59,277 research outputs found

    Operational Risk Management using a Fuzzy Logic Inference System

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    Operational Risk (OR) results from endogenous and exogenous risk factors, as diverse and complex to assess as human resources and technology, which may not be properly measured using traditional quantitative approaches. Engineering has faced the same challenges when designing practical solutions to complex multifactor and non-linear systems where human reasoning, expert knowledge or imprecise information are valuable inputs. One of the solutions provided by engineering is a Fuzzy Logic Inference System (FLIS). Despite the goal of the FLIS model for OR is its assessment, it is not an end in itself. The choice of a FLIS results in a convenient and sound use of qualitative and quantitative inputs, capable of effectively articulating risk management's identification, assessment, monitoring and mitigation stages. Different from traditional approaches, the proposed model allows evaluating mitigation efforts ex-ante, thus avoiding concealed OR sources from system complexity build-up and optimizing risk management resources. Furthermore, because the model contrasts effective with expected OR data, it is able to constantly validate its outcome, recognize environment shifts and issue warning signals.Operational Risk, Fuzzy Logic, Risk Management Classification JEL:G32, C63, D80

    Inclusion Relationship of Uncertain Sets

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    Responding to Lord Lamingā€™s recommendation for further guidance on effective practice for Local Safeguarding Children Boards: A summary outline for consultation and a call for evidence

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    "Lord Laming published 'The Protection of Children in England: A Progress Report' on 12 March 2009. In his report Lord Laming recommended that ā€œThe Department for Children, Schools and Families must provide further guidance to Local Safeguarding Children Boards on how to operate as effectively as possible following the publication of the Loughborough University research on Local Safeguarding Children Boards (LSCBs)ā€. The interim findings of the research from Loughborough University were published in June 2009. It is expected that the final report will be published by the end of March 2010... The publication of this summary outline [for consultation and a call for evidence] builds on the progress already made in addressing Lord Lamingā€™s recommendations." - page 1
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