Forthcoming articles

International Journal of Risk Assessment and Management

International Journal of Risk Assessment and Management (IJRAM)

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International Journal of Risk Assessment and Management (22 papers in press)

Regular Issues

  •   Free full-text access Open AccessPotential technical hazards associated with four North American carbon capture and sequestration projects
    ( Free Full-text Access ) CC-BY-NC-ND
    by Mirhamed Sarkarfarshi, Chris Ladubec, Robert Gracie, Maurice Dusseault, William Leiss, Daniel Krewski 
    Abstract: Risks associated with Carbon Capture and Storage (CCS) depend largely on the geological characteristics of the CCS site, potential reactions between the CO2 and the caprock, the presence of anthropogenic pathways (legacy wellbores), and the injection well construction and its operation. In this article we provide a brief overview of major georisks, recognising that it is only possible to quantitatively describe them on a site-by-site basis, although generalization of pathways impacts is possible. We discuss in some detail the geological and pathway issues to guide general site selection practices to reduce georisk. An illustrated set of events that trigger hazards and an illustrative set of resulting consequences are presented in a set of bow-tie diagrams for leakage, low storage capacity/injectivity, the release of hazardous gases and materials, surface uplift, and Induced Seismicity. As a supplemental to the article, a hazard taxonomy was developed based largely on literature with particular focus on four North American large-scale CCS projects (Quest Project, Weyburn Project, Project Pioneer and FutureGen). Each hazard is classified based on the phase of CCS project and the activity which triggers the event. The probability and consequences of each hazard is reported based on North American CCS project studies. Overall, the probability and consequences of leakage of CO2, brine, or other fluids because of CCS through wells (injection, monitoring or decommissioned legacy wells) remains highly uncertain: there is significant evidence that leakage of gas from oil and gas wells is common, rather than exceptional, despite modern cementing and completion practices.
    Keywords: carbon sequestration; carbon dioxide; risk; georisk; hazard; CCS; leakage; seismic activities; surface uplift; containment.

  • A probabilistic graphical models approach to model interconnectedness   Order a copy of this article
    by Alexander Denev, Adrien Papaioannou, Orazio Angelini 
    Abstract: In this paper, we show that using multiple models when executing a specific task almost unavoidably gives rise to interaction between them, especially when their number is large. We show that this interaction can lead to biased and incomplete results if treated inappropriately (which we believe is the current standard in the financial industry). We propose the use of probabilistic graphical models, which is a technique widely used in machine learning and expert systems, as a remedy to this problem. We discuss some numerical aspects of our approach that will be present in any practical implementation. We then examine, in detail, a practical example of using this method in a stress testing context.
    Keywords: probabilistic graphical models; model interconnectedness; stress testing; machine learning.

  • Binary approaches to biological risks   Order a copy of this article
    by Ange-Helene Yebga Hot, Toualy Serge Ouina, Marie-Pierre Baudin-Maurin, Marina Koussemon, Jean-Michel Panoff 
    Abstract: Concerning biological risks, European Union and Governments policies mainly rely on two scientific classifications (2000/54/EC; 2009/41/EC). However, recent health concerns (e.g. Avian Flu Epidemic) and environmental damages (e.g. GMOs) have questioned the limitations of those categorisations, stressing the need for accurate tools to assess and manage biological risks. The aim of this study is to provide an original analysis of the biological risks, beyond the common categorisations, taking into account, by using binary approaches, the biological risks diversity. This research work has non-exhaustively identified 10 couples such as microbiology/ macrobiology, natural/provoked risks, naturally pathogenic biological agents/genetically modified organisms, indigenous/invasive states, health/environment, primary target/collateral consequences, synthetic/natural biology, exobiology/endobiology, proven/potential risks and assessment/management. This present study will likely be useful to improve the decision-making process regarding biological risks.
    Keywords: biological risk; biology; risk; hazard; assessment; management.

