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The project aimed to characterize the exposure to seismic hazard in the emergency area of a high-complexity hospital in Cali, Colombia.
Methods
The occupancy of the emergency area was analyzed over 6 months, determining the value of material elements exposed to the seismic hazard. Four phases were executed: search for pre-existing information, occupancy analysis, evaluation of exposed assets, and results analysis. The information was analyzed using a Geographic Information System (GIS), which allowed the visualization of demographic behavior in different locations and times.
Results
The results confirmed that the seismic hazard is high, exacerbated by local geomechanical characteristics. It was observed that the average occupancy of most studied areas exceeded capacity. The value of the exposed assets was estimated at COP 3 221 008 640 (USD 959 844.76), the demolition value at COP 10 582 770 000 (USD 3 153 613.49), and the reconstruction value at COP 30 293 640 275 (USD 9 027 356.03). In the worst-case scenario, the losses were equivalent to 12.4% of the hospital’s annual budget.
Conclusions
The data allow the hospital to take preventive measures and educate the staff to identify and mitigate critical areas. It also contributes to the knowledge of the approximate value of economic losses and the impact of potential human losses.
Get up-to-speed with the fundamentals of how electricity markets are structured and operated with this comprehensive textbook, presenting coverage of key topics in electricity market design, including power system and power market operations, transmission, unit commitment, demand response, and risk management. It includes over 140 practical examples, inspired by real-industry applications, connecting key theoretical concepts to practical scenarios in electricity market design, and features over 100 coding-based examples and exercises, with selected solutions for readers. It further demonstrates how mathematical programming models are implemented in an industry setting. Requiring no experience in power systems or energy economics, this is the ideal introduction to electricity markets for senior undergraduate and graduate students in electrical engineering, economics, and operations research, and a robust introduction to the field for professionals in utilities, energy policy, and energy regulation. Accompanied online by datasets, AMPL code, supporting videos, and full solutions and lecture slides for instructors.
Risk is a central concept in modern regulatory studies. In Chapter 2, the general idea of ’risk’ is introduced. The chapter helps readers grasp its scientific and practical relevance for regulation. The chapter also offers an overview of the importance of risk in scholarly work and policy-making. The chapter emphasizes the extensive and diverse nature of risk studies across different academic disciplines including ’technical’ quantitative methods and sociological critique. It explains how risk identification, risk assessment, and risk management are conventionally understood and highlights their shortcomings and complexities. Additionally, it discusses the trend of ’riskification’ – the tendency to frame a growing number of issues in the language of risk.
This final chapter demonstrates how the catastrophe (CAT) models described in previous chapters can be used as inputs for CAT risk management. CAT model outputs, which can translate into actionable strategies, are risk metrics such as the average annual loss, exceedance probability curves, and values at risk (as defined in Chapter 3). Practical applications include risk transfer via insurance and CAT bonds, as well as risk reduction, consisting of reducing exposure, hazard, or vulnerability. The forecasting of perils (such as tropical cyclones and earthquakes) is explored, as well as strategies of decision-making under uncertainty. The overarching concept of risk governance, which includes risk assessment, management, and communication between various stakeholders, is illustrated with the case study of seismic risk at geothermal plants. This scenario exemplifies how CAT modelling is central in the trade-off between energy security and public safety and how large uncertainties impact risk perceptions and decisions.
With the start of the pandemic in 2020, central banks re-deployed unconventional policy tools used for the Global Financial Crisis but also added new and even less conventional ones. The steps they took followed a textbook description of a risk management approach to monetary policy when operating close to the effective lower bound on interest rates.[1] This involved loosening policy aggressively and working with many different instruments simultaneously to maximise policy impact. Judging from the aftermath, they were successful. They steered the economy through a crisis and avoided a depression. One could argue that the episode has shown that monetary policy can be effective also in a low interest rate environment if central banks are willing and able to deploy multiple measures with scale and speed. This suggests that central banks are well equipped for the future, irrespective of the path of interest rates.
Focusing on the physics of the catastrophe process and addressed directly to advanced students, this innovative textbook quantifies dozens of perils, both natural and man-made, and covers the latest developments in catastrophe modelling. Combining basic statistics, applied physics, natural and environmental sciences, civil engineering, and psychology, the text remains at an introductory level, focusing on fundamental concepts for a comprehensive understanding of catastrophe phenomenology and risk quantification. A broad spectrum of perils are covered, including geophysical, hydrological, meteorological, climatological, biological, extraterrestrial, technological and socio-economic, as well as events caused by domino effects and global warming. Following industry standards, the text provides the necessary tools to develop a CAT model from hazard to loss assessment. Online resources include a CAT risk model starter-kit and a CAT risk modelling 'sandbox' with Python Jupyter tutorial. Every process, described by equations, (pseudo)codes and illustrations, is fully reproducible, allowing students to solidify knowledge through practice.
