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The purpose of this paper is to generalize the traditional risk evaluation methods and to specify a multi-level risk evaluation framework, in order to prepare customized risk evaluation and to enable effectively integrating the elements of risk evaluation.

A real case study of an electric motor manufacturing company is presented to illustrate the advantages of this new framework compared to the traditional and fuzzy failure mode and effect analysis (FMEA) approaches.

The essence of the proposed total risk evaluation framework (TREF) is its flexible approach that enables the effective integration of firms’ individual requirements by developing tailor-made organizational risk evaluation.

Increasing product/service complexity has led to increasingly complex yet unique organizational operations; as a result, their risk evaluation is a very challenging task. Distinct structures, characteristics and processes within and between organizations require a flexible yet robust approach of evaluating risks efficiently. Most recent risk evaluation approaches are considered to be inadequate due to the lack of flexibility and an inappropriate structure for addressing the unique organizational demands and contextual factors. To address this challenge effectively, taking a crucial step toward customization of risk evaluation.

Risks in implementing green building (GB) projects have emerged as a significant obstacle for GB development, especially in developing countries. In recent years, both academics and construction practitioners have paid considerable attention to the risks associated with GB. In this study, the authors aimed to create a comprehensive risk assessment model that considers three crucial risk features: impact level, probability of occurrence and risk manageability.

In the research, authors adopted the mean scoring and fuzzy synthetic evaluation method to assess GB risks. Based on expert assessments, this model can determine the significance of risk factors, risk groups and overall risk. Notably, this research applied the proposed model to assess GB risks in Vietnam by surveying 58 GB experienced professionals.

The findings revealed that GB risks are relatively high in Vietnam, implying that risk management is essential for GB projects to succeed. The results also showed that “lack of experience of GB designers” is the most critical factor, and “human resources risk in the design phase” is the top crucial risk group.

This study contributes a novel and practical model to help practitioners assess risks in GB projects. In addition, this research offers detailed GB risk evaluations in Vietnam and thus could be a valuable reference for construction practitioners and future studies.

This paper aims to investigate the effect of voluntary non-financial reporting on the evaluation of audit risk from the auditors’ viewpoint in a post-crisis period. Furthermore, this paper analyses whether auditors perceive that voluntary non-financial reporting impacts audit risk differently for old clients as compared with new clients.

This study is conducted on a sample of Italian audit firms through a paper-based questionnaire. Both Big4 and non-Big4 audit firms have been included in the sample.

Results show that integrated reporting is perceived to be the most relevant reporting method and intellectual capital statement the least relevant. Surprisingly, empirical findings over the sample period show that auditors do not perceive statistically significant differences between old and new clients.

Auditors can identify opportunities to adapt their assessment model to include voluntary non-financial report information. Moreover, they can use different assessment models regarding the research variables in the case of new and old clients.

Empirical findings highlight the growing role of voluntary non-financial reporting in the auditors’ perception of their client’s audit risk. All the observed voluntary non-financial reporting forms, except for intellectual capital, are considered as relevant by auditors in the evaluation of their client’s audit risk when compared to an indifference point. In addition, findings reveal that female auditors perceive a reduced gap in the relevance between integrated reports and intellectual capital reports compared to their counterparts.

This study aims to examine the ability of clean energy stocks to provide cover for investors against market risks related to climate change and disturbances in the oil market.

The study adopts the feasible quasi generalized least squares technique to estimate a predictive model based on Westerlund and Narayan’s (2015) approach to evaluating the hedging effectiveness of clean energy stocks. The out-of-sample forecast evaluations of the oil risk-based and climate risk-based clean energy predictive models are explored using Clark and West’s model (2007) and a modified Diebold & Mariano forecast evaluation test for nested and non-nested models, respectively.

The study finds ample evidence that clean energy stocks may hedge against oil market risks. This result is robust to alternative measures of oil risk and holds when applied to data from the COVID-19 pandemic. In contrast, the hedging effectiveness of clean energy against climate risks is limited to 4 of the 6 clean energy indices and restricted to climate risk measured with climate policy uncertainty.

