Survey and Prospect for Applying Knowledge Graph in Enterprise Risk Management

Enterprise risk management holds significant importance in fostering sustainable growth of businesses and in serving as a critical element for regulatory bodies to uphold market order.Amidst the challenges posed by intricate and unpredictable risk factors,knowledge graph technology is effectively driving risk management,leveraging its ability to associate and infer knowledge from diverse sources.This review aims to comprehensively summarize the construction techniques of enterprise risk knowledge graphs and their prominent applications across various business scenarios.Firstly,employing bibliometric methods,the aim is to uncover the developmental trends and current research hotspots within the domain of enterprise risk knowledge graphs.In the succeeding section,systematically delineate the technical methods for knowledge extraction and fusion in the standardized construction process of enterprise risk knowledge graphs.Objectively comparing and summarizing the strengths and weaknesses of each method,we provide recommendations for addressing the existing challenges in the construction process.Subsequently,categorizing the applied research of enterprise risk knowledge graphs based on research hotspots and risk category standards,and furnishing a detailed exposition on the applicability of technical routes and methods.Finally,the future research directions that still need to be explored in enterprise risk knowledge graphs were discussed,and relevant improvement suggestions were proposed.Practitioners and researchers can gain insights into the construction of technical theories and practical guidance of enterprise risk knowledge graphs based on this foundation.

The indispensable role of resilience in rational landslide risk management for social sustainability

Landslide disasters reflect the conflict between human society and the natural environment,posing challenges to the sustainable development of mountain regions.Identification of potential landslides,estimation of the degree of damage and potential losses of elements at risk,and control of the loss are the major tasks of landslide risk management.Resilience is defined as a social system’s comprehensive abilities to cope with disasters,including the abilities to prepare,anticipate,preserve,absorb,respond,resist,recover,mitigate,learn,and adapt.As an indispensable role,resilience enables more rational landslide risk management for social sustainability.However,quantitative landslide risk management does not pay sufficient attention to the role of resilience.Hence,in this paper,the role of resilience in a landslide risk management framework is systematically discussed.A quantita-tive landslide risk management framework consists of hazard analysis,exposure analysis,risk estimation,risk evaluation,and risk control.In hazard analysis,resilience assessment could help identify potential landslides that could cause significant damage due to the poor resilience of the elements at risk.Resilience assessment in exposure analysis might aid in identifying the most vulnerable elements or regions to certain landslides.Consid-eration of resilience in risk estimation aids in the calculation of indirect losses and improves the results of direct losses analysis.In risk evaluation,resilience as a disaster-coping ability will impact the social system’s landslide risk tolerance threshold.Enhancing resilience is an essential strategy to reduce the vulnerability of social sys-tems.We also proposed that the efficient use of risk information will increase the accuracy of landslide resilience assessments.

Online payment fraud:from anomaly detection to risk management

Online banking fraud occurs whenever a criminal can seize accounts and transfer funds from an individual’s online bank account.Successfully preventing this requires the detection of as many fraudsters as possible,without producing too many false alarms.This is a challenge for machine learning owing to the extremely imbalanced data and complexity of fraud.In addition,classical machine learning methods must be extended,minimizing expected financial losses.Finally,fraud can only be combated systematically and economically if the risks and costs in payment channels are known.We define three models that overcome these challenges:machine learning-based fraud detection,economic optimization of machine learning results,and a risk model to predict the risk of fraud while considering countermeasures.The models were tested utilizing real data.Our machine learning model alone reduces the expected and unexpected losses in the three aggregated payment channels by 15%compared to a benchmark consisting of static if-then rules.Optimizing the machine-learning model further reduces the expected losses by 52%.These results hold with a low false positive rate of 0.4%.Thus,the risk framework of the three models is viable from a business and risk perspective.

Enterprise Internal Control Based on Risk Management with Moutai Group as an Example

Focusing on the two themes of"internal control"and"risk management",this paper makes an in-depth analysis of the current situation of risk management and internal control of Moutai Group.It analyzes the current situation of risk management and internal control of Moutai Group.It is found that the risk management of Moutai Group is not perfect,the information exchange is not smooth,and the internal control assessment is not perfect.Finally,it puts forward some corresponding countermeasures,including establishing an effective information communication mechanism,perfecting the risk assessment system,and strengthening the construction of the professional talent team.