In science, to be ‘conservative’ is to understate your findings. In insurance, it means the opposite: erring on the side of overstatement of risks. For a clear assessment of the risks of climate change, we need these two cultures to meet in the middle. This requires a separation of tasks: between those who gather information, and those who assess risk.
The chapter examines the issue of civil liability in the framework of damages resulting from the use of such autonomous systems. A particular emphasis is placed on the importance of access to justice – of enhancing access for victims of harm to remedies and relief – rather than more abstract or conceptual considerations of the appropriateness of a particular regulatory solution
This article explores how the risk structure currently adopted by the sharing economy, in particular the highly formalised and contrived systems of contract constructed by platforms, is largely constituted by the rules of property law. This effectively ties sharing activities to the old model of private property and its accompanying boundaries of privatised risk and value and undermines the efforts of collaboration to supersede those boundaries through peer-to-peer co-production of value. This article aims towards presenting an alternative model of risk distribution for the sharing economy that is more reflective of its collaborative nature. To this end, I will draw on ideas from commons and mutualism and propose the possibility of creative use of contracts to stipulate positive duties and obligations between collaborative partners as a device to construct a collective and/or mutual risk system.
There is a need to utilise formal education to ensure and support the effective participation of communities in the disaster risk management process. The negative outcomes of disasters occurring as a result of various disasters in Turkiye show that the society is inadequately prepared. Therefore, the best fight against disasters can be carried out within the scope of formal education activities. In this study, the content and infrastructure of a curriculum for the management of disaster risks at the university level is presented at the conceptual level. Disaster literacy curriculum can contribute to the management of current and future disaster risks. However, there is a need to expand the implementation and measurement of the effectiveness and feasibility of the curriculum as a public health intervention tool. Finally, the support of the national education system needs to be ensured.
This study explores how corporate social responsibility and risk management intersect in the fashion industry, aiming to promote sustainability. It emphasizes the importance of integrating responsible practices into business strategies to mitigate risks and enhance long-term profitability. By focusing on a multinational fashion supply chain, the study examines real-world examples to highlight the challenges and opportunities in balancing brand image with ethical supply chain management. The findings provide insights into how companies can safeguard their reputation, manage complex supply chains, and contribute positively to sustainability goals in the fashion sector.
Technical summary
This paper investigates the relationship between corporate social responsibility (CSR) and risk management within the fashion industry. It conducts an in-depth case study of a prominent multinational fashion supply chain, analyzing 11 suppliers through interviews, observations, and internal documents. The study underscores that integrating CSR principles into risk management strategies helps mitigate supply chain risks and capitalize on business opportunities. It addresses gaps in existing literature by presenting empirical evidence of CSR-driven transformations in the sector, rather than merely documenting unsustainable practices. The study contributes by offering practical insights for fashion businesses aiming to achieve long-term success through sustainable practices. Key implications include the necessity for strategic integration of CSR into operational frameworks to protect corporate image, manage risks effectively, and foster sustainable growth in the competitive fashion marketplace.
Social media summary
From risk management to sustainable success: how corporate social responsibility shapes the future of fashion.
The large volume of seemingly conflicting guidance on the management of borderline personality disorder (BPD), combined with the ongoing shortage of specialised resources, can make the task feel like an exclusive undertaking that the general psychiatrist is underprepared for. In this article, we distil current evidence to submit that sound psychiatric management principles used to treat all serious and enduring mental disorders (diagnostics, comorbidity management, rational pharmacotherapy and dynamic risk management) are readily applicable and particularly therapeutic for BPD. We offer actionable practice guidance that we hope will render the clinical management experience a more lucid and rewarding one for both practitioner and patient.
Despite escalating geopolitical rivalry, the US and China continue to be economically intertwined. Numerous Chinese companies have made substantial investments in the US and are reluctant to exit this strategically important market. While the global expansion of Chinese companies has ignited intense policy and academic debates, their interactions with complex host-state legal systems have largely escaped systematic examination. To fill this knowledge gap, Negotiating Legality introduces a dual institutional framework and applies it to analyzing extensive interviews and multi-year survey data, thereby shedding light on how Chinese companies develop in-house legal capacities, engage with US legal professionals, and navigate litigation in US courts. As the first comprehensive investigation of these crucial topics, this book is indispensable for anyone interested in China's rise, its global impacts-especially on legal systems of developed nations like the US-and the intricate dynamics of US-China relations.
