Effects of risk exposure on emotional distress among Chinese adults during the COVID-19 pandemic: The moderating role of disruption of life and perceived controllability.

Background: COVID-19 affects not only the physical health of individuals but also their mental health and different types of risk exposures are believed to have different effects on individual emotional distress. Objective: This study explores the relationships between risk exposure, disruption of life, perceived controllability, and emotional distress among Chinese adults during the COVID-19 outbreak. Methods: This study is based on an online survey conducted during the COVID-19 pandemic, from 1 to 10 February 2020, with a total of 2,993 Chinese respondents recruited through convenience and snowball sampling. Multiple linear regression analysis were used to examine the relationships among risk exposure, disruption of life, perceived controllability, and emotional distress. Results: This study found that all types of risk exposures were significantly associated with emotional distress. Individuals with neighborhood infection, family member infection/close contact, and self-infection/close contact had higher levels of emotional distress (B = 0.551, 95% CI: -0.019, 1.121; B = 2.161, 95% CI: 1.067, 3.255; B = 3.240, 95% CI: 2.351, 4.129) than those without exposure. The highest levels of emotional distress occurred among individuals experiencing self-infection/close contact, while the lowest levels of emotional distress occurred among individuals experiencing neighborhood infection and the moderate levels of emotional distress occurred among individuals experiencing family member infection (Beta = 0.137; Beta = 0.073; Beta = 0.036). Notably, the disruption of life aggravated the effect of self-infection/close contact on emotional distress and family member infection/close contact on emotional distress (B = 0.217, 95% CI: 0.036, 0.398; B = 0.205, 95% CI: 0.017, 0.393). More importantly, perceived controllability lowered the strength of the association between self-infection/close contact and emotional distress, as well as family member infection/close contact and emotional distress (B = -0.180, 95% CI: -0.362, 0.002; B = -0.187, 95% CI: -0.404, 0.030). Conclusion: These findings shed light on mental health interventions for people exposed to or infected with COVID-19 near the beginning of the pandemic, particularly those who themselves had COVID or had family members with COVID-19 risk exposure, including being infected/having close contact with an infected person. We call for appropriate measures to screen out individuals or families whose lives were, or remain, more severely affected by COVID-19. We advocate providing individuals with material support and online mindfulness-based interventions to help them cope with the after-effects of COVID-19. It is also essential to enhance the public's perception of controllability with the help of online psychological intervention strategies, such as mindfulness-based stress reduction programs and mindfulness-oriented meditation training programs.

Analysis of default risk in microfinance institutions under the Basel III framework

International organizations such as OECD, WBG, IMF, UN and EU, as well as research studies, have highlighted the increasing contribution being made by microcredit finance institutions (MFIs) to financial inclusion, sustainable economic development and the fight against poverty. However, access to MFI credit is still far from the desired level for small and micro‐enterprises, especially in developing countries. The countries of Latin America and the Caribbean, where approximately half of the small formal companies do not have access to credit, have the world's highest financial gap ratio compared to potential demand (87%). In this context, effective instruments are needed to assess default risk, through credit ratings. Based on the Basel III regulations, an empirical study was conducted of two microcredit portfolios corresponding to two MFIs in two Latin American countries (Bolivia and Colombia) during the period 2012–2015, to identify the explanatory variables of the probability of default on loans granted by MFIs, using a logistic regression model and a neural network. The results obtained show that the main variables in this respect are the amount of the loan, the number of payments in arrears, the guarantees provided, the assessment of the credit analyst, male gender of the borrower and the level and trend of the general stock exchange index. The conclusions presented advance previous research findings and may be useful for MFI managers, regulatory institutions, financial analysts, scholars, policy‐makers and applicants for microcredits to undertake a business project, especially in times of emerging crisis, such as that caused by the Covid‐19 pandemic.

Inequality and the social construction of urban disaster risk in multi-hazard contexts: the case of Lima, Peru and the COVID-19 pandemic

This field note examines the disaster risk construction process in Lima, Peru. More commonly experienced hazard contexts are considered in the light of the COVID-19 pandemic. We provide an empirical analysis based on Lima-wide data and using findings from a single case study settlement to illustrate more general conclusions. We attempt to reveal how exposure and vulnerability factors signify that very different hazards, including COVID-19, predominantly affect the same population groups. Underlying causes and drivers, all related to different expressions of urban inequality, include problems of access to suitable urban land, land trafficking and invasion, State exclusion from social housing and basic services, unsafe building practice and corruption. The research confirms the usefulness of a social construction approach to disaster risk, based on the notion of underlying causes and drivers, and the need to reconfigure urban planning processes, breaking sector silos and encouraging integrated intersectoral and interspatial approaches. © 2023 International Institute for Environment and Development (IIED).