Risk Analysis of the Development of Sustainable Dongtan

Dongtan is set to be developed as a sustainable urban-rural integration,aiming to attract a wide range of commercial and leisure investments.The Shanghai Industrial Investment Corporation(SIIC),the largest international investment group owned by the Shanghai municipal government,is leading the Dongtan project in partnership with Arup.The project’s risks are categorized into eight major groups:(1)Force majeure,(2)people-related risks,(3)financial and economic risks,(4)political and country risks,(5)environmental risks,(6)completion-related risks,(7)design-related risks,and(8)technology risks.Among these,political risk is particularly notable for its high probability and significant impact.Effective project risk management is essential to foresee and address uncertainties that could jeopardize the project’s objectives and timelines.Appropriate strategies must be implemented to manage and mitigate these risks.

Analytic Hierarchy Process for Technological Risks in the Process of Innovative Drug Development in China

Objective To identify the critical risks in the process of innovative drug research and development,and to provide reference for improving the efficiency of innovative drug development and risk control in China.Methods Expert investigation and analytic hierarchy process were used to determine the weights of different risks.Results and Conclusion The research and analysis results showed that the risks at different stages of development had different effects on the success rate of drug development,among which the risk at the drug discovery stage influenced the most.In the drug discovery stage,inappropriate target selection had the greatest impact on the success rate of drug development.The lack of appropriate cell tissue or animal models had the greatest impact on the success rate of drug development from the discovery of a compound to the application for clinical trials.The difference in changes between nonclinical and clinical studies had the greatest impact on the success rate of drug development from early clinical studies to pivotal clinical studies.Incorrect dose selection had the greatest impact on the success rate of drug development from pivotal clinical studies to marketing authorization applications.The biggest impact from the marketing authorization application to the approval stage was inadequate communication with regulators.After investigating the weight of risk factors in the process of innovative drug development based on scientific methods,a new perspective for the risk control of new drug development and improving the research and development efficiency is provided.

Identifying and Managing Technical Risks in the Process of Innovative Drugs Development in China

Objective To identify technical risks in the process of innovative drug development,and to provide reference for technical risk management so as to reduce the uncertainties and improve the efficiency of research and development.Methods The initial risk index was investigated by literature research.Then,the Likert scale was used to design a questionnaire,and the experts’opinion was used to analyze the risk factors affecting the different stages of the development of innovative drugs in China.Results and Conclusion Based on the analysis of questionnaire,31 risk indicators of five key stages in the development of innovative drugs from drug discovery to marketing authorization were established.The key risk indicators constructed in this study can provide reference for technology-related risk management in the process of innovative drug development.

Safety risk management of underground engineering in China：Progress, challenges and strategies

Underground construction in China is featured by large scale, high speed, long construction period,complex operation and frustrating situations regarding project safety. Various accidents have been reported from time to time, resulting in serious social impact and huge economic loss. This paper presents the main progress in the safety risk management of underground engineering in China over the last decade, i.e.（1） establishment of laws and regulations for safety risk management of underground engineering,（2） implementation of the safety risk management plan,（3） establishment of decision support system for risk management and early-warning based on information technology, and（4） strengthening the study on safety risk management, prediction and prevention. Based on the analysis of the typical accidents in China in the last decade, the new challenges in the safety risk management for underground engineering are identified as follows：（1） control of unsafe human behaviors;（2） technological innovation in safety risk management; and（3） design of safety risk management regulations. Finally, the strategies for safety risk management of underground engineering in China are proposed in six aspects, i.e. the safety risk management system and policy, law, administration, economy, education and technology.

Landslide susceptibility zonation method based on C5.0 decision tree and K-means cluster algorithms to improve the efficiency of risk management

