International Journal of Business Continuity and Risk Management (8 papers in press)

Regular Issues

• The Effect of Financial Incentives for the Board of Directors on the Disclosure level of the Quantity and Coverage of Risks in Jordanian Industrial Companies  
  by Ashraf Bataineh, Ziyad Shwiyat 
  Abstract: This study aimed to assess the effect of financial incentives for board members on the disclosure level of both the quantity and coverage of risks within Jordanian industrial companies. To gather data for the study analysis variables spanning from 2019 to 2022, the financial reports of these companies were examined by using statistical analysis program SPSS. The findings indicate a positive correlation between financial incentives, specifically the ownership percentage of non-executive board members and their financial expertise, and the disclosure level of quantity risks within these companies. Furthermore, the results reveal a negative relationship between board member salaries and compensation, and disclosure level of both the quantity and coverage aspects of company risks. Conversely, the educational level of board members positively influenced the disclosure of risk coverage. Regulatory authorities are recommended to encourage companies to strengthen their adherence to corporate governance standards in regulating the disclosure level of company risks.
  Keywords: financial incentives; board of directors; disclosure; corporate risks; Jordanian industrial companies.
  DOI: 10.1504/IJBCRM.2024.10062093
   
  
• Risk Assessment of Iran Development Programs of Oil and Gas Fields (IDPOGF): Setting up the Top-Ten List of IDPOGF Risk Items  
  by Mohammad Ali Hatefi 
  Abstract: Iran oil and gas sector is one of the most important industries in this country. In upstream branch of this sector, Iran development programs of oil and gas fields (IDPOGF) include very costly and complex programs. Hence, the relevant project/program managers need to have a clear understanding of potential risk factors and risks as well as their impacts. In this study, under a general view to the IDPOGF, identification and analysis of the relevant risks are done. At the identification step, firstly through organising a focus group, risk categories are recognised, risks are identified, and a risk breakdown structure (RBS) is constructed. In the analysis step, firstly three probability and impact (PI) matrices are built, each one for one of the project constraints, i.e., cost-time-quality (CTQ), then risk scores and risk ranks are determined. Finally some registers of the IDPOGF entitled top-ten list of risk items are provided. Such lists could be useful for any future IDPOGF or similar/relative programs.
  Keywords: oil and gas; risk assessment; risk breakdown structure; RBS; top-ten risks; focus group.
  DOI: 10.1504/IJBCRM.2024.10062803
   
  
• Assessment of the Resilience of Safety Management Systems in the Algerian Construction Sector  
  by Youcef Oussama Fourar, Mebarek Djebabra, Leila Boubaker 
  Abstract: Traditional safety approaches (safety-I) promote the idea that safety arises from preventing adverse events. This is considered as insufficient to succeed in a complex and uncertain environment such as the construction sector. Therefore, the purpose is to assess SMSs capabilities within the framework of resilience engineering in the Algerian construction sector. For this, a cross-sectional exploratory study was conducted using the resilience assessment grid (RAG) questionnaire that assesses SMSs resilience in terms of four abilities (i.e., respond, monitor, learn and anticipate). The questionnaire was distributed to OHS professionals belonging to 31 construction companies operating on a national scale in Algeria. Findings showed that problematic resilience abilities for the Algerian construction sector were the ability to learn and to anticipate. Areas for improvement were highlighted such as the focus on collaborative planning, the implementation of decentralised monitoring mechanisms and operationalising of continuous improvement principles.
  Keywords: safety management system; SMS; resilience engineering; resilience assessment grid; RAG; construction.
  DOI: 10.1504/IJBCRM.2024.10062941
   
  
• Unveiling the Hidden Risk Across Project Phases and Assessing Risk Management Impact on Solar Photovoltaic Project Success in the Malaysian Context  
  by Mahwish Rani, Fong-Woon Lai, Kashif Shad, Ahmad Ali Jaan, Syed Quaid Ali Shah 
  Abstract: Solar photovoltaic (PV) projects are exposed to various risk factors, from planning to use phases. Therefore, there is a need to identify the risks and mitigation strategies to enhance the project's success. Consequently, this study aims to identify and categorise the risks and propose a detailed conceptual framework for solar PV projects. Through systematic literature review and expert consultations, 24 critical risks were identified for each phase. The significance of these risks was assessed using a Likert scale, which ranked (strongly agree = 5, agree = 4, neutral = 3, disagree = 2, and strongly disagree = 1). The results reveal that financial, policy, and design risks in the planning phase, policy and outsourcing risks in the implementation phase, and weather risks in the use phase are intolerable with high likelihood and impact. Furthermore, the findings underscore the positive impact of risk management on project success across all solar PV project phases. The results will help the project managers to estimate the priority of risks better and develop proper mitigation measures at the initial stage of the project.
  Keywords: risk indicators; risk assessment matrix; risk management; sustainable solar PV projects.
  DOI: 10.1504/IJBCRM.2024.10064045
   