  • Recovery from natural disaster: a study on tsunami-affected micro, small and medium enterprises in Galle and Matara districts in Sri Lanka   Order a copy of this article
    by Sarath. W.S.B. Dasanayaka, W. Jayarathna, Omar Al Serhan, Kimberly Gleason 
    Abstract: Natural disasters occur with high frequency, leaving behind an obscene path of destruction that immobilises communities. The main objective of this study is to show recovery and re-establishment of tsunami affected micro, small and medium enterprises (MSMEs) in Galle and Matara districts in Sri Lanka. The secondary data and information for this study were obtained from available literature, web sites and publications. Primary data and information were collected from sample surveys in these two districts and interviews formed an important source of supplementary information. Results showed that the needs of tsunami-affected MSMEs were ignored and that there were many governance-related problems in the recovery process in both districts. Further, the rate at which businesses in the Galle and Matara districts returned to pre-tsunami levels of operations six years post-tsunami was low, at around 62%. The financial loss arose primarily from damage to plant and machinery as well as inventory. Hence, expenditure should have been in the direction of procurement of tools, equipment and machinery for the affected units. Owing to the large scale of the disaster, its wide geographical spread, and involvement of a large number of agents, institutions and parties involved in the distribution of benefits and in the recovery process, it is hard assign blame to any single entity regarding accountability of government or other institutions for their conduct and performance in recovery process. Our results are of use to policy makers and NGOs in their efforts to assist entrepreneurial ventures in resource allocation that more efficiently assist entrepreneurs in reestablishing business operations following natural disasters worldwide.
    Keywords: tsunami; natural disasters; economic recovery; micro; small and medium enterprises; governance; Sri Lanka.

  • Rethinking capabilities in information security risk management: a systematic literature review   Order a copy of this article
    by Martin Lundgren 
    Abstract: Information security risk management capabilities have predominantly focused on instrumental onsets, while largely ignoring the underlying intentions and knowledge these management practices entail. This article aims to study what capabilities are embedded in information security risk management. A theoretical framework is proposed, namely rethinking capability as the alignment between intent and knowing. The framework is situated around four general risk management practices. A systematic literature review using the framework was conducted, resulting in the identification of eight identified capabilities. These capabilities were grouped into respective practices: integrating various perspectives and values to reach a risk perception aligned with the intended outcome (identify); adapting to varying perspectives of risks and prioritizing them in accordance with the intended outcome (prioritize); security controls to enable resources, and integrate/reconfigure beliefs held by various stakeholders (implement); and sustaining the integrated resources and competences held by stakeholders to continue the alignment with the intended outcome (monitor).
    Keywords: information security; risk management; capability; intent; knowing.

  • Flood risk assessment and management for urban areas in Brazilian Pantanal using free and open source GIS software   Order a copy of this article
    by Rodrigo Moreira, Cleiton Santos 
    Abstract: The present work provides decision makers with a tool to strategically deploy a risk assessment and management method, including statistical, technological and graphical features, by using a GIS approach. The analysed period is the years between 1977 and 2017, comprising a historical series of 40 years of maximum quotas and maximum flows. Researchers used the QuantumGis 2.18 platform to deploy flood risk mapping. Maps with flood risk levels within the urban area of study are presented, also, 3D models of flood risk are presented. The calculation of the return period estimation for flood risk is a reliable tool to understand the dynamics of a water body inserted in an urban area. Thus, it is possible to deploy scenarios with statistical background to aid decision making with regard to risk assessment. Technology-based information is key to support decision making, helping cities to raise funds to deploy risk management actions. The use of a free and open source GIS software such as QuantumGis presents a low cost, efficient and interface-friendly platform to solve flood management issues.
    Keywords: QuantumGis; return period estimation; assessment; Alto Taquari river basin.

Special Issue on: Risk Assessment and Management of Carbon Capture and Storage A Canadian Perspective

  •   Free full-text access Open AccessAlbertas approach to the transfer of liability for carbon capture and storage projects
    ( Free Full-text Access ) CC-BY-NC-ND
    by Nigel Bankes 
    Abstract: The Province of Alberta has assumed a leadership role in Canada in developing a legal and regulatory framework for encouraging the adoption of carbon capture and storage (CCS) technology. One element of that framework deals with liability issues. This paper reviews the different liability issues associated with CCS projects as well as the case for transferring liability post-closure to the government. The paper then examines how Alberta has chosen to accept a transfer that liability and how Alberta seeks to recover at least a portion of those costs from the injection industry though the mechanism of the Post-Closure Stewardship Fund. Some reference is made to the European Unions CCS Directive as a point of comparison.
    Keywords: carbon capture and storage; law and regulation; liability.