The Buffer Function of Wealth in Socioemotional Responses to Covid‐19 in Italy

The social stratification of material consequences of individual‐level disruptive events is a widely researched topic. Less is known about the stratification of psychological outcomes in response to contextual‐level disruptive events. We aim to fill this gap by investigating the aftermath of the Covid‐19 pandemic on individuals' dispositional optimism and the stratification based on unequal wealth resources. The study focuses on Italy, the first European country to be strongly hit by Covid‐19, and one characterised by high levels of private savings and homeownership. Theoretically, we draw on the conventional social inequalities framework informed by insights from the literature on natural disasters, positing that wealth‐related resource disparities may have stratified the socioemotional response to the pandemic. Empirically, we lever-age a combination of individual‐level longitudinal survey data (Bank of Italy's Special Survey of Italian Households) and municipality‐level official statistics on excess mortality (Italian National Institute of Statistics), covering the first 17 months of the Covid‐19 pandemic in Italy. Results indicate overall negative consequences of severe exposure to risks associated with the pandemic on optimism. However, we found evidence in line with a post‐traumatic growth scenario, as optimism slightly increased over the course of the pandemic. The insurance function of wealth emerges in the higher optimism of individuals with more resources. Nevertheless, resource disparities are not translated into stark differences in susceptibil-ity to risk exposure or post‐traumatic growth. Overall, our findings support a limited insurance function of wealth in the socioemotional sphere. © 2023 by the author(s).

The COVID-19 pandemic: opportunity or challenge for climate change risk disclosure?

PurposeThe purpose of this paper is to reflect on how climate change risk reporting might evolve in various world regions in the post COVID-19 pandemic era.Design/methodology/approachUsing a multiple-case study approach and adopting an institutional theory lens, we assess whether the pandemic is likely to strengthen or weaken institutional pressures for climate change risk disclosures and predict how climate-related risk reporting will evolve post-pandemic.FindingsThe authors find that climate change risk reporting is likely to evolve differently according to geographical location. The authors predict that disclosure levels will increase in regions with ambitious climate policy and where economic stimulus packages support sustainable economic recovery. Where there has been a weakening of environmental commitments and economic stimulus packages support resource intensive business, climate change risk reporting will stagnate or even decline. The authors discuss the scenarios for climate change risk reporting expected to play out in different parts of the world.Originality/valueThe authors contribute to the nascent literature on climate change risk disclosure and identify future directions in the wake of the COVID-19 pandemic.

Combined Impact of Omicron Vaccination and Environmental Risk Exposure: A Thailand Case Study.

This research aimed to determine the levels of COVID-19 booster dose vaccinations in Thai populations in areas with environmental risk exposure during the Omicron outbreak. Five of twenty provinces in Thailand were selected by assessing environmental risk exposure for study settings. A total of 1038 people were interviewed by a structured questionnaire. The predicting factors of COVID-19 booster dose vaccinations were analyzed by univariate and multivariate analysis. The results showed that 69.4% (95% CI 66.5-72.1) of the population was vaccinated with COVID-19 booster doses. Multiple logistics regression revealed that the female gender (AOR 1.49, 95% CI 1.11-2.00), all age groups from 38 to 60 years old, all education levels of at least secondary school, high income (AOR 1.16, 95% CI 1.15-2.24), populations having experience with COVID-19 infection (AOR 2.27, 95% CI 2.05-3.76), knowledge of vaccine (AOR 1.78, 95% CI 1.11-2.83), and trusting attitude (AOR 1.76, 95% CI 1.32-2.36) were factors among those more likely to take COVID-19 booster dose vaccinations in high-environmental-risk-exposure areas. Therefore, an effective booster dose campaign with education programs to increase attitudes toward booster vaccinations should be implemented for the resilience of COVID-19 prevention and control.