  
• Enhancing Enterprise Security Risk Management Adoption in Kenyan Universities: The Role of Administrative Staff Commitment  
  by Levis Amuya, Peterson Kariuki 
  Abstract: This study explores the association between administrative staff commitment and the adoption of enterprise security risk management (ESRM) within accredited universities in Kenya. Drawing on institutional and diffusion of innovation theories, the research emphasises the pivotal role of administrative commitment in institutionalising ESRM. A sample of 42 institutions, comprising 22 public and 20 private universities, was selected from 75 accredited universities. Questionnaire responses from security executives were analysed using Spearman's correlation and ordinal logistic regression. The findings reveal a significant and positive influence of administrative staff commitment on ESRM adoption. The study highlights that commitment from university administrators accounts for 55.2% of the variance in ESRM adoption, underscoring the need for prioritising security risk management at the institutional level. The findings suggest a strategic approach, urging administrators to integrate ESRM into mission statements and elevate leadership commitment to a policy requirement, thereby advancing effective ESRM institutionalisation in higher education.
  Keywords: enterprise risk management; ERM; enterprise security risk management; ESRM; security risk management; administrative staff commitment; higher education; accredited universities; ESRM adoption.
  DOI: 10.1504/IJBCRM.2024.10064264
   
  
• The Convergence of Process-Risk Management and Decision-Making: An Integrated Vision  
  by Rima Derradji, Rachida Hamzi 
  Abstract: This paper explores the complementarity between integrated process risk management and decision-making within organisations. By combining these domains, organisations can develop a proactive approach to identify, assess, mitigate, and monitor risks while optimising processes. Integration requires aligning goals, fostering a risk-aware culture, and leveraging technology for enhanced decision-making. The paper presents a conceptual framework highlighting the interplay between integrated process-risk management and decision-making, emphasising the need for a comprehensive approach in todays complex business environment. Benefits include improved resilience, agility, and adaptability. Furthermore, the role of decision support systems and data analytics in facilitating the integration process is discussed. Practical examples and case studies demonstrate the application and effectiveness of the integrated vision of decision-making. Ultimately, this paper contributes to advancing organisational management by emphasising the importance of integrating process-risk management and decision-making for strategic decision-making processes.
  Keywords: decision making; integrated process risk management; GRAI oriented risk; SADT oriented risk.
  DOI: 10.1504/IJBCRM.2024.10064493
   
  
• A Hybrid CNN-LSTM Approach to Enhancing Temperature Forecasting for Environmental Threats and Risk Management  
  by Sasmita Kumari Nayak, Satyajit Pattnaik, Mohammed Siddique, Mamata Garanayak, Dr. Bijay Paikaray 
  Abstract: Temperature is the most important element of weather, which is applicable in varied study areas such as environmental, ecological, industry, agriculture sectors, etc. This research platforms the practicality of utilising a combination of convolutional neural networks and learning paradigms to forecast weather conditions in the eastern region of India, New Delhi. The authors propose long short-term memory (LSTM) networks, convolutional neural networks (CNNs) and examine how they compare to hybrid CNN-LSTM model for temperature forecasting. Our aim is to address these issues through a representation, which jointly predicts temperature over time. Experiments on actual meteorological data used in our evaluation of the models highlight the approach's potential. We also used accuracy, mean square error (MSE), and root mean square error (RMSE) to estimate these models' outcome. Our findings demonstrate that the proposed CNN-LSTM model delivers the best outcomes because of its accuracy and small error rates.
  Keywords: convolutional neural network; CNN; deep learning; long short-term memory; LSTM; temperature prediction.
  DOI: 10.1504/IJBCRM.2024.10064778
   
  
• On the Applicability of the Wood Review Recommendations for Norwegian Decommissioning  
  by Rune Vikane, Jon T. Selvik, Eirik B. Abrahamsen 
  Abstract: The Wood Review (2014) is a comprehensive review of the regulation and stewardship of the UK petroleum industry. It identifies and addresses key challenges facing the UK, among them the lack of a strong regulatory body and a decommissioning strategy. The UK Continental Shelf is a mature region, and lessons learned in UK decommissioning may help other nations such as Norway meet future decommissioning challenges. In this paper the applicability of the Wood Review recommendations for decommissioning in Norway is investigated through a SWOT-analysis. Decommissioning of offshore infrastructure is a major task, and minor improvements may have a substantial impact on personnel risk, environmental risk, and the total decommissioning expenditure. The Norwegian regulatory regime has been an integral part of the Norwegian petroleum industry's success in previous decades, and regime change requires careful deliberation. The analysis indicates Norway and also other countries may benefit from adopting several of the UK initiatives originating from the Wood Review recommendations.
  Keywords: decommissioning; lessons learned; regulation; strategy; Wood Review.
  DOI: 10.1504/IJBCRM.2024.10065194