  •   Free full-text access Open AccessRisk Assessment and Management Frameworks for Carbon Capture and Geological Storage: A global perspective
    ( Free Full-text Access ) CC-BY-NC-ND
    by Patricia Larkin, William Leiss, Daniel Krewski 
    Abstract: Carbon capture and storage (CCS) is included in the list of technological processes that could reduce point source carbon dioxide emissions that contribute to climate change. For geological storage projects, global frameworks for environmental and human health risk assessment (RA) and risk management (RM) have been developed within various regional and national jurisdictions as well as by non-government organizations since the 2005 Intergovernmental Panel on Climate Change Special Report on CCS. This article provides an updated compendium of elaborated RA/RM frameworks in leading jurisdictions for CCS in the regulatory and non-regulatory contexts including online resources. Using a 3- or 4-step RA, there is an emphasis on storage site selection and characterization; an iterative approach is recommended for RM emphasizing monitoring and re-assessment; and other risk-based considerations such as communications and transparency are discussed more frequently in non-government guidance. Comprehensive risk estimation is not yet promoted.
    Keywords: carbon capture; regulatory framework; risk assessment; risk management; Canada; international.

  •   Free full-text access Open AccessThe evolution of regulatory practice for CCS projects in Canada
    ( Free Full-text Access ) CC-BY-NC-ND
    by Patricia Larkin, William Leiss, Daniel Krewski 
    Abstract: Carbon capture and storage (CCS) pilot and demonstration projects began in Canada in the 1990s. This review of publicly available documentation considers the regulatory application and approval practice for four large Canadian projects that are either under construction or in operation. Results find that oversight of CCS projects is value chain specific and obtaining documentation can be challenging. However, technical risk assessment supporting approvals is moving forward, with an increasing range of chain component health and environmental risks being assessed using referenced approaches. Monitoring remains the primary risk management approach. Global risk estimation is not completed and unresolved issues about transparency in risk communication could have the potential to negatively impact broad public acceptance of CCS, and therefore project viability in the long run.
    Keywords: carbon capture and storage; regulatory practice; Canada; risk assessment; risk management; risk communication; Canadian Environmental Assessment Act; Saskatchewan Environmental Assessment Act; Alberta Energy Regulator.

  •   Free full-text access Open AccessRisk management in carbon capture and geological storage: insights from a structured expert elicitation
    ( Free Full-text Access ) CC-BY-NC-ND
    by Patricia Larkin, Robert Gracie, Ali Shafiei, Maurice Dusseault, Mirhamed (Araz) Sarkarfarshi, Willy Aspinall, Daniel Krewski 
    Abstract: With a focus on risk management (RM) in injection and storage for carbon capture and geological sequestration (CCS), an expert elicitation of scientific judgements quantified collective uncertainty ranges for a number of difficult environmental and human health risk challenges. Results suggest similarities and differences in opinions, an outcome that may be reflective of both the newness and the complexity of this technology. A suitable monitoring period was estimated at about a century; however, uncertainty was three orders of magnitude, with an upper (5th percentile) value of almost 1000 years. For selected low probability high impact georisks, only site selection and monitoring were considered very effective RM options. Monitoring, well integrity studies, emergency response plan, automatic emergency shut down system, and training were considered very or extremely effective in managing two risks more directly related to human health. Experts responded with a wide uncertainty spread for a regulated threshold of minor, major, and catastrophic leakage. A companion paper discusses elicitation findings for issues related to risk assessment.
    Keywords: carbon capture and storage; expert elicitation; risk management; injection; sequestration; health; environment.