National audit of Syphilis management and Impact of COVID 19

IntroductionThe 2021 SAS Group national audit focused on management of Syphilis, following a previous National Audit Group audit in 2017. The main aim was to assess performance against auditable outcomes specified in 2015 BASHH guidelines, with a secondary aim of assessing the impact of the covid-19 pandemic.MethodsThe audit comprised a survey comparing clinic policy and practice pre- and during the pandemic, anda case-note review of the last 30 adults (≥16) per clinical service diagnosed with syphilis between 1st March and 31st December 2020 or all if fewer than 30.Responses were received from 53 services.Results•In the clinic survey, a minority of services reported changes between pre- and during the pandemic:1. Reduced availability/use of dark field microscopy2. Increased availability/use of rapid antibody testing3. Reductions in follow-up screening4. Shift to doxycycline for early syphilis5. Reduced access to provider referral for PNCase notes review highlighted•91.6% had a pre-treatment quantitative RPR/VDRL.•95.0% adhered fully to a recommended regimen.•Only 80.2% of had agreed contact outcomes, or decision not to contact, documented for each of their contacts.•Of individuals who tested HIV negative at presentation with early syphilis, 68.2% were re-tested 3weeks to 6 months later.DiscussionThere were larger differences between results of this audit and the 2017 one, possibly reflecting the smaller number of participating services.At a national level despite the pandemic management of syphilis was generally good, although recommended 97% standards were missed.Availability of diagnostics 2017 BASHH audit (N=160) Pre-pandemic Mar-Dec 2020 Dark ground microscopy: Available and routinely used in suitable cases Available but not routinely used 36.2% 30.6% 11 (20.8%) 14 (26.4%) 6 (11.3%) 13 (24.5%) Access to treponemal PCR: Available and routinely used in suitable cases Available but not routinely used 53.7% 18.7% 37 (69.8%) 6 (11.3%) 36 (67.9%) 7 (13.2%) Treponemal EIA/CLIA able to detect IgG*: Available and routinely used in suitable cases Available but not routinely used 98.1% 0.0% 50 (94.3%) 0 (0.0%) 48 (90.6%) 3 (5.7%) Treponemal EIA/CLIA able to detect IgM*: Available and routinely used in suitable cases Available but not routinely used 90.6% 8.1% 43 (81.1%) 5 (9.4%) 45 (84.9%) 6 (11.3%) TPPA: Available and routinely used in suitable cases Available but not routinely used 96.9% 0.6% 51 (96.2%) 0 (0.0%) 51 (96.2%) 2 (3.8%) Rapid treponemal antibody testing: Available and routinely used in suitable cases Available but not routinely used 30.0% 9.4% 16 (30.2%) 3 (5.7%) 18 (34.0%) 5 (9.4%) Clinic policy 2017 BASHH audit (N=160) Pre-pandemic Mar-Dec 2020 Repeat syphilis screening 6 weeks after a single high risk exposure: Formal policy Not formal policy but routinely recommended 26.9% 48.8% 13 (24.5%) 21 (39.6%) 11 (20.8%) 19 (35.8%) Repeat syphilis screening 12 weeks after a single high risk exposure: Formal policy Not formal policy but routinely recommended 58.1% 33.7% 36 (67.9%) 16 (30.2%) 36 (67.9%) 16 (30.2%) Three-monthly syphilis screening in individuals with frequent high risk exposure: Formal policy Not formal policy but routinely recommended 46.2% 46.9% 31 (58.5%) 20 (37.7%) 31 (58.5%) 19 (35.8%) Repeat screening two weeks after presentation in those with dark field or PCR negative ulcerative lesions that could be due to syphilis: Formal