Machine learning algorithms are an important measure with which to perform landslide susceptibility assessments, but most studies use GIS-based classification methods to conduct susceptibility zonation.This study presents a machine learning approach based on the C5.0 decision tree(DT) model and the K-means cluster algorithm to produce a regional landslide susceptibility map. Yanchang County, a typical landslide-prone area located in northwestern China, was taken as the area of interest to introduce the proposed application procedure. A landslide inventory containing 82 landslides was prepared and subsequently randomly partitioned into two subsets: training data(70% landslide pixels) and validation data(30% landslide pixels). Fourteen landslide influencing factors were considered in the input dataset and were used to calculate the landslide occurrence probability based on the C5.0 decision tree model.Susceptibility zonation was implemented according to the cut-off values calculated by the K-means cluster algorithm. The validation results of the model performance analysis showed that the AUC(area under the receiver operating characteristic(ROC) curve) of the proposed model was the highest, reaching 0.88,compared with traditional models(support vector machine(SVM) = 0.85, Bayesian network(BN) = 0.81,frequency ratio(FR) = 0.75, weight of evidence(WOE) = 0.76). The landslide frequency ratio and frequency density of the high susceptibility zones were 6.76/km^(2) and 0.88/km^(2), respectively, which were much higher than those of the low susceptibility zones. The top 20% interval of landslide occurrence probability contained 89% of the historical landslides but only accounted for 10.3% of the total area.Our results indicate that the distribution of high susceptibility zones was more focused without containing more " stable" pixels. Therefore, the obtained susceptibility map is suitable for application to landslide risk management practices.

Engineering complex systems applied to risk management in the mining industry

Related to complexity, there is a wide diversity of concepts, ranging from ‘‘systemic" to ‘‘complex", implying a need for a unified terminology. Per different authors, the main drivers of complexity can be found in human behaviour and uncertainty. This complexity, structural or dynamic can be organizational, technological, or nested in their relationship. ISO international standard 31000:2009 definition of risk management ‘‘coordinated activities to direct and control an organization with regard to risk", when applied to economic sectors, industry, services, project, or activity, it requires the use of models or theories as guidelines. Therefore, as its basic elements comprehend human behaviour and/or uncertainty, risk management to be effective and adapted as much as possible to reality, must be operational within complex systems, as already demonstrated in different R&D environments. Risk management faces demanding challenges when approaching specific and endogenous needs, such as the mining sector. This paper presents a multivariable function analysis methodology approach based on complex system modelling and through real data corresponding to a risk management tool in the mining sector.

The use of UAVs for landslide disaster risk research and disaster risk management: a literature review

On a global scale,from 2005 to 2019,there were 275 high-magnitude,low-frequency disasters that involved 14,172 fatalities and four million affected people.Similar patterns have taken place during longer periods of time in recent decades.This paper aims to analyse the contribution of the international landslide research community to disaster risk reduction and disaster risk management in reference to the use of Unmanned Aerial Vehicles(UAVs)in a literature review.The first section notes the relevance of disaster risk research contributions for the implementation of initiatives and strategies concerning disaster risk management.The second section highlights background information and current applications of drones in the field of hazards and risk.The methodology,which included a systematic peer review of journals in the ISI Web of Science and SCOPUS,was presented in the third section,where the results include analyses of the considered data.This study concludes that most current scholarly efforts remain rooted in hazards and post-disaster evaluation and response.Future landslide disaster risk research should be transdisciplinary in order to strengthen participation of the various relevant stakeholders in contributing to integrated disaster risk management at local,subnational,national,regional and global levels.

Managing Climate Change Risk in China's Agricultural Sector: The Potential for an Integrated Risk Management Framework

Climate change poses a serious threat to the future food security of China, which is among the most disaster-prone countries in the world. This paper discusses the implications of climate change for China＇s agricultural sector. Its main objectives are to identify the agricultural risks associated with climate change, to introduce a conceptual framework for agricultural climate risk management and to enumerate key adaptation strategies, challenges, and recommendations.

Post-pancreaticoduodenectomy hemorrhage:risk factors, managements and outcomes

BACKGROUND： Post-pancreaticoduodenectomy（PD） hemorrhage（PPH） is an uncommon but serious complication. This retrospective study analyzed the risk factors, managements and outcomes of the patients with PPH.METHODS： A total of 840 patients with PD between 2000 and2010 were retrospectively analyzed. Among them, 73 patients had PPH： 19 patients had early PPH and 54 had late PPH.The assessment included the preoperative history of disease,pancreatic status and surgical techniques. Other postoperative complications were also evaluated.RESULTS： The incidence of PPH was 8.7%（73/840）. There were no independent risk factors for early PPH. Male gender（OR=4.40, P0.02）, diameter of pancreatic duct（OR=0.64,P0.01）, end-to-side invagination pancreaticojejunostomy（OR=5.65, P0.01）, pancreatic fistula（OR=2.33, P0.04）and intra-abdominal abscess（OR=12.19, P0.01） were the independent risk factors for late PPH. Four patients with early PPH received conservative treatment and 12 were treated surgically. As for patients with late PPH, the success rate of medical therapy was 27.8%（15/54）. Initial endoscopy was operated in 12 patients（22.2%）, initial angiography in 19（35.2%）,and relaparotomy in 15（27.8%）. Eventually, PPH resulted in 19 deaths. The main causes of death were multiple organ failure,hemorrhagic shock, sepsis and uncontrolled rebleeding.CONCLUSIONS： Careful and ongoing observation of hemorrhagic signs, especially within the first 24 hours after PD or within the course of pancreatic fistula or intra-abdominal abscess, is recommended for patients with PD and a prompt management is necessary. Although endoscopy and angiography are the standard procedures for the management of PPH,surgical approach is still irreplaceable. Aggressive prevention of hemorrhagic shock and re-hemorrhage is the key to treat PPH.