  •   Free full-text access Open AccessUncertainty in risk issues for carbon capture and geological storage: findings from a structured expert elicitation
    ( Free Full-text Access ) CC-BY-NC-ND
    by Patricia Larkin, Robert Gracie, Ali Shafiei, Maurice Dusseault, Mirhamed (Araz) Sarkarfarshi, Willy Aspinall, Daniel Krewski 
    Abstract: Carbon capture and geological storage (CCS) is identified within the portfolio of mitigation options for climate change. Each value chain activity of large scale integrated projects (capture, transport, injection, and storage) includes uncertainties and hence potential risks with respect to both environmental and human health protection. With a focus on injection and storage, a structured elicitation of international experts provides quantified judgements and uncertainties, and understanding of relative risk of CCS activities. In the 0-50 year, 51-499 year, and >500 year time periods, the expert panel suggested an almost equal likelihood of storage leakage occurring, with a marked decrease from minor to major to catastrophic leakage (approximately >1 in 30; 1 in 103; 1 in 104, respectively); for the same time periods, the judgement of likelihood for major leakage that would result in measurable negative effects on human health or the environment was the same (approximately 1 in 103). Insights could stimulate further scientific deliberations about the reliable and effective deployment of this complex and interdisciplinary technological process. A companion paper discusses complementary findings for issues in CCS risk management.
    Keywords: carbon capture and storage; expert elicitation; risk assessment; uncertainty; public health; environmental protection; performance; containment; injection; sequestration.

  •   Free full-text access Open AccessAn integrated risk assessment and management framework for carbon capture and storage: a Canadian perspective
    ( Free Full-text Access ) CC-BY-NC-ND
    by Patricia Larkin, William Leiss, Joseph Arvai, Maurice Dusseault, Mamadou Fall, Robert Gracie, Anthony Heyes, Daniel Krewski 
    Abstract: This concluding paper of the Special Issue on carbon capture and storage (CCS) in the Canadian context provides a brief overview of the findings from all contributions, followed by a description of the Canadian policy and regulatory backdrop for CCS at both the federal and provincial levels in active jurisdictions. An integrated risk management framework (IRMF) is proposed with reference to environmental and human health risk assessment and risk management frameworks published worldwide as well as risk management demonstrated in large scale Canadian CCS projects to date. Key features of the IRMF are the ten-step rational and transparent process, options to engage with and integrate wide-ranging government and non-government stakeholders on an ongoing basis, and incorporation of independent external review. The next generation of risk-based decision making is then applied to the IRMF for CCS.
    Keywords: carbon capture and storage; risk assessment; risk management; Canada; framework; health; environment; injection; storage; policy context.

  •   Free full-text access Open AccessThe economic evaluation of the benefits and costs of carbon capture and storage
    ( Free Full-text Access ) CC-BY-NC-ND
    by Anthony Heyes, Bogdan Urban 
    Abstract: Carbon capture and storage has received a lot of attention in recent years due to its attractiveness as a potential solution for climate stabilization. Since it is based on a suite of mature, well known technologies, most of the cost reductions have already occurred. Recently adopted social cost of carbon figures to advise policies in the United States and Canada currently point towards lower benefits than costs from carbon capture and storage, but not always by a wide margin. It is difficult to make a case for large-scale deployment under these conditions, but they are subject to change as strands of the economic literature support significantly higher social cost of carbon estimates and upcoming commercial applications of carbon capture and storage to power generation may prove economically viable.
    Keywords: social cost; benefit; cost; carbon; capture; storage; abatement; global; warming; greenhouse.

  •   Free full-text access Open AccessImproving decision-making processes for carbon management initiatives
    ( Free Full-text Access ) CC-BY-NC-ND
    by Victoria Campbell-Arvai, Douglas Bessette, Lisa Kenney, Joseph Arvai 
    Abstract: This paper reviews five challenges faced during decision making about carbon management initiatives. The first of these challenges deals with behavioural and perceptual obstacles, which often lead to the introduction of systematic biases during decision making. The remaining four obstacles deal with the complexity associated with the carbon management problems themselves. These include neglecting the objectives and related measurement criteria, which will guide decisions among competing risk management options; the tendency to look for singular solutions to complex problems, rather than considering a broad array of options; a lack of explicit attention devoted to the full range of tradeoffs that should be considered when choosing among alternatives; and a failure to recognize that preferences, and the decisions that result from them, are fundamentally constructive in nature. We conclude by outlining a decision-aiding approach that has been shown to improve the quality of decisions about carbon management.
    Keywords: decision making; carbon management; climate change; CCS; policy.