policy Not formal policy but routinely recommended 26.9% 56.2% 16 (30.2%) 22 (41.5%) 13 (24.5%) 22 (41.5%) Quantitative RPR/VDRL measurement three months after treatment for early syphilis: Formal policy Not formal policy but routinely recommended 80.0% 19.4% 47 (88.7%) 5 (9.4%) 43 (81.1%) 6 (11.3%) Quantitative RPR/VDRL measurement six months after treatment for early syphilis: Formal policy Not formal policy but routinely recommended 79.4% 18.7% 44 (83.0%) 4 (7.55) 38 (71.7%) 6 (11.3%) Follow-up HIV testing after one month for individuals who test HIV negative on presenting with early syphilis: Formal policy Not formal olicy but routinely recommended 39.4% 51.9% 16 (30.2%) 21 (39.6%) 15 (28.3%) 20 (37.7%) Preferred or usual treatment for early syphilis 2017 BASHH audit (N=160) Pre-pandemic Mar-Dec 2020 IM benzathine penicillin 100.0% 52 (98.1%) 47 (88.7%) Doxycycline 0.0% 0 (0.0%) 4 (7.5%) Other 0.0% 1 (1.9%)* 2 (3.8%)** *Based on individual situation;**one both, one based on individual situation.Methods of partner notification available 2017 BASHH audit (N=160) Pre-pandemic Mar-Dec 2020 Patient referral 99.4% 52 (98.1%) 52 (98.1%) Provider referral 97.5% 48 (90.6%) 45 (84.9%) Electronic means of contact 28.7% 15 (28.3%) 15 (28.3%) Stage of syphilis 2017 BASHH audit (N=3017) 2021 SAS Group audit Your service Early asymptomatic/incubating Primary Secondary Early latent Late latent Tertiary Not answered 9.1% 34.6% 25.7% 29.4% NA NA 1.2% 96 (6.6%) 388 (26.7%) 262 (18.0%) 340 (23.4%) 341 (23.5%) 16 (1.1%) 11 (0.8%) RPR or VDRL titre obtained pre-treatmentKey outcome: The percentage of confirmed syphilis cases having a record of a RPR or VDRL titre obtained pre-treatment (standard 97% confirmed syphilis cases) 2017 BASHH audit (N=3017) 2021 SAS Group audit Your service Pre-treatment quantitative RPR/VDRL obtained: Of which, on day of starting treatment Not done Not answered 94.8% 56.4% 2.7% 2.6% 1332 (91.6%) 1011 (69.5%) 28 (1.9%) 94 (6.5%) Key outcome: The percentage of confirmed syphilis cases having fully adhered to a recommended treatment (standard 97% confirmed syphilis cases) 2017 BASHH audit (N=3017) 2021 SAS Group audit 2021 SAS Group audit (early syphilis only) Your service Excluded from outcome because treated elsewhere/previously treated Denominator for this outcome 14 3003 (100.0%) 10 1444 (100.0%) 4 1082 (100.0%) Single dose stat regimen Fully adhered to other regimen Subtotal: outcome met 85.0% 11.6% 96.7% 900 (62.3%) 472 (32.7%) 1372 (95.0%) 889 (82.2%) 166 (15.3%) 1055 (97.5%) Did not fully adhere Suitable regimen not reported Not treated Not documented/not known/not answered 0.4% 0.3% 0.3% 2.3% 26 (1.8%) 0 (0.0%) 1 (0.1%) 45 (3.1) 5 (0.5%) 0 (0.0%) 0 (0.0%) 22 (2.0%) Partner notificationNumber of contacts within relevant lookback period: 2021 SAS Group audit Your service 0 1 2 3 4 5 6-10 11-20 21 or more Not answered 81 (5.6%) 583 (40.1%) 368 (25.3%) 134 (9.2%) 73 (5.0%) 54 (3.7%) 80 (5.5%) 23 (1.6%) 21 (1.4%) 37 (2.5%) Key outcome: The percentage of cases having the outcome of (an) agreed contact action(s), or the decision not to contact, documented for all contacts, within the appropriate look back interval (standard 97% confirmed syphilis cases) 2017 BASHH audit (N=3017) 2021 SAS Group audit 2021 SAS Group audit (early syphilis only) Your service Done Not done Not sure Not answered 73.8% 17.6% 5.6% 2.9% 1166 (80.2%) 183 (12.6%) 75 (5.2%) 30 (2.1%) 876 (80.7%) 138 (12.7%) 48 (4.4%) 24 (2.2%)