Risk assessment and management in underground rock engineering——an overview

This paper attempts to provide an overview of risk assessment and management practice in underground rock engineering based on a review of the international literature and some personal experience. It is noted that the terminologies used in risk assessment and management studies may vary from country to country. Probabilistic risk analysis is probably the most widely-used approach to risk assessment in rock engineering and in geotechnical engineering more broadly. It is concluded that great potential exists to augment the existing probabilistic methods by the use of Bayesian networks and decision analysis techniques to allow reasoning under uncertainty and to update probabilities, material properties and analyses as further data become available throughout the various stages of a project. Examples are given of the use of these methods in underground excavation engineering in China and elsewhere, and opportunities for their further application are identified.

Systemic risk management and investment analysis with financial network analytics:research opportunities and challenges

Recent economic crises like the 2008 financial tsunami has demonstrated a critical need for better understanding of the topologies and various economic,social,and technical mechanisms of the increasingly interconnected global financial system.Such a system largely relies on the interconnectedness of various financial entities such as banks,firms,and investors through complex financial relationships such as interbank payment networks,investment relations,or supply chains.A network-based perspective or approach is needed to study various financial networks in order to improve or extend financial theories,as well as develop business applications.Moreover,with the advance of big data related technologies,and the availability of huge amounts of financial and economic network data,advanced computing technologies and data analytics that can comprehend such big data are also needed.We referred this approach as financial network analytics.We suggest that it will enable stakeholders better understand the network dynamics within the interconnected global financial system and help designing financial policies such as managing and monitoring banking systemic risk,as well as developing intelligent business applications like banking advisory systems.In this paper,we review the existing research about financial network analytics and then discuss its main research challenges from the economic,social,and technological perspectives.

Analysis and evaluation of enterprise risk management capability elements

Research on enterprise risk management capability is conducted with a view of discerning and processing risks, in which an evaluation index system and an evaluation model of enterprise risk management capabilities are constructed. The risk management capability consists of four aspects, i.e. risk identification capability, risk assessment capability, risk planning capability and risk control capability. Risk identification and assessment capabilities reflect the level of enterprises on finding and analyzing risks efficiently, while risk planning and control capabilities reflect the level of enterprises on resolving risks effectively. Each of capabilities is then further divided into more detailed elements based on the characteristics of enterprise development for a quantitative analysis of enterprise risk management capability. The approach adopted is a quantitative technique based on the use of fuzzy comprehensive evaluation. Finally, a case is pulled in to illustrate the feasibility of the method from an empirical perspective. This study is expected to be helpful for enterprises in cultivating their core capabilities.