  •   Free full-text access Open AccessRisk Communication and Public Engagement in CCS Projects: The Foundations of Public Acceptability
    ( Free Full-text Access ) CC-BY-NC-ND
    by William Leiss, Patricia Larkin 
    Abstract: This paper posits that an important goal of public engagement for carbon capture and storage (CCS) projects as being public and social acceptance for those projects. It argues that acceptability is the end of a long, logical chain of social interactions, which ideally starts with (1) the public perception of the risks and benefits associated with CCS; moves through (2) effective communication of risks and benefits by project proponents; (3) involves robust and credible measures for public engagement; and (4) results in authoritative decision processes that transparently reflect the results of engagement. Each of these components of acceptability is described with respect to both actual experience with CCS projects to date and the relevant literature. Conclusions point to the special importance of full transparency and public understanding of credible risk assessments for these projects.
    Keywords: risk perception; benefit perception; risk communication; public engagement; stakeholder engagement; decision processes; public acceptability.

  •   Free full-text access Open AccessEnvironmental scan and issue awareness: risk management challenges for carbon capture and storage
    ( Free Full-text Access ) CC-BY-NC-ND
    by William Leiss, Daniel Krewski 
    Abstract: Long lists of issues relevant to carbon capture and storage projects have been provided in a number of sources, encompassing the broad categories of technological risks, health and environmental risks, and societal risks. From these long lists a selection of ten major issues, broken down into three broad categories, has been made. The selected issues are: (1) Government and Industry Factors (competent regulatory oversight; adequate risk assessment and risk management frameworks; and supportive public policy architecture); (2) Environmental Risk Factors (adequate site-specific characterizations of geological formations for CCS storage sites worldwide; credible monitoring of storage site performance; and the possibility of leaking from storage); and (3) Socio-Economic Factors (tolerable economic costs; public perceptions of risks and benefits; information provision, effective communication, and stakeholder engagement; and social and public acceptability, including the use of decision support mechanisms). The paper emphasizes that what is unique about carbon capture and storage, considered as a major set of risk issues of global proportions, is how proactively these relevant major risks and risk factors have been identified and characterized by major institutional actors, especially industry and governments.
    Keywords: issue awareness; environmental scan; risk management; environmental risks; government; industry; socioeconomic factors.

Special Issue on: Digital Management of Safety in Structural Complex Systems in Economics

  • Predictive modelling of economic safety using the example of an ecosystem of small and medium-sized business   Order a copy of this article
    by Marina Vlasova, Inna Kruglova, Andrey Khlutkov, Olga Stepchenkova 
    Abstract: The article examines the problems of monitoring the activities of small and medium-sized businesses in the framework of ensuring the economic security of the Russian Federation. The lack of economic information on the activities of small and medium-sized businesses hinders a competent assessment of the effectiveness of state support programs for business and the development of entrepreneurial ecosystems. The authors propose to use methods of predictive modelling to improve the economic security of the state and create effective innovative business ecosystems.
    Keywords: economic security; predictive modelling; small and medium business; entrepreneurial ecosystem.

  • Data structures, logical-probabilistic models and digital management of the safety and quality of systems in economics   Order a copy of this article
    by Eugene Solozhentsev, Ekaterina Karaseva 
    Abstract: In this paper, we are considering data structures in economic systems. These structures can be used to construct logical-probabilistic risk models intended for digital management of safety and quality of systems. Transformation of any database into a system of logical equations is described, which is the basis for constructing logical-probabilistic models of safety or quality. We give examples how the database is used to construct models of the credit risk in banking and the risk and efficiency of restaurants. Also, we present examples of using complex structure data to construct a model for management of a country's innovation system quality and simple structure data for constructing a model for assessment of the failure risk for one innovation. The special software programs Arbiter and Expa for management in economics are described. The term "digital management" is defined, and computer network components for digital management of systems in the economics are given.
    Keywords: data structure; social and economic systems; logical-probabilistic risk models; safety; quality; efficiency.