Spillover connection between oil prices, energy risk exposure, and financial stability: implications for the COVID-19 pandemic.

The aim of the study is to test the nexus between oil prices, energy risk exposer, and financial stability to recommend the implications for the period of COVID-19 crises. The study findings show that a systemic macroeconomic simulation that combines with the 17% oil prices and 26% energy risk exposure at household item demand gives a rise to energy subsidies at 18.14% and it contributes to make energy financing as efficient as 38.3% in study context. By this, the oil prices and energy risk exposure repercussions caused significant connection with financial stability. Utilization of oil-importing and oil-exporting economies necessitates the use of energy. Energy and capital are complementary in manufacturing. Following the study findings, we suggested and adjusted the energy risk exposure framework to take into account. The findings show that allocating oil price-related subsidy to enterprises yields the best policy results. However, the benefit to society as a whole is quite small. Additional analysis results indicate that in a less energy-dependent sector, having no subsidies would be the best strategy. On such benefits, different policy implications are also suggested for associated individuals to sustain financial stability.

Network resilience in the financial sectors: advances, key elements, applications, and challenges for financial stability regulation

Security against systemic financial risks is the main theme for financial stability regulation. As modern financial markets are highly interconnected and complex networks, their network resilience is an important indicator of the ability of the financial system to prevent risks. To provide a comprehensive perspective on the network resilience of financial networks, we review the main advances in the literature on network resilience and financial networks. Further, we review the key elements and applications of financial network resilience processing in financial regulation, including financial network information, network resilience measures, financial regulatory technologies, and regulatory applications. Finally, we discuss ongoing challenges and future research directions from the perspective of resilience-based financial systemic risk regulation.

Climate scenario analysis for pension schemes: a UK case study

This paper demonstrates how climate scenario analysis can be used for forward-looking assessment of the risks and opportunities for financial institutions, using a case study for a UK defined benefit pension scheme. It uses a top-down modelling tool developed by Ortec Finance in partnership with Cambridge Econometrics to explore the possible impacts of three plausible (not extreme) climate pathways of the scheme’s assets and liabilities. It finds that the funding risks are greater under all three climate pathways than under the climate-uninformed base scenario. In the absence of changes to the investment strategy or recovery plan, the time taken to reach full funding is increased by three to nine years. Given that most models currently used by actuaries do not make explicit adjustments for climate change, these modelled results suggest it is quite likely that pension schemes are systematically underestimating the funding risks they face.

Streamline Disaster Recovery with a Risk-Based Approach

[...]fraud risk for PA disaster grants ballooned. Desktop Validation After a federally declared disaster, jurisdictions seeking reimbursement for repairs to public facilities must submit a list of damages to FEMA. [...]COVID-19, FEMA staff visited each location to verify damage, cause and estimated repair cost. [...]the contractor who performed the repair work indicated on the contract that the tank failed because of worn, cracked gaskets and seals. By adding a third layer of data from postevent aerial and satellite photography, local officials and site inspectors can quickly validate earlier assumptions and begin the disaster claims process. Since this practice is already in use, the factor limiting widespread adoption in site inspections may be outdated policy rather than technology.

A general framework of digitization risks in international business.

Digital global connectivity offers multinational enterprises new opportunities, but it also brings unique risks, an area not yet well examined in international business. This article presents an organizational information-processing framework, which elucidates what (risk types and sources), how (risk assessing and managing), and whom (vulnerable firms) these risks relate to, in a dialectical manner that seeks to combine theoretical insights and managerial actions. We focus on three types of risks (digital interdependence, information security, and regulatory complexity) that MNEs uniquely face, and explain within-country and cross-country risk drivers. We document variances among MNEs in exposure to these risks, proposing that information flow intensity, geographic diversity, international strategy, and global platform participation carry strong implications on the firm's risk exposure and response. Finally, this framework offers actions essential for MNEs, individually and collectively, to manage digital risks, emphasizing processes of building and deploying digital intelligence in pursuit of transnational resilience for cross-border activities that become increasingly digitally connected.

La connectivité numérique globale offre de nouvelles opportunités aux entreprises multinationales (MNEs - Multinational Enterprises), mais comporte également des risques uniques, un domaine qui n'est pas encore suffisamment examiné en profondeur dans les affaires internationales. Cet article présente un cadre de traitement de l'informaction organizational, sequel allocate à quai (types et sources de risques), à quelle manière (d'évaluation et de gestion des risques) et à qui (entreprises vulnérables) se rapportent ces risques. Et ce, d'une manière dialectique visant à combiner des connaissances théoriques et des actions managériales. Nous nous focalisons sur trois types de risques (interdépendance numérique, sécurité de l'information et complexité de la réglementation) auxquels s'exposent particulièrement les MNEs, et expliquons les déterminants des risques entre les pays et à l'intérieur de chaque pays. Observant les variations d'exposition à ces risques entre les MNEs, nous proposons que l'intensité du flux d'informations, la diversité géographique, la stratégie internationale et la participation à une plate-forme globale apportent d'importantes implications pour l'exposition et la réponse aux risques de l'entreprise. Enfin, ce cadre propose aux MNEs des actions essentielles pour gérer, individuellement et collectivement, les risques numériques, en mettant l'accent sur les processus de construction et de déploiement de l'intelligence numérique dans la poursuite de la résilience transnationale pour les activités transfrontalières de plus en plus numériquement connectées.