Evolution of seismic risk management for insurance over the past 30 years

During the past 30 years, there has been spectacular growth in the use of risk analysis and risk management tools developed by engineers in the financial and insurance sectors. The insurance, the reinsurance, and the investment banking sectors have enthusiastically adopted loss estimation tools developed by engineers in developing their business strategies and for managing their financial risks. As a result, insurance/reinsurance strategy has evolved as a major risk mitigation tool in managing catastrophe risk at the individual, corporate, and government level. This is particularly true in developed countries such as US, Western Europe, and Japan. Unfortunately, it has not received the needed attention in developing countries, where such a strategy for risk management is most needed. Fortunately, in the last five years, there has been excellent focus in developing ＂Insur Tech＂ tools to address the much needed ＂Insurance for the Masses＂, especially for the Asian Markets. In the earlier years of catastrophe model development, risk analysts were mainly concerned with risk reduction options through engineering strategies, and relatively little attention was given to financial and economic strategies. Such state-of-affairs still exists in many developing countries. The new developments in the science and technologies of loss estimation due to natural catastrophes have made it possible for financial sectors to model their business strategies such as peril and geographic diversification, premium calculations, reserve strategies, reinsurance contracts, and other underwriting tools. These developments have not only changed the way in which financial sectors assess and manage their risks, but have also changed the domain of opportunities for engineers and scientists.This paper will address the issues related to developing insurance/reinsurance strategies to mitigate catastrophe risks and describe the role catastrophe risk insurance and reinsurance has played in managing financial risk due to natural catastrophes. Historical losses and the share of those losses covered by insurance will be presented. How such risk sharing can help the nation share the burden of losses between tax paying public, the ＂at risk＂ property owners, the insurers and the reinsurers will be discussed. The paper will summarize the tools that are used by the insurance and reinsurance companies for estimating their future losses due to catastrophic natural events. The paper will also show how the results of loss estimation technologies developed by engineers are communicated to the business flow of insurance/reinsurance companies. Finally, to make it possible to grow ＂Insurance for the Masses - IFM＂, the role played by parametric insurance products and Insur Tech tools will be discussed.

Implementation of a risk management plan in a hospital operating room

A risk management program based on ASeNZS4360 risk management standards was developed and implemented in the operating room of Peking University Third Hospital.To accomplish this task,we developed a risk quantification matrix and a risk register form to identify potential risks in the operating room,and then implemented operating room policies designed to reduce or eliminate those risks.We also established a consultation mechanism and risk monitoring system designed to minimize risks to operation room nurses.Finally,we continuously seek to improve our operating room risk management capabilities,so we can continue to improve the quality of service provided and guarantee the safety of surgical patients.

Risk management in open cut coal mines

There are a number of geotechnical systems used at open cut operations of Anglo American's Metallurgical Coal business unit in Australia. These systems are mainly mine site specific, based on geological information and used as hazard plans. They are qualitative and reliant upon the experienced judgement of site based engineers and the general workforce. They are not suitable for calculating the associated risks of geological structures and mining responses. A uniform risk rating system that can be used to provide an unbiased, standard and quantifiable assessment of the risk from highwall and lowwall failures is therefore developed using the experience gained with such systems in Anglo American's South African operations. This system is a semi-quantitative risk rating system and takes into account the relative differences in the importance of hazards as experienced at each mine site as a result of different combinations of geotechnical factors and mining conditions. It is based on critical geotechnical and other parameters that have been identified by site mining engineers, geologists and geotechnical engineers. The primary advantage of this risk rating system is that all open cut mines in the Anglo American's Metallurgical Coal operations use a near identical system, which enables the user to compare the risk after each blast and with other mines. The system can be adjusted to meet local mine specific requirements. The implementation of this system, a computer program that automatically calculates the risks and recommends predetermined controls, has been made as practical and as easy to use as possible. This program can be used by personnel from other mining disciplines not directly related to geotechnical engineering.

Hemodynamic monitoring and management of patients undergoing high-risk surgery:a survey among Chinese anesthesiologists

Hemodynamic monitoring and optimization improve postoperative outcome during high-risk surgery.However,hemodynamic management practices among Chinese anesthesiologists are largely unknown.This study sought to evaluate the current intraoperative hemodynamic management practices for high-risk surgery patients in China.From September 2010 to November 2011,we surveyed anesthesiologists working in the operating rooms of 265 hospitals representing 28 Chinese provinces.All questionnaires were distributed to department chairs of anesthesiology or practicing anesthesiologists.Once completed,the 29-item questionnaires were collected and analyzed.Two hundred and 10 questionnaires from 265 hospitals in China were collected.We found that 91.4%of anesthesiologists monitored invasive arterial pressure,82.9%monitored central venous pressure（CVP）,13.3%monitored cardiac output（CO）,10.5%monitored mixed venous saturation,and less than 2%monitored pulse pressure variation（PPV） or systolic pressure variation（SPV） during high-risk surgery.The majority（88%） of anesthesiologists relied on clinical experience as an indicator for volume expansion and more than 80%relied on blood pressure,CVP and urine output.Anesthesiologists in China do not own enough attention on hemodynamic parameters such as PPV,SPV and CO during fluid management in high-risk surgical patients.The lack of CO monitoring may be attributed largely to the limited access to technologies,the cost of the devices and the lack of education on how to use them.There is a need for improving access to these technologies as well as an opportunity to create guidelines and education for hemodynamic optimization in China.