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2020 | Book

Critical Risks of Different Economic Sectors

Based on the Analysis of More Than 500 Incidents, Accidents and Disasters

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About this book

This book explores the major differences between the kinds of risk encountered in different sectors of industry - production (including agriculture) and services - and identifies the main features of accidents within different industries.

Because of these differences, unique risk-mitigation measures will need to be implemented in one industry that cannot be implemented in another, leading to large managerial differences between these broad economic sectors.

Based on the analysis of more than 500 disasters, accidents and incidents - around 230 cases from the production sector and around 280 cases from the service sector - the authors compare the risk response actions appropriate within different sectors, and establish when and how it is possible to generalize the experience of dealing with risks in any given industry to a wider field of economic activity.

This book is mainly intended for executives, strategists, senior risk managers of enterprise-wide organizations and risk management experts engaged in academic or consulting work. By setting out clearly the sector differences in risk management, the authors aim to improve the practice of general risk assessment with regard to identifying and prioritizing risks, and of risk control with regard to planning appropriate mitigation measures.

Table of Contents

Frontmatter
Chapter 1. Introduction
Abstract
There is an increasing trend towards the generalization of theories and solutions. Politicians try to impose political models and solutions—which may have worked well in some countries—in very different societies elsewhere. Management theorists take what they see as good practice from leading companies in one country and propose universal solutions to millions of other organizations worldwide. MBA programs train universal managers capable—on paper at least—of running any company.
Dmitry Chernov, Didier Sornette
Chapter 2. Specific Features of Risk Management in the Industrial and Agricultural Sectors
Abstract
This subsector includes the following industries according to ISIC Rev. 4:
  • 05—Mining of coal and lignite
  • 06—Extraction of crude petroleum and natural gas
  • 07—Mining of metal ores
  • 08—Other mining and quarrying
  • 09—Mining support service activities
  • 49—Transport via pipelines (we will include this service activity, which is part of the production process of many energy companies, in the subchapter)
  • 50—Water transportation of energy-related substances by tankers (as with pipeline transportation, we will include tanker transportation in this subchapter)
Dmitry Chernov, Didier Sornette
Chapter 3. Specific Features of Risk Management in the Service Sector
Abstract
The subsector includes the following industries according to ISIC Rev.4:
  • 45—Wholesale and retail trade and repair of motor vehicles and motorcycles
  • 46—Wholesale trade, except of motor vehicles and motorcycles
  • 47—Retail trade, except of motor vehicles and motorcycles
Dmitry Chernov, Didier Sornette
Chapter 4. Conclusion
Abstract
We now summarize briefly our findings concerning the dissimilarity of the critical risk profiles and key risk mitigation measures in each of the subsectors we have considered, before coming to a final conclusion about sector differences in risk management. A special table was prepared for a better understanding of the sector differences in risk management. The table includes (i) the stakeholders, (ii) the critical success factors, (iii) the common risks and (iv) the relevant risk mitigation measures for the different sectors and subsectors. The table is available for online download as Electronic Supplementary Material.
Dmitry Chernov, Didier Sornette
Metadata
Title
Critical Risks of Different Economic Sectors
Authors
Prof. Dmitry Chernov
Prof. Dr. Didier Sornette
Copyright Year
2020
Electronic ISBN
978-3-030-25034-8
Print ISBN
978-3-030-25033-1
DOI
https://doi.org/10.1007/978-3-030-25034-8

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