Contents




Contents VII

Chapter 18 **Project and Enterprise Risk Management** 

Chapter 20 **Sources of Risk and Risk Management** 

**Section 5 Climate Risk Management 475** 

**in a Developing Economy 449**

Chapter 19 **Risk Management in Construction Projects 429**  Nerija Banaitiene and Audrius Banaitis

**Strategies: The Case of Smallholder Farmers** 

Chapter 21 **Improving Climate Risk Management at Local Level –** 

Chapter 22 **Risk Management at the Latin American Observatory 533** Á.G. Muñoz, D. Ruiz, P. Ramírez, G. León, J. Quintana, A. Bonilla, W. Torres, M. Pastén and O. Sánchez

Chapter 23 **Managing Climate Risk with Seasonal Forecasts 557** Andrew Charles, Yuriy Kuleshov and David Jones

Satit Aditto, Christopher Gan and Gilbert V. Nartea

**Techniques, Case Studies, Good Practices and Guidelines for World Meteorological Organization Members 477**  R. Martínez, D. Hemming, L. Malone, N. Bermudez, G. Cockfield, A. Diongue, J. Hansen, A. Hildebrand, K. Ingram, G. Jakeman, M. Kadi, G. R. McGregor, S. Mushtaq, P. Rao, R. Pulwarty, O. Ndiaye, G. Srinivasan, Eh. Seck, N. White and R. Zougmoré

Pedro Maria-Sanchez

**at the California Department of Transportation 411** 

#### **Section 3 Enterprise Risk Management 203**




#### **Section 5 Climate Risk Management 475**

VI Contents

Chapter 9 **Dynamic Risk Management Strategies** 

Omar Gaci, Hervé Mathieu,

**Section 3 Enterprise Risk Management 203**

Gabriela Dobrotă

Chapter 13 **Integrated and Personalised** 

**Section 4 Risk Management Practice** 

Chapter 17 **Quality Risk Analysis:**

Jordi Botet

Chapter 14 **Strengthening Risk Management** 

Amparo Marin de la Barcena

Marin Andreica, Stere Farmache,

Chapter 16 **Importance of Risk Analysis and Management –** 

Jean-Pierre Deutsch and Laurent Gomez

David R. Comings and Wendy W. Ting

Chapter 11 **Risk Management in Business – The Foundation** 

Chapter 12 **Integrated Risk Management System – Key Factor** 

Palazón, Miguel Sepulcre, Javier Gozálvez,

**in the Midst of Downturn Times 315**

**Across Different Projects and Industries 313**

Chapter 15 **Risk Management on the Romanian Capital Market 329** 

Madalina Ecaterina Andreica and Octavian Stroie

**The Case of Australian Real Estate Market 357** Gurudeo Anand Tularam and Gowri Sameera Attili

**Value for Money in the Pharmaceutical Industry 387**

Luis Collantes and Gonzalo Prieto

Emilia Vasile and Ion Croitoru

Chapter 10 **IA OM® as an Enterprise Risk Management Metric 205**

**of Performance in Economic Organizations 227** 

**of the Management System of the Organization 253** 

**Risk Management in the Sensing Enterprise 285**  Óscar Lázaro, Agustín Moyano, Mikel Uriarte, Alicia González, Teresa Meneu, Juan Carlos Fernández-Llatas, Vicente Traver, Benjamín Molina, Carlos Palau, Óscar López, Etxahun Sánchez, Saioa Ros, Antonio Moreno, María González, José Antonio

**with Communicating Objects in the Supply Chain** 

**of Chemical Substances Within the European Union 185** 


Preface

potential opportunity for businesses.

multifaceted risk management issues.

Companies face risks every day, they are part of normal business life. There are many risks — both threats and opportunities — which may impact on a company's resources, projects and profitability. Risk means different things to different businesses and organizations. Undoubtedly, the risk represents both a potential threat and

Every business and decision involves a certain amount of risk. Risk might cause a loss to a company. This does not mean, however, that businesses cannot take risks. As disengagement and risk aversion may result in missed business opportunities, which will lead to slower growth and reduced prosperity of a company. In today's increasingly complex and diverse environment, it is crucial to find the right balance between **risk aversion and risk taking**. To do this it is essential to understand the complex, out of the whole range of economic, technical, operational, environmental and social risks associated with the company's activities. However, risk management is about much more than merely avoiding or successfully deriving benefit from opportunities. Risk management is the identification, assessment, and prioritization of risks. Lastly, risk management helps a company to handle the risks associated with a rapidly changing business environment. When risk management does receive

attention, it is often in response to unforeseen (and usually negative) events.

The impact of the global economic crisis has varied from one country to another: not all countries, sectors and organizations were affected in the same hard way by it. Even, the impact of the financial crisis is varying widely across companies within the same sector. In today's post-crisis economy effective risk management is a critical component of any successful management strategy. In complex and rapidly changing situations, as today's supply chains and partnership arrangements tend to be, management needs to consider all risks within the enlarged business connections.

Understanding of the risk management is vital for both practitioners and researchers. The emergence of new insights into approaches and models can help address

There are five parts in this book of 23 chapters. The papers are organized according to theoretical, methodological and practical issues and areas of risk management: Part 1