La conectividad global ofrece a las empresas multinacionales nuevas oportunidades, pero también trajo retos únicos, un área que no ha sido aún bien examinada en negocios internacionales. Este artículo presenta un marco de procesamiento de información organizacional, la cual esclarece qué (tipos y fuentes de riesgo), cómo (evaluación y gestión de riesgos), y a quiénes (empresas vulnerables) se relacionan estos riegos, de una manera dialéctica que busca combinar los conocimientos teóricos y las acciones gerenciales. Nos enfocamos en tres tipos de riesgos (interdependencia digital, seguridad de la información, y complejidad regulatoria) que enfrentan las empresas multinacionales de manera exclusiva y explicamos las causas del riesgo dentro y entre los países. Documentamos las variaciones entre las empresas multinacionales en cuanto a la exposición a estos riesgos, proponiendo que la intensidad de los flujos de información, la diversidad geográfica, la estrategia internacional, y la participación en plataformas globales acarrea fuertes implicaciones en la exposición y en la respuesta al riesgo de las empresas. Finalmente, este marco brinda acciones esenciales para las empresas multinacionales, individualmente y colectivamente, para gestionar los riesgos digitales, enfatizando en los procesos de construcción y despliegue de inteligencia digital en búsqueda de la resiliencia transnacional de las actividades transfronterizas que están cada vez más conectadas digitalmente.

A conectividade digital global oferece novas oportunidades a empresas multinacionais, mas também traz riscos únicos, uma área ainda não bem examinada em negócios internacionais. Este artigo apresenta um modelo de processamento de informações organizacionais, que elucida o quê (tipos e fontes de risco), como (avaliação e gerenciamento de risco) e com quem (empresas vulneráveis) esses riscos se relacionam, de uma forma dialética que busca combinar insights teóricos e ações gerenciais. Nós nos concentramos em três tipos de riscos (interdependência digital, segurança de informação e complexidade regulatória) que MNEs enfrentam de forma única e explicamos fatores de risco dentro do país e entre países. Documentamos variâncias entre as MNEs na exposição a esses riscos, propondo que a intensidade do fluxo de informações, a diversidade geográfica, a estratégia internacional e a participação na plataforma global têm fortes implicações na exposição da empresa ao risco e sua resposta. Por fim, este modelo oferece ações essenciais para MNEs, individual e coletivamente, para gerenciar riscos digitais, enfatizando processos de construção e implantação de inteligência digital em busca de resiliência transnacional para atividades internacionais que cada vez mais se tornam digitalmente conectadas.

Trends and Challenges Regarding Cyber Risk Mitigation by CISOs—A Systematic Literature and Experts’ Opinion Review Based on Text Analytics

Background: Cyber security has turned out to be one of the main challenges of recent years. As the variety of system and application vulnerabilities has increased dramatically in recent years, cyber attackers have managed to penetrate the networks and infrastructures of larger numbers of companies, thus increasing the latter’s exposure to cyber threats. To mitigate this exposure, it is crucial for CISOs to have sufficient training and skills to help them identify how well security controls are managed and whether these controls offer the company sufficient protection against cyber threats, as expected. However, recent literature shows a lack of clarity regarding the manner in which the CISOs’ role and the companies’ investment in their skills should change in view of these developments. Therefore, the aim of this study is to investigate the relationship between the CISOs’ level of cyber security-related preparation to mitigate cyber threats (and specifically, the companies’ attitudes toward investing in such preparation) and the recent evolution of cyber threats. Methods: The study data are based on the following public resources: (1) recent scientific literature;(2) cyber threat-related opinion news articles;and (3) OWASP’s reported list of vulnerabilities. Data analysis was performed using various text mining methods and tools. Results: The study’s findings show that although the implementation of cyber defense tools has gained more serious attention in recent years, CISOs still lack sufficient support from management and sufficient knowledge and skills to mitigate current and new cyber threats. Conclusions: The research outcomes may allow practitioners to examine whether the companies’ level of cyber security controls matches the CISOs’ skills, and whether a comprehensive security education program is required. The present article discusses these findings and their implications.