The study contributes to the literature by providing extensive analysis of hedging effectiveness of several clean energy indices (global, the United States (US), Europe and Asia) and sectoral clean energy indices (solar and wind) against oil market and climate risks using various measures of oil risk (WTI (West Texas intermediate) and Brent volatility) and climate risk (climate policy uncertainty and energy and environmental regulation) as predictors. It also conducts forecast evaluations of the clean energy predictive models for nested and non-nested models.

Uncertainty management (UM) in projects has been a point of attention for researchers for many years. Research on UM has mainly been aimed at uncertainty analyses in the front-end and managing uncertainty in the construction phase. In contrast, UM components in the design phase have received less attention. This research aims to improve knowledge about the key components of UM in the design phase of large road projects.

This study adopted a literature review and case study. The literature review was used to identify relevant criteria for UM. These criteria helped to design the interview guide. Multiple case study research was conducted, and data were collected through document study and interviews with project stakeholders in two road projects. Each case's owners, contractors and consultants were interviewed individually.

The data analysis obtained helpful information on the involved parties, process and exploit tools and techniques during the design phase. Johansen's (2015) framework [(a) human and organisation, (b) process and (c) tools and techniques)] was completed and developed by identifying relevant criteria (such as risk averse or risk-taker, culture and documentation level) for each component. These criteria help to measure UM performance. The authors found that owners and contractors are major formal UM actors, not consultants. Empirical data showed the effectiveness of Web-based tools in UM.

The studied cases were Norwegian, and this study focussed on uncertainties in the project's design phase. Relevant criteria did not cover all the criteria for evaluating the performance of UM. Qualitative evaluation of criteria allows further quantitative analysis in the future.

This paper gave project owners and managers a better understanding of relevant criteria for measuring UM in the owners and managers' projects. The paper provides policy-makers with a deeper understanding of creating rigorous project criteria for UM during the design phase. This paper also provides a guideline for UM in road projects.

This research gives a holistic evaluation of UM by noticing relevant criteria and criteria's interconnection in the design phase.

This paper analyses Hanoi consumers' evaluation of food risk and response to the perceived risk.

The authors employed the mixed method approach that integrates segmentation analysis on the survey data and information from group discussions.

Based on consumers' risk rating of six food groups and level of food safety worry, the authors identified four distinct consumer segments: low, moderate, high and very-high-risk perception. The authors found the existence of widespread food safety concerns among Hanoi consumers. Living in an urban region was associated with a higher level of food risk perception. Moderate, high and very-high-risk perception segments exhibited a very low level of institutional trust and subjective control over hazards. Response to the perceived risk differed across segments. “Very high-risk perception” was associated with the most risk-averse behaviour, putting more effort into seeking food safety information and engaging more in supermarket purchase. Consumers with a low and moderate perceived food risk participate more in self-supply of food to reduce their food safety concern.

The paper provides empirical evidence on consumers' evaluation of food risk and their risk-reducing strategies to support the risk communication in Vietnam.

Enhancing institutional trust and risk communication including hazard education can improve consumer confidence in food.

This is the first segmentation study on consumer food risk perception in Vietnam.

In the continuous development of high-speed railways, ensuring the safety of the operation control system is crucial. Electromagnetic interference (EMI) faults in signaling equipment may cause transportation interruptions, delays and even threaten the safety of train operations. Exploring the impact of disturbances on signaling equipment and establishing evaluation methods for the correlation between EMI and safety is urgently needed.

This paper elaborates on the necessity and significance of studying the impact of EMI as an unavoidable and widespread risk factor in the external environment of high-speed railway operations and continuous development. The current status of research methods and achievements from the perspectives of standard systems, reliability analysis and safety assessment are examined layer by layer. Additionally, it provides prospects for innovative ideas for exploring the quantitative correlation between EMI and signaling safety.

Despite certain innovative achievements in both domestic and international standard systems and related research for ensuring and evaluating railway signaling safety, there’s a lack of quantitative and strategic research on the degradation of safety performance in signaling equipment due to EMI. A quantitative correlation between EMI and safety has yet to be established. On this basis, this paper proposes considerations for research methods pertaining to the correlation between EMI and safety.