Edited by
Allan Young, Institute of Psychiatry, King's College London,Marsal Sanches, Baylor College of Medicine, Texas,Jair C. Soares, McGovern Medical School, The University of Texas,Mario Juruena, King's College London
Major depressive disorder (MDD) is manifested by mood, behavioural, cognitive, and somatic symptoms. This is reflected in the diagnostic criteria of both DSM-5 and ICD-10. Differential diagnosis typically includes the consideration of other mood and psychiatric disorders, neurological, medical and genetic conditions, as well as bereavement. Diagnostic investigations are commonly combined with the evaluation of functioning since the vast majority of MDD patients experience functional impairment. Suicidality is a major challenge in the management of MDD. Rigorous risk assessment, minimisation of risk factors, and promotion of protective factors are essential in suicide prevention. Treatment strategies can be split into acute, continuation, and maintentance phases. Depending on depression severity and other specifiers (e.g., psychosis, risk) both pharmacotherapy and psychotherapy can be efficacious first-line treatment options. Switching or augmenting initial treatment can be considered for non-responders. For continuation and maintenance phases, the primary aim of treatement is prolonging remission, preventing episode recurrence, and restoring psychosocial functioning.
Scientific consensus links dietary choices to health outcomes, highlighting the urgency to prioritise healthy food production in food systems. At the EU level, however, defining healthy food and integrating it into food governance remains a challenge, particularly regarding the inclusion of health-related characteristics in food safety assessments. While the EU primarily relies on the risk analysis principle to address food safety concerns, the process still exhibits weaknesses that hinder its direct impact on fostering a healthier food production landscape. This review demonstrates how the risk analysis process, particularly scientific opinions in risk assessment and external factors (economic and political) in risk management, impact food governance and the healthiness of food systems. We find that while external factors play a crucial role in risk management decisions by incorporating non-food safety considerations, they often stem from an imbalance of power favouring major industry and political stakeholders. This imbalance disproportionately influences decision-making, often overshadowing nutritional and health aspects. To address these challenges, we recommend directing research towards filling knowledge gaps and exploring minority scientific findings, and separating external factors from risk management’s decision-making process, to ensure that food governance prioritises public health and healthy food production.
The increased complexity of development projects surpass the capabilities of existing methods. While Model Based Systems Engineering pursues technically holistic approaches to realize complex products, aspects of organization as well as risk management, are still considered separately. The identification and management of risks are crucial in order to take suitable measures to minimize adverse effects on the project or the organization. To counter this, a new graph-based method and tool using AI, tailored to the needs of complex development projects and organizations is introduced here.
Collaborative robots (cobots) allow for flexible manufacturing, supporting more customised product designs. Although safety is key for socio-technical human-cobot workplaces, existing safety assessment support like standards and guidelines require extensive experience and can be experienced as overwhelming. To make cobot risk assessments more accessible, especially for novices, and increase traceability from hazard to risk to mitigation, this paper presents a matrix-based approach that decomposes this daunting activity into smaller better manageable steps.
The calculation of life and health insurance liabilities is based on assumptions about mortality and disability rates, and insurance companies face systematic insurance risks if assumptions about these rates change. In this paper, we study how to manage systematic insurance risks in a multi-state setup by considering securities linked to the transition intensities of the model. We assume there exists a market for trading two securities linked to, for instance, mortality and disability rates, the de-risking option and the de-risking swap, and we describe the optimization problem to find the de-risking strategy that minimizes systematic insurance risks in a multi-state setup. We develop a numerical example based on the disability model, and the results imply that systematic insurance risks significantly decrease when implementing de-risking strategies.
Explore the concept of risk through numerous examples and their statistical modeling, traveling from a historical perspective all the way to an up-to-date technical analysis. Written with a wide readership in mind, this book begins with accounts of a selection of major historical disasters, such as the North Sea flood of 1953 and the L'Aquila earthquake. These tales serve to set the scene and to motivate the second part of the book, which describes the mathematical tools required to analyze these events, and how to use them. The focus is on the basic understanding of the mathematical modeling of risk and what types of questions the methods allow one to answer. The text offers a bridge between the world of science and that of everyday experience. It is written to be accessible to readers with only a basic background in mathematics and statistics. Even the more technical discussions are interspersed with historical comments and plentiful examples.
Diplomacy is a political performing art that informs and determines the decisions of other states and peoples. It shapes their perceptions and calculations, so that they do what we want them to do, because they come to see that doing so is in their own best interests. Sometimes diplomacy rearranges their appraisal of their strategic circumstances–and, when needed, the circumstances themselves. Ultimately, it aims to influence their policies and behavior through measures short of war. Diplomacy succeeds best when it embraces humility, and respects and preserves the dignity of those to whom it is applied. Most of what diplomats do is unseen, and it is relatively inexpensive. Diplomacy’s greatest triumphs tend to be preventing bad things from happening, but gaining credit for something that was avoided is difficult.