BANK RISK MANAGEMENT CASE STUDY: TRANSILVANIA BANK

Throughout out this paper, I am trying to cover a meaningful topic in the banking system - the importance of risk management for every banking institution. There is a complex diversity of risk types each bank faces and a prudential approach can assure the sustainability of the banking system and the economy itself. Furthermore, a practical approach will be presented by conducting a study case, focused on the activity of a bank operating in Romania. The results of the research are based on data provided by the bank, taking in consideration as a time frame the period 2008 to 2020 in order to analyze the effects the crises can have. In this way, we will be able to understand that risk management is a vital process, helping banking institutions protect themselves from unexpected events that could strongly affect their activity.

A VaR-Based Methodology for Assessing Carbon Price Risk across European Union Economic Sectors

The latest European Union measures for combating climate adopted in the “Fit for 55 package” envisage the extension of the Emissions Trading System, the first “cap-and-trade” system in the world created for achieving climate targets, which limits the amount of greenhouse gas emissions by imposing a price on carbon. In this context, our study provides an integrated assessment of carbon price risk exposure of all economic sectors in the European Union Member States, thus supporting decision making in determining the energy transition risk. We propose a novel approach in assessing carbon risk exposure using the Value at Risk methodology to compute the carbon price under the EU ETS, based on historical price simulation for January–August 2021 and ARMA-GARCH models for the October 2012–August 2021 period. We further built a value erosion metric, which allowed us to establish each sector’s exposure to risk and to identify differences between Eastern and Western EU countries. We find that the refining sector appears to be highly vulnerable, whereas there is higher potential for large losses in the energy supply and chemical sectors in Eastern EU Member States, given a different pace of industry restructuring.

Information Disclosure in China’s Rising Securitization Market

E-commerce and FinTech are currently booming in China. The growing consumer market is accompanied by internet finance, by which consumers can easily borrow money from financial institutions online. As a result, the growing risks of financial institutions are of concern to the government and regulatory bodies. Consequently, the securitization market in China is seeing rapid growth that could affect financial stability. Applying FinTech and emerging technologies in securitization might be an effective way to protect against these risks. This paper studies the question of whether China needs a higher standard of information transparency in order to protect against its risks against the background of digital transformation. We analyzed the determinants of securitization in the Chinese banking sector, relying on data on banks for two periods: pre-2017Q4 and post-2017Q4. The main findings of the paper demonstrate that the application of FinTech in China’s banking industry resulted in less information asymmetry. The risk exposure was the most significant determinant in general. Higher risk exposures increased securitization transaction volumes, which reflects securitization with adverse selection problems between the originator and investors. Liquidity and profitability, as important determinants indicating the moral hazard problem, also affected securitization pre-2017Q4, but liquidity and profitability were found to be unimportant determinants after the application of FinTech (the post-2017Q4 period). Moreover, this study finds that the effects of the adverse selection and moral hazard problems varied in different types of banks. Overall, our findings suggest that the Chinese securitization market needs a higher standard of information transparency.

A Proactive Approach to Identify the Exposure Risk to COVID-19: Validation of the Pandemic Risk Exposure Measurement (PREM) Model Using Real-World Data.

PURPOSE: To statistically validate the PREM (Pandemic Risk Exposure Measurement) model devised in a previous paper by the authors and determine the model's relationship with the level of current COVID-19 cases (NLCC) and the level of current deaths related to COVID-19 (NLCD) based on the real country data. METHODS: We used perceived variables proposed in a previous study by the same lead authors and applied the latest available real data values for 154 countries. Two endogenous real data variables (NLCC) and (NLCD) were added. Data were transformed to measurable values using a Likert scale of 1 to 5. The resulting data for each variable were entered into SPSS (Statistical Package for the Social Sciences) version 26 and Amos (Analysis of a Moment Structures) version 21 and subjected to statistical analysis, specifically exploratory factor analysis, Cronbach's alpha and confirmatory factor analysis. RESULTS: The results obtained confirmed a 4-factor structure and that the PREM model using real data is statistically reliable and valid. However, the variable Q14 - hospital beds available per capita (1000 inhabitants) had to be excluded from the analysis because it loaded under more than one factor and the difference between the factor common variance was less than 0.10. Moreover, its Factor 1 and Factor 3 with NLCC and Factor 1 with NLCD showed a statistically significant relationship. CONCLUSION: Therefore, the developed PREM model moves from a perception-based model to reality. By proposing a model that allows governments and policymakers to take a proactive approach, the negative impact of a pandemic on the functioning of a country can be reduced. The PREM model is useful for decision-makers to know what factors make the country more vulnerable to a pandemic and, if possible, to manage or set tolerances as part of a preventive measure.

