Many organizations have implemented ERM programs, consulting firms have established specialized ERM units, and universities have developed ERM-related courses and research centers. Despite the heightened interest in ERM by academics and practitioners, there is an absence of empirical evidence regar…
This paper uses a hazard model approach to examine the factors that influence firm level adoption of enterprise risk management (ERM). Enterprise risk management provides a process by which a firm integrates all of its risk management functions. We proxy the decision to implement ERM with the decision to hire a Chief Risk Officer (CRO) or similar senior level executive. We find that firms t…
Using a survey of risk management practices in the insurance industry we examine the impact of enterprise risk management on firm performance. We find enterprise risk management improves firm operating performance. Firms with Chief Risk Officers, dedicated risk committees, and risk management entities that report to Chief Financial Officers experience higher cost efficiency and return on a…
As an emerging field of applied research, Quantitative Risk Management (QRM) poses a lot of challenges for probabilistic and statistical modeling. This review provides a discussion on selected past, current, and possible future areas of research in the intersection of statistics and quantitative risk management. Topics treated include the use of risk measures in regulation, including their…
Thoughtful people disagree about the proper role of the news media. Some believe that journalists should support government and supply the public only with information the government deems appropriate. Some believe the press instead should be the government’s watchdog, searching out and reporting on abuses of power
This revision of Principles of Accounting is based on an understanding of the nature, culture, and motivations of today’s undergraduate students and on extensive feedback from many instructors who use our book. These substantial changes meet the needs of these students, who not only face a business world increasingly complicated by ethical issues, globalization, and technology but who als…
Strategic BCP® established in 2004 – Purpose : elevate the productivity and relevance of business continuity (BC) professionals – ResilienceONE® introduced as a milestone in using technology to streamline the process of creating and maintaining BC plans
Financial economics plays a far more prominent role in the training of economists than it did even a few years ago. This change is generally attributed to the parallel transformation in capital markets that has occurred in recent years. It is true that trillions of dollars of assets are traded daily in financial markets—for derivative securities like options and futures, for example—that h…
Administrative law is the bye-product of the growing socio-economic functions of the State and the increased powers of the government. Administrative law has become very necessary in the developed society, the relationship of the administrative authorities and the people have become very complex. In order to regulate these complex, relations, some law is necessary, which may bring about regula…
meant to represent a companion publication to the earlier and more basic book entitled “Fundamentals of monetary policy in the euro area” insofar as it covers topics that are more of a macroeconomic nature. Given the strong empirical focus that macroeconomics has witnessed over the last decades, the book aims at supplementing the basic concepts with a number of real-world examples c…
First of all, I have to admit that accounting has an image problem. Be honest: What’s the first thing that pops into your mind when you see the word “accountant”? You probably think of a nerd wearing a green eyeshade who has the personality of an undertaker (no offense meant to undertakers, of course). Well, I’ve never worn a green eyeshade in my life, and I can assure you that I’…
This paper offers a comprehensive comparison of the structure of banking and financial markets in the euro area. Based on this, several hypotheses about the role of banks in monetary policy transmission are developed. Many of the predictions that have been proposed for the U.S. are deemed unlikely to apply in Europe. Testing these hypotheses we find that monetary policy does alter bank loan sup…
On 4 August 2011, a young black man was shot dead by police officers in the north London area of Tottenham. The shooting of Mark Duggan, as well as the way in which it was handled by the Metropolitan Police and Independent Police Complaints Commission, triggered a series of riots that spread like wildfire across the cities of England. As with the disturbances in the northern English towns in …
The European financial landscape has changed dramatically over the last couple of years and the pace of change appears to have moved into a higher gear with the establishment of Economic and Monetary Union (EMU). However, although EMU and the introduction of the euro have played a pivotal role in the changes the European financial system has been undergoing, a host of other factors can be ident…
There is a widespread view that the Credit Crunch of 2007-9 was, in part, a result of insufficient reach of regulation and that a solution is to take existing regulation and spread it more comprehensively across more institutions and jurisdictions. That would be an incorrect diagnosis. At the heart of the crisis were highly regu- lated institutions in regulated jurisdictions. The crisis has inv…