This paper overviews a series of methods and outcomes derived from domestic and international studies regarding railway signaling safety, encompassing standard systems, reliability analysis and safety assessment. Recognizing the necessity for quantitatively describing and predicting the impact of EMI on high-speed railway signaling safety, an innovative approach using risk assessment techniques as a bridge to establish the correlation between EMI and signaling safety is proposed.

The purpose of this paper is to present and validate a large-scale methodology for risk assessment and management in cultural heritage sites, taking into account their specific tangible or intangible values. Emphasis is given to historic centres that are key resources in building resilience to disasters but are also highly vulnerable due to several factors, such as the characteristics of the built environment, the community and social life, the lack of risk awareness and maintenance and finally the poor regulatory framework for their management and valorisation.

The multi-step procedure starts from the assessment of the attributes of cultural heritage in order to identify priorities and address the analysis. Then, it evaluates the primary and secondary hazards in the area, the vulnerabilities and threats of the site and the impacts of the chain of events. Finally, it allows for calibrating a site-specific set of mitigation, preparedness, response and recovery measures.

The application to two case studies in the Italian peninsula, the historic centres of San Gimignano and Reggio Calabria, allows for identifying research gaps and practical opportunities towards the adoption of common guidelines for the selection of safety measures.

By providing a qualitative assessment of risks, the research points out the potentialities of the methodology in the disaster risk management of cultural heritage due to its capacity to be comprehensive and inclusive towards disciplines and professionals.

Worldwide, natural hazards are affecting urban cultural heritage and World Heritage Sites, exacerbating other environmental and human-induced threats deriving from deterioration, uncontrolled urbanization and unsustainable tourism. This paper aims to develop a disaster risk analysis in Italian historic centers because they are complex large-scale systems that are cultural and economic resources for the country, as well as fragile areas.

A heritage-oriented qualitative methodology for risk assessment is proposed based upon the formalization of risk as a function of hazard, vulnerability and exposure, taking into account the values of cultural heritage assets.

This work provides a contribution to the body of knowledge in the Italian context of disaster risk mitigation on World Heritage Sites, opening for further research on the monitoring and maintenance of the tangible heritage assets. The application to the site of San Gimignano proves the effectiveness of the methodology for proposing preventive measures and actions that ensure the preservation of cultural values and a safer built environment.

The application of a value-based simplified approach to risk analysis is a novelty for historic centers that are listed as World Heritage Sites.

Railway-level crossings (RLCs) are the point of intersection between rail and road users and are therefore hotpots of road-rail user conflict and catastrophic collisions. The purpose of this study is to assess the risks associated with RLCs and suggest probable reduction measures. Through questionnaires and visual inspection, the authors identify the safety risks, hazards and hazardous events at some railway crossing of Addis Ababa light rail transit (AA-LRT) north-south (N-S) route. The identified risky events are then categorized based on As Low As Reasonably Practicable (ALARP) principle and generic risk ranking matrix. The authors then examine existing safety management measures at railway crossing and assess the need for additional safety management. Five major crossings on the 16.9 km (10.5 mi) N-S line, starting from Menelik II Square to Kality, were considered for the study. This study is carried out by data collection from about 145 stakeholders and the application of statistical data and risk analysis methods. The major findings of this study and the recommendations for improvement are suggested.

The research followed a case study approach. Through questionnaires and visual inspection, the authors identify the safety risks, hazards and hazardous events at some railway crossing of AA-LRT N-S route. The identified risky events are then categorized based on ALARP principle and generic risk ranking matrix. Collected data was then analyzed using SPSS to deduce relationships.

The study findings reveal human factors as the greatest cause of accidents, injury or death. About 22% of hazards identified by category are human factors, whereas 20% are because of technical problems. Intolerable risks stand at 42%, whereas the tolerable risks are at 36% according to risk classification results as per the ALARP model. Because the process of risk management is a long-term cycle, its importance should not be missed at any time.

Because of design considerations of RLCs and the difference in generalized human behaviors for people of a given region, the results are limited to AA-LRT RLCs. This study opens a discourse for detailed evaluations, qualitative and quantitative analysis into the categorized identified hazards. There is also room for additional research into the performance of RLCs aimed at formulating standard necessary features that should be included on RLCs for proper risk control especially in emerging economies.

The research paper is original and has not been submitted for consideration to other journals.