Assessment and Impact of the Risk of Exposure of Portuguese Biomedical Scientists in the Context of COVID-19.

Currently, the main public health concern worldwide is the COVID-19 pandemic, caused by SARS-CoV-2, which was recently discovered and described. Due to its high pathogenicity and infectiousness, it is necessary to determine the risk healthcare professionals face every day while dealing with infected patients and contaminated biological samples. The purpose of this study was to assess Portuguese Biomedical Scientists' risk of COVID-19 exposure and related stress appraisals. One hundred and forty participants completed online versions of the WHO's Risk Assessment and Management of Exposure Survey and the Stress Appraisal Measure. Participants worked mainly in outpatient settings (45%), and in emergency services (28%). Twenty three percent of participants were exposed to COVID-19 through community exposure, and 39% through occupational exposure. Although 95% reported using personal protective equipment (PPE), 83.6% were at high risk of infection. However, the use of some types of PPE was related to the risk of exposure. Participants reported moderate perceptions of stress and threat, but also moderate perceptions of control over the situation. These results may contribute to a more efficient risk management of these professionals and prevent disease transmission in hospitals and communities.

The world economy will need even more globalization in the post-pandemic 2021 decade.

Instead of the dire predictions of a post-pandemic world characterized by increased global risks, decoupling of economies, shake-up of global value chains, and the retreat of globalization, this article proposes that the changes induced by heightened nationalism and protectionism will be marginal rather than fundamental in nature. These marginally higher risks can easily be handled and ameliorated by multinational enterprises through alternate cross-border business strategies and emerging technologies. Moreover, the paper gives reasons why the future world economy will need even more globalization.

Au lieu des sombres prédictions d'un monde post-COVID 19 caractérisé par des risques mondiaux accrus, le découplage des économies, le bouleversement des chaînes de valeur mondiales et le recul de la mondialisation, cet article propose que les changements induits par le renforcement du nationalisme et du protectionnisme soient de nature marginale plutôt que fondamentale. Ces risques marginalement plus élevés peuvent facilement être gérés et atténués par les entreprises multinationales (EMN) grâce à des stratégies transfrontalières alternatives et aux technologies émergentes. En outre, l'article donne les raisons pour lesquelles la future économie mondiale aura besoin d'une mondialisation encore plus poussée.

En lugar de las predicciones nefastas de un mundo post-COVID-19 caracterizado por un aumento de los riesgos globales, la desarticulación de las economías, la sacudida de las cadenas de valor global, y la marcha atrás de la globalización, este artículo propone que los cambios inducidos por el nacionalismo y proteccionismo intensificado serán marginales y no fundamentales en su naturaleza. Estos riesgos marginalmente más altos pueden ser manejados fácilmente y mitigados por las empresas multinacionales (MNEs por sus iniciales en inglés) mediante estrategias de negocios transfronterizos y tecnologías emergentes. Más aún, este artículo da razones por las cuales la economía mundial futura necesitará aún más la globalización.

Em vez das terríveis previsões de um mundo pós-COVID19 caracterizado pelo aumento de riscos globais, desacoplamento das economias, desarranjo de cadeias de valor globais e o recuo da globalização, este artigo propõe que as mudanças induzidas pelo nacionalismo e protecionismo exaltados serão de natureza marginal, em vez de fundamental. Esses riscos marginalmente mais altos podem ser facilmente tratados e atenuados por empresas multinacionais (MNEs) por meio de estratégias de negócios internacionais alternativas e tecnologias emergentes. Além disso, o artigo apresenta razões pelas quais a futura economia mundial precisará ainda mais de globalização.