  • Combined approach to the complex objects control and stability analysis of management decisions   Order a copy of this article
    by Dmitry Ivanov, Boris Sokolov, Elena Serova, Rafael Yusupov 
    Abstract: The main problems and features of a combined approach to the complex objects control and management stability analysis are investigated in the paper. Analytical-simulation scenarios and scenarios of intelligent models and systems execution for complex objects control and management stability analysis are given. The investigations have shown successful possibility of risk evaluation by the combined implementation of the analytical-simulation models and algorithms, and ANFIS method the method of hybrid neural-fuzzy modelling.
    Keywords: combined approach; complex objects; coordination of models; simulation systems; hybrid modelling.

  • The impact of the digitization of the financial industry on the modeling and pricing of financial assets   Order a copy of this article
    by Maria Sigova, Igor Klyuchnikov, Sergey Vasilev, Anna Zatevakhina 
    Abstract: Digital financial services continue to expand and replace the delivery of traditional financial services to the customers. The purpose of the study is twofold. First, to consider the growing interest in price modelling for financial assets, and second to trace the role of digitisation in finance on changes in the methodology of both modelling and pricing of financial assets. Digitisation automates the financial product and services, as a result of which the quality of financial services is increasing, the set of offers is expanding, and the financial markets are growing numerically. The transformation of finance to 'digit' allows us to provide a real basis for the widespread introduction of Bayesian methods of modelling and valuation of financial assets. The article introduces preliminary premises for the demarcation of classical and digital finance, as well as traditional and new methods of pricing and predictive modelling in connection with the wide implementation of Big Data and 'digit'.
    Keywords: digital finance; financial modelling; methodology; Bayesian method in finance; pricing.

  • The digital management of structurally complex systems in economics   Order a copy of this article
    by Eugene Solozhentsev, Vasily Karasev 
    Abstract: As a result of the analysis we establish throughout the world, there is a critical situation in economic management. A way out of the critical situation, based on new knowledge, solving new tasks and event-based digital management of structural complex systems in economics, is proposed. The new objects in management of economics are chosen. They are as follows: public authorities, socio-economic systems, processes of quality management of the socio-economic life of a person, and safe living space. The management criteria are safety and quality of objects and systems. The new knowledge for management in economics is introduced. The knowledge covers new types of Boolean event-proposition, risk scenarios for system failure, and new types of logical and probabilistic risk model. We propose to solve the following new tasks in economics: modelling, analysis and management of one system and a group of logically unified systems (models); management of the State and development of systems; and quality assessment of control systems. The concept of digital management of structurally complex systems in economics is stated. The connection of digital economics and digital management is established. The special software for event-related managing economics is described. The content of the training course for additional education for economists and teachers is given.
    Keywords: digital management; event-related management; structurally complex systems; government departments; economics; business; the safe space of mankind; knowledge; logical-probabilistic models; safety criterion; quality criterion.

  • Concerning the evaluation of the impact of ethics on a national economy's competitiveness   Order a copy of this article
    by Maria Bakumenko, Anatoliy Sigal 
    Abstract: This study aims to evaluate the impact of the ethical behaviour of firms on a national economys competitiveness, based on data given in Global Competitiveness Reports. The firm is a complex open dynamic socio-economic system. Firms sustainable development is impossible without a good reputation. In its decision making, the firm must comply with the code of ethics. The introduction of new technologies and innovations can result in extra risks and threats for the firms external environment. Firms must do no harm to their external environment. The firms ethical behaviour contributes to preservation of its competitiveness and, accordingly, to its safety. This research paper constructs several models (linear equations) of dependence between the ethical behaviour of firms and the Global Competitiveness Index. We checked the constructed models for adequacy using an F-test. Our findings testify to a rather strong impact of the ethical behaviour of firms on a national economy's competitiveness globally.
    Keywords: firm; complex system; ethics; corporate reputation; corporate safety; competitiveness; sustainable development; national economy; advanced technologies; risk; threat; decision making; ethical behaviour of firms; Global Competitiveness Index.